# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-25-202237
**Filing Date:** 2025-8
**Character Count:** 182530
**Document Hash:** 35db1debced57a0902fd50d49a849e34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202237.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202237

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 251250327

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-380-1198

**MAIL ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAMARACK FUNDS TRUST
- **DATE OF NAME CHANGE:** 20031212

## Series and Classes Contracts Data

### RBC BlueBay Strategic Income Fund (Series ID: S000074160)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231742 | Class A      | RBIAX           |
| C000231743 | Class R6     | RBSRX           |
| C000231744 | Class I      | RBSIX           |

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Corporate Bonds — 55.0%** | **Corporate Bonds — 55.0%** |  |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$99000 | Santos Finance Ltd., 3.65%, 4/29/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;$92144 |
| **Bermuda — 0.9%** | **Bermuda — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;407000 | Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413768 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | DaVinciRe Holdings Ltd., 5.95%, 4/15/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712214 |
| **Brazil — 1.2%** | **Brazil — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;264000 | Nexa Resources SA, 6.60%, 4/8/37(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265564 |
| &nbsp;&nbsp;&nbsp;&nbsp;380000 | Raizen Fuels Finance SA, 6.70%, 2/25/37(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372450 |
| &nbsp;&nbsp;&nbsp;&nbsp;325000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969427 |
| **Canada — 2.0%** | **Canada — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;276000 | AltaGas Ltd., 7.20%, 10/15/54(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275721 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412709 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | CI Financial Corp., 7.50%, 5/30/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485586 |
| &nbsp;&nbsp;&nbsp;&nbsp;195000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192861 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247127 |
|  |  | &nbsp;&nbsp;&nbsp;1614004 |
| **Chile — 0.6%** | **Chile — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;480000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501719 |
| **France — 1.8%** | **France — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | BPCE SA, 6.29%, 1/14/36(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524918 |
| &nbsp;&nbsp;&nbsp;&nbsp;386000 | Societe Generale SA, 1.49%, 12/14/26(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380378 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | Societe Generale SA, Series REGs, 5.38%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255328 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Societe Generale SA, 8.13%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254234 |
|  |  | &nbsp;&nbsp;&nbsp;1414858 |
| **Germany — 1.8%** | **Germany — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;270000 | Bayer US Finance LLC, 6.38%, 11/21/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287675 |
| &nbsp;&nbsp;200,000(e) | Commerzbank AG, EMTN, 7.88%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261711 |
| &nbsp;&nbsp;&nbsp;&nbsp;387000 | Deutsche Bank AG, 5.30%, 5/9/31(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393064 |
| &nbsp;&nbsp;200,000(e) | Deutsche Bank AG, 6.75%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242889 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Deutsche Bank AG, 8.13%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206382 |
|  |  | &nbsp;&nbsp;&nbsp;1391721 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;191000 | Avolon Holdings Funding Ltd., 3.25%, 2/15/27(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186202 |
| **Italy — 1.2%** | **Italy — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Intesa Sanpaolo SpA, 5.71%, 1/15/26(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400639 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| &nbsp;&nbsp;217,000(e) | Intesa Sanpaolo SpA, 7.00%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;$273877 |
| &nbsp;&nbsp;&nbsp;&nbsp;$225000 | Snam SpA, 6.50%, 5/28/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907910 |
| **Japan — 3.5%** | **Japan — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;385000 | Nissan Motor Co. Ltd., 4.81%, 9/17/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351211 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Nomura Holdings, Inc., 7.00%, (c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242975 |
| &nbsp;&nbsp;&nbsp;2202000 | Sumitomo Mitsui Financial Group, Inc., 5.80%, 7/8/46(c) | &nbsp;&nbsp;&nbsp;2202000 |
|  |  | &nbsp;&nbsp;&nbsp;2796186 |
| **Norway — 0.4%** | **Norway — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;308000 | Var Energi ASA, 6.50%, 5/22/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319268 |
| **Spain — 0.3%** | **Spain — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.78%, 3/14/28(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201234 |
| **United Kingdom — 2.9%** | **United Kingdom — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | Barclays Plc, 5.79%, 2/25/36(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470175 |
| &nbsp;&nbsp;&nbsp;&nbsp;470000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484800 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Harbour Energy Plc, 6.33%, 4/1/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229019 |
| &nbsp;&nbsp;&nbsp;&nbsp;570000 | Macquarie Airfinance Holdings Ltd., 5.20%, 3/27/28(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576353 |
| &nbsp;&nbsp;&nbsp;&nbsp;249000 | Phoenix Group Holdings Plc, 8.50%, (a),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259846 |
| &nbsp;&nbsp;&nbsp;&nbsp;270000 | Vodafone Group Plc, 5.75%, 6/28/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258930 |
|  |  | &nbsp;&nbsp;&nbsp;2279123 |
| **United States — 38.1%** | **United States — 38.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;204000 | Aircastle Ltd., 2.85%, 1/26/28(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194244 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | Ally Financial, Inc., Series B, 4.70%, (c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671 |
| &nbsp;&nbsp;&nbsp;&nbsp;506000 | Ally Financial, Inc., Series C, 4.70%, (c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454354 |
| &nbsp;&nbsp;&nbsp;&nbsp;165000 | American National Group, Inc., 5.75%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169010 |
| &nbsp;&nbsp;&nbsp;&nbsp;390000 | American National Group, Inc., 6.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391697 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | APA Corp., 6.10%, 2/15/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225078 |
| &nbsp;&nbsp;&nbsp;&nbsp;313000 | APA Corp., 6.75%, 2/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296231 |
| &nbsp;&nbsp;&nbsp;&nbsp;226000 | Athene Holding Ltd., 6.63%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232305 |
| &nbsp;&nbsp;&nbsp;&nbsp;530000 | Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536851 |
| &nbsp;&nbsp;&nbsp;&nbsp;193000 | Bank of America Corp., 5.74%, 2/12/36(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196057 |
| &nbsp;&nbsp;&nbsp;&nbsp;416000 | Belrose Funding Trust II, 6.79%, 5/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424834 |
| &nbsp;&nbsp;&nbsp;&nbsp;320000 | BGC Group, Inc., 6.15%, 4/2/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324575 |
| &nbsp;&nbsp;&nbsp;&nbsp;370000 | BGC Group, Inc., 6.60%, 6/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383419 |
| &nbsp;&nbsp;&nbsp;&nbsp;199000 | BGC Group, Inc., 8.00%, 5/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212842 |
| &nbsp;&nbsp;&nbsp;&nbsp;218000 | Biogen, Inc., 5.75%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224115 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | Broadcom, Inc., 4.93%, 5/15/37(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252186 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | BW Real Estate, Inc., 9.50%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510974 |
| &nbsp;&nbsp;&nbsp;&nbsp;148000 | Capital One Financial Corp., 7.96%, 11/2/34(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172023 |
| &nbsp;&nbsp;&nbsp;&nbsp;480000 | CBRE Services, Inc., 5.50%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483331 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147327 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;$331000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50 | $265089 |
| &nbsp;&nbsp;&nbsp;&nbsp;453000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | &nbsp;&nbsp;&nbsp;426846 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | &nbsp;&nbsp;&nbsp;218386 |
| &nbsp;&nbsp;&nbsp;&nbsp;220000 | Citadel LP, 6.00%, 1/23/30(b) | &nbsp;&nbsp;&nbsp;227437 |
| &nbsp;&nbsp;460,000(e) | Citigroup, Inc., 4.11%, 4/29/36(c) | &nbsp;&nbsp;&nbsp;553742 |
| &nbsp;&nbsp;&nbsp;&nbsp;542000 | Citigroup, Inc., 5.33%, 3/27/36(c) | &nbsp;&nbsp;&nbsp;546188 |
| &nbsp;&nbsp;&nbsp;&nbsp;249000 | Citizens Financial Group, Inc., Series F, 5.65%, (c),(d) | &nbsp;&nbsp;&nbsp;248859 |
| &nbsp;&nbsp;&nbsp;&nbsp;570000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(c) | &nbsp;&nbsp;&nbsp;590239 |
| &nbsp;&nbsp;&nbsp;&nbsp;170000 | CNO Financial Group, Inc., 6.45%, 6/15/34 | &nbsp;&nbsp;&nbsp;178469 |
| &nbsp;&nbsp;&nbsp;&nbsp;399000 | Continental Resources, Inc., 2.27%, 11/15/26(b) | &nbsp;&nbsp;&nbsp;385855 |
| &nbsp;&nbsp;&nbsp;&nbsp;810000 | Continental Resources, Inc., 4.38%, 1/15/28 | &nbsp;&nbsp;&nbsp;798679 |
| &nbsp;&nbsp;&nbsp;&nbsp;361000 | Dentsply Sirona, Inc., 8.38%, 9/12/55(c) | &nbsp;&nbsp;&nbsp;362909 |
| &nbsp;&nbsp;&nbsp;&nbsp;630000 | Edison International, Series A, 5.38%, (c),(d) | &nbsp;&nbsp;&nbsp;592502 |
| &nbsp;&nbsp;&nbsp;&nbsp;332000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 7.56%, 11/1/66(f) | &nbsp;&nbsp;&nbsp;330192 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 7.57%, 8/16/77(g) | &nbsp;&nbsp;&nbsp;279804 |
| &nbsp;&nbsp;&nbsp;&nbsp;222000 | Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;229913 |
| &nbsp;&nbsp;&nbsp;&nbsp;405000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | &nbsp;&nbsp;&nbsp;402288 |
| &nbsp;&nbsp;&nbsp;&nbsp;346000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | &nbsp;&nbsp;&nbsp;362922 |
| &nbsp;&nbsp;&nbsp;&nbsp;270000 | Fifth Third Bancorp, 4.34%, 4/25/33(c) | &nbsp;&nbsp;&nbsp;257902 |
| &nbsp;&nbsp;&nbsp;&nbsp;219000 | Fifth Third Bancorp, 5.63%, 1/29/32(c) | &nbsp;&nbsp;&nbsp;227908 |
| &nbsp;&nbsp;&nbsp;&nbsp;227000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 7.59%, (d),(g) | &nbsp;&nbsp;&nbsp;228797 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | First American Financial Corp., 5.45%, 9/30/34 | &nbsp;&nbsp;&nbsp;225990 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(c) | &nbsp;&nbsp;&nbsp;459078 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | FMC Corp., 8.45%, 11/1/55(c) | &nbsp;&nbsp;&nbsp;410314 |
| &nbsp;&nbsp;&nbsp;&nbsp;380000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 6.44%, 3/20/28(f) | &nbsp;&nbsp;&nbsp;374728 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(b) | &nbsp;&nbsp;&nbsp;308806 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(b) | &nbsp;&nbsp;&nbsp;406315 |
| &nbsp;&nbsp;&nbsp;&nbsp;354000 | Foundry JV Holdco LLC, 6.20%, 1/25/37(b) | &nbsp;&nbsp;&nbsp;367849 |
| &nbsp;&nbsp;&nbsp;&nbsp;530000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(b) | &nbsp;&nbsp;&nbsp;554589 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(b) | &nbsp;&nbsp;&nbsp;210473 |
| &nbsp;&nbsp;&nbsp;&nbsp;805000 | General Motors Financial Co., Inc., 5.05%, 4/4/28 | &nbsp;&nbsp;&nbsp;811169 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | General Motors Financial Co., Inc., Series A, 5.75%, (c),(d) | &nbsp;&nbsp;&nbsp;404401 |
| &nbsp;&nbsp;&nbsp;&nbsp;325000 | General Motors Financial Co., Inc., 6.15%, 7/15/35 | &nbsp;&nbsp;&nbsp;331950 |
| &nbsp;&nbsp;&nbsp;&nbsp;140000 | Global Atlantic Fin Co., 6.75%, 3/15/54(b) | &nbsp;&nbsp;&nbsp;143514 |
| &nbsp;&nbsp;&nbsp;&nbsp;190000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | &nbsp;&nbsp;&nbsp;189486 |
| &nbsp;&nbsp;&nbsp;&nbsp;381000 | Goldman Sachs Group, Inc. (The), 5.54%, 1/28/36(c) | &nbsp;&nbsp;&nbsp;390752 |
| &nbsp;&nbsp;&nbsp;&nbsp;559000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | &nbsp;&nbsp;&nbsp;569210 |
| &nbsp;&nbsp;&nbsp;&nbsp;248000 | HCA, Inc., 6.20%, 3/1/55 | &nbsp;&nbsp;&nbsp;249644 |
| &nbsp;&nbsp;&nbsp;&nbsp;281000 | Hess Midstream Operations LP, 5.88%, 3/1/28(b) | &nbsp;&nbsp;&nbsp;285170 |
| &nbsp;&nbsp;&nbsp;&nbsp;175000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(c) | &nbsp;&nbsp;&nbsp;178602 |
| &nbsp;&nbsp;&nbsp;&nbsp;270000 | Hyundai Capital America, 5.40%, 6/23/32(b) | &nbsp;&nbsp;&nbsp;273346 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;$283000 | Intel Corp., 3.20%, 8/12/61 | &nbsp;&nbsp;&nbsp;&nbsp;$160534 |
| &nbsp;&nbsp;&nbsp;&nbsp;207000 | Intel Corp., 5.60%, 2/21/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189663 |
| &nbsp;&nbsp;&nbsp;&nbsp;210000 | Intel Corp., 5.70%, 2/10/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195249 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | JH North America Holdings, Inc., 6.13%, 7/31/32(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243993 |
| &nbsp;&nbsp;&nbsp;&nbsp;360000 | KeyCorp, 6.40%, 3/6/35(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384017 |
| &nbsp;&nbsp;&nbsp;&nbsp;247000 | Liberty Utilities Co., 5.87%, 1/31/34(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251907 |
| &nbsp;&nbsp;&nbsp;&nbsp;433000 | LPL Holdings, Inc., 5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437866 |
| &nbsp;&nbsp;&nbsp;&nbsp;236000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234889 |
| &nbsp;&nbsp;&nbsp;&nbsp;310000 | Mars, Inc., 5.00%, 3/1/32(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314146 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Nissan Motor Acceptance Co. LLC, (SOFR Index + 2.050%), 6.45%, 9/13/27(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236420 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | Northwest Natural Holding Co., 7.00%, 9/15/55(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303316 |
| &nbsp;&nbsp;&nbsp;&nbsp;207000 | Occidental Petroleum Corp., 6.45%, 9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211935 |
| &nbsp;&nbsp;&nbsp;&nbsp;518000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521987 |
| &nbsp;&nbsp;&nbsp;&nbsp;336000 | Paramount Global, 6.38%, 3/30/62(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329205 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222739 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | PG&E Corp., 7.38%, 3/15/55(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436298 |
| &nbsp;&nbsp;&nbsp;&nbsp;205000 | Pilgrim's Pride Corp., 3.50%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184643 |
| &nbsp;&nbsp;&nbsp;&nbsp;714000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.70%, (d),(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714841 |
| &nbsp;&nbsp;197,000(e) | Realty Income Corp., REIT, 3.88%, 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229517 |
| &nbsp;&nbsp;&nbsp;&nbsp;394000 | Regions Financial Corp., 5.50%, 9/6/35(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394823 |
| &nbsp;&nbsp;&nbsp;&nbsp;213000 | Rentokil Terminix Funding LLC, 5.63%, 4/28/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216086 |
| &nbsp;&nbsp;&nbsp;&nbsp;170000 | Royalty Pharma Plc, 5.90%, 9/2/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165270 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Truist Financial Corp., MTN, 5.71%, 1/24/35(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259046 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | U.S. Cellular Corp., 6.70%, 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315597 |
| &nbsp;&nbsp;&nbsp;&nbsp;180000 | Utah Acquisition Sub, Inc., 5.25%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145674 |
| &nbsp;&nbsp;&nbsp;&nbsp;282000 | Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 |
| &nbsp;&nbsp;&nbsp;&nbsp;282000 | Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 |
| &nbsp;&nbsp;&nbsp;&nbsp;550000 | Warnermedia Holdings, Inc., 5.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369595 |
| &nbsp;&nbsp;&nbsp;&nbsp;150000 | Wells Fargo & Co., 5.61%, 4/23/36(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154833 |
| &nbsp;&nbsp;&nbsp;&nbsp;110000 | Whistler Pipeline LLC, 5.70%, 9/30/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112227 |
| &nbsp;&nbsp;&nbsp;&nbsp;225000 | Whistler Pipeline LLC, 5.95%, 9/30/34(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228024 |
| &nbsp;&nbsp;213,000(e) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242976 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Zions Bancorp NA, 6.82%, 11/19/35(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259850 |
|  |  | &nbsp;&nbsp;&nbsp;30173602 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;**43559612** |
| (Cost $42,795,784) | (Cost $42,795,784) |  |
| **Collateralized Mortgage Obligations — 13.5%** | **Collateralized Mortgage Obligations — 13.5%** |  |
| **United States — 13.5%** | **United States — 13.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;162087 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163291 |
| &nbsp;&nbsp;&nbsp;&nbsp;287000 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 6.01%, 7/25/44(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287987 |
| &nbsp;&nbsp;&nbsp;&nbsp;125000 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (SOFR30A + 1.800%), 6.11%, 1/25/44(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126250 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| $275000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 6.11%, 2/25/44(b),(f) | $277320 |
| &nbsp;&nbsp;210000 | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2, (SOFR30A + 2.500%), 6.81%, 10/25/43(b),(f) | &nbsp;&nbsp;&nbsp;215886 |
| &nbsp;&nbsp;&nbsp;&nbsp;88000 | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, (SOFR30A + 3.100%), 7.41%, 3/25/42(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;90718 |
| &nbsp;&nbsp;419388 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(b) | &nbsp;&nbsp;&nbsp;421671 |
| &nbsp;&nbsp;358416 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(b) | &nbsp;&nbsp;&nbsp;363575 |
| &nbsp;&nbsp;&nbsp;&nbsp;21710 | CSMC Trust, Series 2020-SPT1, Class A2, 3.23%, 4/25/65(b) | &nbsp;&nbsp;&nbsp;&nbsp;21710 |
| &nbsp;&nbsp;165000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.76%, 10/25/44(b),(f) | &nbsp;&nbsp;&nbsp;165228 |
| &nbsp;&nbsp;100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 6.01%, 5/25/44(b),(f) | &nbsp;&nbsp;&nbsp;100454 |
| &nbsp;&nbsp;210529 | Freddie Mac STACR REMIC Trust, Series 2023-HQA1, Class M1A, (SOFR30A + 2.000%), 6.31%, 5/25/43(b),(f) | &nbsp;&nbsp;&nbsp;212766 |
| &nbsp;&nbsp;&nbsp;&nbsp;75241 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 6.41%, 3/25/43(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;76513 |
| &nbsp;&nbsp;559183 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(b) | &nbsp;&nbsp;&nbsp;559070 |
| &nbsp;&nbsp;770000 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(b) | &nbsp;&nbsp;&nbsp;770502 |
| &nbsp;&nbsp;250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 5.58%, 10/15/36(b),(f) | &nbsp;&nbsp;&nbsp;248130 |
| &nbsp;&nbsp;563856 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 5.49%, 8/25/55(b),(h) | &nbsp;&nbsp;&nbsp;566499 |
| &nbsp;&nbsp;155967 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(b),(h) | &nbsp;&nbsp;&nbsp;146569 |
| &nbsp;&nbsp;430000 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(b) | &nbsp;&nbsp;&nbsp;430852 |
| &nbsp;&nbsp;430562 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(b) | &nbsp;&nbsp;&nbsp;432597 |
| &nbsp;&nbsp;330151 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(b) | &nbsp;&nbsp;&nbsp;330232 |
| &nbsp;&nbsp;284389 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(b) | &nbsp;&nbsp;&nbsp;287323 |
| &nbsp;&nbsp;285279 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(b) | &nbsp;&nbsp;&nbsp;286699 |
| &nbsp;&nbsp;820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.40%, 2/15/42(b),(f) | &nbsp;&nbsp;&nbsp;810434 |
| &nbsp;&nbsp;820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.95%, 2/15/42(b),(f) | &nbsp;&nbsp;&nbsp;810464 |
| &nbsp;&nbsp;400000 | Verus Securitization Trust, Series 2019-INV3, Class M1, 3.28%, 11/25/59(b),(h) | &nbsp;&nbsp;&nbsp;382135 |
| &nbsp;&nbsp;400000 | Verus Securitization Trust, Series 2020-4, Class M1, 3.29%, 5/25/65(b),(h) | &nbsp;&nbsp;&nbsp;373590 |
| &nbsp;&nbsp;444245 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(b) | &nbsp;&nbsp;&nbsp;444164 |
| &nbsp;&nbsp;273770 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(b) | &nbsp;&nbsp;&nbsp;273705 |
| &nbsp;&nbsp;265406 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(b) | &nbsp;&nbsp;&nbsp;266405 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| $373345 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(b) | &nbsp;&nbsp;&nbsp;&nbsp;$377016 |
| &nbsp;&nbsp;332141 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334274 |
|  |  | &nbsp;&nbsp;&nbsp;10654029 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;**10654029** |
| (Cost $10,719,146) | (Cost $10,719,146) |  |
| **Asset Backed Securities — 13.2%** | **Asset Backed Securities — 13.2%** |  |
| **Cayman Islands — 1.9%** | **Cayman Islands — 1.9%** |  |
| &nbsp;&nbsp;500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 7.28%, 4/20/31(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497750 |
| &nbsp;&nbsp;500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 7.38%, 4/22/31(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498300 |
| &nbsp;&nbsp;500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 7.26%, 7/15/31(b),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1494200 |
| **United States — 11.3%** | **United States — 11.3%** |  |
| &nbsp;&nbsp;144386 | ACHV ABS Trust, Series 2024-3AL, Class B, 5.45%, 12/26/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144923 |
| &nbsp;&nbsp;238674 | ACHV ABS Trust, Series 2024-3AL, Class C, 5.68%, 12/26/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240141 |
| &nbsp;&nbsp;212946 | ACHV ABS TRUST, Series 2024-1PL, Class B, 6.34%, 4/25/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214923 |
| &nbsp;&nbsp;176845 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177108 |
| &nbsp;&nbsp;311837 | ACM Auto Trust, Series 2023-2A, Class B, 9.85%, 6/20/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316808 |
| &nbsp;&nbsp;175000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175504 |
| &nbsp;&nbsp;560000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544904 |
| &nbsp;&nbsp;175000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175885 |
| &nbsp;&nbsp;225000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228336 |
| &nbsp;&nbsp;500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504650 |
| &nbsp;&nbsp;300000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302272 |
| &nbsp;&nbsp;520000 | Lendbuzz Securitization Trust, Series 2025-2A, Class A2, 5.18%, 5/15/30(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521400 |
| &nbsp;&nbsp;105914 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98604 |
| &nbsp;&nbsp;499943 | Pagaya AI Debt Grantor Trust, Series 2024-11, Class B, 5.64%, 7/15/32(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501193 |
| &nbsp;&nbsp;372665 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class D, 6.53%, 1/15/32(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374176 |
| &nbsp;&nbsp;450000 | SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450062 |
| &nbsp;&nbsp;485000 | Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/50(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477695 |
| &nbsp;&nbsp;330000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333640 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| $500000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;$507979 |
| &nbsp;&nbsp;600000 | Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616449 |
| &nbsp;&nbsp;800000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816143 |
| &nbsp;&nbsp;383110 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383811 |
| &nbsp;&nbsp;450000 | Upstart Securitization Trust, Series 2023-2, Class B, 7.92%, 6/20/33(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454868 |
| &nbsp;&nbsp;400000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8966417 |
| **Total Asset Backed Securities** | **Total Asset Backed Securities** | &nbsp;&nbsp;&nbsp;**10460617** |
| (Cost $10,408,180) | (Cost $10,408,180) |  |
| **Bank Loans — 6.5%** | **Bank Loans — 6.5%** |  |
| **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** |  |
| &nbsp;&nbsp;497500 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 2.00%), 6.27%, 10/15/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499117 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| &nbsp;&nbsp;250000 | Setanta Aircraft Leasing DAC, (Term SOFR 3M + 1.75%), 6.05%, 11/6/28(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251160 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** |  |
| &nbsp;&nbsp;556800 | Flutter Financing BV, 6.35%, 6/4/32(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556104 |
| **United States — 4.8%** | **United States — 4.8%** |  |
| &nbsp;&nbsp;680083 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.75%), 6.07%, 6/24/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680375 |
| &nbsp;&nbsp;551600 | Charter Communications Operating LLC, (Term SOFR 3M + 2.00%), 6.30%, 12/9/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551159 |
| &nbsp;&nbsp;563456 | Citadel Securities LP, (Term SOFR 1M + 2.00%), 6.33%, 10/31/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565501 |
| &nbsp;&nbsp;217403 | Entegris, Inc, (Term SOFR 3M + 1.75%), 6.05%, 7/6/29(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218429 |
| &nbsp;&nbsp;111200 | Herc Holdings, Inc., (Term SOFR 1M + 2.00%), 6.32%, 6/2/32(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111525 |
| &nbsp;&nbsp;583538 | Hilcorp Energy I LP, (Term SOFR 1M + 2.00%), 6.33%, 2/11/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583537 |
| &nbsp;&nbsp;600000 | Hilton Domestic Operating Co, Inc., (Term SOFR 1M + 1.75%), 6.07%, 11/8/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601782 |
| &nbsp;&nbsp;498750 | Terex Corp., (Term SOFR 1M + 2.00%), 6.33%, 10/8/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3813502 |
| **Total Bank Loans** | **Total Bank Loans** | &nbsp;&nbsp;&nbsp;&nbsp;**5119883** |
| (Cost $5,096,216) | (Cost $5,096,216) |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Foreign Government Bonds — 6.1%** | **Foreign Government Bonds — 6.1%** |  |
| **Australia — 1.2%** | **Australia — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,187,000(i) | Australia Government Bond, Series 162, 1.75%, 6/21/51(a) | &nbsp;&nbsp;&nbsp;$425734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752,000(i) | Australia Government Bond, Series 169, 4.75%, 6/21/54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914262 |
| **Ecuador — 0.7%** | **Ecuador — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$530000 | Amazon Conservation DAC, 6.03%, 1/16/42(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529218 |
| **Japan — 3.3%** | **Japan — 3.3%** |  |
| &nbsp;&nbsp;403,300,000(j) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | &nbsp;&nbsp;&nbsp;1335116 |
| &nbsp;&nbsp;&nbsp;&nbsp;12,250,000(j) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68001 |
| &nbsp;&nbsp;&nbsp;&nbsp;97,100,000(j) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578986 |
| &nbsp;&nbsp;106,800,000(j) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666001 |
|  |  | &nbsp;&nbsp;&nbsp;2648104 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,000(k) | United Kingdom Gilt, 4.38%, 7/31/54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713741 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;**4805325** |
| (Cost $4,827,979) | (Cost $4,827,979) |  |
| **U.S. Treasury Obligations — 0.6%** | **U.S. Treasury Obligations — 0.6%** |  |
| **United States — 0.6%** | **United States — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | U.S. Treasury Notes, 4.25%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521787 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**521787** |
| (Cost $519,401) | (Cost $519,401) |  |

---

---

| | | |
|:---|:---|:---|
| **Contracts** |  |  |
| **Put Swaptions Purchased — 0.1%** | **Put Swaptions Purchased — 0.1%** |  |
| 40500000 | USD Swaption, Series 44, Strike Price USD 57.50, Expires 9/17/25 | 71483 |
| **Total Put Swaptions Purchased** | **Total Put Swaptions Purchased** | **71483** |
| (Cost $71,483) | (Cost $71,483) |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Investment Company — 5.5%** | **Investment Company — 5.5%** |  |
| 4308926 | RBC BlueBay U.S. Government Money Market Fund,<br> Institutional Class 1 (l) | &nbsp;&nbsp;$4308926 |
| **Total Investment Company** | **Total Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp;**4308926** |
| (Cost $4,308,926) | (Cost $4,308,926) |  |
| **Total Investments** | **Total Investments** | **$79501662** |
| (Cost $78,747,115) — 100.5% | (Cost $78,747,115) — 100.5% |  |
| **Liabilities in excess of other assets — (0.5)%** | **Liabilities in excess of other assets — (0.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(372495)** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **$79129167** |

---

------

(a) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently
floating.

(d) Perpetual security with no stated maturity date.

(e) Principal amount denoted in Euros.

(f) Floating rate note. Rate shown is as of report date.

(g) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on June 30, 2025.

(h) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect
as of period end.

(i) Principal amount denoted in Australian dollar.

(j) Principal amount denoted in Japanese Yen.

(k) Principal amount denoted in British Pounds.

(l) Affiliated investment.

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

#### Foreign currency exchange contracts as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;2554249 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1610955 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70431 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806685 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518144 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12872 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;2304594 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1665177 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28035 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519862 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481134 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5647 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342421 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289667 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5982 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;1106750 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930333 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27445 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;2220041 | &nbsp;&nbsp;&nbsp;JPY | 361428136 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104234 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;6057263 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69315 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;1425998 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1579251 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101566 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630425 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707489 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35590 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929203 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1089714 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714002 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788811 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52779 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945450 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1108977 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680126 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;1051598 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1435216 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 |
| JPY | 401310566 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2778677 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089 |
| JPY | 370438235 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2568516 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;2735892 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131031 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14626 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;1951756 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98709 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;3153460 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263215 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;2973118 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67351 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;9500000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541141 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;77000000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681885 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;98000000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715846 | &nbsp;&nbsp;&nbsp;JPY | 102338351 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951327 | &nbsp;&nbsp;&nbsp;JPY | 134822400 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1019158 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741659 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$537623 |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487315 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530904 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(10863) |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520511 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7844) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486181 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67320 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;11416131 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1451783 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36506) |
| JPY | 372844267 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2314651 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;(136389) |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;3956629 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27641 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |
| JPY | &nbsp;&nbsp;54654785 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140420 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11829 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |
| NOK | &nbsp;&nbsp;12523465 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1054254 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7351) |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;3488603 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293918 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2331) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292291 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485534 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27321) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209601 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349829 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20681) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1630000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;2665053 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;(124325) |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830678 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;1305431 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(28648) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1617525 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;2304594 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75687) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;2304112 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2041153 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;(101784) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747459 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42266) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487649 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446770 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38957) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1558611 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1427882 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;(124427) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66005 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59272 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3858) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1419225 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90753) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401201 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309938 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24254) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183313 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141659 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11144) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728818 | &nbsp;&nbsp;&nbsp;JPY | 107931636 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21484) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;JPY | 300767828 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20829) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196404 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;4065269 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20028) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31467 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622379 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1668) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1096815 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929203 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5453) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1116202 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945450 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;2809260 | &nbsp;&nbsp;&nbsp;JPY | 401310566 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11084) |
|  |  |  |  |  |  | $(1002130) |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(464507) |

---

#### Swaptions Written as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Fixed<br> Rate** | **Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount(000)** | | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value** |
| Put - USD Swaption, Series 44,<br> Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley<br>& Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40500) | USD | $(34425) |
| **Total premiums<br> paid$(34425)** |  |  |  |  |  | $(34425) |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

#### Financial futures contracts as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Clearinghouse** |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp;10 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;$10922 | &nbsp;&nbsp;USD | &nbsp;&nbsp;$1121250 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp;68 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37984 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14145594 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 30 Year U.S. Treasury Bond | &nbsp;&nbsp;12 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385625 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 5 Year Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277242 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| Cboe VIX | &nbsp;&nbsp;25 | &nbsp;&nbsp;July 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(26745) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467813 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758011 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| **Total** |  |  | &nbsp;&nbsp;$19421 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Clearinghouse** |
| 10 Year Euro-Bund | &nbsp;&nbsp;10 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8729 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;$1533102 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 10 Year Japan Bond | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31144) | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;6757682 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 10 Year U.S. Ultra Treasury Bond | &nbsp;&nbsp;31 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22009) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3542235 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 30 Year U.S. Ultra Treasury Bond | &nbsp;&nbsp;46 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46916) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5479750 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp;77 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85879) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8393000 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291755 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| **Total** |  |  | &nbsp;&nbsp;$(176349) |  |  |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

#### Interest rate swaps as of June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Float<br> Rate** | **Pay<br> Receive** | **Pay<br> Freq** | **Counter-<br> party** | **Exp.<br> Date** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unreal<br> App<br> (Dep)** | **Value** |
| 4.45% | GBP-<br> BNPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 3/24/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP 490 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$599 |
| 1.88% | JPY-<br> JPMLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 4/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;JPY 10,482 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4779 |
| 1.87% | JPY-<br> JPMLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 4/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;JPY 10,482 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4947 |
| 3.74% | USD-<br> BCA<br> PLDN | Receive | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 5/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;USD 10,000 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$35660 | &nbsp;&nbsp;&nbsp;&nbsp;$35660 |
| 3.77% | USD-<br> BCA<br> PLDN | Receive | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 5/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 9,955 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$39142 | &nbsp;&nbsp;&nbsp;&nbsp;$39142 |
| 3.74% | USD-<br> BCA<br> PLDN | Receive | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 5/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 9,895 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$34115 | &nbsp;&nbsp;&nbsp;&nbsp;$34115 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$119242 | &nbsp;&nbsp;$119242 |
| 0.83% | JPY-<br> BNPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 3/14/27 | &nbsp;&nbsp;JPY 1,588,000 | $845 | &nbsp;&nbsp;$(36453) | &nbsp;&nbsp;$(35608) |
| 0.71% | JPY-<br> BNPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 5/16/27 | &nbsp;&nbsp;JPY 1,351,977 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$(1363) | &nbsp;&nbsp;&nbsp;&nbsp;$(1363) |
| 1.21% | JPY-<br> JPMLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 5/29/35 | &nbsp;&nbsp;&nbsp;JPY 267,000 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$(2680) | &nbsp;&nbsp;&nbsp;&nbsp;$(2680) |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Float<br> Rate** | **Pay<br> Receive** | **Pay<br> Freq** | **Counter-<br> party** | **Exp.<br> Date** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unreal<br> App<br> (Dep)** | **Value** |
| 4.12% | USD-<br> BNPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 2/13/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 9,000 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | $(314399) | $(314399) |
| 4.16% | USD-<br> BNPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 2/13/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 4,300 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | $(109075) | $(109075) |
|  |  |  |  |  |  |  | $845 | $(463970) | $(463125) |
| **Total** |  |  |  |  |  |  | $845 | $(344728) | $(343883) |

---

#### Credit default swaps buy protection as of June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Issuer** | **Payment<br> Frequency** | **Counter-<br> party** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unrealized<br> Depreciation** | **Value** |
| 1.00% | Markit CDX IG Index Series 44 | Quarterly | Morgan Stanley & Co. LLC | 6/20/30 | USD | 31210 | $(589264) | $(111499) | $(700763) |
| 1.00% | Markit CDX IG Index Series 44 | Quarterly | Morgan Stanley & Co. LLC | 6/20/30 | USD | &nbsp;&nbsp;9290 | &nbsp;&nbsp;(175191) | &nbsp;&nbsp;&nbsp;&nbsp;(33399) | &nbsp;&nbsp;(208590) |
| **Total** |  |  |  |  |  |  | $(764455) | $(144898) | $(909353) |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| |
|:---|
| Abbreviations used are defined below: |
| AUD - Australian Dollar |
| Bobl - German Bundesobligationen |
| CAD - Canadian Dollar |
| CHF - Swiss Franc |
| EMTN - Euro Medium Term Note |
| EUR - Euro |
| GBP - United Kingdom Pound Sterling |
| JPY - Japanese Yen |
| MTN - Medium Term Note |
| MXN - Mexican Peso |
| NOK - Norwegian Krone |
| OAT - Obligations Assimilables du Trésor |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| SOFR30A - Secured Overnight Financing Rate 30 Day Average |
| USD - United States Dollar |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RBC Funds Trust

- **b. Investment Company Act file number:** 811-21475

- **c. CIK number of Registrant:** 0001272950

- **d. LEI of Registrant:** 549300456VUEP58RCU35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 250 Nicollet Mall

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55401

  - **Telephone number:** 612-376-7000

**Item A.2. Information about the Series.**

- **a. Name of Series:** RBC BlueBay Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000074160

- **c. LEI of Series:** 549300JWSMKAQJ0L2M34

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $88366006.76

**Total Liabilities:** $9313125.10

**Net Assets:** $79052881.66

**Delayed Delivery Securities:** $3901758.85

**Cash Not Reported:** $2414892.04

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00540000 | **1-Year:** 0.08050000 | **5-Year:** 0.16520000 | **10-Year:** 0.94830000 | **30-Year:** 0.68680000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2.80330000 | **10-Year:** 0.03030000 | **30-Year:** 0.35970000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231742 | -1.03%               | 0.90%                | 0.69%                |
| Class ID C000231744 | -1.01%               | 0.90%                | 0.69%                |
| Class ID C000231743 | -1.00%               | 0.90%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $81774.39                | $-337098.53                                |
| Month 2  | $121375.29               | $66106.95                                  |
| Month 3  | $98704.16                | $676550.87                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US Aggregate Index

- **Index Identifier:** LBUSTRUU

### Schedule of Portfolio Investments

| Name                                         | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MORGAN STANLEY & CO. LLC                     | SWOP CDS CDX.NA.IG.44.V1                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        | -40500000 | NC      | $-34425.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $453.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                               | ACHV ABS Trust 2024-3AL                                                         | CUSIP: 00092KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238674 | PA      | $240140.94    | 0.30%             | 2031-12-26      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                           | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $229019.04    | 0.29%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                              | Zayo Issuer LLC                                                                 | CUSIP: 98919WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404943.41    | 0.51%             | 2055-03-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2023-5                                               | CUSIP: 924934AB8<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    265406 | PA      | $266404.72    | 0.34%             | 2068-06-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | AUD/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $70431.22     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8321.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                      | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAJ4<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    240000 | PA      | $236420.29    | 0.30%             | 2027-09-13      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                        | Rentokil Terminix Funding LLC                                                   | CUSIP: 760130AB0<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    213000 | PA      | $216085.85    | 0.27%             | 2035-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -31 | NC      | $-22009.25    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-20680.61    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $11088.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                          | Fifth Third Bancorp                                                             | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    219000 | PA      | $227908.36    | 0.29%             | 2032-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                   | Citadel LP                                                                      | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    220000 | PA      | $227437.07    | 0.29%             | 2030-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                             | Deutsche Bank AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $206382.23    | 0.26%             | N/A             | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                          | HONO 2021-LULU Mortgage Trust                                                   | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $248130.40    | 0.31%             | 2036-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust               | Pagaya AI Debt Grantor Trust 2024-8                                             | CUSIP: 69544QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372665 | PA      | $374176.24    | 0.47%             | 2032-01-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                             | Societe Generale SA                                                             | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    386000 | PA      | $380377.84    | 0.48%             | 2026-12-14      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association               | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6227.63      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-21483.68    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | NOK/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2629.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company | FLUTTER FINANCING BV                                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    556800 | PA      | $556104.00    | 0.70%             | 2032-06-04      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                               | ACHV ABS Trust 2024-3AL                                                         | CUSIP: 00092KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144386 | PA      | $144923.08    | 0.18%             | 2031-12-26      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-24254.12    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4427.10      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11.03       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                     | Plains All American Pipeline LP                                                 | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    714000 | PA      | $714840.54    | 0.90%             | N/A             | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                 | Barclays PLC                                                                    | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $470174.88    | 0.59%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                       | General Motors Financial Co Inc                                                 | CUSIP: 37045XFE1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    805000 | PA      | $811168.57    | 1.03%             | 2028-04-04      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                     | OBX 2025-NQM3 Trust                                                             | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |    430562 | PA      | $432596.57    | 0.55%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | AUD/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $12872.30     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD                             | Essent Group Ltd                                                                | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |    222000 | PA      | $229912.50    | 0.29%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                           | Athene Holding Ltd                                                              | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    226000 | PA      | $232305.39    | 0.29%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-1362.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC                     | Patterson-UTI Energy Inc                                                        | CUSIP: 703481AB7<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    230000 | PA      | $222738.65    | 0.28%             | 2028-02-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                           | Shackleton 2015-VII-R CLO Ltd                                                   | CUSIP: 81883AAY5<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498150.00    | 0.63%             | 2031-07-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $35589.83     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES CO                         | Liberty Utilities Co                                                            | CUSIP: 531542AB4<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |    247000 | PA      | $251906.82    | 0.32%             | 2034-01-31      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-38957.25    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BIOGEN INC                                   | Biogen Inc                                                                      | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    218000 | PA      | $224114.48    | 0.28%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                          | United Kingdom Gilt                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    600000 | PA      | $713741.03    | 0.90%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                               | ACHV ABS TRUST 2024-1PL                                                         | CUSIP: 00092BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212946 | PA      | $214922.47    | 0.27%             | 2031-04-25      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T               | Tricolor Auto Securitization Trust 2024-1                                       | CUSIP: 89616LAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $616449.45    | 0.78%             | 2028-04-17      | Fixed         | 8.61%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5864.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $34131.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HOMES TRUST                                  | HOMES 2025-AFC2 TRUST                                                           | CUSIP: 43761YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $770501.65    | 0.97%             | 2060-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                        | Foundry JV Holdco LLC                                                           | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    530000 | PA      | $554588.57    | 0.70%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                         | Bank of America Corp                                                            | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    193000 | PA      | $196057.08    | 0.25%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAC9<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    373345 | PA      | $377015.57    | 0.48%             | 2069-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                         | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AD4<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    530000 | PA      | $536850.92    | 0.68%             | 2028-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NEXA RESOURCES SA                            | Nexa Resources SA                                                               | CUSIP: 65290DAC7<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    264000 | PA      | $265564.16    | 0.34%             | 2037-04-08      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                     | First Citizens BancShares Inc/NC                                                | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    460000 | PA      | $459078.15    | 0.58%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                          | Freddie Mac STACR REMIC Trust 2024-DNA3                                         | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $165228.39    | 0.21%             | 2044-10-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                        | Foundry JV Holdco LLC                                                           | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    354000 | PA      | $367849.01    | 0.47%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                         | Utah Acquisition Sub Inc                                                        | CUSIP: 62854AAP9<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |    180000 | PA      | $145674.34    | 0.18%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5338.23     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                 | CSMC 2020-SPT1 Trust                                                            | CUSIP: 12659LAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21710 | PA      | $21709.91     | 0.03%             | 2065-04-25      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                        | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    563456 | PA      | $565501.64    | 0.72%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | CHF/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10863.37    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                        | Wells Fargo & Co                                                                | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    223000 | PA      | $230184.37    | 0.29%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-28647.86    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2023-4                                               | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |    273770 | PA      | $273704.50    | 0.35%             | 2068-05-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                           | Ally Financial Inc                                                              | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    506000 | PA      | $454354.18    | 0.57%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-124325.11   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                          | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $400638.80    | 0.51%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                   | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155967 | PA      | $146568.72    | 0.19%             | 2065-01-26      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| BELROSE FUNDING TRUST II                     | Belrose Funding Trust II                                                        | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $424833.58    | 0.54%             | 2055-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                     | First American Financial Corp                                                   | CUSIP: 31847RAJ1<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |    230000 | PA      | $225990.06    | 0.29%             | 2034-09-30      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                     | HILTON DOMESTIC OPERATING CO INC                                                | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    600000 | PA      | $601782.00    | 0.76%             | 2030-11-08      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    331000 | PA      | $265089.40    | 0.34%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                     | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243993.19    | 0.31%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | CDS CDX.NA.IG.44.V1                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-700762.87   | -0.89%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust 2025-2                                            | CUSIP: 52611JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $521399.63    | 0.66%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                        | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 106800000 | PA      | $666000.81    | 0.84%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2020-4                                               | CUSIP: 92538LAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $373590.19    | 0.47%             | 2065-05-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                     | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAG7<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    260000 | PA      | $247127.21    | 0.31%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL HOLDI                      | Northwest Natural Holding Co                                                    | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303315.54    | 0.38%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    281000 | PA      | $285169.50    | 0.36%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $18756.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYER US FINANCE LLC                         | Bayer US Finance LLC                                                            | CUSIP: 07274EAK9<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    270000 | PA      | $287675.54    | 0.36%             | 2030-11-21      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2019-INV3                                            | CUSIP: 92537MAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $382135.24    | 0.48%             | 2059-11-25      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                        | Australia Government Bond                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    752000 | PA      | $488528.14    | 0.62%             | 2054-06-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5533.38      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                       | Switch ABS Issuer LLC                                                           | CUSIP: 871044AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $333639.73    | 0.42%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                     | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAB7<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    284389 | PA      | $287323.44    | 0.36%             | 2063-10-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                         | Edison International                                                            | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    630000 | PA      | $592502.04    | 0.75%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                              | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    520000 | PA      | $521787.50    | 0.66%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                       | Pacific Gas and Electric Co                                                     | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    518000 | PA      | $521987.29    | 0.66%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                       | Global Atlantic Fin Co                                                          | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143513.70    | 0.18%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                | Citigroup Inc                                                                   | CUSIP: 000000000<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    460000 | PA      | $553742.42    | 0.70%             | 2036-04-29      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                 | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    260000 | PA      | $252186.12    | 0.32%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | JPY/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-136389.10   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD                     | Aspen Insurance Holdings Ltd                                                    | CUSIP: 04530DAE2<br>LEI: 549300YX6HECG9XQCQ75 | Long             | DBT              | CORP              | BM        |    407000 | PA      | $413767.88    | 0.52%             | 2030-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                               | Commerzbank AG                                                                  | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $261711.10    | 0.33%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | MXN/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5200.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                | Citigroup Inc                                                                   | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    542000 | PA      | $546187.90    | 0.69%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                 | ENTEGRIS INC                                                                    | CUSIP: 29362LAM6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | LON              | CORP              | US        |    232931 | PA      | $234030.88    | 0.30%             | 2029-07-06      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                       | General Motors Financial Co Inc                                                 | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    410000 | PA      | $404401.11    | 0.51%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                        | HPEFS Equipment Trust 2024-1                                                    | CUSIP: 403963AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302272.18    | 0.38%             | 2031-11-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/CHF FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5647.26      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                            | HERC HOLDINGS INC                                                               | CUSIP: 000000000<br>LEI: 549300TP80QLITMSBP82 | Long             | LON              | CORP              | US        |    111200 | PA      | $111524.70    | 0.14%             | 2032-06-02      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-314414.19   | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                     | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    191000 | PA      | $186201.69    | 0.24%             | 2027-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5453.15     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | SWOP CDS CDX.NA.IG.44.V1                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |  40500000 | NC      | $71482.50     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                             | Connecticut Avenue Securities Trust 2023-R08                                    | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $215886.38    | 0.27%             | 2043-10-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                       | DaVinciRe Holdings Ltd                                                          | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $298446.37    | 0.38%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                    | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    460000 | PA      | $436297.78    | 0.55%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMAZON CONSERVATION DAC                      | Amazon Conservation DAC                                                         | CUSIP: 02315JAA2<br>LEI: 635400VMJ6EGNYN3YK31 | Long             | DBT              | NUSS              | IE        |    530000 | PA      | $529217.56    | 0.67%             | 2042-01-16      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/MXN FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-20027.52    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11143.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Terex Corporation                            | TEREX CORP                                                                      | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |    498750 | PA      | $501193.88    | 0.63%             | 2031-10-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                          | Crown Point CLO IV Ltd                                                          | CUSIP: 22845XAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497750.00    | 0.63%             | 2031-04-20      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14090.67     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-135.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT            | EURO-BOBL                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         2 | NC      | $-705.01      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Inc                                   | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $175503.82    | 0.22%             | 2029-12-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                             | Connecticut Avenue Securities Trust 2022-R04                                    | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88000 | PA      | $90718.19     | 0.11%             | 2042-03-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-27321.26    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                           | Vodafone Group PLC                                                              | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $258929.93    | 0.33%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $218386.19    | 0.28%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1310.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                     | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $362922.16    | 0.46%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-35608.25    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | US ULTRA BOND CBT                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -46 | NC      | $-167494.73   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| BGC GROUP INC                                | BGC Group Inc                                                                   | CUSIP: 05555LAB7<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    370000 | PA      | $383419.11    | 0.49%             | 2029-06-10      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                 | Dell Equipment Finance Trust 2024-2                                             | CUSIP: 24704EAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $175885.39    | 0.22%             | 2031-02-24      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                      | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    381000 | PA      | $390751.78    | 0.49%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                | Aircastle Ltd                                                                   | CUSIP: 00928QAU5<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    204000 | PA      | $194244.43    | 0.25%             | 2028-01-26      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                     | OBX 2023-NQM3 Trust                                                             | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330151 | PA      | $330231.71    | 0.42%             | 2063-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                 | Upstart Securitization Trust                                                    | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    383110 | PA      | $383810.48    | 0.49%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| AVOLON TLB BORROWER 1 US                     | AVOLON TLB BORROWER 1 US                                                        | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |    681791 | PA      | $682084.43    | 0.86%             | 2030-06-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD LTD                        | Fidelis Insurance Holdings Ltd                                                  | CUSIP: 31575FAC0<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |    470000 | PA      | $484800.29    | 0.61%             | 2055-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                  | AltaGas Ltd                                                                     | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |    276000 | PA      | $275721.20    | 0.35%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                     | Enterprise Products Operating LLC                                               | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    280000 | PA      | $279804.18    | 0.35%             | 2077-08-16      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-124427.06   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                        | Whistler Pipeline LLC                                                           | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228024.34    | 0.29%             | 2034-09-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                             | Connecticut Avenue Securities Trust 2024-R02                                    | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $277320.31    | 0.35%             | 2044-02-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                              | MVW 2021-2 LLC                                                                  | CUSIP: 55400KAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105914 | PA      | $98604.46     | 0.12%             | 2039-05-20      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-2680.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTEL CORP                                   | Intel Corp                                                                      | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    210000 | PA      | $195248.84    | 0.25%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                        | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  12250000 | PA      | $68000.33     | 0.09%             | 2054-03-20      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                               | Var Energi ASA                                                                  | CUSIP: 92212WAG5<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    308000 | PA      | $319267.72    | 0.40%             | 2035-05-22      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                      | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    360000 | PA      | $384016.89    | 0.49%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/CAD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-75686.80    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CODELCO INC                                  | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBK3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    480000 | PA      | $501718.86    | 0.63%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                             | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    387000 | PA      | $393063.60    | 0.50%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                          | Freddie Mac STACR REMIC Trust 2023-HQA1                                         | CUSIP: 35564KX79<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | CORP              | US        |    210529 | PA      | $212766.31    | 0.27%             | 2043-05-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                          | Nomura Holdings Inc                                                             | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    440000 | PA      | $445454.68    | 0.56%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                   | Intel Corp                                                                      | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    207000 | PA      | $189663.14    | 0.24%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                          | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    583538 | PA      | $583537.50    | 0.74%             | 2030-02-05      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                        | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406315.20    | 0.51%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                             | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    433000 | PA      | $437866.26    | 0.55%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APA CORP                                     | APA Corp                                                                        | CUSIP: 03743QAQ1<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    230000 | PA      | $225078.24    | 0.28%             | 2035-02-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                | BGC Group Inc                                                                   | CUSIP: 05555LAC5<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324574.68    | 0.41%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Uniti Fiber ABS Issuer LLC                   | Uniti Fiber Abs Issuer Llc                                                      | CUSIP: 91326EAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $816143.10    | 1.03%             | 2055-04-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT            | EURO-SCHATZ                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         6 | NC      | $-1143.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO                       | General Motors Financial Co Inc                                                 | CUSIP: 37045XFK7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    325000 | PA      | $331950.09    | 0.42%             | 2035-07-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | CHARTER COMMUNICATIONS OPER                                                     | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    551600 | PA      | $551158.72    | 0.70%             | 2030-12-07      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                   | Intel Corp                                                                      | CUSIP: 458140BX7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    283000 | PA      | $160533.87    | 0.20%             | 2061-08-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6636.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                      | CNO Financial Group Inc                                                         | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    170000 | PA      | $178469.18    | 0.23%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp                                                       | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    207000 | PA      | $211934.54    | 0.27%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                              | Nissan Motor Co Ltd                                                             | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    385000 | PA      | $351210.71    | 0.44%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $624.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                      | BPCE SA                                                                         | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $524917.37    | 0.66%             | 2036-01-14      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                     | FMC Corp                                                                        | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410314.01    | 0.52%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         9 | NC      | $10705.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE SERVICES INC                            | CBRE Services Inc                                                               | CUSIP: 12505BAK6<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    480000 | PA      | $483331.18    | 0.61%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-109082.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        68 | NC      | $37983.67     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/MXN FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1668.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $599.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                         | Cross 2024-H2 Mortgage Trust                                                    | CUSIP: 22757BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    419388 | PA      | $421671.39    | 0.53%             | 2069-04-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                 | Upstart Securitization Trust 2023-2                                             | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $454867.86    | 0.58%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                             | Societe Generale SA                                                             | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $254234.34    | 0.32%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| W P CAREY INC                                | WP Carey Inc                                                                    | CUSIP: 000000000<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    213000 | PA      | $242976.29    | 0.31%             | 2034-11-19      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $39158.48     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                             | Connecticut Avenue Securities Trust 2024-R01                                    | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $126250.00    | 0.16%             | 2044-01-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | CAD/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $28035.03     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                      | American National Group Inc                                                     | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169009.55    | 0.21%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                       | Regions Financial Corp                                                          | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    394000 | PA      | $394823.03    | 0.50%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                             | Paramount Global                                                                | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    336000 | PA      | $329204.54    | 0.42%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                      | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $189486.29    | 0.24%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                        | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  97100000 | PA      | $578986.21    | 0.73%             | 2054-09-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                          | Phoenix Group Holdings PLC                                                      | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    249000 | PA      | $259845.63    | 0.33%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                        | Truist Financial Corp                                                           | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259045.90    | 0.33%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| GCAT                                         | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    559183 | PA      | $559070.10    | 0.71%             | 2067-11-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                           | Energy Transfer LP                                                              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    332000 | PA      | $330192.46    | 0.42%             | 2066-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                          | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    361000 | PA      | $362908.52    | 0.46%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                        | Whistler Pipeline LLC                                                           | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112227.17    | 0.14%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                     | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAE2<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192860.93    | 0.24%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                           | Banco Santander SA                                                              | CUSIP: 05964HBC8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $201234.17    | 0.25%             | 2028-03-14      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $27445.15     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                        | Foundry JV Holdco LLC                                                           | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210473.33    | 0.27%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5419.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                             | Zions Bancorp NA                                                                | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259850.25    | 0.33%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                      | American National Group Inc                                                     | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    390000 | PA      | $391696.95    | 0.50%             | 2035-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                        | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178601.58    | 0.23%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $52779.01     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                          | Intesa Sanpaolo SpA                                                             | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    217000 | PA      | $273877.08    | 0.35%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                         | Cross 2023-H2 Mortgage Trust                                                    | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    358416 | PA      | $363574.68    | 0.46%             | 2068-11-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                          | Fifth Third Bancorp                                                             | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    227000 | PA      | $228796.68    | 0.29%             | N/A             | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $104234.03    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/NOK FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $146.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/NOK FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $129.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | NOK/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $312.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC BlueBay US Government Money Market Fund  | RBC BlueBay US Government Money Market Fund                                     | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |   3362754 | NS      | $3362754.30   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BW REAL ESTATE INC                           | BW Real Estate Inc                                                              | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $510974.04    | 0.65%             | N/A             | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                             | Societe Generale SA                                                             | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    280000 | PA      | $255328.28    | 0.32%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $4947.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT            | EURO-OAT                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -2 | NC      | $869.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | MXN/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14625.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-42266.26    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $4779.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | GBP/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-36505.45    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176845 | PA      | $177107.84    | 0.22%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3858.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                          | Freddie Mac STACR REMIC Trust 2024-DNA2                                         | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100453.68    | 0.13%             | 2044-05-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | NOK/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7350.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    453000 | PA      | $426846.43    | 0.54%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                         | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    205000 | PA      | $184643.44    | 0.23%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                            | CI Financial Corp                                                               | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $485585.28    | 0.61%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                     | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAF5<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    570000 | PA      | $576352.93    | 0.73%             | 2028-03-27      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT            | EURO-BUND                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -10 | NC      | $8729.49      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5981.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                             | United States Cellular Corp                                                     | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315596.89    | 0.40%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Summit Issuer, LLC                           | Summit Issuer LLC                                                               | CUSIP: 86613XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $477695.01    | 0.60%             | 2050-12-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                       | Northwoods Capital XVII Ltd                                                     | CUSIP: 66860PAG9<br>LEI: 549300VSNJNLNM3KF997 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498300.00    | 0.63%             | 2031-04-22      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2024-8                                               | CUSIP: 92540PAB4<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    444245 | PA      | $444163.84    | 0.56%             | 2069-10-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | NOK/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2331.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA                         | Sitios Latinoamerica SAB de CV                                                  | CUSIP: 82983PAA1<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $331412.73    | 0.42%             | 2029-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (40 YEAR ISSUE)                        | Japan Government Forty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 403300000 | PA      | $1335116.18   | 1.69%             | 2060-03-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing DAC                 | SETANTA AIRCRAFT LEASING                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    250000 | PA      | $251160.00    | 0.32%             | 2028-11-06      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| APA CORP                                     | APA Corp                                                                        | CUSIP: 03743QAS7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    313000 | PA      | $296231.36    | 0.37%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                     | OBX 2023-NQM6 Trust                                                             | CUSIP: 67117VAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285279 | PA      | $286698.49    | 0.36%             | 2063-07-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11083.93    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-101784.27   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| MARS INC                                     | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $314145.61    | 0.40%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                     | Fortitude Group Holdings LLC                                                    | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308806.45    | 0.39%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                | BGC Group Inc                                                                   | CUSIP: 088929AC8<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    199000 | PA      | $212842.32    | 0.27%             | 2028-05-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | CHF/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7843.55     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust               | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $810433.66    | 1.03%             | 2042-02-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| CBOE FUTURES EXCHANGE, LLC                   | CBOE VIX                                                                        | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               | CORP              | US        |        25 | NC      | $-26745.25    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust 2023-2                                                           | CUSIP: 00161AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311836 | PA      | $316808.48    | 0.40%             | 2030-06-20      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                     | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $402288.13    | 0.51%             | 2034-10-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                             | Connecticut Avenue Securities Trust 2024-R05                                    | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    287000 | PA      | $287986.56    | 0.36%             | 2044-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust               | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $810464.31    | 1.03%             | 2042-02-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                      | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    270000 | PA      | $273345.71    | 0.35%             | 2032-06-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                         | Raizen Fuels Finance SA                                                         | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    380000 | PA      | $372449.85    | 0.47%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                     | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G80<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    380000 | PA      | $374727.94    | 0.47%             | 2028-03-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                 | Dell Equipment Finance Trust 2023-2                                             | CUSIP: 24703GAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504649.95    | 0.64%             | 2029-07-23      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                     | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $412709.13    | 0.52%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $101566.03    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | NOK/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-91.54       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                      | HCA Inc                                                                         | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    248000 | PA      | $249644.45    | 0.32%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | CDS CDX.NA.IG.44.V1                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-208589.78   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                       | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    559000 | PA      | $569209.52    | 0.72%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                      | Centersquare Issuer LLC                                                         | CUSIP: 15201EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $544903.70    | 0.69%             | 2054-10-26      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | EUR/CHF FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-558.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                     | JP Morgan Mortgage Trust 2025-VIS1                                              | CUSIP: 46659BAC6<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |    563856 | PA      | $566499.47    | 0.72%             | 2055-08-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus               | BRAVO Residential Funding Trust 2023-NQM5                                       | CUSIP: 10569UAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162087 | PA      | $163291.38    | 0.21%             | 2063-06-25      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $147326.96    | 0.19%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.  | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -77 | NC      | $-85879.10    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                           | Realty Income Corp                                                              | CUSIP: 756109CV4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    197000 | PA      | $229516.84    | 0.29%             | 2035-06-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-59.78       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust 2023-INV2                                            | CUSIP: 92540BAC3<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |    332141 | PA      | $334274.26    | 0.42%             | 2068-08-25      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                 | Dell Equipment Finance Trust 2024-1                                             | CUSIP: 24702GAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $228335.77    | 0.29%             | 2030-09-23      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                           | Santos Finance Ltd                                                              | CUSIP: 000000000<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |     99000 | PA      | $92144.67     | 0.12%             | 2031-04-29      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                          | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    270000 | PA      | $257901.66    | 0.33%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                        | Continental Resources Inc/OK                                                    | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    810000 | PA      | $798679.13    | 1.01%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T               | Tricolor Auto Securitization Trust 2024-3                                       | CUSIP: 89617AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507978.52    | 0.64%             | 2029-04-16      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                     | Citizens Financial Group Inc                                                    | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    570000 | PA      | $590239.25    | 0.75%             | 2032-07-23      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| As Mileage Plan Ip Ltd.                      | AS MILEAGE PLAN IP LTD                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    497500 | PA      | $499116.88    | 0.63%             | 2031-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                     | Snam SpA                                                                        | CUSIP: 83304JAC1<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    225000 | PA      | $233394.10    | 0.30%             | 2055-05-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                           | Ally Financial Inc                                                              | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250671.46    | 0.32%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                     | Citizens Financial Group Inc                                                    | CUSIP: 174610AU9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    249000 | PA      | $248859.00    | 0.31%             | N/A             | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                        | Australia Government Bond                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   1187000 | PA      | $425734.34    | 0.54%             | 2051-06-21      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                     | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $35676.74     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-90753.36    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| ONSLOW BAY FINANCIAL LLC                     | OBX 2025-NQM11 TRUST                                                            | CUSIP: 67449BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $430852.04    | 0.55%             | 2065-05-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                          | Freddie Mac STACR REMIC Trust 2023-DNA1                                         | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |     75240 | PA      | $76513.09     | 0.10%             | 2043-03-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                           | Royalty Pharma PLC                                                              | CUSIP: 78081BAS2<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    170000 | PA      | $165270.22    | 0.21%             | 2054-09-02      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                  | SBNA Auto Receivables Trust 2025-SF1                                            | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450061.56    | 0.57%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                           | JAPAN 10Y BOND(OSE)                                                             | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |        -7 | NC      | $-31144.06    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                         | M&T Bank Corp                                                                   | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    236000 | PA      | $234888.97    | 0.30%             | 2036-01-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                     | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    550000 | PA      | $324695.19    | 0.41%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                             | Deutsche Bank AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $242889.03    | 0.31%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                     | Capital One Financial Corp                                                      | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    148000 | PA      | $172023.14    | 0.22%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust               | Pagaya AI Debt Grantor Trust 2024-11                                            | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499943 | PA      | $501193.30    | 0.63%             | 2032-07-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION               | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-20828.71    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                        | Continental Resources Inc/OK                                                    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    399000 | PA      | $385855.12    | 0.49%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** RBC Funds Trust

**Signature:** Kathy Hegna

**Name of Signer:** Kathy Hegna

**Title:** Treasurer and Chief Financial Officer - RBC Funds, and Director of Mutual Fund Services | RBC Global Asset Management (U.S.) Inc.