# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-25-304970
**Filing Date:** 2025-12
**Character Count:** 490158
**Document Hash:** f51663bc7f728659efd077cd1cb66109
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-304970.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001193125-25-304970

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 251542464

**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 Emerging Markets Equity Fund (Series ID: S000043475)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000134841 | Class A      | REEAX           |
| C000134842 | Class I      | REEIX           |
| C000175516 | Class R6     | RREMX           |

### RBC BlueBay Short Duration Fixed Income Fund (Series ID: S000043718)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135576 | Class I      | RSDIX           |
| C000138515 | Class A      | RSHFX           |

### RBC BlueBay Ultra-Short Fixed Income Fund (Series ID: S000043719)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135577 | Class I      | RUSIX           |
| C000138516 | Class A      | RULFX           |

### RBC Global Opportunities Fund (Series ID: S000046850)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146417 | Class I      | RGOIX           |
| C000175517 | Class R6     | RGORX           |
| C000217814 | Class A      | RGPAX           |

### RBC Emerging Markets Value Equity Fund (Series ID: S000059741)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000195520 | Class A      | REVAX           |
| C000195521 | Class I      | REMVX           |
| C000195522 | Class R6     | RMVRX           |

### RBC China Equity Fund (Series ID: S000075785)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000235075 | Class R6     | RBCRX           |
| C000235076 | Class A      | RCEAX           |
| C000235077 | Class I      | RBCIX           |

### RBC Emerging Markets ex-China Equity Fund (Series ID: S000079191)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240113 | Class A      | RECAX           |
| C000240114 | Class I      | RECIX           |
| C000240115 | Class R6     | RECRX           |

### RBC International Equity Fund (Series ID: S000079192)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240116 | Class R6     | RIERX           |
| C000240117 | Class I      | RIEIX           |
| C000240118 | Class A      | RIEAX           |

### RBC International Small Cap Equity Fund (Series ID: S000079193)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240119 | Class R6     | RISRX           |
| C000240120 | Class A      | RISSX           |
| C000240121 | Class I      | RISIX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-21475

#### RBC Funds Trust
(Exact name of registrant as specified in charter)

------

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

(Address of principal executive offices) (Zip code)

Tara Tilbury

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp; (612) 376-7132

#### Date of fiscal year end:

#### March 31, 2026

#### Date of reporting period:

#### September 30, 2025
 **Item 1. Report to Stockholders**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Small Cap Equity Fund**

**Class A / RISSX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Small Cap Equity Fund<br>(Class A/RISSX) | $69 | 1.24% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of small companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The Fund currently considers "small companies" to be those within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of initial purchase by the Fund.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Out-of-benchmark positions in Fujikura Ltd and Life360 Inc were additive to relative performance. |
| Stock Selection | Positive | An overweight position in Ryohim Keikaku Co. was additive to relative performance. |
| Stock Selection | Negative | Out-of-benchmark positions in Voltronic Power Technology, FPT Corp, and Varun Beverages detracted from relative performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768696.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class A/RISSX)— including sales load (5.75%)** | 14.49% | 7.96% | 11.95%<sup>(a)</sup> |
| **RBC International Small Cap Equity Fund (Class A/RISSX) — excluding sales load** | 21.50% | 14.53% | 14.35%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 19.75% | 16.45% | 15.46% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 24.74% | 15.93% | 14.72% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7319232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Steel Works Ltd. (The) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies NV | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PAL GROUP Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 25.3% |
| United Kingdom | 9.3% |
| Sweden | 6.6% |
| Australia | 5.9% |
| Norway | 5.8% |
| India | 5.3% |
| France | 4.8% |
| Taiwan | 4.5% |
| China | 4.3% |
| Germany | 3.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768714.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

ICA-SAR-09-25

**RBC International Small Cap Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Small Cap Equity Fund**

**Class I / RISIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Small Cap Equity Fund<br>(Class I/RISIX) | $55 | 0.99% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of small companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The Fund currently considers "small companies" to be those within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of initial purchase by the Fund.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Out-of-benchmark positions in Fujikura Ltd and Life360 Inc were additive to relative performance. |
| Stock Selection | Positive | An overweight position in Ryohim Keikaku Co. was additive to relative performance. |
| Stock Selection | Negative | Out-of-benchmark positions in Voltronic Power Technology, FPT Corp, and Varun Beverages detracted from relative performance. |

---

#### Fund Performance
**Growth of $100,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768733.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class I/RISIX)** | 21.65% | 14.88% | 14.64%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 19.75% | 16.45% | 15.46% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 24.74% | 15.93% | 14.72% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7319232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Steel Works Ltd. (The) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies NV | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PAL GROUP Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 25.3% |
| United Kingdom | 9.3% |
| Sweden | 6.6% |
| Australia | 5.9% |
| Norway | 5.8% |
| India | 5.3% |
| France | 4.8% |
| Taiwan | 4.5% |
| China | 4.3% |
| Germany | 3.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768751.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

ICI-SAR-09-25

**RBC International Small Cap Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Small Cap Equity Fund**

**Class R6 / RISRX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Small Cap Equity Fund<br>(Class R6/RISRX) | $52 | 0.94% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of small companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The Fund currently considers "small companies" to be those within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of initial purchase by the Fund.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Out-of-benchmark positions in Fujikura Ltd and Life360 Inc were additive to relative performance. |
| Stock Selection | Positive | An overweight position in Ryohim Keikaku Co. was additive to relative performance. |
| Stock Selection | Negative | Out-of-benchmark positions in Voltronic Power Technology, FPT Corp, and Varun Beverages detracted from relative performance. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768659.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class R6/RISRX)** | 21.65% | 14.84% | 14.68%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 19.75% | 16.45% | 15.46% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 24.74% | 15.93% | 14.72% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7319232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Steel Works Ltd. (The) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies NV | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PAL GROUP Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 25.3% |
| United Kingdom | 9.3% |
| Sweden | 6.6% |
| Australia | 5.9% |
| Norway | 5.8% |
| India | 5.3% |
| France | 4.8% |
| Taiwan | 4.5% |
| China | 4.3% |
| Germany | 3.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768677.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

ICR-SAR-09-25

**RBC International Small Cap Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Equity Fund**

**Class A / RIEAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Equity Fund<br>(Class A/RIEAX) | $56 | 1.04% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mitsubishi Heavy Industries and NEC Corp were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in Taiwan Semiconductor Manufacturing was additive to relative performance. |
| Stock Selection | Negative | Overweight positions in Novo Nordisk and London Stock Exchange Group detracted from relative performance. An underweight position in SoftBank Group detracted from relative performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768770.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class A/RIEAX)— including sales load (5.75%)** | 6.52% | 0.27% | 10.01%<sup>(a)</sup> |
| **RBC International Equity Fund (Class A/RIEAX) — excluding sales load** | 12.98% | 6.37% | 12.37% |
| **MSCI EAFE Total Return Net Index** | 17.10% | 14.99% | 15.16% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28039325 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca Plc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 1.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 21.1% |
| United Kingdom | 13.7% |
| France | 9.4% |
| Germany | 8.0% |
| Netherlands | 5.9% |
| Australia | 5.9% |
| Spain | 5.2% |
| Switzerland | 5.0% |
| Ireland | 3.7% |
| Sweden | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768788.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

IEA-SAR-09-25

**RBC International Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Equity Fund**

**Class I / RIEIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Equity Fund<br>(Class I/RIEIX) | $42 | 0.79% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mitsubishi Heavy Industries and NEC Corp were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in Taiwan Semiconductor Manufacturing was additive to relative performance. |
| Stock Selection | Negative | Overweight positions in Novo Nordisk and London Stock Exchange Group detracted from relative performance. An underweight position in SoftBank Group detracted from relative performance. |

---

#### Fund Performance
**Growth of $100,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768807.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class I/RIEIX)** | 13.14% | 6.64% | 12.66%<sup>(a)</sup> |
| **MSCI EAFE Total Return Net Index** | 17.10% | 14.99% | 15.16% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28039325 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca Plc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 1.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 21.1% |
| United Kingdom | 13.7% |
| France | 9.4% |
| Germany | 8.0% |
| Netherlands | 5.9% |
| Australia | 5.9% |
| Spain | 5.2% |
| Switzerland | 5.0% |
| Ireland | 3.7% |
| Sweden | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768825.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

IEI-SAR-09-25

**RBC International Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC International Equity Fund**

**Class R6 / RIERX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC International Equity Fund<br>(Class R6/RIERX) | $40 | 0.74% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities of companies located throughout the world, excluding the United States. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mitsubishi Heavy Industries and NEC Corp were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in Taiwan Semiconductor Manufacturing was additive to relative performance. |
| Stock Selection | Negative | Overweight positions in Novo Nordisk and London Stock Exchange Group detracted from relative performance. An underweight position in SoftBank Group detracted from relative performance. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768844.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class R6/RIERX)** | 13.13% | 6.78% | 12.73%<sup>(a)</sup> |
| **MSCI EAFE Total Return Net Index** | 17.10% | 14.99% | 15.16% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28039325 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca Plc | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 1.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 21.1% |
| United Kingdom | 13.7% |
| France | 9.4% |
| Germany | 8.0% |
| Netherlands | 5.9% |
| Australia | 5.9% |
| Spain | 5.2% |
| Switzerland | 5.0% |
| Ireland | 3.7% |
| Sweden | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768862.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

IER-SAR-09-25

**RBC International Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Global Opportunities Fund**

**Class A / RGPAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Global Opportunities Fund<br>(Class A/RGPAX) | $55 | 1.00% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund will typically invest at least the lesser of (i) 40% of its total assets in the securities of issuers located in countries other than the United States or (ii) an amount of its total assets equal to the approximate percentage of issuers located in countries other than the United States included in the MSCI ACWI Net Total Return USD Index, unless the Sub-Advisor determines, in its sole discretion, that conditions are not favorable. If the Sub-Advisor determines that conditions are not favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside of the United States, provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive purposes. The Fund will normally invest in equity securities of companies domiciled in at least three countries (one of which may be the United States).

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in AppLovin, Taiwan Semiconductor Manufacturing, and Microsoft were additive to relative performance. |
| Stock Selection | Negative | Overweight positions in UnitedHealth Group, Chubb, and Accenture detracted from relative performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768141.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class A/RGPAX)— including sales load (5.75%)** | 12.42% | 7.51% | 7.92% | 10.86%<sup>(a)</sup> |
| **RBC Global Opportunities Fund (Class A/RGPAX) — excluding sales load** | 19.26% | 14.05% | 9.21% | 11.51%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 20.03% | 17.27% | 13.54% | 11.91% |

---

---

| | |
|:---|:---|
| *<sup><sup>#</sup></sup>* | &nbsp;&nbsp; *Not annualized.*  |
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class A shares commenced operations on January 28, 2020. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 3, 2014) and has been adjusted to reflect the fees and expenses of Class A.*  |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$505630304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 63.1% |
| United Kingdom | 11.2% |
| Switzerland | 4.5% |
| Japan | 4.5% |
| Taiwan | 3.3% |
| France | 3.2% |
| Italy | 2.6% |
| India | 1.6% |
| Germany | 1.6% |
| Hong Kong | 1.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768159.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

GOA-SAR-09-25

**RBC Global Opportunities Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Global Opportunities Fund**

**Class I / RGOIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Global Opportunities Fund<br>(Class I/RGOIX) | $41 | 0.75% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund will typically invest at least the lesser of (i) 40% of its total assets in the securities of issuers located in countries other than the United States or (ii) an amount of its total assets equal to the approximate percentage of issuers located in countries other than the United States included in the MSCI ACWI Net Total Return USD Index, unless the Sub-Advisor determines, in its sole discretion, that conditions are not favorable. If the Sub-Advisor determines that conditions are not favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside of the United States, provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive purposes. The Fund will normally invest in equity securities of companies domiciled in at least three countries (one of which may be the United States).

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in AppLovin, Taiwan Semiconductor Manufacturing, and Microsoft were additive to relative performance. |
| Stock Selection | Negative | Overweight positions in UnitedHealth Group, Chubb, and Accenture detracted from relative performance. |

---

#### Fund Performance
**Growth of $100,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768067.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class I/RGOIX)** | 19.37% | 14.34% | 9.48% | 11.75% |
| **MSCI ACWI Net Total Return USD Index** | 20.03% | 17.27% | 13.54% | 11.91% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$505630304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 63.1% |
| United Kingdom | 11.2% |
| Switzerland | 4.5% |
| Japan | 4.5% |
| Taiwan | 3.3% |
| France | 3.2% |
| Italy | 2.6% |
| India | 1.6% |
| Germany | 1.6% |
| Hong Kong | 1.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768085.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

GOI-SAR-09-25

**RBC Global Opportunities Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Global Opportunities Fund**

**Class R6 / RGORX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Global Opportunities Fund<br>(Class R6/RGORX) | $38 | 0.70% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund will typically invest at least the lesser of (i) 40% of its total assets in the securities of issuers located in countries other than the United States or (ii) an amount of its total assets equal to the approximate percentage of issuers located in countries other than the United States included in the MSCI ACWI Net Total Return USD Index, unless the Sub-Advisor determines, in its sole discretion, that conditions are not favorable. If the Sub-Advisor determines that conditions are not favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside of the United States, provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive purposes. The Fund will normally invest in equity securities of companies domiciled in at least three countries (one of which may be the United States).

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in AppLovin, Taiwan Semiconductor Manufacturing, and Microsoft were additive to relative performance. |
| Stock Selection | Negative | Overweight positions in UnitedHealth Group, Chubb, and Accenture detracted from relative performance. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768104.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class R6/RGORX)** | 19.36% | 14.34% | 9.54% | 11.80%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 20.03% | 17.27% | 13.54% | 11.91% |

---

---

| | |
|:---|:---|
| *<sup><sup>#</sup></sup>* | &nbsp;&nbsp; *Not annualized.*  |
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class R6 shares commenced operations on November 22, 2016. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 3, 2014) and has been adjusted to reflect the fees and expenses of Class R6.*  |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$505630304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 63.1% |
| United Kingdom | 11.2% |
| Switzerland | 4.5% |
| Japan | 4.5% |
| Taiwan | 3.3% |
| France | 3.2% |
| Italy | 2.6% |
| India | 1.6% |
| Germany | 1.6% |
| Hong Kong | 1.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768122.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

GOR-SAR-09-25

**RBC Global Opportunities Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class A / REVAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Value Equity Fund<br>(Class A/REVAX) | $69 | 1.21% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied economically to emerging market countries that are considered to be undervalued in relation to earnings, dividends and/or assets. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Financials and Consumer Discretionary sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Financials detracted from relative performance. |
| Country Security Selection | Positive | Security selection in Taiwan and Chile benefited relative returns. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768400.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class A/REVAX)— including sales load (5.75%)** | 19.00% | 14.29% | 9.60% | 4.38%<sup>(a)</sup> |
| **RBC Emerging Markets Value Equity Fund (Class A/REVAX) — excluding sales load** | 26.29% | 21.20% | 10.92% | 5.19%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 4.71% |

---

---

| | |
|:---|:---|
| *<sup><sup>#</sup></sup>* | &nbsp;&nbsp; *Not annualized.*  |
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class A shares commenced operations on April 19, 2022. Performance shown for this share class prior to commencement of operations reflects the performance of Class I share (which commenced operations on February 9, 2018) and has been adjusted to reflect the fees and expenses of Class A.*  |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$87603320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 1.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.8% |
| Taiwan | 16.8% |
| India | 10.4% |
| Korea | 9.7% |
| South Africa | 8.3% |
| Brazil | 5.2% |
| Chile | 2.5% |
| Mexico | 2.4% |
| United Arab Emirates | 2.1% |
| United States | 1.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768418.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EVA-SAR-09-25

**RBC Emerging Markets Value Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class I / REMVX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Value Equity Fund<br>(Class I/REMVX) | $55 | 0.96% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied economically to emerging market countries that are considered to be undervalued in relation to earnings, dividends and/or assets. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Financials and Consumer Discretionary sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Financials detracted from relative performance. |
| Country Security Selection | Positive | Security selection in Taiwan and Chile benefited relative returns. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768326.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class I/REMVX)** | 26.50% | 21.46% | 11.19% | 5.44%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 4.71% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on February 9, 2018.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$87603320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 1.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.8% |
| Taiwan | 16.8% |
| India | 10.4% |
| Korea | 9.7% |
| South Africa | 8.3% |
| Brazil | 5.2% |
| Chile | 2.5% |
| Mexico | 2.4% |
| United Arab Emirates | 2.1% |
| United States | 1.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768344.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EVI-SAR-09-25

**RBC Emerging Markets Value Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class R6 / RMVRX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Value Equity Fund<br>(Class R6/RMVRX) | $51 | 0.89% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied economically to emerging market countries that are considered to be undervalued in relation to earnings, dividends and/or assets. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Financials and Consumer Discretionary sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Financials detracted from relative performance. |
| Country Security Selection | Positive | Security selection in Taiwan and Chile benefited relative returns. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768363.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class R6/RMVRX)** | 26.42% | 21.47% | 11.23% | 5.50%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 4.71% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on February 9, 2018.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$87603320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 1.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.8% |
| Taiwan | 16.8% |
| India | 10.4% |
| Korea | 9.7% |
| South Africa | 8.3% |
| Brazil | 5.2% |
| Chile | 2.5% |
| Mexico | 2.4% |
| United Arab Emirates | 2.1% |
| United States | 1.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768381.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EVR-SAR-09-25

**RBC Emerging Markets Value Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets ex-China Equity Fund**

**Class A / RECAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets ex-China Equity Fund<br>(Class A/RECAX) | $63 | 1.13% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities economically tied to emerging market countries (excluding China). For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Consumer Staples detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Argentina and underweight exposure to Taiwan detracted from performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768881.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class A/RECAX)— including sales load (5.75%)** | 14.82% | 2.93% | 13.28%<sup>(a)</sup> |
| **RBC Emerging Markets ex-China Equity Fund (Class A/RECAX) — excluding sales load** | 21.82% | 9.18% | 15.71%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 23.91% | 17.32% | 15.68% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | 24.27% | 12.22% | 15.82% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60189612 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Taiwan | 24.7% |
| India | 23.2% |
| Korea | 16.7% |
| Brazil | 7.4% |
| South Africa | 5.5% |
| Chile | 5.0% |
| Mexico | 4.3% |
| Indonesia | 2.8% |
| United Kingdom | 2.5% |
| Peru | 1.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768899.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EXA-SAR-09-25

**RBC Emerging Markets ex-China Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets ex-China Equity Fund**

**Class I / RECIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets ex-China Equity Fund<br>(Class I/RECIX) | $51 | 0.91% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities economically tied to emerging market countries (excluding China). For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Consumer Staples detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Argentina and underweight exposure to Taiwan detracted from performance. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768918.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class I/RECIX)** | 22.08% | 9.60% | 16.05%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 23.91% | 17.32% | 15.68% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | 24.27% | 12.22% | 15.82% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60189612 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Taiwan | 24.7% |
| India | 23.2% |
| Korea | 16.7% |
| Brazil | 7.4% |
| South Africa | 5.5% |
| Chile | 5.0% |
| Mexico | 4.3% |
| Indonesia | 2.8% |
| United Kingdom | 2.5% |
| Peru | 1.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768936.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EXI-SAR-09-25

**RBC Emerging Markets ex-China Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets ex-China Equity Fund**

**Class R6 / RECRX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets ex-China Equity Fund<br>(Class R6/RECRX) | $51 | 0.91% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities economically tied to emerging market countries (excluding China). For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to Consumer Staples detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Argentina and underweight exposure to Taiwan detracted from performance. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768955.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class R6/RECRX)** | 22.10% | 9.67% | 16.05%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 23.91% | 17.32% | 15.68% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | 24.27% | 12.22% | 15.82% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60189612 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Taiwan | 24.7% |
| India | 23.2% |
| Korea | 16.7% |
| Brazil | 7.4% |
| South Africa | 5.5% |
| Chile | 5.0% |
| Mexico | 4.3% |
| Indonesia | 2.8% |
| United Kingdom | 2.5% |
| Peru | 1.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768973.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EXR-SAR-09-25

**RBC Emerging Markets ex-China Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Equity Fund**

**Class A / REEAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Equity Fund<br>(Class A/REEAX) | $63 | 1.13% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied to emerging market countries that are considered by the Fund to have the potential to provide long-term capital growth. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in the Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to the Consumer Staples sector detracted from relative returns. |
| Country Security Selection | Negative | Security selection in Mexico and India detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Chile and Philippines detracted from relative returns. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10767956.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class A/REEAX)— including sales load (5.75%)** | 14.70% | 8.52% | 6.10% | 7.03% |
| **RBC Emerging Markets Equity Fund (Class A/REEAX) — excluding sales load** | 21.67% | 15.14% | 7.36% | 7.66% |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 7.99% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5202615301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.0% |
| Taiwan | 17.3% |
| India | 14.6% |
| Korea | 10.8% |
| Hong Kong | 5.9% |
| Brazil | 5.3% |
| Chile | 4.9% |
| South Africa | 4.7% |
| Mexico | 3.2% |
| United Kingdom | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10767974.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EMA-SAR-09-25

**RBC Emerging Markets Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Equity Fund**

**Class I / REEIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Equity Fund<br>(Class I/REEIX) | $49 | 0.88% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied to emerging market countries that are considered by the Fund to have the potential to provide long-term capital growth. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in the Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to the Consumer Staples sector detracted from relative returns. |
| Country Security Selection | Negative | Security selection in Mexico and India detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Chile and Philippines detracted from relative returns. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10767993.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class I/REEIX)** | 21.79% | 15.44% | 7.62% | 7.90% |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 7.99% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5202615301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.0% |
| Taiwan | 17.3% |
| India | 14.6% |
| Korea | 10.8% |
| Hong Kong | 5.9% |
| Brazil | 5.3% |
| Chile | 4.9% |
| South Africa | 4.7% |
| Mexico | 3.2% |
| United Kingdom | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768011.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EMI-SAR-09-25

**RBC Emerging Markets Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC Emerging Markets Equity Fund**

**Class R6 / RREMX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC Emerging Markets Equity Fund<br>(Class R6/RREMX) | $49 | 0.88% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity securities tied to emerging market countries that are considered by the Fund to have the potential to provide long-term capital growth. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The following table outlines key factors that materially affected the Fund's performance compared to its benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in the Materials and Financials sectors benefited relative returns. |
| Sector Asset Weighting | Negative | Overweight exposure to the Consumer Staples sector detracted from relative returns. |
| Country Security Selection | Negative | Security selection in Mexico and India detracted from relative returns. |
| Country Asset Weighting | Negative | Overweight exposure to Chile and Philippines detracted from relative returns. |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768030.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class R6/RREMX)** | 21.91% | 15.51% | 7.63% | 7.91%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 23.91% | 17.32% | 7.02% | 7.99% |

---

---

| | |
|:---|:---|
| *<sup><sup>#</sup></sup>* | &nbsp;&nbsp; *Not annualized.*  |
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class R6 shares commenced operations on November 22, 2016. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 20, 2013) and has been adjusted to reflect the fees and expenses of Class R6.*  |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5202615301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., 1.99% | 2.8% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.0% |
| Taiwan | 17.3% |
| India | 14.6% |
| Korea | 10.8% |
| Hong Kong | 5.9% |
| Brazil | 5.3% |
| Chile | 4.9% |
| South Africa | 4.7% |
| Mexico | 3.2% |
| United Kingdom | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768048.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

EMR-SAR-09-25

**RBC Emerging Markets Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC China Equity Fund**

**Class A / RCEAX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC China Equity Fund<br>(Class A/RCEAX) | $75 | 1.30% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity investments in issuers economically tied to China. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. For purposes of the 80% investment policy, China includes Mainland China, Hong Kong, and Macau.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Information Technology and Industrials sectors benefited relative returns |
| Sector Asset Weighting | Positive | Overweight exposure to the Materials sector added to relative returns |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768548.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class A/RCEAX)— including sales load (5.75%)** | 23.40% | 28.36% | 6.91%<sup>(a)</sup> |
| **RBC China Equity Fund (Class A/RCEAX) — excluding sales load** | 30.90% | 36.21% | 8.75%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 23.13% | 30.76% | 10.81% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 23.27% | 25.27% | 7.55% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6742378 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Gold International Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768566.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

CHA-SAR-09-25

**RBC China Equity Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC China Equity Fund**

**Class I / RBCIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC China Equity Fund<br>(Class I/RBCIX) | $61 | 1.05% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity investments in issuers economically tied to China. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. For purposes of the 80% investment policy, China includes Mainland China, Hong Kong, and Macau.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Information Technology and Industrials sectors benefited relative returns |
| Sector Asset Weighting | Positive | Overweight exposure to the Materials sector added to relative returns |

---

#### Fund Performance
**Growth of $100,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class I/RBCIX)** | 31.10% | 36.61% | 9.02%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 23.13% | 30.76% | 10.81% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 23.27% | 25.27% | 7.55% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6742378 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Gold International Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768603.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

CHI-SAR-09-25

**RBC China Equity Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC China Equity Fund**

**Class R6 / RBCRX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC China Equity Fund<br>(Class R6/RBCRX) | $58 | 1.00% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to provide long-term capital growth by investing, under normal circumstances, at least 80% of its assets in equity investments in issuers economically tied to China. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. For purposes of the 80% investment policy, China includes Mainland China, Hong Kong, and Macau.

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection in Information Technology and Industrials sectors benefited relative returns |
| Sector Asset Weighting | Positive | Overweight exposure to the Materials sector added to relative returns |

---

#### Fund Performance
**Growth of $250,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g49595chartimages_10768622.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class R6/RBCRX)** | 31.10% | 36.54% | 9.07%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 23.13% | 30.76% | 10.81% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 23.27% | 25.27% | 7.55% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* <br> *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6742378 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Gold International Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768640.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

CHR-SAR-09-25

**RBC China Equity Fund** — **Class R6**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC BlueBay Ultra-Short Fixed Income Fund**

**Class A / RULFX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC BlueBay Ultra-Short Fixed Income Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC BlueBay Ultra-Short Fixed Income Fund<br>(Class A/RULFX) | $19 | 0.37% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to achieve a high level of current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 25% of its net assets in securities that are non-investment grade (high yield/junk bond).

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the 6 month period, the fund was strategically overweight to spread sectors, principally asset-backed securities and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance. |
| Sector – Corporates | Positive | Spread compression within corporates, especially financials and consumer cyclicals, was additive to performance. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed for the period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768252.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Ultra-Short Fixed Income Fund (Class A/RULFX)** | 2.10% | 4.57% | 3.29% | 2.77% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 3.26% | 2.88% | -0.45% | 1.84% |
| **ICE BofA US 1-Year Treasury Bill Index (Strategy Benchmark)** | 2.09% | 4.04% | 2.55% | 2.06% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$66699000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.08%, 1/20/27 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.26%, 3/3/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., GMTN, 3.53%, 3/24/28 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, (SOFR RATE + 1.120%), 5.27%, 6/23/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 4.70%, 8/5/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 4.95%, 1/29/26 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., (SOFR RATE + 0.770%), 4.96%, 6/9/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc., 4.22%, 10/7/25 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation No. 2, 4.19%, 10/14/25 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.23%, 10/23/25 | 1.5% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768270.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

BUSA-SAR-09-25

**RBC BlueBay Ultra-Short Fixed Income Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC BlueBay Ultra-Short Fixed Income Fund**

**Class I / RUSIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC BlueBay Ultra-Short Fixed Income Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC BlueBay Ultra-Short Fixed Income Fund<br>(Class I/RUSIX) | $14 | 0.27% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to achieve a high level of current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 25% of its net assets in securities that are non-investment grade (high yield/junk bond).

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the 6 month period, the fund was strategically overweight to spread sectors, principally asset-backed securities and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance. |
| Sector – Corporates | Positive | Spread compression within corporates, especially financials and consumer cyclicals, was additive to performance. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed for the period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768289.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Ultra-Short Fixed Income Fund (Class I/RUSIX)** | 2.25% | 4.68% | 3.39% | 2.86% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 3.26% | 2.88% | -0.45% | 1.84% |
| **ICE BofA US 1-Year Treasury Bill Index (Strategy Benchmark)** | 2.09% | 4.04% | 2.55% | 2.06% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$66699000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.08%, 1/20/27 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.26%, 3/3/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., GMTN, 3.53%, 3/24/28 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, (SOFR RATE + 1.120%), 5.27%, 6/23/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 4.70%, 8/5/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 4.95%, 1/29/26 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., (SOFR RATE + 0.770%), 4.96%, 6/9/27 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc., 4.22%, 10/7/25 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation No. 2, 4.19%, 10/14/25 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.23%, 10/23/25 | 1.5% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768307.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

BUSI-SAR-09-25

**RBC BlueBay Ultra-Short Fixed Income Fund** — **Class I**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC BlueBay Short Duration Fixed Income Fund**

**Class A / RSHFX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC BlueBay Short Duration Fixed Income Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC BlueBay Short Duration Fixed Income Fund<br>(Class A/RSHFX) | $23 | 0.45% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to achieve a high level of current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 25% of its net assets in securities that are non-investment grade (high yield/junk bond).

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | The fund exhibited a strategic overweight to spread sectors. Income generated from these sectors was the primary driver of performance over the last 6 months. |
| Sector Allocation – ABS | Negative | Asset-backed securities in the fund underperformed for the period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. |
| Sector Allocation | Positive | Spread compression within corporates, especially financials and industrials, was additive to performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768178.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Short Duration Fixed Income Fund (Class A/RSHFX)— including sales load (1.50%)** | 0.49% | 2.41% | 2.04% | 2.36% |
| **RBC BlueBay Short Duration Fixed Income Fund (Class A/RSHFX) — excluding sales load** | 2.03% | 3.97% | 2.35% | 2.51% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 3.26% | 2.88% | -0.45% | 1.84% |
| **ICE BofA 1-3 Year US Corporate & Government Index (Strategy Benchmark)** | 2.48% | 4.14% | 1.79% | 1.95% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$74386993 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, U.S. Treasury Bill- When Issued, 4.10%, 10/9/25 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, U.S. Treasury Bill- When Issued, 4.09%, 10/21/25 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust, 4.20%, 10/2/25 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche - Tard, Inc., 4.25%, 10/7/25 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 6.07%, 10/22/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A, Class D, 6.62%, 2/15/29 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Series 2025-2, Class A3, 4.43%, 8/15/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 6.34%, 10/30/26 | 1.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768196.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

BSHA-SAR-09-25

**RBC BlueBay Short Duration Fixed Income Fund** — **Class A**

![TSR_AdvisorLogo](g49595images_29660.jpg)

**RBC BlueBay Short Duration Fixed Income Fund**

**Class I / RSDIX**

**Semi-annual SHAREHOLDER REPORT \| September 30, 2025**

This semi-annual shareholder report contains important information about the RBC BlueBay Short Duration Fixed Income Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| RBC BlueBay Short Duration Fixed Income Fund<br>(Class I/RSDIX) | $18 | 0.35% |

---

*<sup><sup>1</sup></sup>* **Annualized** 

#### Management's Discussion of Fund Performance
**SUMMARY OF RESULTS**

The Fund seeks to achieve a high level of current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 25% of its net assets in securities that are non-investment grade (high yield/junk bond).

The following table outlines key factors that materially affected the Fund's performance compared to its strategy benchmark during the period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | The fund exhibited a strategic overweight to spread sectors. Income generated from these sectors was the primary driver of performance over the last 6 months. |
| Sector Allocation – ABS | Negative | Asset-backed securities in the fund underperformed for the period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. |
| Sector Allocation | Positive | Spread compression within corporates, especially financials and industrials, was additive to performance. |

---

#### Fund Performance
**Growth of $10,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g49595chartimages_10768215.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **6 Months<sup>#</sup>** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Short Duration Fixed Income Fund (Class I/RSDIX)** | 2.08% | 4.08% | 2.46% | 2.61% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 3.26% | 2.88% | -0.45% | 1.84% |
| **ICE BofA 1-3 Year US Corporate & Government Index (Strategy Benchmark)** | 2.48% | 4.14% | 1.79% | 1.95% |

---

 *<sup><sup>#</sup></sup>* *Not annualized.* 

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** https://usmutualfunds.rbcgam.com/fund-list/ **or call 1-800-973-0073.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance shown may reflect contractual fee waivers. Without such waivers, total returns would be reduced.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$74386993 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, U.S. Treasury Bill- When Issued, 4.10%, 10/9/25 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, U.S. Treasury Bill- When Issued, 4.09%, 10/21/25 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust, 4.20%, 10/2/25 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche - Tard, Inc., 4.25%, 10/7/25 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 6.07%, 10/22/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A, Class D, 6.62%, 2/15/29 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Series 2025-2, Class A3, 4.43%, 8/15/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 6.34%, 10/30/26 | 1.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g49595chartimages_10768233.jpg)

![TSR_QRCode](g49595images_29659.jpg)

#### Availability of Additional Information
You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at www.dfinview.com/usrbcgam, by scanning the QR code or by contacting us at 1-800-422-2766.

#### Householding
To help lower operating costs, the RBC Funds attempt to eliminate mailing duplicate documents to the same address. When two or more RBC Fund shareholders have the same last name and address, the Funds may send only one prospectus, proxy, financial report or other communications to that address rather than mailing separate documents to each shareholders. This practice is known as "householding". Shareholders may opt out of this single mailing at any time by calling us at 1-800-422-2766.

**Not FDIC Insured. No Bank Guarantee. May Lose Value.**

RBC Global Asset Management (U.S.) Inc. is the Adviser for the RBC Funds Trust. Securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited and RBC Global Asset Management (Asia) Limited which are separate, but affiliated subsidiaries of RBC. <sup>® /</sup>™ Trademark(s) of Royal Bank of Canada. Used under license.©2025 RBC Global Asset Management (U.S.) Inc.

BSHI-SAR-09-25

**RBC BlueBay Short Duration Fixed Income Fund** — **Class I**

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Financial Statements and Other Important Information filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![LOGO](g49595g01a02.jpg)

RBC Global Asset Management Financial Statements and Other Important Information For the six months ended September 30, 2025 RBC Emerging Markets Equity Fund RBC Emerging Markets ex-China Equity Fund RBC Emerging Markets Value Equity Fund RBC Global Opportunities Fund RBC International Equity Fund RBC International Small Cap Equity Fund RBC China Equity Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds<br>|  |
| <br> **Table of** | [Schedules of Portfolio Investments](#fin149595_1) | 1 |
| Contents | [Financial Statements](#fin149595_8) |  |
|  | [- Statements of Assets and Liabilities](#fin149595_2) | 26 |
|  | [- Statements of Operations](#fin149595_3) | 34 |
|  | [- Statements of Changes in Net Assets](#fin149595_4) | 38 |
|  | [Financial Highlights](#fin149595_5) | 45 |
|  | [Notes to Financial Statements](#fin149595_6) | 62 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin149595_7) | 84 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 96.3%** | **Common Stocks — 96.3%** |  |
|  **Brazil — 5.3%** | **Brazil — 5.3%** |  |
| 49651683 | B3 SA - Brasil Bolsa Balcao | $124543185 |
| 21749 | MercadoLibre, Inc.\* | 50826108 |
| 24919327 | Raia Drogasil SA | 85963426 |
| 2240700 | WEG SA | 15362515 |
|  |  | 276695234 |
|  **Chile — 4.9%** | **Chile — 4.9%** |  |
| 6863321 | Antofagasta Plc | 255246387 |
|  **China — 23.0%** | **China — 23.0%** |  |
| 8549717 | Alibaba Group Holding Ltd. | 191206867 |
| 10611376 | China Resources Land Ltd. | 41357775 |
| 1426341 | Contemporary Amperex Technology Co. Ltd., Class A | 80892699 |
| 3779666 | Meituan, Class B(a),\* | 50491683 |
| 8437574 | Midea Group Co. Ltd., Class A | 86283720 |
| 19837981 | NARI Technology Co. Ltd., Class A | 64101193 |
| 2997243 | NetEase, Inc. | 91033353 |
| 12706334 | Ping An Insurance Group Co. of China Ltd., Series H | 86442325 |
| 1354567 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 46874682 |
| 4184386 | Tencent Holdings Ltd. | 356549867 |
| 939462 | Yum China Holdings, Inc. | 40321709 |
| 1420050 | Yum China Holdings, Inc. | 62141285 |
|  |  | 1197697158 |
|  **Hong Kong — 5.9%** | **Hong Kong — 5.9%** |  |
| 16452798 | AIA Group Ltd. | 157683052 |
| 2640589 | Hong Kong Exchanges & Clearing Ltd. | 149907706 |
|  |  | 307590758 |
|  **India — 14.6%** | **India — 14.6%** |  |
| 5101412 | Dr Reddy's Laboratories Ltd. | 70775576 |
| 8494400 | HDFC Bank Ltd., ADR | 290168704 |
| 2679832 | Kotak Mahindra Bank Ltd. | 60085266 |
| 4354436 | Mahindra & Mahindra Ltd. | 168057850 |
| 5506821 | Marico Ltd. | 43277282 |
| 3983625 | Tata Consultancy Services Ltd. | 129664312 |
|  |  | 762028990 |
|  **Indonesia — 1.3%** | **Indonesia — 1.3%** |  |
| 150578141 | Bank Central Asia Tbk PT | 68958837 |
| 14179316 | Kalbe Farma Tbk PT | 964119 |
|  |  | 69922956 |
|  **Korea — 7.9%** | **Korea — 7.9%** |  |
| 1074090 | Samsung Electronics Co. Ltd. | 64392048 |
| 309741 | Samsung Fire & Marine Insurance Co. Ltd. | 99699921 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1758181 | Shinhan Financial Group Co. Ltd. | $88643893 |
| 634795 | SK Hynix, Inc. | 157364403 |
|  |  | 410100265 |
|  **Mexico — 3.2%** | **Mexico — 3.2%** |  |
| 1244300 | Fomento Economico Mexicano SAB de CV, ADR | 122725309 |
| 14421900 | Wal-Mart de Mexico SAB de CV | 44556808 |
|  |  | 167282117 |
|  **Peru — 1.8%** | **Peru — 1.8%** |  |
| 353560 | Credicorp Ltd. | 94145957 |
|  **Philippines — 1.3%** | **Philippines — 1.3%** |  |
| 5170829 | SM Investments Corp. | 65320657 |
|  **Poland — 0.6%** | **Poland — 0.6%** |  |
| 2466196 | Dino Polska SA(a),\* | 29726628 |
|  **South Africa — 4.7%** | **South Africa — 4.7%** |  |
| 2841112 | Clicks Group Ltd. | 57944574 |
| 7535829 | Discovery Ltd. | 86065527 |
| 271262 | Naspers Ltd., Class N | 98568925 |
|  |  | 242579026 |
|  **Taiwan — 17.3%** | **Taiwan — 17.3%** |  |
| 4037304 | Advantech Co. Ltd. | 42492839 |
| 4080717 | Delta Electronics, Inc. | 114954228 |
| 45543588 | E.Sun Financial Holding Co. Ltd. | 49910000 |
| 1540421 | MediaTek, Inc. | 66807675 |
| 3781568 | President Chain Store Corp. | 30796748 |
| 11421307 | Taiwan Semiconductor Manufacturing Co. Ltd. | 496116760 |
| 28021574 | Uni-President Enterprises Corp. | 72247381 |
| 827923 | Voltronic Power Technology Corp. | 25282429 |
|  |  | 898608060 |
|  **Thailand — 1.0%** | **Thailand — 1.0%** |  |
| 10285198 | Kasikornbank Public Co. Ltd., NVDR | 53198786 |
|  **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** |  |
| 13781464 | Aldar Properties PJSC | 35598493 |
|  **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |  |
| 2151015 | Unilever Plc  | 127143589 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **United States — 0.4%** | **United States — 0.4%** |  |
| 323200 | Globant SA\* | $18545216 |
|  **Total Common Stocks** | **Total Common Stocks** | **5011430277** |
|  (Cost $3,997,834,148) | (Cost $3,997,834,148) |  |
|  **Preferred Stocks — 2.9%** | **Preferred Stocks — 2.9%** |  |
|  **Korea — 2.9%** | **Korea — 2.9%** |  |
| 3104497 | Samsung Electronics Co. Ltd., 1.99% | 147342577 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **147342577** |
|  (Cost $132,273,758) | (Cost $132,273,758) |  |
|  **Investment Company — 1.2%** | **Investment Company — 1.2%** |  |
| 64080717 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 64080717 |
|  **Total Investment Company** | **Total Investment Company** | **64080717** |
|  (Cost $64,080,717) | (Cost $64,080,717) |  |
|  **Total Investments** | **Total Investments** | $**5222853571** |
|  (Cost $4,194,188,623)(c) — 100.4% | (Cost $4,194,188,623)(c) — 100.4% |  |
|  **Liabilities in excess of other assets — (0.4)%** | **Liabilities in excess of other assets — (0.4)%** | **(20238270)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**5202615301** |

---

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

(b) Affiliated investment.

(c) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

NVDR - Non-Voting Depository Receipt

#### See Notes to the Financial Statements.

#### 3

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets ex-China Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 96.0%** | **Common Stocks — 96.0%** |  |
|  **Brazil — 7.4%** | **Brazil — 7.4%** |  |
| 609100 | B3 SA - Brasil Bolsa Balcao | $1527828 |
| 465 | MercadoLibre, Inc.\* | 1086677 |
| 335076 | Raia Drogasil SA | 1155901 |
| 103800 | WEG SA | 711666 |
|  |  | 4482072 |
|  **Chile — 5.0%** | **Chile — 5.0%** |  |
| 81554 | Antofagasta Plc | 3032987 |
|  **India — 23.2%** | **India — 23.2%** |  |
| 220787 | Devyani International Ltd.\* | 417103 |
| 83400 | Dr. Reddy's Laboratories Ltd., ADR | 1165932 |
| 163590 | HDFC Bank Ltd. | 1753146 |
| 49600 | HDFC Bank Ltd., ADR | 1694336 |
| 85906 | Hindalco Industries Ltd. | 737251 |
| 45623 | Kotak Mahindra Bank Ltd. | 1022926 |
| 63072 | Mahindra & Mahindra Ltd. | 2434241 |
| 157103 | Marico Ltd. | 1234649 |
| 77127 | Phoenix Mills Ltd. (The) | 1350198 |
| 48500 | Tata Consultancy Services Ltd. | 1578642 |
| 43497 | Tata Consumer Products Ltd. | 553426 |
|  |  | 13941850 |
|  **Indonesia — 2.8%** | **Indonesia — 2.8%** |  |
| 1908800 | Bank Central Asia Tbk PT | 874155 |
| 1846400 | Bank Rakyat Indonesia Persero Tbk PT | 432764 |
| 3073400 | Sumber Alfaria Trijaya Tbk PT | 356319 |
|  |  | 1663238 |
|  **Korea — 13.7%** | **Korea — 13.7%** |  |
| 14841 | LEENO Industrial, Inc. | 545663 |
| 88006 | Macquarie Korea Infrastructure Fund | 722138 |
| 27274 | Samsung Electronics Co. Ltd. | 1635085 |
| 5422 | Samsung Fire & Marine Insurance Co. Ltd. | 1745242 |
| 28932 | Shinhan Financial Group Co. Ltd. | 1458692 |
| 8552 | SK Hynix, Inc. | 2120024 |
|  |  | 8226844 |
|  **Mexico — 4.3%** | **Mexico — 4.3%** |  |
| 158300 | Fomento Economico Mexicano SAB de CV | 1559791 |
| 67600 | Regional SAB de CV | 606992 |
| 138900 | Wal-Mart de Mexico SAB de CV | 429135 |
|  |  | 2595918 |
|  **Peru — 1.7%** | **Peru — 1.7%** |  |
| 3800 | Credicorp Ltd.  | 1011864 |

---

#### 4

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets ex-China Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Philippines — 1.4%** | **Philippines — 1.4%** |  |
| 67440 | SM Investments Corp. | $851938 |
|  **Poland — 0.8%** | **Poland — 0.8%** |  |
| 42832 | Dino Polska SA(a),\* | 516281 |
|  **South Africa — 5.5%** | **South Africa — 5.5%** |  |
| 40656 | Clicks Group Ltd. | 829180 |
| 112076 | Discovery Ltd. | 1280003 |
| 1917 | Naspers Ltd., Class N | 696583 |
| 341822 | Pepkor Holdings Ltd.(a) | 481426 |
|  |  | 3287192 |
|  **Taiwan — 24.7%** | **Taiwan — 24.7%** |  |
| 51508 | Advantech Co. Ltd. | 542124 |
| 95316 | Chroma ATE, Inc. | 1819009 |
| 84241 | Delta Electronics, Inc. | 2373078 |
| 1272894 | E.Sun Financial Holding Co. Ltd. | 1394931 |
| 23661 | MediaTek, Inc. | 1026172 |
| 136934 | Taiwan Semiconductor Manufacturing Co. Ltd. | 5948115 |
| 407479 | Uni-President Enterprises Corp. | 1050594 |
| 22772 | Voltronic Power Technology Corp. | 695393 |
|  |  | 14849416 |
|  **Thailand — 0.7%** | **Thailand — 0.7%** |  |
| 76700 | Kasikornbank Public Co. Ltd., NVDR | 396720 |
|  **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |  |
| 240947 | Aldar Properties PJSC | 622383 |
|  **United Kingdom — 2.5%** | **United Kingdom — 2.5%** |  |
| 25517 | Unilever Plc | 1508276 |
|  **United States — 0.3%** | **United States — 0.3%** |  |
| 3400 | Globant SA\* | 195092 |
|  **Vietnam — 1.0%** | **Vietnam — 1.0%** |  |
| 619406 | Asia Commercial Bank JSC | 596405 |
|  **Total Common Stocks** | **Total Common Stocks** | **57778476** |
|  (Cost $46,161,804) | (Cost $46,161,804) |  |

---

#### 5

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets ex-China Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Preferred Stocks — 3.0%** | **Preferred Stocks — 3.0%** |  |
|  **Korea — 3.0%** | **Korea — 3.0%** |  |
| 37781 | Samsung Electronics Co. Ltd., 1.99% | $1793125 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **1793125** |
|  (Cost $1,677,290) | (Cost $1,677,290) |  |
|  **Investment Company — 0.8%** | **Investment Company — 0.8%** |  |
| 521697 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 521697 |
|  **Total Investment Company** | **Total Investment Company** | **521697** |
|  (Cost $521,697) | (Cost $521,697) |  |
|  **Total Investments** | **Total Investments** | $**60093298** |
|  (Cost $48,360,791)(c) — 99.8% | (Cost $48,360,791)(c) — 99.8% |  |
|  **Other assets in excess of liabilities — 0.2%** | **Other assets in excess of liabilities — 0.2%** | **96314** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**60189612** |

---

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

(b) Affiliated investment.

(c) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR – American Depositary Receipt

NVDR – Non-Voting Depository Receipt

#### See Notes to the Financial Statements.

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 97.0%** | **Common Stocks — 97.0%** |  |
|  **Argentina — 0.9%** | **Argentina — 0.9%** |  |
| 42766 | Corp. America Airports SA\* | $774920 |
|  **Brazil — 4.1%** | **Brazil — 4.1%** |  |
| 395900 | B3 SA - Brasil Bolsa Balcao | 993051 |
| 739191 | Cia Brasileira de Aluminio\* | 493049 |
| 207400 | Hypera SA | 885753 |
| 213040 | Lojas Renner SA | 599622 |
| 199540 | SLC Agricola SA | 617113 |
|  |  | 3588588 |
|  **Chile — 2.5%** | **Chile — 2.5%** |  |
| 45636 | Antofagasta Plc | 1697199 |
| 166030 | Cencosud SA | 472309 |
|  |  | 2169508 |
|  **China — 23.8%** | **China — 23.8%** |  |
| 242300 | Alibaba Group Holding Ltd. | 5418825 |
| 215498 | Beijing New Building Materials Plc, Class A | 717404 |
| 368500 | China Merchants Bank Co. Ltd., Class H | 2205464 |
| 144000 | China Resources Beer Holdings Co. Ltd. | 506647 |
| 436500 | China Resources Land Ltd. | 1701256 |
| 16599 | Contemporary Amperex Technology Co. Ltd., Class A | 941386 |
| 62800 | Meituan, Class B(a),\* | 838931 |
| 125800 | Midea Group Co. Ltd., Class A | 1286447 |
| 6200 | NetEase, Inc., ADR | 942338 |
| 288999 | Ping An Insurance Group Co. of China Ltd., Series H | 1966086 |
| 37492 | Sieyuan Electric Co. Ltd., Class A | 574768 |
| 174000 | SITC International Holdings Co. Ltd. | 669921 |
| 1994000 | Topsports International Holdings Ltd.(a) | 809093 |
| 11850 | Trip.com Group Ltd. | 898675 |
| 471198 | Xinyi Glass Holdings Ltd. | 545934 |
| 108200 | Zhejiang Dingli Machinery Co. Ltd., Class A | 817375 |
|  |  | 20840550 |
|  **Egypt — 0.9%** | **Egypt — 0.9%** |  |
| 395283 | Commercial International Bank Egypt SAE, GDR | 796335 |
|  **Greece — 1.0%** | **Greece — 1.0%** |  |
| 202065 | Alpha Bank SA | 859393 |
|  **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |  |
| 99400 | AIA Group Ltd. | 952646 |
| 344100 | Samsonite Group SA(a) | 737464 |
|  |  | 1690110 |

---

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Hungary — 1.0%** | **Hungary — 1.0%** |  |
| 10544 | OTP Bank Nyrt | $912091 |
|  **India — 10.4%** | **India — 10.4%** |  |
| 142818 | Axis Bank Ltd. | 1819422 |
| 49400 | HDFC Bank Ltd., ADR | 1687504 |
| 189794 | Hindalco Industries Ltd. | 1628824 |
| 118525 | KEC International Ltd. | 1167073 |
| 368354 | Redington Ltd. | 1176471 |
| 237490 | Shriram Finance Ltd. | 1646720 |
|  |  | 9126014 |
|  **Indonesia — 1.8%** | **Indonesia — 1.8%** |  |
| 4330600 | Bank Negara Indonesia Persero Tbk PT | 1068364 |
| 7051700 | Mitra Adiperkasa Tbk PT | 476248 |
|  |  | 1544612 |
|  **Korea — 8.2%** | **Korea — 8.2%** |  |
| 12143 | DB Insurance Co. Ltd. | 1200068 |
| 13108 | Hana Financial Group, Inc. | 814989 |
| 5671 | Hyundai Motor Co. | 869384 |
| 40652 | Samsung Electronics Co. Ltd. | 2437101 |
| 4081 | Sanil Electric Co. Ltd. | 321275 |
| 6252 | SK Hynix, Inc. | 1549858 |
|  |  | 7192675 |
|  **Mexico — 2.4%** | **Mexico — 2.4%** |  |
| 267214 | Gentera SAB de CV | 695558 |
| 86255 | Grupo Comercial Chedraui SA de CV | 685575 |
| 85200 | Regional SAB de CV | 765025 |
|  |  | 2146158 |
|  **Pakistan — 0.9%** | **Pakistan — 0.9%** |  |
| 732038 | Habib Bank Ltd. | 758965 |
|  **Peru — 1.3%** | **Peru — 1.3%** |  |
| 4450 | Credicorp Ltd. | 1184946 |
|  **Philippines — 1.7%** | **Philippines — 1.7%** |  |
| 62320 | Ayala Corp. | 517117 |
| 415680 | BDO Unibank, Inc. | 949663 |
|  |  | 1466780 |
|  **Russia — 0.00%** | **Russia — 0.00%** |  |
| 2322600 | Sistema PJSFC(b),(c),\*,# | 0 |
| 893930 | United Co. RUSAL International PJSC(b),(c),\*,# | 0 |
|  |  | 0 |

---

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Saudi Arabia — 1.5%** | **Saudi Arabia — 1.5%** |  |
| 78130 | Saudi National Bank (The) | $815907 |
| 19314 | United Electronics Co. | 461968 |
|  |  | 1277875 |
|  **South Africa — 8.3%** | **South Africa — 8.3%** |  |
| 1036092 | Growthpoint Properties Ltd., REIT | 884075 |
| 63330 | Mr Price Group Ltd. | 746801 |
| 129835 | MTN Group Ltd. | 1092565 |
| 10224 | Naspers Ltd., Class N | 3715112 |
| 1018444 | Netcare Ltd. | 837875 |
|  |  | 7276428 |
|  **Taiwan — 16.8%** | **Taiwan — 16.8%** |  |
| 242106 | ASE Technology Holding Co. Ltd. | 1321992 |
| 103620 | Chailease Holding Co. Ltd. | 379751 |
| 114738 | Innodisk Corp. | 1246050 |
| 14850 | Lotes Co. Ltd. | 759075 |
| 22401 | MediaTek, Inc. | 971526 |
| 196386 | Taiwan Semiconductor Manufacturing Co. Ltd. | 8530581 |
| 142201 | Taiwan Union Technology Corp. | 1479077 |
|  |  | 14688052 |
|  **Turkey — 1.1%** | **Turkey — 1.1%** |  |
| 137865 | KOC Holding AS | 574359 |
| 40346 | Migros Ticaret AS | 432091 |
|  |  | 1006450 |
|  **United Arab Emirates — 2.1%** | **United Arab Emirates — 2.1%** |  |
| 339001 | Aldar Properties PJSC | 875663 |
| 146222 | Emirates NBD Bank PJSC | 967650 |
|  |  | 1843313 |
|  **United Kingdom — 1.1%** | **United Kingdom — 1.1%** |  |
| 132008 | Pepco Group NV | 942679 |
|  **United States — 1.5%** | **United States — 1.5%** |  |
| 9200 | Globant SA\* | 527896 |
| 23909 | Laureate Education, Inc.\* | 754090 |
|  |  | 1281986 |
|  **Vietnam — 1.8%** | **Vietnam — 1.8%** |  |
| 591520 | Ho Chi Minh City Development Joint Stock Commercial Bank\* | 693515 |
| 363500 | Hoa Phat Group JSC\* | 388157 |
| 386259 | Kinh Bac City Development Holding Corp.\* | 529121 |
|  |  | 1610793 |
|  **Total Common Stocks** | **Total Common Stocks** | **84979221** |
|  (Cost $68,651,611)  | (Cost $68,651,611)  |  |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Preferred Stocks — 3.0%** | **Preferred Stocks — 3.0%** |  |
|  **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| 93800 | Centrais Eletricas Brasileiras SA, , Class B, 3.49% | $980959 |
|  **Colombia — 0.4%** | **Colombia — 0.4%** |  |
| 63896 | Banco Davivienda SA, 0.00%\* | 399629 |
|  **Korea — 1.5%** | **Korea — 1.5%** |  |
| 27074 | Samsung Electronics Co. Ltd., 1.99% | 1284959 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **2665547** |
|  (Cost $2,344,203) | (Cost $2,344,203) |  |
|  **Investment Company — 0.4%** | **Investment Company — 0.4%** |  |
| 342611 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (d) | 342611 |
|  **Total Investment Company** | **Total Investment Company** | **342611** |
|  (Cost $342,611) | (Cost $342,611) |  |
|  **Total Investments** | **Total Investments** | $**87987379** |
|  (Cost $71,338,425)(e) — 100.4% | (Cost $71,338,425)(e) — 100.4% |  |
|  **Liabilities in excess of other assets — (0.4)%** | **Liabilities in excess of other assets — (0.4)%** | **(384059)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**87603320** |

---

(a) 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.

(b) The Pricing Committee has fair valued this security under procedures established by the Fund's Board of Trustees.

(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) Affiliated investment.

(e) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

# Denotes a restricted security, which is subject to legal or contractual restrictions on resale as the result of Office of Foreign Assets Control ("OFAC") sanctions on certain Russian entities. These securities are valued at fair value determined in good faith under valuation procedures approved by the Fund's Board of Trustees. At September 30, 2025, the total market value of these securities amounts to $0, which represents 0.00% of the Fund's total net assets. Additional information on these securities is as follows: 

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition Dates** | **Shares** | **Cost** | **Value** |
|  Sistema PJSFC | 01/14/2021–01/20/2022 | 2322600 | $962301 | $0 |
|  United Co. RUSAL International PJSC | 05/27/2021–02/04/2022 | 893930 | 756088 | 0 |
|  |  |  | $1718389 | $0 |

---

Abbreviations used are defined below:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Opportunities Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |  |
|  **Chile — 0.6%** |  |  |
| 74356 | Antofagasta Plc | $2765294 |
|  **France — 3.2%** | **France — 3.2%** |  |
| 45752 | Safran SA | 16235969 |
|  **Germany — 1.6%** | **Germany — 1.6%** |  |
| 30139 | SAP SE | 8070237 |
|  **Hong Kong — 1.4%** | **Hong Kong — 1.4%** |  |
| 759424 | AIA Group Ltd. | 7278294 |
|  **India — 1.6%** |  |  |
| 518088 | ICICI Bank Ltd. | 7851752 |
|  **Ireland — 0.8%** |  |  |
| 15800 | Accenture Plc, Class A | 3896280 |
|  **Italy — 2.6%** |  |  |
| 2017415 | Intesa Sanpaolo SpA | 13353626 |
|  **Japan — 4.5%** |  |  |
| 513800 | Mitsubishi Electric Corp. | 13196305 |
| 181300 | Recruit Holdings Co. Ltd. | 9747391 |
|  |  | 22943696 |
|  **Luxembourg — 1.1%** | **Luxembourg — 1.1%** |  |
| 75280 | Eurofins Scientific SE | 5489898 |
|  **Switzerland — 4.5%** | **Switzerland — 4.5%** |  |
| 188411 | ABB Ltd. | 13634047 |
| 51457 | Galderma Group AG | 9097613 |
|  |  | 22731660 |
|  **Taiwan — 3.3%** |  |  |
| 60100 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 16785329 |
|  **United Kingdom — 11.2%** | **United Kingdom — 11.2%** |  |
| 272580 | BAE Systems Plc | 7587654 |
| 1927256 | Haleon Plc | 8673003 |
| 118560 | InterContinental Hotels Group Plc | 14335174 |
| 822216 | National Grid Plc | 11814151 |
| 241851 | Unilever Plc | 14295486 |
|  |  | 56705468 |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Opportunities Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **United States — 61.7%** | **United States — 61.7%** |  |
| 27800 | Alphabet, Inc., Class A | $6758180 |
| 67400 | Amazon.com, Inc.\* | 14799018 |
| 10200 | AppLovin Corp., Class A\* | 7329108 |
| 3200 | AutoZone, Inc.\* | 13728768 |
| 11100 | Blackrock, Inc. | 12941157 |
| 78100 | Blackstone, Inc. | 13343385 |
| 50400 | Boeing Co. (The)\* | 10877832 |
| 51200 | Broadcom, Inc. | 16891392 |
| 65400 | Cheniere Energy, Inc. | 15367692 |
| 128700 | CRH Plc | 15431130 |
| 14100 | Eli Lilly & Co. | 10758300 |
| 39000 | Home Depot, Inc. (The) | 15802410 |
| 72100 | Intercontinental Exchange, Inc. | 12147408 |
| 16100 | Intuit, Inc. | 10994851 |
| 59600 | JPMorgan Chase & Co. | 18799628 |
| 17700 | McKesson Corp. | 13673958 |
| 60100 | Microsoft Corp. | 31128795 |
| 11700 | Netflix, Inc.\* | 14027364 |
| 169000 | NVIDIA Corp. | 31532020 |
| 24800 | Packaging Corp. of America | 5404664 |
| 40100 | Procter & Gamble Co. (The) | 6161365 |
| 62000 | Twilio, Inc., Class A\* | 6205580 |
| 22500 | UnitedHealth Group, Inc. | 7769250 |
|  |  | 311873255 |
|  **Total Common Stocks** | **Total Common Stocks** | **495980758** |
|  (Cost $396,682,623) | (Cost $396,682,623) |  |
|  **Investment Company — 1.4%** | **Investment Company — 1.4%** |  |
| 7175930 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (a) | 7175930 |
|  **Total Investment Company** | **Total Investment Company** | **7175930** |
|  (Cost $7,175,930) | (Cost $7,175,930) |  |
|  **Total Investments** | **Total Investments** | $**503156688** |
|  (Cost $403,858,553)(b) — 99.5% | (Cost $403,858,553)(b) — 99.5% |  |
|  **Other assets in excess of liabilities — 0.5%** | **Other assets in excess of liabilities — 0.5%** | **2473616** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**505630304** |

---

(a) Affiliated investment.

(b) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Opportunities Fund (cont.)

#### September 30, 2025 (Unaudited)
Abbreviations used are defined below:

ADR - American Depositary Receipt

#### See Notes to the Financial Statements.

#### 14

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |  |
|  **Australia — 5.9%** | **Australia — 5.9%** |  |
| 20045 | Amcor Ltd. | $163101 |
| 1714 | CSL Ltd. | 225470 |
| 319 | Flutter Entertainment Plc\* | 83206 |
| 17027 | Fortescue Ltd. | 210870 |
| 6183 | Goodman Group, REIT | 133992 |
| 1835 | Macquarie Group Ltd. | 266351 |
| 8984 | National Australia Bank Ltd. | 262079 |
| 32175 | Paladin Energy Ltd.\* | 177726 |
| 14825 | Telix Pharmaceuticals Ltd.\* | 143314 |
|  |  | 1666109 |
|  **China — 1.8%** | **China — 1.8%** |  |
| 3766 | Prosus NV | 266313 |
| 2800 | Tencent Holdings Ltd. | 238587 |
|  |  | 504900 |
|  **Denmark — 2.7%** | **Denmark — 2.7%** |  |
| 680 | DSV A/S | 135844 |
| 7503 | Novo Nordisk A/S, Class B | 417780 |
| 3221 | Novonesis Novozymes, Class B | 198233 |
|  |  | 751857 |
|  **Finland — 1.6%** | **Finland — 1.6%** |  |
| 38276 | Sampo Oyj, Class A | 440057 |
|  **France — 9.4%** | **France — 9.4%** |  |
| 2387 | Air Liquide SA | 497347 |
| 1682 | EssilorLuxottica SA | 547918 |
| 666 | L'Oreal SA | 289368 |
| 661 | LVMH Moet Hennessy Louis Vuitton SE | 406767 |
| 527 | Safran SA | 187016 |
| 927 | Schneider Electric SE | 260925 |
| 4274 | TotalEnergies SE | 260324 |
| 1307 | Vinci SA | 181636 |
|  |  | 2631301 |
|  **Germany — 8.0%** | **Germany — 8.0%** |  |
| 1404 | Allianz SE | 590700 |
| 622 | Deutsche Boerse AG | 166566 |
| 3418 | Deutsche Telekom AG | 116449 |
| 966 | Heidelberg Materials AG | 218360 |
| 1209 | Mercedes-Benz Group AG | 76203 |
| 117 | Rheinmetall AG | 273683 |
| 1225 | SAP SE | 328015 |

---

#### 15

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1154 | Siemens AG | $311555 |
| 1450 | Siemens Energy AG\* | 170490 |
|  |  | 2252021 |
|  **Hong Kong — 1.0%** | **Hong Kong — 1.0%** |  |
| 28200 | AIA Group Ltd. | 270268 |
|  **Ireland — 3.7%** | **Ireland — 3.7%** |  |
| 24687 | Bank of Ireland Group Plc | 408751 |
| 1764 | CRH Plc | 212824 |
| 7143 | Ryanair Holdings Plc, ADR | 430151 |
|  |  | 1051726 |
|  **Italy — 2.2%** | **Italy — 2.2%** |  |
| 66697 | Intesa Sanpaolo SpA | 441479 |
| 16984 | Terna - Rete Elettrica Nazionale | 172362 |
|  |  | 613841 |
|  **Japan — 21.1%** | **Japan — 21.1%** |  |
| 14200 | Asics Corp. | 371578 |
| 7200 | Daiichi Sankyo Co. Ltd. | 162001 |
| 1000 | Fast Retailing Co. Ltd. | 303712 |
| 14800 | Hitachi Ltd. | 392097 |
| 650 | Keyence Corp. | 242165 |
| 2500 | Konami Group Corp. | 360655 |
| 29900 | Mitsubishi Heavy Industries Ltd. | 782456 |
| 25800 | Mitsubishi UFJ Financial Group, Inc. | 416190 |
| 17900 | NEC Corp. | 572963 |
| 4260 | Nintendo Co. Ltd. | 368572 |
| 22000 | Ryohin Keikaku Co. Ltd. | 437738 |
| 7502 | Sanrio Co. Ltd. | 352144 |
| 25100 | Sony Financial Group, Inc.\* | 27835 |
| 25100 | Sony Group Corp. | 721542 |
| 9400 | TDK Corp. | 136120 |
| 6300 | Tokio Marine Holdings, Inc. | 266636 |
|  |  | 5914404 |
|  **Netherlands — 5.9%** | **Netherlands — 5.9%** |  |
| 149 | ASM International NV | 89869 |
| 902 | ASML Holding NV | 879619 |
| 2907 | Heineken NV | 227644 |
| 17612 | ING Groep NV | 461712 |
|  |  | 1658844 |
|  **New Zealand — 0.5%** | **New Zealand — 0.5%** |  |
| 1413 | Xero Ltd.\* | 147440 |

---

#### 16

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  **Norway — 1.6%** | **Norway — 1.6%** |  |
| 4284 | Aker BP ASA | $108725 |
| 12329 | DNB Bank ASA | 336039 |
|  |  | 444764 |
|  **Singapore — 2.7%** | **Singapore — 2.7%** |  |
| 17900 | DBS Group Holdings Ltd. | 709875 |
| 300 | Sea Ltd., ADR\* | 53619 |
|  |  | 763494 |
|  **Spain — 5.2%** | **Spain — 5.2%** |  |
| 3195 | Amadeus IT Group SA | 253970 |
| 15839 | Banco Bilbao Vizcaya Argentaria SA | 305212 |
| 24653 | Banco Santander SA | 258716 |
| 24568 | Iberdrola SA | 465056 |
| 9626 | Redeia Corp. SA | 185856 |
|  |  | 1468810 |
|  **Sweden — 3.0%** | **Sweden — 3.0%** |  |
| 7173 | Assa Abloy AB, Class B | 249677 |
| 13203 | Atlas Copco AB, Class A | 223896 |
| 13176 | Hexagon AB, Class B | 157231 |
| 298 | Spotify Technology SA\* | 208004 |
|  |  | 838808 |
|  **Switzerland — 5.0%** | **Switzerland — 5.0%** |  |
| 1518 | Holcim AG | 129523 |
| 2840 | Novartis AG | 365163 |
| 1408 | Roche Holding AG | 468841 |
| 10581 | UBS Group AG | 435022 |
|  |  | 1398549 |
|  **Taiwan — 2.6%** | **Taiwan — 2.6%** |  |
| 16817 | Taiwan Semiconductor Manufacturing Co. Ltd. | 730494 |
|  **United Kingdom — 13.7%** | **United Kingdom — 13.7%** |  |
| 3630 | Ashtead Group Plc | 243433 |
| 3975 | AstraZeneca Plc | 608975 |
| 4985 | British American Tobacco Plc | 265139 |
| 20365 | BT Group Plc | 52393 |
| 3274 | Coca-Cola Europacific Partners Plc | 296002 |
| 2732 | DCC Plc | 175864 |
| 8793 | Diageo Plc | 210396 |
| 2870 | Experian Plc | 144152 |
| 32505 | Haleon Plc | 146278 |
| 1646 | London Stock Exchange Group Plc | 188768 |
| 36629 | NatWest Group Plc | 258724 |
| 4758 | RELX Plc | 228051 |
| 20400 | Rolls-Royce Holdings Plc | 327915 |

---

#### 17

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 8096 | Shell Plc | $288550 |
| 6682 | Unilever Plc | 394964 |
|  |  | 3829604 |
|  **Total Common Stocks** | **Total Common Stocks** | 27377291 |
|  (Cost $22,794,210) | (Cost $22,794,210) |  |
|  **Investment Company — 2.6%** | **Investment Company — 2.6%** |  |
| 727848 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (a) | 727848 |
|  **Total Investment Company** | **Total Investment Company** | 727848 |
|  (Cost $727,848) | (Cost $727,848) |  |
|  **Total Investments** | **Total Investments** | $28105139 |
|  (Cost $23,522,058)(b) — 100.2% | (Cost $23,522,058)(b) — 100.2% |  |
|  **Liabilities in excess of other assets — (0.2)%** | **Liabilities in excess of other assets — (0.2)%** | (65814) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $28039325 |

---

(a) Affiliated investment.

(b) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 18

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |  |
|  **Australia — 5.9%** | **Australia — 5.9%** |  |
| 25230 | Iluka Resources Ltd. | $105772 |
| 17065 | Paladin Energy Ltd.\* | 94262 |
| 532 | Pro Medicus Ltd. | 108313 |
| 20613 | Steadfast Group Ltd. | 80782 |
| 4508 | Telix Pharmaceuticals Ltd.\* | 43579 |
|  |  | 432708 |
|  **Austria — 1.0%** | **Austria — 1.0%** |  |
| 580 | BAWAG Group AG(a) | 76463 |
|  **Belgium — 1.7%** | **Belgium — 1.7%** |  |
| 2405 | Azelis Group NV | 32729 |
| 10 | Lotus Bakeries NV | 94357 |
|  |  | 127086 |
|  **China — 4.3%** | **China — 4.3%** |  |
| 3900 | Kanzhun Ltd., ADR\* | 91104 |
| 5800 | Sieyuan Electric Co. Ltd., Class A | 88916 |
| 33000 | Zhaojin Mining Industry Co. Ltd., Class H | 131998 |
|  |  | 312018 |
|  **Denmark — 0.6%** | **Denmark — 0.6%** |  |
| 580 | Zealand Pharma A/S\* | 42772 |
|  **France — 4.8%** | **France — 4.8%** |  |
| 1365 | Exosens SAS | 69306 |
| 681 | Gaztransport Et Technigaz SA | 126462 |
| 3332 | Technip Energies NV | 157249 |
|  |  | 353017 |
|  **Germany — 3.6%** | **Germany — 3.6%** |  |
| 1140 | CTS Eventim AG & Co. KGaA | 111919 |
| 1687 | Freenet AG | 53974 |
| 927 | RENK Group AG | 95965 |
|  |  | 261858 |
|  **India — 5.3%** | **India — 5.3%** |  |
| 31401 | Aditya Birla Capital Ltd.\* | 103393 |
| 325 | Dixon Technologies India Ltd. | 59735 |
| 1981 | Gravita India Ltd. | 35059 |
| 5435 | Phoenix Mills Ltd. (The) | 95146 |
| 18389 | Varun Beverages Ltd. | 91862 |
|  |  | 385195 |
|  **Indonesia — 2.2%** | **Indonesia — 2.2%** |  |
| 383300 | Indosat Tbk PT | 40272 |

---

#### 19

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 505700 | Mayora Indah Tbk PT | $61650 |
| 2197300 | Midi Utama Indonesia Tbk PT | 57222 |
|  |  | 159144 |
|  **Italy — 0.8%** | **Italy — 0.8%** |  |
| 2050 | Lottomatica Group SpA | 55173 |
|  **Ivory Coast — 1.6%** | **Ivory Coast — 1.6%** |  |
| 2700 | Endeavour Mining Plc | 113417 |
|  **Japan — 25.3%** | **Japan — 25.3%** |  |
| 5600 | Asics Corp. | 146538 |
| 2800 | BayCurrent Inc | 164548 |
| 3100 | Food & Life Cos. Ltd. | 161838 |
| 2600 | Fujikura Ltd. | 254324 |
| 2000 | Ibiden Co. Ltd. | 120980 |
| 2600 | Japan Steel Works Ltd. (The) | 157726 |
| 2000 | Kawasaki Heavy Industries Ltd. | 131999 |
| 6100 | Namura Shipbuilding Co. Ltd. | 140633 |
| 8796 | PAL GROUP Holdings Co. Ltd. | 149492 |
| 2100 | Resonac Holdings Corp. | 71119 |
| 17900 | Round One Corp. | 158377 |
| 4100 | Ryohin Keikaku Co. Ltd. | 81578 |
| 2400 | Sanrio Co. Ltd. | 112656 |
|  |  | 1851808 |
|  **Korea — 1.1%** | **Korea — 1.1%** |  |
| 74 | Samyang Foods Co. Ltd. | 80652 |
|  **Netherlands — 1.0%** | **Netherlands — 1.0%** |  |
| 3406 | CTP NV(a) | 76008 |
|  **New Zealand — 1.7%** | **New Zealand — 1.7%** |  |
| 1921 | Fisher & Paykel Healthcare Corp. Ltd. | 41258 |
| 11954 | Infratil Ltd. | 85677 |
|  |  | 126935 |
|  **Norway — 5.8%** | **Norway — 5.8%** |  |
| 3691 | Aker BP ASA | 93675 |
| 4203 | Nordic Semiconductor ASA\* | 64763 |
| 9559 | SpareBank 1 SMN | 185672 |
| 4998 | Veidekke ASA | 79179 |
|  |  | 423289 |
|  **Philippines — 2.4%** | **Philippines — 2.4%** |  |
| 21640 | International Container Terminal Services, Inc. | 175499 |

---

#### 20

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  **Spain — 2.8%** | **Spain — 2.8%** |  |
| 8706 | ATALAYA MINING COPPER SA | $73565 |
| 1847 | CIE Automotive SA | 57858 |
| 4969 | Merlin Properties Socimi SA, REIT | 75249 |
|  |  | 206672 |
|  **Sweden — 6.6%** | **Sweden — 6.6%** |  |
| 8880 | Alimak Group AB(a) | 146239 |
| 1078 | Camurus AB\* | 78728 |
| 10610 | Hexpol AB | 95410 |
| 787 | MIPS AB | 28617 |
| 4241 | Sweco AB, Class B | 70841 |
| 2518 | Thule Group AB(a) | 61958 |
|  |  | 481793 |
|  **Switzerland — 1.7%** | **Switzerland — 1.7%** |  |
| 1546 | R&S Group Holding AG | 54287 |
| 418 | Sulzer AG | 71253 |
|  |  | 125540 |
|  **Taiwan — 4.5%** | **Taiwan — 4.5%** |  |
| 313 | ASPEED Technology, Inc. | 52059 |
| 12791 | E Ink Holdings, Inc. | 101623 |
| 1462 | Lotes Co. Ltd. | 74732 |
| 3356 | Voltronic Power Technology Corp. | 102482 |
|  |  | 330896 |
|  **Thailand — 2.6%** | **Thailand — 2.6%** |  |
| 30100 | Central Pattana Public Co. Ltd. - FOR | 52057 |
| 380 | Fabrinet\* | 138555 |
|  |  | 190612 |
|  **United Kingdom — 9.3%** | **United Kingdom — 9.3%** |  |
| 4991 | Auto Trader Group Plc(a) | 53021 |
| 10926 | Barratt Redrow Plc | 57483 |
| 2077 | Cranswick Plc | 140406 |
| 1022 | Diploma Plc | 73151 |
| 6588 | Howden Joinery Group Plc | 74951 |
| 10046 | OSB Group Plc | 76835 |
| 6414 | Rightmove Plc | 61253 |
| 2424 | Softcat Plc | 51563 |
| 11098 | Volution Group Plc | 94537 |
|  |  | 683200 |
|  **United States — 1.9%** | **United States — 1.9%** |  |
| 3876 | Life360, Inc.(a),\* | 136615 |

---

#### 21

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  **Vietnam — 1.3%** | **Vietnam — 1.3%** |  |
| 27991 | FPT Corp. | $98594 |
|  **Total Common Stocks** | **Total Common Stocks** | 7306964 |
|  (Cost $5,623,156) | (Cost $5,623,156) |  |
|  **Investment Company — 1.2%** | **Investment Company — 1.2%** |  |
| 87850 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 87850 |
|  **Total Investment Company** | **Total Investment Company** | 87850 |
|  (Cost $87,850) | (Cost $87,850) |  |
|  **Total Investments** | **Total Investments** | $7394814 |
|  (Cost $5,711,006)(c) — 101.0% | (Cost $5,711,006)(c) — 101.0% |  |
|  **Liabilities in excess of other assets — (1.0)%** | **Liabilities in excess of other assets — (1.0)%** | (75582) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $7319232 |

---

(a) 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.

(b) Affiliated investment.

(c) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR – American Depositary Receipt

FOR – Foreign Ownership Receipt

REIT – Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 22

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 96.1%** | **Common Stocks — 96.1%** |  |
|  **China — 81.8%** | **China — 81.8%** |  |
| 28216 | Alibaba Group Holding Ltd. | $631026 |
| 14400 | Anhui Yingliu Electromechanical Co. Ltd., Class A | 65933 |
| 659 | Asymchem Laboratories Tianjin Co. Ltd., Class A | 10560 |
| 400 | Baidu, Inc., ADR\* | 52708 |
| 5320 | Baidu, Inc., Class A\* | 87963 |
| 28300 | Baoshan Iron & Steel Co. Ltd., Class A | 28137 |
| 1000 | BYD Co. Ltd., Class H | 14135 |
| 262818 | CGN Mining Co. Ltd. | 106290 |
| 209476 | China Construction Bank Corp., Class H | 200922 |
| 30000 | China Hongqiao Group Ltd. | 101605 |
| 24000 | China Life Insurance Co. Ltd., Class H | 67966 |
| 10577 | China Merchants Bank Co. Ltd., Class H | 63303 |
| 108000 | China National Building Material Co. Ltd., Class H | 76527 |
| 19197 | China Resources Land Ltd. | 74820 |
| 92592 | Chongqing Rural Commercial Bank Co. Ltd., Class H | 71447 |
| 5200 | Contemporary Amperex Technology Co. Ltd., Class A | 294910 |
| 78682 | CSPC Pharmaceutical Group Ltd. | 94775 |
| 9253 | Foshan Haitian Flavouring & Food Co. Ltd., Class H | 39622 |
| 9174 | Fuyao Glass Industry Group Co. Ltd., Series H(a) | 92409 |
| 57000 | Geely Automobile Holdings Ltd. | 142868 |
| 24100 | Hengli Petrochemical Co. Ltd., Class A | 58110 |
| 3300 | Hexing Electrical Co. Ltd., Class A | 12912 |
| 104383 | Industrial & Commercial Bank of China Ltd., Class H | 76862 |
| 400 | Innovent Biologics, Inc.(a),\* | 4980 |
| 914 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H\* | 10369 |
| 85000 | Jinxin Fertility Group Ltd.(a),\* | 31155 |
| 6685 | Kanzhun Ltd., ADR\* | 156162 |
| 79 | KE Holdings, Inc., ADR | 1501 |
| 7707 | KE Holdings, Inc., Class A | 50237 |
| 37142 | Lens Technology Co. Ltd., Class H | 146526 |
| 10700 | Luxshare Precision Industry Co. Ltd., Class A | 97737 |
| 6098 | Meituan, Class B(a),\* | 81462 |
| 5636 | Midea Group Co. Ltd., Class H | 59480 |
| 100 | Mixue Group\* | 4981 |
| 11700 | Muyuan Foods Co. Ltd., Class A | 87242 |
| 4140 | NetEase, Inc. | 125742 |
| 19176 | New Horizon Health Ltd.(a),(b),(c),\* | 0 |
| 200 | OmniVision Integrated Circuits Group, Inc., Class A | 4265 |
| 2863 | PDD Holdings, Inc. , ADR\* | 378403 |
| 23612 | Ping An Insurance Group Co. of China Ltd., Series H | 160634 |
| 10300 | POCO Holding Co. Ltd., Class A | 122362 |
| 2500 | Remegen Co. Ltd., Class H(a),\* | 37718 |
| 12650 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 73923 |
| 1524 | Shenzhen Inovance Technology Co. Ltd., Class A | 18005 |
| 2070 | Shenzhen SEICHI Technologies Co. Ltd., Class A | 52833 |
| 6533 | Shenzhou International Group Holdings Ltd. | 51720 |

---

#### 23

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 4700 | Sieyuan Electric Co. Ltd., Class A | $72053 |
| 3500 | Sungrow Power Supply Co. Ltd., Class A | 79895 |
| 3912 | TAL Education Group, ADR\* | 43814 |
| 7586 | Tencent Holdings Ltd. | 646400 |
| 622 | Trip.com Group Ltd. | 47171 |
| 13400 | Xiaomi Corp., Class B(a),\* | 93129 |
| 4500 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 31594 |
| 900 | Zhongji Innolight Co. Ltd., Class A | 51369 |
| 54704 | Zijin Mining Group Co. Ltd., Class H | 228719 |
|  |  | 5517391 |
|  **Hong Kong — 7.0%** | **Hong Kong — 7.0%** |  |
| 2400 | ASMPT Ltd. | 25309 |
| 2900 | Hong Kong Exchanges & Clearing Ltd. | 164635 |
| 1500 | Techtronic Industries Co. Ltd. | 19175 |
| 16903 | Zijin Gold International Co. Ltd.\* | 261952 |
|  |  | 471071 |
|  **Korea — 0.8%** | **Korea — 0.8%** |  |
| 224 | SK Hynix, Inc. | 55529 |
|  **Macao — 1.4%** | **Macao — 1.4%** |  |
| 33600 | Sands China Ltd. | 93364 |
|  **South Africa — 3.5%** | **South Africa — 3.5%** |  |
| 643 | Naspers Ltd., Class N | 233648 |
|  **Taiwan — 1.6%** | **Taiwan — 1.6%** |  |
| 3407 | Delta Electronics, Inc. | 95976 |
| 334 | Taiwan Semiconductor Manufacturing Co. Ltd. | 14508 |
|  |  | 110484 |
|  **Total Common Stocks** | **Total Common Stocks** | 6481487 |
|  (Cost $4,720,222) | (Cost $4,720,222) |  |
|  **Participation Note — 1.3%** | **Participation Note — 1.3%** |  |
|  **China — 1.3%** | **China — 1.3%** |  |
| 12579 | Guangdong Songfa Ceramics Co. Ltd.\* | 85090 |
|  **Total Participation Note** | **Total Participation Note** | 85090 |
|  (Cost $82,351) | (Cost $82,351) |  |
|  **Total Investments** | **Total Investments** | $6566577 |
|  (Cost $4,802,573)(d) — 97.4% | (Cost $4,802,573)(d) — 97.4% |  |
|  **Other assets in excess of liabilities — 2.6%** | **Other assets in excess of liabilities — 2.6%** | 175801 |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $6742378 |

---

#### 24

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund (cont.)

#### September 30, 2025 (Unaudited)
(a) 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.

(b) The Pricing Committee has fair valued this security under procedures established by the Fund's Board of Trustees.

(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

#### See Notes to the Financial Statements.

#### 25

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets<br>Equity Fund** | **RBC Emerging Markets<br>ex-China Equity Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,130,107,906 and $47,839,094, respectively) | $5158772854 | $59571601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $64,080,717 and $521,697, respectively) | 64080717 | 521697 |
|  Cash | 102244 |  |
|  Foreign currency, at value (cost $388,260 and $4,120, respectively) | 388015 | 4090 |
|  Interest and dividend receivable | 5714623 | 61107 |
|  Receivable from advisor | 310384 | 22142 |
|  Receivable for capital shares issued | 5140038 |  |
|  Receivable for investments sold | 2742036 | 306784 |
|  Prepaid expenses and other assets | 49985 | 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5237300896 | 60507620 |
|  **Liabilities:** |  |  |
|  Current tax payable | 15102958 | 156435 |
|  Professional fees payable | 12895 | 12788 |
|  Payable for capital shares redeemed | 15387862 |  |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 3233780 | 37806 |
|  Accounting fees | 116006 | 61218 |
|  Audit fees | 25587 | 19397 |
|  Trustees' fees |  | 9 |
|  Distribution fees | 104515 | 4404 |
|  Custodian fees | 221161 | 16081 |
|  Shareholder reports |  | 3558 |
|  Transfer agent fees | 361894 | 1814 |
|  Other | 118937 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 34685595 | 318008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5202615301 | $60189612 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $4132283337 | $43417268 |
|  Accumulated earnings | 1070331964 | 16772344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5202615301 | $60189612 |

---

#### 26

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets<br>Equity Fund** | **RBC Emerging Markets<br>ex-China Equity Fund** |
|  **Net Assets** |  |  |
|  Class A | $195992186 | $815863 |
|  Class I | 3853875915 | 57858746 |
|  Class R6 | 1152747200 | 1515003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $5202615301 | $60189612 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 12073067 | 57543 |
|  Class I | 233658736 | 4071451 |
|  Class R6 | 69532985 | 106703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 315264788 | 4235697 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $16.23 | $14.18 |
|  Class I | $16.49 | $14.21 |
|  Class R6 | $16.58 | $14.20 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $17.22 | $15.05 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 27

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging<br>Markets Value<br>Equity Fund** | **RBC Global<br>Opportunities Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $70,995,814 and $396,682,623, respectively) | $87644768 | $495980758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $342,611 and $7,175,930, respectively) | 342611 | 7175930 |
|  Foreign currency, at value (cost $12,840 and $2,773, respectively) | 12840 | 2936 |
|  Interest and dividend receivable | 222590 | 1714564 |
|  Receivable from advisor | 15497 | 20868 |
|  Receivable for capital shares issued | 56931 | 10808 |
|  Receivable for investments sold | 152552 | 12075477 |
|  Prepaid expenses and other assets | 34931 | 21435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 88482720 | 517002776 |
|  **Liabilities:** |  |  |
|  Current tax payable | 308660 | 95082 |
|  Professional fees payable | 2876 | 2942 |
|  Payable for capital shares redeemed | 4890 | 5919 |
|  Payable for investments purchased | 418124 | 10857239 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 52011 | 257007 |
|  Accounting fees | 19562 | 28474 |
|  Audit fees | 19500 | 21141 |
|  Trustees' fees |  | 549 |
|  Distribution fees | 89 | 191 |
|  Custodian fees | 27058 | 9081 |
|  Shareholder reports | 2907 | 5293 |
|  Transfer agent fees | 8473 | 59728 |
|  Other | 15250 | 29826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 879400 | 11372472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $87603320 | $505630304 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $79161489 | $411319941 |
|  Accumulated earnings | 8441831 | 94310363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $87603320 | $505630304 |

---

#### 28

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging<br>Markets Value<br>Equity Fund** | **RBC Global<br>Opportunities Fund** |
|  **Net Assets** |  |  |
|  Class A | $20997 | $74371 |
|  Class I | 87117834 | 405454154 |
|  Class R6 | 464489 | 100101779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $87603320 | $505630304 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 1995 | 3112 |
|  Class I | 8257627 | 16915448 |
|  Class R6 | 47329 | 4161645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8306951 | 21080205 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $10.52 | $23.90 |
|  Class I | $10.55 | $23.97 |
|  Class R6 | $9.81 | $24.05 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $11.16 | $25.36 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 29

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC International<br> Equity Fund | RBC International<br>Small Cap Equity Fund |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $22,794,210 and $5,623,156, respectively) | $27377291 | $7306964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $727,848 and $87,850, respectively) | 727848 | 87850 |
|  Foreign currency, at value (cost $277 and $50, respectively) | 278 | 49 |
|  Interest and dividend receivable | 124842 | 19402 |
|  Receivable from advisor | 21353 | 18614 |
|  Receivable for investments sold | 37899 | 33608 |
|  Prepaid expenses and other assets | 20251 | 20097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 28309762 | 7486584 |
|  **Liabilities:** |  |  |
|  Current tax payable |  | 10421 |
|  Professional fees payable | 1523 | 8663 |
|  Payable for investments purchased | 145018 | 35227 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 15225 | 5182 |
|  Accounting fees | 60488 | 60101 |
|  Audit fees | 19496 | 19520 |
|  Distribution fees | 8208 | 3983 |
|  Custodian fees | 1123 | 5464 |
|  Shareholder reports | 4561 | 4278 |
|  Transfer agent fees | 1779 | 1777 |
|  Other | 13016 | 12736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 270437 | 167352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $28039325 | $7319232 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $21296702 | $5121124 |
|  Accumulated earnings | 6742623 | 2198108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $28039325 | $7319232 |

---

#### 30

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC International<br> Equity Fund | RBC International<br>Small Cap Equity Fund |
|  **Net Assets** |  |  |
|  Class A | $1385438 | $727138 |
|  Class I | 24541381 | 5125594 |
|  Class R6 | 2112506 | 1466500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $28039325 | $7319232 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 104696 | 50860 |
|  Class I | 1850825 | 357774 |
|  Class R6 | 159253 | 102320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2114774 | 510954 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $13.23 | $14.30 |
|  Class I | $13.26 | $14.33 |
|  Class R6 | $13.27 | $14.33 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $14.04 | $15.17 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 31

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **RBC China**<br> **Equity Fund** |
|  **Assets:** |  |
|  Investments in securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,802,573) | $6566577 |
|  Cash | 109613 |
|  Foreign currency, at value (cost $969) | 969 |
|  Interest and dividend receivable | 6024 |
|  Receivable from advisor | 13426 |
|  Receivable for investments sold | 95055 |
|  Prepaid expenses and other assets | 44015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6835679 |
|  **Liabilities:** |  |
|  Professional fees payable | 2330 |
|  Payable for investments purchased | 14197 |
|  Accrued expenses and other payables: |  |
|  Investment advisory fees | 4005 |
|  Accounting fees | 16838 |
|  Audit fees | 19524 |
|  Distribution fees | 3973 |
|  Custodian fees | 4058 |
|  Shareholder reports | 6310 |
|  Transfer agent fees | 7537 |
|  Other | 14529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 93301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $6742378 |
|  **Net Assets Consists of:** |  |
|  Capital | $5168323 |
|  Accumulated earnings | 1574055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $6742378 |

---

#### 32

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | RBC China<br>Equity Fund |
|  **Net Assets** |  |
|  Class A | $668762 |
|  Class I | 4722101 |
|  Class R6 | 1351515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $6742378 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |
|  Class A | 51781 |
|  Class I | 365064 |
|  Class R6 | 104452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 521297 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |
|  Class A | $12.92 |
|  Class I | $12.94 |
|  Class R6 | $12.94 |
|  **Maximum Offering Price Per Share:** |  |
|  Class A | $13.71 |
|  Maximum Sales Charge - Class A | 5.75% |

---

#### See Notes to the Financial Statements.

#### 33

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Six Months Ended September 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC Emerging Markets<br>Equity Fund | RBC Emerging Markets<br>ex-China Equity Fund |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $72369645 | $939528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 1082095 | 25535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (8417628) | (156827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 65034112 | 808236 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 18230555 | 257281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 216891 | 10330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 149778 | 29939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 28336 | 19682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 773628 | 28548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3539 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 117228 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 50486 | 27685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 95397 | 14323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 373987 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 1806582 | 26661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3100 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 97387 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 15232 | 15125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 57293 | 10817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 22019419 | 449194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (1786365) | (149152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20233054 | 300042 |
|  **Net Investment Income** | 44801058 | 508194 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 31320004 | 4244065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2142281) | (38460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (826146) | (68510) |
|  Net realized gains | 28351577 | 4137095 |
|  Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 839681720 | 7968048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 65645 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | 780560 | 224567 |
|  Net unrealized gains | 840527925 | 8194481 |
|  Change in net assets resulting from operations | $913680560 | $12839770 |

---

#### 34

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC Emerging<br>Markets Value<br>Equity Fund | RBC Global<br>Opportunities Fund |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $1286707 | $3815380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 11302 | 124033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (142261) | (244884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1155748 | 3694529 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 262554 | 1597093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 23 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 34708 | 37811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 19766 | 21052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 38888 | 31758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1704 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1884 | 15401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 26236 | 31283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 14601 | 21171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 1780 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 27751 | 177608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 1781 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 1473 | 12876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 3221 | 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 6860 | 11174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 443230 | 1968737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (128202) | (154923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 315028 | 1813814 |
|  **Net Investment Income** | 840720 | 1880715 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 3402175 | 20362670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (79449) | (217331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (25837) | (229957) |
|  Net realized gains | 3296889 | 19915382 |
|  Net change in unrealized appreciation/ (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 11955572 | 66372986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 2409 | 66916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (44276) | 265056 |
|  Net unrealized gains | 11913705 | 66704958 |
|  Change in net assets resulting from operations | $16051314 | $88501055 |

---

#### 35

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC International<br>Equity Fund | RBC International<br>Small Cap Equity Fund |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $&nbsp;&nbsp;&nbsp;&nbsp;451788 | $96717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 7760 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (54597) | (14747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 404951 | 84353 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 92082 | 30731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 1663 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 33733 | 33265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 19609 | 19548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14952 | 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1704 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 777 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 27650 | 27483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 13321 | 13092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 1776 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 1769 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 1775 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 636 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 3861 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 2675 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 217983 | 154461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (111698) | (119865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 106285 | 34596 |
|  **Net Investment Income** | 298666 | 49757 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 1162634 | 375437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (34659) | (6543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax |  | (1173) |
|  Net realized gains | 1127975 | 367721 |
|  Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1805901 | 881245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 5533 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax |  | 2145 |
|  Net unrealized gains | 1811434 | 883891 |
|  Change in net assets resulting from operations | $3238075 | $1301369 |

---

#### 36

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | RBC China<br>Equity Fund |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 81299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (4528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 77378 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 21493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 30751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 19546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 9761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 19734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 128825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (100218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 28607 |
|  **Net Investment Income** | 48771 |
|  **Realized/Unrealized Gains/(Losses):** |  |
|  Net realized gains/(losses) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 462807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3450) |
|  Net realized gains | 459357 |
|  Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1087293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 149 |
|  Net unrealized gains | 1087442 |
|  Change in net assets resulting from operations | $1595570 |

---

#### See Notes to the Financial Statements.

#### 37

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets**<br>**Equity Fund** | **RBC Emerging Markets**<br>**Equity Fund** |
|  | <br> **For the**<br> **Six Months Ended**<br> **September 30, 2025<br>(Unaudited)** | **For the**<br>**Year Ended<br>March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $44801058 | $41277922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 28351577 | 37082521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 840527925 | 182059576 |
|  Change in net assets resulting from operations | 913680560 | 260420019 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (656882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (43604009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (7314419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (51575310) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 891190534 | 1557874218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 42180945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (540765723) | (758685105) |
|  Change in net assets resulting from capital transactions | 350424811 | 841370058 |
|  Net increase in net assets | 1264105371 | 1050214767 |
|  **Net Assets:** |  |  |
|  Beginning of period | 3938509930 | 2888295163 |
|  End of period | $5202615301 | $3938509930 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 61226925 | 114913222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 3195558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (36734404) | (56185199) |
|  Change in shares resulting from capital transactions | 24492521 | 61923581 |

---

#### See Notes to the Financial Statements.

#### 38

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC Emerging Markets<br>ex-China Equity Fund | RBC Emerging Markets<br>ex-China Equity Fund |
|  | <br> **For the**<br> **Six Months Ended**<br> **September 30, 2025<br>(Unaudited)** | For the<br>Year Ended<br>March 31, 2025 |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $508194 | $601447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 4137095 | 1876104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | 8194481 | (3202333) |
|  Change in net assets resulting from operations | 12839770 | (724782) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (306169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (2261002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (54636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (2621807) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 2323764 | 13454796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 2530245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15819818) | (1976504) |
|  Change in net assets resulting from capital transactions | (13496054) | 14008537 |
|  Net increase/(decrease) in net assets | (656284) | 10661948 |
|  **Net Assets:** |  |  |
|  Beginning of period | 60845896 | 50183948 |
|  End of period | $60189612 | $60845896 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 176173 | 1045039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 212077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1167676) | (165398) |
|  Change in shares resulting from capital transactions | (991503) | 1091718 |

---

#### See Notes to the Financial Statements.

#### 39

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** |
|  | <br> **For the**<br> **Six Months Ended**<br>**September 30, 2025**<br>**(Unaudited)** | **For the**<br>**Year Ended<br>March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $840720 | $1157411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 3296889 | 658637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 11913705 | 2083758 |
|  Change in net assets resulting from operations | 16051314 | 3899806 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (2666810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (7173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (2674692) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 19358494 | 5487015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 2674070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5458425) | (17300601) |
|  Change in net assets resulting from capital transactions | 13900069 | (9139516) |
|  Net increase/(decrease) in net assets | 29951383 | (7914402) |
|  **Net Assets:** |  |  |
|  Beginning of period | 57651937 | 65566339 |
|  End of period | $87603320 | $57651937 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1977294 | 656471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 339849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (585343) | (2068724) |
|  Change in shares resulting from capital transactions | 1391951 | (1072404) |

---

#### See Notes to the Financial Statements.

#### 40

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC Global<br>Opportunities Fund | RBC Global<br>Opportunities Fund |
|  | <br> **For the**<br> **Six Months Ended**<br>September 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>March 31, 2025 |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1880715 | $3684436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 19915382 | 48090518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | 66704958 | (31674825) |
|  Change in net assets resulting from operations | 88501055 | 20100129 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (2393575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (903876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (3297643) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 23620266 | 26654313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 3032807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (88699871) | (59426896) |
|  Change in net assets resulting from capital transactions | (65079605) | (29739776) |
|  Net increase/(decrease) in net assets | 23421450 | (12937290) |
|  **Net Assets:** |  |  |
|  Beginning of period | 482208854 | 495146144 |
|  End of period | $505630304 | $482208854 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1159870 | 1305026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 146016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4074220) | (2870955) |
|  Change in shares resulting from capital transactions | (2914350) | (1419913) |

---

#### See Notes to the Financial Statements.

#### 41

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC International<br>Equity Fund | RBC International<br>Equity Fund |
|  | For the<br>Six Months Ended<br>September 30, 2025<br>(Unaudited) | **For the**<br> **Year Ended**<br> **March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $298666 | $398211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 1127975 | 1137809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | 1811434 | (1249680) |
|  Change in net assets resulting from operations | 3238075 | 286340 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (35880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (677579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (59032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (772491) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 122918 | 16519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 772491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14420) | (103) |
|  Change in net assets resulting from capital transactions | 108498 | 788907 |
|  Net increase in net assets | 3346573 | 302756 |
|  **Net Assets:** |  |  |
|  Beginning of period | 24692752 | 24389996 |
|  End of period | $28039325 | $24692752 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 9573 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 67941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1106) | (8) |
|  Change in shares resulting from capital transactions | 8467 | 69330 |

---

#### See Notes to the Financial Statements.

#### 42

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC International<br>Small Cap Equity Fund | RBC International<br>Small Cap Equity Fund |
|  | For the<br>Six Months Ended<br>September 30, 2025<br>(Unaudited) | **For the**<br> **Year Ended<br>March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $49757 | $60650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 367721 | 265373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 883891 | 114504 |
|  Change in net assets resulting from operations | 1301369 | 440527 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (7260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (61257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (18102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (86619) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 86619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |
|  Change in net assets resulting from capital transactions |  | 86619 |
|  Net increase in net assets | 1301369 | 440527 |
|  **Net Assets:** |  |  |
|  Beginning of period | 6017863 | 5577336 |
|  End of period | $7319232 | $6017863 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 7427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
|  Change in shares resulting from capital transactions |  | 7427 |

---

#### See Notes to the Financial Statements.

#### 43

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC China<br>Equity Fund | RBC China<br>Equity Fund |
|  | For the<br>Six Months Ended<br>September 30, 2025<br>(Unaudited) | **For the**<br> **Year Ended**<br> **March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $48771 | $48815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 459357 | 248264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 1087442 | 768624 |
|  Change in net assets resulting from operations | 1595570 | 1065703 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (7595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (61086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (17912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions |  | (86593) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  | 86593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |
|  Change in net assets resulting from capital transactions |  | 86593 |
|  Net increase in net assets | 1595570 | 1065703 |
|  **Net Assets:** |  |  |
|  Beginning of period | 5146808 | 4081105 |
|  End of period | $6742378 | $5146808 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 10068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
|  Change in shares resulting from capital transactions |  | 10068 |

---

#### See Notes to the Financial Statements.

#### 44

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br>**on Investments** | **Redemption**<br>**Fees** | **Total from**<br>**Investment<br>Activities** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** |<br>**Net Asset<br>Value, End**<br>**of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $13.34 | 0.13 | 2.76 |  | 2.89 |  |  |  | $16.23 |
|  Year Ended 3/31/25 | 12.42 | 0.17 | 0.90 |  | 1.07 | (0.07) | (0.08) | (0.15) | 13.34 |
|  Year Ended 3/31/24 | 11.85 | 0.13 | 0.61 |  | 0.74 | (0.17) |  | (0.17) | 12.42 |
|  Year Ended 3/31/23 | 12.52 | 0.18 | (0.76) |  | (0.58) | (0.09) |  | (0.09) | 11.85 |
|  Year Ended 3/31/22 | 14.64 | 0.11 | (1.88) | —(b) | (1.77) | (0.15) | (0.20) | (0.35) | 12.52 |
|  Year Ended 3/31/21 | 9.50 | —(b) | 5.25 | —(b) | 5.25 | (0.11) |  | (0.11) | 14.64 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $13.54 | 0.15 | 2.80 |  | 2.95 |  |  |  | $16.49 |
|  Year Ended 3/31/25 | 12.62 | 0.16 | 0.96 |  | 1.12 | (0.12) | (0.08) | (0.20) | 13.54 |
|  Year Ended 3/31/24 | 12.04 | 0.16 | 0.62 |  | 0.78 | (0.20) |  | (0.20) | 12.62 |
|  Year Ended 3/31/23 | 12.76 | 0.20 | (0.77) |  | (0.57) | (0.15) |  | (0.15) | 12.04 |
|  Year Ended 3/31/22 | 14.91 | 0.14 | (1.91) | —(b) | (1.77) | (0.18) | (0.20) | (0.38) | 12.76 |
|  Year Ended 3/31/21 | 9.67 | 0.07 | 5.32 | —(b) | 5.39 | (0.15) |  | (0.15) | 14.91 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $13.60 | 0.15 | 2.83 |  | 2.98 |  |  |  | $16.58 |
|  Year Ended 3/31/25 | 12.69 | 0.15 | 0.96 |  | 1.11 | (0.12) | (0.08) | (0.20) | 13.60 |
|  Year Ended 3/31/24 | 12.10 | 0.17 | 0.62 |  | 0.79 | (0.20) |  | (0.20) | 12.69 |
|  Year Ended 3/31/23 | 12.82 | 0.20 | (0.77) |  | (0.57) | (0.15) |  | (0.15) | 12.10 |
|  Year Ended 3/31/22 | 14.98 | 0.15 | (1.93) |  | (1.78) | (0.18) | (0.20) | (0.38) | 12.82 |
|  Year Ended 3/31/21 | 9.72 | 0.07 | 5.34 |  | 5.41 | (0.15) |  | (0.15) | 14.98 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

#### 45

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate\*\* |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.67 %(c) | $195992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 %(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 %(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 %(d) | 6% |
|  Year Ended 3/31/25 | 8.58% | 102778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 %(e) | 16% |
|  Year Ended 3/31/24 | 6.29% | 125841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 %(e) | 34% |
|  Year Ended 3/31/23 | (4.57)% | 124373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | 19% |
|  Year Ended 3/31/22 | (12.17)% | 297037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | 14% |
|  Year Ended 3/31/21 | 55.33% | 287862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | 15% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.79 %(c) | $3853876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 %(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 %(d) | 6% |
|  Year Ended 3/31/25 | 8.91% | 3044933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 %(e) | 16% |
|  Year Ended 3/31/24 | 6.54% | 2496784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 %(e) | 34% |
|  Year Ended 3/31/23 | (4.38)% | 1751023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | 19% |
|  Year Ended 3/31/22 | (11.97)% | 2111110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | 14% |
|  Year Ended 3/31/21 | 55.77% | 2069695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | 15% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.91 %(c) | $1152747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 %(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 %(d) | 6% |
|  Year Ended 3/31/25 | 8.79% | 790799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 %(e) | 16% |
|  Year Ended 3/31/24 | 6.59% | 265671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(e) | 34% |
|  Year Ended 3/31/23 | (4.36)% | 244839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | 19% |
|  Year Ended 3/31/22 | (11.99)% | 248557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | 14% |
|  Year Ended 3/31/21 | 55.70% | 305553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | 15% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. 

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

#### 46

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

(e) Ratios include line of credit interest expense which is less than 0.01%.

#### See Notes to the Financial Statements.

#### 47

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets ex-China Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br> **on Investments** | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.64 | 0.12 | 2.42 | 2.54 |  |  |  | $14.18 |
|  Year Ended 3/31/25 | 12.12 | 0.07 | (0.07) |  | (0.04) | (0.44) | (0.48) | 11.64 |
|  Year Ended 3/31/24 | 10.40 | 0.11 | 1.82 | 1.93 | (0.07) | (0.14) | (0.21) | 12.12 |
|  Period Ended 3/31/23(b) | 10.00 | 0.03 | 0.37 | 0.40 |  |  |  | 10.40 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.64 | 0.10 | 2.47 | 2.57 |  |  |  | $14.21 |
|  Year Ended 3/31/25 | 12.14 | 0.13 | (0.10) | 0.03 | (0.09) | (0.44) | (0.53) | 11.64 |
|  Year Ended 3/31/24 | 10.41 | 0.14 | 1.83 | 1.97 | (0.10) | (0.14) | (0.24) | 12.14 |
|  Period Ended 3/31/23(b) | 10.00 | 0.03 | 0.38 | 0.41 |  |  |  | 10.41 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.63 | 0.10 | 2.47 | 2.57 |  |  |  | $14.20 |
|  Year Ended 3/31/25 | 12.13 | 0.13 | (0.09) | 0.04 | (0.10) | (0.44) | (0.54) | 11.63 |
|  Year Ended 3/31/24 | 10.41 | 0.13 | 1.83 | 1.96 | (0.10) | (0.14) | (0.24) | 12.13 |
|  Period Ended 3/31/23(b) | 10.00 | 0.04 | 0.37 | 0.41 |  |  |  | 10.41 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) For the period from December 15, 2022 (commencement of operations) through March 31, 2023.

#### 48

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets ex-China Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.82 %(c) | $816 | 1.13%(d) | 1.79%(d) | 1.53%(d) | 5% |
|  Year Ended 3/31/25 | (0.10)% | 8971 | 1.13% | 0.55% | 1.67% | 17% |
|  Year Ended 3/31/24 | 18.73% | 617 | 1.13% | 0.96% | 2.60% | 38% |
|  Period Ended 3/31/23(e) | 4.00 %(c) | 520 | 1.13%(d) | 1.06%(d) | 4.27%(d) | 2% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 22.08 %(c) | $57859 | 0.91%(d)(f) | 1.55%(d) | 1.38%(d)(f) | 5% |
|  Year Ended 3/31/25 | 0.13% | 50634 | 0.88% | 1.05% | 1.36% | 17% |
|  Year Ended 3/31/24 | 19.07% | 48328 | 0.88% | 1.23% | 1.82% | 38% |
|  Period Ended 3/31/23(e) | 4.10 %(c) | 32321 | 0.88%(d) | 0.94%(d) | 2.22%(d) | 2% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 22.10 %(c) | $1515 | 0.91%(d)(f) | 1.54%(d) | 1.53%(d)(f) | 5% |
|  Year Ended 3/31/25 | 0.18% | 1241 | 0.88% | 1.06% | 1.52% | 17% |
|  Year Ended 3/31/24 | 18.99% | 1239 | 0.88% | 1.21% | 2.03% | 38% |
|  Period Ended 3/31/23(e) | 4.10 %(c) | 1041 | 0.88%(d) | 1.31%(d) | 3.10%(d) | 2% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01% except for the period ended March 31, 2023, when the Fund's net expense ratio would increase by an amount of 0.01%. 

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

(e) For the period from December 15, 2022 (commencement of operations) through March 31, 2023.

(f) During the period ended September 30, 2025 the ratios include line of credit interest expense of 0.03%.

#### See Notes to the Financial Statements.

#### 49

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br> **on Investments** | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $8.33 | 0.11 | 2.08 | 2.19 |  |  |  | $10.52 |
|  Year Ended 3/31/25 | 8.21 | 0.14 | 0.35 | 0.49 | (0.37) |  | (0.37) | 8.33 |
|  Year Ended 3/31/24 | 7.72 | 0.14 | 0.64 | 0.78 | (0.29) |  | (0.29) | 8.21 |
|  Period Ended 3/31/23(b) | 8.62 | 0.12 | (0.50) | (0.38) |  | (0.52) | (0.52) | 7.72 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $8.34 | 0.12 | 2.09 | 2.21 |  |  |  | $10.55 |
|  Year Ended 3/31/25 | 8.22 | 0.16 | 0.35 | 0.51 | (0.39) |  | (0.39) | 8.34 |
|  Year Ended 3/31/24 | 7.73 | 0.16 | 0.65 | 0.81 | (0.32) |  | (0.32) | 8.22 |
|  Year Ended 3/31/23 | 8.81 | 0.22 | (0.78) | (0.56) |  | (0.52) | (0.52) | 7.73 |
|  Year Ended 3/31/22 | 11.22 | 0.15 | (1.30) | (1.15) | (0.18) | (1.08) | (1.26) | 8.81 |
|  Year Ended 3/31/21 | 6.42 | 0.08 | 4.76 | 4.84 | (0.03) | (0.01) | (0.04) | 11.22 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $7.76 | 0.10 | 1.95 | 2.05 |  |  |  | $9.81 |
|  Year Ended 3/31/25 | 7.88 | 0.34 | 0.13 | 0.47 | (0.59) |  | (0.59) | 7.76 |
|  Year Ended 3/31/24 | 7.41 | 0.16 | 0.63 | 0.79 | (0.32) |  | (0.32) | 7.88 |
|  Year Ended 3/31/23 | 8.46 | 0.22 | (0.75) | (0.53) |  | (0.52) | (0.52) | 7.41 |
|  Year Ended 3/31/22 | 10.90 | 0.19 | (1.29) | (1.10) | (0.26) | (1.08) | (1.34) | 8.46 |
|  Year Ended 3/31/21 | 6.42 | 0.12 | 4.68 | 4.80 | (0.31) | (0.01) | (0.32) | 10.90 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) For the period from April 19, 2022 (commencement of operations) through March 31, 2023.

#### 50

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  | <br>**Total<br>Return(a)(b)** | Net Assets,<br>End of<br>Period (000's) | **Ratio of<br>Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br> **Net Investment<br>Income (Loss)<br>to Average<br>Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | Portfolio<br>Turnover<br>Rate\*\* |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 26.29%(c) | $21 | 1.21%(d)(e) | 2.35%(d) | 20.67%(d)(e) | 23% |
|  Year Ended 3/31/25 | 6.26% | 17 | 1.22%(e) | 1.67% | 23.49%(e) | 40% |
|  Year Ended 3/31/24 | 10.47% | 16 | 1.21%(e) | 1.79% | 32.28%(e) | 44% |
|  Period Ended 3/31/23(f) | (4.16)%(c) | 14 | 1.20%(d) | 1.67%(d) | 19.67%(d) | 44% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 26.50%(c) | $87118 | 0.96%(d)(e) | 2.56%(d) | 1.34%(d)(e) | 23% |
|  Year Ended 3/31/25 | 6.53% | 57493 | 0.97%(e) | 1.93% | 1.47%(e) | 40% |
|  Year Ended 3/31/24 | 10.78% | 62756 | 0.96%(e) | 2.06% | 1.33%(e) | 44% |
|  Year Ended 3/31/23 | (6.10)% | 64106 | 0.95% | 2.86% | 1.57% | 44% |
|  Year Ended 3/31/22 | (10.95)% | 72867 | 0.95% | 1.43% | 1.41% | 67% |
|  Year Ended 3/31/21 | 75.61% | 40956 | 0.95% | 0.79% | 1.97% | 68% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 26.42%(c) | $464 | 0.89%(d)(e) | 2.37%(d) | 2.56%(d)(e) | 23% |
|  Year Ended 3/31/25 | 6.45% | 142 | 0.88%(g) | 4.11% | 1.70%(g) | 40% |
|  Year Ended 3/31/24 | 11.00% | 2795 | 0.89%(e) | 2.12% | 1.35%(e) | 44% |
|  Year Ended 3/31/23 | (6.01)% | 2520 | 0.88% | 2.93% | 1.62% | 44% |
|  Year Ended 3/31/22 | (10.84)% | 2681 | 0.88% | 1.74% | 1.33% | 67% |
|  Year Ended 3/31/21 | 75.44% | 3006 | 0.88% | 1.36% | 3.37% | 68% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. 

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

#### 51

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

(d) Annualized.

(e) During the period ended September 30, 2025, and years ended March 31, 2025 and 2024 the ratios include line of credit interest expense of 0.01%, 0.02% and 0.01%, respectively.

(f) For period from April 19, 2022 (commencement of operations) through March 31, 2023.

(g) Ratios include line of credit interest expense which is less than 0.01%.

#### See Notes to the Financial Statements.

#### 52

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income/<br>(Loss)(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br>**on Investments** | **Redemption**<br>**Fees** | **Total from**<br>**Investment**<br>**Activities** | **Net**<br>**Investment<br>Income** | **Net**<br>**Realized<br>Gains** | **Total**<br>**Distributions** |<br>**Net Asset<br>Value, End**<br>**of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $20.04 | 0.05 | 3.81 |  | 3.86 |  |  |  | $23.90 |
|  Year Ended 3/31/25 | 19.43 | 0.09 | 0.60 |  | 0.69 | (0.08) |  | (0.08) | 20.04 |
|  Year Ended 3/31/24 | 16.86 | 0.09 | 2.58 |  | 2.67 | (0.10) |  | (0.10) | 19.43 |
|  Year Ended 3/31/23 | 19.09 | 0.07 | (2.30) |  | (2.23) | —(b) |  |  | 16.86 |
|  Year Ended 3/31/22 | 19.39 | —(b) | 0.64 |  | 0.64 | (0.03) | (0.91) | (0.94) | 19.09 |
|  Year Ended 3/31/21 | 12.28 | (0.01) | 7.51 | —(b) | 7.50 |  | (0.39) | (0.39) | 19.39 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $20.08 | 0.08 | 3.81 |  | 3.89 |  |  |  | $23.97 |
|  Year Ended 3/31/25 | 19.47 | 0.15 | 0.59 |  | 0.74 | (0.13) |  | (0.13) | 20.08 |
|  Year Ended 3/31/24 | 16.88 | 0.14 | 2.58 |  | 2.72 | (0.13) |  | (0.13) | 19.47 |
|  Year Ended 3/31/23 | 19.11 | 0.11 | (2.30) |  | (2.19) | (0.04) |  | (0.04) | 16.88 |
|  Year Ended 3/31/22 | 19.41 | 0.05 | 0.64 |  | 0.69 | (0.08) | (0.91) | (0.99) | 19.11 |
|  Year Ended 3/31/21 | 12.28 | 0.04 | 7.53 |  | 7.57 | (0.05) | (0.39) | (0.44) | 19.41 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $20.15 | 0.10 | 3.80 |  | 3.90 |  |  |  | $24.05 |
|  Year Ended 3/31/25 | 19.53 | 0.16 | 0.60 |  | 0.76 | (0.14) |  | (0.14) | 20.15 |
|  Year Ended 3/31/24 | 16.94 | 0.15 | 2.58 |  | 2.73 | (0.14) |  | (0.14) | 19.53 |
|  Year Ended 3/31/23 | 19.17 | 0.12 | (2.30) |  | (2.18) | (0.05) |  | (0.05) | 16.94 |
|  Year Ended 3/31/22 | 19.47 | 0.06 | 0.63 |  | 0.69 | (0.08) | (0.91) | (0.99) | 19.17 |
|  Year Ended 3/31/21 | 12.30 | 0.06 | 7.52 |  | 7.58 | (0.02) | (0.39) | (0.41) | 19.47 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

#### 53

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate\*\* |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 19.26%(c) | $74 | 1.00%(d)(e) | 0.47%(d) | 6.22%(d)(e) | 25% |
|  Year Ended 3/31/25 | 3.55% | 63 | 1.00%(e) | 0.46% | 8.20%(e) | 72% |
|  Year Ended 3/31/24 | 15.88% | 45 | 1.00%(e) | 0.54% | 8.52%(e) | 43% |
|  Year Ended 3/31/23 | (11.66)% | 20 | 1.00% | 0.41% | 20.49% | 38% |
|  Year Ended 3/31/22 | 2.86% | 25 | 1.00% | (0.01)% | 24.16% | 44% |
|  Year Ended 3/31/21 | 61.21% | 13 | 1.02%(f) | (0.07)% | 33.96% | 62% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 19.37%(c) | $405454 | 0.75%(d)(e) | 0.72%(d) | 0.82%(d)(e) | 25% |
|  Year Ended 3/31/25 | 3.80% | 347493 | 0.75%(e) | 0.72% | 0.82%(e) | 72% |
|  Year Ended 3/31/24 | 16.22% | 368058 | 0.75%(e) | 0.78% | 0.82%(e) | 43% |
|  Year Ended 3/31/23 | (11.44)% | 313879 | 0.75% | 0.66% | 0.84% | 38% |
|  Year Ended 3/31/22 | 3.09% | 330052 | 0.75% | 0.23% | 0.81% | 44% |
|  Year Ended 3/31/21 | 61.74% | 144339 | 0.77%(f) | 0.25% | 0.99% | 62% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 19.36%(c) | $100102 | 0.70%(d)(e) | 0.92%(d) | 0.73%(d)(e) | 25% |
|  Year Ended 3/31/25 | 3.89% | 134653 | 0.70%(e) | 0.77% | 0.73%(e) | 72% |
|  Year Ended 3/31/24 | 16.23% | 127043 | 0.70%(e) | 0.87% | 0.73%(e) | 43% |
|  Year Ended 3/31/23 | (11.35)% | 153349 | 0.70% | 0.73% | 0.73% | 38% |
|  Year Ended 3/31/22 | 3.11% | 246907 | 0.70% | 0.30% | 0.72% | 44% |
|  Year Ended 3/31/21 | 61.76% | 120220 | 0.71%(f) | 0.31% | 0.90% | 62% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. 

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

#### 54

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

(c) Not annualized.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Beginning June 18, 2020, the net operating expenses were contractually limited to 1.00%, 0.75% and 0.70% of average daily net assets for Class A and Class I and Class R6, respectively. The ratio of net expenses to average net assets represents a blended percentage for the period ended March 31, 2021.

#### See Notes to the Financial Statements.

#### 55

------

FINANCIAL HIGHLIGHTS

RBC International Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br> **on Investments** | **Total from**<br>**Investment**<br>**Activities** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** |<br>**Net Asset**<br>**Value, End**<br>**of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.71 | 0.13 | 1.39 | 1.52 |  |  |  | $13.23 |
|  Year Ended 3/31/25 | 11.96 | 0.16 | (0.06) | 0.10 | (0.15) | (0.20) | (0.35) | 11.71 |
|  Year Ended 3/31/24 | 10.44 | 0.17 | 1.52 | 1.69 | (0.17) |  | (0.17) | 11.96 |
|  Period Ended 3/31/23(b) | 10.00 | 0.05 | 0.39 | 0.44 |  |  |  | 10.44 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.72 | 0.14 | 1.40 | 1.54 |  |  |  | $13.26 |
|  Year Ended 3/31/25 | 11.97 | 0.19 | (0.06) | 0.13 | (0.18) | (0.20) | (0.38) | 11.72 |
|  Year Ended 3/31/24 | 10.45 | 0.20 | 1.52 | 1.72 | (0.20) |  | (0.20) | 11.97 |
|  Period Ended 3/31/23(b) | 10.00 | 0.06 | 0.39 | 0.45 |  |  |  | 10.45 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.73 | 0.15 | 1.39 | 1.54 |  |  |  | $13.27 |
|  Year Ended 3/31/25 | 11.98 | 0.20 | (0.06) | 0.14 | (0.19) | (0.20) | (0.39) | 11.73 |
|  Year Ended 3/31/24 | 10.45 | 0.20 | 1.53 | 1.73 | (0.20) |  | (0.20) | 11.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.06 | 0.39 | 0.45 |  |  |  | 10.45 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### 56

------

FINANCIAL HIGHLIGHTS

RBC International Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  | <br>**Total<br>Return(a)(b)** | Net Assets,<br>End of<br>Period (000's) | **Ratio of<br>Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br> **Net Investment<br>Income (Loss)<br>to Average<br>Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | Portfolio<br>Turnover<br>Rate |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 12.98%(c) | $1385 | 1.04%(d) | 2.00%(d) | 2.10%(d) | 37% |
|  Year Ended 3/31/25 | 0.92% | 1239 | 1.04% | 1.36% | 2.01% | 35% |
|  Year Ended 3/31/24 | 16.36% | 1226 | 1.04% | 1.58% | 2.76% | 17% |
|  Period Ended 3/31/23(e) | 4.40%(c) | 1044 | 1.04%(d) | 1.80%(d) | 3.74%(d) | 10% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 13.14%(c) | $24541 | 0.79%(d) | 2.25%(d) | 1.60%(d) | 37% |
|  Year Ended 3/31/25 | 1.19% | 21586 | 0.79% | 1.61% | 1.49% | 35% |
|  Year Ended 3/31/24 | 16.62% | 21334 | 0.79% | 1.83% | 2.21% | 17% |
|  Period Ended 3/31/23(e) | 4.50%(c) | 18283 | 0.79%(d) | 2.05%(d) | 2.64%(d) | 10% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 13.13%(c) | $2113 | 0.74%(d) | 2.30%(d) | 1.76%(d) | 37% |
|  Year Ended 3/31/25 | 1.24% | 1867 | 0.74% | 1.66% | 1.66% | 35% |
|  Year Ended 3/31/24 | 16.77% | 1830 | 0.74% | 1.88% | 2.41% | 17% |
|  Period Ended 3/31/23(e) | 4.50%(c) | 1567 | 0.74%(d) | 2.10%(d) | 3.19%(d) | 10% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. 

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

(e) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### See Notes to the Financial Statements.

#### 57

------

FINANCIAL HIGHLIGHTS

RBC International Small Cap Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br> **on Investments** | **Total from**<br>**Investment**<br>**Activities** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** |<br>**Net Asset**<br>**Value, End**<br>**of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.77 | 0.08 | 2.45 | 2.53 |  |  |  | $14.30 |
|  Year Ended 3/31/25 | 11.07 | 0.09 | 0.75 | 0.84 | (0.08) | (0.06) | (0.14) | 11.77 |
|  Year Ended 3/31/24 | 10.25 | 0.11 | 0.76 | 0.87 | (0.02) | (0.03) | (0.05) | 11.07 |
|  Period Ended 3/31/23(b) | 10.00 |  | 0.25 | 0.25 |  |  |  | 10.25 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.78 | 0.10 | 2.45 | 2.55 |  |  |  | $14.33 |
|  Year Ended 3/31/25 | 11.08 | 0.12 | 0.75 | 0.87 | (0.11) | (0.06) | (0.17) | 11.78 |
|  Year Ended 3/31/24 | 10.26 | 0.14 | 0.76 | 0.90 | (0.05) | (0.03) | (0.08) | 11.08 |
|  Period Ended 3/31/23(b) | 10.00 | 0.01 | 0.25 | 0.26 |  |  |  | 10.26 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $11.78 | 0.10 | 2.45 | 2.55 |  |  |  | $14.33 |
|  Year Ended 3/31/25 | 11.08 | 0.13 | 0.75 | 0.88 | (0.12) | (0.06) | (0.18) | 11.78 |
|  Year Ended 3/31/24 | 10.26 | 0.14 | 0.76 | 0.90 | (0.05) | (0.03) | (0.08) | 11.08 |
|  Period Ended 3/31/23(b) | 10.00 | 0.01 | 0.25 | 0.26 |  |  |  | 10.26 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### 58

------

FINANCIAL HIGHLIGHTS

RBC International Small Cap Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  | <br>**Total**<br> **Return(a)(b)** | Net Assets,<br>End of<br>Period (000's) | **Ratio of<br>Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br> **Net Investment<br>Income (Loss)<br>to Average<br>Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | Portfolio<br>Turnover<br>Rate |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.50%(c) | $727 | 1.24%(d) | 1.21%(d) | 5.06%(d) | 32% |
|  Year Ended 3/31/25 | 7.64% | 599 | 1.24% | 0.78% | 4.95% | 46% |
|  Year Ended 3/31/24 | 8.51% | 556 | 1.24% | 1.09% | 8.20% | 81% |
|  Period Ended 3/31/23(e) | 2.50%(c) | 513 | 1.24%(d) | 0.13%(d) | 10.81%(d) | 5% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.65%(c) | $5126 | 0.99%(d) | 1.46%(d) | 4.37%(d) | 32% |
|  Year Ended 3/31/25 | 7.90% | 4214 | 0.99% | 1.03% | 4.19% | 46% |
|  Year Ended 3/31/24 | 8.77% | 3905 | 0.99% | 1.34% | 7.36% | 81% |
|  Period Ended 3/31/23(e) | 2.60%(c) | 3591 | 0.99%(d) | 0.38%(d) | 9.00%(d) | 5% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 21.65%(c) | $1467 | 0.94%(d) | 1.51%(d) | 4.55%(d) | 32% |
|  Year Ended 3/31/25 | 7.95% | 1205 | 0.94% | 1.08% | 4.40% | 46% |
|  Year Ended 3/31/24 | 8.82% | 1116 | 0.94% | 1.39% | 7.61% | 81% |
|  Period Ended 3/31/23(e) | 2.60%(c) | 1026 | 0.94%(d) | 0.43%(d) | 9.65%(d) | 5% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. 

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

(e) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### See Notes to the Financial Statements.

#### 59

------

FINANCIAL HIGHLIGHTS

RBC China Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br> **on Investments** | **Total from**<br>**Investment**<br>**Activities** | **Net**<br>**Investment**<br>**Income** | **Total**<br>**Distributions** |<br>**Net Asset**<br>**Value, End**<br>**of Period** |
|  **Class A** |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $9.87 | 0.08 | 2.97 | 3.05 |  |  | $12.92 |
|  Year Ended 3/31/25 | 7.98 | 0.07 | 1.97 | 2.04 | (0.15) | (0.15) | 9.87 |
|  Year Ended 3/31/24 | 9.35 | 0.03 | (1.32) | (1.29) | (0.08) | (0.08) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.08 | (0.65) | (0.57) | (0.08) | (0.08) | 9.35 |
|  **Class I** |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $9.87 | 0.09 | 2.98 | 3.07 |  |  | $12.94 |
|  Year Ended 3/31/25 | 7.98 | 0.10 | 1.96 | 2.06 | (0.17) | (0.17) | 9.87 |
|  Year Ended 3/31/24 | 9.36 | 0.05 | (1.33) | (1.28) | (0.10) | (0.10) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.11 | (0.66) | (0.55) | (0.09) | (0.09) | 9.36 |
|  **Class R6** |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $9.87 | 0.10 | 2.97 | 3.07 |  |  | $12.94 |
|  Year Ended 3/31/25 | 7.98 | 0.10 | 1.96 | 2.06 | (0.17) | (0.17) | 9.87 |
|  Year Ended 3/31/24 | 9.36 | 0.06 | (1.34) | (1.28) | (0.10) | (0.10) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.11 | (0.65) | (0.54) | (0.10) | (0.10) | 9.36 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) For the period from April 11, 2022 (commencement of operations) through March 31, 2023.

#### 60

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FINANCIAL HIGHLIGHTS

RBC China Equity Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 30.90 %(c) | $669 | 1.30%(d) | 1.58%(d) | 5.25%(d) | 70% |
|  Year Ended 3/31/25 | 25.83% | 511 | 1.30% | 0.84% | 7.70% | 132% |
|  Year Ended 3/31/24 | (13.84)% | 406 | 1.30% | 0.39% | 7.55% | 138% |
|  Period Ended 3/31/23(e) | (5.72)%(c) | 471 | 1.30%(d) | 0.91%(d) | 8.66%(d) | 130% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 31.10 %(c) | $4722 | 1.05%(d) | 1.83%(d) | 4.72%(d) | 70% |
|  Year Ended 3/31/25 | 26.14% | 3604 | 1.05% | 1.09% | 6.23% | 132% |
|  Year Ended 3/31/24 | (13.69)% | 2858 | 1.05% | 0.64% | 6.58% | 138% |
|  Period Ended 3/31/23(e) | (5.44)%(c) | 3308 | 1.05%(d) | 1.16%(d) | 7.48%(d) | 130% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 31.10 %(c) | $1352 | 1.00%(d) | 1.88%(d) | 4.83%(d) | 70% |
|  Year Ended 3/31/25 | 26.20% | 1031 | 1.00% | 1.14% | 6.74% | 132% |
|  Year Ended 3/31/24 | (13.64)% | 817 | 1.00% | 0.69% | 6.88% | 138% |
|  Period Ended 3/31/23(e) | (5.40)%(c) | 946 | 1.00%(d) | 1.21%(d) | 7.87%(d) | 130% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers, if any, for each period was less than 0.01%. 

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

(e) For the period from April 11, 2022 (commencement of operations) through March 31, 2023.

#### See Notes to the Financial Statements.

#### 61

------

NOTES TO FINANCIAL STATEMENTS

September 30, 2025 (Unaudited)

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 17 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). This report includes the following seven investment portfolios (each a "Fund" and collectively, the "Funds"):

- RBC Emerging Markets Equity Fund ("Emerging Markets Equity Fund")

- RBC Emerging Markets ex-China Equity Fund ("Emerging Markets ex-China Equity Fund")

- RBC Emerging Markets Value Equity Fund ("Emerging Markets Value Equity Fund")

- RBC Global Opportunities Fund ("Global Opportunities Fund")

- RBC International Equity Fund ("International Equity Fund")

- RBC International Small Cap Equity Fund ("International Small Cap Equity Fund")

- RBC China Equity Fund ("China Equity Fund")

Each Fund offers three share classes: Class A, Class R6 and Class I shares. Class A shares are offered with a 5.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge ("CDSC") for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class I and Class R6 shares (intended for investors meeting certain investment minimum thresholds) are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Advisor" or "Co-Administrator") acts as the investment advisor for the Funds and RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or "Sub-Advisor") serves as the investment sub-advisor. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

Each Fund is an investment company that follows accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services - Investment Companies (ASC 946)*. The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Fund Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange ("NYSE").

#### Security Valuation:
The Board has approved pricing and valuation procedures of the Advisor for determining the fair value of each Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Equity securities are generally valued on the basis of prices furnished by third-party pricing services approved by the Board. Equity securities listed on one or more exchanges shall be valued at the last available quoted sale price on the primary trading exchange as of the regularly scheduled closing time of the exchange and are categorized as Level 1 in the fair value hierarchy. (See "Fair Value Measurements" below for additional information). An equity security not listed on an exchange but listed on NASDAQ shall be valued at the NASDAQ official closing price and is also categorized as Level 1. If there was no sale on the primary exchange on the day the net asset value is calculated or a NASDAQ official closing price is not available, the most recent bid quotation generally will be used and such securities will generally be categorized as Level 2. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

Fixed income securities, including to-be-announced ("TBA") commitments and municipal bonds, are generally valued based on evaluated prices received from third-party pricing services or from

#### 62

------

NOTES TO FINANCIAL STATEMENTS

broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account multiple appropriate factors such as institutional-size trading in similar groups of securities, market spreads, interest rates, and fundamental security analytical data including yield, quality, coupon rate, maturity and type of issue.

Foreign securities valued in non-U.S. dollars are valued in the foreign currency and then converted into the U.S. dollar equivalent using the foreign exchange rate in effect at the close of NYSE on the day the security's value is determined. The value of securities traded in markets outside the United States may be affected on a day that the NYSE is closed and an investor is not able to purchase, exchange or redeem shares of the Funds.

Many securities markets and exchanges outside of North American and South American time zones close prior to the close of the NYSE; therefore, the closing prices for equity securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. The Funds have procedures in place to fair value foreign equity securities traded in countries outside North American and South American time zones daily in order to take into account, among other things, any significant events occurring after the close of trading in a foreign market. The Funds receive adjusted fair value prices from a designated independent pricing vendor. In general, the vendor utilizes a multi-factor model to consider such information as the issue's closing price, relevant general and sector indices and currency fluctuations to generate an evaluated adjustment factor for each security and provide an evaluated fair value price. The Funds generally categorize such evaluated fair value prices as Level 2 in the fair value hierarchy.

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Funds' pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence the market in which the investments are traded. These securities are either categorized as Level 2 or 3 in the fair value hierarchy, depending on the relevant inputs used.

When the Funds utilize fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended

#### 63

------

NOTES TO FINANCIAL STATEMENTS

to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

#### Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

The Funds, or their agent, file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. There were no material level 3 transfers during the period. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

#### 64

------

NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Funds' investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3<br>Significant<br>Unobservable<br>Inputs** | Total |
|  **Emerging Markets Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $276695234 | $— | $— | $276695234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 255246387 |  | 255246387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 40321709 | 1157375449 |  | 1197697158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 307590758 |  | 307590758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 290168704 | 471860286 |  | 762028990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 69922956 |  | 69922956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 410100265 |  | 410100265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 167282117 |  |  | 167282117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 94145957 |  |  | 94145957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 65320657 |  | 65320657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 29726628 |  | 29726628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 242579026 |  | 242579026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 898608060 |  | 898608060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 53198786 |  | 53198786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 35598493 |  | 35598493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 127143589 |  | 127143589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 18545216 |  |  | 18545216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 147342577 |  | 147342577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 64080717 |  |  | 64080717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $951239654 | $4271613917 | $— | $5222853571 |

---

#### 65

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3<br>Significant<br>Unobservable<br>Inputs** | Total |
|  **Emerging Markets ex-China Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $4482072 | $— | $— | $4482072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 3032987 |  | 3032987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2860268 | 11081582 |  | 13941850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1663238 |  | 1663238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 8226844 |  | 8226844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 2595918 |  |  | 2595918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1011864 |  |  | 1011864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 851938 |  | 851938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 516281 |  | 516281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 3287192 |  | 3287192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 14849416 |  | 14849416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 396720 |  | 396720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 622383 |  | 622383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 1508276 |  | 1508276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 195092 |  |  | 195092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 596405 |  | 596405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 1793125 |  | 1793125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 521697 |  |  | 521697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $11666911 | $48426387 | $— | $60093298 |

---

#### 66

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3<br>Significant<br>Unobservable<br>Inputs** | Total |
|  **Emerging Markets Value Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $774920 | $— | $— | $774920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3588588 |  |  | 3588588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 472309 | 1697199 |  | 2169508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 942338 | 19898212 |  | 20840550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 796335 |  | 796335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 859393 |  | 859393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1690110 |  | 1690110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 912091 |  | 912091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1687504 | 7438510 |  | 9126014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1544612 |  | 1544612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 7192675 |  | 7192675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 2146158 |  |  | 2146158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 758965 |  | 758965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1184946 |  |  | 1184946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 1466780 |  | 1466780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | —(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 1277875 |  | 1277875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 7276428 |  | 7276428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 14688052 |  | 14688052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 1006450 |  | 1006450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 1843313 |  | 1843313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 942679 |  | 942679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1281986 |  |  | 1281986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 1610793 |  | 1610793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 1380588 | 1284959 |  | 2665547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 342611 |  |  | 342611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $13801948 | $74185431 | $— | $87987379 |

---

(a) Includes securities fair valued at zero.

#### 67

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3<br>Significant<br>Unobservable<br>Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  **Global Opportunities Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | $— | $2765294 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2765294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 16235969 |  | 16235969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 8070237 |  | 8070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 7278294 |  | 7278294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 7851752 |  | 7851752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3896280 |  |  | 3896280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 13353626 |  | 13353626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 22943696 |  | 22943696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 5489898 |  | 5489898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 22731660 |  | 22731660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 16785329 |  |  | 16785329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 56705468 |  | 56705468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 311873255 |  |  | 311873255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 7175930 |  |  | 7175930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $339730794 | $163425894 | $— | $503156688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3<br>Significant<br>Unobservable<br>Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  **International Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1666109 | $— | $1666109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 504900 |  | 504900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 751857 |  | 751857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 440057 |  | 440057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2631301 |  | 2631301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2252021 |  | 2252021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 270268 |  | 270268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 430151 | 621575 |  | 1051726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 613841 |  | 613841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 27835 | &nbsp;&nbsp;&nbsp;&nbsp;5886569 |  | &nbsp;&nbsp;&nbsp;&nbsp;5914404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 1658844 |  | 1658844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 147440 |  | 147440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 444764 |  | 444764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 53619 | 709875 |  | 763494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1468810 |  | 1468810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 208004 | 630804 |  | 838808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1398549 |  | 1398549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 730494 |  | 730494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 296002 | 3533602 |  | 3829604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 727848 |  |  | 727848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $1743459 | $26361680 | $— | $28105139 |

---

#### 68

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs** | Total |
|  **International Small Cap Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $432708 | $— | $432708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 76463 |  | 76463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 127086 |  | 127086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 91104 | 220914 |  | 312018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 42772 |  | 42772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 353017 |  | 353017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 261858 |  | 261858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 385195 |  | 385195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 159144 |  | 159144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 55173 |  | 55173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast | 113417 |  |  | 113417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1851808 |  | 1851808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 80652 |  | 80652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 76008 |  | 76008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 126935 |  | 126935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 423289 |  | 423289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 175499 |  | 175499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 206672 |  | 206672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 481793 |  | 481793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 125540 |  | 125540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 330896 |  | 330896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 138555 | 52057 |  | 190612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 683200 |  | 683200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 136615 |  | 136615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 98594 |  | 98594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 87850 |  |  | 87850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $430926 | $6963888 | $— | $7394814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices** | Level 2<br>Significant<br>Observable<br>Inputs | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs** | Total |
|  **China Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | $779114 | $4738277 | $—(a) | $5517391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 261952 | 209119 |  | 471071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 55529 |  | 55529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macao |  | 93364 |  | 93364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 233648 |  | 233648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 110484 |  | 110484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Note |  | 85090 |  | 85090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $1041066 | $5525511 | $— | $6566577 |

---

(a) Includes securities fair valued at zero.

#### Repurchase Agreements:
The Funds may enter into repurchase agreements with counterparties whom the Advisor has deemed creditworthy, including primary dealers that report to the Federal Reserve Bank of New York or other

#### 69

------

NOTES TO FINANCIAL STATEMENTS

large U.S. commercial banks or broker-dealers. These repurchase agreements are subject to the seller's agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates.

Securities pledged by the dealers as collateral for repurchase agreements are held by a custodian bank until maturity of the repurchase agreement. The Fund has procedures to monitor additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the market value of the repurchase agreement in the event of a default.

There were no repurchase agreements held during the period ended September 30, 2025.

#### Affiliated Investments:
The Funds invest in another Fund of the Trust (an "Affiliated Fund"), RBC BlueBay U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Funds from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Funds in the Affiliated Fund. As the affiliated investment is a money market fund in which shares are issued and redeemed at $1.00 per share, the number of shares purchased and sold equal the dollar amount shown as purchased and sold, and no gain or loss was realized on the sale of shares of the money market fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value<br>March 31, 2025 | Purchases | Sales | Value<br>September 30, 2025 | Dividends |
|  **Investments in RBC BlueBay U.S. Government Money Market**<br> **Fund—Institutional Class 1** | **Investments in RBC BlueBay U.S. Government Money Market**<br> **Fund—Institutional Class 1** | **Investments in RBC BlueBay U.S. Government Money Market**<br> **Fund—Institutional Class 1** |  |  |  |
|  Emerging Markets Equity Fund | $26294451 | $612376748 | $(574590482) | $64080717 | $1082095 |
|  Emerging Markets ex-China Equity Fund | 1084860 | 6413133 | (6976296) | 521697 | 25535 |
|  Emerging Markets Value Equity Fund | 158616 | 21098133 | (20914138) | 342611 | 11302 |
|  Global Opportunities Fund | 4923377 | 75979408 | (73726855) | 7175930 | 124033 |
|  International Equity Fund | 90358 | 3296466 | (2658976) | 727848 | 7760 |
|  International Small Cap Equity Fund | 140191 | 1066134 | (1118475) | 87850 | 2383 |

---

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income is recorded on the ex- dividend date. In certain foreign markets where declaration of a dividend follows the ex-dividend date, the dividend will be recorded when the Fund is notified of the declaration date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Realized gains and losses from investment transactions and the net change in unrealized

#### 70

------

NOTES TO FINANCIAL STATEMENTS

appreciation/(depreciation) relating to movements in foreign currency exchange rates are reported as realized gains and losses on foreign currency transactions and net change in unrealized appreciation/(depreciation) on foreign currency, respectively, in the statements of operations. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.

#### Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon each Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

#### Indemnifications:
Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of their duties to the Fund. Additionally, in the normal course of business, the Fund enter into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

#### Real Estate Investment Trusts:
The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Distributions received from a REIT in excess of its income are recorded as a return of capital and a reduction to the cost basis of the REIT.

#### Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends and capital gain distributions for each Fund are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent, they are reclassified within a Fund's capital accounts based on their federal tax basis treatment. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gain and losses, including foreign currency gains and losses, foreign taxes and passive foreign investment companies (PFICs).

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into investment advisory agreements with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreements require each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
|  Emerging Market Equity Fund | 0.80% |
|  Emerging Markets ex-China Equity Fund | 0.80% |
|  Emerging Markets Value Equity Fund | 0.80% |

---

#### 71

------

NOTES TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  Global Opportunities Fund | 0.65% |
|  International Equity Fund | 0.69% |
|  International Small Cap Equity Fund | 0.89% |
|  China Equity Fund | 0.80% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of Class A, Class I and Class R6 shares of each Fund to the following levels:

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br>Annual Rate | Class I<br>Annual Rate | Class R6<br>Annual Rate |
|  Emerging Markets Equity Fund | 1.13% | 0.88% | 0.88% |
|  Emerging Markets ex-China Equity Fund | 1.13% | 0.88% | 0.88% |
|  Emerging Markets Value Equity Fund | 1.20% | 0.95% | 0.88% |
|  Global Opportunities Fund | 1.00% | 0.75% | 0.70% |
|  International Equity Fund | 1.04% | 0.79% | 0.74% |
|  International Small Cap Equity Fund | 1.24% | 0.99% | 0.94% |
|  China Equity Fund | 1.30% | 1.05% | 1.00% |

---

This expense limitation agreement is in place until July 31, 2027 (September 30, 2027 for Emerging Markets Equity Fund) and may not be terminated by RBC GAM-US prior to that date. The agreement shall continue for additional one-year terms unless terminated or revised by the Board at any time or by RBC GAM-US at the expiration of any one-year period. The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 3 years, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

At September 30, 2025, the amounts subject to possible recoupment under the expense limitation agreement were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FYE 3/31/23 | FYE 3/31/24 | FYE 3/31/25 | FYE 3/31/26 | Total |
|  Emerging Markets Equity Fund | $1925148 | $3571477 | $4136844 | $1823011 | $11456480 |
|  Emerging Markets ex-China Equity Fund | 119799 | 359650 | 289136 | 148113 | 916698 |
|  Emerging Markets Value Equity Fund | 242260 | 250823 | 303212 | 127758 | 924053 |
|  Global Opportunities Fund | 227138 | 276198 | 308647 | 150125 | 962108 |
|  International Equity Fund | 115555 | 315777 | 182001 | 111398 | 724731 |
|  International Small Cap Equity Fund | 121993 | 329322 | 198108 | 119765 | 769188 |
|  China Equity Fund | 198780 | 238289 | 244949 | 100218 | 782236 |

---

There was no recoupment of expense reimbursement/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

RBC GAM-US may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice, and expenses waived under such program are not subject to recoupment.

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Funds pay to RBC GAM-US indirectly through its investment in an affiliated money market fund. For the six months ended September 30, 2025, the amount waived was $42,058, $1,039, $444, $4,798, $300, $100 and $0 for the Emerging Markets Equity Fund, Emerging Markets ex- China Equity Fund, Emerging Markets Value Equity Fund, Global Opportunities Fund, International

#### 72

------

NOTES TO FINANCIAL STATEMENTS

Equity Fund, International Small Cap Equity Fund and China Equity Fund respectively, and is included in expenses waived/reimbursed by Advisor in the Statements of Operations.

The Funds are sub-advised by RBC GAM-UK, which is a wholly-owned subsidiary of Royal Bank of Canada, which is the parent company of the Advisor. The Sub-Advisor is paid by the Advisor out of the advisory fee paid by the Funds to the Advisor.

RBC GAM-US serves as co-administrator to the Funds. The Bank of New York Mellon Investment Servicing (US) Inc. ("BNY Mellon") serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon receives a fee for its services payable by each Fund based in part on each Fund's average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The Trust currently pays each of the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $100,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $6,500 for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or Special Board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statement of Operations in "Trustees' fees".

The table below shows, as of September 30, 2025, each Fund's net assets, the shares of each Fund held by the Advisor, and the percent of total net assets represented by the Advisor's investment.

---

| | | | |
|:---|:---|:---|:---|
|  | Net Assets | Shares held<br>by Advisor | % of Fund<br>Net Assets |
|  Emerging Markets ex-China Equity Fund | $60189612 | 1599083 | 37.7% |
|  Emerging Markets Value Equity Fund | $87603320 | 14461 | 0.2% |
|  Global Opportunities Fund | $505630304 | 695 | 0.0% |
|  International Equity Fund | $28039325 | 2105239 | 99.6% |
|  International Small Cap Equity Fund | $7319232 | 510954 | 100.0% |
|  China Equity Fund | $6742378 | 521297 | 100.0% |

---

4. Fund Distribution:

Each of the Funds that offers Class A shares has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits each Fund to make payments for, or to reimburse the Distributor for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I and Class R6. The following chart shows the current Plan fee rate for Class A.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |
|  12b-1 Plan Fee | 0.25%\* |

---

\* Under the 12b-1 plan, the maximum fee rate for Class A shares is 0.50%. Currently the Board has approved an annual limit of 0.25%.

#### 73

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NOTES TO FINANCIAL STATEMENTS

Plan fees are based on average daily net assets of Class A. Up to 0.25% of each Plan fee may be designated as a service fee, as defined by the applicable rules of the Financial Industry Regulatory Authority. The Distributor, subject to applicable legal requirements, may waive the Plan fee voluntarily, in whole or in part. For the period ended September 30, 2025, there were no fees waived by the Distributor.

The Distributor did not receive any CDSC fees from Class A shares of the Funds during the period ended September 30, 2025.

For the period ended September 30, 2025, the Distributor received commissions of $4,504 front-end sales charges of Class A shares of the Funds, of which $3,940 was paid to affiliated broker-dealers.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the period ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
|  Emerging Markets Equity Fund | $650607277 | $285591985 |
|  Emerging Markets ex-China Equity Fund | 2832772 | 15561819 |
|  Emerging Markets Value Equity Fund | 29641097 | 15190289 |
|  Global Opportunities Fund | 122627402 | 191024164 |
|  International Equity Fund | 9748665 | 9957803 |
|  International Small Cap Equity Fund | 2278963 | 2179550 |
|  China Equity Fund | 3761821 | 3815728 |

---

#### 74

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NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("shares outstanding") without par value. Transactions in capital stock of the Funds are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets ex-China Equity Fund | Emerging Markets ex-China Equity Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $85305707 | $93285906 | $1674114 | $9416444 |
|  Distributions reinvested |  | 197637 |  | 306169 |
|  Cost of shares redeemed | (30581043) | (127566756) | (11452449) | (339685) |
|  Change in Class A | $54724664 | $(34083213) | $(9778335) | $9382928 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $549758951 | $893814134 | $649650 | $4038352 |
|  Distributions reinvested |  | 35461125 |  | 2169440 |
|  Cost of shares redeemed | (407538317) | (559446202) | (4367369) | (1636819) |
|  Change in Class I | $142220634 | $369829057 | $(3717719) | $4570973 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $256125876 | $570774178 | $— | $— |
|  Distributions reinvested |  | 6522183 |  | 54636 |
|  Cost of shares redeemed | (102646363) | (71672147) |  |  |
|  Change in Class R6 | $153479513 | $505624214 | $— | $54636 |
|  Change in net assets resulting from capital transactions | $350424811 | $841370058 | $(13496054) | $14008537 |

---

#### 75

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets ex-China Equity<br>Fund | Emerging Markets ex-China Equity<br>Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 6686512 | 7154865 | 127441 | 722066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 15203 |  | 25642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2319048) | (9596121) | (840304) | (28243) |
|  Change in Class A | 4367464 | (2426053) | (712863) | 719465 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 36385655 | 65821339 | 48732 | 322973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 2688486 |  | 181848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (27667984) | (41346516) | (327372) | (137155) |
|  Change in Class I | 8717671 | 27163309 | (278640) | 367666 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 18154758 | 41937018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 491869 |  | 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6747372) | (5242562) |  |  |
|  Change in Class R6 | 11407386 | 37186325 |  | 4587 |
|  Change in shares resulting from capital transactions | 24492521 | 61923581 | (991503) | 1091718 |

---

#### 76

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets Value Equity Fund | Emerging Markets Value Equity Fund | Global Opportunities Fund | Global Opportunities Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $— | $— | $— | $17005 |
|  Distributions reinvested |  | 709 |  | 192 |
|  Cost of shares redeemed |  |  | (247) | (92) |
|  Change in Class A | $— | $709 | $(247) | $17105 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $19095800 | $5446474 | $14379755 | $7243676 |
|  Distributions reinvested |  | 2666188 |  | 2146541 |
|  Cost of shares redeemed | (5452411) | (14441698) | (23582678) | (42494635) |
|  Change in Class I | $13643389 | $(6329036) | $(9202923) | $(33104418) |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $262694 | $40541 | $9240511 | $19393632 |
|  Distributions reinvested |  | 7173 |  | 886074 |
|  Cost of shares redeemed | (6014) | (2858903) | (65116946) | (16932169) |
|  Change in Class R6 | $256680 | $(2811189) | $(55876435) | $3347537 |
|  Change in net assets resulting from capital transactions | $13900069 | $(9139516) | $(65079605) | $(29739776) |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |  | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 90 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (11) | (5) |
|  Change in Class A |  | 90 | (11) | 804 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1947663 | 651234 | 731961 | 354887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 338779 |  | 103448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (584723) | (1725930) | (1123985) | (2058571) |
|  Change in Class I | 1362940 | (735917) | (392024) | (1600236) |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 29631 | 5237 | 427909 | 949339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 980 |  | 42559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (620) | (342794) | (2950224) | (812379) |
|  Change in Class R6 | 29011 | (336577) | (2522315) | 179519 |
|  Change in shares resulting from capital transactions | 1391951 | (1072404) | (2914350) | (1419913) |

---

#### 77

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Equity Fund | International Equity Fund | International Small Cap Equity Fund | International Small Cap Equity Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $— | $1519 | $— | $— |
|  Distributions reinvested |  | 35880 |  | 7260 |
|  Cost of shares redeemed | (13920) | (103) |  |  |
|  Change in Class A | $(13920) | $37296 | $— | $7260 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $122918 | $— | $— | $— |
|  Distributions reinvested |  | 677579 |  | 61257 |
|  Cost of shares redeemed | (500) |  |  |  |
|  Change in Class I | $122418 | $677579 | $— | $61257 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $— | $15000 | $— | $— |
|  Distributions reinvested |  | 59032 |  | 18102 |
|  Change in Class R6 | $— | $74032 | $— | $18102 |
|  Change in net assets resulting from capital transactions | $108498 | $788907 | $— | $86619 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 3156 |  | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1068) | (8) |  |  |
|  Change in Class A | (1068) | 3273 |  | 622 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 9573 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 59593 |  | 5254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (38) |  |  |  |
|  Change in Class I | 9535 | 59593 |  | 5254 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 1272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 5192 |  | 1551 |
|  Change in Class R6 |  | 6464 |  | 1551 |
|  Change in shares resulting from capital transactions | 8467 | 69330 |  | 7427 |

---

#### 78

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NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | China Equity Fund | China Equity Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Distributions reinvested | $— | $7595 |
|  Change in Class A | $— | $7595 |
|  **Class I** |  |  |
|  Distributions reinvested | $— | $61086 |
|  Change in Class I | $— | $61086 |
|  **Class R6** |  |  |
|  Distributions reinvested | $— | $17912 |
|  Change in Class R6 | $— | $17912 |
|  Change in net assets resulting from capital transactions | $— | $86593 |
|  **SHARE TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 882 |
|  Change in Class A |  | 882 |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 7103 |
|  Change in Class I |  | 7103 |
|  **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 2083 |
|  Change in Class R6 |  | 2083 |
|  Change in shares resulting from capital transactions |  | 10068 |

---

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

#### 79

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NOTES TO FINANCIAL STATEMENTS

As of September 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost Of<br>Investments | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
|  Emerging Markets Equity Fund | $4230802358 | $1189717115 | $(197665902) | $992051213 |
|  Emerging Markets ex-China Equity Fund | 48430132 | 14410266 | (2747100) | 11663166 |
|  Emerging Markets Value Equity Fund | 72919748 | 19808339 | (4740708) | 15067631 |
|  Global Opportunities Fund | 407557892 | 104942488 | (9343692) | 95598796 |
|  International Equity Fund | 23573457 | 5531328 | (999646) | 4531682 |
|  International Small Cap Equity Fund | 5716438 | 1918261 | (239885) | 1678376 |
|  China Equity Fund | 4901162 | 1779509 | (114094) | 1665415 |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable to the tax deferral of losses on wash sales and passive foreign investment company mark-to-market adjustment.

The tax character of distributions during the year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distributions Paid From | Distributions Paid From | Distributions Paid From | Distributions Paid From |
|  | Ordinary<br>Income | Net Long Term<br>Capital Gains | Total Taxable<br>Distributions | Total<br>Distributions<br>Paid |
|  Emerging Markets Equity Fund | $31670117 | $19905193 | $51575310 | $51575310 |
|  Emerging Markets ex-China Equity Fund | 496769 | 2125038 | 2621807 | 2621807 |
|  Emerging Markets Value Equity Fund | 2674692 |  | 2674692 | 2674692 |
|  Global Opportunities Fund | 3297643 |  | 3297643 | 3297643 |
|  International Equity Fund | 364909 | 407582 | 772491 | 772491 |
|  International Small Cap Equity Fund | 55748 | 30871 | 86619 | 86619 |
|  China Equity Fund | 86593 |  | 86593 | 86593 |

---

Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated March 31, 2026.

As of March 31, 2025, the Emerging Markets Value Equity Fund, Global Opportunities Fund and China Equity Fund had a short-term capital loss carryforward of $2,070,889, $20,077,761 and $355,617 and a long-term capital loss carryforward of $7,187,896, $3,983,866, $0 and 220,558 respectively available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. Emerging Markets Value Equity Fund's amount includes losses in connection with an ownership change, therefore utilization of capital loss carryover is subject to annual limitations. These capital loss carryforwards are not subject to expiration.

Under current tax law, capital losses realized after October 31 and ordinary losses after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Global Opportunities Fund Fund had the qualified late-year losses $51,011 for the year ended March 31, 2025.

#### 80

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NOTES TO FINANCIAL STATEMENTS

8. Market Timing:

The Trust strongly discourages attempts at market timing by Fund shareholders. Prior to June 11, 2021, each Fund charged a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase. In addition, the Trust may limit the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee was deducted from the redemption proceeds and retained by the Fund, not by the Advisor. This redemption fee was not charged in cases where, for example, the redemption resulted from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. The Trust also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Funds' prospectus contains a full description of the Trust's policies on market timing and/or excessive trading. The redemption fee is recorded as a credit to capital and is included in the capital transactions on the Statements of Changes in Net Assets.

9. Line of Credit

Emerging Markets Equity Fund, Emerging Markets ex-China Equity Fund, Emerging Markets Value Equity Fund and Global Opportunities Fund ("Participating Funds") are participants in a single uncommitted, unsecured $80,000,000 line of credit with The Bank of New York Mellon, the Funds' custodian, to be used to fund shareholder redemptions requests and for other short-term temporary or emergency general business purposes. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since each Participating Fund participates in the line of credit, there is no assurance that an individual fund will have access to all or any part of the $80,000,000 at any particular time. At September 30, 2025, there were no borrowings outstanding. During the six months ended September 30, 2025, the Funds borrowed under the line of credit as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average<br>Loan<br> Balance | Interest<br> Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted <br>Average<br>Interest<br>Rate |
|  Emerging Markets Equity Fund | $4870968 | $23704 | 5.65% |
|  Emerging Markets ex-China Equity Fund | $2227273 | $7743 | 5.69% |
|  Emerging Markets Value Equity Fund | $200952 | $3334 | 5.68% |
|  Global Opportunities Fund | $3375000 | $4243 | 5.65% |

---

10. Significant Risks

#### Shareholder concentration risk:
As of September 30, 2025, the following Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | # of Omnibus Accounts | % of Fund |
|  Emerging Markets Equity Fund | 1 | 11.7% |
|  Emerging Markets ex-China Equity Fund | 2 | 65.8% |
|  Emerging Markets Value Equity Fund | 1 | 18.2% |
|  Global Opportunities Fund | 1 | 21.3% |

---

In addition, one unaffiliated shareholders owned in aggregate 33.7% of Global Opportunities Fund and two unaffiliated shareholders owned in aggregate 40.2% of Emerging Markets Value Equity Fund as of September 30, 2025. Significant transactions by these shareholders may impact the Funds' performance.

#### Market risk
One or more markets in which a Fund invests may go down in value, sometimes sharply and unpredictably, and the value of a Fund's portfolio securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic

#### 81

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NOTES TO FINANCIAL STATEMENTS

and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease, epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. In addition, tariffs, trade restrictions, economic sanctions, export controls, or retaliatory measures, or the threat or potential of one or more such events and developments may be an ongoing source of instability, potentially resulting in significant currency fluctuations, or have other adverse effects on international markets, international trade agreements, or other existing cross-border cooperation arrangements. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations.

In response to political and military actions undertaken by Russia, the U.S., European Union and other jurisdictions have imposed economic sanctions against certain Russian individuals, entities and sectors. These sanctions and the threat of further sanctions may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions could impair a fund's ability to invest in accordance with its investment program, to determine the overall value of its net assets, and to sell holdings as needed to meet shareholder redemptions. As of September 30, 2025, none of the Funds' investments were in violation of such sanctions.

Additionally, Russia recently took actions that impact the custody of securities of Russian issuers and may be detrimental to the Funds' ability to locate and recover such securities. Russia may continue to take similar actions in the future.

#### Industry and sector focus risk
At times the Funds may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its shares' values may fluctuate in response to events affecting that industry or sector.

#### Emerging Markets Risk
The securities markets of most emerging market countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in emerging market countries. These risks are not normally associated with investments in more developed countries.

#### Foreign Risk
Foreign securities may be subject to risk of loss because of less foreign government regulation, less public information and less economic, political, environmental and social stability in these countries. Loss may also result from the imposition of exchange controls, confiscation of assets and property and other government restrictions, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Additionally, foreign securities and dividends and interest payable on those securities may be subject to foreign taxes, including taxes withheld from payments on those securities.

#### 82

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NOTES TO FINANCIAL STATEMENTS

#### Currency Risk
Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. Dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

The Funds may be exposed to currency exchange risk where the assets and income are denominated in foreign currencies. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and relative merits of investment in different countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates can also be affected unpredictably by intervention (or failure to intervene) by governments or central banks, or by currency controls or political developments. Such events may prevent or restrict a Fund's ability to enter into foreign currency transactions, force a Fund to exit a foreign currency transaction at a disadvantageous time or price, or result in penalties for the Fund, any of which may result in a loss to the Fund.

#### China Risk
Investing in securities economically tied to China may subject a Fund to a higher degree of risk of loss than investing in other countries or groups of countries because of the risks associated with, among other things, adverse securities markets, negative foreign currency rate fluctuations and social, political, regulatory, economic or environmental instabilities and natural disasters. The economy, industries, and securities and currency markets of China are particularly vulnerable to the region's dependence on exports and international trade and increasing competition from Asia's other low cost emerging economies. Political, diplomatic, or regional conflicts, including the imposition of tariffs or other trade barriers by the U.S. or foreign governments on exports from China, may also have an adverse impact on Chinese issuers. In addition, currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and securities markets of Greater China. The government of the People's Republic of China ("PRC") exercises significant regulatory control over the economy in Mainland China, and may at any time alter or discontinue economic reforms. Chinese regulators may also suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions. Taiwan and Hong Kong do not exercise the same level of control over their economies as does the PRC with respect to Mainland China, but changes to their political and economic relationships with the PRC could adversely impact a Fund's investments in Taiwan and Hong Kong.

11. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 83

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

#### Information Regarding the Approval of Investment Advisory and Sub-Advisory Agreement
In September 2025, after evaluating the services provided by RBC Global Asset Management (U.S.) Inc. (the "Advisor") and RBC Global Asset Management (UK) Limited (the "Sub-Advisor") and reviewing the performance, fees, and expenses of the Funds, the RBC Funds Board of Trustees determined to approve the continuation of the investment advisory agreement with the Advisor and sub-advisory agreement with the Sub-Advisor (the investment advisory and sub-advisory agreements, collectively, being the "Agreement") for each Fund for an additional year.

As part of their review of the Agreement, the Trustees requested and considered information regarding the services performed by the Advisor and Sub-Advisor; the staffing and qualifications of the personnel responsible for operating and managing the Funds; and the Funds' performance, fees, and expenses. The Trustees considered information provided at regular quarterly Board and Committee meetings throughout the year; information presented at both a special meeting held to review requested material related to the proposed renewals and a regular meeting at which the proposed renewals were considered; and their experience with the management and portfolio management teams over the years. The information included material provided by the Advisor and Sub-Advisor, as well as reports prepared by Broadridge Financial Solutions, Inc., an independent statistical compilation company providing comparative fee and expense information and comparative performance information for the Funds vs. funds in the same category and funds in more tailored peer groups. In connection with their deliberations, the independent Trustees had the opportunity to ask questions and request additional information and were advised by and met separately with independent legal counsel with regard to the materials and their responsibilities under relevant laws and regulations.

The Trustees met with representatives from the Advisor's senior management team, as well as senior investment professionals from the Sub-Advisor, to discuss the information and the ongoing management of the Funds. The Trustees reviewed the nature and quality of the services provided to the Funds by the Advisor and Sub-Advisor, including information as to each Fund's performance relative to appropriate index benchmarks as well as their respective Morningstar categories and peer groups. The Board noted that three of the Funds: the RBC Emerging Markets ex-China Equity Fund, the RBC International Equity Fund and the RBC International Small Cap Equity Fund, had less than three full years of performance data available, but that the RBC International Small Cap Equity Fund and RBC Emerging Markets ex-China Equity Fund each outperformed the median performance of their respective peer group for the 1-year period, and the RBC International Small Cap Equity Fund also outperformed the median of its Morningstar category and the performance of its benchmark index for the 1-year period. With respect to the RBC International Equity Fund, the Board noted that, although the Fund underperformed the median performance of its Morningstar category and peer group during the 1-year period, it had outperformed the median performance of its peer group since its inception. The Board noted that the RBC China Equity Fund had only three full years of performance data available, and though it had underperformed the median performance of its Morningstar category and peer group over the 1-year period, it had outperformed the median performance of its Morningstar category and peer group over the 3-year period. The Board also noted that each of the RBC Emerging Markets Equity and RBC Emerging Markets Value Equity Funds outperformed the median performance of their respective Morningstar categories for the 1-, 3- and 5- year periods, with the RBC Emerging Markets Value Equity Fund also outperforming the median performance of its peer group and its benchmark index for each of these periods, while the RBC Emerging Markets Equity Fund outperformed the median performance of its peer group and its benchmark index for the 3- and 5-year periods. Additionally, the Board noted that, although the RBC Global Opportunities Fund underperformed the median performance of both its peer group and Morningstar category for the 3-and 5-year periods, it has shown recent improvement by outperforming the median performance of its Morningstar category and its peer group over the 1-year period.

In considering the nature and quality of services provided to the Funds, the Trustees focused on the Sub-Advisor's strong research and fundamental analysis capabilities and specialized expertise in the area of global, international and emerging market investing and its significant expertise with regard to evaluating environmental, social and governance factors. The Trustees also viewed favorably the

#### 84

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

initiative to institute portfolio engineering risk analytics as part of the investment process. The Trustees also considered the Advisor's and Sub-Advisor's operational and compliance structure and systems, and the Advisor's expertise in coordinating the investment management and related operations of the Funds. The Trustees continued to have confidence in the Advisor and Sub-Advisor and were satisfied with the nature, extent, and quality of the advisory and other services provided to the Funds.

The Trustees reviewed advisory fee and expense information for each Fund compared to similarly situated funds, and also reviewed and discussed information regarding other client accounts advised or sub-advised by the Advisor and Sub-Advisor with similar investment strategies and the reasons for any differences in fees, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. The Trustees considered, and viewed favorably, the arrangements to subsidize Fund expenses at competitive levels through expense limitation agreements.

The Trustees reviewed profitability data for the Advisor and Sub-Advisor, including year-over-year variances, in order to consider the existence of economies of scale in the provision of services by the advisors which could be shared with the Funds through fee breakpoints or other means. The Trustees also considered information regarding other benefits the Advisor, Sub-Advisor or their affiliates derived from their relationships with the Funds, including soft dollar research.

The Trustees noted that the advisory fees and expense ratios were competitive, that all of the Funds' total net expenses were lower than the median of their respective peer groups with the sole exception of RBC Emerging Markets Value Equity Fund, which was at the median, and that the advisory fees and expense ratios appeared to be fair and reasonable in light of the nature and quality of the services provided under all the circumstances and were within the range of what might have been negotiated at arms' length.

Based upon their review, the Trustees concluded that the nature and quality of the services provided by both the Advisor and Sub-Advisor were of a high quality and that it was in the interests of the Funds and their shareholders for the Trustees to approve the continuation of the Agreement and expense limitation agreement for each Fund for an additional year. In arriving at their collective decision to approve the renewals, the Trustees did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of itself.

#### 85

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RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

**Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended September 30, 2025.

#### NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
RBC Global Asset Management (U.S.) Inc. serves as investment advisor for the RBC Funds.

RBC Funds are distributed by Quasar Distributors LLC.

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RBCF-EM SAR 09-25

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Financial Statements and Other Important Information For the six months ended September 30, 2025 RBC BlueBay Short Duration Fixed Income Fund RBC BlueBay Ultra-Short Fixed Income Fund

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| | | |
|:---|:---|:---|
|  | RBC Funds | RBC Funds |
|  **Table of** | [Schedules of Portfolio Investments](#fin249595_1) | 1 |
|  **Contents** | [Financial Statements](#fin249595_1a) |  |
|  | [- Statements of Assets and Liabilities](#fin249595_2) | 15 |
|  | [- Statements of Operations](#fin249595_3) | 17 |
|  | [- Statements of Changes in Net Assets](#fin249595_4) | 18 |
|  | [Financial Highlights](#fin249595_5) | 20 |
|  | [Notes to Financial Statements](#fin249595_6) | 24 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin249595_7) | 37 |

---

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Corporate Bonds — 43.2%** | **Corporate Bonds — 43.2%** |  |
|  **Basic Materials — 1.1%** | **Basic Materials — 1.1%** |  |
| $165000 | Georgia-Pacific LLC, 4.40%, 6/30/28(a) | $166504 |
| 100000 | Nutrien Ltd., 5.95%, 11/7/25 | 100122 |
| 535000 | Syensqo Finance America LLC, 5.65%, 6/4/29(a) | 553989 |
|  |  | 820615 |
|  **Communications — 0.8%** | **Communications — 0.8%** |  |
| 540000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.10%, 6/1/29 | 566671 |
|  **Consumer, Cyclical — 5.3%** | **Consumer, Cyclical — 5.3%** |  |
| 600000 | American Honda Finance Corp., (SOFR RATE + 0.720%), GMTN, 5.03%, 10/22/27(b) | 600176 |
| 515000 | Aptiv Swiss Holdings Ltd., 4.65%, 9/13/29 | 519996 |
| 500000 | Daimler Truck Finance North America LLC, 5.15%, 1/16/26(a) | 500885 |
| 265000 | General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 5.27%, 2/26/27(b) | 265131 |
| 545000 | Hyundai Capital America, 4.88%, 6/23/27(a) | 549941 |
| 400000 | Hyundai Capital America, 5.30%, 3/19/27(a) | 405515 |
| 605000 | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26(a) | 607719 |
| 500000 | Volkswagen Group of America Finance LLC, 6.00%, 11/16/26(a) | 508729 |
|  |  | 3958092 |
|  **Consumer, Non-cyclical — 3.5%** | **Consumer, Non-cyclical — 3.5%** |  |
| 375000 | Amgen, Inc., 5.15%, 3/2/28 | 383696 |
| 475000 | CVS Health Corp., 5.00%, 2/20/26 | 476271 |
| 550000 | GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | 550237 |
| 525000 | HCA, Inc., 5.20%, 6/1/28 | 537657 |
| 480000 | Royalty Pharma Plc, 5.15%, 9/2/29 | 492717 |
| 128000 | Solventum Corp., 5.45%, 2/25/27 | 130073 |
|  |  | 2570651 |
|  **Energy — 2.3%** | **Energy — 2.3%** |  |
| 100000 | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/26 | 97691 |
| 450000 | Columbia Pipelines Holding Co. LLC, 6.06%, 8/15/26(a) | 455860 |
| 540000 | Energy Transfer LP, 5.25%, 7/1/29 | 555871 |
| 500000 | Enterprise Products Operating LLC, 5.05%, 1/10/26 | 500920 |
| 125000 | Kinder Morgan, Inc., 1.75%, 11/15/26 | 121752 |
|  |  | 1732094 |
|  **Financial — 21.6%** | **Financial — 21.6%** |  |
| 255000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.63%, 9/10/29 | 257344 |
| 1000000 | American Express Co., 6.34%, 10/30/26(c) | 1001839 |
| 250000 | Athene Global Funding, 1.61%, 6/29/26(a) | 245336 |
| 125000 | Athene Global Funding, 1.73%, 10/2/26(a) | 122007 |
| 750000 | Bank of America Corp., 5.08%, 1/20/27(c) | 751409 |

---

#### 1

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $175000 | Bank of Montreal, 5.00%, 1/27/29(c) | $178352 |
| 390000 | Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.26%, 3/3/27(b) | 393245 |
| 350000 | Citigroup, Inc., (SOFR RATE + 0.770%), 4.96%, 6/9/27(b) | 350435 |
| 620000 | Citizens Financial Group, Inc., 5.84%, 1/23/30(c) | 646208 |
| 170000 | Comerica, Inc., 5.98%, 1/30/30(c) | 176866 |
| 540000 | Credit Agricole SA, 1.25%, 1/26/27(a),(c) | 534314 |
| 500000 | Credit Agricole SA, 5.34%, 1/10/30(a),(c) | 514120 |
| 570000 | Deutsche Bank AG, 5.71%, 2/8/28(c) | 580188 |
| 200000 | DNB Bank ASA, 1.54%, 5/25/27(a),(c) | 196497 |
| 565000 | Equitable America Global Funding, 4.65%, 6/9/28(a) | 571509 |
| 300000 | GA Global Funding Trust, 2.25%, 1/6/27(a) | 292601 |
| 750000 | Goldman Sachs Group, Inc. (The), 4.94%, 4/23/28(c) | 758819 |
| 750000 | HSBC Holdings Plc, 5.60%, 5/17/28(c) | 765630 |
| 175000 | JPMorgan Chase & Co., 5.04%, 1/23/28(c) | 176986 |
| 1000000 | JPMorgan Chase & Co., 6.07%, 10/22/27(c) | 1020020 |
| 600000 | Lloyds Banking Group Plc, 4.82%, 6/13/29(c) | 608287 |
| 240000 | Lloyds Banking Group Plc, 5.09%, 11/26/28(c) | 244232 |
| 200000 | Macquarie Airfinance Holdings Ltd., 6.40%, 3/26/29(a) | 210295 |
| 425000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 425191 |
| 760000 | Met Tower Global Funding, 4.00%, 10/1/27(a) | 759300 |
| 765000 | Morgan Stanley, 5.05%, 1/28/27(c) | 766640 |
| 700000 | New York Life Global Funding, 3.90%, 10/1/27(a) | 699734 |
| 460000 | PNC Bank NA, 4.54%, 5/13/27(c) | 460738 |
| 1000000 | PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27(c) | 1024372 |
| 500000 | Truist Financial Corp., MTN, 7.16%, 10/30/29(c) | 541631 |
| 420000 | Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) | 416272 |
| 385000 | Wells Fargo & Co., Series W, GMTN, 4.90%, 1/24/28(c) | 388541 |
|  |  | 16078958 |
|  **Industrial — 0.4%** | **Industrial — 0.4%** |  |
| 300000 | CNH Industrial Capital LLC, 1.45%, 7/15/26 | 293535 |
|  **Technology — 4.4%** | **Technology — 4.4%** |  |
| 750000 | Broadcom, Inc., 3.46%, 9/15/26 | 746558 |
| 500000 | Broadcom, Inc., 4.80%, 4/15/28 | 509259 |
| 525000 | Micron Technology, Inc., 5.38%, 4/15/28 | 541448 |
| 500000 | Oracle Corp., 3.25%, 11/15/27 | 491324 |
| 295000 | Oracle Corp., 5.80%, 11/10/25 | 295392 |
| 450000 | Synopsys, Inc., 4.65%, 4/1/28 | 454980 |
| 200000 | TSMC Arizona Corp., 1.75%, 10/25/26 | 195088 |
| 49000 | Western Digital Corp., 4.75%, 2/15/26 | 48963 |
|  |  | 3283012 |
|  **Utilities — 3.8%** | **Utilities — 3.8%** |  |
| 275000 | Ameren Corp., 1.95%, 3/15/27 | 266676 |
| 250000 | CenterPoint Energy, Inc., 1.45%, 6/1/26 | 245362 |
| 250000 | Fells Point Funding Trust, 3.05%, 1/31/27(a) | 245955 |

---

#### 2

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $700000 | NextEra Energy Capital Holdings, Inc., 4.69%, 9/1/27 | $707780 |
| 500000 | NextEra Energy Capital Holdings, Inc., 4.85%, 2/4/28 | 509006 |
| 320000 | Southern Co. Gas Capital Corp., Series A, 4.05%, 9/15/28 | 319656 |
| 260000 | Southern Power Co., Series A, 4.25%, 10/1/30 | 258393 |
| 300000 | System Energy Resources, Inc., 6.00%, 4/15/28 | 312055 |
|  |  | 2864883 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **32168511** |
|  (Cost $31,795,291) | (Cost $31,795,291) |  |
|  **Asset Backed Securities — 35.2%** | **Asset Backed Securities — 35.2%** |  |
| 190202 | ACHV ABS Trust, Series 2024-3AL, Class C, 5.68%, 12/26/31(a) | 191581 |
| 128052 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(a) | 127350 |
| 175000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(a) | 175495 |
| 685000 | Ally Auto Receivables Trust, Series 2023-A, Class C, 6.08%, 1/17/34(a) | 694049 |
| 137821 | Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28(a) | 137644 |
| 675000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class C, 6.27%, 1/22/29(a) | 682872 |
| 700000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class D, 7.25%, 5/21/29(a) | 712035 |
| 750000 | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class D, 7.48%, 7/22/30(a) | 783425 |
| 100000 | Carmax Auto Owner Trust, Series 2021-4, Class C, 1.38%, 7/15/27 | 99042 |
| 380000 | Carmax Auto Owner Trust, Series 2022-4, Class C, 6.49%, 7/17/28 | 389456 |
| 365000 | Carmax Auto Owner Trust, Series 2022-4, Class D, 8.08%, 4/16/29 | 381079 |
| 525000 | Carmax Auto Owner Trust, Series 2024-3, Class C, 5.28%, 3/15/30 | 533706 |
| 7605 | CarMax Auto Owner Trust, Series 2022-1, Class A3, 1.47%, 12/15/26 | 7596 |
| 73511 | Carvana Auto Receivables Trust, Series 2021-N3, Class D, 1.58%, 6/12/28 | 71096 |
| 74103 | Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28 | 72406 |
| 620000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(a) | 608651 |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 7.34%, 4/20/31(a),(b) | 494450 |
| 500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(a) | 503944 |
| 700000 | Dell Equipment Finance Trust, Series 2024-1, Class C, 5.73%, 3/22/30(a) | 709370 |
| 750000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(a) | 763899 |

---

#### 3

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $225000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(a) | $227535 |
| 185578 | Drive Auto Receivables Trust, Series 2021-2, Class D, 1.39%, 3/15/29 | 184466 |
| 995000 | DT Auto Owner Trust, Series 2023-2A, Class D, 6.62%, 2/15/29(a) | 1015496 |
| 243174 | Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.32%, 5/15/28 | 244164 |
| 750000 | Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/29 | 762551 |
| 550000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 | 564675 |
| 475000 | Exeter Automobile Receivables Trust, Series 2023-5A, Class C, 6.85%, 1/16/29 | 484197 |
| 800000 | Exeter Automobile Receivables Trust, Series 2023-5A, Class D, 7.13%, 2/15/30 | 830540 |
| 525000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class C, 5.48%, 8/15/30 | 529930 |
| 1000000 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class A3, 4.43%, 8/15/30 | 1006267 |
| 845000 | Ford Credit Auto Owner Trust, Series 2021-2, Class D, 2.60%, 5/15/34(a) | 823654 |
| 425000 | Gm Financial Automobile Leasing Trust, Series 2025-2, Class B, 4.80%, 4/20/29 | 426223 |
| 1000000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1009274 |
| 700000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class B, 5.56%, 8/15/28(a) | 708706 |
| 575000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.43%, 12/15/28(a) | 586202 |
| 594822 | Marlette Funding Trust, Series 2024-1A, Class B, 6.07%, 7/17/34(a) | 598559 |
| 312160 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | 314133 |
| 1000000 | NextGear Floorplan Master Owner Trust, Series 2025-1A, Class B, 4.89%, 2/15/30(a) | 1000548 |
| 348905 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class D, 6.53%, 1/15/32(a) | 352033 |
| 674900 | Santander Drive Auto Receivables Trust, Series 2022-2, Class C, 3.76%, 7/16/29 | 673519 |
| 625000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77%, 12/15/28 | 632613 |
| 475000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, 12/15/31 | 487946 |
| 505000 | Santander Drive Auto Receivables Trust, Series 2023-5, Class B, 6.16%, 12/17/29 | 513935 |
| 260028 | SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31(a) | 260423 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 7.32%, 7/15/31(a),(b) | 498950 |
| 360000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 364198 |

---

#### 4

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $550000 | Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 7/20/27(a) | $550000 |
| 475000 | Tesla Auto Lease Trust, Series 2023-B, Class B, 6.57%, 8/20/27(a) | 476212 |
| 610000 | Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28(a) | 380381 |
| 500000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29(a) | 218816 |
| 335467 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(a) | 336453 |
| 215000 | Verizon Master Trust, Series 2023-1, Class C, 4.98%, 1/22/29 | 215181 |
| 750000 | Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14%, 10/15/30(a) | 750874 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **26167800** |
|  (Cost $26,512,476) | (Cost $26,512,476) |  |
|  **Collateralized Mortgage Obligations — 8.0%** | **Collateralized Mortgage Obligations — 8.0%** |  |
| 300000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 6.16%, 2/25/44(a),(b) | 302305 |
| 316000 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 6.06%, 7/25/44(a),(b) | 317267 |
| 318999 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | 324227 |
| 82002 | Freddie Mac STACR REMIC Trust, Series 2022-DNA3, Class M1A, (SOFR30A + 2.000%), 6.36%, 4/25/42(a),(b) | 82639 |
| 68656 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 6.45%, 3/25/43(a),(b) | 69499 |
| 185000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.81%, 10/25/44(a),(b) | 185145 |
| 675228 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) | 680316 |
| 795941 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a) | 797966 |
| 475103 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 5.49%, 8/25/55(a),(d) | 479775 |
| 250205 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 252226 |
| 363384 | OBX Trust, Series 2025-NQM10, Class A1, 5.45%, 5/25/65(a) | 366537 |
| 383603 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) | 386794 |
| 364013 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | 367363 |
| 244948 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 245642 |
| 389666 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 394931 |
| 675318 | Verus Securitization Trust, Series 2025-5, Class A1, 5.43%, 6/25/70(a) | 680180 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **5932812** |
|  (Cost $5,902,174) | (Cost $5,902,174) |  |

---

#### 5

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **U.S. Treasury Obligations — 6.7%** | **U.S. Treasury Obligations — 6.7%** |  |
|  **U.S. Treasury Bill — 6.7%** | **U.S. Treasury Bill — 6.7%** |  |
| $2500000 | U.S. Treasury Bill- When Issued, 4.09%, 10/21/25(e) | $2494391 |
| 2500000 | U.S. Treasury Bill- When Issued, 4.10%, 10/9/25(e) | 2497752 |
|  |  | 4992143 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **4992143** |
|  (Cost $4,992,075) | (Cost $4,992,075) |  |
|  **U.S. Government Agency Backed Mortgages — 0.3%** | **U.S. Government Agency Backed Mortgages — 0.3%** |  |
|  **Fannie Mae — 0.3%** | **Fannie Mae — 0.3%** |  |
| 210407 | Pool #CB7160, 6.50%, 9/1/53 | 217539 |
| 950 | Series 2001-70, Class OF, (SOFR30A + 1.064%), 5.42%, 10/25/31(b) | 960 |
| 788 | Series 2009-87, Class FX, (SOFR30A + 0.864%), 5.22%, 11/25/39(b) | 793 |
|  |  | 219292 |
|  **Freddie Mac — 0.0%** | **Freddie Mac — 0.0%** |  |
| 701 | Series 2448, Class FT, (SOFR30A + 1.114%), 5.49%, 3/15/32(b) | 709 |
| 813 | Series 2488, Class FQ, (SOFR30A + 1.114%), 5.49%, 3/15/32(b) | 823 |
| 13 | Series 3770, Class FP, (SOFR30A + 0.614%), 4.99%, 11/15/40(b) | 13 |
|  |  | 1545 |
|  **Total U.S. Government Agency Backed Mortgages** | **Total U.S. Government Agency Backed Mortgages** | **220837** |
|  (Cost $217,934) | (Cost $217,934) |  |
|  **Commercial Paper — 2.8%** | **Commercial Paper — 2.8%** |  |
| 1050000 | Alimentation Couche - Tard, Inc., 4.25%, 10/7/25(f) | 1049116 |
| 1050000 | Camden Property Trust, 4.20%, 10/2/25(f) | 1049749 |
|  **Total Commercial Paper** | **Total Commercial Paper** | **2098865** |
|  (Cost $2,099,135) | (Cost $2,099,135) |  |

---

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Value |
|  **Investment Company — 2.8%** | **Investment Company — 2.8%** |  |
| 2049684 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(g) | $2049684 |
|  **Total Investment Company** | **Total Investment Company** | 2049684 |
|  (Cost $2,049,684) | (Cost $2,049,684) |  |
|  **Total Investments** | **Total Investments** | $73630652 |
|  (Cost $73,568,769)(h) — 99.0% | (Cost $73,568,769)(h) — 99.0% |  |
|  **Other assets in excess of liabilities — 1.0%** | **Other assets in excess of liabilities — 1.0%** | 756341 |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $74386993 |

---

(a) 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.

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

(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) 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.

(e) Zero Coupon Bond. The rate represents the yield at time of purchase.

(f) The rate represents effective yield at the time of purchase.

(g) Affiliated investment.

(h) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position**  | Number of<br>Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Value/Unrealized<br>Appreciation | Notional<br>Value | Notional<br>Value | Clearinghouse |
|  2 Year U.S. Treasury Note | 101 | December 2025 | $12406 | USD | $21048242 | Citigroup Global Markets, Inc. |
|  **Total** |  |  | $12406 |  |  |  |

---

Abbreviations used are defined below:

GMTN - Global Medium Term Note

MTN - Medium Term Note

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

USD - United States Dollar

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

#### See Notes to the Financial Statements.

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Corporate Bonds — 52.5%** | **Corporate Bonds — 52.5%** |  |
|  **Communications — 1.5%** | **Communications — 1.5%** |  |
| $1000000 | T-Mobile USA, Inc., 2.25%, 2/15/26 | $992133 |
|  **Consumer, Cyclical — 7.6%** | **Consumer, Cyclical — 7.6%** |  |
| 400000 | American Honda Finance Corp., (SOFR RATE + 0.720%), GMTN, 5.03%, 10/22/27(a) | 400117 |
| 290000 | BMW US Capital LLC, 4.65%, 8/13/26(b) | 291498 |
| 150000 | Daimler Truck Finance North America LLC, 5.13%, 9/25/27(b) | 152496 |
| 865000 | General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 5.27%, 2/26/27(a) | 865427 |
| 655000 | Hyundai Capital America, 4.88%, 6/23/27(b) | 660939 |
| 1000000 | Hyundai Capital America, (SOFR RATE + 1.120%), 5.27%, 6/23/27(a),(b) | 1005425 |
| 300000 | Hyundai Capital America, 5.30%, 3/19/27(b) | 304136 |
| 500000 | Toyota Motor Credit Corp., GMTN, 4.55%, 8/7/26 | 502788 |
| 450000 | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26(b) | 452022 |
| 425000 | Volkswagen Group of America Finance LLC, 5.40%, 3/20/26(b) | 427023 |
|  |  | 5061871 |
|  **Consumer, Non-cyclical — 4.0%** | **Consumer, Non-cyclical — 4.0%** |  |
| 485000 | HCA, Inc., 5.00%, 3/1/28 | 493639 |
| 500000 | HCA, Inc., 5.38%, 9/1/26 | 502321 |
| 750000 | Kroger Co. (The), 2.65%, 10/15/26 | 739453 |
| 860000 | Mars, Inc., 4.45%, 3/1/27(b) | 865916 |
| 99000 | Solventum Corp., 5.45%, 2/25/27 | 100604 |
|  |  | 2701933 |
|  **Financial — 31.9%** | **Financial — 31.9%** |  |
| 750000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | 737006 |
| 1000000 | Athene Global Funding, 2.95%, 11/12/26(b) | 985882 |
| 1500000 | Bank of America Corp., 5.08%, 1/20/27(c) | 1502818 |
| 1305000 | Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.26%, 3/3/27(a) | 1315859 |
| 1000000 | Citigroup, Inc., 1.46%, 6/9/27(c) | 980951 |
| 1000000 | Citigroup, Inc., (SOFR RATE + 0.770%), 4.96%, 6/9/27(a) | 1001244 |
| 750000 | Citizens Bank NA, 3.75%, 2/18/26 | 748044 |
| 110000 | Comerica, Inc., 5.98%, 1/30/30(c) | 114443 |
| 360000 | Credit Agricole SA, 1.25%, 1/26/27(b),(c) | 356209 |
| 430000 | Deutsche Bank AG, 5.71%, 2/8/28(c) | 437686 |
| 750000 | Goldman Sachs Group, Inc. (The), Series VAR, 1.09%, 12/9/26(c) | 745292 |
| 900000 | Goldman Sachs Group, Inc. (The), 4.94%, 4/23/28(c) | 910582 |
| 1000000 | HSBC Holdings Plc, 1.59%, 5/24/27(c) | 982224 |
| 900000 | HSBC Holdings Plc, 5.60%, 5/17/28(c) | 918756 |
| 1000000 | JPMorgan Chase & Co., 1.04%, 2/4/27(c) | 988901 |
| 150000 | JPMorgan Chase & Co., 5.04%, 1/23/28(c) | 151702 |
| 575000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 575259 |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $515000 | Met Tower Global Funding, 4.00%, 10/1/27(b) | $514526 |
| 1000000 | Morgan Stanley, 1.59%, 5/4/27(c) | 984218 |
| 500000 | Morgan Stanley, 5.05%, 1/28/27(c) | 501072 |
| 475000 | New York Life Global Funding, 3.90%, 10/1/27(b) | 474819 |
| 540000 | PNC Bank NA, 4.54%, 5/13/27(c) | 540866 |
| 750000 | Realty Income Corp., REIT, 4.45%, 9/15/26 | 751675 |
| 900000 | Toronto-Dominion Bank (The), (SOFR RATE + 0.910%), GMTN, 5.12%, 6/2/28(a) | 904559 |
| 1000000 | UBS Group AG, 4.70%, 8/5/27(b),(c) | 1003268 |
| 1000000 | Wells Fargo & Co., MTN, 3.20%, 6/17/27(c) | 993067 |
| 1170000 | Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) | 1159615 |
|  |  | 21280543 |
|  **Technology — 1.0%** | **Technology — 1.0%** |  |
| 500000 | Synopsys, Inc., 4.55%, 4/1/27 | 503205 |
| 155000 | Western Digital Corp., 4.75%, 2/15/26 | 154884 |
|  |  | 658089 |
|  **Utilities — 6.5%** | **Utilities — 6.5%** |  |
| 285000 | Consolidated Edison Co. of New York, Inc., (SOFR Index + 0.520%), 4.77%, 11/18/27(a) | 285233 |
| 1000000 | Duke Energy Corp., 2.65%, 9/1/26 | 987874 |
| 570000 | Georgia Power Co., (SOFR Index + 0.280%), 4.46%, 9/15/26(a) | 569483 |
| 745000 | NextEra Energy Capital Holdings, Inc., 4.69%, 9/1/27 | 753280 |
| 400000 | NextEra Energy Capital Holdings, Inc., 4.85%, 2/4/28 | 407204 |
| 1000000 | NextEra Energy Capital Holdings, Inc., 4.95%, 1/29/26 | 1002163 |
| 340000 | Southern Co. Gas Capital Corp., Series A, 4.05%, 9/15/28 | 339635 |
|  |  | 4344872 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **35039441** |
|  (Cost $34,853,082) | (Cost $34,853,082) |  |
|  **Asset Backed Securities — 34.4%** | **Asset Backed Securities — 34.4%** |  |
| 85808 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(b) | 85338 |
| 125000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(b) | 125354 |
| 815000 | Ally Auto Receivables Trust, Series 2023-A, Class C, 6.08%, 1/17/34(b) | 825767 |
| 110257 | Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28(b) | 110115 |
| 825000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class C, 6.27%, 1/22/29(b) | 834621 |
| 800000 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class D, 7.25%, 5/21/29(b) | 813755 |
| 500000 | ARI Fleet Lease Trust, Series 2023-A, Class C, 6.03%, 2/17/32(b) | 509826 |
| 375000 | ARI Fleet Lease Trust, Series 2025-A, Class A2, 4.38%, 1/17/34(b) | 376178 |
| 875000 | Carmax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/28 | 866696 |

---

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $32676 | Carmax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 2/16/27 | $32651 |
| 171302 | Carmax Auto Owner Trust, Series 2022-4, Class A3, 5.34%, 8/16/27 | 171876 |
| 6337 | CarMax Auto Owner Trust, Series 2022-1, Class A3, 1.47%, 12/15/26 | 6330 |
| 255000 | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, 7/17/28 | 251989 |
| 200000 | Carmax Select Receivables Trust, Series 2024-A, Class A3, 5.40%, 11/15/28 | 202408 |
| 616086 | Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28 | 601978 |
| 233058 | Daimler Trucks Retail Trust, Series 2022-1, Class A4, 5.39%, 1/15/30 | 233139 |
| 500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(b) | 503944 |
| 28535 | Dell Equipment Finance Trust, Series 2024-1, Class A2, 5.58%, 3/22/30(b) | 28566 |
| 430955 | DLLMT LLC, Series 2024-1A, Class A2, 5.08%, 2/22/27(b) | 431981 |
| 165961 | DT Auto Owner Trust, Series 2022-3A, Class C, 7.69%, 7/17/28(b) | 166449 |
| 640846 | Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.55%, 6/15/27 | 633318 |
| 244102 | Exeter Automobile Receivables Trust, Series 2022-1A, Class D, 3.02%, 6/15/28 | 242377 |
| 201656 | Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.32%, 5/15/28 | 202477 |
| 750000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 | 770012 |
| 250000 | Exeter Automobile Receivables Trust, Series 2024-3A, Class B, 5.57%, 9/15/28 | 251350 |
| 400000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class C, 5.48%, 8/15/30 | 403756 |
| 170000 | Exeter Automobile Receivables Trust, Series 2024-5A, Class B, 4.48%, 4/16/29 | 170258 |
| 675000 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class A2, 4.54%, 6/15/29 | 677708 |
| 330000 | Ford Credit Auto Owner Trust, Series 2021-1, Class B, 1.61%, 10/17/33(b) | 324859 |
| 215000 | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, 7/15/29 | 213970 |
| 245695 | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3, 4.66%, 2/16/28 | 246299 |
| 600000 | GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class B, 4.92%, 11/15/28(b) | 604565 |
| 650000 | Honda Auto Receivables Owner Trust, Series 2022-2, Class A4, 3.76%, 12/18/28 | 649225 |
| 106639 | Hpefs Equipment Trust, Series 2022-3A, Class C, 6.13%, 8/20/29(b) | 106639 |

---

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $600000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class B, 5.56%, 8/15/28(b) | $607462 |
| 64572 | Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26(b) | 64469 |
| 410000 | Kubota Credit Owner Trust, Series 2025-2A, Class A2, 4.48%, 4/17/28(b) | 411929 |
| 425000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.43%, 12/15/28(b) | 433279 |
| 396548 | Marlette Funding Trust, Series 2024-1A, Class B, 6.07%, 7/17/34(b) | 399039 |
| 348808 | MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41(b) | 345301 |
| 339703 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(b) | 341851 |
| 750000 | Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 4/25/29(b) | 755531 |
| 674900 | Santander Drive Auto Receivables Trust, Series 2022-2, Class C, 3.76%, 7/16/29 | 673519 |
| 193463 | Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95%, 1/17/28 | 193981 |
| 725000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77%, 12/15/28 | 733831 |
| 275000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class B, 4.63%, 8/15/29 | 276522 |
| 305916 | SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31(b) | 306380 |
| 450000 | Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 7/20/27(b) | 450000 |
| 395000 | Tesla Auto Lease Trust, Series 2023-B, Class B, 6.57%, 8/20/27(b) | 396007 |
| 39350 | Tesla Electric Vehicle Trust, Series 2023-1, Class A2A, 5.54%, 12/21/26(b) | 39387 |
| 480000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class C, 5.73%, 12/15/28(b) | 272014 |
| 226795 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(b) | 227461 |
| 500000 | Verizon Master Trust, Series 2023-1, Class C, 4.98%, 1/22/29 | 500421 |
| 425000 | Verizon Master Trust, Series 2024-1, Class C, 5.49%, 12/20/28 | 425672 |
| 362245 | Volkswagen Auto Lease Trust, Series 2024-A, Class A2A, 5.40%, 12/21/26 | 363049 |
| 317311 | Volvo Financial Equipment LLC Series, Series 2024-1A, Class A2, 4.56%, 5/17/27(b) | 317592 |
| 220000 | Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48%, 9/15/27(b) | 220836 |
| 494932 | World Omni Auto Receivables Trust, Series 2021-D, Class A4, 1.10%, 11/15/27 | 493142 |
| 760000 | World Omni Select Auto Trust, Series 2021-A, Class D, 1.44%, 11/15/27 | 759003 |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $225000 | World Omni Select Auto Trust, Series 2024-A, Class A3, 4.98%, 2/15/30 | $226376 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **22909828** |
|  (Cost $23,018,275) | (Cost $23,018,275) |  |
|  **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** |  |
| 100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 6.06%, 5/25/44(a),(b) | 100461 |
| 798861 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(b) | 804881 |
| 820814 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(b) | 822903 |
| 489084 | OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/62(b),(d) | 488425 |
| 456439 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(b) | 460235 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **2676905** |
|  (Cost $2,664,270) | (Cost $2,664,270) |  |
|  **Commercial Paper — 7.3%** | **Commercial Paper — 7.3%** |  |
| 950000 | Alimentation Couche - Tard, Inc., 4.25%, 10/7/25(e) | 949200 |
| 950000 | Camden Property Trust, 4.20%, 10/2/25(e) | 949773 |
| 1000000 | Cintas Corporation No. 2, 4.19%, 10/14/25(e) | 998358 |
| 1000000 | Dominion Energy, Inc., 4.23%, 10/23/25(e) | 997265 |
| 1000000 | Republic Services, Inc., 4.22%, 10/7/25(e) | 999172 |
|  **Total Commercial Paper** | **Total Commercial Paper** | **4893768** |
|  (Cost $4,894,428) | (Cost $4,894,428) |  |
| **Shares** |  |  |
|  **Investment Company — 1.5%** | **Investment Company — 1.5%** |  |
| 983566 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(f) | 983566 |
|  **Total Investment Company** | **Total Investment Company** | **983566** |
|  (Cost $983,566) | (Cost $983,566) |  |
|  **Total Investments** | **Total Investments** | $**66503508** |
|  (Cost $66,413,621)(g) — 99.7% | (Cost $66,413,621)(g) — 99.7% |  |
|  **Other assets in excess of liabilities — 0.3%** | **Other assets in excess of liabilities — 0.3%** | **195492** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**66699000** |

---

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### September 30, 2025 (Unaudited)
(a) Floating rate note. Rate shown is as of report date.

(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) 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.

(e) The rate represents effective yield at the time of purchase.

(f) Affiliated investment.

(g) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

GMTN - Global Medium Term Note

MTN - Medium Term Note

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

#### See Notes to the Financial Statements.

#### 14

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | RBC BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $71,519,085 and $65,430,055, respectively) | $71580968 | $65519942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,049,684 and $983,566, respectively) | 2049684 | 983566 |
|  Cash at broker for financial futures contracts | 309763 | 707 |
|  Interest and dividend receivable | 537994 | 322169 |
|  Receivable from advisor | 19750 | 18738 |
|  Receivable for capital shares issued | 65 | 22505 |
|  Unrealized appreciation on futures contracts | 12406 |  |
|  Prepaid expenses and other assets | 1886 | 10903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 74512516 | 66878530 |
|  **Liabilities:** |  |  |
|  Cash overdraft | 17092 | 2292 |
|  Professional fees payable | 1500 | 1500 |
|  Distributions payable | 3367 | 3430 |
|  Payable for capital shares redeemed | 12442 | 111109 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 17707 | 12812 |
|  Accounting fees | 12075 | 12219 |
|  Audit fees | 20622 | 20592 |
|  Distribution fees |  | 743 |
|  Custodian fees | 1133 |  |
|  Shareholder reports | 7871 | 6081 |
|  Transfer agent fees | 16694 | 426 |
|  Other | 15020 | 8326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 125523 | 179530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $74386993 | $66699000 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $75261247 | $69869274 |
|  Accumulated earnings | (874254) | (3170274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $74386993 | $66699000 |

---

#### 15

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | RBC BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  **Net Assets** |  |  |
|  Class A | $294865 | $16129650 |
|  Class I | 74092128 | 50569350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $74386993 | $66699000 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 30182 | 1601715 |
|  Class I | 7593778 | 5028744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 7623960 | 6630459 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $9.77 | $10.07 |
|  Class I | $9.76 | $10.06 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $9.92 | $N/A |
|  Maximum Sales Charge - Class A | 1.50% | N/A |

---

#### See Notes to the Financial Statements.

#### 16

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Six Months Ended September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | RBC BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1844141 | $1875797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 41354 | 63428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1885495 | 1939225 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 109546 | 93919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 173 | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 28244 | 23952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 20934 | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 2377 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1704 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2091 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 19900 | 23053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 19917 | 18757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 1882 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 43156 | 15978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 1783 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 2428 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 255635 | 219700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (129333) | (100140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 126302 | 119560 |
|  **Net Investment Income** | 1759193 | 1819665 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 12401 | 13074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 99628 | (23503) |
|  Net realized gains/(losses) | 112029 | (10429) |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (254251) | (37608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (102843) | 580 |
|  Net unrealized losses | (357094) | (37028) |
|  Change in net assets resulting from operations | $1514128 | $1772208 |

---

#### See Notes to the Financial Statements.

#### 17

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | RBC BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund |
|  | For the<br>Six Months Ended<br>September 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>March 31, 2025 |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1759193 | $3184610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and futures contracts | 112029 | (53957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and futures contracts | (357094) | 864880 |
|  Change in net assets resulting from operations | 1514128 | 3995533 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8000) | (19779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1722689) | (3129874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (1730689) | (3149653) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 3441484 | 3862254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 1706767 | 3102372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1774038) | (1505616) |
|  Change in net assets resulting from capital transactions | 3374213 | 5459010 |
|  Net increase in net assets | 3157652 | 6304890 |
|  **Net Assets:** |  |  |
|  Beginning of period | 71229341 | 64924451 |
|  End of period | $74386993 | $71229341 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 351714 | 396657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 174308 | 318659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (181110) | (154394) |
|  Change in shares resulting from capital transactions | 344912 | 560922 |

---

#### See Notes to the Financial Statements.

#### 18

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br> **Ultra-Short**<br> **Fixed Income**<br> **Fund** | **RBC BlueBay**<br> **Ultra-Short**<br> **Fixed Income**<br> **Fund** |
|  | **For the**<br> **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **For the**<br> **Year Ended**<br> **March 31, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1819665 | $2486345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and futures contracts | (10429) | 12290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and futures contracts | (37028) | 438624 |
|  Change in net assets resulting from operations | 1772208 | 2937259 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (328394) | (612375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1390522) | (1777606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (1718916) | (2389981) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 17691010 | 69955196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 1702997 | 2368709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (45450573) | (32193675) |
|  Change in net assets resulting from capital transactions | (26056566) | 40130230 |
|  Net increase/(decrease) in net assets | (26003274) | 40677508 |
|  **Net Assets:** |  |  |
|  Beginning of period | 92702274 | 52024766 |
|  End of period | $66699000 | $92702274 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1759958 | 6970505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 169247 | 236384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4518867) | (3215988) |
|  Change in shares resulting from capital transactions | (2589662) | 3990901 |

---

#### See Notes to the Financial Statements.

#### 19

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Short Duration Fixed Income Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $9.80 | 0.23 | (0.03) | 0.20 | (0.23) |  | (0.23) | $9.77 |
|  Year Ended 3/31/25 | 9.68 | 0.45 | 0.11 | 0.56 | (0.44) |  | (0.44) | 9.80 |
|  Year Ended 3/31/24 | 9.51 | 0.38 | 0.17 | 0.55 | (0.38) |  | (0.38) | 9.68 |
|  Year Ended 3/31/23 | 9.69 | 0.22 | (0.18) | 0.04 | (0.22) |  | (0.22) | 9.51 |
|  Year Ended 3/31/22 | 10.18 | 0.12 | (0.41) | (0.29) | (0.13) | (0.07) | (0.20) | 9.69 |
|  Year Ended 3/31/21 | 9.98 | 0.17 | 0.21 | 0.38 | (0.18) |  | (0.18) | 10.18 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $9.79 | 0.24 | (0.04) | 0.20 | (0.23) |  | (0.23) | $9.76 |
|  Year Ended 3/31/25 | 9.66 | 0.46 | 0.12 | 0.58 | (0.45) |  | (0.45) | 9.79 |
|  Year Ended 3/31/24 | 9.50 | 0.39 | 0.16 | 0.55 | (0.39) |  | (0.39) | 9.66 |
|  Year Ended 3/31/23 | 9.68 | 0.24 | (0.19) | 0.05 | (0.23) |  | (0.23) | 9.50 |
|  Year Ended 3/31/22 | 10.16 | 0.13 | (0.40) | (0.27) | (0.14) | (0.07) | (0.21) | 9.68 |
|  Year Ended 3/31/21 | 9.98 | 0.18 | 0.19 | 0.37 | (0.19) |  | (0.19) | 10.16 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

#### 20

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Short Duration Fixed Income Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  | <br>**Total<br>Return(a)(b)** | Net Assets,<br>End of<br>Period (000's)  | **Ratio of**<br> **Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br> **Net Investment<br>Income (Loss)<br>to Average**<br> **Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | Portfolio<br>Turnover<br>Rate\*\*  |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 2.03%(c) | $295 | 0.45%(d) | 4.70%(d) | 1.76%(d) | 26% |
|  Year Ended 3/31/25 | 5.93% | 397 | 0.44% | 4.58% | 1.56% | 67% |
|  Year Ended 3/31/24 | 5.86% | 434 | 0.44% | 3.92% | 1.59% | 33% |
|  Year Ended 3/31/23 | 0.49% | 502 | 0.45% | 2.26% | 1.32% | 35% |
|  Year Ended 3/31/22 | (2.84)% | 887 | 0.45% | 1.18% | 1.22% | 76% |
|  Year Ended 3/31/21 | 6.45% | 419 | 0.45% | 1.70% | 1.58% | 54% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 2.08%(c) | $74092 | 0.35%(d) | 4.82%(d) | 0.70%(d) | 26% |
|  Year Ended 3/31/25 | 6.14% | 70832 | 0.34% | 4.69% | 0.73% | 67% |
|  Year Ended 3/31/24 | 5.86% | 64490 | 0.34% | 4.05% | 0.80% | 33% |
|  Year Ended 3/31/23 | 0.59% | 58973 | 0.35% | 2.48% | 0.79% | 35% |
|  Year Ended 3/31/22 | (2.66)% | 54469 | 0.35% | 1.30% | 0.78% | 76% |
|  Year Ended 3/31/21 | 6.35% | 64179 | 0.35% | 1.79% | 0.68% | 54% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01% except for the periods ended March 31, 2024 and March 31, 2025, when the Fund's net expense ratios would increase by an amount of 0.01%. 

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(a) Excludes sales charge.

(b) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(c) Not annualized.

(d) Annualized.

#### See Notes to the Financial Statements.

#### 21

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Ultra-Short Fixed Income Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $10.07 | 0.22 | (0.01) | 0.21 | (0.21) |  | (0.21) | $10.07 |
|  Year Ended 3/31/25 | 9.96 | 0.47 | 0.09 | 0.56 | (0.45) |  | (0.45) | 10.07 |
|  Year Ended 3/31/24 | 9.59 | 0.43 | 0.37 | 0.80 | (0.43) |  | (0.43) | 9.96 |
|  Year Ended 3/31/23 | 9.73 | 0.23 | (0.08) | 0.15 | (0.25) | (0.04) | (0.29) | 9.59 |
|  Year Ended 3/31/22 | 9.99 | 0.08 | (0.26) | (0.18) | (0.08) |  | (0.08) | 9.73 |
|  Year Ended 3/31/21 | 9.58 | 0.13 | 0.42 | 0.55 | (0.14) |  | (0.14) | 9.99 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | $10.05 | 0.23 | (0.01) | 0.22 | (0.21) |  | (0.21) | $10.06 |
|  Year Ended 3/31/25 | 9.95 | 0.48 | 0.08 | 0.56 | (0.46) |  | (0.46) | 10.05 |
|  Year Ended 3/31/24 | 9.58 | 0.44 | 0.37 | 0.81 | (0.44) |  | (0.44) | 9.95 |
|  Year Ended 3/31/23 | 9.72 | 0.25 | (0.09) | 0.16 | (0.26) | (0.04) | (0.30) | 9.58 |
|  Year Ended 3/31/22 | 9.98 | 0.09 | (0.26) | (0.17) | (0.09) |  | (0.09) | 9.72 |
|  Year Ended 3/31/21 | 9.57 | 0.14 | 0.42 | 0.56 | (0.15) |  | (0.15) | 9.98 |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

#### 22

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Ultra-Short Fixed Income Fund

*(Selected data for a share outstanding throughout the periods indicated)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  | <br>**Total<br>Return(a)** | Net Assets,<br>End of<br>Period (000's)  | **Ratio of**<br> **Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br> **Net Investment<br>Income (Loss)<br>to Average**<br> **Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | Portfolio<br>Turnover<br>Rate\*\*  |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 2.10%(b) | $16130 | 0.37%(c) | 4.41%(c) | 0.62%(c) | 30% |
|  Year Ended 3/31/25 | 5.74% | 15850 | 0.37% | 4.68% | 0.75% | 71% |
|  Year Ended 3/31/24 | 8.56% | 13353 | 0.37% | 4.41% | 0.74% | 28% |
|  Year Ended 3/31/23 | 1.61% | 16565 | 0.38% | 2.34% | 0.59% | 32% |
|  Year Ended 3/31/22 | (1.81)% | 46963 | 0.38% | 0.78% | 0.55% | 62% |
|  Year Ended 3/31/21 | 5.78% | 16173 | 0.38% | 1.30% | 0.81% | 56% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 9/30/25 (Unaudited) | 2.25%(b) | $50569 | 0.27%(c) | 4.47%(c) | 0.52%(c) | 30% |
|  Year Ended 3/31/25 | 5.75% | 76853 | 0.27% | 4.78% | 0.65% | 71% |
|  Year Ended 3/31/24 | 8.68% | 38672 | 0.27% | 4.51% | 0.60% | 28% |
|  Year Ended 3/31/23 | 1.71% | 63028 | 0.28% | 2.57% | 0.55% | 32% |
|  Year Ended 3/31/22 | (1.72)% | 102986 | 0.28% | 0.87% | 0.48% | 62% |
|  Year Ended 3/31/21 | 5.89% | 79747 | 0.28% | 1.42% | 0.77% | 56% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01% except for the periods ended March 31, 2024, March 31, 2025 and September 30, 2025, when the Fund's net expense ratios would increase by an amount of 0.01%. 

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(a) Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period.

(b) Not annualized.

(c) Annualized.

#### See Notes to the Financial Statements.

#### 23

------

NOTES TO FINANCIAL STATEMENTS

September 30, 2025 (Unaudited)

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 17 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). This report includes the following two investment portfolios (each a "Fund" and collectively, the "Funds"):

- RBC BlueBay Short Duration Fixed Income Fund ("Short Duration Fixed Income Fund")

- RBC BlueBay Ultra-Short Fixed Income Fund ("Ultra-Short Fixed Income Fund")

The Funds offer Class A (formerly Class F) and Class I shares. Class A shares of Short Duration Fixed Income Fund are offered with a 1.50% maximum front-end sales charge and a 1.00% contingent deferred sales charge ("CDSC") for redemptions within 12 months of a $500,000 or greater purchase on which no front-end sales charge was paid. Class A shares of Ultra-Short Fixed Income Fund and Class I shares are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Advisor" or "Co-Administrator") acts as the investment advisor for the Funds. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

Each Fund is an investment company that follows accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services - Investment Companies (ASC 946)*. The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Fund Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange ("NYSE").

#### Segment Reporting:
In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standards impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and assess its potential future cash flows through improved segment disclosures.

The Advisor's Executive Committee and Fund Management collectively act as the chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' financial statements.

#### Recent Accounting Pronouncements:
In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

#### 24

------

NOTES TO FINANCIAL STATEMENTS

#### Security Valuation:
The Trust's Board of Trustees (the "Board") has approved pricing and valuation procedures of the Advisor for determining the fair value of each Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Fixed income securities, including to-be-announced ("TBA") commitments and municipal bonds, are generally valued based on evaluated prices received from third-party pricing services or from broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account multiple appropriate factors such as institutional-size trading in similar groups of securities, market spreads, interest rates, and fundamental security analytical data including yield, quality, coupon rate, maturity and type of issue.

Mortgage-related securities represent direct or indirect participation in, or are secured by and payable from, mortgage loans secured by real property and include pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. Government agencies or instrumentalities, or private issuers, including commercial banks, savings and loan institutions, private mortgage insurance bankers and other secondary market issuers. These mortgage-related securities are generally valued by pricing services that use broker-dealer quotations or valuation estimates from their internal pricing models. These pricing models generally consider such factors as current market data, estimated cash flows, market-based yield spreads, and estimated prepayment rates. Securities valued using such techniques and inputs are generally categorized as Level 2 in the fair value hierarchy. To the extent significant inputs are unobservable, the securities will be categorized as Level 3.

Exchange-traded futures are valued at the last sale price at the close of the market on the principal exchange on which they are traded and are categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Funds' pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence

#### 25

------

NOTES TO FINANCIAL STATEMENTS

the market in which the investments are traded. These securities are either categorized as Level 2 or 3 in the fair value hierarchy, depending on the relevant inputs used.

When the Funds utilize fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

#### Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

#### 26

------

NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Funds' investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>Quoted Prices | Level 2<br>Significant<br>Observable<br>Inputs | Level 3<br>Significant<br>Unobservable<br>Inputs | Total |
|  **BlueBay Short Duration Fixed Income Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $32168511 | $— | $32168511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 26167800 |  | 26167800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 5932812 |  | 5932812 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 4992143 |  | 4992143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 2098865 |  | 2098865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 2049684 |  |  | 2049684 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 220837 |  | 220837 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 12406 |  |  | 12406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $2062090 | $71580968 | $— | $73643058 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>Quoted Prices | Level 2<br>Significant<br>Observable<br>Inputs | Level 3<br>Significant<br>Unobservable<br>Inputs | Total |
|  **BlueBay Ultra-Short Fixed Income Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $35039441 | $— | $35039441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 22909828 |  | 22909828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 4893768 |  | 4893768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations |  | 2676905 |  | 2676905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 983566 |  |  | 983566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $983566 | $65519942 | $— | $66503508 |

---

\*Other financial instruments are instruments shown on the Schedule of Portfolio Investments, such as futures contracts which are valued at fair value.

#### TBA Commitments:
The Funds may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased/sold declines/increases prior to settlement date, which is in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under "Security Valuation".

#### Derivatives:
The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities for hedging purposes only. Derivatives allow the Funds to manage their risk exposure more quickly and efficiently than other types of instruments. Derivatives may be riskier than other types of investments and could result in losses that significantly exceed a Fund's original investment. Derivatives are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives may not be successful, resulting in losses to a Fund, and the cost of such strategies may reduce the Fund's returns.

Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Funds, in which case any losses on the holdings being

#### 27

------

NOTES TO FINANCIAL STATEMENTS

hedged may not be reduced and may be increased. There can be no assurance that a Fund's hedging strategy will reduce risk or that hedging transactions will be available or cost effective. The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

#### Financial Futures Contracts:
The Funds entered into futures contracts in an effort to manage the duration of the portfolio and hedge against certain market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.

The Funds entered into U.S. Treasury Notes futures during the period ended September 30, 2025.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets equal to a certain percentage of the contract amount. Subsequent payments are made or received by the Funds each day, depending on the daily fluctuations in the fair value of the underlying instrument. A Fund would record an unrealized gain or loss each day equal to these daily payments.

Open futures contracts are shown on the Schedules of Portfolio Investments. Underlying collateral pledged for open futures contracts is the cash at brokers for financial futures contracts shown on the Statements of Assets and Liabilities at September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fair Values of Derivative Financial Instrument as of September 30, 2025<sup>(1)</sup>**  | **Fair Values of Derivative Financial Instrument as of September 30, 2025<sup>(1)</sup>**  | **Fair Values of Derivative Financial Instrument as of September 30, 2025<sup>(1)</sup>**  |
| **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $12406 | $— |
|  Total | $12406 | $— |
| <br> The effect of derivative instruments on the Statement of Operations during the period ended September 30, 2025 is as follows: | <br> The effect of derivative instruments on the Statement of Operations during the period ended September 30, 2025 is as follows: | <br> The effect of derivative instruments on the Statement of Operations during the period ended September 30, 2025 is as follows: |

---

---

| | | |
|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  Net realized Gain/(Loss) From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $99628 | $(23503) |
|  Total | $99628 | $(23503) |

---

#### 28

------

NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund | BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund |
|  Net Change in Unrealized Appreciation From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(102843) | $580 |
|  Total | $(102843) | $580 |

---

(1) Not considered to be hedging instruments for accounting disclosure purposes.

For the period ended September 30, 2025, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

<u>BlueBayShortDurationFixed IncomeFund</u> <u>BlueBayUltra-ShortFixed IncomeFund</u> <br> Futures long position (contracts) 101 —

#### Counterparty Credit Risk:
Derivatives may also expose a Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations). To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. A Fund's maximum risk of loss from counterparty credit risk on over-the-counter ("OTC") derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds.

With exchange-traded futures, the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

#### Affiliated Investments:
The Funds invest in another Fund of the Trust (an "Affiliated Fund"), RBC BlueBay U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Funds from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Funds in the Affiliated Fund. As the affiliated investment is a money market fund in which shares are issued and redeemed at $1.00 per share, the number of shares purchased and sold equal the dollar amount shown as purchased and sold, and no gain or loss was realized on the sale of shares of the money market fund.

#### 29

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**March 31, 2025**  |<br>**Purchases**  |<br>**Sales**  | **Value**<br>**September 30, 2025**  |<br>**Dividends**  |
| Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1 |  |  |  |  |  |
|  BlueBay Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1223559 | $27441053 | $(26614928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2049684 | $41354 |
|  BlueBay Ultra-Short Fixed Income Fund | 1531967 | 55368687 | (55917088) | 983566 | 63428 |

---

#### Credit Enhancement:
Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements and third party insurance.

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method. Paydown gains and losses on mortgage- and asset-backed securities are included in the financial statements as interest income.

#### Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon each Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

#### Indemnifications:
Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including the Funds' servicing agreements, that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

#### Distributions to Shareholders:
The Funds pay out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared daily and paid monthly. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be

#### 30

------

NOTES TO FINANCIAL STATEMENTS

permanent (e.g., reclassification of paydown gains and losses), they are reclassified within a Fund's capital account based on their federal tax basis treatment.

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into an investment advisory agreement with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
|  | Annual Rate  |
|  Short Duration Fixed Income Fund | 0.30% |
|  Ultra-Short Fixed Income Fund | 0.23% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of Class A and Class I shares of each Fund to the following levels. This expense limitation agreement is in place until July 31, 2027.

---

| | | |
|:---|:---|:---|
|  | Class A<br>Annual Rate  | Class I<br>Annual Rate  |
|  Short Duration Fixed Income Fund | 0.45% | 0.35% |
|  Ultra-Short Fixed Income Fund | 0.38% | 0.28% |

---

The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 3 years, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

The amounts subject to possible recoupment under the expense limitation agreement as of September 30, 2025 were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FYE 3/31/23** | **FYE 3/31/24** | **FYE 3/31/25** | **FYE 3/31/26** | **Total** |
|  BlueBay Short Duration Fixed Income Fund | $140433 | $283295 | $259448 | $127658 | $810834 |
|  BlueBay Ultra-Short Fixed Income Fund | 136214 | 218547 | 195380 | 97450 | 647591 |

---

There was no recoupment of expense reimbursement/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to RBC GAM-US indirectly through its investment in an affiliated money market fund. These waivers are voluntary and not subject to recoupment. These amounts are included in expenses waived/reimbursed by Advisor in the Statements of Operations. For the period ended September 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
|  | Fees Waived  |
|  BlueBay Short Duration Fixed Income Fund | $1675 |
|  BlueBay Ultra-Short Fixed Income Fund | 2690 |

---

RBC GAM-US serves as co-administrator to the Funds. The Bank of New York Mellon. ("BNY Mellon") serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon

#### 31

------

NOTES TO FINANCIAL STATEMENTS

receives a fee for its services payable by the Funds based in part on the Funds' average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The Trust currently pays each of the independent trustees (trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $100,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, independent trustees receive a quarterly meeting fee of $6,500, for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or special board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statement of Operations in "Trustees' fees".

4. Fund Distribution:

Each of the Funds has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Funds' distributor. The Plan permits each Fund to make payments for or to reimburse the Distributor for distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I. The current Plan fee rate for Class A is 0.10%.

Plan fees are based on average daily net assets of Class A. The Distributor, subject to applicable legal requirements, may waive a Plan fee voluntarily, in whole or in part. For the period ended September 30, 2025, there were no fees waived by the Distributor.

The Distributor did not receive any CDSC fees from Class A shares of the Funds during the period ended period ended September 30, 2025.

For the period ended period ended September 30, 2025, the Distributor received no commissions from front-end sales charges of Class A shares.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the period ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Purchases<br>(Excl. U.S. Gov't) | Sales<br>(Excl. U.S. Gov't) | Sales<br>of U.S. Gov't. |
|  BlueBay Short Duration Fixed Income Fund | $18271149 | $16951073 | $54429 |
|  BlueBay Ultra-Short Fixed Income Fund | 18933483 | 27317193 |  |

---

#### 32

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NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("shares outstanding") without par value. Transactions in capital stock of the Funds are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlueBay Short Duration<br>Fixed Income Fund | BlueBay Short Duration<br>Fixed Income Fund | BlueBay Ultra-Short<br>Fixed Income Fund | BlueBay Ultra-Short<br>Fixed Income Fund |
|  | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 | For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited) | For the<br>Year Ended<br>March 31,<br>2025 |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $1402 | $5919 | $2215736 | $8405854 |
|  Distributions reinvested | 8000 | 19779 | 327311 | 610314 |
|  Cost of shares redeemed | (111029) | (68062) | (2270169) | (6667530) |
|  Change in Class A | $(101627) | $(42364) | $272878 | $2348638 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $3440082 | $3856335 | $15475274 | $61549342 |
|  Distributions reinvested | 1698767 | 3082593 | 1375686 | 1758395 |
|  Cost of shares redeemed | (1663009) | (1437554) | (43180404) | (25526145) |
|  Change in Class I | $3475840 | $5501374 | $(26329444) | $37781592 |
|  Change in net assets resulting from capital transactions | $3374213 | $5459010 | $(26056566) | $40130230 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 143 | 609 | 220061 | 837456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 816 | 2029 | 32493 | 60852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (11337) | (6966) | (225462) | (664496) |
|  Change in Class A | (10378) | (4328) | 27092 | 233812 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 351571 | 396048 | 1539897 | 6133049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 173492 | 316630 | 136754 | 175532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (169773) | (147428) | (4293405) | (2551492) |
|  Change in Class I | 355290 | 565250 | (2616754) | 3757089 |
|  Change in shares resulting from capital transactions | 344912 | 560922 | (2589662) | 3990901 |

---

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the

#### 33

------

NOTES TO FINANCIAL STATEMENTS

Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Fund Management has analyzed the Fund's tax positions taken or expected to be taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of and during the year ended period ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended Period ended September 30, 2025, the Funds did not incur any interest or penalties.

As of September 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost Of<br>Investments | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
|  BlueBay Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73568769 | $672679 | $(610796) | $61883 |
|  BlueBay Ultra-Short Fixed Income Fund | 66413621 | 318126 | (228240) | 89886 |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable to the mark to market on derivatives.

The tax character of distributions during the year ended March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions Paid From  | Distributions Paid From  | Distributions Paid From  |
|  | Ordinary<br>Income | Total Taxable<br>Distributions | Total<br>Distributions<br>Paid |
|  BlueBay Short Duration Fixed Income Fund | $3148475 | $3148475 | $3148475 |
|  BlueBay Ultra-Short Fixed Income Fund | 2386381 | 2386381 | 2386381 |

---

Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated March 31, 2026.

During the period ended March 31, 2025, BlueBay Short Duration Fixed Income Fund and BlueBay Ultra-Short Fixed Income Fund utilized $162,814 and $186,999, respectively, of capital loss carryforwards.

As of March 31, 2025, the Short Duration Fixed Income Fund and the Ultra-Short Fixed Income Fund had a short-term capital loss carryforward of $(81,011) and $(301,351) and a long-term capital loss carryforward of $(899,453) and $(3,049,301) respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration.

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Short Duration Fixed Income Fund and Ultra Short Fixed Income Fund didn't have any qualified late-year losses this year.

#### 34

------

NOTES TO FINANCIAL STATEMENTS

8. Line of Credit

The Funds, along with other Funds within the Trust, participate in an uncommitted, secured $500,000,000 line of credit with U.S. Bank, N.A. (the "Bank"), the Funds' custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of July 25, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since multiple funds within the Trust participate in this line of credit, there is no assurance that an individual fund will have access to all or any part of the $500,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at September 30, 2025 and there were no borrowings made by the Funds during the period.

9. Significant Risks

#### Shareholder concentration risk:
As of September 30, 2025, the Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | # of Omnibus Accounts | % of Fund |
|  BlueBay Short Duration Fixed Income Fund | 2 | 54.0% |
|  BlueBay Ultra-Short Fixed Income Fund | 1 | 80.2% |

---

In addition, two unaffiliated shareholders owned in aggregate 56.6% of Short Duration Fixed Income Fund as of September 30, 2025. Significant transactions by these shareholders may impact the Funds' performance.

#### Market risk:
One or more markets in which a Fund invests may go down in value, sometimes sharply and unpredictably, and the value of a Fund's portfolio securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease, epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. In addition, tariffs, trade restrictions, economic sanctions, export controls, or retaliatory measures, or the threat or potential of one or more such events and developments may be an ongoing source of instability, potentially resulting in significant currency fluctuations, or have other adverse effects on international markets, international trade agreements, or other existing cross-border cooperation arrangements. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations.

#### Interest Rate Risk:
A Fund's yield and value will fluctuate as the general level of interest rates change. During periods when interest rates are low, a Fund's yield may also be low. When interest rates increase, securities held by a Fund will generally decline in value. Interest rate changes are influenced by a number of factors including government policy, inflation expectations, and supply and demand. Municipal securities may be issued on a when-issued or delayed delivery basis, where payment and delivery take place at a future date. A Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

#### 35

------

NOTES TO FINANCIAL STATEMENTS

#### Credit Spread Risk:
A Fund's investments may be adversely affected if any of the issuers it is invested in are subject to an actual or perceived (whether by market participants, rating agencies, pricing services or otherwise) deterioration to their credit quality. Any actual or perceived deterioration may lead to an increase in the credit spreads and a decline in price of the issuer's securities.

10. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 36

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

#### Information Regarding the Approval of Investment Advisory Agreement
In September 2025, after evaluating the services provided by RBC Global Asset Management (U.S.) Inc. (the "Advisor") and reviewing the performance, fees, and expenses of the Funds, the RBC Funds Board of Trustees determined to approve the continuation of the investment advisory agreement with the Advisor (the "Agreement") for each Fund for an additional year.

As part of their review of the Agreement, the Trustees requested and considered information regarding the services performed by the Advisor; the staffing and qualifications of the personnel responsible for operating and managing the Funds; and the Funds' performance, fees, and expenses. The Trustees considered information provided at regular quarterly Board and Committee meetings throughout the year; information presented at both a special meeting held to review requested material related to the proposed renewals and a regular meeting at which the proposed renewals were considered; and their experience with the portfolio management team over the years. The information included material provided by the Advisor, as well as reports prepared by Broadridge Financial Solutions, Inc., an independent statistical compilation company, providing comparative fee and expense information and comparative performance information for the Funds. In connection with their deliberations, the independent Trustees had the opportunity to ask questions and request additional information and were advised by and met separately with independent legal counsel with regard to the materials and their responsibilities under relevant laws and regulations.

The Trustees met with representatives from the Advisor's senior management team, as well as senior investment professionals from the Advisor, to discuss the information and the ongoing management of the Funds. The Trustees reviewed the nature and quality of the services provided to the Funds by the Advisor, including information as to each Fund's performance relative to appropriate index benchmarks and their respective Morningstar categories as well as information with respect to custom peer groups designed to align more closely with the Funds' specific investment strategies. The Board was informed of the fact that both Funds had outperformed their respective benchmark indices for each of the 1-, 3-and 5-year periods and, although the BlueBay Short Duration Fixed Income Fund had underperformed the median performance of its Morningstar category for the 1-year period, it had outperformed the same measure for the 3 and 5 year periods, and had outperformed the median performance of its peer group for the 1-, 3- and 5-year periods. The Board was further informed of the fact that, through the BlueBay Ultra-Short Fixed Income Fund underperformed the median performance of its peer group for the 1 year period, it had outperformed the same measure for the 3- and 5-year periods, and had outperformed the median performance of its Morningstar category for the 1-, 3- and 5-year periods.

The Trustees reviewed advisory fee and expense information for each Fund compared to similarly situated funds, including information regarding other client accounts advised or sub-advised by the Advisor with similar investment strategies and the reasons for any differences in fees, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds.

The Trustees noted that the advisory fees and expense ratios were competitive and, in particular, that each of the Fund's total net expenses were lower than the median of their respective peer group and Morningstar category. The Trustees considered, and viewed favorably, the arrangements to subsidize Fund expenses at competitive levels through expense limitation agreements with the Adviser. The Trustees reviewed profitability data for the Advisor, including year-over-year variances, in order to consider the existence of economies of scale in the provision of services by the Advisor which could be shared with the Funds through fee breakpoints or other means. The Trustees also considered information regarding other benefits the Advisor and its affiliates derived from their relationships with the Funds.

In considering the nature and quality of services provided by the Advisor to the Funds, the Trustees noted the significant depth and experience of the Advisor's team with regard to management of shorter duration portfolios, and their demonstrated capabilities with respect to research, credit, and

#### 37

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

fundamental analysis, as well as the Advisor's operational and compliance structure and systems. The Trustees were satisfied with the nature, extent, and quality of the advisory and other services provided to the Funds.

Based upon their review, the Trustees determined that the advisory fees payable to the Advisor were reasonable and fair in view of the nature and quality of the services to be provided by the Advisor under all the circumstances and were within the range of what might have been negotiated at arms' length. The Trustees approved the renewal of the Agreement and the expense limitation arrangement for each Fund for an additional year. In arriving at their collective decision to approve the Agreements, the Trustees did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of itself.

#### 38

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RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

**Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended September 30, 2025.

#### NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
RBC Global Asset Management (U.S.) Inc. serves as investment advisor for the RBC Funds.

RBC Funds are distributed by Quasar Distributors LLC.

![LOGO](g49595g39n34.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest

Stewardship Council® certified paper. This product is made of material from

well-managed FSC®-certified forests, recycled materials, and other controlled

sources. The Forest Stewardship Council® promotes environmentally appropriate,

socially beneficial, and economically viable management of the world's forests.

RBCF-FI SAR 09-25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund's disclosure of remuneration items is included as part of the Financial Statements and Other Important Information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements and Other Important Information filed under Item 7 of this form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR

------

270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). <br>

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer.](d49595dex99a3.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | &nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d49595dex99b.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) <u>RBC Funds Trust</u> | (Registrant) <u>RBC Funds Trust</u> |
| By (Signature and Title)\* | <u>/s/ David Eikenberg</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Eikenberg, President and Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date <u>December 2, 2025</u> | Date <u>December 2, 2025</u> |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ David Eikenberg</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Eikenberg, President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date <u>December 2, 2025</u> | Date <u>December 2, 2025</u> |
| By (Signature and Title)\* | <u>/s/ Kathleen A. Hegna</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |
| Date <u>December 2, 2025</u> | Date <u>December 2, 2025</u> |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.(A)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, David Eikenberg, certify that:

1. I have reviewed this report on Form N-CSR of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 2, 2025</u>  | <u>/s/ David Eikenberg</u> |
|  | David Eikenberg, President and Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Kathleen A. Hegna, certify that:

1. I have reviewed this report on Form N-CSR of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 2, 2025</u>  | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---

## Ex-99.B

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the**

**Sarbanes-Oxley Act**

I, David Eikenberg, President and Chief Executive Officer of RBC Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>December 2, 2025</u> | <u>/s/ David Eikenberg</u> |
|  | David Eikenberg, President and Chief Executive Officer |
|  | (principal executive officer) |

---

I, Kathleen A. Hegna, Treasurer and Chief Financial Officer of RBC Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>December 2, 2025</u> | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---