rbc funds and rbc private pools 2016 annual …funds.rbcgam.com/pdf/information/rbc-fs-2016.pdfrbc...

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2016 Annual Financial

Statements

RBC FUNDS AND RBC PRIVATE POOLS

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TABLE OF CONTENTS

BALANCED FUNDS AND PORTFOLIO SOLUTIONSRBC Monthly Income Fund 315RBC U.S. Monthly Income Fund 330RBC Balanced Fund 345RBC Global Balanced Fund 366RBC Jantzi Balanced Fund 383RBC Conservative Growth & Income Fund 399RBC Balanced Growth & Income Fund 407RBC Global Growth & Income Fund 417RBC Retirement Income Solution 424RBC Retirement 2020 Portfolio 430RBC Retirement 2025 Portfolio 437RBC Retirement 2030 Portfolio 443RBC Retirement 2035 Portfolio 450RBC Retirement 2040 Portfolio 457RBC Retirement 2045 Portfolio 464RBC Retirement 2050 Portfolio 471RBC Select Very Conservative Portfolio 477RBC Select Conservative Portfolio 485RBC Select Balanced Portfolio 493RBC Select Growth Portfolio 501RBC Select Aggressive Growth Portfolio 509RBC Select Choices Conservative Portfolio 517RBC Select Choices Balanced Portfolio 523RBC Select Choices Growth Portfolio 529RBC Select Choices Aggressive Growth Portfolio 535RBC Target 2020 Education Fund 541RBC Target 2025 Education Fund 548RBC Target 2030 Education Fund 555

CANADIAN EQUITY FUNDSRBC Canadian Dividend Fund 561RBC Canadian Equity Fund 571RBC QUBE Canadian Equity Fund 579RBC QUBE Low Volatility Canadian Equity Fund 586RBC Trend Canadian Equity Fund 594RBC Jantzi Canadian Equity Fund 601RBC Canadian Index Fund 608RBC O’Shaughnessy Canadian Equity Fund 616RBC O’Shaughnessy All-Canadian Equity Fund 624RBC Canadian Equity Income Fund 631RBC Canadian Small & Mid-Cap Resources Fund 640

NORTH AMERICAN EQUITY FUNDSRBC North American Value Fund 646RBC North American Growth Fund 656

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING 3

INDEPENDENT AUDITOR’S REPORT 4

RBC FUNDS

MONEY MARKET FUNDSRBC Canadian T-Bill Fund 6RBC Canadian Money Market Fund 12RBC Premium Money Market Fund 18RBC $U.S. Money Market Fund 24RBC Premium $U.S. Money Market Fund 30

FIXED-INCOME FUNDSRBC Canadian Short-Term Income Fund 36RBC Monthly Income Bond Fund 46RBC Bond Fund 52RBC Advisor Canadian Bond Fund 73RBC Canadian Government Bond Index Fund 81RBC Global Bond Fund 87RBC $U.S. Investment Grade Corporate Bond Fund 104RBC Global Corporate Bond Fund 114RBC High Yield Bond Fund 146RBC $U.S. High Yield Bond Fund 157RBC Global High Yield Bond Fund 165RBC Strategic Income Bond Fund formerly, RBC Monthly Income High Yield Bond Fund 181RBC Emerging Markets Foreign Exchange Fund 187RBC Emerging Markets Bond Fund 195RBC Emerging Markets Bond Fund (CAD Hedged) 207BlueBay Global Monthly Income Bond Fund 213BlueBay Global Sovereign Bond Fund (Canada) 235BlueBay Global Investment Grade Corporate Bond Fund (Canada) 242BlueBay European High Yield Bond Fund (Canada) 251BlueBay Emerging Markets Corporate Bond Fund 261BlueBay Global Convertible Bond Fund (Canada) 273BlueBay $U.S. Global Convertible Bond Fund (Canada) 285

MANAGED PAYOUT SOLUTIONSRBC Managed Payout Solution 296RBC Managed Payout Solution – Enhanced 302RBC Managed Payout Solution – Enhanced Plus 308

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U.S. EQUITY FUNDSRBC U.S. Dividend Fund 665RBC U.S. Dividend Currency Neutral Fund 673RBC U.S. Equity Fund 681RBC U.S. Equity Currency Neutral Fund 689RBC QUBE U.S. Equity Fund 698RBC QUBE Low Volatility U.S. Equity Fund 705RBC QUBE Low Volatility U.S. Equity Currency Neutral Fund 714RBC U.S. Equity Value Fund 721RBC U.S. Index Fund 729RBC U.S. Index Currency Neutral Fund 739RBC O’Shaughnessy U.S. Value Fund 745RBC U.S. Mid-Cap Growth Equity Fund formerly, RBC U.S. Mid-Cap Equity Fund 753RBC U.S. Mid-Cap Growth Equity Currency Neutral Fund formerly, RBC U.S. Mid-Cap Equity Currency Neutral Fund 761RBC U.S. Mid-Cap Value Equity Fund 768RBC U.S. Small-Cap Core Equity Fund 774RBC U.S. Small-Cap Value Equity Fund 782RBC O’Shaughnessy U.S. Growth Fund 790RBC O’Shaughnessy U.S. Growth Fund II 798RBC Life Science and Technology Fund 806

INTERNATIONAL EQUITY FUNDSRBC International Dividend Growth Fund 813RBC International Equity Fund 822RBC International Equity Currency Neutral Fund 832RBC International Index Currency Neutral Fund 839RBC O’Shaughnessy International Equity Fund 846RBC European Dividend Fund 855RBC European Equity Fund 863RBC European Mid-Cap Equity Fund 872RBC Asian Equity Fund 880RBC Asia Pacific ex-Japan Equity Fund 886RBC Japanese Equity Fund 895RBC Emerging Markets Multi-Strategy Equity Fund 903RBC Emerging Markets Dividend Fund 909RBC Emerging Markets Equity Fund 917RBC Emerging Markets Small-Cap Equity Fund 925

GLOBAL EQUITY FUNDSRBC Global Dividend Growth Fund 933RBC Global Dividend Growth Currency Neutral Fund 941RBC Global Equity Fund 949RBC Global Equity Focus Fund 956RBC QUBE Global Equity Fund 963RBC QUBE Low Volatility Global Equity Fund 970RBC Jantzi Global Equity Fund 979

TABLE OF CONTENTS

GLOBAL EQUITY FUNDS (cont.)RBC O’Shaughnessy Global Equity Fund 988RBC QUBE All Country World Equity Fund 997RBC QUBE Low Volatility All Country World Equity Fund 1005RBC Global Energy Fund 1012RBC Global Precious Metals Fund 1020RBC Global Resources Fund 1028RBC Global Technology Fund 1037

RBC PRIVATE POOLS

FIXED INCOMERBC Private Short-Term Income Pool 1044RBC Private Canadian Corporate Bond Pool 1053

BALANCEDRBC Private Income Pool 1065

CANADIAN EQUITYRBC Private Canadian Dividend Pool 1072RBC Private Canadian Growth and Income Equity Pool 1079RBC Private Canadian Equity Pool 1085RBC Private Canadian Growth Equity Pool 1092RBC Private Canadian Mid-Cap Equity Pool 1098

U.S. EQUITYRBC Private U.S. Large-Cap Value Equity Pool 1105RBC Private U.S. Large-Cap Value Equity Currency Neutral Pool 1111RBC Private U.S. Growth Equity Pool 1117RBC Private U.S. Large-Cap Core Equity Pool 1123RBC Private U.S. Large-Cap Core Equity Currency Neutral Pool 1130RBC Private U.S. Small-Cap Equity Pool 1136

INTERNATIONAL AND GLOBAL EQUITYRBC Private EAFE Equity Pool 1142RBC Private Overseas Equity Pool 1149RBC Private World Equity Pool 1155

GENERIC NOTES TO FINANCIAL STATEMENTS 1162

CONTACT US Inside Back Cover

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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.

PricewaterhouseCoopers LLP, Chartered Professional Accountants, Licensed Public Accountants, have performed an independent audit of the

financial statements in accordance with IFRS. Their report is set out on the next page.

Damon G. Williams, FSA, FCIA, CFA Frank Lippa, CPA, CAChief Executive Officer Chief Financial Officer and Chief Operating OfficerRBC Global Asset Management Inc. RBC Global Asset Management Inc.

March 8, 2017

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

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INDEPENDENT AUDITOR’S REPORT

To the Unitholders of:

RBC FUNDS & RBC PRIVATE POOLSRBC Canadian T-Bill FundRBC Canadian Money Market FundRBC Premium Money Market FundRBC $U.S. Money Market FundRBC Premium $U.S. Money Market FundRBC Canadian Short-Term Income FundRBC Monthly Income Bond FundRBC Bond FundRBC Advisor Canadian Bond FundRBC Canadian Government Bond Index FundRBC Global Bond FundRBC $U.S. Investment Grade Corporate Bond FundRBC Global Corporate Bond FundRBC High Yield Bond FundRBC $U.S. High Yield Bond FundRBC Global High Yield Bond FundRBC Strategic Income Bond Fund (formerly, RBC Monthly Income High Yield Bond Fund)RBC Emerging Markets Foreign Exchange FundRBC Emerging Markets Bond FundRBC Emerging Markets Bond Fund (CAD Hedged)BlueBay Global Monthly Income Bond FundBlueBay Global Sovereign Bond Fund (Canada)BlueBay Global Investment Grade Corporate Bond Fund (Canada)BlueBay European High Yield Bond Fund (Canada)BlueBay Emerging Markets Corporate Bond FundBlueBay Global Convertible Bond Fund (Canada)BlueBay $U.S. Global Convertible Bond Fund (Canada)RBC Managed Payout SolutionRBC Managed Payout Solution – EnhancedRBC Managed Payout Solution – Enhanced PlusRBC Monthly Income FundRBC U.S. Monthly Income Fund RBC Balanced FundRBC Global Balanced FundRBC Jantzi Balanced FundRBC Conservative Growth & Income FundRBC Balanced Growth & Income FundRBC Global Growth & Income FundRBC Retirement Income SolutionRBC Retirement 2020 PortfolioRBC Retirement 2025 PortfolioRBC Retirement 2030 PortfolioRBC Retirement 2035 PortfolioRBC Retirement 2040 PortfolioRBC Retirement 2045 PortfolioRBC Retirement 2050 PortfolioRBC Select Very Conservative PortfolioRBC Select Conservative PortfolioRBC Select Balanced Portfolio RBC Select Growth PortfolioRBC Select Aggressive Growth PortfolioRBC Select Choices Conservative PortfolioRBC Select Choices Balanced PortfolioRBC Select Choices Growth PortfolioRBC Select Choices Aggressive Growth PortfolioRBC Target 2020 Education FundRBC Target 2025 Education FundRBC Target 2030 Education FundRBC Canadian Dividend FundRBC Canadian Equity FundRBC QUBE Canadian Equity Fund

RBC QUBE Low Volatility Canadian Equity FundRBC Trend Canadian Equity FundRBC Jantzi Canadian Equity FundRBC Canadian Index FundRBC O’Shaughnessy Canadian Equity FundRBC O’Shaughnessy All-Canadian Equity FundRBC Canadian Equity Income FundRBC Canadian Small & Mid-Cap Resources FundRBC North American Value FundRBC North American Growth FundRBC U.S. Dividend FundRBC U.S. Dividend Currency Neutral FundRBC U.S. Equity Fund RBC U.S. Equity Currency Neutral FundRBC QUBE U.S. Equity FundRBC QUBE Low Volatility U.S. Equity FundRBC QUBE Low Volatility U.S. Equity Currency Neutral FundRBC U.S. Equity Value FundRBC U.S. Index FundRBC U.S. Index Currency Neutral FundRBC O’Shaughnessy U.S. Value FundRBC U.S. Mid-Cap Growth Equity Fund (formerly, RBC U.S. Mid-Cap Equity Fund)RBC U.S. Mid-Cap Growth Equity Currency Neutral Fund (formerly, RBC U.S. Mid-Cap Equity Currency Neutral Fund) RBC U.S. Mid-Cap Value Equity FundRBC U.S. Small-Cap Core Equity FundRBC U.S. Small-Cap Value Equity FundRBC O’Shaughnessy U.S. Growth FundRBC O’Shaughnessy U.S. Growth Fund IIRBC Life Science and Technology FundRBC International Dividend Growth FundRBC International Equity FundRBC International Equity Currency Neutral FundRBC International Index Currency Neutral FundRBC O’Shaughnessy International Equity FundRBC European Dividend FundRBC European Equity FundRBC European Mid-Cap Equity FundRBC Asian Equity FundRBC Asia Pacific ex-Japan Equity FundRBC Japanese Equity FundRBC Emerging Markets Multi-Strategy Equity FundRBC Emerging Markets Dividend FundRBC Emerging Markets Equity FundRBC Emerging Markets Small-Cap Equity FundRBC Global Dividend Growth FundRBC Global Dividend Growth Currency Neutral FundRBC Global Equity FundRBC Global Equity Focus FundRBC QUBE Global Equity FundRBC QUBE Low Volatility Global Equity FundRBC Jantzi Global Equity FundRBC O’Shaughnessy Global Equity FundRBC QUBE All Country World Equity FundRBC QUBE Low Volatility All Country World Equity FundRBC Global Energy FundRBC Global Precious Metals FundRBC Global Resources FundRBC Global Technology FundRBC Private Short-Term Income PoolRBC Private Canadian Corporate Bond PoolRBC Private Income Pool

RBC Private Canadian Dividend PoolRBC Private Canadian Growth and Income Equity PoolRBC Private Canadian Equity PoolRBC Private Canadian Growth Equity PoolRBC Private Canadian Mid-Cap Equity PoolRBC Private U.S. Large-Cap Value Equity Pool RBC Private U.S. Large-Cap Value Equity Currency Neutral PoolRBC Private U.S. Growth Equity PoolRBC Private U.S. Large-Cap Core Equity Pool RBC Private U.S. Large-Cap Core Equity Currency Neutral PoolRBC Private U.S. Small-Cap Equity PoolRBC Private EAFE Equity PoolRBC Private Overseas Equity PoolRBC Private World Equity Pool

PHILLIPS, HAGER & NORTH INVESTMENT FUNDSPhillips, Hager & North Canadian Money Market FundPhillips, Hager & North $U.S. Money Market FundPhillips, Hager & North Short Term Bond & Mortgage FundPhillips, Hager & North Bond FundPhillips, Hager & North Community Values Bond FundPhillips, Hager & North Total Return Bond FundPhillips, Hager & North Inflation-Linked Bond FundPhillips, Hager & North High Yield Bond FundPhillips, Hager & North Long Inflation-linked Bond FundPhillips, Hager & North Monthly Income FundPhillips, Hager & North Balanced FundPhillips, Hager & North Community Values Balanced FundPhillips, Hager & North Dividend Income FundPhillips, Hager & North Canadian Equity FundPhillips, Hager & North Community Values Canadian Equity FundPhillips, Hager & North Canadian Equity Value FundPhillips, Hager & North Canadian Equity Underlying FundPhillips, Hager & North Canadian Equity Underlying Fund IIPhillips, Hager & North Canadian Growth Fund Phillips, Hager & North Canadian Income FundPhillips, Hager & North Vintage FundPhillips, Hager & North U.S. Dividend Income FundPhillips, Hager & North U.S. Multi-Style All-Cap Equity FundPhillips, Hager & North U.S. Equity FundPhillips, Hager & North Currency-Hedged U.S. Equity FundPhillips, Hager & North U.S. Growth Fund Phillips, Hager & North Overseas Equity FundPhillips, Hager & North Currency-Hedged Overseas Equity FundPhillips, Hager & North Global Equity FundPhillips, Hager & North Community Values Global Equity FundPhillips, Hager & North LifeTime 2015 Fund Phillips, Hager & North LifeTime 2020 FundPhillips, Hager & North LifeTime 2025 FundPhillips, Hager & North LifeTime 2030 FundPhillips, Hager & North LifeTime 2035 FundPhillips, Hager & North LifeTime 2040 FundPhillips, Hager & North LifeTime 2045 FundPhillips, Hager & North LifeTime 2050 FundBonaVista Global Balanced FundBonaVista Canadian Equity Value Fund

(collectively referred to as the “Funds”)

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INDEPENDENT AUDITOR’S REPORT

We have audited the accompanying financial statements of each of the Funds, which comprise the statement of financial position as at

December 31, 2016 and the statements of comprehensive income, cash flows and changes in net assets attributable to holders of redeemable

units for the periods indicated in note 2, and the related notes, which comprise a summary of significant accounting policies and other

explanatory information.

Management’s responsibility for the financial statementsManagement is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with

International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation

of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilityOur responsibility is to express an opinion on the financial statements of each of the Funds based on our audit. We conducted our audit in

accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan

and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures

selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due

to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation

of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and

the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Funds as

at December 31, 2016 and the financial performance and cash flows of each of the Funds for the periods indicated in note 2, in accordance with

International Financial Reporting Standards.

Other matterThe financial statements of each of the Funds as at December 31, 2015 and for the periods indicated in note 2, as applicable, were audited by

another auditor who expressed an unmodified opinion on those statements on March 4, 2016.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, OntarioMarch 8, 2017

SCHEDULE OF INVESTMENT PORTFOLIO (in $000s)

2016 ANNUAL FINANCIAL STATEMENTS

December 31, 2016

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

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RBC CANADIAN T-BILL FUND

Par Value Fair % of Net (000s) Security Value Assets

PROVINCIAL OBLIGATIONS* 7 000 Financement-Québec $ 7 026 42 226 Province of Alberta 42 219 20 000 Province of British Columbia 19 894 42 000 Province of Manitoba 42 052 11 510 Province of New Brunswick 11 493 15 000 Province of Newfoundland and Labrador 14 979 13 000 Province of Nova Scotia 12 981 87 033 Province of Ontario 87 381 9 000 Province of Prince Edward Island 8 990 71 410 Province of Quebec 71 254 39 800 Province of Saskatchewan 39 764

358 033 99.0TERM DEPOSITS†

3 622 Canadian Imperial Bank of Commerce 3 622

3 622 1.0TOTAL INVESTMENTS 361 655 100.0OTHER NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 76 –NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 361 731 100.0

* Investments, which are grouped by issuer, earn interest at rates ranging from 0.50% to 1.04% and mature between January 13, 2017 and April 2, 2017.† Term deposits earn interest at a rate of 0.50% and mature on January 3, 2017.

FINANCIAL STATEMENTS

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

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

(see note 2 in the generic notes)December 31

2016December 31

2015

ASSETSInvestments at fair value $ 361 655 $ 398 463Cash 2 1Subscriptions receivable 324 167Dividends receivable, interest accrued and other assets 184 885TOTAL ASSETS 362 165 399 516LIABILITIESRedemptions payable 249 1 128Distributions payable 49 38Accounts payable and accrued expenses 136 150TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 434 1 316NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (“NAV”) $ 361 731 $ 398 200

Investments at cost $ 361 655 $ 398 463

NAV SERIES A $ 306 017 $ 342 970 SERIES D $ 55 714 $ 55 230NAV PER UNIT SERIES A $ 10.00 $ 10.00 SERIES D $ 10.00 $ 10.00

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

For the periods ended December 31 (see note 2 in the generic notes) 2016 2015

INCOME (see note 3 in the generic notes)Interest for distribution purposes $ 2 448 $ 3 241Securities lending revenue (see note 6 in the generic notes) 14 14TOTAL INCOME (LOSS) 2 462 3 255EXPENSES (see notes – Fund Specific Information)Management fees 1 175 1 628Administration fees 356 397Independent Review Committee costs 2 3GST/HST 145 190TOTAL EXPENSES 1 678 2 218INCREASE (DECREASE) IN NAV $ 784 $ 1 037INCREASE (DECREASE) IN NAV SERIES A $ 672 $ 898 SERIES D $ 112 $ 139INCREASE (DECREASE) IN NAV PER UNIT SERIES A $ 0.02 $ 0.03 SERIES D $ 0.02 $ 0.03



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Statements of Cash Flow (in $000s)


CASH FLOWS FROM OPERATING ACTIVITIESIncrease (decrease) in NAV $ 784 $ 1 037ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONSInterest for distribution purposes – –Net realized loss (gain) on investments – –Change in unrealized loss (gain) on investments – –(Increase) decrease in accrued receivables 701 41Increase (decrease) in accrued payables (14) (76)Cost of investments purchased (2 301 042) (3 906 540)Proceeds on sales of investments 2 337 850 3 961 994NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 38 279 56 456CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of redeemable units 108 767 116 919Cash paid on redemption of redeemable units (147 037) (173 237)Distributions paid to holders of redeemable units (8) (137)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ (38 278) $ (56 455)Net increase (decrease) in cash for the period 1 1Cash (bank overdraft), beginning of period 1 –CASH (BANK OVERDRAFT), END OF PERIOD $ 2 $ 1

Interest received (paid) $ 3 149 $ 3 282Dividends received, net of withholding taxes $ – $ –Cash consists of cash and futures contracts margin receivable/payable, as applicable.



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Statements of Changes in NAV (in $000s)

For the periods ended December 31 (see note 2 in the generic notes)

Series A Series D Total2016 2015 2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 342 970 $ 395 252 $ 55 230 $ 58 871 $ 398 200 $ 454 123INCREASE (DECREASE) IN NAV 672 898 112 139 784 1 037Proceeds from redeemable units issued 92 494 100 722 16 430 16 028 108 924 116 750Reinvestments of distributions to holders of redeemable units 651 872 110 137 761 1 009Redemption of redeemable units (130 101) (153 876) (16 057) (19 806) (146 158) (173 682)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (36 956) (52 282) 483 (3 641) (36 473) (55 923)Distributions from net income (669) (898) (111) (139) (780) (1 037)Distributions from net gains – – – – – –Distributions from capital – – – – – –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (669) (898) (111) (139) (780) (1 037)NET INCREASE (DECREASE) IN NAV (36 953) (52 282) 484 (3 641) (36 469) (55 923)NAV AT END OF PERIOD $ 306 017 $ 342 970 $ 55 714 $ 55 230 $ 361 731 $ 398 200

NOTES TO FINANCIAL STATEMENTS – FUND SPECIFIC INFORMATION

Please see the generic notes at the back of the financial statements.

December 31, 2016

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General information (see note 1 in the generic notes)

The investment objective of the Fund is to provide current

income and liquidity consistent with short-term money-market

interest rates while preserving the value of the investment.

Financial instrument risk and capital management (see note 4 in the generic notes)

Credit risk (%)

The table below summarizes the Fund’s credit risk exposure

grouped by credit ratings as at:

RatingDecember 31

2016December 31

2015

R-1 (H) 29.2 43.1R-1 (M) 64.2 53.1R-1 (L) 6.6 3.8Total 100.0 100.0

Concentration risk (%)

The table below summarizes the Fund’s investment portfolio

(after consideration of derivative products, if any) as at:

Investment mixDecember 31

2016December 31

2015

Provincial Obligations 99.0 98.5Term Deposits 1.0 1.6Cash/Other – (0.1)Total 100.0 100.0

Interest rate risk (%)

The table below summarizes the Fund’s exposure to interest

rate risk by remaining term to maturity as at:

Term to maturityDecember 31

2016December 31

2015

0 – 1 month 39.6 37.41 – 3 months 32.9 29.84 – 6 months 23.4 21.47 – 12 months 4.1 11.4Total 100.0 100.0

Due to the short-term nature of the Fund’s investments, the

Fund has minimal sensitivity to changes in interest rates.

Fair value hierarchy ($000s except % amounts) (see note 3 in the generic notes)

The following is a summary of the inputs used as of

December 31, 2016 and 2015.

December 31, 2016 Level 1 Level 2 Level 3 Total

Equities – – – –Mutual fund units – – – –Fixed-income and debt securities – – – –Short-term investments – 361 655 – 361 655Derivatives – assets – – – –Derivatives – liabilities – – – –Total financial instruments – 361 655 – 361 655% of total portfolio – 100.0 – 100.0



For the periods ended December 31, 2016 and 2015, there

were no transfers of financial instruments between Level 1,

Level 2 and Level 3.

Management fees and operating expenses (see note 7 in the generic notes)

Management fees and administration fees of each series

of the Fund are payable to RBC GAM and calculated at the

following annual percentages, before GST/HST, of the daily

net asset value of each series of the Fund.

Management fees Operating expenses

Series A up to 0.75% 0.10%Series D up to 0.60% 0.05%

Taxes ($000s) (see note 5 in the generic notes)

The Fund had no capital or non-capital losses as at

December 31, 2016.



December 31, 2016

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Redeemable units (000s)

There is no limitation on the number of units available for

issue. Units are purchased and redeemed at the NAV per unit.


Series AOpening units 34 297 39 525Issued number of units 9 249 10 073Reinvested number of units 65 87Redeemed number of units (13 010) (15 388)Ending number of units 30 601 34 297

Series D Opening units 5 523 5 887Issued number of units 1 643 1 603Reinvested number of units 11 14Redeemed number of units (1 606) (1 981)Ending number of units 5 571 5 523

Securities lending revenue ($000s except %) (see note 6 in the generic notes)

Fair value of securities on loan and collateral received as at:

December 31 2016

December 31 2015

Fair value of securities loaned 7 804 3 861Fair value of collateral received 7 960 3 938

The table below provides a reconciliation of the gross revenue

generated from the securities lending transactions of the Fund

to the securities lending revenue disclosed in the Statements of

Comprehensive Income.

December 31 2016

December 31 2015

$ % $ %

Gross revenue 21 100 22 100 RBC IS (paid) (7) (35) (8) (35)Tax withheld – – – – Fund revenue 14 65 14 65




December 31, 2016


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RBC CANADIAN MONEY MARKET FUND


BANKERS ACCEPTANCES AND BANK OBLIGATIONS 154 200 Bank of Montreal $ 153 842 29 350 Bank of Nova Scotia 29 550 107 000 Canadian Imperial Bank of Commerce 106 532 54 050 HSBC Bank Canada 53 983 57 100 National Bank of Canada 57 122 146 070 Toronto-Dominion Bank 145 401

546 430 34.5COMMERCIAL PAPER 78 550 Banner Trust 77 985 70 165 BNP Paribas Capital Trust 69 978 59 760 Canadian Master Trust - Series A 59 859 6 404 Canadian Utilities Ltd. 6 401 72 980 Clarity Trust 72 717 41 417 Enbridge Pipelines Inc. 41 389 57 570 Fusion Trust 57 336 10 880 Honda Canada Finance Inc. 10 871 60 000 Inter Pipeline Ltd. 59 908 76 530 Merit Trust - Senior Notes 76 120 76 900 Prime Trust - Senior Notes 76 501 51 730 Ridge Trust 51 388 74 290 SAFE Trust - Series 1996-1 74 090 52 780 SOUND Trust 52 661 44 845 SURE Trust 44 729 10 000 TMX Group Ltd. 9 975 15 000 Wells Fargo Financial Canada Corp. 15 243 79 140 Zeus Receivables Trust - Senior Notes 78 638

935 789 59.0PROVINCIAL OBLIGATIONS 1 810 Province of Alberta 1 807 25 650 Province of Manitoba 25 716 15 560 Province of New Brunswick 15 537 34 070 Province of Nova Scotia 34 019 22 030 Province of Ontario 21 999 820 Province of Quebec 819

99 897 6.3TOTAL INVESTMENTS 1 582 116 99.8OTHER NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 2 706 0.2NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 1 584 822 100.0

Investments, which are grouped by issuer, earn interest at rates ranging from 0.58% to 1.29% and mature between January 4, 2017 and April 2, 2018.



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2016December 31

2015

ASSETSInvestments at fair value $ 1 582 116 $ 1 731 997Cash 29 63Subscriptions receivable 2 926 2 739Dividends receivable, interest accrued and other assets 3 576 1 984TOTAL ASSETS 1 588 647 1 736 783LIABILITIESRedemptions payable 2 734 2 242Distributions payable 363 268Accounts payable and accrued expenses 728 802TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 3 825 3 312NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (“NAV”) $ 1 584 822 $ 1 733 471

Investments at cost $ 1 582 116 $ 1 731 997

NAV SERIES A $ 1 224 869 $ 1 352 347 ADVISOR SERIES $ 14 759 $ 13 191 SERIES D $ 164 136 $ 173 834 SERIES F $ 12 499 $ 8 769 SERIES O $ 168 559 $ 185 330NAV PER UNIT SERIES A $ 10.00 $ 10.00 ADVISOR SERIES $ 10.00 $ 10.00 SERIES D $ 10.00 $ 10.00 SERIES F $ 10.00 $ 10.00 SERIES O $ 10.00 $ 10.00



INCOME (see note 3 in the generic notes)Interest for distribution purposes $ 15 355 $ 17 642Securities lending revenue (see note 6 in the generic notes) – 1TOTAL INCOME (LOSS) 15 355 17 643EXPENSES (see notes – Fund Specific Information)Management fees 6 773 7 208Administration fees 1 420 1 528Independent Review Committee costs 2 3GST/HST 816 878TOTAL EXPENSES 9 011 9 617INCREASE (DECREASE) IN NAV $ 6 344 $ 8 026INCREASE (DECREASE) IN NAV SERIES A $ 4 102 $ 5 105 ADVISOR SERIES $ 61 $ 45 SERIES D $ 541 $ 661 SERIES F $ 40 $ 47 SERIES O $ 1 600 $ 2 168INCREASE (DECREASE) IN NAV PER UNIT SERIES A $ 0.03 $ 0.04 ADVISOR SERIES $ 0.03 $ 0.04 SERIES D $ 0.03 $ 0.04 SERIES F $ 0.04 $ 0.04 SERIES O $ 0.09 $ 0.10



14




CASH FLOWS FROM OPERATING ACTIVITIESIncrease (decrease) in NAV $ 6 344 $ 8 026ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONSInterest for distribution purposes – –Net realized loss (gain) on investments – –Change in unrealized loss (gain) on investments – –(Increase) decrease in accrued receivables (1 592) 1 291Increase (decrease) in accrued payables (74) 2Cost of investments purchased (7 460 673) (9 279 922)Proceeds on sales of investments 7 610 554 9 271 550NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 154 559 947CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of redeemable units 757 983 1 341 523Cash paid on redemption of redeemable units (912 218) (1 341 528)Distributions paid to holders of redeemable units (358) (899)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ (154 593) $ (904)Net increase (decrease) in cash for the period (34) 43Cash (bank overdraft), beginning of period 63 20CASH (BANK OVERDRAFT), END OF PERIOD $ 29 $ 63




15




Series A Advisor Series Series D Series F2016 2015 2016 2015 2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 1 352 347 $ 1 236 246 $ 13 191 $ 13 881 $ 173 834 $ 179 277 $ 8 769 $ 12 965INCREASE (DECREASE) IN NAV 4 102 5 105 61 45 541 661 40 47Proceeds from redeemable units issued 514 008 832 927 40 214 13 580 77 425 83 070 20 629 6 566Reinvestments of distributions to holders of redeemable units 3 993 4 975 57 45 534 656 23 34Redemption of redeemable units (645 497) (721 801) (38 704) (14 314) (87 660) (89 168) (16 922) (10 796)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (127 496) 116 101 1 567 (689) (9 701) (5 442) 3 730 (4 196)Distributions from net income (4 084) (5 105) (60) (46) (538) (662) (40) (47)Distributions from net gains – – – – – – – –Distributions from capital – – – – – – – –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (4 084) (5 105) (60) (46) (538) (662) (40) (47)NET INCREASE (DECREASE) IN NAV (127 478) 116 101 1 568 (690) (9 698) (5 443) 3 730 (4 196)NAV AT END OF PERIOD $ 1 224 869 $ 1 352 347 $ 14 759 $ 13 191 $ 164 136 $ 173 834 $ 12 499 $ 8 769


Series O Total2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 185 330 $ 284 482 $ 1 733 471 $ 1 726 851INCREASE (DECREASE) IN NAV 1 600 2 168 6 344 8 026Proceeds from redeemable units issued 105 894 402 670 758 170 1 338 813Reinvestments of distributions to holders of redeemable units 1 260 1 809 5 867 7 519Redemption of redeemable units (123 927) (503 630) (912 710) (1 339 709)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (16 773) (99 151) (148 673) 6 623Distributions from net income (1 598) (2 169) (6 320) (8 029)Distributions from net gains – – – –Distributions from capital – – – –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (1 598) (2 169) (6 320) (8 029)NET INCREASE (DECREASE) IN NAV (16 771) (99 152) (148 649) 6 620NAV AT END OF PERIOD $ 168 559 $ 185 330 $ 1 584 822 $ 1 733 471



December 31, 2016

16




income and liquidity consistent with short-term money-market

interest rates while preserving the value of the investment.


Credit risk (%)



RatingDecember 31

2016December 31

2015

R-1 (H) 74.3 78.5R-1 (M) 18.3 14.8R-1 (L) 7.4 6.7Total 100.0 100.0





2016December 31

2015

Commercial Paper 59.0 60.3Bankers Acceptances and Bank Obligations 34.5 34.7Provincial Obligations 6.3 4.9Cash/Other 0.2 0.1Total 100.0 100.0





2016December 31

2015








Equities – – – –Mutual fund units – – – –Fixed-income and debt securities – – – –Short-term investments – 1 582 116 – 1 582 116Derivatives – assets – – – –Derivatives – liabilities – – – –Total financial instruments – 1 582 116 – 1 582 116% of total portfolio – 100.0 – 100.0












Series A up to 0.75% 0.10%Advisor Series up to 0.75% 0.05%Series D up to 0.60% 0.05%Series F up to 0.50% 0.05%Series O n/a* 0.02%

* Series O unitholders pay a negotiated management fee directly to RBC GAM for investment-counselling services.



December 31, 2016

17



December 31, 2016.






Advisor SeriesOpening units 1 319 1 388Issued number of units 4 021 1 358Reinvested number of units 6 4Redeemed number of units (3 870) (1 431)Ending number of units 1 476 1 319

Series DOpening units 17 383 17 928Issued number of units 7 743 8 306Reinvested number of units 53 66Redeemed number of units (8 766) (8 917)Ending number of units 16 413 17 383

Series FOpening units 877 1 297Issued number of units 2 063 657Reinvested number of units 2 3Redeemed number of units (1 692) (1 080)Ending number of units 1 250 877

Series O Opening units 18 533 28 448Issued number of units 10 590 40 267Reinvested number of units 126 181Redeemed number of units (12 393) (50 363)Ending number of units 16 856 18 533




December 31 2016

December 31 2015

Fair value of securities loaned – –Fair value of collateral received – –





December 31 2016

December 31 2015

$ % $ %

Gross revenue – 100 1 100RBC IS (paid) – (35) – (35)Tax withheld – – – – Fund revenue – 65 1 65

Investments by other related investment funds (%) (see note 7 in the generic notes)

The table below summarizes, as a percentage, the net assets

of the Fund owned by other related investment funds as at:

December 31 2016

December 31 2015

RBC Select Choices Balanced Portfolio 0.1 0.1RBC Select Choices Conservative Portfolio 0.1 0.1RBC Select Choices Growth Portfolio 0.1 0.1RBC Short Term Income Class 0.9 2.4Total 1.2 2.7



December 31, 2016


18


BANKERS ACCEPTANCES AND BANK OBLIGATIONS 129 140 Bank of Montreal $ 128 746 13 000 Bank of Nova Scotia 13 187 91 140 Canadian Imperial Bank of Commerce 90 817 67 380 HSBC Bank Canada 67 100 64 920 National Bank of Canada 64 930 90 900 Toronto-Dominion Bank 90 312

455 092 32.9COMMERCIAL PAPER 67 570 Banner Trust 67 274 43 110 BNP Paribas Capital Trust 42 914 36 000 Canadian Master Trust - Series A 35 805 62 300 Clarity Trust 61 958 19 000 Enbridge Gas Distribution Inc. 18 988 17 413 Enbridge Pipelines Inc. 17 401 54 240 Fusion Trust 53 987 20 000 Honda Canada Finance Inc. 19 983 59 570 Inter Pipeline Ltd. 59 459 66 810 Merit Trust - Senior Notes 66 630 67 960 Prime Trust - Senior Notes 67 586 43 070 Ridge Trust 42 821 64 570 SAFE Trust - Series 1996-1 64 366 62 450 SOUND Trust 62 372 64 090 SURE Trust 63 932 17 000 TMX Group Ltd. 16 969 12 750 Wells Fargo Financial Canada Corp. 12 952 63 885 Zeus Receivables Trust - Senior Notes 63 666

839 063 60.6PROVINCIAL OBLIGATIONS 6 100 Province of Alberta 6 091 23 940 Province of Manitoba 23 993 31 000 Province of New Brunswick 30 956 12 990 Province of Nova Scotia 12 971 11 730 Province of Ontario 11 714 1 020 Province of Quebec 1 019

86 744 6.3TOTAL INVESTMENTS 1 380 899 99.8OTHER NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 3 604 0.2NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 1 384 503 100.0

Investments, which are grouped by issuer, earn interest at rates ranging from 0.58% to 1.29% and mature between January 4, 2017 and April 2, 2018.

RBC PREMIUM MONEY MARKET FUND



19




2016December 31

2015

ASSETSInvestments at fair value $ 1 380 899 $ 1 508 684Cash 28 12Subscriptions receivable 3 708 6 393Dividends receivable, interest accrued and other assets 2 877 2 171TOTAL ASSETS 1 387 512 1 517 260LIABILITIESRedemptions payable 2 133 3 290Distributions payable 463 414Accounts payable and accrued expenses 413 451TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 3 009 4 155NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (“NAV”) $ 1 384 503 $ 1 513 105

Investments at cost $ 1 380 899 $ 1 508 684

NAV SERIES A $ 1 372 269 $ 1 497 158 SERIES F $ 12 234 $ 9 627 SERIES I $ – $ 6 320NAV PER UNIT SERIES A $ 10.00 $ 10.00 SERIES F $ 10.00 $ 10.00 SERIES I $ – $ 10.00



INCOME (see note 3 in the generic notes)Interest for distribution purposes $ 13 043 $ 15 941Securities lending revenue (see note 6 in the generic notes) – 1TOTAL INCOME (LOSS) 13 043 15 942EXPENSES (see notes – Fund Specific Information)Management fees 4 259 4 829Administration fees 286 324Independent Review Committee costs 2 3GST/HST 446 502TOTAL EXPENSES 4 993 5 658INCREASE (DECREASE) IN NAV $ 8 050 $ 10 284INCREASE (DECREASE) IN NAV SERIES A $ 7 968 $ 10 104 SERIES F $ 77 $ 76 SERIES I $ 5 $ 104INCREASE (DECREASE) IN NAV PER UNIT SERIES A $ 0.06 $ 0.07 SERIES F $ 0.07 $ 0.08 SERIES I $ 0.04 $ 0.09



20




CASH FLOWS FROM OPERATING ACTIVITIESIncrease (decrease) in NAV $ 8 050 $ 10 284 ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONSInterest for distribution purposes – –Net realized loss (gain) on investments – – Change in unrealized loss (gain) on investments – – (Increase) decrease in accrued receivables (706) 1 529 Increase (decrease) in accrued payables (38) (99)Cost of investments purchased (6 592 332) (7 894 246)Proceeds on sales of investments 6 720 117 8 122 702 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 135 091 240 170 CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of redeemable units 725 781 735 747 Cash paid on redemption of redeemable units (860 301) (974 652)Distributions paid to holders of redeemable units (555) (1 315)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ (135 075) $ (240 220)Net increase (decrease) in cash for the period 16 (50)Cash (bank overdraft), beginning of period 12 62 CASH (BANK OVERDRAFT), END OF PERIOD $ 28 $ 12

Interest received (paid) $ 12 337 $ 17 470 Dividends received, net of withholding taxes $ – $ – Cash consists of cash and futures contracts margin receivable/payable, as applicable.



21




Series A Series F Series I Total2016 2015 2016 2015 2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 1 497 158 $ 1 717 382 $ 9 627 $ 10 882 $ 6 320 $ 15 287 $ 1 513 105 $ 1 743 551INCREASE (DECREASE) IN NAV 7 968 10 104 77 76 5 104 8 050 10 284Proceeds from redeemable units issued 704 122 689 925 18 974 6 454 – 40 000 723 096 736 379Reinvestments of distributions to holders of redeemable units 7 347 9 357 70 73 5 104 7 422 9 534Redemption of redeemable units (836 382) (919 506) (16 437) (7 782) (6 325) (49 071) (859 144) (976 359)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (124 913) (220 224) 2 607 (1 255) (6 320) (8 967) (128 626) (230 446)Distributions from net income (7 944) (10 104) (77) (76) (5) (104) (8 026) (10 284)Distributions from net gains – – – – – – – –Distributions from capital – – – – – – – –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (7 944) (10 104) (77) (76) (5) (104) (8 026) (10 284)NET INCREASE (DECREASE) IN NAV (124 889) (220 224) 2 607 (1 255) (6 320) (8 967) (128 602) (230 446)NAV AT END OF PERIOD $ 1 372 269 $ 1 497 158 $ 12 234 $ 9 627 $ – $ 6 320 $ 1 384 503 $ 1 513 105



December 31, 2016

22




income and liquidity consistent with short-term money market

rates for investors who have at least $100,000 to invest.


Credit risk (%)



RatingDecember 31

2016December 31

2015

R-1 (H) 71.8 78.3R-1 (M) 20.0 9.2R-1 (L) 8.2 12.5Total 100.0 100.0





2016December 31

2015

Commercial Paper 60.6 59.8Bankers Acceptances and Bank Obligations 32.9 34.9Provincial Obligations 6.3 5.0Cash/Other 0.2 0.3Total 100.0 100.0





2016December 31

2015




















Series A up to 0.30% 0.02%Series F up to 0.20% 0.02%

Investments by related parties ($000s except unit amounts)

Royal Bank of Canada, or one of its subsidiaries, held the

following investments in the Fund as at:

December 31 2016

December 31 2015

Units held Series I – 109Value of all units – 1



December 31, 2016

23




December 31, 2016.






Series FOpening units 963 1 088Issued number of units 1 897 646Reinvested number of units 7 7Redeemed number of units (1 644) (778)Ending number of units 1 223 963



December 31 2016

December 31 2015

Fair value of securities loaned – –Fair value of collateral received – –





December 31 2016

December 31 2015

$ % $ %

Gross revenue – 100 1 100RBC IS (paid) – (35) – (35)Tax withheld – – – – Fund revenue – 65 1 65

SCHEDULE OF INVESTMENT PORTFOLIO (in USD000s)


December 31, 2016


24

RBC $U.S. MONEY MARKET FUND


BANKERS ACCEPTANCES AND BANK OBLIGATIONS 1 250 Bank of Montreal $ 1 250 315 Bank of Nova Scotia 314 8 680 Canadian Imperial Bank of Commerce 8 655 1 150 National Bank of Canada 1 144 2 670 Toronto-Dominion Bank 2 670

14 033 10.2COMMERCIAL PAPER 8 150 Banner Trust 8 112 4 240 BNP Paribas Capital Trust 4 229 9 240 Canadian Master Trust - Series A 9 217 9 640 Clarity Trust 9 622 5 510 Enbridge Pipelines Inc. 5 507 7 590 Fusion Trust 7 557 9 680 Merit Trust - Senior Notes 9 645 8 355 OMERS Realty Corp. 8 351 7 320 Prime Trust - Senior Notes 7 285 9 100 Ridge Trust 9 075 110 SAFE Trust - Series 1996-1 110 6 020 SOUND Trust 6 009 4 620 SURE Trust 4 604 3 450 TMX Group Ltd. 3 448 8 130 Zeus Receivables Trust - Senior Notes 8 089

100 860 73.5PROVINCIAL OBLIGATIONS 18 840 Province of British Columbia 18 810 2 010 Province of Quebec 2 009

20 819 15.2TOTAL INVESTMENTS 135 712 98.9OTHER NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 1 493 1.1NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 137 205 100.0

Investments, which are grouped by issuer, earn interest at rates ranging from 0.58% to 1.40% and mature between January 4, 2017 and December 8, 2017.



25

RBC $U.S. MONEY MARKET FUND(IN U.S. DOLLARS)



2016December 31

2015

ASSETSInvestments at fair value $ 135 712 $ 134 442Cash – 1Subscriptions receivable 1 496 83Dividends receivable, interest accrued and other assets 208 176TOTAL ASSETS 137 416 134 702LIABILITIESBank overdraft 1 –Redemptions payable 133 163Distributions payable 44 20Accounts payable and accrued expenses 33 19TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 211 202NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (“NAV”) $ 137 205 $ 134 500


NAV SERIES A $ 93 352 $ 106 553 SERIES D $ 25 494 $ 19 855 SERIES O $ 18 359 $ 8 092NAV PER UNIT SERIES A $ 10.00 $ 10.00 SERIES D $ 10.00 $ 10.00 SERIES O $ 10.00 $ 10.00



INCOME (see note 3 in the generic notes)Interest for distribution purposes $ 1 066 $ 485TOTAL INCOME (LOSS) 1 066 485EXPENSES (see notes – Fund Specific Information)Management fees 211 80Administration fees 112 129Independent Review Committee costs 2 2GST/HST 34 22TOTAL EXPENSES 359 233INCREASE (DECREASE) IN NAV $ 707 $ 252INCREASE (DECREASE) IN NAV SERIES A $ 494 $ 204 SERIES D $ 125 $ 37 SERIES O $ 88 $ 11INCREASE (DECREASE) IN NAV PER UNIT SERIES A $ 0.05 $ 0.02 SERIES D $ 0.06 $ 0.01 SERIES O $ 0.08 $ 0.04



26




CASH FLOWS FROM OPERATING ACTIVITIESIncrease (decrease) in NAV $ 707 $ 252ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONSInterest for distribution purposes – –Net realized loss (gain) on investments – –Change in unrealized loss (gain) on investments – –(Increase) decrease in accrued receivables (32) 6Increase (decrease) in accrued payables 14 (5)Cost of investments purchased (588 158) (560 118)Proceeds on sales of investments 586 888 589 871NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (581) 30 006CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of redeemable units 98 067 72 642Cash paid on redemption of redeemable units (97 444) (102 649)Distributions paid to holders of redeemable units (44) –NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 579 $ (30 007)Net increase (decrease) in cash for the period (2) (1)Cash (bank overdraft), beginning of period 1 2CASH (BANK OVERDRAFT), END OF PERIOD $ (1) $ 1

Interest received (paid) $ 1 034 $ 491Dividends received, net of withholding taxes $ – $ –Cash consists of cash and futures contracts margin receivable/payable, as applicable.



27




Series A Series D Series O Total2016 2015 2016 2015 2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 106 553 $ 142 087 $ 19 855 $ 23 125 $ 8 092 $ 1 521 $ 134 500 $ 166 733INCREASE (DECREASE) IN NAV 494 204 125 37 88 11 707 252Proceeds from redeemable units issued 42 744 44 831 21 911 12 068 34 825 13 332 99 480 70 231Reinvestments of distributions to holders of redeemable units 476 199 123 36 37 5 636 240Redemption of redeemable units (56 423) (80 563) (16 396) (15 374) (24 595) (6 766) (97 414) (102 703)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (13 203) (35 533) 5 638 (3 270) 10 267 6 571 2 702 (32 232)Distributions from net income (492) (205) (124) (37) (88) (11) (704) (253)Distributions from net gains – – – – – – – –Distributions from capital – – – – – – – –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (492) (205) (124) (37) (88) (11) (704) (253)NET INCREASE (DECREASE) IN NAV (13 201) (35 534) 5 639 (3 270) 10 267 6 571 2 705 (32 233)NAV AT END OF PERIOD $ 93 352 $ 106 553 $ 25 494 $ 19 855 $ 18 359 $ 8 092 $ 137 205 $ 134 500



December 31, 2016

28



The investment objective of the Fund is to provide U.S. dollar

current income and liquidity consistent with short-term

U.S. money-market rates.


Credit risk (%)



RatingDecember 31

2016December 31

2015

R-1 (H) 88.0 87.6R-1 (M) 5.4 10.8R-1 (L) 6.6 1.6Total 100.0 100.0





2016December 31

2015

Commercial Paper 73.5 68.2Provincial Obligations 15.2 18.9Bankers Acceptances and Bank Obligations 10.2 12.8Cash/Other 1.1 0.1Total 100.0 100.0





2016December 31

2015

0 – 1 month 34.3 37.51 – 3 months 52.6 50.44 – 6 months 13.1 8.97 – 12 months – 3.2Total 100.0 100.0



Fair value hierarchy (USD000s except % amounts) (see note 3 in the generic notes)
















Series A up to 0.85% 0.10%Series D up to 0.60% 0.05%Series O n/a* 0.02%

* Series O unitholders pay a negotiated management fee directly to RBC GAM for investment-counselling services.



December 31, 2016

29

Taxes (CAD000s) (see note 5 in the generic notes)

The Fund prepares its financial statements in U.S. dollars

but is taxable on its income and net realized capital gains

(including gains from foreign exchange movements)

calculated on a Canadian dollar basis.

The non-capital and capital losses as at December 31, 2016

for the Fund were approximately:

Capital losses 189 314Non-capital losses –






Series DOpening units 1 985 2 312Issued number of units 2 192 1 206Reinvested number of units 12 4Redeemed number of units (1 640) (1 537)Ending number of units 2 549 1 985

Series O Opening units 809 152Issued number of units 3 483 1 334Reinvested number of units 4 –Redeemed number of units (2 460) (677)Ending number of units 1 836 809

Investments by other related investment funds (%) (see note 7 in the generic notes)

The table below summarizes, as a percentage, the net assets

of the Fund owned by other related investment funds as at:

December 31 2016

December 31 2015

RBC $U.S. Short Term Income Class 0.1 –


SCHEDULE OF INVESTMENT PORTFOLIO (in USD000s)


December 31, 2016


30

RBC PREMIUM $U.S. MONEY MARKET FUND


BANKERS ACCEPTANCES AND BANK OBLIGATIONS 3 900 Bank of Montreal $ 3 902 637 Bank of Nova Scotia 637 11 550 Canadian Imperial Bank of Commerce 11 504 12 790 National Bank of Canada 12 774 12 320 Toronto-Dominion Bank 12 302

41 119 12.1COMMERCIAL PAPER 25 420 Banner Trust 25 339 8 800 BNP Paribas Capital Trust 8 765 18 530 Canadian Master Trust - Series A 18 468 20 390 Clarity Trust 20 336 16 400 Enbridge Pipelines Inc. 16 389 7 025 Farm Credit Canada 7 017 20 380 Fusion Trust 20 276 4 400 HSBC Bank Canada 4 392 25 780 Merit Trust - Senior Notes 25 647 20 345 OMERS Realty Corp. 20 328 17 780 Prime Trust - Senior Notes 17 671 670 Ridge Trust 669 6 800 SAFE Trust - Series 1996-1 6 772 24 880 SOUND Trust 24 814 20 576 SURE Trust 20 504 730 TMX Group Ltd. 729 12 880 Zeus Receivables Trust - Senior Notes 12 834

250 950 74.0PROVINCIAL OBLIGATIONS 2 000 Province of British Columbia 1 997 42 770 Province of Quebec 42 709

44 706 13.2TOTAL INVESTMENTS 336 775 99.3OTHER NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 2 445 0.7NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 339 220 100.0

Investments, which are grouped by issuer, earn interest at rates ranging from 0.54% to 1.40% and mature between January 4, 2017 and December 8, 2017.



31

RBC PREMIUM $U.S. MONEY MARKET FUND(IN U.S. DOLLARS)



2016December 31

2015

ASSETSInvestments at fair value $ 336 775 $ 287 991Cash 26 4Subscriptions receivable 2 527 89Dividends receivable, interest accrued and other assets 412 227TOTAL ASSETS 339 740 288 311LIABILITIESRedemptions payable 331 1 149Distributions payable 123 46Accounts payable and accrued expenses 66 30TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 520 1 225NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (“NAV”) $ 339 220 $ 287 086


NAV SERIES A $ 324 021 $ 276 402 SERIES F $ 15 199 $ 9 661 SERIES I $ – $ 1 023NAV PER UNIT SERIES A $ 10.02 $ 10.02 SERIES F $ 10.02 $ 10.02 SERIES I $ – $ 10.02



INCOME (see note 3 in the generic notes)Interest for distribution purposes $ 2 736 $ 1 048TOTAL INCOME (LOSS) 2 736 1 048EXPENSES (see notes – Fund Specific Information)Management fees 591 298Administration fees 66 60Independent Review Committee costs 2 2GST/HST 69 38TOTAL EXPENSES 728 398INCREASE (DECREASE) IN NAV $ 2 008 $ 650INCREASE (DECREASE) IN NAV SERIES A $ 1 916 $ 633 SERIES F $ 89 $ 8 SERIES I $ 3 $ 9INCREASE (DECREASE) IN NAV PER UNIT SERIES A $ 0.06 $ 0.02 SERIES F $ 0.09 $ 0.02 SERIES I $ 0.03 $ 0.02



32




CASH FLOWS FROM OPERATING ACTIVITIESIncrease (decrease) in NAV $ 2 008 $ 650ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONSInterest for distribution purposes – –Net realized loss (gain) on investments – –Change in unrealized loss (gain) on investments – –(Increase) decrease in accrued receivables (185) 88Increase (decrease) in accrued payables 36 (11)Cost of investments purchased (1 583 011) (1 209 441)Proceeds on sales of investments 1 534 227 1 279 771NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (46 925) 71 057CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of redeemable units 246 562 156 386Cash paid on redemption of redeemable units (199 542) (227 424)Distributions paid to holders of redeemable units (73) (18)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 46 947 $ (71 056)Net increase (decrease) in cash for the period 22 1Cash (bank overdraft), beginning of period 4 3CASH (BANK OVERDRAFT), END OF PERIOD $ 26 $ 4




33




Series A Series F Series I Total2016 2015 2016 2015 2016 2015 2016 2015

NAV AT BEGINNING OF PERIOD $ 276 402 $ 345 022 $ 9 661 $ 14 234 $ 1 023 $ 21 $ 287 086 $ 359 277INCREASE (DECREASE) IN NAV 1 916 633 89 8 3 9 2 008 650Proceeds from redeemable units issued 225 666 139 625 22 334 15 124 1 000 1 000 249 000 155 749Reinvestments of distributions to holders of redeemable units 3 081 588 122 22 3 1 3 206 611Redemption of redeemable units (179 822) (208 839) (16 876) (19 704) (2 026) (7) (198 724) (228 550)NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS 48 925 (68 626) 5 580 (4 558) (1 023) 994 53 482 (72 190)Distributions from net income (1 928) (627) (70) (23) (3) (1) (2 001) (651)Distributions from net gains – – – – – – – –Distributions from capital (1 294) – (61) – – – (1 355) –TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS (3 222) (627) (131) (23) (3) (1) (3 356) (651)NET INCREASE (DECREASE) IN NAV 47 619 (68 620) 5 538 (4 573) (1 023) 1 002 52 134 (72 191)NAV AT END OF PERIOD $ 324 021 $ 276 402 $ 15 199 $ 9 661 $ – $ 1 023 $ 339 220 $ 287 086



December 31, 2016

34




income and liquidity consistent with short-term money market

rates for investors who have at least US$100,000 to invest.


Credit risk (%)



RatingDecember 31

2016December 31

2015

R-1 (H) 72.1 91.1R-1 (M) 16.5 4.4R-1 (L) 11.4 4.5Total 100.0 100.0





2016December 31

2015

Commercial Paper 74.0 81.1Provincial Obligations 13.2 5.1Bankers Acceptances and Bank Obligations 12.1 14.1Cash/Other 0.7 (0.3)Total 100.0 100.0





2016December 31

2015

0 – 1 month 37.0 45.01 – 3 months 47.9 42.94 – 6 months 15.1 9.67 – 12 months – 2.5Total 100.0 100.0



Fair value hierarchy (USD000s except % amounts) (see note 3 in the generic notes)
















Series A up to 0.35% 0.02%Series F up to 0.25% 0.02%

Investments by related parties (USD000s except unit amounts)

Royal Bank of Canada, or one of its subsidiaries, held the

following investments in the Fund as at:

December 31 2016

December 31 2015

Units held Series I – 104Value of all units – 1



December 31, 2016

35


Taxes (CAD000s) (see note 5 in the generic notes)

The Fund prepares its financial statements in U.S. dollars

but is taxable on its income and net realized capital gains

(including gains from foreign exchange movements)

calculated on a Canadian dollar basis.


December 31, 2016.






Series FOpening units 958 1 414Issued number of units 2 233 1 512Reinvested number of units 6 2Redeemed number of units (1 688) (1 970)Ending number of units 1 509 958



December 31, 2016


36

RBC CANADIAN SHORT-TERM INCOME FUND

Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets

BONDSCANADIAN BONDSCORPORATE 12 000 407 International Inc. 3.870 24-Nov-2017 $ 12 845 $ 12 272 3 700 Alimentation Couche-Tard Inc. 3.319 01-Nov-2019 3 858 3 852 15 400 AltaGas Ltd. 4.600 15-Jan-2018 16 726 15 890 3 500 AltaGas Ltd. 4.550 17-Jan-2019 3 774 3 692 1 900 AltaLink LP 5.243 29-May-2018 2 122 2 002 17 000 American Express Canada Credit Corp. 2.310 29-Mar-2018 17 018 17 222 60 350 Bank of Montreal 3.210 13-Sep-2018 61 381 62 227 42 700 Bank of Montreal 2.430 04-Mar-2019 42 759 43 587 18 250 Bank of Montreal 1.880 31-Mar-2021 18 488 18 232 14 400 Bank of Montreal 3.400 23-Apr-2021 15 470 15 269 31 000 Bank of Montreal 1.610 28-Oct-2021 30 998 30 424 30 400 Bank of Nova Scotia 2.370 11-Jan-2018 30 239 30 782 14 000 Bank of Nova Scotia 2.750 13-Aug-2018 14 033 14 312 32 400 Bank of Nova Scotia 2.462 14-Mar-2019 32 514 33 104 29 000 Bank of Nova Scotia 2.400 28-Oct-2019 28 993 29 633 35 100 Bank of Nova Scotia 2.270 13-Jan-2020 36 028 35 748 33 650 Bank of Nova Scotia 2.130 15-Jun-2020 33 723 34 073 9 950 Bank of Nova Scotia 2.090 09-Sep-2020 10 045 10 052 5 000 Bank of Nova Scotia 3.270 11-Jan-2021 5 338 5 268 19 000 Bank of Nova Scotia 2.873 04-Jun-2021 19 742 19 717 29 000 Bank of Nova Scotia 1.900 02-Dec-2021 28 992 28 792 4 500 bcIMC Realty Corp. 2.650 29-Jun-2017 4 499 4 535 1 000 bcIMC Realty Corp. 2.790 02-Aug-2018 1 023 1 022 4 000 bcIMC Realty Corp. 2.960 07-Mar-2019 4 139 4 126 1 000 bcIMC Realty Corp. 2.100 03-Jun-2021 1 017 1 005 17 280 Bell Canada 4.400 16-Mar-2018 18 608 17 909 15 000 Bell Canada 4.880 26-Apr-2018 16 523 15 685 17 700 Bell Canada 3.500 10-Sep-2018 17 739 18 293 27 150 Bell Canada 3.350 18-Jun-2019 28 357 28 255 3 100 Bell Canada 3.250 17-Jun-2020 3 242 3 237 30 000 Bell Canada 2.000 01-Oct-2021 29 945 29 679 2 500 BMW Canada Inc. 1.830 15-Jun-2021 2 505 2 478 5 150 Bruce Power LP 2.844 23-Jun-2021 5 150 5 234 18 500 Caisse Centrale Desjardins 2.795 19-Nov-2018 18 900 18 973 19 000 Caisse Centrale Desjardins 2.443 17-Jul-2019 18 997 19 422 16 000 Calloway Real Estate Investment Trust 3.385 01-Dec-2017 16 083 16 276 23 700 Canadian Credit Card Trust II 1.829 24-Mar-2020 23 708 23 751 8 700 Canadian Imperial Bank of Commerce 2.220 07-Mar-2018 8 691 8 805 5 600 Canadian Imperial Bank of Commerce 1.700 09-Oct-2018 5 597 5 633 27 950 Canadian Imperial Bank of Commerce 2.350 24-Jun-2019 28 307 28 530 58 600 Canadian Imperial Bank of Commerce 1.850 14-Jul-2020 58 537 58 797 4 000 Canadian Imperial Bank of Commerce 1.900 26-Apr-2021 3 998 3 999 47 400 Canadian Imperial Bank of Commerce 1.640 12-Jul-2021 47 441 46 729 5 000 Canadian Natural Resources Ltd. 2.600 03-Dec-2019 4 991 5 050 10 000 Canadian Real Estate Investment Trust 3.676 24-Jul-2018 10 047 10 242 10 000 Canadian Real Estate Investment Trust 2.564 30-Nov-2019 10 010 10 042 3 000 Canadian Western Bank 3.049 18-Jan-2017 3 000 3 002 4 600 Canadian Western Bank 2.104 26-Jun-2017 4 600 4 616 15 600 Canadian Western Bank 2.531 22-Mar-2018 15 662 15 726 13 000 Canadian Western Bank 3.077 14-Jan-2019 13 125 13 246 9 000 Canadian Western Bank 2.751 29-Jun-2020 9 000 9 055

December 31, 2016



37



CORPORATE (cont.) 5 400 Canadian Western Bank 2.788 13-Sep-2021 $ 5 400 $ 5 392 14 800 Cards II Trust 2.155 15-Oct-2020 14 895 15 017 10 000 Choice Properties LP 3.000 20-Sep-2019 9 981 10 267 3 500 Choice Properties LP 3.600 20-Sep-2021 3 712 3 665 9 000 Choice Properties Real Estate Investment Trust 2.297 14-Sep-2020 9 035 9 023 7 900 Crombie Real Estate Investment Trust 3.986 31-Oct-2018 8 001 8 099 11 700 Daimler Canada Finance Inc. 2.270 26-Mar-2018 11 702 11 834 6 000 Daimler Canada Finance Inc. 1.780 19-Aug-2019 5 998 6 012 26 500 Daimler Canada Finance Inc. 1.910 08-Jul-2021 26 512 26 190 9 400 Enbridge Inc. 4.770 02-Sep-2019 10 057 10 119 4 000 Enbridge Income Fund 2.920 14-Dec-2017 3 999 4 059 3 000 Enbridge Income Fund 4.100 22-Feb-2019 3 221 3 142 20 350 EPCOR Utilities Inc. 5.800 31-Jan-2018 23 240 21 339 11 000 First Capital Realty Inc. 4.950 30-Nov-2018 11 978 11 629 11 000 Ford Credit Canada Ltd. 3.320 19-Dec-2017 11 052 11 187 22 750 Ford Credit Canada Ltd. 2.939 19-Feb-2019 22 794 23 184 6 000 Ford Credit Canada Ltd. 3.140 14-Jun-2019 6 000 6 148 26 700 Ford Credit Canada Ltd. 2.923 16-Sep-2020 26 862 27 014 26 500 Ford Credit Canada Ltd. 2.580 10-May-2021 26 500 26 318 13 000 Genesis Trust II 2.295 15-Feb-2017 13 006 13 019 4 000 Genesis Trust II 1.675 17-Sep-2018 4 000 4 022 22 500 Genesis Trust II 2.433 15-May-2019 22 526 22 991 11 000 Genesis Trust II 1.699 15-Apr-2020 11 000 11 012 1 000 Genworth MI Canada Inc. 5.680 15-Jun-2020 1 097 1 080 41 000 Glacier Credit Card Trust 2.568 20-Sep-2019 41 780 41 992 7 150 Great-West Life & Annuity Insurance Capital LP II USD 3.449 16-May-2046 7 462 8 232 21 000 Great-West Lifeco Finance Delaware LP 5.691 21-Jun-2067 23 149 20 849 9 550 Great-West Lifeco Inc. 6.140 21-Mar-2018 10 909 10 090 3 050 Greater Toronto Airports Authority 4.850 01-Jun-2017 3 337 3 098 13 300 Greater Toronto Airports Authority 5.260 17-Apr-2018 14 876 13 992 9 700 H&R Real Estate Investment Trust 3.344 20-Jun-2018 9 685 9 910 4 300 H&R Real Estate Investment Trust 2.923 06-May-2022 4 304 4 282 28 000 Hollis Receivables Term Trust II 1.788 26-Feb-2020 28 089 28 046 12 500 Honda Canada Finance Inc. 1.631 12-Aug-2019 12 461 12 509 32 000 HSBC Bank Canada 2.078 26-Nov-2018 32 364 32 327 70 500 HSBC Bank Canada 2.491 13-May-2019 70 500 71 760 27 000 HSBC Bank Canada 2.938 14-Jan-2020 28 329 27 852 6 000 HSBC Bank Canada 2.449 29-Jan-2021 6 000 6 084 1 000 HSBC Bank Canada 4.800 10-Apr-2022 1 067 1 007 10 000 Hydro One Inc. 1.480 18-Nov-2019 10 000 10 012 6 600 Hydro One Inc. 1.620 30-Apr-2020 6 599 6 602 7 000 Inter Pipeline Ltd. 3.839 30-Jul-2018 7 392 7 258 9 000 Inter Pipeline Ltd. 3.448 20-Jul-2020 9 446 9 453 26 500 Loblaw Companies Ltd. 3.748 12-Mar-2019 26 609 27 680 11 200 Manulife Bank of Canada 1.915 01-Sep-2021 11 200 11 064 10 500 Manulife Financial Corporation 5.505 26-Jun-2018 11 796 11 099 4 800 Master Credit Card Trust II 2.723 21-Nov-2018 4 800 4 924 50 550 National Bank of Canada 2.794 09-Aug-2018 50 311 51 712 41 000 National Bank of Canada 2.404 28-Oct-2019 42 366 41 920 17 800 National Bank of Canada 1.742 03-Mar-2020 17 831 17 811 39 200 National Bank of Canada 1.809 26-Jul-2021 39 330 38 875 5 000 Nissan Canada Financial Services Inc. 1.584 07-Oct-2019 5 000 4 980 8 000 OMERS Realty Corp. 2.498 05-Jun-2018 8 045 8 134 12 075 Penske Truck Leasing Canada Inc. 3.650 01-Feb-2018 12 361 12 307 20 000 Rogers Communications Inc. 5.380 04-Nov-2019 23 138 21 991 37 700 Rogers Communications Inc. 5.340 22-Mar-2021 43 036 42 491 16 000 Royal Bank of Canada* 3.660 25-Jan-2017 16 406 16 023 22 250 Royal Bank of Canada* 2.364 21-Sep-2017 22 311 22 457

December 31, 2016



38



CORPORATE (cont.) 19 100 Royal Bank of Canada* 2.260 12-Mar-2018 $ 19 181 $ 19 335 23 000 Royal Bank of Canada* 2.820 12-Jul-2018 23 209 23 522 37 280 Royal Bank of Canada* 2.890 11-Oct-2018 37 277 38 261 18 000 Royal Bank of Canada* 2.770 11-Dec-2018 18 313 18 465 3 000 Royal Bank of Canada* 2.980 07-May-2019 3 067 3 100 7 800 Royal Bank of Canada* 2.350 09-Dec-2019 7 989 7 960 35 850 Royal Bank of Canada* 1.920 17-Jul-2020 35 850 36 020 16 000 Royal Bank of Canada* 2.860 04-Mar-2021 16 758 16 585 30 000 Royal Bank of Canada* 2.030 15-Mar-2021 30 554 30 113 10 000 Royal Bank of Canada* 1.583 13-Sep-2021 10 000 9 798 14 400 Shaw Communications Inc. 5.650 01-Oct-2019 16 018 15 713 19 000 Shaw Communications Inc. 3.150 19-Feb-2021 19 187 19 393 7 500 Sun Life Financial Inc. 5.700 02-Jul-2019 8 617 8 240 11 050 TELUS Corp. 5.050 04-Dec-2019 12 649 12 068 7 400 TELUS Corp. 5.050 23-Jul-2020 8 276 8 166 16 410 The Manufacturers Life Insurance Co. 2.926 29-Nov-2023 16 373 16 684 13 200 The Manufacturers Life Insurance Co. 2.811 21-Feb-2024 13 200 13 418 19 000 The Manufacturers Life Insurance Co. 2.389 05-Jan-2026 19 000 19 043 3 300 Thomson Reuters Corp. 3.309 12-Nov-2021 3 300 3 429 2 600 Toronto-Dominion Bank 2.433 15-Aug-2017 2 607 2 622 22 300 Toronto-Dominion Bank 2.171 02-Apr-2018 22 336 22 565 50 450 Toronto-Dominion Bank 2.447 02-Apr-2019 50 630 51 547 44 200 Toronto-Dominion Bank 1.693 02-Apr-2020 44 200 44 204 38 300 Toronto-Dominion Bank 2.045 08-Mar-2021 38 879 38 525 12 000 Toronto-Dominion Bank 2.621 22-Dec-2021 12 301 12 331 10 400 Toronto-Dominion Bank 1.909 18-Jul-2023 10 400 10 120 12 000 Toyota Credit Canada Inc. 2.750 18-Jul-2018 11 998 12 246 18 000 Toyota Credit Canada Inc. 2.480 19-Nov-2019 18 187 18 423 8 500 Toyota Credit Canada Inc. 1.800 19-Feb-2020 8 492 8 514 10 000 Toyota Credit Canada Inc. 2.050 20-May-2020 10 004 10 083 18 100 TransCanada PipeLines Ltd. 5.100 11-Jan-2017 20 261 18 108 5 000 Union Gas Ltd. 5.350 27-Apr-2018 5 543 5 256 5 000 VW Credit Canada Inc. 2.500 01-Oct-2019 4 997 5 058 1 000 VW Credit Canada Inc. 2.150 24-Jun-2020 910 995 8 000 Wells Fargo Canada Corp. 2.774 09-Feb-2017 8 059 8 014 20 400 Wells Fargo Canada Corp. 2.780 15-Nov-2018 20 625 20 903 1 500 Wells Fargo Canada Corp. 2.944 25-Jul-2019 1 531 1 550 27 300 Wells Fargo Canada Corp. 3.040 29-Jan-2021 28 774 28 454

2 492 936 2 488 918 48.4FEDERAL 47 300 Canada Housing Trust No. 1 1.700 15-Dec-2017 47 332 47 756 28 000 Canada Housing Trust No. 1 2.050 15-Jun-2018 27 726 28 515 72 200 Canada Housing Trust No. 1 2.350 15-Dec-2018 74 337 74 201 50 000 Canada Housing Trust No. 1 1.950 15-Jun-2019 50 150 51 116 157 500 Canada Housing Trust No. 1 3.350 15-Dec-2020 168 733 169 592 78 000 Canada Housing Trust No. 1 1.250 15-Jun-2021 78 251 77 349 86 000 Canada Housing Trust No. 1 2.650 15-Mar-2022 93 397 90 523 58 800 Government of Canada 0.500 01-Aug-2018 58 729 58 589 256 750 Government of Canada 0.500 01-Nov-2018 255 978 255 614 19 000 Government of Canada 3.750 01-Jun-2019 20 557 20 331 27 000 Government of Canada 3.500 01-Jun-2020 29 763 29 297 120 700 Government of Canada 0.750 01-Sep-2020 120 001 119 652 60 000 Government of Canada 0.750 01-Mar-2021 60 261 59 224 18 000 Government of Canada 3.250 01-Jun-2021 20 118 19 667 40 000 Government of Canada 0.750 01-Sep-2021 39 577 39 343 67 700 Government of Canada 2.750 01-Jun-2022 74 880 72 976

1 219 790 1 213 745 23.6

December 31, 2016



39


PROVINCIAL/MUNICIPAL 58 400 Province of Alberta 1.600 15-Jun-2018 $ 57 963 $ 58 995 35 000 Province of British Columbia 2.250 01-Mar-2019 36 203 35 910 25 000 Province of British Columbia 3.250 18-Dec-2021 27 225 26 920 36 750 Province of Manitoba 4.750 11-Feb-2020 43 012 40 505 45 000 Province of Manitoba 1.550 05-Sep-2021 44 932 44 764 4 500 Province of New Brunswick 4.400 03-Jun-2019 4 991 4 840 80 000 Province of New Brunswick 4.500 02-Jun-2020 91 579 88 032 91 590 Province of Ontario 1.900 08-Sep-2017 91 310 92 330 48 000 Province of Ontario 1.435 28-Aug-2018 48 000 48 153 164 400 Province of Ontario 2.100 08-Sep-2018 164 240 167 473 61 100 Province of Ontario 4.400 02-Jun-2019 66 345 65 803 67 250 Province of Ontario 2.100 08-Sep-2019 67 639 68 798 90 375 Province of Ontario 4.000 02-Jun-2021 102 385 99 511 52 000 Province of Ontario 3.150 02-Jun-2022 56 647 55 484 70 000 Province of Ontario 2.850 02-Jun-2023 74 606 7

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