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SEC Filing Summary: Royal Bank of Canada (Form 13F-HR)

Business Context and Reporting Period

Reporting Manager: Royal Bank of Canada (RBC)
Filing Type: Form 13F-HR (Combination Report)
Reporting Period: Quarter ended March 31, 2008
Filing Date: May 13, 2008
Scope: This report covers a portion of RBC's holdings, with other portions reported by 14 affiliated managers including RBC Asset Management Inc., RBC Capital Markets Corporation, and RBC Dominion Securities Inc.

Key Financial Metrics

Total Portfolio Value: US $20,059,803,000 (approx. $20.06 billion)
Total Number of Holdings: 1,312 entries
Asset Class: Primarily equity securities (Common Stock, ADRs, and Exchange-Traded Funds).
Debt and Liquidity: Not applicable. Form 13F reports equity holdings only and does not disclose the manager's balance sheet, debt levels, or cash flow.

Material Changes and Portfolio Composition

Top Holdings by Share Count (Selected):

• Bank of Nova Scotia: 48,656,217 shares (Sole Authority)
• Bank of Montreal: 24,197,677 shares (Sole Authority)
• Enbridge Inc.: 16,258,102 shares (Sole Authority)
• TransCanada Corp: 21,872,173 shares (Sole Authority)
• Toronto-Dominion Bank: 35,277,111 shares (Sole Authority)
• Microsoft Corp: 2,466,162 shares (Sole Authority)
• Walmart Stores Inc: 2,501,725 shares (Sole Authority)

Significant ETF Exposure: The portfolio includes substantial positions in iShares and SPDR ETFs, including the iShares MSCI EAFE Index (470,845 shares), iShares S&P 500 Index (524,298 shares), and SPDR S&P 500 (501,036 shares).

Guidance, Outlook, and Risks

Management Commentary: Not provided. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, financial guidance, or forward-looking statements.
Risks and Contingencies: The filing lists holdings in various sectors including financials, energy, technology, and healthcare. Notable holdings in the financial sector include Bank of America, Citigroup, and Wells Fargo. The filing does not disclose specific risk factors or contingencies related to these positions.

Key Facts for Investor Verification

• Partial Reporting: This is a "Combination Report." The $20.06 billion value represents only the holdings reported directly by Royal Bank of Canada, excluding assets managed by its 14 affiliated subsidiaries listed in the filing.
• Canadian Bank Exposure: The portfolio shows significant concentration in major Canadian financial institutions (RBC, TD, Scotiabank, BMO, CIBC, Manulife, Sun Life), reflecting the manager's domestic focus.
• Derivatives and Options: The filing lists "Put" and "Call" columns, but the provided text shows no significant open positions in derivatives for the majority of the listed securities; most authority is listed as "Sole" or "Shared" voting rights on common stock.
• Valuation Date: All values and share counts reflect the status as of March 31, 2008, and do not reflect market movements in the subsequent months of 2008.