# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-25-304972
**Filing Date:** 2025-12
**Character Count:** 834096
**Document Hash:** 2dffaabe104430570d02ba8a11d10c0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-304972.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001193125-25-304972

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 73

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 251542470

**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 SMID Cap Growth Fund (Series ID: S000001804)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004723 | A Shares     | TMCAX           |
| C000004724 | I Shares     | TMCIX           |
| C000175204 | Class R6     | RSMRX           |

### RBC BlueBay U.S. Government Money Market Fund (Series ID: S000001806)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000004729 | Institutional Class 1 | TUGXX           |
| C000071257 | Institutional Class 2 | TIMXX           |
| C000071260 | Investor Class        | TUIXX           |
| C000243226 | Class A               | RGMXX           |

### RBC BlueBay Access Capital Community Investment Fund (Series ID: S000022825)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000066097 | Class I      | ACCSX           |
| C000074294 | Class A      | ACASX           |
| C000210802 | Class IS     | ACATX           |

### RBC BlueBay Emerging Market Debt Fund (Series ID: S000033479)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000102917 | Class A      | RESAX           |
| C000102918 | Class I      | RBESX           |
| C000176573 | Class R6     | RBERX           |

### RBC BlueBay High Yield Bond Fund (Series ID: S000033481)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000102921 | Class A      | RHYAX           |
| C000102922 | Class I      | RGHYX           |

### RBC BlueBay Impact Bond Fund (Series ID: S000059868)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000195863 | Class I      | RIBIX           |
| C000195864 | Class R6     | RIBRX           |
| C000217811 | Class A      | RIBAX           |
| C000227055 | Class Y      | RIBYX           |

### RBC BlueBay Core Plus Bond Fund (Series ID: S000074159)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231739 | Class A      | RCPAX           |
| C000231740 | Class R6     | RCPRX           |
| C000231741 | Class I      | RCPIX           |

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

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

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

#### 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:

#### September 30, 2025

#### Date of reporting period:

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

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

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC SMID Cap Growth Fund**

**Class A / TMCAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC SMID Cap Growth Fund<br>(Class A/TMCAX) | $104 | 1.07% |

---

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

The Fund seeks long-term capital appreciation by normally investing at least 80% of its assets in common stocks of small- and mid-capitalization growth companies that fall within the market capitalization range of the Russell 2500™ Growth Index at the time of investment.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mercury Systems and Alphatec Holdings were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in TechnipFMC was a positive contributor to relative performance. |
| Stock Selection | Negative | Overweight positions in Ameresco, Onto Innovation, and Haemonetics Corp. detracted from relative performance. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766543.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC SMID Cap Growth Fund (Class A/TMCAX)— including sales load (5.75%)** | -11.16% | 7.19% | 9.15% |
| **RBC SMID Cap Growth Fund (Class A/TMCAX) — excluding sales load** | -5.75% | 8.47% | 9.80% |
| **S&P 500 Index (Regulatory Benchmark)** | 17.60% | 16.47% | 15.30% |
| **Russell 2500 Growth Index (Strategy Benchmark)** | 12.62% | 7.76% | 10.93% |

---

**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;$128289028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$821493 |

---

#### 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;TechnipFMC Plc | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766553.jpg)

![TSR_QRCode](g16130images_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.

SMA-AR-09-25

**RBC SMID Cap Growth Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC SMID Cap Growth Fund**

**Class I / TMCIX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC SMID Cap Growth Fund<br>(Class I/TMCIX) | $80 | 0.82% |

---

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

The Fund seeks long-term capital appreciation by normally investing at least 80% of its assets in common stocks of small- and mid-capitalization growth companies that fall within the market capitalization range of the Russell 2500™ Growth Index at the time of investment.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mercury Systems and Alphatec Holdings were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in TechnipFMC was a positive contributor to relative performance. |
| Stock Selection | Negative | Overweight positions in Ameresco, Onto Innovation, and Haemonetics Corp. detracted from relative performance. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC SMID Cap Growth Fund (Class I/TMCIX)** | -5.53% | 8.73% | 10.08% |
| **S&P 500 Index (Regulatory Benchmark)** | 17.60% | 16.47% | 15.30% |
| **Russell 2500 Growth Index (Strategy Benchmark)** | 12.62% | 7.76% | 10.93% |

---

**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;$128289028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$821493 |

---

#### 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;TechnipFMC Plc | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766590.jpg)

![TSR_QRCode](g16130images_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.

SMI-AR-09-25

**RBC SMID Cap Growth Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC SMID Cap Growth Fund**

**Class R6 / RSMRX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC SMID Cap Growth Fund<br>(Class R6/RSMRX) | $75 | 0.77% |

---

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

The Fund seeks long-term capital appreciation by normally investing at least 80% of its assets in common stocks of small- and mid-capitalization growth companies that fall within the market capitalization range of the Russell 2500™ Growth Index at the time of investment.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Overweight positions in Mercury Systems and Alphatec Holdings were additive to relative performance. |
| Stock Selection | Positive | An out-of-benchmark position in TechnipFMC was a positive contributor to relative performance. |
| Stock Selection | Negative | Overweight positions in Ameresco, Onto Innovation, and Haemonetics Corp. detracted from relative performance. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC SMID Cap Growth Fund (Class R6/RSMRX)** | -5.50% | 8.80% | 10.14% |
| **S&P 500 Index (Regulatory Benchmark)** | 17.60% | 16.47% | 15.30% |
| **Russell 2500 Growth Index (Strategy Benchmark)** | 12.62% | 7.76% | 10.93% |

---

**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;$128289028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$821493 |

---

#### 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;TechnipFMC Plc | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766627.jpg)

![TSR_QRCode](g16130images_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.

SMR-AR-09-25

**RBC SMID Cap Growth Fund** — **Class R6**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Strategic Income Fund**

**Class A / RBIAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Strategic Income Fund<br>(Class A/RBIAX) | $90 | 0.87% |

---

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

The Fund seeks to provide total return (capital appreciation and income) by investing 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. Technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10767283.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Strategic Income Fund (Class A/RBIAX)— including sales load (3.75%)** | 1.61% | 4.47%<sup>(a)</sup> |
| **RBC BlueBay Strategic Income Fund (Class A/RBIAX) — excluding sales load** | 6.09% | 5.62%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.31% |
| **ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark)** | 4.60% | 3.86% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$81247620 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;806% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$138480 |

---

#### 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;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Symetra Life Insurance Co., 6.55%, 10/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International, Series A, 5.38% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 7.00% | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.24%, 2/15/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42 | 1.0% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| United States | 72.0% |
| Europe | 9.4% |
| North America | 4.9% |
| Japan | 3.8% |
| South America | 3.6% |
| Asia | 1.6% |
| Latin America | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767293.jpg)

![TSR_QRCode](g16130images_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.

BSIA-AR-09-25

**RBC BlueBay Strategic Income Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Strategic Income Fund**

**Class I / RBSIX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Strategic Income Fund<br>(Class I/RBSIX) | $64 | 0.62% |

---

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

The Fund seeks to provide total return (capital appreciation and income) by investing 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. Technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767320.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Strategic Income Fund (Class I/RBSIX)** | 6.45% | 5.90%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.31% |
| **ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark)** | 4.60% | 3.86% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$81247620 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;806% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$138480 |

---

#### 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;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Symetra Life Insurance Co., 6.55%, 10/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International, Series A, 5.38% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 7.00% | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.24%, 2/15/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42 | 1.0% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| United States | 72.0% |
| Europe | 9.4% |
| North America | 4.9% |
| Japan | 3.8% |
| South America | 3.6% |
| Asia | 1.6% |
| Latin America | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767330.jpg)

![TSR_QRCode](g16130images_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.

BSII-AR-09-25

**RBC BlueBay Strategic Income Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Strategic Income Fund**

**Class R6 / RBSRX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Strategic Income Fund<br>(Class R6/RBSRX) | $59 | 0.57% |

---

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

The Fund seeks to provide total return (capital appreciation and income) by investing 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. Technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767357.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Strategic Income Fund (Class R6/RBSRX)** | 6.51% | 5.95%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.31% |
| **ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark)** | 4.60% | 3.86% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$81247620 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;806% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$138480 |

---

#### 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;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Symetra Life Insurance Co., 6.55%, 10/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International, Series A, 5.38% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 7.00% | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.24%, 2/15/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42 | 1.0% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| United States | 72.0% |
| Europe | 9.4% |
| North America | 4.9% |
| Japan | 3.8% |
| South America | 3.6% |
| Asia | 1.6% |
| Latin America | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767367.jpg)

![TSR_QRCode](g16130images_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.

BSIR-AR-09-25

**RBC BlueBay Strategic Income Fund** — **Class R6**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Impact Bond Fund**

**Class A / RIBAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Impact Bond Fund<br>(Class A/RIBAX) | $70 | 0.69% |

---

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

Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities meeting the Fund's impact criteria, as determined by the Advisor's impact methodology. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related, mortgage-backed and asset-backed securities, and obligations of U.S. governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark over the period. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed over the 12 month period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. Solar asset-backed securities also detracted from performance. |
| Sector – Agency MBS | Positive | The fund's agency mortgage-backed securities, which consists of specified pools, outperformed the generic agency mortgage-backed securities held in the benchmark. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10767098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC BlueBay Impact Bond Fund (Class A/RIBAX)— including sales load (3.75%)** | -1.94% | -1.78% | 0.49%<sup>(a)</sup> |
| **RBC BlueBay Impact Bond Fund (Class A/RIBAX) — excluding sales load** | 1.84% | -1.03% | 0.99%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.45% | 1.65% |

---

---

| | |
|:---|:---|
| *<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 18, 2017) 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;$283248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$657365 |

---

#### 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;Fannie Mae, Pool #BT1616, 2.00%, 4/1/51 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/2/33 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0523, 4.50%, 2/1/29 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BS1730, 1.53%, 4/1/28 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 5.15%, 6/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp., 4.45%, 6/1/32 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.55%, 11/1/45 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767108.jpg)

![TSR_QRCode](g16130images_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.

BIMA-AR-09-25

**RBC BlueBay Impact Bond Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Impact Bond Fund**

**Class I / RIBIX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Impact Bond Fund<br>(Class I/RIBIX) | $44 | 0.44% |

---

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

Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities meeting the Fund's impact criteria, as determined by the Advisor's impact methodology. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related, mortgage-backed and asset-backed securities, and obligations of U.S. governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark over the period. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed over the 12 month period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. Solar asset-backed securities also detracted from performance. |
| Sector – Agency MBS | Positive | The fund's agency mortgage-backed securities, which consists of specified pools, outperformed the generic agency mortgage-backed securities held in the benchmark. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC BlueBay Impact Bond Fund (Class I/RIBIX)** | 1.98% | -0.76% | 1.27%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.45% | 1.65% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 18, 2017.* 

**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;$283248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$657365 |

---

#### 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;Fannie Mae, Pool #BT1616, 2.00%, 4/1/51 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/2/33 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0523, 4.50%, 2/1/29 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BS1730, 1.53%, 4/1/28 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 5.15%, 6/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp., 4.45%, 6/1/32 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.55%, 11/1/45 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767034.jpg)

![TSR_QRCode](g16130images_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.

BIMI-AR-09-25

**RBC BlueBay Impact Bond Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Impact Bond Fund**

**Class R6 / RIBRX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Impact Bond Fund<br>(Class R6/RIBRX) | $39 | 0.39% |

---

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

Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities meeting the Fund's impact criteria, as determined by the Advisor's impact methodology. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related, mortgage-backed and asset-backed securities, and obligations of U.S. governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark over the period. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed over the 12 month period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. Solar asset-backed securities also detracted from performance. |
| Sector – Agency MBS | Positive | The fund's agency mortgage-backed securities, which consists of specified pools, outperformed the generic agency mortgage-backed securities held in the benchmark. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10767061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC BlueBay Impact Bond Fund (Class R6/RIBRX)** | 2.15% | -0.73% | 1.32%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.45% | 1.65% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 18, 2017.* 

**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;$283248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$657365 |

---

#### 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;Fannie Mae, Pool #BT1616, 2.00%, 4/1/51 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/2/33 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0523, 4.50%, 2/1/29 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BS1730, 1.53%, 4/1/28 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 5.15%, 6/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp., 4.45%, 6/1/32 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.55%, 11/1/45 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767071.jpg)

![TSR_QRCode](g16130images_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.

BIMR-AR-09-25

**RBC BlueBay Impact Bond Fund** — **Class R6**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Impact Bond Fund**

**Class Y / RIBYX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Impact Bond Fund<br>(Class Y/RIBYX) | $39 | 0.39% |

---

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

Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities meeting the Fund's impact criteria, as determined by the Advisor's impact methodology. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related, mortgage-backed and asset-backed securities, and obligations of U.S. governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark over the period. |
| Sector - ABS | Negative | Asset-backed securities in the fund underperformed over the 12 month period, with the bulk of negative performance attributable to unexpected developments with a specific issuer during Q3. Solar asset-backed securities also detracted from performance. |
| Sector – Agency MBS | Positive | The fund's agency mortgage-backed securities, which consists of specified pools, outperformed the generic agency mortgage-backed securities held in the benchmark. |

---

#### Fund Performance
**Growth of $5,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767135.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Impact Bond Fund (Class Y/RIBYX)** | 2.03% | -0.38%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | 0.01% |

---

 *<sup><sup>(a)</sup></sup>* *The Fund's Class Y shares commenced operations on April 12, 2021.* 

**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;$283248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$657365 |

---

#### 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;Fannie Mae, Pool #BT1616, 2.00%, 4/1/51 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/2/33 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0523, 4.50%, 2/1/29 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BS1730, 1.53%, 4/1/28 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 5.15%, 6/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp., 4.45%, 6/1/32 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.55%, 11/1/45 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767145.jpg)

![TSR_QRCode](g16130images_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.

BIMY-AR-09-25

**RBC BlueBay Impact Bond Fund** — **Class Y**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay High Yield Bond Fund**

**Class A / RHYAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay High Yield Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay High Yield Bond Fund<br>(Class A/RHYAX) | $84 | 0.81% |

---

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

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that, at the time of purchase, have similar economic characteristics as fixed income securities that are non-investment grade (high yield /junk bond), and are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. Up to 20% of the Fund's total assets may be invested in other securities, including investment grade securities. The Fund may also invest in loans.

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

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Credit selection was strong overall and was a primary contributor to the positive relative performance over the period. |
| Credit Selection | Positive | Credit selection within specific sectors such as Banking and Utilities was particularly additive to relative performance. |
| Credit Allocation | Positive | Overweight allocations to Telecommunications and Banking helped contribute to strong relative performance. |
| Credit Beta | Negative | Modest underweight allocation to aggregate credit risk hurt as it was a strong period for high yield bonds and spreads compressed. |
| Credit Allocation | Negative | Underweight allocations to Retail, Healthcare and Real Estate detracted, limiting strong relative performance. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766469.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay High Yield Bond Fund (Class A/RHYAX)— including sales load (4.25%)** | 2.79% | 4.39% | 5.38% |
| **RBC BlueBay High Yield Bond Fund (Class A/RHYAX) — excluding sales load** | 7.35% | 5.30% | 5.84% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.45% | 1.84% |
| **ICE BofA US High Yield Index (Strategy Benchmark)** | 7.23% | 5.53% | 6.07% |

---

**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;$900570860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;107% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$2984471 |

---

#### 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;Energizer Holdings, Inc., 6.00%, 9/15/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 3/31/29 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holdings LLC, 6.63%, 8/15/32 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 10.00%, 4/15/32 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.75%, 12/1/28 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carriage Services, Inc., 4.25%, 5/15/29 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Series GG, 6.88% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, 9.50%, 5/15/30 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc., 7.88%, 4/15/32 | 0.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766479.jpg)

![TSR_QRCode](g16130images_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.

BHYA-AR-09-25

**RBC BlueBay High Yield Bond Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay High Yield Bond Fund**

**Class I / RGHYX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay High Yield Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay High Yield Bond Fund<br>(Class I/RGHYX) | $58 | 0.56% |

---

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

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that, at the time of purchase, have similar economic characteristics as fixed income securities that are non-investment grade (high yield /junk bond), and are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. Up to 20% of the Fund's total assets may be invested in other securities, including investment grade securities. The Fund may also invest in loans.

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

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Credit selection was strong overall and was a primary contributor to the positive relative performance over the period. |
| Credit Selection | Positive | Credit selection within specific sectors such as Banking and Utilities was particularly additive to relative performance. |
| Credit Allocation | Positive | Overweight allocations to Telecommunications and Banking helped contribute to strong relative performance. |
| Credit Beta | Negative | Modest underweight allocation to aggregate credit risk hurt as it was a strong period for high yield bonds and spreads compressed. |
| Credit Allocation | Negative | Underweight allocations to Retail, Healthcare and Real Estate detracted, limiting strong relative performance. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g16130chartimages_10766506.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay High Yield Bond Fund (Class I/RGHYX)** | 7.64% | 5.55% | 6.13% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.45% | 1.84% |
| **ICE BofA US High Yield Index (Strategy Benchmark)** | 7.23% | 5.53% | 6.07% |

---

**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;$900570860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;107% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$2984471 |

---

#### 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;Energizer Holdings, Inc., 6.00%, 9/15/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 3/31/29 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holdings LLC, 6.63%, 8/15/32 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 10.00%, 4/15/32 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.75%, 12/1/28 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carriage Services, Inc., 4.25%, 5/15/29 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Series GG, 6.88% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, 9.50%, 5/15/30 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc., 7.88%, 4/15/32 | 0.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766516.jpg)

![TSR_QRCode](g16130images_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.

BHYI-AR-09-25

**RBC BlueBay High Yield Bond Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Emerging Market Debt Fund**

**Class A / RESAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Emerging Market Debt Fund<br>(Class A/RESAX) | $109 | 1.04% |

---

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

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. 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 reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Country Selection - Ukraine | Positive | The fund's Ukrainian bond holdings performed well on the back of improved investor confidence on the back of stronger Western financial support and debt restructuring negotiations. |
| Country selection: Lebanon | Positive | The fund's holdings in Lebanon performed well as defaulted bonds rallied hard from deeply distressed prices. |
| Country selection: Colombia | Positive | The fund's overweight in Colombia performed well given the improving macro fundamentals. |
| Country Selection – Sri Lanka | Positive | The fund's overweight in Sri Lanka performed well as bonds gained on progress toward an IMF deal and debt restructuring framework with key creditors. |
| Country Selection - Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms and fiscal tightening. |
| Hedges | Negative | The fund had a number of hedges sovereign credit Credit Default Swaps (CDS), and given the strong risk sentiment and credit spread tightening environment this was a relative detractor. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766358.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Emerging Market Debt Fund (Class A/RESAX)— including sales load (4.25%)** | 4.48% | 2.75% | 4.06% |
| **RBC BlueBay Emerging Market Debt Fund (Class A/RESAX) — excluding sales load** | 9.09% | 3.64% | 4.51% |
| **Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)** | 2.40% | -1.56% | 1.15% |
| **JPMorgan EMBI Global Diversified Index (Strategy Benchmark)** | 8.52% | 2.27% | 4.19% |

---

**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;$130716213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$566109 |

---

#### 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;Petroleos Mexicanos, 5.95%, 1/28/31 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69%, 1/23/50 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, 6.90%, 7/31/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, 4.75%, 4/2/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond, 7.25%, 5/29/32 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 7.75%, 11/7/36 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond, 4.88%, 4/16/43 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 3.25%, 4/22/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, 6.75%, 1/17/48 | 1.2% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| Africa/Middle East | 27.4% |
| South America | 22.8% |
| Latin America | 18.5% |
| Europe | 13.3% |
| Asia | 9.1% |
| United States | 2.5% |
| Uzbekistan | 1.8% |
| Serbia | 0.7% |
| Benin | 0.5% |
| Montenegro | 0.5% |
| Senegal | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766368.jpg)

![TSR_QRCode](g16130images_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.

BEMA-AR-09-25

**RBC BlueBay Emerging Market Debt Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Emerging Market Debt Fund**

**Class I / RBESX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Emerging Market Debt Fund<br>(Class I/RBESX) | $82 | 0.78% |

---

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

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. 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 reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Country Selection - Ukraine | Positive | The fund's Ukrainian bond holdings performed well on the back of improved investor confidence on the back of stronger Western financial support and debt restructuring negotiations. |
| Country selection: Lebanon | Positive | The fund's holdings in Lebanon performed well as defaulted bonds rallied hard from deeply distressed prices. |
| Country selection: Colombia | Positive | The fund's overweight in Colombia performed well given the improving macro fundamentals. |
| Country Selection – Sri Lanka | Positive | The fund's overweight in Sri Lanka performed well as bonds gained on progress toward an IMF deal and debt restructuring framework with key creditors. |
| Country Selection - Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms and fiscal tightening. |
| Hedges | Negative | The fund had a number of hedges sovereign credit Credit Default Swaps (CDS), and given the strong risk sentiment and credit spread tightening environment this was a relative detractor. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g16130chartimages_10766395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Emerging Market Debt Fund (Class I/RBESX)** | 9.30% | 3.91% | 4.79% |
| **Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)** | 2.40% | -1.56% | 1.15% |
| **JPMorgan EMBI Global Diversified Index (Strategy Benchmark)** | 8.52% | 2.27% | 4.19% |

---

**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;$130716213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$566109 |

---

#### 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;Petroleos Mexicanos, 5.95%, 1/28/31 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69%, 1/23/50 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, 6.90%, 7/31/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, 4.75%, 4/2/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond, 7.25%, 5/29/32 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 7.75%, 11/7/36 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond, 4.88%, 4/16/43 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 3.25%, 4/22/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, 6.75%, 1/17/48 | 1.2% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| Africa/Middle East | 27.4% |
| South America | 22.8% |
| Latin America | 18.5% |
| Europe | 13.3% |
| Asia | 9.1% |
| United States | 2.5% |
| Uzbekistan | 1.8% |
| Serbia | 0.7% |
| Benin | 0.5% |
| Montenegro | 0.5% |
| Senegal | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766405.jpg)

![TSR_QRCode](g16130images_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.

BEMI-AR-09-25

**RBC BlueBay Emerging Market Debt Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Emerging Market Debt Fund**

**Class R6 / RBERX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Emerging Market Debt Fund<br>(Class R6/RBERX) | $76 | 0.73% |

---

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

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. 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 reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Country Selection - Ukraine | Positive | The fund's Ukrainian bond holdings performed well on the back of improved investor confidence on the back of stronger Western financial support and debt restructuring negotiations. |
| Country selection: Lebanon | Positive | The fund's holdings in Lebanon performed well as defaulted bonds rallied hard from deeply distressed prices. |
| Country selection: Colombia | Positive | The fund's overweight in Colombia performed well given the improving macro fundamentals. |
| Country Selection – Sri Lanka | Positive | The fund's overweight in Sri Lanka performed well as bonds gained on progress toward an IMF deal and debt restructuring framework with key creditors. |
| Country Selection - Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms and fiscal tightening. |
| Hedges | Negative | The fund had a number of hedges sovereign credit Credit Default Swaps (CDS), and given the strong risk sentiment and credit spread tightening environment this was a relative detractor. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g16130chartimages_10766432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Emerging Market Debt Fund (Class R6/RBERX)** | 9.28% | 3.97% | 4.85% |
| **Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)** | 2.40% | -1.56% | 1.15% |
| **JPMorgan EMBI Global Diversified Index (Strategy Benchmark)** | 8.52% | 2.27% | 4.19% |

---

**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;$130716213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$566109 |

---

#### 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;Petroleos Mexicanos, 5.95%, 1/28/31 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69%, 1/23/50 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, 6.90%, 7/31/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, 4.75%, 4/2/35 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond, 7.25%, 5/29/32 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 7.75%, 11/7/36 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond, 4.88%, 4/16/43 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 3.25%, 4/22/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, 6.75%, 1/17/48 | 1.2% |

---

**Geographic Allocation**

---

| | |
|:---|:---|
| Africa/Middle East | 27.4% |
| South America | 22.8% |
| Latin America | 18.5% |
| Europe | 13.3% |
| Asia | 9.1% |
| United States | 2.5% |
| Uzbekistan | 1.8% |
| Serbia | 0.7% |
| Benin | 0.5% |
| Montenegro | 0.5% |
| Senegal | 0.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766442.jpg)

![TSR_QRCode](g16130images_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.

BEMR-AR-09-25

**RBC BlueBay Emerging Market Debt Fund** — **Class R6**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Core Plus Bond Fund**

**Class A / RCPAX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Core Plus Bond Fund<br>(Class A/RCPAX) | $71 | 0.69% |

---

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

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% 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 benchmark during the reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10767209.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Core Plus Bond Fund (Class A/RCPAX)— including sales load (3.75%)** | 0.20% | 0.34%<sup>(a)</sup> |
| **RBC BlueBay Core Plus Bond Fund (Class A/RCPAX)** | 4.65% | 1.45%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.31% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$73602288 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;842% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(42405) |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.00%, 10/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 6.00%, 10/1/55 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.50%, 10/1/55 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BT8271, 4.00%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767219.jpg)

![TSR_QRCode](g16130images_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.

BCPA-AR-09-25

**RBC BlueBay Core Plus Bond Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Core Plus Bond Fund**

**Class I / RCPIX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Core Plus Bond Fund<br>(Class I/RCPIX) | $45 | 0.44% |

---

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

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% 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 benchmark during the reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767172.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Core Plus Bond Fund (Class I/RCPIX)** | 4.90% | 1.71%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.31% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$73602288 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;842% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(42405) |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.00%, 10/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 6.00%, 10/1/55 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.50%, 10/1/55 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BT8271, 4.00%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767182.jpg)

![TSR_QRCode](g16130images_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.

BCPI-AR-09-25

**RBC BlueBay Core Plus Bond Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Core Plus Bond Fund**

**Class R6 / RCPRX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Core Plus Bond Fund<br>(Class R6/RCPRX) | $40 | 0.39% |

---

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

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. 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 (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% 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 benchmark during the reporting period.

**TOP PERFORMANCE CONTRIBUTORS** 

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Credit Selection | Positive | Strong credit selection within both investment grade and high yield corporate bonds helped contribute to solid relative performance. |
| Issuer Specific | Positive | U.S. technology company Intel, along with their joint-venture Foundry, benefitted from positive news on direct U.S. government investments as well as strategic partnerships with Softbank and Nvidia. |
| Credit Alpha | Negative | Limiting outperformance was Fannie Mae TBAs (To Be Announced Securities) and CDX (Credit Default Swap Index) protection we owned as a partial hedge against cash bonds as spreads rallied. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Since Inception**

![Fund Performance - Growth of 10K](g16130chartimages_10767246.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC BlueBay Core Plus Bond Fund (Class R6/RCPRX)** | 4.85% | 1.73%<sup>(a)</sup> |
| **Bloomberg US Aggregate Bond Index** | 2.88% | -0.31% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations November 1, 2021.* 

**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;$73602288 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;842% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(42405) |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.00%, 10/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 6.00%, 10/1/55 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 3.50%, 10/1/55 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BT8271, 4.00%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.10%, 9/26/65 | 1.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10767256.jpg)

![TSR_QRCode](g16130images_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.

BCPR-AR-09-25

**RBC BlueBay Core Plus Bond Fund** — **Class R6**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Access Capital Community Investment Fund**

**Class A / ACASX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Access Capital Community Investment Fund<br>(Class A/ACASX) | $81 | 0.80% |

---

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

The Fund's investment objective is to provide current income consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in high quality debt securities and other debt instruments supporting low-and moderate-income ("LMI") individuals and communities and underserved areas of the United States. The Fund seeks to invest in affordable homeownership, affordable rental housing, small businesses and other community development activities with an aim to improve livability in LMI communities and underserved areas.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Underweights | Negative | Asset-backed securities and non-agency collateralized mortgage-backed securities, sectors that are held in the benchmark but not in the fund, performed well over the 12 month period, which detracted from relative performance. |
| Agency MBS | Negative | The fund's low coupon mortgage-backed securities prepaid more slowly than those in the benchmark, causing a slight lag on that portion of the portfolio. |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark. |

---

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

![Fund Performance - Growth of 10K](g16130chartimages_10766284.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Access Capital Community Investment Fund (Class A/ACASX)— including sales load (3.75%)** | -1.35% | -1.42% | 0.36% |
| **RBC BlueBay Access Capital Community Investment Fund (Class A/ACASX) — excluding sales load** | 2.55% | -0.65% | 0.75% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.45% | 1.84% |
| **Bloomberg US Securitized Index (Strategy Benchmark)** | 3.48% | -0.05% | 1.49% |

---

**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;$675923283 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;109% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1773126 |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BL4650, 2.30%, 10/1/31 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766294.jpg)

![TSR_QRCode](g16130images_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.

BACA-AR-09-25

**RBC BlueBay Access Capital Community Investment Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Access Capital Community Investment Fund**

**Class I / ACCSX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Access Capital Community Investment Fund<br>(Class I/ACCSX) | $46 | 0.45% |

---

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

The Fund's investment objective is to provide current income consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in high quality debt securities and other debt instruments supporting low-and moderate-income ("LMI") individuals and communities and underserved areas of the United States. The Fund seeks to invest in affordable homeownership, affordable rental housing, small businesses and other community development activities with an aim to improve livability in LMI communities and underserved areas.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Underweights | Negative | Asset-backed securities and non-agency collateralized mortgage-backed securities, sectors that are held in the benchmark but not in the fund, performed well over the 12 month period, which detracted from relative performance. |
| Agency MBS | Negative | The fund's low coupon mortgage-backed securities prepaid more slowly than those in the benchmark, causing a slight lag on that portion of the portfolio. |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark. |

---

#### Fund Performance
**Growth of $1,000,000 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g16130chartimages_10766247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Access Capital Community Investment Fund (Class I/ACCSX)** | 2.78% | -0.31% | 1.11% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.45% | 1.84% |
| **Bloomberg US Securitized Index (Strategy Benchmark)** | 3.48% | -0.05% | 1.49% |

---

**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;$675923283 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;109% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1773126 |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BL4650, 2.30%, 10/1/31 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766257.jpg)

![TSR_QRCode](g16130images_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.

BACI-AR-09-25

**RBC BlueBay Access Capital Community Investment Fund** — **Class I**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay Access Capital Community Investment Fund**

**Class IS / ACATX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay Access Capital Community Investment Fund<br>(Class IS/ACATX) | $41 | 0.40% |

---

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

The Fund's investment objective is to provide current income consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in high quality debt securities and other debt instruments supporting low-and moderate-income ("LMI") individuals and communities and underserved areas of the United States. The Fund seeks to invest in affordable homeownership, affordable rental housing, small businesses and other community development activities with an aim to improve livability in LMI communities and underserved areas.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Underweights | Negative | Asset-backed securities and non-agency collateralized mortgage-backed securities, sectors that are held in the benchmark but not in the fund, performed well over the 12 month period, which detracted from relative performance. |
| Agency MBS | Negative | The fund's low coupon mortgage-backed securities prepaid more slowly than those in the benchmark, causing a slight lag on that portion of the portfolio. |
| Income/Yield Advantage | Positive | The fund maintained a yield advantage relative to the benchmark. |

---

#### Fund Performance
**Growth of $2,500 Initial Investment Over 10 Years**

![Fund Performance - Growth of 10K](g16130chartimages_10766321.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Access Capital Community Investment Fund (Class IS/ACATX)** | 2.96% | -0.24% | 1.21% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 2.88% | -0.45% | 1.84% |
| **Bloomberg US Securitized Index (Strategy Benchmark)** | 3.48% | -0.05% | 1.49% |

---

**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;$675923283 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;109% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1773126 |

---

#### 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;Fannie Mae, (TBA), 2.00%, 10/1/55 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, (TBA), 2.50%, 10/1/55 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #BL4650, 2.30%, 10/1/31 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766331.jpg)

![TSR_QRCode](g16130images_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.

BACIS-AR-09-25

**RBC BlueBay Access Capital Community Investment Fund** — **Class IS**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay U.S. Government Money Market Fund**

**Class A / RGMXX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay U.S. Government Money Market Fund<br>(Class A/RGMXX) | $23 | 0.23% |

---

#### 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;$18480247024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$14996037 |

---

#### 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;TD Securities (USA), repo, 4.18%, 10/1/25 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.19%, 10/1/25 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, National Association, repo, 4.20%, 10/1/25 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC, repo, 4.19%, 10/1/25 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.15%, 10/6/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.21%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.14%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Financial Markets LLC, repo, 4.16%, 10/2/25 | 1.6% |

---

**Money Market Maturity**

---

| | |
|:---|:---|
| Less than 8 days | 59.9% |
| 8 to 14 days | 2.8% |
| 15 to 30 days | 10.4% |
| 31 to 180 days | 16.1% |
| Over 180 days | 10.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766220.jpg)

![TSR_QRCode](g16130images_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.

BMMA-AR-09-25

 **RBC BlueBay U.S. Government Money Market Fund** — **Class A**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay U.S. Government Money Market Fund**

**Institutional Class 1 / TUGXX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay U.S. Government Money Market Fund<br>(Institutional Class 1/TUGXX) | $12 | 0.12% |

---

#### 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;$18480247024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$14996037 |

---

#### 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;TD Securities (USA), repo, 4.18%, 10/1/25 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.19%, 10/1/25 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, National Association, repo, 4.20%, 10/1/25 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC, repo, 4.19%, 10/1/25 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.15%, 10/6/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.21%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.14%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Financial Markets LLC, repo, 4.16%, 10/2/25 | 1.6% |

---

**Money Market Maturity**

---

| | |
|:---|:---|
| Less than 8 days | 59.9% |
| 8 to 14 days | 2.8% |
| 15 to 30 days | 10.4% |
| 31 to 180 days | 16.1% |
| Over 180 days | 10.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766109.jpg)

![TSR_QRCode](g16130images_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.

BMM1-AR-09-25

 **RBC BlueBay U.S. Government Money Market Fund** — **Institutional Class 1**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay U.S. Government Money Market Fund**

**Institutional Class 2 / TIMXX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay U.S. Government Money Market Fund<br>(Institutional Class 2/TIMXX) | $28 | 0.27% |

---

#### 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;$18480247024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$14996037 |

---

#### 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;TD Securities (USA), repo, 4.18%, 10/1/25 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.19%, 10/1/25 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, National Association, repo, 4.20%, 10/1/25 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC, repo, 4.19%, 10/1/25 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.15%, 10/6/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.21%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.14%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Financial Markets LLC, repo, 4.16%, 10/2/25 | 1.6% |

---

**Money Market Maturity**

---

| | |
|:---|:---|
| Less than 8 days | 59.9% |
| 8 to 14 days | 2.8% |
| 15 to 30 days | 10.4% |
| 31 to 180 days | 16.1% |
| Over 180 days | 10.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766146.jpg)

![TSR_QRCode](g16130images_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.

BMM2-AR-09-25

 **RBC BlueBay U.S. Government Money Market Fund** — **Institutional Class 2**

![TSR_AdvisorLogo](g16130images_29660.jpg)

**RBC BlueBay U.S. Government Money Market Fund**

**Investor Class / TUIXX**

**Annual SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2024, 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** |
| RBC BlueBay U.S. Government Money Market Fund<br>(Investor Class/TUIXX) | $102 | 1.00% |

---

#### 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;$18480247024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$14996037 |

---

#### 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;TD Securities (USA), repo, 4.18%, 10/1/25 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.19%, 10/1/25 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, National Association, repo, 4.20%, 10/1/25 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC, repo, 4.19%, 10/1/25 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.15%, 10/6/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC, repo, 4.21%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, repo, 4.14%, 10/1/25 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc., repo, 4.20%, 10/1/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Financial Markets LLC, repo, 4.16%, 10/2/25 | 1.6% |

---

**Money Market Maturity**

---

| | |
|:---|:---|
| Less than 8 days | 59.9% |
| 8 to 14 days | 2.8% |
| 15 to 30 days | 10.4% |
| 31 to 180 days | 16.1% |
| Over 180 days | 10.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g16130chartimages_10766183.jpg)

![TSR_QRCode](g16130images_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.

BMMI-AR-09-25

 **RBC BlueBay U.S. Government Money Market Fund** — **Investor Class**

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this item's instructions .

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant's board of directors has determined that Margaret McCaffrey and James R. Seward are qualified to serve as an audit committee financial expert serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u>

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $370,350 for 2025 and $512,650 for 2024.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

------

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $63,360 for 2025 and $60,900 for 2024.

Tax fees for both years relate to the review of the registrant's tax returns and review of required shareholder distribution calculations. Amount requiring approval of the registrant's audit committee is $0 and $0, respectively.

<u>All Other Fees</u>

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $15,750 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Audit Committee ("Committee") will review and approve in advance any proposal (except as set forth in (1) through (3) below) that the Trust employ the Funds' auditor to render "permissible non-audit services" to the Funds. A "permissible non-audit service" is defined as a non-audit service that is not prohibited by Rule 2-01(c)(4) of Regulation S-X or other applicable law or regulation. The Committee will also review and approve in advance any proposal (except as set forth in (1) through (3) below) that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds (an "Adviser-affiliated service provider"), employ the Funds' auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds. As a part of its review, the Committee shall consider whether the provision of such services is consistent with the auditor's independence. (See also "Delegation" below.)

Pre-approval by the Committee of non-audit services is not required so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (A) with respect to the Funds, the aggregate amount of all such permissible non-audit services provided to the Funds constitutes no more than 5% of the total amount of revenues paid to the auditor by the Funds during the fiscal year in which the services are provided; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to the Adviser and any Adviser-affiliated service provider, the aggregate amount of all such non-audit services provided constitutes no more than 5% of the total amount of revenues (of the type that would have to be pre-approved by the Committee) paid to the auditor by the Funds, the Adviser and any Adviser-affiliated service provider during the fiscal year in which the services are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such services were not recognized by the Funds at the time of the engagement to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such services are promptly brought to the attention of the Committee and approved by the Committee or its delegate or delegates, as defined below, prior to the completion of the audit.

------

Delegation

The Committee may delegate to one or more of its members and/or to officers of the Trust the authority to pre-approve the auditor's provision of audit services or permissible non-audit services to the Funds up to a predetermined amount. Any pre-approval determination made by a delegate will be presented to the full Committee at its next meeting. The Committee will communicate any pre-approval made by a delegate to the Trust's fund accounting agent, which will ensure that the appropriate disclosure is made in the Funds' periodic reports and other documents as required under the Federal securities laws.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $618,000 for 2025 and $626,010 for 2024.

(h) The registrant's audit committee of the board of directors **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable.

(b) 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](g16130dsp001.jpg)

Financial Statements and Other Important Information For the year ended September 30, 2025 RBC BlueBay Access Capital Community Investment Fund RBC BlueBay Impact Bond Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds |  |
|  Table of <br> Contents  | [Schedules of Portfolio Investments](#fin116130_1) | 1 |
|  Table of <br> Contents  | [Financial Statements](#fin116130_2) | 38 |
|  Table of <br> Contents  | [- Statements of Assets and Liabilities](#fin116130_3) | 38 |
|  Table of <br> Contents  | [- Statements of Operations](#fin116130_4) | 40 |
|  | [- Statements of Changes in Net Assets](#fin116130_5) | 41 |
|  | [Financial Highlights](#fin116130_6) | 43 |
|  | [Notes to Financial Statements](#fin116130_7) | 48 |
|  | [Report of Independent Registered Public Accounting Firm](#fin116130_8) | 64 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin116130_9) | 65 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin116130_10)<br>| 66 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| U.S. Government Agency Backed Mortgages — 103.6% | U.S. Government Agency Backed Mortgages — 103.6% |  |
| Fannie Mae — 69.5% | Fannie Mae — 69.5% |  |
| $31400000 | (TBA), 2.50%, 10/1/55 | $26453998 |
| 53500000 | (TBA), 2.00%, 10/1/55 | 43120946 |
| 38876 | Pool #258022, 5.50%, 5/1/34 | 40304 |
| 35205 | Pool #258070, 5.00%, 6/1/34 | 35802 |
| 38399 | Pool #258157, 5.00%, 8/1/34 | 39054 |
| 60969 | Pool #258251, 5.50%, 1/1/35 | 63204 |
| 72002 | Pool #258305, 5.00%, 3/1/35 | 73341 |
| 43403 | Pool #258394, 5.00%, 5/1/35 | 44208 |
| 32305 | Pool #258410, 5.00%, 4/1/35 | 32904 |
| 68676 | Pool #258450, 5.50%, 8/1/35 | 71306 |
| 113317 | Pool #258627, 5.50%, 2/1/36 | 117652 |
| 14191 | Pool #258737, 5.50%, 12/1/35 | 14748 |
| 15424 | Pool #259378, 6.00%, 12/1/31 | 15918 |
| 10094 | Pool #259393, 6.00%, 1/1/32 | 10417 |
| 25450 | Pool #259590, 5.50%, 11/1/32 | 26203 |
| 53662 | Pool #259611, 5.50%, 11/1/32 | 55124 |
| 19899 | Pool #259671, 5.50%, 2/1/33 | 20488 |
| 47917 | Pool #259686, 5.50%, 3/1/33 | 49335 |
| 37139 | Pool #259761, 5.00%, 6/1/33 | 37709 |
| 50751 | Pool #259777, 5.00%, 7/1/33 | 51531 |
| 30718 | Pool #259789, 5.00%, 7/1/33 | 31189 |
| 31508 | Pool #259830, 5.00%, 8/1/33 | 31991 |
| 20497 | Pool #259848, 5.00%, 9/1/33 | 20812 |
| 45198 | Pool #259867, 5.50%, 10/1/33 | 46533 |
| 23529 | Pool #259869, 5.50%, 10/1/33 | 24224 |
| 22027 | Pool #259998, 5.00%, 3/1/34 | 22401 |
| 237140 | Pool #470828, 3.53%, 3/1/32 | 228943 |
| 17733 | Pool #579402, 6.50%, 4/1/31 | 18582 |
| 15603 | Pool #583728, 6.50%, 6/1/31 | 16351 |
| 5454 | Pool #590931, 6.50%, 7/1/31 | 5715 |
| 23426 | Pool #607611, 6.50%, 11/1/31 | 24548 |
| 22906 | Pool #644437, 6.50%, 6/1/32 | 24097 |
| 468152 | Pool #663159, 5.00%, 7/1/32 | 474939 |
| 21991 | Pool #670278, 5.50%, 11/1/32 | 22642 |
| 574 | Pool #676702, 5.50%, 11/1/32 | 589 |
| 31228 | Pool #677591, 5.50%, 12/1/32 | 32079 |
| 126440 | Pool #695961, 5.50%, 1/1/33 | 129884 |
| 80309 | Pool #696407, 5.50%, 4/1/33 | 82680 |
| 216581 | Pool #702478, 5.50%, 6/1/33 | 222984 |
| 68222 | Pool #702479, 5.00%, 6/1/33 | 69269 |
| 23153 | Pool #723066, 5.00%, 4/1/33 | 23508 |
| 99383 | Pool #723067, 5.50%, 5/1/33 | 102322 |
| 92112 | Pool #723070, 4.50%, 5/1/33 | 92392 |
| 112945 | Pool #727311, 4.50%, 9/1/33 | 113291 |
| 81987 | Pool #727312, 5.00%, 9/1/33 | 83248 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $41896 | Pool #727315, 6.00%, 10/1/33 | $43600 |
| 24334 | Pool #738589, 5.00%, 9/1/33 | 24707 |
| 30108 | Pool #739269, 5.00%, 9/1/33 | 30570 |
| 44070 | Pool #748041, 4.50%, 10/1/33 | 44205 |
| 55792 | Pool #749891, 5.00%, 9/1/33 | 56647 |
| 25417 | Pool #753533, 5.00%, 11/1/33 | 25806 |
| 26307 | Pool #755679, 6.00%, 1/1/34 | 27375 |
| 244619 | Pool #777621, 5.00%, 2/1/34 | 248379 |
| 54533 | Pool #781741, 6.00%, 9/1/34 | 56953 |
| 28405 | Pool #781959, 5.50%, 6/1/34 | 29448 |
| 13300 | Pool #783893, 5.50%, 12/1/34 | 13789 |
| 49002 | Pool #783929, 5.50%, 10/1/34 | 50804 |
| 39846 | Pool #799548, 6.00%, 9/1/34 | 41614 |
| 450508 | Pool #806754, 4.50%, 9/1/34 | 451856 |
| 186380 | Pool #806757, 6.00%, 9/1/34 | 194663 |
| 202699 | Pool #806761, 5.50%, 9/1/34 | 210164 |
| 76961 | Pool #808205, 5.00%, 1/1/35 | 78282 |
| 131707 | Pool #815009, 5.00%, 4/1/35 | 134160 |
| 35087 | Pool #820336, 5.00%, 9/1/35 | 35738 |
| 70330 | Pool #822008, 5.00%, 5/1/35 | 71638 |
| 106729 | Pool #829276, 5.00%, 8/1/35 | 108717 |
| 61969 | Pool #829649, 5.50%, 3/1/35 | 64247 |
| 19274 | Pool #845245, 5.50%, 11/1/35 | 20009 |
| 12399 | Pool #866969, 6.00%, 2/1/36 | 13003 |
| 57956 | Pool #884693, 5.50%, 4/1/36 | 60225 |
| 140119 | Pool #885724, 5.50%, 6/1/36 | 145618 |
| 52654 | Pool #919368, 5.50%, 4/1/37 | 54718 |
| 209932 | Pool #922582, 6.00%, 12/1/36 | 220794 |
| 77094 | Pool #934941, 5.00%, 8/1/39 | 78614 |
| 233678 | Pool #934942, 5.00%, 9/1/39 | 238280 |
| 154751 | Pool #948600, 6.00%, 8/1/37 | 163246 |
| 55023 | Pool #952678, 6.50%, 8/1/37 | 59139 |
| 73613 | Pool #986239, 6.00%, 7/1/38 | 77649 |
| 96661 | Pool #986957, 5.50%, 7/1/38 | 100407 |
| 128780 | Pool #990617, 5.50%, 9/1/38 | 133746 |
| 120047 | Pool #AA0645, 4.50%, 3/1/39 | 120101 |
| 102498 | Pool #AA3207, 4.50%, 3/1/39 | 102544 |
| 83725 | Pool #AA7042, 4.50%, 6/1/39 | 83762 |
| 202958 | Pool #AA7658, 4.00%, 6/1/39 | 197816 |
| 541581 | Pool #AB7798, 3.00%, 1/1/43 | 497579 |
| 742228 | Pool #AB9204, 3.00%, 4/1/43 | 683763 |
| 54239 | Pool #AC1463, 5.00%, 8/1/39 | 55309 |
| 205469 | Pool #AC2109, 4.50%, 7/1/39 | 205561 |
| 210032 | Pool #AC4395, 5.00%, 9/1/39 | 214174 |
| 78779 | Pool #AC5329, 5.00%, 10/1/39 | 80332 |
| 159266 | Pool #AC6305, 5.00%, 11/1/39 | 162402 |
| 113298 | Pool #AC6307, 5.00%, 12/1/39 | 115532 |
| 176537 | Pool #AC6790, 5.00%, 12/1/39 | 180014 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $251979 | Pool #AC7199, 5.00%, 12/1/39 | $256956 |
| 236395 | Pool #AD1470, 5.00%, 2/1/40 | 241166 |
| 467977 | Pool #AD1471, 4.50%, 2/1/40 | 468190 |
| 320968 | Pool #AD1585, 4.50%, 2/1/40 | 321114 |
| 279817 | Pool #AD1586, 5.00%, 1/1/40 | 285324 |
| 178848 | Pool #AD1638, 4.50%, 2/1/40 | 179529 |
| 114007 | Pool #AD1640, 4.50%, 3/1/40 | 114442 |
| 442141 | Pool #AD1942, 4.50%, 1/1/40 | 442342 |
| 132381 | Pool #AD1988, 4.50%, 2/1/40 | 132441 |
| 145435 | Pool #AD2896, 5.00%, 3/1/40 | 148915 |
| 4467 | Pool #AD4456, 4.50%, 4/1/40 | 4484 |
| 284247 | Pool #AD4458, 4.50%, 4/1/40 | 285330 |
| 154891 | Pool #AD4940, 4.50%, 6/1/40 | 155481 |
| 52153 | Pool #AD4946, 4.50%, 6/1/40 | 52352 |
| 97549 | Pool #AD5728, 5.00%, 4/1/40 | 99884 |
| 43327 | Pool #AD7242, 4.50%, 7/1/40 | 43492 |
| 74302 | Pool #AD7256, 4.50%, 7/1/40 | 74584 |
| 115184 | Pool #AD7271, 4.50%, 7/1/40 | 115624 |
| 215196 | Pool #AD7272, 4.50%, 7/1/40 | 216015 |
| 72429 | Pool #AD8960, 5.00%, 6/1/40 | 74421 |
| 269770 | Pool #AD9614, 4.50%, 8/1/40 | 270798 |
| 584244 | Pool #AE2012, 4.00%, 9/1/40 | 569253 |
| 96271 | Pool #AE2023, 4.00%, 9/1/40 | 93801 |
| 150973 | Pool #AE5432, 4.00%, 10/1/40 | 147106 |
| 271270 | Pool #AE5435, 4.50%, 9/1/40 | 272312 |
| 84341 | Pool #AE5806, 4.50%, 9/1/40 | 84661 |
| 239884 | Pool #AE5861, 4.00%, 10/1/40 | 233729 |
| 107066 | Pool #AE5862, 4.00%, 10/1/40 | 104324 |
| 221390 | Pool #AE6850, 4.00%, 10/1/40 | 215710 |
| 125386 | Pool #AE7699, 4.00%, 11/1/40 | 122179 |
| 338625 | Pool #AE7703, 4.00%, 10/1/40 | 329966 |
| 103480 | Pool #AH0300, 4.00%, 11/1/40 | 100829 |
| 89584 | Pool #AH0301, 3.50%, 11/1/40 | 85347 |
| 97034 | Pool #AH0306, 4.00%, 12/1/40 | 94545 |
| 301595 | Pool #AH0508, 4.00%, 11/1/40 | 293857 |
| 391397 | Pool #AH0537, 4.00%, 12/1/40 | 381372 |
| 449827 | Pool #AH0914, 4.50%, 11/1/40 | 451541 |
| 219354 | Pool #AH0917, 4.00%, 12/1/40 | 213726 |
| 177692 | Pool #AH1077, 4.00%, 1/1/41 | 173137 |
| 160278 | Pool #AH2973, 4.00%, 12/1/40 | 156167 |
| 190085 | Pool #AH2980, 4.00%, 1/1/41 | 185217 |
| 459659 | Pool #AH5656, 4.00%, 1/1/41 | 447887 |
| 249561 | Pool #AH5658, 4.00%, 2/1/41 | 243158 |
| 175912 | Pool #AH5662, 4.00%, 2/1/41 | 171400 |
| 12257 | Pool #AH5882, 4.00%, 2/1/26 | 12208 |
| 133573 | Pool #AH6764, 4.00%, 3/1/41 | 130146 |
| 380903 | Pool #AH6768, 4.00%, 3/1/41 | 371465 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $259335 | Pool #AH7281, 4.00%, 3/1/41 | $254198 |
| 93808 | Pool #AH7526, 4.50%, 3/1/41 | 93591 |
| 252292 | Pool #AH7537, 4.00%, 3/1/41 | 246041 |
| 120016 | Pool #AH8878, 4.50%, 4/1/41 | 119738 |
| 59774 | Pool #AH8885, 4.50%, 4/1/41 | 59636 |
| 5707 | Pool #AH9050, 3.50%, 2/1/26 | 5681 |
| 297865 | Pool #AI0114, 4.00%, 3/1/41 | 290484 |
| 208485 | Pool #AI1846, 4.50%, 5/1/41 | 208002 |
| 236198 | Pool #AI1847, 4.50%, 5/1/41 | 235651 |
| 334401 | Pool #AI1848, 4.50%, 5/1/41 | 333627 |
| 245965 | Pool #AI1849, 4.50%, 5/1/41 | 245395 |
| 148405 | Pool #AJ0651, 4.00%, 8/1/41 | 145466 |
| 488463 | Pool #AJ9133, 4.00%, 1/1/42 | 476359 |
| 177199 | Pool #AK6715, 3.50%, 3/1/42 | 167360 |
| 298051 | Pool #AK6716, 3.50%, 3/1/42 | 281502 |
| 144761 | Pool #AK6718, 3.50%, 2/1/42 | 137697 |
| 201832 | Pool #AM6907, 3.68%, 10/1/32 | 193627 |
| 350000 | Pool #AN0360, 3.95%, 12/1/45 | 296854 |
| 833695 | Pool #AN2746, 2.30%, 9/1/26 | 820298 |
| 753976 | Pool #AN5053, 3.34%, 4/1/27 | 746634 |
| 186064 | Pool #AN6580, 3.36%, 9/1/29 | 181752 |
| 850085 | Pool #AN7154, 3.21%, 10/1/32 | 799600 |
| 1941894 | Pool #AN8055, 3.05%, 1/1/30 | 1867926 |
| 1468075 | Pool #AN8121, 3.16%, 1/1/35 | 1317366 |
| 479385 | Pool #AN8915, 3.48%, 4/1/30 | 467557 |
| 159021 | Pool #AO2923, 3.50%, 5/1/42 | 151388 |
| 503097 | Pool #AO8029, 3.50%, 7/1/42 | 478539 |
| 112117 | Pool #AP7483, 3.50%, 9/1/42 | 106689 |
| 56745 | Pool #AQ6710, 2.50%, 10/1/27 | 55863 |
| 514088 | Pool #AQ7193, 3.50%, 7/1/43 | 488005 |
| 83578 | Pool #AR6928, 3.00%, 3/1/43 | 77011 |
| 705902 | Pool #AS3494, 4.00%, 10/1/44 | 681400 |
| 169019 | Pool #AS3929, 4.00%, 12/1/44 | 164097 |
| 203697 | Pool #AS4070, 4.00%, 12/1/44 | 195521 |
| 133449 | Pool #AS4390, 3.50%, 2/1/45 | 126160 |
| 154037 | Pool #AS4732, 3.50%, 4/1/45 | 144901 |
| 442899 | Pool #AS4905, 3.50%, 4/1/45 | 416373 |
| 680401 | Pool #AS5341, 3.50%, 7/1/45 | 636114 |
| 228191 | Pool #AS5576, 4.00%, 8/1/45 | 220200 |
| 370351 | Pool #AS5919, 3.50%, 9/1/45 | 348916 |
| 196675 | Pool #AS6303, 4.00%, 11/1/45 | 189790 |
| 390580 | Pool #AS6778, 3.50%, 3/1/46 | 365267 |
| 241428 | Pool #AS6958, 3.50%, 4/1/46 | 226077 |
| 674103 | Pool #AS7138, 3.50%, 5/1/46 | 629799 |
| 349628 | Pool #AS7139, 3.50%, 5/1/46 | 326649 |
| 635392 | Pool #AS7334, 3.00%, 6/1/46 | 575576 |
| 521203 | Pool #AS7335, 3.00%, 5/1/46 | 471406 |
| 297241 | Pool #AS7336, 3.00%, 6/1/46 | 263052 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $1134628 | Pool #AS7504, 3.00%, 7/1/46 | $1026223 |
| 411705 | Pool #AS7516, 3.00%, 7/1/46 | 372369 |
| 270114 | Pool #AS7517, 3.00%, 6/1/46 | 245090 |
| 111270 | Pool #AS7518, 3.00%, 7/1/46 | 101028 |
| 138132 | Pool #AS7674, 3.00%, 8/1/46 | 124935 |
| 894292 | Pool #AS7676, 3.00%, 8/1/46 | 808848 |
| 216204 | Pool #AS8289, 3.00%, 10/1/46 | 195547 |
| 477275 | Pool #AS8633, 3.50%, 1/1/47 | 445907 |
| 280759 | Pool #AS8776, 3.50%, 2/1/47 | 262307 |
| 311542 | Pool #AS9381, 4.00%, 4/1/47 | 299397 |
| 148062 | Pool #AS9549, 4.00%, 5/1/47 | 142473 |
| 185295 | Pool #AS9550, 4.00%, 5/1/47 | 177678 |
| 175867 | Pool #AS9825, 4.00%, 6/1/47 | 169011 |
| 385224 | Pool #AT2688, 3.00%, 5/1/43 | 354832 |
| 118580 | Pool #AT3963, 2.50%, 3/1/28 | 116411 |
| 40220 | Pool #AT7873, 2.50%, 6/1/28 | 39493 |
| 11118 | Pool #AU0971, 3.50%, 8/1/43 | 10554 |
| 327890 | Pool #AU2165, 3.50%, 7/1/43 | 311254 |
| 296194 | Pool #AU2188, 3.50%, 8/1/43 | 281166 |
| 228512 | Pool #AU7003, 4.00%, 11/1/43 | 222985 |
| 159085 | Pool #AU7005, 4.00%, 11/1/43 | 155178 |
| 48772 | Pool #AV0679, 4.00%, 12/1/43 | 47609 |
| 232245 | Pool #AV9282, 4.00%, 2/1/44 | 225576 |
| 119802 | Pool #AW1565, 4.00%, 4/1/44 | 116434 |
| 502831 | Pool #AW5046, 4.00%, 7/1/44 | 488392 |
| 72547 | Pool #AW5047, 4.00%, 7/1/44 | 70610 |
| 94527 | Pool #AW7040, 4.00%, 6/1/44 | 91914 |
| 607071 | Pool #AX2884, 3.50%, 11/1/44 | 566874 |
| 417711 | Pool #AX4860, 3.50%, 12/1/44 | 394659 |
| 508153 | Pool #AY1389, 3.50%, 4/1/45 | 475078 |
| 64245 | Pool #AY3435, 3.50%, 5/1/45 | 60663 |
| 319596 | Pool #AY5571, 3.50%, 6/1/45 | 298794 |
| 239215 | Pool #BC0802, 3.50%, 4/1/46 | 223712 |
| 180748 | Pool #BC0804, 3.50%, 4/1/46 | 168868 |
| 206408 | Pool #BC1135, 3.00%, 6/1/46 | 187408 |
| 633170 | Pool #BD5021, 3.50%, 2/1/47 | 591846 |
| 859576 | Pool #BD7140, 4.00%, 4/1/47 | 824283 |
| 786175 | Pool #BE4232, 3.00%, 12/1/46 | 711062 |
| 162608 | Pool #BE9743, 3.50%, 4/1/47 | 151652 |
| 445162 | Pool #BH2665, 3.50%, 9/1/47 | 414463 |
| 97287 | Pool #BH4659, 4.00%, 6/1/47 | 93993 |
| 243304 | Pool #BJ0657, 4.00%, 2/1/48 | 232842 |
| 221578 | Pool #BJ2670, 4.00%, 4/1/48 | 212035 |
| 698612 | Pool #BJ5158, 4.00%, 4/1/48 | 668526 |
| 279206 | Pool #BK7685, 4.00%, 10/1/48 | 267182 |
| 398469 | Pool #BK7924, 4.00%, 11/1/48 | 383165 |
| 888961 | Pool #BL4589, 2.45%, 10/1/29 | 839395 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $8920000 | Pool #BL4650, 2.30%, 10/1/31 | $8048582 |
| 433227 | Pool #BL5454, 2.77%, 1/1/35 | 384500 |
| 95412 | Pool #BO1263, 3.50%, 6/1/49 | 88860 |
| 412649 | Pool #BO3599, 3.00%, 9/1/49 | 367788 |
| 532562 | Pool #BO5263, 3.00%, 9/1/49 | 474664 |
| 2103894 | Pool #BO6771, 2.50%, 5/1/51 | 1786364 |
| 364361 | Pool #BP3417, 2.50%, 5/1/51 | 309257 |
| 523695 | Pool #BP8731, 2.50%, 6/1/50 | 449726 |
| 632894 | Pool #BP8741, 2.50%, 6/1/50 | 539361 |
| 1389398 | Pool #BQ4469, 2.00%, 2/1/51 | 1130180 |
| 454563 | Pool #BQ4493, 1.50%, 2/1/51 | 349763 |
| 903016 | Pool #BQ7523, 2.00%, 11/1/50 | 735487 |
| 647439 | Pool #BQ7524, 2.50%, 10/1/50 | 555189 |
| 3939386 | Pool #BR0940, 2.00%, 4/1/51 | 3201704 |
| 767860 | Pool #BR1037, 2.50%, 5/1/51 | 651971 |
| 1818955 | Pool #BR1113, 2.00%, 11/1/50 | 1480864 |
| 752919 | Pool #BR1114, 1.50%, 11/1/50 | 579390 |
| 263075 | Pool #BR1115, 2.50%, 12/1/50 | 223789 |
| 1044396 | Pool #BR2051, 2.50%, 6/1/51 | 886447 |
| 2321517 | Pool #BR2234, 2.50%, 8/1/51 | 1968985 |
| 856903 | Pool #BR3565, 2.00%, 1/1/51 | 697331 |
| 695460 | Pool #BR3566, 2.50%, 12/1/50 | 595937 |
| 206518 | Pool #BR7088, 2.00%, 3/1/51 | 167918 |
| 985187 | Pool #BS0345, 1.61%, 1/1/36 | 784122 |
| 2683268 | Pool #BS0391, 1.63%, 1/1/33 | 2264615 |
| 500000 | Pool #BS0915, 1.62%, 3/1/31 | 429138 |
| 1000000 | Pool #BS1281, 1.59%, 3/1/31 | 871855 |
| 180891 | Pool #BS1326, 1.19%, 3/1/26 | 178277 |
| 1805786 | Pool #BS1482, 1.61%, 3/1/31 | 1594627 |
| 693809 | Pool #BS1524, 2.01%, 3/1/33 | 597726 |
| 1500000 | Pool #BS1560, 2.03%, 4/1/31 | 1335510 |
| 937366 | Pool #BS4422, 2.59%, 3/1/32 | 854797 |
| 992260 | Pool #BS5203, 2.41%, 4/1/32 | 893374 |
| 232362 | Pool #BS5840, 3.78%, 7/1/32 | 220850 |
| 669000 | Pool #BS6083, 4.38%, 7/1/32 | 662069 |
| 400000 | Pool #BS6178, 3.41%, 7/1/29 | 389247 |
| 994981 | Pool #BS8302, 4.61%, 4/1/28 | 1007502 |
| 2735000 | Pool #BS8483, 4.81%, 5/1/28 | 2765022 |
| 523868 | Pool #BS8518, 4.30%, 5/1/28 | 527315 |
| 600000 | Pool #BS9972, 5.76%, 11/1/28 | 626147 |
| 1686883 | Pool #BT6821, 2.50%, 10/1/51 | 1429678 |
| 1171962 | Pool #BT8237, 4.00%, 6/1/52 | 1109557 |
| 229206 | Pool #BT8243, 4.00%, 6/1/52 | 216966 |
| 1042324 | Pool #BU1334, 2.50%, 2/1/52 | 882106 |
| 1719915 | Pool #BU1337, 3.00%, 2/1/52 | 1521204 |
| 185238 | Pool #BV4205, 3.00%, 2/1/52 | 163296 |
| 2143401 | Pool #BV8876, 3.50%, 4/1/52 | 1964858 |
| 4203000 | Pool #BZ2936, 4.58%, 1/1/30 | 4274001 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$531574 | Pool #CA0114, 3.50%, 8/1/47 | $494916 |
| 531252 | Pool #CA0334, 3.50%, 9/1/47 | 494692 |
| 150352 | Pool #CA0536, 3.50%, 10/1/47 | 140005 |
| 558644 | Pool #CA0551, 4.00%, 10/1/47 | 535707 |
| 240432 | Pool #CA0565, 3.50%, 10/1/47 | 224233 |
| 224692 | Pool #CA0743, 3.50%, 11/1/47 | 209553 |
| 609771 | Pool #CA0825, 3.50%, 12/1/47 | 567721 |
| 595295 | Pool #CA0981, 3.50%, 12/1/47 | 554242 |
| 176166 | Pool #CA1070, 3.50%, 1/1/48 | 163988 |
| 449769 | Pool #CA1115, 3.50%, 1/1/48 | 418752 |
| 704643 | Pool #CA1130, 3.50%, 1/1/48 | 656050 |
| 172988 | Pool #CA1131, 3.50%, 2/1/48 | 161029 |
| 270524 | Pool #CA1132, 3.50%, 1/1/48 | 251868 |
| 194854 | Pool #CA1144, 3.50%, 2/1/48 | 181417 |
| 72889 | Pool #CA1152, 3.50%, 2/1/48 | 67863 |
| 372487 | Pool #CA1160, 3.50%, 2/1/48 | 347390 |
| 400718 | Pool #CA1161, 3.50%, 2/1/48 | 372436 |
| 258650 | Pool #CA1338, 4.00%, 3/1/48 | 247529 |
| 516569 | Pool #CA1339, 3.50%, 3/1/48 | 480110 |
| 165155 | Pool #CA1418, 4.00%, 3/1/48 | 158054 |
| 174896 | Pool #CA1468, 4.00%, 3/1/48 | 167779 |
| 446391 | Pool #CA1469, 4.00%, 3/1/48 | 427197 |
| 157513 | Pool #CA1471, 4.00%, 3/1/48 | 151463 |
| 688130 | Pool #CA1507, 4.00%, 4/1/48 | 658497 |
| 373242 | Pool #CA1610, 3.50%, 3/1/48 | 346900 |
| 378111 | Pool #CA1611, 4.00%, 4/1/48 | 361828 |
| 382775 | Pool #CA1612, 3.50%, 4/1/48 | 355833 |
| 205760 | Pool #CA1613, 4.00%, 4/1/48 | 196899 |
| 180155 | Pool #CA2381, 4.00%, 9/1/48 | 172824 |
| 201358 | Pool #CA2440, 4.00%, 9/1/48 | 192700 |
| 160966 | Pool #CA2441, 4.00%, 10/1/48 | 154783 |
| 154244 | Pool #CA2442, 4.00%, 10/1/48 | 148320 |
| 191853 | Pool #CA2443, 4.00%, 10/1/48 | 184045 |
| 181885 | Pool #CA2468, 4.00%, 10/1/48 | 174483 |
| 433264 | Pool #CA2594, 4.00%, 11/1/48 | 417164 |
| 233265 | Pool #CA2913, 4.00%, 1/1/49 | 223220 |
| 292762 | Pool #CA3042, 4.00%, 1/1/49 | 280146 |
| 333212 | Pool #CA3043, 4.00%, 2/1/49 | 319652 |
| 161095 | Pool #CA3045, 4.50%, 1/1/49 | 159467 |
| 26103 | Pool #CA3132, 4.00%, 2/1/49 | 25062 |
| 149354 | Pool #CA3557, 3.50%, 5/1/49 | 138688 |
| 335963 | Pool #CA3628, 3.50%, 6/1/49 | 310583 |
| 185055 | Pool #CA3793, 3.50%, 6/1/49 | 171533 |
| 126996 | Pool #CA3936, 3.50%, 7/1/49 | 117716 |
| 393679 | Pool #CA4043, 3.00%, 8/1/49 | 350879 |
| 463503 | Pool #CA4320, 3.00%, 9/1/49 | 413113 |
| 302942 | Pool #CA5106, 3.00%, 1/1/50 | 270007 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $265342 | Pool #CA5132, 3.00%, 2/1/50 | $236495 |
| 645983 | Pool #CA5309, 3.00%, 3/1/50 | 575270 |
| 508782 | Pool #CA5312, 3.00%, 3/1/50 | 453088 |
| 1073452 | Pool #CA6151, 2.50%, 6/1/50 | 915143 |
| 269787 | Pool #CA6251, 3.00%, 6/1/50 | 240764 |
| 999516 | Pool #CA6263, 2.50%, 7/1/50 | 851802 |
| 2146093 | Pool #CA6967, 2.00%, 9/1/50 | 1749441 |
| 1290107 | Pool #CA6968, 2.00%, 9/1/50 | 1051213 |
| 1005081 | Pool #CA6969, 2.00%, 9/1/50 | 819317 |
| 1211629 | Pool #CA6971, 2.50%, 9/1/50 | 1031442 |
| 1003577 | Pool #CA6972, 2.50%, 8/1/50 | 854641 |
| 941184 | Pool #CA6973, 2.50%, 9/1/50 | 801508 |
| 863895 | Pool #CA7258, 2.50%, 9/1/50 | 735421 |
| 1107768 | Pool #CA7259, 2.50%, 9/1/50 | 943026 |
| 1349158 | Pool #CA7317, 2.00%, 10/1/50 | 1098859 |
| 1694034 | Pool #CA7549, 2.00%, 10/1/50 | 1379753 |
| 1342237 | Pool #CA7917, 2.00%, 11/1/50 | 1103843 |
| 657706 | Pool #CA8069, 1.50%, 12/1/50 | 506096 |
| 996603 | Pool #CA8070, 2.00%, 12/1/50 | 811364 |
| 3478427 | Pool #CA8077, 2.00%, 12/1/50 | 2831888 |
| 602728 | Pool #CA8425, 1.50%, 12/1/50 | 466450 |
| 981481 | Pool #CA8432, 2.00%, 12/1/50 | 798710 |
| 1269890 | Pool #CA8685, 1.50%, 1/1/51 | 977163 |
| 3913525 | Pool #CA9048, 2.00%, 2/1/51 | 3183385 |
| 268568 | Pool #CB0245, 2.50%, 4/1/51 | 228034 |
| 691504 | Pool #CB0437, 2.50%, 5/1/51 | 587139 |
| 588707 | Pool #CB0480, 2.50%, 5/1/51 | 499674 |
| 87733 | Pool #CB0576, 2.50%, 5/1/51 | 74954 |
| 250033 | Pool #CB0582, 2.50%, 5/1/51 | 212219 |
| 1582809 | Pool #CB0688, 2.50%, 6/1/51 | 1343433 |
| 405992 | Pool #CB0689, 2.50%, 6/1/51 | 344592 |
| 823656 | Pool #CB0972, 2.50%, 6/1/51 | 698836 |
| 453619 | Pool #CB1003, 2.50%, 7/1/51 | 384875 |
| 254747 | Pool #CB1010, 2.50%, 7/1/51 | 216142 |
| 1134587 | Pool #CB1060, 2.00%, 7/1/51 | 920543 |
| 935903 | Pool #CB1515, 2.50%, 8/1/51 | 793492 |
| 1154314 | Pool #CB1809, 2.50%, 10/1/51 | 978312 |
| 750394 | Pool #CB1956, 2.50%, 10/1/51 | 640697 |
| 761691 | Pool #CB2029, 2.50%, 11/1/51 | 645317 |
| 1664576 | Pool #CB2205, 2.50%, 11/1/51 | 1409741 |
| 674019 | Pool #CB2268, 2.50%, 12/1/51 | 570831 |
| 456666 | Pool #CB2467, 2.50%, 12/1/51 | 386612 |
| 1598115 | Pool #CB2515, 2.50%, 12/1/51 | 1352960 |
| 2547115 | Pool #CB2761, 3.00%, 2/1/52 | 2252833 |
| 5164146 | Pool #CB2797, 3.00%, 2/1/52 | 4567505 |
| 4818177 | Pool #CB2938, 3.00%, 2/1/52 | 4247450 |
| 1119968 | Pool #CB3052, 3.00%, 2/1/52 | 987304 |
| 857857 | Pool #CB3249, 3.00%, 4/1/52 | 757563 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $1677685 | Pool #CB3281, 3.50%, 4/1/52 | $1537935 |
| 410789 | Pool #CB3413, 3.50%, 4/1/52 | 378371 |
| 752710 | Pool #CB3489, 2.50%, 4/1/52 | 637227 |
| 619685 | Pool #CB3490, 3.00%, 4/1/52 | 546137 |
| 6726423 | Pool #CB3797, 4.00%, 6/1/52 | 6368253 |
| 4473374 | Pool #CB4056, 4.50%, 7/1/52 | 4361594 |
| 2820428 | Pool #CB4208, 4.50%, 7/1/52 | 2749951 |
| 2173141 | Pool #CB4272, 4.50%, 7/1/52 | 2118503 |
| 8430422 | Pool #CB4314, 4.50%, 8/1/52 | 8218459 |
| 10705433 | Pool #CB4463, 4.50%, 8/1/52 | 10434615 |
| 315297 | Pool #CB4473, 4.50%, 8/1/52 | 307542 |
| 4463761 | Pool #CB4539, 4.50%, 9/1/52 | 4350840 |
| 4207691 | Pool #CB4595, 4.00%, 9/1/52 | 3981685 |
| 5190820 | Pool #CB4767, 5.00%, 9/1/52 | 5179266 |
| 2494272 | Pool #CB4966, 5.50%, 10/1/52 | 2530036 |
| 1573844 | Pool #CB4967, 5.50%, 10/1/52 | 1597867 |
| 8785639 | Pool #CB5037, 5.50%, 11/1/52 | 8911612 |
| 3515853 | Pool #CB5048, 6.00%, 11/1/52 | 3608400 |
| 5031577 | Pool #CB5166, 6.00%, 11/1/52 | 5166466 |
| 2546745 | Pool #CB5199, 6.00%, 11/1/52 | 2612111 |
| 1968577 | Pool #CB5202, 6.50%, 11/1/52 | 2043186 |
| 316061 | Pool #CB5220, 6.50%, 12/1/52 | 328039 |
| 2858089 | Pool #CB5343, 6.00%, 12/1/52 | 2933322 |
| 257487 | Pool #CB5344, 6.50%, 12/1/52 | 269952 |
| 1327043 | Pool #CB5385, 6.00%, 12/1/52 | 1361975 |
| 1959076 | Pool #CB5549, 6.00%, 1/1/53 | 2011596 |
| 881144 | Pool #CB5586, 6.00%, 1/1/53 | 903760 |
| 4401138 | Pool #CB5728, 5.50%, 2/1/53 | 4458601 |
| 1399750 | Pool #CB5732, 5.50%, 2/1/53 | 1418026 |
| 4039727 | Pool #CB5797, 5.50%, 3/1/53 | 4081436 |
| 1865646 | Pool #CB5804, 6.00%, 2/1/53 | 1910968 |
| 2567972 | Pool #CB5946, 5.50%, 3/1/53 | 2594486 |
| 2102689 | Pool #CB5980, 5.50%, 3/1/53 | 2124268 |
| 177323 | Pool #CB6005, 5.50%, 4/1/53 | 179143 |
| 1747694 | Pool #CB6126, 5.00%, 4/1/53 | 1741056 |
| 434211 | Pool #CB6138, 5.00%, 4/1/53 | 432461 |
| 552952 | Pool #CB6208, 5.50%, 5/1/53 | 558593 |
| 388681 | Pool #CB6368, 5.00%, 5/1/53 | 387024 |
| 1203578 | Pool #CB6400, 5.00%, 5/1/53 | 1197894 |
| 1314380 | Pool #CB6564, 5.50%, 6/1/53 | 1327625 |
| 296121 | Pool #CB6607, 5.50%, 7/1/53 | 298963 |
| 328781 | Pool #CB6783, 5.00%, 7/1/53 | 327529 |
| 218120 | Pool #CB6826, 5.50%, 7/1/53 | 221644 |
| 1685550 | Pool #CB6953, 5.50%, 8/1/53 | 1702327 |
| 1950786 | Pool #CB6955, 6.00%, 8/1/53 | 1997424 |
| 2174891 | Pool #CB7160, 6.50%, 9/1/53 | 2248619 |
| 262631 | Pool #CB7202, 6.50%, 10/1/53 | 271534 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $3286775 | Pool #CB7222, 5.50%, 10/1/53 | $3319288 |
| 1015260 | Pool #CB7223, 6.00%, 10/1/53 | 1040521 |
| 559474 | Pool #CB7362, 6.00%, 10/1/53 | 576237 |
| 2458908 | Pool #CB7376, 6.00%, 10/1/53 | 2517125 |
| 2152594 | Pool #CB7454, 6.00%, 11/1/53 | 2203558 |
| 523688 | Pool #CB7455, 6.50%, 11/1/53 | 546649 |
| 210443 | Pool #CB7467, 6.50%, 11/1/53 | 219670 |
| 410883 | Pool #CB7548, 6.50%, 11/1/53 | 427045 |
| 2121802 | Pool #CB7585, 6.50%, 11/1/53 | 2193729 |
| 940685 | Pool #CB7586, 7.00%, 12/1/53 | 984949 |
| 1087986 | Pool #CB7625, 6.50%, 12/1/53 | 1135687 |
| 1717303 | Pool #CB7683, 6.00%, 12/1/53 | 1757828 |
| 1510798 | Pool #CB7704, 6.50%, 12/1/53 | 1562013 |
| 1306150 | Pool #CB7728, 7.00%, 12/1/53 | 1367611 |
| 346484 | Pool #CB7733, 6.50%, 12/1/53 | 358230 |
| 1289335 | Pool #CB7918, 6.00%, 1/1/54 | 1322543 |
| 701218 | Pool #CB7919, 6.50%, 1/1/54 | 730928 |
| 1506987 | Pool #CB8093, 5.50%, 3/1/54 | 1521400 |
| 1513310 | Pool #CB8094, 6.00%, 2/1/54 | 1561781 |
| 1956345 | Pool #CB8108, 5.50%, 3/1/54 | 1977611 |
| 2124793 | Pool #CB8261, 5.50%, 3/1/54 | 2155407 |
| 1051023 | Pool #CB8284, 5.50%, 4/1/54 | 1063724 |
| 1231419 | Pool #CB8285, 6.00%, 4/1/54 | 1273713 |
| 829909 | Pool #CB8445, 6.50%, 5/1/54 | 866753 |
| 948801 | Pool #CB8463, 6.00%, 5/1/54 | 979970 |
| 746691 | Pool #CB8585, 5.00%, 5/1/54 | 740686 |
| 1221469 | Pool #CB8587, 6.00%, 5/1/54 | 1261596 |
| 982301 | Pool #CB8618, 6.00%, 5/1/54 | 1013264 |
| 774566 | Pool #CB8795, 6.00%, 6/1/54 | 798980 |
| 2636381 | Pool #CB8936, 5.50%, 7/1/54 | 2675622 |
| 4192323 | Pool #CB9076, 5.50%, 8/1/54 | 4254399 |
| 568671 | Pool #CB9265, 5.00%, 9/1/54 | 566469 |
| 2183944 | Pool #CB9267, 5.50%, 9/1/54 | 2216112 |
| 2294788 | Pool #CB9420, 5.00%, 10/1/54 | 2284736 |
| 2227217 | Pool #CB9600, 5.50%, 11/1/54 | 2258905 |
| 1722754 | Pool #CB9603, 6.00%, 11/1/54 | 1773603 |
| 481692 | Pool #CB9718, 5.00%, 12/1/54 | 480611 |
| 546350 | Pool #CB9720, 5.50%, 12/1/54 | 553887 |
| 5233846 | Pool #CB9865, 5.50%, 1/1/55 | 5309316 |
| 3143720 | Pool #CB9913, 5.50%, 1/1/55 | 3189052 |
| 3024715 | Pool #CB9914, 6.00%, 2/1/55 | 3111182 |
| 1697473 | Pool #CC0018, 6.00%, 2/1/55 | 1745883 |
| 2368592 | Pool #CC0063, 5.50%, 2/1/55 | 2402880 |
| 1975910 | Pool #CC0073, 6.00%, 3/1/55 | 2033579 |
| 2785252 | Pool #CC0166, 6.00%, 3/1/55 | 2864684 |
| 2279604 | Pool #CC0355, 5.50%, 4/1/55 | 2311020 |
| 3126498 | Pool #CC0356, 6.00%, 4/1/55 | 3211793 |
| 3027173 | Pool #CC0451, 5.50%, 5/1/55 | 3070853 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $2353948 | Pool #CC0495, 5.50%, 5/1/55 | $2387913 |
| 2474435 | Pool #CC0496, 6.00%, 5/1/55 | 2547597 |
| 2620810 | Pool #CC0518, 6.00%, 6/1/55 | 2697950 |
| 1713233 | Pool #CC0625, 6.00%, 6/1/55 | 1763660 |
| 2570580 | Pool #CC0648, 6.00%, 7/1/55 | 2646585 |
| 2609193 | Pool #CC0756, 5.50%, 7/1/55 | 2645033 |
| 1237534 | Pool #CC0799, 5.50%, 8/1/55 | 1266102 |
| 1221113 | Pool #CC0800, 6.00%, 7/1/55 | 1269844 |
| 2085085 | Pool #CC0934, 5.50%, 8/1/55 | 2131054 |
| 2763055 | Pool #CC0962, 6.00%, 8/1/55 | 2860004 |
| 1700245 | Pool #CC1126, 5.50%, 9/1/55 | 1723600 |
| 357858 | Pool #CC1127, 6.00%, 9/1/55 | 368391 |
| 9372414 | Pool #CC1130, 6.00%, 9/1/55 | 9714428 |
| 67665 | Pool #MC0014, 5.50%, 12/1/38 | 70279 |
| 56512 | Pool #MC0016, 5.50%, 11/1/38 | 58695 |
| 70641 | Pool #MC0127, 4.50%, 7/1/39 | 70673 |
| 213137 | Pool #MC0154, 4.50%, 8/1/39 | 213233 |
| 71210 | Pool #MC0160, 4.50%, 8/1/39 | 71241 |
| 121600 | Pool #MC0177, 4.50%, 9/1/39 | 121654 |
| 98182 | Pool #MC0270, 4.50%, 3/1/40 | 98556 |
| 124411 | Pool #MC0584, 4.00%, 1/1/42 | 121961 |
|  |  | 470038835 |
| Freddie Mac — 27.7% | Freddie Mac — 27.7% | Freddie Mac — 27.7% |
| 184672 | Pool #Q63813, 3.50%, 4/1/49 | 171463 |
| 1012223 | Pool #QB5731, 2.00%, 11/1/50 | 824433 |
| 1373381 | Pool #QB6982, 2.00%, 11/1/50 | 1118110 |
| 347400 | Pool #QB6992, 1.50%, 12/1/50 | 267333 |
| 876010 | Pool #QC4676, 2.50%, 7/1/51 | 743256 |
| 733519 | Pool #QC6090, 2.50%, 8/1/51 | 626224 |
| 974531 | Pool #QC6643, 2.50%, 8/1/51 | 826243 |
| 962853 | Pool #QC9175, 2.50%, 10/1/51 | 821417 |
| 1444523 | Pool #QD0152, 2.50%, 10/1/51 | 1223824 |
| 252791 | Pool #QD1762, 2.00%, 11/1/51 | 204836 |
| 790122 | Pool #QD7419, 3.00%, 2/1/52 | 696530 |
| 321674 | Pool #QE0994, 3.50%, 4/1/52 | 294904 |
| 3080299 | Pool #QE2342, 4.00%, 5/1/52 | 2916756 |
| 4145715 | Pool #QE7866, 4.00%, 8/1/52 | 3923680 |
| 1133298 | Pool #QE9025, 4.00%, 8/1/52 | 1072601 |
| 465771 | Pool #QE9026, 5.00%, 8/1/52 | 464950 |
| 857486 | Pool #QE9027, 4.50%, 8/1/52 | 835926 |
| 1354741 | Pool #QF0539, 4.00%, 9/1/52 | 1281975 |
| 212083 | Pool #QG5944, 5.00%, 6/1/53 | 212478 |
| 230904 | Pool #RA1234, 3.50%, 8/1/49 | 213459 |
| 236404 | Pool #RA1382, 3.00%, 9/1/49 | 210703 |
| 1267182 | Pool #RA1383, 3.00%, 9/1/49 | 1129419 |
| 240850 | Pool #RA1470, 3.00%, 10/1/49 | 214666 |
| 256539 | Pool #RA1713, 3.00%, 11/1/49 | 228649 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $446773 | Pool #RA1714, 3.00%, 11/1/49 | $398202 |
| 594142 | Pool #RA1716, 3.00%, 11/1/49 | 529549 |
| 441938 | Pool #RA1724, 2.50%, 10/1/49 | 376921 |
| 354407 | Pool #RA1979, 3.00%, 12/1/49 | 315850 |
| 627682 | Pool #RA1987, 3.00%, 12/1/49 | 559443 |
| 1253161 | Pool #RA1988, 3.00%, 1/1/50 | 1116922 |
| 690787 | Pool #RA2158, 3.00%, 2/1/50 | 615383 |
| 698959 | Pool #RA2162, 3.00%, 2/1/50 | 622663 |
| 691150 | Pool #RA2255, 3.00%, 3/1/50 | 615706 |
| 993841 | Pool #RA2256, 3.00%, 3/1/50 | 885357 |
| 678195 | Pool #RA2340, 3.00%, 3/1/50 | 603956 |
| 255182 | Pool #RA2395, 2.50%, 4/1/50 | 217706 |
| 1072986 | Pool #RA3207, 2.50%, 7/1/50 | 914081 |
| 2327574 | Pool #RA3208, 2.50%, 7/1/50 | 1982870 |
| 775823 | Pool #RA3339, 2.00%, 8/1/50 | 632431 |
| 1156469 | Pool #RA3552, 2.00%, 9/1/50 | 942725 |
| 2411303 | Pool #RA3679, 2.00%, 9/1/50 | 1964793 |
| 1326581 | Pool #RA3680, 2.50%, 9/1/50 | 1129709 |
| 422715 | Pool #RA3733, 2.00%, 10/1/50 | 344440 |
| 503616 | Pool #RA3734, 2.50%, 10/1/50 | 428721 |
| 391350 | Pool #RA3747, 2.00%, 9/1/50 | 319019 |
| 2357402 | Pool #RA3803, 1.50%, 12/1/50 | 1813989 |
| 367956 | Pool #RA3861, 1.50%, 10/1/50 | 283166 |
| 1410965 | Pool #RA3862, 2.00%, 10/1/50 | 1149691 |
| 1318963 | Pool #RA3917, 1.50%, 10/1/50 | 1015027 |
| 2847074 | Pool #RA3918, 2.00%, 10/1/50 | 2318878 |
| 567852 | Pool #RA3928, 1.50%, 11/1/50 | 436977 |
| 186634 | Pool #RA3929, 2.00%, 10/1/50 | 153070 |
| 497159 | Pool #RA4018, 2.00%, 1/1/51 | 404405 |
| 657824 | Pool #RA4056, 1.50%, 11/1/50 | 506212 |
| 6514127 | Pool #RA4195, 2.00%, 12/1/50 | 5303340 |
| 4292497 | Pool #RA4254, 2.00%, 12/1/50 | 3493150 |
| 686990 | Pool #RA4274, 1.50%, 12/1/50 | 528656 |
| 807338 | Pool #RA4357, 2.00%, 1/1/51 | 656996 |
| 1067733 | Pool #RA4377, 2.00%, 2/1/51 | 875921 |
| 2730908 | Pool #RA4503, 2.00%, 2/1/51 | 2221407 |
| 720029 | Pool #RA4548, 2.00%, 2/1/51 | 585695 |
| 1756730 | Pool #RA4578, 2.00%, 2/1/51 | 1428381 |
| 280428 | Pool #RA4590, 2.00%, 2/1/51 | 228013 |
| 245659 | Pool #RA4597, 2.00%, 2/1/51 | 199826 |
| 228177 | Pool #RA4618, 2.00%, 2/1/51 | 185607 |
| 751908 | Pool #RA4621, 2.00%, 2/1/51 | 611369 |
| 1280648 | Pool #RA4738, 2.00%, 3/1/51 | 1041283 |
| 3346300 | Pool #RA4745, 2.00%, 3/1/51 | 2720845 |
| 1232973 | Pool #RA4775, 2.00%, 3/1/51 | 1002519 |
| 863370 | Pool #RA4835, 2.50%, 3/1/51 | 733334 |
| 1872815 | Pool #RA4872, 2.50%, 4/1/51 | 1590741 |
| 2698360 | Pool #RA5021, 1.50%, 4/1/51 | 2076011 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $341638 | Pool #RA5043, 2.50%, 4/1/51 | $290077 |
| 608141 | Pool #RA5045, 2.50%, 5/1/51 | 519751 |
| 2788361 | Pool #RA5068, 2.00%, 4/1/51 | 2265245 |
| 860039 | Pool #RA5195, 2.50%, 5/1/51 | 725147 |
| 655679 | Pool #RA5197, 2.50%, 5/1/51 | 556720 |
| 783979 | Pool #RA5217, 2.50%, 5/1/51 | 673836 |
| 1050596 | Pool #RA5237, 2.50%, 5/1/51 | 892035 |
| 1214048 | Pool #RA5387, 2.50%, 6/1/51 | 1039239 |
| 214754 | Pool #RA5404, 2.50%, 6/1/51 | 182209 |
| 988797 | Pool #RA5509, 2.50%, 7/1/51 | 844468 |
| 444028 | Pool #RA5525, 2.50%, 7/1/51 | 376738 |
| 629051 | Pool #RA5541, 2.50%, 7/1/51 | 533722 |
| 1754459 | Pool #RA5621, 2.50%, 8/1/51 | 1488037 |
| 185286 | Pool #RA5686, 2.50%, 7/1/51 | 157150 |
| 1604962 | Pool #RA5701, 2.00%, 8/1/51 | 1301621 |
| 2950447 | Pool #RA5726, 2.50%, 8/1/51 | 2501495 |
| 1565963 | Pool #RA5796, 2.50%, 8/1/51 | 1327680 |
| 1574526 | Pool #RA5873, 2.50%, 9/1/51 | 1334940 |
| 608198 | Pool #RA5874, 2.50%, 9/1/51 | 515464 |
| 135214 | Pool #RA5951, 2.50%, 9/1/51 | 115352 |
| 3052151 | Pool #RA6030, 2.50%, 10/1/51 | 2586778 |
| 62487 | Pool #RA6108, 3.50%, 3/1/52 | 57292 |
| 1222529 | Pool #RA6117, 2.50%, 10/1/51 | 1035747 |
| 1051565 | Pool #RA6276, 2.50%, 11/1/51 | 896771 |
| 365821 | Pool #RA6305, 2.50%, 11/1/51 | 311971 |
| 1044605 | Pool #RA6317, 2.50%, 11/1/51 | 885007 |
| 78892 | Pool #RA6389, 2.50%, 11/1/51 | 67485 |
| 1667645 | Pool #RA6516, 2.50%, 12/1/51 | 1411824 |
| 1274030 | Pool #RA6687, 3.00%, 1/1/52 | 1126835 |
| 2442128 | Pool #RA6743, 2.50%, 1/1/52 | 2067499 |
| 1821990 | Pool #RA6760, 3.00%, 2/1/52 | 1611486 |
| 750827 | Pool #RA6782, 3.00%, 2/1/52 | 667937 |
| 1909350 | Pool #RA6801, 3.00%, 2/1/52 | 1692693 |
| 3639668 | Pool #RA6858, 3.00%, 3/1/52 | 3208538 |
| 1019644 | Pool #RA6930, 3.50%, 3/1/52 | 934867 |
| 787091 | Pool #RA6978, 3.50%, 3/1/52 | 726843 |
| 1380387 | Pool #RA6983, 2.50%, 3/1/52 | 1168817 |
| 458347 | Pool #RA7098, 3.50%, 3/1/52 | 420203 |
| 163693 | Pool #RA7146, 3.50%, 4/1/52 | 150058 |
| 1871905 | Pool #RA7162, 3.50%, 4/1/52 | 1715978 |
| 157030 | Pool #RA7284, 3.50%, 4/1/52 | 144638 |
| 86614 | Pool #RA7344, 4.00%, 4/1/52 | 82290 |
| 5297723 | Pool #RA7454, 4.00%, 6/1/52 | 5014809 |
| 4072151 | Pool #RA7469, 4.00%, 5/1/52 | 3855316 |
| 7675570 | Pool #RA7503, 4.50%, 7/1/52 | 7483773 |
| 2493344 | Pool #RA7714, 4.50%, 7/1/52 | 2431040 |
| 1869731 | Pool #RA7872, 4.50%, 9/1/52 | 1822432 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $4699486 | Pool #RA7897, 4.50%, 9/1/52 | $4580602 |
| 3009868 | Pool #RA8627, 5.50%, 3/1/53 | 3051671 |
| 1445992 | Pool #RA8684, 5.00%, 3/1/53 | 1442340 |
| 290992 | Pool #RA9790, 6.00%, 9/1/53 | 298349 |
| 917365 | Pool #RA9975, 6.00%, 10/1/53 | 939155 |
| 3458255 | Pool #RJ2722, 5.00%, 10/1/54 | 3444868 |
| 8525347 | Pool #RJ3358, 5.50%, 1/1/55 | 8648940 |
| 3375608 | Pool #RJ3611, 5.50%, 2/1/55 | 3421945 |
| 1677983 | Pool #RJ3612, 6.00%, 2/1/55 | 1727596 |
| 3834643 | Pool #RJ5020, 6.00%, 10/1/55 | 3947511 |
| 949013 | Pool #WA3211, 1.91%, 9/1/35 | 763952 |
| 1038531 | Pool #WA3305, 1.75%, 6/1/37 | 793090 |
| 889413 | Pool #WA5002, 2.62%, 11/1/31 | 817956 |
| 250000 | Pool #WN2304, 4.45%, 12/1/32 | 248412 |
| 1000000 | Pool #WN3049, 2.39%, 9/1/31 | 906343 |
| 34690 | Pool #ZA4891, 3.50%, 3/1/47 | 32527 |
| 196793 | Pool #ZA4892, 4.00%, 5/1/47 | 188703 |
| 582059 | Pool #ZA4912, 3.50%, 5/1/47 | 541919 |
| 578084 | Pool #ZA4913, 4.00%, 5/1/47 | 554348 |
| 855459 | Pool #ZA5070, 3.50%, 11/1/47 | 796587 |
| 346976 | Pool #ZA5174, 3.50%, 12/1/47 | 323598 |
| 898315 | Pool #ZA5238, 3.50%, 2/1/48 | 836366 |
| 388287 | Pool #ZA5245, 3.50%, 1/1/48 | 361510 |
| 741730 | Pool #ZA5253, 3.50%, 1/1/48 | 690685 |
| 333814 | Pool #ZA5254, 4.00%, 1/1/48 | 321212 |
| 552960 | Pool #ZA5308, 4.00%, 1/1/48 | 530256 |
| 611437 | Pool #ZA5575, 4.00%, 7/1/48 | 585106 |
| 588953 | Pool #ZA5637, 4.50%, 8/1/48 | 580417 |
| 331097 | Pool #ZA5645, 4.00%, 8/1/48 | 317623 |
| 55910 | Pool #ZA6576, 3.50%, 4/1/49 | 52100 |
| 54286 | Pool #ZI0238, 5.00%, 6/1/33 | 55117 |
| 110054 | Pool #ZI0412, 5.00%, 8/1/33 | 111745 |
| 50478 | Pool #ZI0543, 4.50%, 8/1/33 | 50630 |
| 48624 | Pool #ZI1023, 5.50%, 11/1/33 | 50060 |
| 67924 | Pool #ZI1353, 5.50%, 1/1/34 | 69933 |
| 103026 | Pool #ZI1493, 5.50%, 1/1/34 | 106073 |
| 82620 | Pool #ZI1524, 5.50%, 2/1/34 | 85059 |
| 52486 | Pool #ZI1689, 5.50%, 4/1/34 | 54416 |
| 33684 | Pool #ZI1802, 5.50%, 4/1/34 | 34924 |
| 106073 | Pool #ZI1991, 5.00%, 5/1/34 | 107888 |
| 59576 | Pool #ZI2332, 5.00%, 6/1/34 | 60593 |
| 114287 | Pool #ZI2939, 5.50%, 12/1/34 | 118503 |
| 56194 | Pool #ZI3102, 5.00%, 1/1/35 | 57152 |
| 66428 | Pool #ZI3254, 5.50%, 4/1/35 | 68962 |
| 141520 | Pool #ZI3507, 5.00%, 9/1/35 | 144157 |
| 65525 | Pool #ZI3713, 5.00%, 5/1/35 | 66744 |
| 65406 | Pool #ZI4118, 5.50%, 1/1/36 | 67908 |
| 117351 | Pool #ZI4120, 5.50%, 1/1/36 | 121855 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $154089 | Pool #ZI4200, 5.50%, 2/1/36 | $159990 |
| 66360 | Pool #ZI4201, 6.00%, 2/1/36 | 69592 |
| 52161 | Pool #ZI4429, 5.00%, 6/1/35 | 53129 |
| 46907 | Pool #ZI4521, 5.50%, 7/1/35 | 48696 |
| 123079 | Pool #ZI4572, 5.50%, 8/1/35 | 127792 |
| 33090 | Pool #ZI4704, 5.00%, 11/1/35 | 33704 |
| 30569 | Pool #ZI4705, 5.00%, 11/1/35 | 31136 |
| 41306 | Pool #ZI4706, 5.50%, 11/1/35 | 42881 |
| 157607 | Pool #ZI4979, 6.00%, 6/1/36 | 165732 |
| 146223 | Pool #ZI5912, 5.50%, 4/1/37 | 151918 |
| 75655 | Pool #ZI6311, 5.50%, 6/1/37 | 78602 |
| 51296 | Pool #ZI6814, 6.00%, 10/1/37 | 54108 |
| 45560 | Pool #ZI6976, 5.50%, 7/1/37 | 47349 |
| 181742 | Pool #ZI9925, 5.00%, 4/1/40 | 185409 |
| 60544 | Pool #ZJ0038, 4.50%, 5/1/40 | 60774 |
| 179563 | Pool #ZJ0482, 4.50%, 9/1/40 | 180246 |
| 191087 | Pool #ZJ0844, 4.00%, 12/1/40 | 186192 |
| 79541 | Pool #ZJ1264, 4.00%, 1/1/41 | 77503 |
| 104593 | Pool #ZJ1444, 4.00%, 3/1/41 | 102583 |
| 88640 | Pool #ZJ1445, 4.50%, 3/1/41 | 88434 |
| 21198 | Pool #ZJ5458, 6.50%, 11/1/31 | 22213 |
| 12511 | Pool #ZJ5928, 6.50%, 3/1/32 | 13161 |
| 57678 | Pool #ZJ6638, 6.00%, 11/1/32 | 59784 |
| 48237 | Pool #ZJ6955, 5.50%, 3/1/33 | 49670 |
| 34966 | Pool #ZJ6956, 5.50%, 3/1/33 | 36005 |
| 18902 | Pool #ZK4661, 2.50%, 11/1/27 | 18567 |
| 245577 | Pool #ZL2630, 3.50%, 12/1/41 | 233595 |
| 293068 | Pool #ZL2708, 3.50%, 1/1/42 | 276748 |
| 775505 | Pool #ZL5676, 3.00%, 4/1/43 | 714420 |
| 350184 | Pool #ZL6090, 3.00%, 6/1/43 | 322600 |
| 168446 | Pool #ZL6097, 3.00%, 6/1/43 | 155181 |
| 356014 | Pool #ZL9372, 3.00%, 4/1/45 | 322977 |
| 137474 | Pool #ZL9669, 3.50%, 6/1/45 | 129320 |
| 180306 | Pool #ZM1422, 3.50%, 7/1/46 | 168456 |
| 202318 | Pool #ZM1423, 3.50%, 7/1/46 | 189021 |
| 146906 | Pool #ZM1736, 3.00%, 9/1/46 | 133181 |
| 455621 | Pool #ZM1738, 3.00%, 9/1/46 | 412729 |
| 498438 | Pool #ZM8750, 4.00%, 9/1/48 | 476974 |
| 270389 | Pool #ZN1022, 4.00%, 11/1/48 | 258745 |
| 275 | Pool #ZN5269, 6.50%, 10/1/31 | 275 |
| 53213 | Pool #ZN5321, 5.50%, 5/1/34 | 55163 |
| 38971 | Pool #ZN5332, 5.00%, 11/1/34 | 39633 |
| 512050 | Series 2017-SB42, Class A10F, 2.96%, 10/25/27(a) | 502275 |
| 280306 | Series 2018-SB52, Class A10F, 3.48%, 6/25/28(a) | 276197 |
| 527234 | Series 2018-SB53, Class A10F, 3.66%, 6/25/28(a) | 520752 |
| 218871 | Series 2018-SB56, Class A10F, 3.70%, 10/25/28(a) | 216525 |
| 371811 | Series 2019-SB64, Class A10F, 2.71%, 5/25/29(a) | 354972 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $485506 | Series 2019-SB66, Class A5H, (SOFR30A + 0.814%), 5.17%, 6/25/39(b) | $492083 |
| 1301749 | Series 2020-SB81, Class A10H, 1.26%, 10/25/40(a) | 1112917 |
| 945090 | Series 2022-SB100, Class A10F, 2.01%, 5/25/32(a) | 832442 |
| 711938 | Series 2022-SB96, Class A7F, 1.88%, 1/25/29(a) | 667507 |
| 2647410 | Series Q014, Class A1, 1.56%, 1/25/36 | 2245118 |
|  |  | 187257026 |
| Ginnie Mae — 3.4% | Ginnie Mae — 3.4% |  |
| 169806 | Pool #442423, 4.00%, 9/20/41 | 164127 |
| 68074 | Pool #616936, 5.50%, 1/15/36 | 70305 |
| 633689 | Pool #618363, 4.00%, 9/20/41 | 612485 |
| 314817 | Pool #664269, 5.85%, 6/15/38 | 314817 |
| 124055 | Pool #697672, 5.50%, 12/15/38 | 128040 |
| 54873 | Pool #697814, 5.00%, 2/15/39 | 55506 |
| 275132 | Pool #697885, 4.50%, 3/15/39 | 274300 |
| 84793 | Pool #698112, 4.50%, 5/15/39 | 84561 |
| 392728 | Pool #698113, 4.50%, 5/15/39 | 391827 |
| 510630 | Pool #713519, 6.00%, 7/15/39 | 543162 |
| 144467 | Pool #716822, 4.50%, 4/15/39 | 144254 |
| 51799 | Pool #716823, 4.50%, 4/15/39 | 51692 |
| 142401 | Pool #720080, 4.50%, 6/15/39 | 141923 |
| 218880 | Pool #724629, 5.00%, 7/20/40 | 223577 |
| 273186 | Pool #726550, 5.00%, 9/15/39 | 278005 |
| 131572 | Pool #729346, 4.50%, 7/15/41 | 131305 |
| 193572 | Pool #738844, 3.50%, 10/15/41 | 182002 |
| 128998 | Pool #738845, 3.50%, 10/15/41 | 121286 |
| 183174 | Pool #738862, 4.00%, 10/15/41 | 177011 |
| 155818 | Pool #747241, 5.00%, 9/20/40 | 159162 |
| 481194 | Pool #748654, 3.50%, 9/15/40 | 452400 |
| 70458 | Pool #748846, 4.50%, 9/20/40 | 70321 |
| 227543 | Pool #757016, 3.50%, 11/15/40 | 213958 |
| 135974 | Pool #757017, 4.00%, 12/15/40 | 131408 |
| 178905 | Pool #759297, 4.00%, 1/20/41 | 171673 |
| 122189 | Pool #759298, 4.00%, 2/20/41 | 117250 |
| 128981 | Pool #762877, 4.00%, 4/15/41 | 124639 |
| 72462 | Pool #763564, 4.50%, 5/15/41 | 72315 |
| 157330 | Pool #770481, 4.00%, 8/15/41 | 152037 |
| 36273 | Pool #770482, 4.50%, 8/15/41 | 36200 |
| 108845 | Pool #770517, 4.00%, 8/15/41 | 105183 |
| 103872 | Pool #770529, 4.00%, 8/15/41 | 98933 |
| 38914 | Pool #770537, 4.00%, 8/15/41 | 37064 |
| 116748 | Pool #770738, 4.50%, 6/20/41 | 116521 |
| 139985 | Pool #779592, 4.00%, 11/20/41 | 135316 |
| 88889 | Pool #779593, 4.00%, 11/20/41 | 85916 |
| 206592 | Pool #AA6312, 3.00%, 4/15/43 | 187672 |
| 290166 | Pool #AA6424, 3.00%, 5/15/43 | 264792 |
| 323737 | Pool #AB2733, 3.50%, 8/15/42 | 304056 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $264437 | Pool #AB2745, 3.00%, 8/15/42 | $242134 |
| 509933 | Pool #AB2841, 3.00%, 9/15/42 | 466924 |
| 39453 | Pool #AB2843, 3.00%, 9/15/42 | 36127 |
| 352642 | Pool #AE6946, 3.00%, 6/15/43 | 320346 |
| 62081 | Pool #AG8915, 4.00%, 2/20/44 | 58919 |
| 159712 | Pool #AK6446, 3.00%, 1/15/45 | 144246 |
| 215701 | Pool #AK7036, 3.00%, 4/15/45 | 195275 |
| 267346 | Pool #AO3594, 3.50%, 8/20/45 | 248420 |
| 137775 | Pool #AP3887, 3.50%, 9/20/45 | 128006 |
| 297568 | Pool #AR4919, 3.50%, 3/20/46 | 271751 |
| 437314 | Pool #AR4970, 3.50%, 4/20/46 | 405823 |
| 386447 | Pool #AS2921, 3.50%, 4/20/46 | 358628 |
| 328894 | Pool #AS4332, 3.00%, 6/20/46 | 297659 |
| 381731 | Pool #AS5511, 3.50%, 3/20/46 | 354243 |
| 652092 | Pool #AX7237, 3.50%, 11/20/46 | 605135 |
| 523939 | Pool #BO2104, 3.00%, 8/20/49 | 464446 |
| 1399964 | Pool #BR3787, 3.00%, 12/20/49 | 1250930 |
| 530646 | Series 2012-100, Class B, 2.31%, 11/16/51(a) | 486769 |
| 215827 | Series 2012-107, Class A, 1.15%, 1/16/45 | 200040 |
| 796354 | Series 2012-115, Class A, 2.13%, 4/16/45 | 691228 |
| 712490 | Series 2012-120, Class A, 1.90%, 2/16/53 | 618413 |
| 309248 | Series 2012-131, Class A, 1.90%, 2/16/53 | 269328 |
| 92385 | Series 2012-144, Class AD, 1.77%, 1/16/53 | 83729 |
| 8929 | Series 2013-105, Class A, 1.71%, 2/16/37 | 8929 |
| 59600 | Series 2013-126, Class BK, 2.45%, 10/16/47(a) | 52999 |
| 65119 | Series 2013-29, Class AB, 1.77%, 10/16/45 | 62744 |
| 239991 | Series 2013-97, Class AC, 2.00%, 6/16/45 | 221117 |
| 29076 | Series 2015-107, Class AB, 2.50%, 11/16/49 | 26186 |
| 222576 | Series 2015-114, Class AD, 2.50%, 11/15/51 | 214511 |
| 150414 | Series 2015-128, Class AD, 2.50%, 12/16/50 | 142019 |
| 116844 | Series 2015-130, Class AH, 2.90%, 8/16/47(a) | 113523 |
| 764573 | Series 2015-135, Class AC, 2.35%, 4/16/49 | 671710 |
| 285721 | Series 2015-136, Class AC, 2.50%, 3/16/47 | 264553 |
| 95905 | Series 2015-15, Class A, 2.00%, 11/16/48 | 88335 |
| 331553 | Series 2015-154, Class AD, 2.50%, 5/16/54 | 288196 |
| 285832 | Series 2015-171, Class DA, 2.37%, 3/16/46 | 255073 |
| 255240 | Series 2015-22, Class A, 2.40%, 8/16/47 | 240770 |
| 377111 | Series 2015-70, Class AB, 2.30%, 11/16/48 | 338686 |
| 48161 | Series 2016-11, Class AD, 2.25%, 11/16/43 | 47172 |
| 87336 | Series 2016-14, Class AB, 2.15%, 8/16/42 | 84721 |
| 726387 | Series 2016-152, Class EA, 2.20%, 8/15/58 | 584789 |
| 746990 | Series 2016-157, Class AC, 2.00%, 11/16/50 | 631432 |
| 192126 | Series 2016-39, Class AH, 2.50%, 9/16/44 | 182130 |
| 45155 | Series 2016-50, Class A, 2.30%, 7/16/52 | 44186 |
| 308292 | Series 2016-64, Class CA, 2.30%, 3/16/45 | 294281 |
| 145352 | Series 2016-94, Class AC, 2.20%, 8/16/57 | 120130 |
| 88804 | Series 2016-96, Class BA, 1.95%, 3/16/43 | 85872 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $466477 | Series 2017-127, Class AB, 2.50%, 2/16/59 | $383839 |
| 691169 | Series 2017-135, Class AE, 2.60%, 10/16/58 | 575160 |
| 277768 | Series 2017-140, Class A, 2.50%, 2/16/59 | 227710 |
| 57987 | Series 2017-157, Class AH, 2.55%, 2/16/53 | 53844 |
| 910 | Series 2017-41, Class AC, 2.25%, 3/16/57 | 910 |
| 348862 | Series 2017-46, Class A, 2.50%, 11/16/57 | 285892 |
| 209210 | Series 2017-71, Class AS, 2.70%, 4/16/57 | 193481 |
| 111527 | Series 2017-9, Class AE, 2.40%, 9/16/50 | 103135 |
| 389876 | Series 2018-2, Class AD, 2.40%, 3/16/59 | 342952 |
| 173229 | Series 2018-26, Class AD, 2.50%, 3/16/52 | 163326 |
|  |  | 22719833 |
| Small Business Administration — 3.0% | Small Business Administration — 3.0% |  |
| 551001 | Pool #130612, 10.63%, 5/25/34 | 633286 |
| 370734 | Pool #130614, 10.61%, 3/25/35 | 421792 |
| 22950 | Pool #510751, (Prime Index + 0.325%), 7.83%, 6/25/30(b) | 23659 |
| 172055 | Pool #530089, (Prime Index - 0.125%), 7.38%, 1/25/47(b) | 182328 |
| 44900 | Pool #530222, (Prime Index + 0.635%), 8.14%, 7/25/32(b) | 47160 |
| 48486 | Pool #530390, (Prime Index - 1.000%), 6.50%, 11/25/33(b) | 49841 |
| 174099 | Pool #530413, (Prime Index + 0.825%), 8.33%, 1/25/34(b) | 185263 |
| 284875 | Pool #530536, (Prime Index - 2.600%), 4.90%, 3/25/34(b) | 283932 |
| 456829 | Pool #530566, (Prime Index + 1.625%), 9.13%, 5/25/34(b) | 499241 |
| 71594 | Pool #530594, (Prime Index + 3.625%), 11.13%, 2/25/34(b) | 80620 |
| 156571 | Pool #530597, (Prime Index + 3.375%), 10.88%, 6/25/34(b) | 177598 |
| 836397 | Pool #530624, (Prime Index + 3.375%), 10.88%, 5/25/34(b) | 948687 |
| 1431241 | Pool #530625, (Prime Index + 3.625%), 11.13%, 8/25/34(b) | 1633770 |
| 699642 | Pool #530626, (Prime Index + 1.625%), 9.13%, 8/25/34(b) | 766067 |
| 808772 | Pool #530627, (Prime Index + 2.125%), 9.63%, 8/25/34(b) | 894948 |
| 238667 | Pool #530674, (Prime Index + 0.375%), 7.88%, 10/25/34(b) | 254544 |
| 116325 | Pool #530676, (Prime Index + 1.605%), 9.11%, 10/25/34(b) | 127454 |
| 116430 | Pool #530704, (Prime Index + 0.855%), 8.36%, 12/25/34(b) | 125635 |
| 326752 | Pool #530708, (Prime Index + 1.605%), 9.11%, 12/25/34(b) | 358407 |
| 1113994 | Pool #530709, (Prime Index + 3.355%), 10.86%, 12/25/34(b) | 1268519 |
| 1405950 | Pool #530710, (Prime Index + 1.855%), 9.36%, 12/25/34(b) | 1550497 |
| 532284 | Pool #530731, (Prime Index + 0.250%), 7.75%, 1/25/35(b) | 566734 |
| 968504 | Pool #530756, (Prime Index + 3.355%), 10.86%, 3/25/35(b) | 1115094 |
| 583181 | Pool #530757, (Prime Index + 1.855%), 9.36%, 2/25/35(b) | 649047 |
| 972833 | Pool #530758, (Prime Index + 2.355%), 9.86%, 6/25/35(b) | 1099755 |
| 453950 | Pool #530759, (Prime Index + 1.605%), 9.11%, 2/25/35(b) | 501958 |
| 180575 | Pool #530789, (Prime Index + 3.355%), 10.86%, 4/25/35(b) | 208908 |
| 236273 | Pool #530829, (Prime Index + 1.605%), 9.11%, 6/25/35(b) | 262416 |
| 954176 | Pool #530830, (Prime Index + 3.355%), 10.86%, 6/25/35(b) | 1105426 |
| 441253 | Pool #530833, (Prime Index + 2.805%), 10.31%, 6/25/35(b) | 501898 |
| 124222 | Pool #530854, (Prime Index + 1.855%), 9.36%, 4/25/35(b) | 138722 |
| 427034 | Pool #530857, (Prime Index + 3.305%), 10.81%, 11/25/35(b) | 495356 |
| 558326 | Pool #530858, (Prime Index + 2.805%), 10.31%, 7/25/35(b) | 637106 |
| 78764 | Pool #530866, (Prime Index + 1.855%), 9.36%, 7/25/35(b) | 88063 |
| 722401 | Pool #530867, (Prime Index + 2.805%), 10.31%, 7/25/35(b) | 826543 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124954 | Pool #530869, (Prime Index + 1.605%), 9.11%, 5/25/35(b) | $138751 |
| 752025 | Pool #530940, (Prime Index + 2.805%), 10.31%, 10/25/35(b) | 862576 |
| 150000 | Pool #530944, (Prime Index + 3.805%), 11.31%, 2/25/36(b) | 178232 |
| 41913 | Pool #530945, (Prime Index + 1.305%), 8.81%, 9/25/35(b) | 46424 |
| 33578 | Pool #530946, (Prime Index + 1.055%), 8.56%, 9/25/35(b) | 36865 |
| 80928 | Pool #540104, (Prime Index + 2.599%), 10.10%, 3/25/33(b) | 88515 |
| 388238 | Pool #540109, (Prime Index + 1.201%), 8.70%, 5/25/33(b) | 415203 |
| 80862 | Pool #540110, (Prime Index + 2.509%), 10.01%, 7/25/33(b) | 88592 |
|  |  | 20565432 |
| Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | 700581126 |
| (Cost $751,088,050) | (Cost $751,088,050) |  |
| U.S. Government Agency Obligations — 2.4% | U.S. Government Agency Obligations — 2.4% |  |
| Small Business Administration — 2.4% | Small Business Administration — 2.4% |  |
| 135965 | Certificate of Originator's Fee, 0.23%, 4/15/31(b),(c) | 452 |
| 200734 | Certificate of Originator's Fee, 0.70%, 4/23/32(b),(c) | 1837 |
| 560469 | Certificate of Originator's Fee, 0.98%, 4/15/31(b),(c) | 7942 |
| 304864 | Certificate of Originator's Fee, 1.23%, 3/15/31(b),(c) | 5422 |
| 404145 | Certificate of Originator's Fee, 1.23%, 5/15/31(b),(c) | 7188 |
| 243399 | Certificate of Originator's Fee, 1.23%, 5/15/31(b),(c) | 4329 |
| 531055 | Certificate of Originator's Fee, 1.93%, 5/4/32(b),(c) | 13339 |
| 339564 | Certificate of Originator's Fee, 2.22%, 2/20/29(b),(c) | 9789 |
| 229978 | (Prime Index - 2.600%), 4.90%, 9/25/41(b) | 228515 |
| 102682 | (Prime Index - 2.600%), 4.90%, 9/25/41(b) | 102225 |
| 146589 | (Prime Index - 2.600%), 4.90%, 7/25/42(b) | 145937 |
| 326272 | (Prime Index - 2.550%), 4.95%, 7/25/42(b) | 325306 |
| 134490 | (Prime Index - 2.525%), 4.98%, 11/25/41(b) | 133938 |
| 60738 | (Prime Index - 2.500%), 5.00%, 2/25/28(b) | 60687 |
| 80336 | 6.08%, 12/19/29(b),(c) | 80829 |
| 280523 | (Prime Index - 1.400%), 6.10%, 7/25/41(b) | 286560 |
| 94137 | 6.58%, 4/8/29(b),(c) | 94456 |
| 624224 | (Prime Index - 0.675%), 6.83%, 9/25/43(b) | 647304 |
| 1523969 | (Prime Index - 0.675%), 6.83%, 11/25/45(b) | 1585367 |
| 635100 | (Prime Index - 0.675%), 6.83%, 1/25/46(b) | 659008 |
| 30848 | (Prime Index - 0.458%), 7.04%, 11/25/27(b) | 30923 |
| 107301 | 7.08%, 7/25/30 | 107240 |
| 571729 | (Prime Index - 0.308%), 7.19%, 12/25/45(b) | 601533 |
| 96176 | (Prime Index - 0.277%), 7.22%, 2/25/40(b) | 99549 |
| 60196 | (Prime Index - 0.030%), 7.47%, 7/25/29(b) | 61060 |
| 77167 | (Prime Index + 0.014%), 7.51%, 6/25/29(b) | 77919 |
| 34764 | (Prime Index + 0.062%), 7.56%, 12/25/40(b) | 36237 |
| 121545 | (Prime Index + 0.118%), 7.62%, 11/25/28(b) | 122752 |
| 281160 | (Prime Index + 0.117%), 7.62%, 1/25/46(b) | 297501 |
| 117658 | (Prime Index + 0.159%), 7.66%, 8/25/29(b) | 119300 |
| 36946 | (Prime Index + 0.325%), 7.83%, 10/25/30(b) | 38300 |
| 1242917 | (Prime Index + 0.325%), 7.83%, 11/25/30(b) | 1285935 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$526444 | (Prime Index + 0.325%), 7.83%, 6/25/31(b) | $547795 |
| 669080 | (Prime Index + 0.325%), 7.83%, 7/25/31(b) | 694922 |
| 313441 | (Prime Index + 0.325%), 7.83%, 2/25/45(b) | 333404 |
| 678321 | (Prime Index + 0.325%), 7.83%, 8/25/46(b) | 725999 |
| 786595 | (Prime Index + 0.375%), 7.88%, 5/25/31(b) | 818665 |
| 173944 | (Prime Index + 0.375%), 7.88%, 10/25/31(b) | 181474 |
| 482073 | (Prime Index + 0.375%), 7.88%, 8/25/46(b) | 513915 |
| 2986 | (Prime Index + 0.542%), 8.04%, 8/25/27(b) | 2999 |
| 364593 | (Prime Index + 0.575%), 8.08%, 4/25/31(b) | 379143 |
| 803514 | (Prime Index + 0.575%), 8.08%, 12/25/45(b) | 855363 |
| 14321 | (Prime Index + 0.700%), 8.20%, 2/25/28(b) | 14590 |
| 85704 | (Prime Index + 0.711%), 8.21%, 3/25/30(b) | 87827 |
| 280078 | (Prime Index + 0.724%), 8.22%, 11/25/30(b) | 290411 |
| 58020 | (Prime Index + 0.789%), 8.29%, 2/25/28(b) | 59137 |
| 34676 | (Prime Index + 0.807%), 8.31%, 9/25/28(b) | 35176 |
| 105611 | (Prime Index + 0.828%), 8.33%, 2/25/29(b) | 107350 |
| 78434 | (Prime Index + 0.825%), 8.33%, 8/25/30(b) | 81490 |
| 43851 | (Prime Index + 0.826%), 8.33%, 3/25/31(b) | 45660 |
| 612683 | (Prime Index + 0.825%), 8.33%, 9/25/31(b) | 642896 |
| 146172 | (Prime Index + 0.836%), 8.34%, 5/25/29(b) | 149694 |
| 153497 | (Prime Index + 0.861%), 8.36%, 6/25/29(b) | 156923 |
| 43700 | (Prime Index + 0.877%), 8.38%, 2/25/30(b) | 44927 |
| 43209 | (Prime Index + 0.891%), 8.39%, 3/25/29(b) | 44046 |
| 20913 | (Prime Index + 0.895%), 8.40%, 1/25/29(b) | 21336 |
| 23956 | (Prime Index + 0.942%), 8.44%, 7/25/29(b) | 24711 |
| 49122 | (Prime Index + 0.954%), 8.45%, 5/25/29(b) | 50600 |
| 337570 | (Prime Index + 0.948%), 8.45%, 12/25/30(b) | 352740 |
| 3682 | (Prime Index + 0.969%), 8.47%, 6/25/28(b) | 3720 |
| 16394 | (Prime Index + 0.993%), 8.49%, 11/25/28(b) | 16821 |
| 105300 | (Prime Index + 0.986%), 8.49%, 7/25/30(b) | 108736 |
| 82792 | (Prime Index + 0.987%), 8.49%, 1/25/31(b) | 86655 |
| 63696 | (Prime Index + 1.013%), 8.51%, 7/25/29(b) | 65299 |
| 97686 | (Prime Index + 1.021%), 8.52%, 2/25/31(b) | 102162 |
| 55899 | (Prime Index + 1.047%), 8.55%, 9/25/29(b) | 57956 |
| 105098 | (Prime Index + 1.066%), 8.57%, 12/25/29(b) | 109378 |
| 50509 | (Prime Index + 1.072%), 8.57%, 6/25/30(b) | 52510 |
| 2580 | (Prime Index + 1.108%), 8.61%, 11/25/26(b) | 2583 |
| 78132 | (Prime Index + 1.146%), 8.65%, 9/25/28(b) | 78920 |
| 46442 | (Prime Index + 1.233%), 8.73%, 6/25/29(b) | 48268 |
| 62228 | (Prime Index + 1.246%), 8.75%, 5/25/29(b) | 63648 |
| 34046 | (Prime Index + 1.247%), 8.75%, 10/25/31(b) | 35937 |
| 179733 | (Prime Index + 1.352%), 8.85%, 6/25/31(b) | 189118 |
| 13575 | 9.08%, 9/25/29 | 13886 |
| 94009 | (Prime Index + 1.575%), 9.08%, 7/25/30(b) | 98335 |
| 8357 | (Prime Index + 1.613%), 9.11%, 7/25/28(b) | 8457 |
| 28934 | (Prime Index + 2.325%), 9.83%, 10/25/30(b) | 30700 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$117042 | (Prime Index + 2.325%), 9.83%, 1/25/31(b) | $124772 |
| 56399 | 9.88%, 6/7/29(c) | 58008 |
|  |  | 15897741 |
| Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | 15897741 |
| (Cost $16,471,593) | (Cost $16,471,593) |  |
| Municipal Bonds — 1.8% | Municipal Bonds — 1.8% |  |
| California — 0.9% | California — 0.9% |  |
| 2000000 | California Health Facilities Financing Authority Revenue, 2.93%, 6/1/32, Callable 6/1/29 @ 100 | 1831890 |
| 775000 | California Statewide Communities Development Authority Revenue, Series B, 5.25%, 10/20/42, (Credit Support: Ginnie Mae), Callable 10/31/25 @ 100 | 775302 |
| 200000 | City & County of San Francisco GO, 1.95%, 6/15/27 | 194227 |
| 1790000 | City & County of San Francisco GO, Series A, 1.78%, 6/15/29 | 1666512 |
| 1675000 | City of Los Angeles Housing GO, Series A, 2.95%, 9/1/28, Callable 9/1/27 @ 100 | 1628490 |
|  |  | 6096421 |
| Colorado — 0.00% | Colorado — 0.00% |  |
| 85944 | Colorado Housing & Finance Authority Revenue, Series V, 3.40%, 11/1/45, (Credit Support: FHA) | 76634 |
| District of Columbia — 0.1% | District of Columbia — 0.1% |  |
| 513425 | District of Columbia Housing Finance Agency Revenue, 3.24%, 3/1/49, (Credit Support: FHA) | 467980 |
| Illinois — 0.00% | Illinois — 0.00% |  |
| 75000 | City of Chicago Multi Family Revenue, Mercy Preservation Project, 4.55%, 8/1/26, (Credit Support: Freddie Mac), Callable 10/31/25 @ 100 | 75093 |
| Minnesota — 0.1% | Minnesota — 0.1% |  |
| 444434 | City of Minnetonka Housing Revenue, Series A, 3.00%, 11/1/34, (Credit Support: Fannie Mae) | 421028 |
| New York — 0.6% | New York — 0.6% |  |
| 300000 | New York City Housing Development Corp. Revenue, Series B, 1.02%, 5/1/26 | 295063 |
| 300000 | New York City Housing Development Corp. Revenue, Series G, 2.62%, 5/1/26, Callable 11/1/25 @ 100 | 297782 |
| 200000 | New York City Housing Development Corp. Revenue, Series B, 1.12%, 11/1/26 | 194310 |
| 500000 | New York City Housing Development Corp. Revenue, Series B, 3.56%, 11/1/26, Callable 2/1/26 @ 100 | 498574 |
| 160000 | New York City Housing Development Corp. Revenue, Series B, 1.38%, 5/1/27 | 153946 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $250000 | New York City Housing Development Corp. Revenue, Series B, 1.48%, 11/1/27 | $237973 |
| 1000000 | New York City Housing Development Corp. Revenue, Series B, 3.61%, 11/1/27, Callable 2/1/26 @ 100 | 994107 |
| 500000 | New York City Housing Development Corp. Revenue, Series B, 3.81%, 11/1/29, Callable 2/1/26 @ 100 | 493027 |
| 195000 | New York State Housing Finance Agency Revenue, Series A, 4.50%, 11/15/27, Callable 10/31/25 @ 100 | 195169 |
| 1000000 | New York State Housing Finance Agency Revenue, Series A, 4.65%, 11/15/38, Callable 10/31/25 @ 100 | 1000220 |
|  |  | 4360171 |
| Vermont — 0.00% | Vermont — 0.00% |  |
| 100000 | Vermont Housing Finance Agency Property Transfer Tax Revenue Revenue, 3.45%, 11/1/29 | 97039 |
| Washington — 0.1% | Washington — 0.1% |  |
| 800000 | City of Seattle WA GO, Series B, 3.38%, 12/1/28, Callable 12/1/27 @ 100 | 789869 |
| Total Municipal Bonds | Total Municipal Bonds | 12384235 |
| (Cost $12,763,744) | (Cost $12,763,744) |  |
| Corporate Bond — 0.00% | Corporate Bond — 0.00% |  |
| Consumer, Non-cyclical — 0.00% | Consumer, Non-cyclical — 0.00% |  |
| 80000 | Montefiore Medical Center, 2.15%, 10/20/26 | 78854 |
| Total Corporate Bond | Total Corporate Bond | 78854 |
| (Cost $80,000) | (Cost $80,000) |  |
| Shares |  |  |
| Investment Company — 3.4% | Investment Company — 3.4% |  |
| 22804278 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(d) | 22804278 |
| Total Investment Company | Total Investment Company | 22804278 |
| (Cost $22,804,278) | (Cost $22,804,278) |  |
| Total Investments | Total Investments | $751746234 |
| (Cost $803,207,665)(e) — 111.2% | (Cost $803,207,665)(e) — 111.2% |  |
| Liabilities in excess of other assets — (11.2)% | Liabilities in excess of other assets — (11.2)% | (75822951) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $675923283 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| September 30, 2025 |

---

(a) 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.

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

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

(d) Affiliated investment.

(e) 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 Value | Notional Value | Clearinghouse |
| 2 Year U.S. Treasury Note | 220 | December 2025 | $27023 | USD | $45847656 | Citigroup Global Markets, Inc. |
|  Total |  |  | $27023 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Short 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 |
| 10 Year U.S. Ultra Treasury Bond | 70 | December 2025 | $20618 | USD | $8055469 | Citigroup Global Markets, Inc. |
| 5 Year U.S. Treasury Note | 140 | December 2025 | 40166 | USD | 15287343 | Citigroup Global Markets, Inc. |
|  Total |  |  | $60784 |  |  |  |

---

Abbreviations used are defined below:

FHA - Insured by Federal Housing Administration

GO - General Obligations

SOFR30A - Secured Overnight Financing Rate 30 Day Average

TBA - To-be-announced

USD - United States Dollar

See Notes to the Financial Statements.

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| U.S. Government Agency Backed Mortgages — 42.6% | U.S. Government Agency Backed Mortgages — 42.6% | U.S. Government Agency Backed Mortgages — 42.6% |
| Fannie Mae — 31.6% | Fannie Mae — 31.6% | Fannie Mae — 31.6% |
| $3000000 | (TBA), 2.00%, 10/1/55 | $2417997 |
| 50000 | Pool #AN0360, 3.95%, 12/1/45 | 42408 |
| 2125753 | Pool #AN0509, 2.72%, 3/1/26 | 2108417 |
| 2849618 | Pool #AN2398, 2.52%, 7/1/28 | 2743455 |
| 85928 | Pool #AN7868, 3.06%, 12/1/27 | 84331 |
| 9054 | Pool #BJ0657, 4.00%, 2/1/48 | 8665 |
| 20291 | Pool #BJ2670, 4.00%, 4/1/48 | 19418 |
| 41961 | Pool #BJ3178, 4.00%, 11/1/47 | 40477 |
| 35035 | Pool #BJ5158, 4.00%, 4/1/48 | 33526 |
| 40166 | Pool #BJ9439, 4.00%, 2/1/48 | 38623 |
| 39598 | Pool #BJ9477, 4.00%, 4/1/48 | 38078 |
| 45091 | Pool #BK7924, 4.00%, 11/1/48 | 43359 |
| 3022466 | Pool #BL4589, 2.45%, 10/1/29 | 2853943 |
| 20460 | Pool #BO1263, 3.50%, 6/1/49 | 19055 |
| 388417 | Pool #BP3417, 2.50%, 5/1/51 | 329675 |
| 108333 | Pool #BP8741, 2.50%, 6/1/50 | 92323 |
| 189872 | Pool #BQ7523, 2.00%, 11/1/50 | 154647 |
| 275220 | Pool #BQ7524, 2.50%, 10/1/50 | 236005 |
| 1314809 | Pool #BR2051, 2.50%, 6/1/51 | 1115965 |
| 300000 | Pool #BS0915, 1.62%, 3/1/31 | 257483 |
| 3500000 | Pool #BS1730, 1.53%, 4/1/28 | 3294551 |
| 1575000 | Pool #BS9741, 5.16%, 10/1/28 | 1621177 |
| 2500000 | Pool #BS9849, 4.97%, 11/1/28 | 2565600 |
| 6781892 | Pool #BT1616, 2.00%, 4/1/51 | 5520369 |
| 1407370 | Pool #BT8237, 4.00%, 6/1/52 | 1332430 |
| 3500000 | Pool #BZ0523, 4.50%, 2/1/29 | 3551170 |
| 2513493 | Pool #BZ0624, 4.87%, 3/1/29 | 2576341 |
| 3011502 | Pool #BZ0636, 5.22%, 6/1/31 | 3147031 |
| 2225000 | Pool #BZ1147, 4.78%, 6/1/29 | 2278139 |
| 2470000 | Pool #BZ2120, 4.36%, 10/1/29 | 2494989 |
| 1875000 | Pool #BZ2581, 4.81%, 12/1/29 | 1922687 |
| 1610000 | Pool #BZ2936, 4.58%, 1/1/30 | 1637198 |
| 2800000 | Pool #BZ3608, 4.66%, 4/1/30 | 2854344 |
| 1322000 | Pool #BZ3654, 5.29%, 5/1/30 | 1371155 |
| 2000000 | Pool #BZ3698, 4.66%, 2/1/30 | 2029598 |
| 1534000 | Pool #BZ3699, 4.66%, 2/1/30 | 1556701 |
| 29841 | Pool #CA1066, 4.00%, 1/1/48 | 28616 |
| 13957 | Pool #CA1068, 3.50%, 1/1/48 | 12994 |
| 16155 | Pool #CA2595, 4.50%, 11/1/48 | 15922 |
| 60536 | Pool #CA2912, 4.00%, 12/1/48 | 58287 |
| 42479 | Pool #CA3132, 4.00%, 2/1/49 | 40784 |
| 42333 | Pool #CA3174, 4.00%, 2/1/49 | 40708 |
| 252210 | Pool #CA3451, 3.50%, 5/1/49 | 233157 |
| 182495 | Pool #CA3456, 3.50%, 5/1/49 | 169160 |
| 304087 | Pool #CA9048, 2.00%, 2/1/51 | 247354 |
| 949279 | Pool #CB0480, 2.50%, 5/1/51 | 805715 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $350507 | Pool #CB0576, 2.50%, 5/1/51 | $299454 |
| 1348873 | Pool #CB2761, 3.00%, 2/1/52 | 1193031 |
| 2086225 | Pool #CB3227, 3.50%, 3/1/52 | 1912606 |
| 2427126 | Pool #CB3764, 4.00%, 6/1/52 | 2297885 |
| 1772949 | Pool #CB3797, 4.00%, 6/1/52 | 1678542 |
| 1944034 | Pool #CB4272, 4.50%, 7/1/52 | 1895156 |
| 1774534 | Pool #CB4314, 4.50%, 8/1/52 | 1729918 |
| 1710856 | Pool #CB4463, 4.50%, 8/1/52 | 1667576 |
| 1765309 | Pool #CB4767, 5.00%, 9/1/52 | 1761380 |
| 2131331 | Pool #CB4967, 5.50%, 10/1/52 | 2163862 |
| 1332627 | Pool #CB5166, 6.00%, 11/1/52 | 1368352 |
| 412260 | Pool #CB5202, 6.50%, 11/1/52 | 427885 |
| 870347 | Pool #CB5220, 6.50%, 12/1/52 | 903333 |
| 1208533 | Pool #CB6607, 5.50%, 7/1/53 | 1220131 |
| 1854209 | Pool #CB6783, 5.00%, 7/1/53 | 1847147 |
| 1977356 | Pool #CB6784, 5.50%, 7/1/53 | 2011458 |
| 1948130 | Pool #CB6826, 5.50%, 7/1/53 | 1979601 |
| 1834933 | Pool #CB7160, 6.50%, 9/1/53 | 1897136 |
| 2053154 | Pool #CB9076, 5.50%, 8/1/54 | 2083555 |
| 4774453 | Pool #CC0947, 6.50%, 8/1/55 | 5002821 |
|  |  | 89424856 |
| Freddie Mac — 8.8% | Freddie Mac — 8.8% |  |
| 36974 | Pool #Q59453, 4.00%, 11/1/48 | 35423 |
| 165789 | Pool #QB5731, 2.00%, 11/1/50 | 135031 |
| 184827 | Pool #QB5732, 2.50%, 11/1/50 | 157283 |
| 682829 | Pool #QC3844, 2.00%, 6/1/51 | 554249 |
| 240811 | Pool #QC3845, 2.50%, 6/1/51 | 204317 |
| 916986 | Pool #QC7895, 2.00%, 9/1/51 | 743674 |
| 656119 | Pool #QE4428, 4.00%, 6/1/52 | 621181 |
| 1782201 | Pool #QE6510, 4.50%, 7/1/52 | 1737667 |
| 1820014 | Pool #QG5944, 5.00%, 6/1/53 | 1823404 |
| 48767 | Pool #RA1713, 3.00%, 11/1/49 | 43465 |
| 76201 | Pool #RA1714, 3.00%, 11/1/49 | 67917 |
| 126062 | Pool #RA2256, 3.00%, 3/1/50 | 112301 |
| 166695 | Pool #RA2340, 3.00%, 3/1/50 | 148448 |
| 146754 | Pool #RA2395, 2.50%, 4/1/50 | 125202 |
| 375876 | Pool #RA2575, 2.50%, 5/1/50 | 320559 |
| 131718 | Pool #RA2727, 2.00%, 5/1/50 | 107511 |
| 130795 | Pool #RA2728, 2.50%, 5/1/50 | 111506 |
| 329839 | Pool #RA2740, 2.50%, 6/1/50 | 283353 |
| 238448 | Pool #RA3680, 2.50%, 9/1/50 | 203061 |
| 297207 | Pool #RA4503, 2.00%, 2/1/51 | 241758 |
| 285073 | Pool #RA4927, 2.00%, 3/1/51 | 231790 |
| 408278 | Pool #RA5020, 2.00%, 4/1/51 | 331825 |
| 1123026 | Pool #RA5195, 2.50%, 5/1/51 | 946887 |
| 761455 | Pool #RA5197, 2.50%, 5/1/51 | 646533 |
| 440233 | Pool #RA5237, 2.50%, 5/1/51 | 373791 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $1326088 | Pool #RA5571, 2.50%, 7/1/51 | $1124716 |
| 193327 | Pool #RA5621, 2.50%, 8/1/51 | 163969 |
| 670073 | Pool #RA5701, 2.00%, 8/1/51 | 543428 |
| 164416 | Pool #RA5874, 2.50%, 9/1/51 | 139347 |
| 2217141 | Pool #RA6108, 3.50%, 3/1/52 | 2032798 |
| 1771356 | Pool #RA6760, 3.00%, 2/1/52 | 1566702 |
| 1889842 | Pool #RA7454, 4.00%, 6/1/52 | 1788919 |
| 1616836 | Pool #RA7714, 4.50%, 7/1/52 | 1576435 |
| 1889636 | Pool #RJ5020, 6.00%, 10/1/55 | 1945255 |
| 43243 | Pool #V84506, 4.00%, 7/1/48 | 41430 |
| 39479 | Pool #V84836, 4.00%, 11/1/48 | 37918 |
| 58391 | Pool #V85365, 3.50%, 4/1/49 | 54469 |
| 169639 | Pool #V85381, 3.50%, 4/1/49 | 157505 |
| 1965614 | Pool #WA4461, 4.72%, 1/1/30 | 2009109 |
| 29533 | Series 2018-SB45, Class A10F, 3.16%, 11/25/27(a) | 29048 |
| 41874 | Series 2018-SB48, Class A10F, 3.37%, 2/25/28(a) | 41263 |
| 119039 | Series 2019-SB59, Class A10F, 3.47%, 1/25/29(a) | 116935 |
| 866848 | Series 2021-SB87, Class A5H, 0.78%, 4/25/41(a) | 849346 |
| 35660 | Series KF57, Class A, (SOFR30A + 0.654%), 5.01%, 12/25/28(b) | 35770 |
| 291290 | Series Q014, Class A1, 1.56%, 1/25/36 | 247026 |
|  |  | 24809524 |
| Ginnie Mae — 0.1% | Ginnie Mae — 0.1% |  |
| 41257 | Pool #AC3667, 1.66%, 8/15/26 | 39659 |
| 20543 | Pool #BB3740, 4.00%, 11/15/47 | 19658 |
| 54073 | Pool #BE3008, 4.00%, 4/20/48 | 51635 |
| 27848 | Series 2018-2, Class AD, 2.40%, 3/16/59 | 24497 |
| 17323 | Series 2018-26, Class AD, 2.50%, 3/16/52 | 16333 |
|  |  | 151782 |
| Small Business Administration — 2.0% | Small Business Administration — 2.0% |  |
| 259035 | Pool #130612, 10.63%, 5/25/34 | 297718 |
| 635447 | Pool #130613, 10.88%, 10/25/34(c) | 742651 |
| 157234 | Pool #130614, 10.61%, 3/25/35 | 178888 |
| 137049 | Pool #530566, (Prime Index + 1.625%), 9.13%, 5/25/34(b) | 149772 |
| 473138 | Pool #530677, (Prime Index + 3.605%), 11.11%, 10/25/34(b) | 540792 |
| 247023 | Pool #530704, (Prime Index + 0.855%), 8.36%, 12/25/34(b) | 266553 |
| 419784 | Pool #530708, (Prime Index + 1.605%), 9.11%, 12/25/34(b) | 460452 |
| 461096 | Pool #530710, (Prime Index + 1.855%), 9.36%, 12/25/34(b) | 508502 |
| 247546 | Pool #530756, (Prime Index + 3.355%), 10.86%, 3/25/35(b) | 285014 |
| 797495 | Pool #530757, (Prime Index + 1.855%), 9.36%, 2/25/35(b) | 887566 |
| 683863 | Pool #530759, (Prime Index + 1.605%), 9.11%, 2/25/35(b) | 756186 |
| 464402 | Pool #530790, (Prime Index + 1.605%), 9.11%, 4/25/35(b) | 515351 |
| 182615 | Pool #530791, (Prime Index + 1.855%), 9.36%, 4/25/35(b) | 203900 |
|  |  | 5793345 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| U.S. International Development Finance Corp. — 0.2% | U.S. International Development Finance Corp. — 0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | Series AA-1, 0.00%, 1/17/26(d) | $569197 |
| Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | 120748704 |
| (Cost $124,630,168) | (Cost $124,630,168) |  |
| Corporate Bonds — 28.9% | Corporate Bonds — 28.9% |  |
| Communications — 1.1% | Communications — 1.1% |  |
| 3085000 | AT&T, Inc., 5.55%, 11/1/45 | 3054782 |
| Consumer, Non-cyclical — 18.1% | Consumer, Non-cyclical — 18.1% |  |
| 2200000 | AbbVie, Inc., 4.80%, 3/15/29 | 2249275 |
| 3500000 | Amgen, Inc., 5.25%, 3/2/33 | 3625739 |
| 2892000 | Astrazeneca Finance LLC, 1.75%, 5/28/28 | 2736989 |
| 490000 | Astrazeneca Finance LLC, 2.25%, 5/28/31 | 442964 |
| 2650000 | Astrazeneca Finance LLC, 5.00%, 2/26/34 | 2731634 |
| 2780000 | Becton Dickinson & Co., 5.08%, 6/7/29 | 2854593 |
| 2500000 | Bristol-Myers Squibb Co., 4.90%, 2/22/29 | 2565592 |
| 995000 | DH Europe Finance II Sarl, 2.60%, 11/15/29 | 937314 |
| 100000 | Doris Duke Charitable Foundation (The), Series 2020, 2.35%, 7/1/50 | 57027 |
| 3100000 | Elevance Health, Inc., 5.15%, 6/15/29 | 3189874 |
| 1700000 | Eli Lilly & Co., 4.75%, 2/12/30 | 1744750 |
| 2500000 | GlaxoSmithKline Capital, Inc., 3.88%, 5/15/28 | 2497185 |
| 2114000 | Haleon US Capital LLC, 3.63%, 3/24/32 | 2002936 |
| 2300000 | HCA, Inc., 5.00%, 3/1/28 | 2340968 |
| 1861000 | HCA, Inc., 5.45%, 9/15/34 | 1907994 |
| 2250000 | IQVIA, Inc., 6.25%, 2/1/29 | 2369380 |
| 400000 | John D and Catherine T MacArthur Foundation, 1.30%, 12/1/30 | 343856 |
| 1300000 | Johnson & Johnson, 4.70%, 3/1/30 | 1338897 |
| 2500000 | Kenvue, Inc., 5.00%, 3/22/30 | 2568568 |
| 1200000 | Mary Free Bed Rehabilitation Hospital, Series 2021, 3.79%, 4/1/51 | 904926 |
| 250000 | Medtronic, Inc., 4.38%, 3/15/35 | 245299 |
| 2500000 | Reckitt Benckiser Treasury Services Plc, 3.00%, 6/26/27(e) | 2457543 |
| 1940000 | Royalty Pharma Plc, 5.15%, 9/2/29 | 1991398 |
| 511000 | Solventum Corp., 5.45%, 2/25/27 | 519277 |
| 2250000 | Thermo Fisher Scientific, Inc., 2.00%, 10/15/31 | 1988164 |
| 2285000 | Thermo Fisher Scientific, Inc., 4.89%, 10/7/37 | 2283675 |
| 2500000 | UnitedHealth Group, Inc., 4.90%, 4/15/31 | 2563288 |
|  |  | 51459105 |
| Financial — 4.3% | Financial — 4.3% |  |
| 350000 | Andrew W Mellon Foundation (The), Series 2020, 0.95%, 8/1/27 | 332415 |
| 250000 | BlueHub Loan Fund, Inc., Series 2020, 2.89%, 1/1/27 | 246239 |
| 1600000 | Bridge Housing Corp., 3.25%, 7/15/30 | 1499796 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| $250000 | Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | $232206 |
| 1400000 | HA Sustainable Infrastructure Capital, Inc., 6.15%, 1/15/31 | 1438203 |
| 2100000 | Healthcare Realty Holdings LP, REIT, 2.40%, 3/15/30 | 1897412 |
| 590000 | Low Income Investment Fund, Series 2019, 3.39%, 7/1/26 | 587746 |
| 1300000 | Low Income Investment Fund, Series 2019, 3.71%, 7/1/29 | 1255875 |
| 2160000 | Preservation of Affordable Housing, Inc., 4.48%, 12/1/32 | 2147901 |
| 2500000 | Reinvestment Fund, Inc. (The), 3.93%, 2/15/28 | 2498642 |
|  |  | 12136435 |
| Industrial — 1.6% | Industrial — 1.6% |  |
| 2600000 | Agilent Technologies, Inc., 2.75%, 9/15/29 | 2462026 |
| 1000000 | Nature Conservancy (The), Series A, 0.94%, 7/1/26 | 975609 |
| 1000000 | Nature Conservancy (The), Series A, 1.15%, 7/1/27 | 947125 |
| 70000 | Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 63468 |
| 53000 | Nature Conservancy (The), Series A, 1.86%, 7/1/33 | 43445 |
|  |  | 4491673 |
| Utilities — 3.8% | Utilities — 3.8% |  |
| 3150000 | American Water Capital Corp., 4.45%, 6/1/32 | 3144604 |
| 2720000 | American Water Capital Corp., 5.25%, 3/1/35 | 2790476 |
| 1350000 | Avangrid, Inc., 3.80%, 6/1/29 | 1325816 |
| 3400000 | New York State Electric & Gas Corp., 5.05%, 8/15/35(e) | 3411106 |
|  |  | 10672002 |
| Total Corporate Bonds | Total Corporate Bonds | 81813997 |
| (Cost $82,176,542) | (Cost $82,176,542) |  |
| Municipal Bonds — 14.7% | Municipal Bonds — 14.7% |  |
| Alabama — 0.2% | Alabama — 0.2% |  |
| 730000 | Water Works Board of the City of Birmingham Revenue, 2.39%, 1/1/35, Callable 7/1/31 @ 100 | 611199 |
| Arizona — 0.3% | Arizona — 0.3% |  |
| 750000 | City of Phoenix Civic Improvement Corp. Revenue, Series C, 1.38%, 7/1/27 | 719274 |
| 250000 | City of Tucson Water System Revenue, 1.88%, 7/1/30 | 226698 |
|  |  | 945972 |
| Arkansas — 0.00% | Arkansas — 0.00% |  |
| 100000 | City of Russellville Water & Sewer Revenue, Series B, 1.23%, 7/1/26, (Credit Support: BAM) | 97988 |
| California — 4.7% | California — 4.7% |  |
| 250000 | California Health Facilities. Financing Authority Revenue, 1.68%, 6/1/28 | 236142 |
| 815000 | California Health Facilities. Financing Authority Revenue, 1.98%, 6/1/30 | 741677 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$990000 | California Health Facilities. Financing Authority Revenue, 2.53%, 6/1/35 | $829785 |
| 460000 | Calleguas Municipal Water District Revenue, Series A, 2.52%, 7/1/36 | 374414 |
| 100000 | City & County of San Francisco GO, 1.95%, 6/15/27 | 97113 |
| 100000 | City of Los Angeles Housing GO, Series A, 2.95%, 9/1/28, Callable 9/1/27 @ 100 | 97223 |
| 350000 | City of San Buenaventura Revenue, 1.17%, 1/1/26 | 347526 |
| 750000 | City of Santa Rosa Wastewater Revenue, Series B, 2.12%, 9/1/31 | 668941 |
| 300000 | City of Santa Rosa Wastewater Revenue, Series B, 2.32%, 9/1/33 | 257845 |
| 100000 | City of Sunnyvale Wastewater Revenue, Series A, 3.20%, 4/1/26 | 99656 |
| 210000 | Cucamonga Valley Water District Financing Authority Revenue, Series A, 1.54%, 9/1/27 | 201307 |
| 1500000 | Cucamonga Valley Water District Financing Authority Revenue, Series B, 3.60%, 9/1/27 | 1494493 |
| 150000 | Kern Community College District GO, 2.54%, 11/1/26 | 147937 |
| 240000 | Lancaster Power Authority Revenue, 1.67%, 11/1/27, (Credit Support: AGM) | 229011 |
| 285000 | Lancaster Power Authority Revenue, 1.92%, 11/1/28, (Credit Support: AGM) | 267279 |
| 525000 | Lancaster Power Authority Revenue, 2.56%, 11/1/33, (Credit Support: AGM), Callable 11/1/31 @ 100 | 450733 |
| 525000 | Lancaster Power Authority Revenue, 2.68%, 11/1/34, (Credit Support: AGM), Callable 11/1/31 @ 100 | 445034 |
| 755000 | Lancaster Power Authority Revenue, 2.79%, 11/1/35, (Credit Support: AGM), Callable 11/1/31 @ 100 | 631726 |
| 250000 | Rowland Water District Revenue, Series A, 1.61%, 12/1/29 | 227477 |
| 1000000 | Rowland Water District Revenue, Series A, 1.91%, 12/1/31 | 875404 |
| 800000 | Rowland Water District Revenue, Series A, 2.56%, 12/1/36, Callable 12/1/31 @ 100 | 648215 |
| 125000 | San Diego County Water Authority Revenue, Series A, 1.17%, 5/1/27 | 119961 |
| 100000 | San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.40%, 10/1/28 | 102379 |
| 400000 | Santa Clara Valley Water District Certificate Participation, Series D, 1.78%, 6/1/31, Callable 6/1/30 @ 100 | 352898 |
| 1060000 | Santa Clara Valley Water District Certificate Participation, Series D, 1.88%, 6/1/32, Callable 6/1/30 @ 100 | 914949 |
| 950000 | Santa Clara Valley Water District Certificate Participation, Series D, 2.08%, 6/1/34, Callable 6/1/30 @ 100 | 787312 |
| 600000 | Sonoma-Marin Area Rail Transit District Revenue, Series A, 2.02%, 3/1/28 | 573096 |
| 100000 | State of California Department of Water Resources Revenue, 0.92%, 12/1/26 | 96772 |
| 315000 | Walnut Valley Water District Revenue, Series A, 0.96%, 6/1/26 | 309039 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320000 | Walnut Valley Water District Revenue, Series A, 1.17%, 6/1/27 | $306561 |
| 325000 | Walnut Valley Water District Revenue, Series A, 1.37%, 6/1/28 | 304858 |
|  |  | 13236763 |
| Colorado — 0.8% | Colorado — 0.8% |  |
| 1950000 | Colorado Housing and Finance Authority Revenue, Series B, 4.60%, 12/1/27 | 1968472 |
| 275000 | Parker Water & Sanitation District GO, 2.10%, 8/1/29 | 257809 |
|  |  | 2226281 |
| Connecticut — 1.1% | Connecticut — 1.1% |  |
| 325000 | Connecticut Green Bank Revenue, 1.95%, 11/15/28 | 305794 |
| 2775000 | Connecticut Housing Finance Authority Revenue, Series B, 4.80%, 5/15/28, Callable 11/15/26 @ 100 | 2790294 |
|  |  | 3096088 |
| District of Columbia — 0.6% | District of Columbia — 0.6% |  |
| 350000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.20%, 3/1/26, (Credit Support: FHA) | 345872 |
| 195000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.50%, 3/1/27, (Credit Support: FHA) | 188414 |
| 195000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.60%, 9/1/27, (Credit Support: FHA) | 186418 |
| 200000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.70%, 3/1/28, (Credit Support: FHA) | 189236 |
| 135000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.75%, 9/1/28, (Credit Support: FHA) | 126301 |
| 140000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.95%, 9/1/29, (Credit Support: FHA) | 128597 |
| 590000 | District of Columbia Housing Finance Agency Revenue, Series A, 2.15%, 3/1/31, (Credit Support: FHA), Callable 3/1/30 @ 100 | 526800 |
|  |  | 1691638 |
| Florida — 0.7% | Florida — 0.7% |  |
| 2000000 | City of Palm Coast Utility Revenue, 1.44%, 10/1/28 | 1864008 |
| Georgia — 0.3% | Georgia — 0.3% |  |
| 285000 | Carroll County Water Authority Revenue, Series B, 1.51%, 7/1/27 | 274092 |
| 425000 | Tift County Hospital Authority Revenue, 1.05%, 12/1/25, (Credit Support: County Guaranteed) | 422519 |
|  |  | 696611 |
| Hawaii — 0.3% | Hawaii — 0.3% |  |
| 695000 | City & County of Honolulu GO, Series C, 1.47%, 7/1/28 | 651516 |
| 250000 | Honolulu City & County Board of Water Supply Revenue, Series B, 1.98%, 7/1/27 | 242531 |
|  |  | 894047 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| Idaho — 0.1% | Idaho — 0.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | Idaho Energy Resources Authority Revenue, 2.86%, 9/1/46 | $350835 |
| Iowa — 0.00% | Iowa — 0.00% |  |
| 100000 | Northeast Iowa Community College GO, Series 1, 3.45%, 6/1/26, Callable 10/31/25 @ 100 | 99718 |
| Maryland — 0.1% | Maryland — 0.1% |  |
| 225000 | City of Baltimore Revenue, Series B, 1.58%, 7/1/28 | 211908 |
| Massachusetts — 0.5% | Massachusetts — 0.5% |  |
| 600000 | Boston Water & Sewer Commission Revenue, 1.37%, 11/1/27 | 571405 |
| 1040000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Series B, 2.49%, 7/1/33, Callable 7/1/31 @ 100 | 918112 |
|  |  | 1489517 |
| Michigan — 0.8% | Michigan — 0.8% |  |
| 750000 | City of Grand Rapids Sanitary Sewer System Revenue, 1.86%, 1/1/31 | 670696 |
| 1330000 | City of Grand Rapids Sanitary Sewer System Revenue, 2.01%, 1/1/32, Callable 1/1/31 @ 100 | 1168263 |
| 95000 | Marquette Brownfield Redevelopment Authority Revenue, 3.05%, 5/1/27, (Credit Support: Municipal Government Guaranteed), Callable 5/1/26 @ 100 | 93769 |
| 225000 | State of Michigan GO, Series B, 1.54%, 5/15/30 | 202797 |
|  |  | 2135525 |
| Nebraska — 0.1% | Nebraska — 0.1% |  |
| 100000 | City of Omaha Sewer Revenue, Series B, 1.04%, 4/1/26 | 98611 |
| 250000 | Papio-Missouri River Natural Resource District Special Tax, 2.20%, 12/15/25, Callable 10/31/25 @ 100 | 249077 |
|  |  | 347688 |
| Nevada — 0.1% | Nevada — 0.1% |  |
| 250000 | City of Henderson GO, Series A, 2.23%, 6/1/28 | 239414 |
| New York — 0.3% | New York — 0.3% |  |
| 600000 | Western Nassau County Water Authority Revenue, Series B, 2.50%, 4/1/34 | 506024 |
| 500000 | Western Nassau County Water Authority Revenue, Series B, 2.58%, 4/1/35 | 413960 |
|  |  | 919984 |
| Ohio — 0.00% | Ohio — 0.00% |  |
| 130000 | City of Cincinnati Revenue, Series C, 3.95%, 11/1/28 | 130013 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| Oklahoma — 0.5% | Oklahoma — 0.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$715000 | Oklahoma Capitol Improvement Authority Revenue, Series A, 2.58%, 7/1/28 | $690842 |
| 745000 | Oklahoma Capitol Improvement Authority Revenue, Series A, 2.63%, 7/1/29 | 710518 |
|  |  | 1401360 |
| Oregon — 0.6% | Oregon — 0.6% |  |
| 350000 | City of Portland GO, Series B, 1.51%, 6/15/28 | 329152 |
| 300000 | City of Tigard Water Revenue, 2.00%, 8/1/28, (Credit Support: BAM) | 287527 |
| 345000 | State of Oregon GO, Series F, 1.32%, 6/1/27 | 331427 |
| 700000 | State of Oregon GO, Series B, 3.89%, 5/1/30 | 698015 |
|  |  | 1646121 |
| Pennsylvania — 0.3% | Pennsylvania — 0.3% |  |
| 185000 | City of Philadelphia Water & Wastewater Revenue, Series A, 3.55%, 10/1/28 | 183239 |
| 825000 | Economy Borough Municipal Authority Revenue, Series A, 1.65%, 12/15/28, (Credit Support: BAM) | 766276 |
|  |  | 949515 |
| Rhode Island — 0.9% | Rhode Island — 0.9% |  |
| 1295000 | Narragansett Bay Commission Revenue, 2.09%, 9/1/30 | 1181992 |
| 400000 | Narragansett Bay Commission Revenue, 2.26%, 9/1/32, Callable 9/1/30 @ 100 | 351477 |
| 150000 | Rhode Island Infrastructure Bank Revenue, 2.70%, 10/1/28 | 145059 |
| 1000000 | Rhode Island Infrastructure Bank State Revolving Fund Revenue, Series A, 1.40%, 10/1/28 | 930135 |
|  |  | 2608663 |
| Tennessee — 0.1% | Tennessee — 0.1% |  |
| 160000 | Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, Series B, 1.47%, 7/1/27 | 153610 |
| Texas — 1.0% | Texas — 1.0% |  |
| 250000 | City of Houston Combined Utility System Revenue, Series C, 2.05%, 11/15/26 | 245184 |
| 300000 | City of Temple Utility System Revenue, 1.53%, 8/1/27 | 287896 |
| 690000 | City of Temple Utility System Revenue, 1.80%, 8/1/29 | 637537 |
| 800000 | Dallas Area Rapid Transit Revenue, 2.18%, 12/1/32 | 692016 |
| 275000 | Hidalgo County Drain District No 1 GO, Series A, 1.11%, 9/1/26 | 268106 |
| 225000 | Hidalgo County Drain District No 1 GO, Series A, 1.35%, 9/1/27 | 214507 |
| 130000 | Hidalgo County Drain District No 1 GO, Series A, 1.50%, 9/1/28 | 121294 |
| 300000 | Hidalgo County Drain District No 1 GO, Series A, 1.67%, 9/1/29 | 274729 |
|  |  | 2741269 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Utah — 0.2% | Utah — 0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$520000 | Metropolitan Water District of Salt Lake & Sandy Revenue, Series B, 1.52%, 7/1/28 | $488530 |
| Vermont — 0.00% | Vermont — 0.00% |  |
| 100000 | Vermont Housing Finance Agency Property Transfer Tax Revenue Revenue, 3.45%, 11/1/29 | 97039 |
| Washington — 0.1% | Washington — 0.1% |  |
| 155000 | Energy Northwest Series E, 3.50%, 7/1/26 | 154508 |
| Total Municipal Bonds | Total Municipal Bonds | 41525812 |
| (Cost $45,164,998) | (Cost $45,164,998) |  |
| Asset Backed Securities — 6.6% | Asset Backed Securities — 6.6% |  |
| 1550000 | Dext ABS LLC, Series 2021-1, Class D, 2.81%, 3/15/29(e) | 1538342 |
| 3042293 | Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62(e) | 2994964 |
| 1184371 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(e) | 1191859 |
| 848174 | Sunnova Helios II Issuer LLC, Series 2021-B, Class A, 1.62%, 7/20/48(e) | 745352 |
| 1253623 | Sunnova Helios V Issuer LLC, Series 2021-A, Class A, 1.80%, 2/20/48(e) | 971656 |
| 775110 | Sunnova Helios VII Issuer LLC, Series 2021-C, Class A, 2.03%, 10/20/48(e) | 636595 |
| 193777 | Sunnova Helios VII Issuer LLC, Series 2021-C, Class C, 2.63%, 10/20/48(e) | 101242 |
| 1811689 | Sunnova Helios XI Issuer LLC, Series 2023-A, Class B, 5.60%, 5/20/50(e) | 1307938 |
| 2192728 | Sunnova Helios XIII Issuer LLC, Series 2024-A, Class C, 7.00%, 2/20/51(e) | 1751622 |
| 3558386 | Sunnova Sol IV Issuer LLC, Series 2022-A, Class C, 3.53%, 2/22/49(e) | 2437675 |
| 320000 | Switch ABS Issuer LLC, Series 2024-1A, Class A2, 6.28%, 3/25/54(e) | 329941 |
| 825000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, 6/25/54(e) | 828334 |
| 2320000 | Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.80%, 7/16/29(e) | 1974248 |
| 2200000 | Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28(e) | 1371867 |
| 1500000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29(e) | 656446 |
| Total Asset Backed Securities | Total Asset Backed Securities | 18838081 |
| (Cost $22,874,313) | (Cost $22,874,313) |  |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| U.S. Government Agency Obligations — 2.4% | U.S. Government Agency Obligations — 2.4% |  |
| Small Business Administration — 1.1% | Small Business Administration — 1.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$447502 | Certificate of Originator's Fee, 0.23%, 3/15/31(b),(c) | $1400 |
| 344250 | Certificate of Originator's Fee, 0.23%, 5/15/31(b),(c) | 1077 |
| 108364 | Certificate of Originator's Fee, 0.23%, 1/1/34(c) | 370 |
| 179309 | Certificate of Originator's Fee, 0.23%, 3/1/34(c) | 612 |
| 164250 | Certificate of Originator's Fee, 0.23%, 3/1/34(c) | 560 |
| 187500 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 640 |
| 187500 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 640 |
| 135000 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 461 |
| 389700 | Certificate of Originator's Fee, 0.28%, 5/17/46(b),(c) | 2650 |
| 450000 | Certificate of Originator's Fee, 0.48%, 9/1/31(c) | 3388 |
| 85000 | Certificate of Originator's Fee, 0.48%, 4/1/34(c) | 605 |
| 48450 | Certificate of Originator's Fee, 0.48%, 4/1/34(c) | 345 |
| 443934 | Certificate of Originator's Fee, 0.53%, 6/15/31(b),(c) | 3199 |
| 132635 | Certificate of Originator's Fee, 0.73%, 2/28/34(c) | 1573 |
| 262500 | Certificate of Originator's Fee, 0.73%, 3/26/34(c) | 3113 |
| 262500 | Certificate of Originator's Fee, 0.73%, 3/28/34(c) | 3113 |
| 187500 | Certificate of Originator's Fee, 0.73%, 3/28/34(c) | 2224 |
| 222833 | Certificate of Originator's Fee, 0.78%, 4/15/31(b),(c) | 2363 |
| 1350000 | Certificate of Originator's Fee, 0.78%, 7/15/31(b),(c) | 14319 |
| 495000 | Certificate of Originator's Fee, 0.78%, 8/15/31(b),(c) | 5250 |
| 103500 | Certificate of Originator's Fee, 0.78%, 8/15/31(b),(c) | 1098 |
| 404563 | Certificate of Originator's Fee, 1.03%, 4/15/46(b),(c) | 10120 |
| 346986 | Certificate of Originator's Fee, 1.23%, 5/10/31(c) | 6694 |
| 270000 | Certificate of Originator's Fee, 1.23%, 8/2/31(c) | 5208 |
| 139500 | Certificate of Originator's Fee, 1.23%, 9/16/31(c) | 2691 |
| 940950 | Certificate of Originator's Fee, 1.28%, 4/7/46(b),(c) | 29252 |
| 437400 | Certificate of Originator's Fee, 1.28%, 6/23/46(b),(c) | 13598 |
| 212509 | Certificate of Originator's Fee, 1.73%, 9/8/33(c) | 5973 |
| 197638 | Certificate of Originator's Fee, 1.73%, 10/27/33(c) | 5555 |
| 149272 | Certificate of Originator's Fee, 1.98%, 8/10/33(c) | 4802 |
| 127500 | Certificate of Originator's Fee, 1.98%, 11/16/33(c) | 4102 |
| 129939 | Certificate of Originator's Fee, 1.98%, 12/12/33(c) | 4180 |
| 186547 | Certificate of Originator's Fee, 1.98%, 12/18/33(c) | 6001 |
| 6074 | (Prime Index - 2.500%), 5.00%, 2/25/28(b) | 6069 |
| 65557 | (Prime Index - 2.500%), 5.00%, 4/25/44(b) | 65454 |
| 1064 | (TBA), 5.58%, 10/15/25(b),(c) | 1064 |
| 26009 | (Prime Index - 0.675%), 6.83%, 9/25/43(b) | 26971 |
| 68583 | (Prime Index - 0.675%), 6.83%, 11/25/45(b) | 71346 |
| 39372 | 7.08%, 7/25/30 | 39350 |
| 105435 | (Prime Index + 0.117%), 7.62%, 1/25/46(b) | 111563 |
| 156484 | (Prime Index + 0.325%), 7.83%, 6/25/31(b) | 162831 |
| 158926 | (Prime Index + 0.325%), 7.83%, 7/25/31(b) | 165065 |
| 207542 | (Prime Index + 0.325%), 7.83%, 2/25/32(b) | 216226 |
| 50091 | (Prime Index + 0.325%), 7.83%, 9/25/44(b) | 53141 |
| 584359 | (Prime Index + 0.325%), 7.83%, 8/25/46(b) | 625432 |
| 402412 | (Prime Index + 0.375%), 7.88%, 10/25/31(b) | 419833 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315254 | (Prime Index + 0.375%), 7.88%, 8/25/46(b) | $336077 |
| 76584 | (Prime Index + 0.575%), 8.08%, 4/25/31(b) | 79640 |
| 19894 | (Prime Index + 0.585%), 8.09%, 3/25/43(b) | 20994 |
| 8300 | (Prime Index + 0.700%), 8.20%, 2/25/28(b) | 8455 |
| 306854 | (Prime Index + 0.825%), 8.33%, 9/25/31(b) | 321986 |
| 195141 | (Prime Index + 0.875%), 8.38%, 1/25/32(b) | 204921 |
| 10929 | (Prime Index + 0.993%), 8.49%, 11/25/28(b) | 11214 |
| 26570 | (Prime Index + 1.233%), 8.73%, 6/25/29(b) | 27615 |
| 13575 | 9.08%, 9/25/29 | 13886 |
| 31638 | (Prime Index + 1.575%), 9.08%, 7/25/30(b) | 33093 |
| 33563 | (Prime Index + 2.325%), 9.83%, 10/25/30(b) | 35612 |
| 52472 | (Prime Index + 2.325%), 9.83%, 1/25/31(b) | 55938 |
|  |  | 3260952 |
| U.S. International Development Finance Corp. — 1.3% | U.S. International Development Finance Corp. — 1.3% |  |
| 1000000 | 1.44%, 4/15/28 | 948075 |
| 500000 | 1.65%, 4/15/28 | 476400 |
| 2014570 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 2014570 |
|  |  | 3439045 |
| Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | 6699997 |
| (Cost $7,357,708) | (Cost $7,357,708) |  |
| Collateralized Mortgage Obligations — 1.5% | Collateralized Mortgage Obligations — 1.5% |  |
| 2800000 | BX Commercial Mortgage Trust, Series 2022-AHP, Class C, (Term SOFR 1M + 2.090%), 6.24%, 1/17/39(b),(e) | 2793776 |
| 1550000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42(b),(e) | 1542032 |
| Total Collateralized Mortgage Obligations | Total Collateralized Mortgage Obligations | 4335808 |
| (Cost $4,335,380) | (Cost $4,335,380) |  |
| Shares |  |  |
| Investment Company — 4.0% | Investment Company — 4.0% |  |
| 11303232 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(f) | 11303232 |
| Total Investment Company | Total Investment Company | 11303232 |
| (Cost $11,303,232) | (Cost $11,303,232) |  |
| Total Investments | Total Investments | $285265631 |
| (Cost $297,842,341)(g) — 100.7% | (Cost $297,842,341)(g) — 100.7% |  |
| Liabilities in excess of other assets — (0.7)% | Liabilities in excess of other assets — (0.7)% | (2017417) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $283248214 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

(a) 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.

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

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

(d) Zero Coupon Bond. The rate represents the yield at time of purchase.

(e) 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.

(f) Affiliated investment.

(g) 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 |
| 10 Year U.S. Ultra Treasury Bond | 38 | December 2025 | $43849 | USD | $4372969 | Citigroup Global Markets, Inc. |
| 2 Year U.S. Treasury Note | 223 | December 2025 | 27391 | USD | 46472852 | Citigroup Global Markets, Inc. |
| 30 Year U.S. Treasury Bond | 142 | December 2025 | 356879 | USD | 16556313 | Citigroup Global Markets, Inc. |
| 30 Year U.S. Ultra Treasury Bond | 104 | December 2025 | 331243 | USD | 12486500 | Citigroup Global Markets, Inc. |
| 5 Year U.S. Treasury Note | 161 | December 2025 | 22290 | USD | 17580445 | Citigroup Global Markets, Inc. |
|  Total |  |  | $781652 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Short 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 |
| 30 Year U.S. Treasury Bond | 25 | December 2025 | $1503 | USD | $2914844 | Citigroup Global Markets, Inc. |
|  Total |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1503 |  |  |  |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| September 30, 2025 |

---

Abbreviations used are defined below:

AGM - Assured Guaranty Municipal Corp.

BAM - Bank of America

FHA - Insured by Federal Housing Administration

GO - General Obligations

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

TBA - To-be-announced

USD - United States Dollar

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Assets and Liabilities |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Assets: |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $780,403,387 and $286,539,109, respectively) | $728941956 | $273962399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $22,804,278 and $11,303,232, respectively) | 22804278 | 11303232 |
|  Cash |  | 22328 |
|  Cash at broker for financial futures contracts | 430042 | 900925 |
|  Interest and dividend receivable | 2766029 | 1671791 |
|  Receivable from advisor | 26243 | 21780 |
|  Receivable for capital shares issued | 339319 | 140637 |
|  Receivable for investments sold | 1494694 | 152572 |
|  Unrealized appreciation on futures contracts | 87807 | 783155 |
|  Prepaid expenses and other assets | 34169 | 28870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 756924537 | 288987689 |
|  Liabilities: |  |  |
|  Cash overdraft | 21494 |  |
|  Distributions payable | 653254 | 175948 |
|  Payable for capital shares redeemed | 540423 | 649417 |
|  Payable for investments purchased |  | 2285000 |
|  Payable for investments purchased on a delayed delivery basis | 79350635 | 2415000 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 193856 | 80525 |
|  Accounting fees | 24936 | 16274 |
|  Audit fees | 45618 | 45618 |
|  Professional fees | 5075 | 5075 |
|  Trustees' fees | 1303 | 569 |
|  Distribution fees | 2928 | 394 |
|  Custodian fees | 8709 | 2026 |
|  Shareholder reports | 33877 | 18621 |
|  Shareholder servicing fees | 25226 |  |
|  Transfer agent fees | 53067 | 24949 |
|  Other | 40853 | 20059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 81001254 | 5739475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $675923283 | $283248214 |
|  Net Assets Consists of: |  |  |
|  Capital | $802395456 | $318772552 |
|  Accumulated earnings | (126472173) | (35524338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $675923283 | $283248214 |

---

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Assets and Liabilities (cont.) |
| September 30, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Net Assets |  |  |
|  Class A | $4631719 | $1523340 |
|  Class I | 613775749 | 116345934 |
|  Class IS | 57515815 | N/A |
|  Class R6 | N/A | 124486512 |
|  Class Y | N/A | 40892428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $675923283 | $283248214 |
|  Shares Outstanding (Unlimited number of shares authorized, no par value): |  |  |
|  Class A | 595237 | 176353 |
|  Class I | 78872825 | 13428814 |
|  Class IS | 7394034 | N/A |
|  Class R6 | N/A | 14374450 |
|  Class Y | N/A | 4725856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 86862096 | 32705473 |
|  Net Asset Values and Redemption Prices Per Share: |  |  |
|  Class A | $7.78 | $8.64 |
|  Class I | $7.78 | $8.66 |
|  Class IS | $7.78 | $N/A |
|  Class R6 | $N/A | $8.66 |
|  Class Y | $N/A | $8.65 |
|  Maximum Offering Price Per Share: |  |  |
|  Class A | $8.08 | $8.98 |
|  Maximum Sales Charge - Class A | 3.75% | 3.75% |

---

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Operations |

---

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $25843858 | $12450718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 752919 | 380027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 26596777 | 12830745 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2405290 | 998566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 13276 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 177042 | 91754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 46569 | 46569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 62154 | 15084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 4530 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15429 | 15516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 51991 | 49604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 91358 | 56309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 8788 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 393905 | 182396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class IS | 49987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 |  | 32078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class Y |  | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 38562 | 16145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder services administration fees–Class I | 315449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 5476 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 8555 | 7513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 3688361 | 1531727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (632164) | (341201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3056197 | 1190526 |
|  Net Investment Income | 23540580 | 11640219 |
|  Realized/Unrealized Gains/(Losses): |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (10063920) | (1808495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 730490 | (3846432) |
|  Net realized losses | (9333430) | (5654927) |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 7230847 | (1095680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 46429 | 919975 |
|  Net unrealized gains/(losses) | 7277276 | (175705) |
|  Change in net assets resulting from operations | $21484426 | $5809587 |

---

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Changes in Net Assets |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | RBC BlueBay Access Capital |
|  | Community | Community |
|  | Investment Fund | Investment Fund |
|  | For the<br>Year Ended<br>September 30, 2025 | For the<br>Year Ended<br>September 30, 2024 |
|  From Investment Activities |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $23540580 | $21876773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and futures contracts | (9333430) | 3200462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and futures contracts | 7277276 | 50490742 |
|  Change in net assets resulting from operations | 21484426 | 75567977 |
|  Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (175199) | (209509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (23063723) | (21527633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class IS | (1891739) | (1712275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (25130661) | (23449417) |
|  Capital Transactions: (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 153062817 | 90056666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 16587315 | 16034292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (159470146) | (148286842) |
|  Change in net assets resulting from capital transactions | 10179986 | (42195884) |
|  Net increase in net assets | 6533751 | 9922676 |
|  Net Assets: |  |  |
|  Beginning of year | 669389532 | 659466856 |
|  End of year | $675923283 | $669389532 |
|  Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 20148524 | 11981562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 2169541 | 2126253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (20772562) | (19640630) |
|  Change in shares resulting from capital transactions | 1545503 | (5532815) |

---

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Changes in Net Assets |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Impact<br>Bond Fund | RBC BlueBay Impact<br>Bond Fund |
|  | For the<br>Year Ended<br>September 30, 2025 | For the<br>Year Ended<br>September 30, 2024 |
|  From Investment Activities |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11640219 | $10260994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from investments and futures contracts | (5654927) | (1224468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and futures contracts | (175705) | 19839936 |
|  Change in net assets resulting from operations | 5809587 | 28876462 |
|  Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (57200) | (43807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (4821475) | (4395789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5059843) | (3676830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1639372) | (2076581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (11577890) | (10193007) |
|  Capital Transactions: (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 54035240 | 71764723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 9413777 | 9039430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (68343996) | (46746385) |
|  Change in net assets resulting from capital transactions | (4894979) | 34057768 |
|  Net increase/(decrease) in net assets | (10663282) | 52741223 |
|  Net Assets: |  |  |
|  Beginning of year | 293911496 | 241170273 |
|  End of year | $283248214 | $293911496 |
|  Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 6285514 | 8359273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1092691 | 1058893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7948200) | (5517191) |
|  Change in shares resulting from capital transactions | (569995) | 3900975 |

---

See Notes to the Financial Statements.

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Access Capital Community Investment 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 Year | 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 Year |
|  Class A |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $7.85 | 0.23 | (0.05) | 0.18 | (0.25) | (0.25) | $7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.22 | 0.61 | 0.83 | (0.24) | (0.24) | 7.85 |
|  Year Ended 9/30/23 | 7.56 | 0.20 | (0.28) | (0.08) | (0.22) | (0.22) | 7.26 |
|  Year Ended 9/30/22 | 8.93 | 0.11 | (1.33) | (1.22) | (0.15) | (0.15) | 7.56 |
|  Year Ended 9/30/21 | 9.13 | 0.10 | (0.15) | (0.05) | (0.15) | (0.15) | 8.93 |
|  Class I |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $7.85 | 0.26 | (0.05) | 0.21 | (0.28) | (0.28) | $7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.25 | 0.61 | 0.86 | (0.27) | (0.27) | 7.85 |
|  Year Ended 9/30/23 | 7.56 | 0.23 | (0.29) | (0.06) | (0.24) | (0.24) | 7.26 |
|  Year Ended 9/30/22 | 8.92 | 0.15 | (1.33) | (1.18) | (0.18) | (0.18) | 7.56 |
|  Year Ended 9/30/21 | 9.13 | 0.13 | (0.16) | (0.03) | (0.18) | (0.18) | 8.92 |
|  Class IS |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $7.84 | 0.26 | (0.04) | 0.22 | (0.28) | (0.28) | $7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.25 | 0.60 | 0.85 | (0.27) | (0.27) | 7.84 |
|  Year Ended 9/30/23 | 7.56 | 0.23 | (0.28) | (0.05) | (0.25) | (0.25) | 7.26 |
|  Year Ended 9/30/22 | 8.92 | 0.15 | (1.33) | (1.18) | (0.18) | (0.18) | 7.56 |
|  Year Ended 9/30/21 | 9.12 | 0.13 | (0.15) | (0.02) | (0.18) | (0.18) | 8.92 |

---

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

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Access Capital Community Investment 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 | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Year (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Expenses<br>to Average<br>Net Assets<br>Excluding<br>Interest Expense | 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 |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 2.55% | $4632 | 0.80% | 0.80% | 3.07% | 0.84% | 109% |
|  Year Ended 9/30/24 | 11.68% | 6045 | 0.80% | 0.80% | 2.97% | 0.80% | 127% |
|  Year Ended 9/30/23 | (1.20)% | 6963 | 0.80% | 0.80% | 2.61% | 1.05% | 74% |
|  Year Ended 9/30/22 | (13.84)% | 9515 | 0.80% | 0.80% | 1.36% | 0.84% | 21% |
|  Year Ended 9/30/21 | (0.61)% | 14233 | 0.80% | 0.80% | 1.07% | 0.86% | 25% |
|  Class I |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 2.78% | $613776 | 0.45% | 0.45% | 3.42% | 0.54% | 109% |
|  Year Ended 9/30/24 | 12.03% | 615906 | 0.45% | 0.45% | 3.32% | 0.55% | 127% |
|  Year Ended 9/30/23 | (0.85)% | 600100 | 0.45% | 0.45% | 2.98% | 0.53% | 74% |
|  Year Ended 9/30/22 | (13.44)% | 643252 | 0.45% | 0.45% | 1.74% | 0.51% | 21% |
|  Year Ended 9/30/21 | (0.37)% | 701768 | 0.45% | 0.45% | 1.42% | 0.52% | 25% |
|  Class IS |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 2.96% | $57516 | 0.40% | 0.40% | 3.47% | 0.52% | 109% |
|  Year Ended 9/30/24 | 11.95% | 47438 | 0.40% | 0.40% | 3.36% | 0.53% | 127% |
|  Year Ended 9/30/23 | (0.80)% | 52403 | 0.40% | 0.40% | 3.03% | 0.53% | 74% |
|  Year Ended 9/30/22 | (13.40)% | 51376 | 0.40% | 0.40% | 1.87% | 0.50% | 21% |
|  Year Ended 9/30/21 | (0.21)% | 31237 | 0.40% | 0.40% | 1.47% | 0.55% | 25% |

---

\* 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. Portfolio turnover rate includes to-be-announced ("TBA") transactions.

(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.

See Notes to the Financial Statements.

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Impact Bond 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 Year |
|  Class A |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.81 | 0.33 | (0.18) | 0.15 | (0.32) |  | (0.32) | $8.64 |
|  Year Ended 9/30/24 | 8.19 | 0.31 | 0.62 | 0.93 | (0.31) |  | (0.31) | 8.81 |
|  Year Ended 9/30/23 | 8.42 | 0.25 | (0.23) | 0.02 | (0.25) |  | (0.25) | 8.19 |
|  Year Ended 9/30/22 | 10.17 | 0.17 | (1.71) | (1.54) | (0.14) | (0.07) | (0.21) | 8.42 |
|  Year Ended 9/30/21 | 10.58 | 0.09 | (0.24) | (0.15) | (0.12) | (0.14) | (0.26) | 10.17 |
|  Class I |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.84 | 0.35 | (0.18) | 0.17 | (0.35) |  | (0.35) | $8.66 |
|  Year Ended 9/30/24 | 8.21 | 0.33 | 0.63 | 0.96 | (0.33) |  | (0.33) | 8.84 |
|  Year Ended 9/30/23 | 8.44 | 0.27 | (0.23) | 0.04 | (0.27) |  | (0.27) | 8.21 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.67) | (1.51) | (0.17) | (0.07) | (0.24) | 8.44 |
|  Year Ended 9/30/21 | 10.59 | 0.12 | (0.23) | (0.11) | (0.15) | (0.14) | (0.29) | 10.19 |
|  Class R6 |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.83 | 0.35 | (0.17) | 0.18 | (0.35) |  | (0.35) | $8.66 |
|  Year Ended 9/30/24 | 8.21 | 0.34 | 0.61 | 0.95 | (0.33) |  | (0.33) | 8.83 |
|  Year Ended 9/30/23 | 8.44 | 0.27 | (0.22) | 0.05 | (0.28) |  | (0.28) | 8.21 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.67) | (1.51) | (0.17) | (0.07) | (0.24) | 8.44 |
|  Year Ended 9/30/21 | 10.60 | 0.12 | (0.24) | (0.12) | (0.15) | (0.14) | (0.29) | 10.19 |
|  Class Y |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.83 | 0.35 | (0.18) | 0.17 | (0.35) |  | (0.35) | $8.65 |
|  Year Ended 9/30/24 | 8.20 | 0.33 | 0.63 | 0.96 | (0.33) |  | (0.33) | 8.83 |
|  Year Ended 9/30/23 | 8.43 | 0.27 | (0.22) | 0.05 | (0.28) |  | (0.28) | 8.20 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.68) | (1.52) | (0.17) | (0.07) | (0.24) | 8.43 |
|  Period Ended 9/30/21(b) | 10.15 | 0.05 | 0.04 | 0.09 | (0.05) |  | (0.05) | 10.19 |

---

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

(b) For the period from April 12, 2021 (commencement of operations) through September 30, 2021.

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Impact Bond 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>Year (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 |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 1.84% | $1523 | 0.69% | 3.81% | 0.97% | 63% |
|  Year Ended 9/30/24 | 11.51% | 1552 | 0.69% | 3.66% | 1.03% | 79% |
|  Year Ended 9/30/23 | 0.18% | 974 | 0.70% | 2.89% | 1.09% | 79% |
|  Year Ended 9/30/22 | (15.30)% | 941 | 0.70% | 1.91% | 0.70% | 33% |
|  Year Ended 9/30/21 | (1.47)% | 21 | 0.70% | 0.91% | 54.43% | 36% |
|  Class I |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 1.98% | $116346 | 0.44% | 4.05% | 0.61% | 63% |
|  Year Ended 9/30/24 | 11.89% | 119230 | 0.44% | 3.88% | 0.63% | 79% |
|  Year Ended 9/30/23 | 0.44% | 108268 | 0.45% | 3.15% | 0.62% | 79% |
|  Year Ended 9/30/22 | (15.05)% | 95006 | 0.45% | 1.70% | 0.65% | 33% |
|  Year Ended 9/30/21 | (1.13)% | 77793 | 0.45% | 1.14% | 0.73% | 36% |
|  Class R6 |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 2.15% | $124487 | 0.39% | 4.10% | 0.48% | 63% |
|  Year Ended 9/30/24 | 11.82% | 125646 | 0.39% | 3.95% | 0.50% | 79% |
|  Year Ended 9/30/23 | 0.49% | 80372 | 0.40% | 3.21% | 0.48% | 79% |
|  Year Ended 9/30/22 | (15.01)% | 66391 | 0.40% | 1.69% | 0.52% | 33% |
|  Year Ended 9/30/21 | (1.17)% | 81762 | 0.40% | 1.14% | 0.62% | 36% |
|  Class Y |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 2.03% | $40892 | 0.39% | 4.10% | 0.47% | 63% |
|  Year Ended 9/30/24 | 11.96% | 47484 | 0.39% | 3.92% | 0.49% | 79% |
|  Year Ended 9/30/23 | 0.49% | 51555 | 0.40% | 3.19% | 0.49% | 79% |
|  Year Ended 9/30/22 | (15.11)% | 51307 | 0.40% | 1.70% | 0.50% | 33% |
|  Period Ended 9/30/21(b) | 0.90%(c) | 60373 | 0.40%(d) | 0.99%(d) | 0.59%(d) | 36% |

---

\* 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 September 30, 2024 and September 30, 2025, when the Fund's net expense ratios would increase by an amount of 0.01%. 

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Impact Bond Fund

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

\*\* Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. Portfolio turnover rate includes to-be-announced ("TBA") transactions.

(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) For the period from April 12, 2021 (commencement of operations) through September 30, 2021.

(c) Not annualized.

(d) Annualized.

See Notes to the Financial Statements.

------

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

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"). The predecessor fund for the RBC BlueBay Access Capital Fund (formerly, Access Capital Community Investment Fund) was reorganized into a series of the Trust, effective July 28, 2008. This report includes the following two investment portfolios (each a "Fund" and collectively, the "Funds"):

-RBC BlueBay Access Capital Community Investment Fund ("Access Capital Community Investment Fund")

-RBC BlueBay Impact Bond Fund ("Impact Bond Fund")

The Access Capital Community Investment Fund offers three share classes: Class A, Class I and Class IS shares. The Impact Bond Fund offers four share classes: Class A, Class I, Class R6, and Class Y shares. Class A shares are offered with a 3.75% 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, Class IS, Class R6 and Class Y 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. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US or its affiliates.

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

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NOTES TO FINANCIAL STATEMENTS

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.

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.

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

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NOTES TO FINANCIAL STATEMENTS

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 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

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NOTES TO FINANCIAL STATEMENTS

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.

The summary of inputs used to determine the fair value of the Funds' investments as of September 30, 2025 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> Quoted Prices | Level 2<br>Significant<br> Observable <br>Inputs | Level 3<br>Significant<br> Unobservable <br>Inputs | Total |
|  RBC BlueBay Access Capital Community Investment Fund |  |  |  |  |
|  Assets:  |  |  |  |  |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $12384235 | $— | $12384235 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 700581126 |  | 700581126 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 15897741 |  | 15897741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 22804278 |  |  | 22804278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 78854 |  | 78854 |
|  Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 87807 |  |  | 87807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $22892085 | $728941956 | $— | $751834041 |
|  RBC BlueBay Impact Bond Fund |  |  |  |  |
|  Assets:  |  |  |  |  |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 41525812 |  | 41525812 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 120748704 |  | 120748704 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 6699997 |  | 6699997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 18838081 |  | 18838081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 4335808 |  | 4335808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 11303232 |  |  | 11303232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 81813997 |  | 81813997 |
|  Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 783155 |  |  | 783155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $12086387 | $273962399 | $— | $286048786 |

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\*Other financial instruments are instruments shown on the Schedule of Portfolio Investments, such as futures contracts which are valued at fair value.

Reverse Repurchase Agreements:

To obtain short-term financing, the Access Capital Community Investment Fund may enter into reverse repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks, who are deemed creditworthy under guidelines approved by the Board. Interest on the value of the reverse repurchase agreements is based upon competitive market rates at the time of issuance. Based on requirements with certain exchanges and third party broker-dealers, the Fund may also be required to deliver or deposit securities or cash as collateral.

As of September 30, 2025 there were no open reverse Repurchase Agreements.

Reverse repurchase transactions are entered into by the Fund under Master Repurchase Agreements ("MRA"), which permit the Fund, under certain circumstances, including an event of default (such as

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NOTES TO FINANCIAL STATEMENTS

bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, typically the Fund and the counterparties are permitted to sell, repledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be received or paid by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

In the event the buyer of securities under a MRA files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the agreement may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Fund's obligation to repurchase the securities.

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". The Funds may participate in "rolling transactions" in which a Fund does not take delivery of the TBA securities, and this may result in a higher portfolio turnover rate.

Delayed Delivery Securities:

The Funds may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to a Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices.

Mortgage Backed Securities:

Because the Funds will focus on community development investments, such as securities backed by commercial and/or residential mortgage loans, it will be affected by risks not typically associated with funds that do not specialize in community development investments. These risks include credit and prepayment risk and risk due to default on underlying loans within a security. Changes in economic conditions, including delinquencies and/or defaults or assets underlying these securities, can affect the value, income and/or liquidity of such positions.

In addition, the RBC BlueBay Access Capital Fund invests in certain mortgage backed securities that qualify under the Community Reinvestment Act of 1977 ("CRA") in which the Fund may pay a premium for the geographically or other targeted nature of the securities. There can be no guarantee, however, that a similar premium will be received if the security is sold by the Fund.

Derivatives:

The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities as tools in the management of portfolio assets. The Funds may use such derivatives through either the creation of long or short positions to hedge various investments, for investment purposes, for risk management and/or to increase income or gain to the Funds. 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 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.

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NOTES TO FINANCIAL STATEMENTS

Financial Futures Contracts:

The Funds may enter 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 Bond futures and U.S. Treasury Notes futures during the year 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.

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| | | |
|:---|:---|:---|
| 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 |
|  | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $87807 | $783155 |
|  Total | $87807 | $783155 |

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The effect of derivative instruments on the Statement of Operations during the year ended September 30, 2025 is as follows:

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| | | |
|:---|:---|:---|
| Derivative Instruments<br> Categorized by Risk Exposure | RBC BlueBay Access<br>Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond 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 | $730490 | $(3846432) |
|  Total | $730490 | $(3846432) |

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NOTES TO FINANCIAL STATEMENTS

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| | | |
|:---|:---|:---|
| Derivative Instruments<br> Categorized by Risk Exposure | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond 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 | $46429 | $919975 |
|  Total | $46429 | $919975 |

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(1) Not considered to be hedging instruments for accounting disclosure purposes.

For the year ended September 30, 2025, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community<br> Investment Fund | RBC BlueBay Access Capital<br>Community<br> Investment Fund | RBC BlueBay Impact<br>Bond Fund | RBC BlueBay Impact<br>Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures long position (contracts) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures short position (contracts) |  | 68 |  | 6 |

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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 Fund does 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.

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NOTES TO FINANCIAL STATEMENTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value<br>September 30, 2024 | Purchases | Sales | Value<br>September 30, 2025 | Dividends |
| Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1 |  |  |  |  |  |
|  RBC BlueBay Access Capital Community Investment Fund | $7567885 | $274062175 | $(258825782) | $22804278 | $752919 |
|  RBC BlueBay Impact Bond Fund | 7460944 | 129144420 | (125302132) | 11303232 | 380027 |

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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.

Distributions to Shareholders:

Each Fund pays 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 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.

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

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NOTES TO FINANCIAL STATEMENTS

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.

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:

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| | |
|:---|:---|
|  | Annual Rate |
|  RBC BlueBay Access Capital Community Investment Fund | 0.35% |
|  RBC BlueBay Impact Bond Fund | 0.35% |

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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 the Funds to the following levels pursuant to an expense limitation agreement.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br>Annual Rate | Class I<br>Annual Rate | Class IS<br>Annual Rate | Class R6<br>Annual Rate | Class Y<br>Annual Rate |
|  RBC BlueBay Access Capital Community Investment Fund | 0.80% | 0.45% | 0.40% | N/A | N/A |
|  RBC BlueBay Impact Bond Fund | 0.70% | 0.45% | N/A | 0.40% | 0.40% |

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This expense limitation agreement is in place until January 31, 2027, and shall continue for additional one-year terms unless terminated by either party at any time. 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 12 months (3 years for the Impact Bond Fund), 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.

As of September 30, 2025, the amounts subject to possible recoupment under the expense limitation agreement were:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FYE 9/30/23 | FYE 9/30/24 | FYE 9/30/25 | Total |
|  RBC BlueBay Access Capital Community Investment Fund | $N/A | $N/A | $602768 | $602768 |
|  RBC BlueBay Impact Bond Fund | 291003 | 357998 | 326171 | 975172 |

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There was no recoupment of expense reimbursements/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 programs 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 year ended September 30, 2025, the amount waived was $29,396 and $15,030 for RBC BlueBay Access Capital Community Investment Fund and RBC BlueBay Impact Bond Fund, respectively, and is included in expenses waived/reimbursed by Advisor in the Statement of Operations.

RBC GAM-US serves as co-administrator to the Funds. 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,

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NOTES TO FINANCIAL STATEMENTS

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 Statement of Operation.

RBC GAM-US also provides certain CRA-related administrative services to Class I shareholders of Access Capital Community Investment Fund pursuant to a Special Administrative Services Agreement with the Trust. In consideration for such services and the assumption of related expenses, RBC GAM-US receives a fee of 0.05% of the average daily net assets of Class I shares of the Fund.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving 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 Statements of Operations in "Trustee' fees".

The table below shows, as of September 30, 2025, the Fund's net assets, the shares held by the Advisor, and the percent of total net assets represented by the Advisor's investment in the Funds.

---

| | | | |
|:---|:---|:---|:---|
|  | Net Assets | Shares held<br>by Advisor | % of Fund<br>Net Assets |
|  RBC BlueBay Impact Bond Fund | $283248214 | 4727966 | 14.4% |

---

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.

---

| | |
|:---|:---|
|  | 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%.

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 year ended September 30, 2025, there were no fees waived by the Distributor.

For the year ended September 30, 2025, the Distributor received commissions of $200 in front-end sales charges of Class A shares of the Funds, of which $200 was paid to affiliated broker-dealers, and the remainder was either paid to unaffiliated broker-dealers or retained by the Distributor.

The Distributor did not receive any CDSC fees from Class A shares of the Funds during the year ended September 30, 2025.

------

NOTES TO FINANCIAL STATEMENTS

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(Excl. U.S. Gov't) | Sales<br>(Excl. U.S. Gov't) | Purchases<br>of U.S. Gov't. | Sales<br>of U.S. Gov't. |
|  RBC BlueBay Access Capital Community Investment Fund | $— | $1622444 | $804552418 | $791349171 |
|  RBC BlueBay Impact Bond Fund | 61993756 | 80693380 | 113422778 | 98405870 |

---

------

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 on the following pages:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Impact Bond Fund | RBC BlueBay Impact Bond Fund |
|  | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Year Ended<br>September 30,<br>2024 | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Year Ended<br>September 30,<br>2024 |
|  CAPITAL TRANSACTIONS: |  |  |  |  |
|  Class A |  |  |  |  |
|  Proceeds from shares issued | $429856 | $141191 | $— | $500000 |
|  Distributions reinvested | 174452 | 206765 | 57200 | 43697 |
|  Cost of shares redeemed | (1937217) | (1760200) | (55292) | (64438) |
|  Change in Class A | $(1332909) | $(1412244) | $1908 | $479259 |
|  Class I |  |  |  |  |
|  Proceeds from shares issued | $137896300 | $77994836 | $29707803 | $21536884 |
|  Distributions reinvested | 14581849 | 14144109 | 4721538 | 4305097 |
|  Cost of shares redeemed | (151181219) | (123806572) | (35032298) | (23110439) |
|  Change in Class I | $1296930 | $(31667627) | $(602957) | $2731542 |
|  Class IS |  |  |  |  |
|  Proceeds from shares issued | $14736661 | $11920639 | $— | $— |
|  Distributions reinvested | 1831014 | 1683418 |  |  |
|  Cost of shares redeemed | (6351710) | (22720070) |  |  |
|  Change in Class IS | $10215965 | $(9116013) | $— | $— |
|  Class R6 |  |  |  |  |
|  Proceeds from shares issued | $— | $— | $24327437 | $49727839 |
|  Distributions reinvested |  |  | 2995667 | 2619363 |
|  Cost of shares redeemed |  |  | (25956406) | (13571508) |
|  Change in Class R6 | $— | $— | $1366698 | $38775694 |
|  Class Y |  |  |  |  |
|  Distributions reinvested | $— | $— | $1639372 | $2071273 |
|  Cost of shares redeemed |  |  | (7300000) | (10000000) |
|  Change in Class Y | $— | $— | $(5660628) | $(7928727) |
|  Change in net assets resulting from capital transactions | $10179986 | $(42195884) | $(4894979) | $34057768 |

---

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Impact Bond Fund | RBC BlueBay Impact Bond Fund |
|  | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Year Ended<br>September 30,<br>2024 | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Year Ended<br>September 30,<br>2024 |
|  SHARE TRANSACTIONS: |  |  |  |  |
|  Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 55600 | 18684 |  | 59595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 22828 | 27435 | 6657 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (253775) | (234479) | (6435) | (7548) |
|  Change in Class A | (175347) | (188360) | 222 | 57169 |
|  Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 18151777 | 10386548 | 3455653 | 2514330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1907191 | 1875271 | 547854 | 504099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (19683692) | (16432616) | (4068892) | (2706684) |
|  Change in Class I | 375276 | (4170797) | (65385) | 311745 |
|  Class IS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1941147 | 1576330 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 239522 | 223547 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (835095) | (2973535) |  |  |
|  Change in Class IS | 1345574 | (1173658) |  |  |
|  Class R6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  | 2829861 | 5785348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |  | 347727 | 306699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (3027850) | (1656146) |
|  Change in Class R6 |  |  | 149738 | 4435901 |
|  Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |  | 190453 | 242973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (845023) | (1146813) |
|  Change in Class Y |  |  | (654570) | (903840) |
|  Change in shares resulting from capital transactions | 1545503 | (5532815) | (569995) | 3900975 |

---

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 three 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.

------

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) |
|  RBC BlueBay Access Capital Community Investment Fund | $803207726 | $2457066 | $(53918558) | $(51461492) |
|  RBC BlueBay Impact Bond Fund | 297864669 | 2300707 | (14877417) | (12576710) |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax mark-to-market of derivatives.

The tax character of distributions during the year ended September 30, 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 |
|  RBC BlueBay Access Capital Community Investment Fund | $25041456 | $25041456 | $25041456 |
|  RBC BlueBay Impact Bond Fund | 11555154 | 11555154 | 11555154 |

---

The tax character of distributions during the year ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions Paid From | Distributions Paid From | Distributions Paid From |
|  | Ordinary<br>Income | Total Taxable<br>Distributions | Total<br>Distributions<br>Paid |
|  RBC BlueBay Access Capital Community Investment Fund | $23438888 | $23438888 | $23438888 |
|  RBC BlueBay Impact Bond Fund | 10063324 | 10063324 | 10063324 |

---

Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

------

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay<br>Access Capital<br>Community<br>Investment<br>Fund | RBC BlueBay<br>Impact<br>Bond Fund |
|  Undistributed ordinary income | $99584 | $487152 |
|  Undistributed long term gain |  |  |
|  Accumulated earnings | 99584 | 487152 |
|  Accumulated capital loss carryforwards | (74457011) | (20774112) |
|  Unrealized depreciation | (51461492) | (12576710) |
|  Other temporary differences | (653254) | (175948) |
|  Total Accumulated Losses | $(126472173) | $(33039618) |

---

As of September 30, 2025, the Access Capital Community Investment Fund and the Impact Bond Fund had a short-term capital loss carryforward of $13,866,163 and $4,941,058 and a long-term capital loss carryforward of $60,590,848 and $15,833,054 respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character.

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. The Impact Bond Fund had deferred qualified late-year ordinary losses of $2,484,720 which will be treated as arising on the first business day of the fiscal year ending September 30, 2025.

8. Line of Credit

The Funds are participants 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 each Fund participates 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. There were no borrowings made by the Funds under the line of credit during the year ended September 30, 2025.

9. 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 |
|  RBC BlueBay Access Capital Community Investment Fund | 1 | 20.0% |
|  RBC BlueBay Impact Bond Fund | 1 | 14.8% |

---

------

NOTES TO FINANCIAL STATEMENTS

In addition, an unaffiliated shareholder owned 14.9% of the Impact Bond Fund as of September 30, 2025. Significant transactions by these shareholders may impact the Funds' performance.

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.

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of RBC Funds Trust and Shareholders of RBC BlueBay Access Capital Community Investment Fund and RBC BlueBay Impact Bond Fund.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of RBC BlueBay Access Capital Community Investment Fund and RBC BlueBay Impact Bond Fund (two of the funds constituting RBC Funds Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

November 20, 2025

We have served as the auditor of one or more investment companies in the RBC Funds since 2016.

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OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the year ended September 30, 2025, the following Funds had a qualified interest income percentage of:

---

| | |
|:---|:---|
|  | Qualified<br>Interest<br>Income |
|  RBC BlueBay Access Capital Community Investment Fund | 99.98% |
|  RBC BlueBay Impact Bond Fund | 95.05% |

---

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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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 ("Agreement") with the Advisor for each Fund for an additional year.

As part of their review of the Agreement, the Trustees requested and considered information regarding the advisory 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 management and portfolio management teams 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 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 responsible for managing the Funds, to discuss the information and the Advisor's 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. For the RBC BlueBay Access Capital Community Investment Fund, the Board noted that while the Fund underperformed the median performance of its custom peer group for the 1-, 3- and 5-year periods, the Fund had outperformed the median performance of its Morningstar category for the 3- and 5-year periods. For the RBC BlueBay Impact Bond Fund, the Board noted that while the Fund had underperformed the median performance of its Morningstar category for the 1-, 3-and 5-year periods, it has shown recent improvement by outperforming the median performance of its custom peer group for the 1 year period, and its benchmark index for the 3-year period.

In considering the nature and quality of services to be provided by the Advisor, the Trustees focused on the research, credit, and fundamental analysis capabilities; the specialized expertise in the area of fixed income investments eligible for regulatory credit under the Community Reinvestment Act of 1977 ("CRA"); the Advisor's significant expertise with regard to evaluating environmental, social and governance factors, and the extensive portfolio management experience of the Advisor's staff as well as its operational and compliance structure and systems and financial strength. The Trustees noted that advisory fees and expense ratios were competitive and, in particular, that each of the Funds had total net expenses that were lower than the median of its peer group. The Trustees also received reports from the Advisor regarding the performance and fee levels for other advisory client accounts it advises in similar strategies and discussed differences in services provided, noting that investment selection criteria in the Fund, including geographic considerations and evaluation for CRA eligibility, requires additional time and resources from the investment team.

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.

------

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

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, 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.

Based upon their review, the Trustees determined that the advisory fees payable to the Advisor were fair and reasonable in light of the nature and quality of services provided under all circumstances and were within the range of what might have been negotiated at arms' length. The Trustees concluded that it was in the interests of the Funds and their shareholders for the Trustees to approve the renewal of the Agreement, as well as continuation of the expense limitation agreement for the Funds for an additional year. In arriving at their collective decision to approve the Agreement, 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.

------

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 year 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](g16130dsp71.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-II AR 09-25

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![LOGO](g16130dsp072.jpg)

RBC Global Asset Management Financial Statements and Other Important Information For the year ended September 30, 2025 RBC BlueBay Emerging Market Debt Fund RBC BlueBay High Yield Bond Fund RBC BlueBay Core Plus Bond Fund RBC BlueBay Strategic Income Fund

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| | | |
|:---|:---|:---|
|  | RBC Funds |  |
|  **Table of**<br> **Contents** | [Schedules of Portfolio Investments](#fin216130_1) | 1 |
|  **Table of**<br> **Contents** | [Financial Statements](#fin216130_2) | 49 |
|  **Table of**<br> **Contents** | [- Statements of Assets and Liabilities](#fin216130_3) | 49 |
|  **Table of**<br> **Contents** | [- Statements of Operations](#fin216130_4) | 52 |
|  | [- Statements of Changes in Net Assets](#fin216130_5) | 54 |
|  | [Financial Highlights](#fin216130_6) | 58 |
|  | [Notes to Financial Statements](#fin216130_7) | 67 |
|  | [Report of Independent Registered Public Accounting Firm](#fin216130_8) | 94 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin216130_9) | 95 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin216130_10) | 96 |

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Foreign Government Bonds — 73.5%** | **Foreign Government Bonds — 73.5%** |  |
|  **Angola — 1.0%** | **Angola — 1.0%** |  |
| $590000 | Angolan Government International Bond, 8.25%, 5/9/28(a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591207 |
| 296000 | Angolan Government International Bond, 8.75%, 4/14/32(a) | 281967 |
| 510000 | Angolan Government International Bond, EMTN, 9.13%, 11/26/49(a) | 426607 |
|  |  | 1299781 |
|  **Argentina — 2.9%** | **Argentina — 2.9%** |  |
| 3268816 | Argentine Republic Government International Bond, 3.50%, 7/9/41 | 1586669 |
| 2865740 | Argentine Republic Government International Bond, 4.13%, 7/9/35 | 1497074 |
| 656656 | Provincia de Buenos Aires/Government Bonds, EMTN, 6.63%, 9/1/37(a) | 380490 |
| 384000 | Provincia de Cordoba, 9.75%, 7/2/32(b) | 366702 |
|  |  | 3830935 |
|  **Armenia — 0.9%** | **Armenia — 0.9%** |  |
| 1130000 | Republic of Armenia International Bond, 6.75%, 3/12/35(a) | 1153187 |
|  **Benin — 0.5%** | **Benin — 0.5%** |  |
| 620000 | Benin Government International Bond, 8.38%, 1/23/41(a) | 649557 |
|  **Brazil — 1.3%** | **Brazil — 1.3%** |  |
| 770000 | Brazilian Government International Bond, 6.25%, 3/18/31 | 811059 |
| 210000 | Brazilian Government International Bond, 7.13%, 5/13/54 | 212884 |
| 685000 | Brazilian Government International Bond, 7.25%, 1/12/56 | 694372 |
|  |  | 1718315 |
|  **Bulgaria — 0.5%** | **Bulgaria — 0.5%** |  |
| 590000 | Bulgaria Government International Bond, 5.00%, 3/5/37(a) | 589308 |
|  **Chile — 1.6%** | **Chile — 1.6%** |  |
| 400000 | Chile Government International Bond, 3.10%, 1/22/61 | 248672 |
| 700000 | Chile Government International Bond, 4.00%, 1/31/52 | 552145 |
| 320000 | Chile Government International Bond, 4.95%, 1/5/36 | 321409 |
| 925000 | Chile Government International Bond, 5.33%, 1/5/54 | 898807 |
|  |  | 2021033 |
|  **Colombia — 6.4%** | **Colombia — 6.4%** |  |
| 1910000 | Colombia Government International Bond, 3.25%, 4/22/32 | 1614518 |
|  458,000(c) | Colombia Government International Bond, 3.75%, 9/19/28 | 537195 |
|  335,000(c) | Colombia Government International Bond, 5.00%, 9/19/32 | 388419 |
|  526,000(c) | Colombia Government International Bond, 5.63%, 2/19/36 | 597679 |
| 557000 | Colombia Government International Bond, 7.38%, 4/25/30 | 594337 |
| 1995000 | Colombia Government International Bond, 7.75%, 11/7/36 | 2093118 |

---

#### 1

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

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| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** | **Value** |
| $1310000 | Colombia Government International Bond, 8.00%, 11/14/35 | $| 1407103 |
| 1006000 | Colombia Government International Bond, 8.50%, 4/25/35 |  | 1114238 |
|  |  |  | 8346607 |
|  **Costa Rica — 0.9%** | **Costa Rica — 0.9%** | **Costa Rica — 0.9%** | **Costa Rica — 0.9%** |
| 400000 | Costa Rica Government International Bond, 6.55%, 4/3/34(a) |  | 430170 |
| 650000 | Costa Rica Government International Bond, 7.30%, 11/13/54(a) |  | 710852 |
|  |  |  | 1141022 |
|  **Dominican Republic — 2.4%** | **Dominican Republic — 2.4%** | **Dominican Republic — 2.4%** | **Dominican Republic — 2.4%** |
| 480000 | Dominican Republic International Bond, Series REGs, 6.60%, 6/1/36(a) |  | 502872 |
| 765000 | Dominican Republic International Bond, 6.95%, 3/15/37(a) |  | 818162 |
| 585000 | Dominican Republic International Bond, 7.05%, 2/3/31(a) |  | 630500 |
|  63,350,000(d) | Dominican Republic International Bond, 11.25%, 9/15/35(a) |  | 1122370 |
|  |  |  | 3073904 |
|  **Ecuador — 2.0%** | **Ecuador — 2.0%** | **Ecuador — 2.0%** | **Ecuador — 2.0%** |
| 500000 | Ecuador Government International Bond, 0.00%, 7/31/30(a),(e) |  | 382767 |
| 3018840 | Ecuador Government International Bond, 6.90%, 7/31/35(a) |  | 2254055 |
|  |  |  | 2636822 |
|  **Egypt — 3.5%** | **Egypt — 3.5%** | **Egypt — 3.5%** | **Egypt — 3.5%** |
|  70,500,000(f) | Egypt Government International Bond, 0.00%, 11/25/25(b),(e) |  | 1414798 |
|  35,700,000(f) | Egypt Government International Bond, 0.00%, 3/17/26(b),(e) |  | 664340 |
| 200000 | Egypt Government International Bond, EMTN, 7.30%, 9/30/33(a) |  | 189035 |
| 1210000 | Egypt Government International Bond, 7.90%, 2/21/48(a) |  | 1003085 |
| 595000 | Egypt Government International Bond, EMTN, 8.63%, 2/4/30(a) |  | 630720 |
| 395000 | Egyptian Financial Co. for Sovereign Taskeek, 7.95%, 10/7/32 |  | 394897 |
| 250000 | Egyptian Financial Co. for Sovereign Taskeek (The), Series 3YR, 7.88%, 6/25/28(a) |  | 259336 |
|  |  |  | 4556211 |
|  **El Salvador — 1.1%** | **El Salvador — 1.1%** | **El Salvador — 1.1%** | **El Salvador — 1.1%** |
| 824000 | El Salvador Government International Bond, Series RegS, 0.25%, 4/17/30(a) |  | 19459 |
| 510000 | El Salvador Government International Bond, 9.25%, 4/17/30(a) |  | 555779 |
| 790000 | El Salvador Government International Bond, 9.65%, 11/21/54(a) |  | 853502 |
|  |  |  | 1428740 |
|  **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** |
| 50000 | Ghana Government International Bond, 0.00%, 7/3/26(a),(e) |  | 48185 |
| 500000 | Ghana Government International Bond, 5.00%, 7/3/29(a) |  | 486191 |
| 633000 | Ghana Government International Bond, 5.00%, 7/3/35(a) |  | 532525 |
|  |  |  | 1066901 |
|  **Guatemala — 1.7%** | **Guatemala — 1.7%** | **Guatemala — 1.7%** | **Guatemala — 1.7%** |
| 390000 | Guatemala Government Bond, 3.70%, 10/7/33(a) |  | 347355 |
| 298000 | Guatemala Government Bond, 6.05%, 8/6/31(a) |  | 310041 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $680000 | Guatemala Government Bond, 6.55%, 2/6/37(a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716757 |
| 475000 | Guatemala Government Bond, 6.60%, 6/13/36(a) | 502986 |
| 308000 | Guatemala Government Bond, 6.88%, 8/15/55(a) | 323684 |
|  |  | 2200823 |
|  **India — 0.7%** | **India — 0.7%** |  |
| 905000 | Export-Import Bank of India, 5.50%, 1/13/35(a) | 943504 |
|  **Indonesia — 0.6%** | **Indonesia — 0.6%** |  |
| 1235000 | Indonesia Government International Bond, 3.35%, 3/12/71 | 807824 |
|  **Iraq — 0.1%** | **Iraq — 0.1%** |  |
| 134375 | Iraq International Bond, 5.80%, 1/15/28(a) | 133409 |
|  **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |  |
| 300000 | Ivory Coast Government International Bond, 8.08%, 4/1/36(a) | 310290 |
| 210000 | Ivory Coast Government International Bond, 8.25%, 1/30/37(a) | 218858 |
|  |  | 529148 |
|  **Kazakhstan — 2.1%** | **Kazakhstan — 2.1%** |  |
| 439000 | Baiterek National Managing Holding JSC, 4.65%, 10/1/30(b) | 434366 |
| 600000 | Development Bank of Kazakhstan JSC, 5.25%, 10/23/29(a) | 614140 |
|  102,500,000(g) | Development Bank of Kazakhstan JSC, 13.00%, 4/15/27(b) | 175188 |
|  175,000,000(g) | Development Bank of Kazakhstan JSC, 13.49%, 5/23/28(b) | 283546 |
| 1225000 | Kazakhstan Government International Bond, 5.50%, 7/1/37(a) | 1250370 |
|  |  | 2757610 |
|  **Kenya — 0.9%** | **Kenya — 0.9%** |  |
| 880000 | Republic of Kenya Government International Bond, 9.50%, 3/5/36(a) | 900114 |
| 260000 | Republic of Kenya Government International Bond, 9.75%, 2/16/31(a) | 277155 |
|  |  | 1177269 |
|  **Kuwait — 1.0%** | **Kuwait — 1.0%** |  |
| 1280000 | Kuwait International Government Bond, 4.65%, 10/9/35 | 1280000 |
|  **Lebanon — 1.4%** | **Lebanon — 1.4%** |  |
| 36000 | Lebanon Government International Bond, GMTN, 5.80%, 4/14/20(a),(h) | 8061 |
| 716000 | Lebanon Government International Bond, 6.00%, 1/27/23(a),(h) | 160141 |
| 1256000 | Lebanon Government International Bond, EMTN, 6.10%, 10/4/22(a),(h) | 281250 |
| 811000 | Lebanon Government International Bond, EMTN, 6.15%, 6/19/20(a),(h) | 181277 |
| 550000 | Lebanon Government International Bond, EMTN, 6.25%, 11/4/24(a),(h) | 122968 |

---

#### 3

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** | **Value** |
| $2230000 | Lebanon Government International Bond, GMTN, 6.38%, 3/9/20(a),(h) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499867 |
| 269000 | Lebanon Government International Bond, Series 15Y, 6.75%, 11/29/27(a),(h) |  | 60240 |
| 2251000 | Lebanon Government International Bond, EMTN, 8.25%, 4/12/21(a),(h) |  | 503634 |
| 5000 | Lebanon Government International Bond, 8.25%, 5/17/34(a),(h) |  | 1121 |
|  |  |  | 1818559 |
|  **Mexico — 3.5%** | **Mexico — 3.5%** | **Mexico — 3.5%** | **Mexico — 3.5%** |
| 1809000 | Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30(a) |  | 1836443 |
|  350,000(c) | Mexico Government International Bond, 4.50%, 3/19/34 |  | 417081 |
|  310,000(c) | Mexico Government International Bond, 5.13%, 3/19/38 |  | 370770 |
| 842000 | Mexico Government International Bond, 5.38%, 3/22/33 |  | 841780 |
| 975000 | Mexico Government International Bond, 6.88%, 5/13/37 |  | 1053425 |
|  |  |  | 4519499 |
|  **Montenegro — 0.5%** | **Montenegro — 0.5%** | **Montenegro — 0.5%** | **Montenegro — 0.5%** |
| 570000 | Montenegro Government International Bond, 7.25%, 3/12/31(a) |  | 607909 |
|  **Morocco — 1.7%** | **Morocco — 1.7%** | **Morocco — 1.7%** | **Morocco — 1.7%** |
|  1,860,000(c) | Morocco Government International Bond, 4.75%, 4/2/35(a) |  | 2251822 |
|  **Nigeria — 3.1%** | **Nigeria — 3.1%** | **Nigeria — 3.1%** | **Nigeria — 3.1%** |
| 850000 | Nigeria Government International Bond, EMTN, 6.13%, 9/28/28(a) |  | 832910 |
| 400000 | Nigeria Government International Bond, EMTN, 7.38%, 9/28/33(a) |  | 378242 |
| 644000 | Nigeria Government International Bond, 7.88%, 2/16/32(a) |  | 638232 |
| 1135000 | Nigeria Government International Bond, 9.63%, 6/9/31(a) |  | 1224772 |
| 860000 | Nigeria Government International Bond, 10.38%, 12/9/34(a) |  | 955511 |
|  |  |  | 4029667 |
|  **Oman — 1.2%** | **Oman — 1.2%** | **Oman — 1.2%** | **Oman — 1.2%** |
| 1465000 | Oman Government International Bond, 6.75%, 1/17/48(a) |  | 1609254 |
|  **Pakistan — 1.7%** | **Pakistan — 1.7%** | **Pakistan — 1.7%** | **Pakistan — 1.7%** |
| 830000 | Pakistan Government International Bond, EMTN, 6.00%, 4/8/26(a) |  | 825889 |
| 1295000 | Pakistan Government International Bond, EMTN, 7.38%, 4/8/31(a) |  | 1269143 |
| 145000 | Pakistan Government International Bond, 7.88%, 3/31/36(a) |  | 137198 |
|  |  |  | 2232230 |

---

#### 4

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Panama — 1.7%** | **Panama — 1.7%** | **Panama — 1.7%** |
| $1255000 | Panama Government International Bond, 4.50%, 4/1/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919292 |
| 1240000 | Panama Government International Bond, 6.85%, 3/28/54 | 1261406 |
|  |  | 2180698 |
|  **Paraguay — 1.7%** | **Paraguay — 1.7%** | **Paraguay — 1.7%** |
| 860000 | Paraguay Government International Bond, 5.40%, 3/30/50(a) | 790819 |
| 235000 | Paraguay Government International Bond, 5.85%, 8/21/33(a) | 247575 |
| 230000 | Paraguay Government International Bond, 6.00%, 2/9/36(a) | 243826 |
| 290000 | Paraguay Government International Bond, 6.65%, 3/4/55(a) | 309191 |
|  4,379,000,000(i) | Paraguay Government International Bond, 7.90%, 2/9/31(b) | 600127 |
|  |  | 2191538 |
|  **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** |
| 585000 | Peruvian Government International Bond, 5.88%, 8/8/54 | 587796 |
|  **Philippines — 1.9%** | **Philippines — 1.9%** | **Philippines — 1.9%** |
|  650,000(c) | Philippine Government International Bond, 1.20%, 4/28/33 | 645068 |
| 835000 | Philippine Government International Bond, 2.95%, 5/5/45 | 597639 |
| 710000 | Philippine Government International Bond, 5.60%, 5/14/49 | 726974 |
| 550000 | ROP Sukuk Trust, 5.05%, 6/6/29(a) | 564736 |
|  |  | 2534417 |
|  **Poland — 0.8%** | **Poland — 0.8%** | **Poland — 0.8%** |
| 600000 | Bank Gospodarstwa Krajowego, EMTN, 5.38%, 5/22/33(a) | 619684 |
| 450000 | Republic of Poland Government International Bond, 5.75%, 11/16/32 | 480840 |
|  |  | 1100524 |
|  **Romania — 3.3%** | **Romania — 3.3%** | **Romania — 3.3%** |
|  400,000(c) | Romanian Government International Bond, Series REGs, 5.13%, 9/24/31(a) | 468419 |
| 640000 | Romanian Government International Bond, 5.75%, 9/16/30(a) | 651663 |
| 1384000 | Romanian Government International Bond, 5.75%, 3/24/35(a) | 1332615 |
| 550000 | Romanian Government International Bond, 5.88%, 1/30/29(a) | 564544 |
| 390000 | Romanian Government International Bond, 6.38%, 1/30/34(a) | 395056 |
| 570000 | Romanian Government International Bond, 6.63%, 5/16/36(a) | 579028 |
| 350000 | Romanian Government International Bond, 7.50%, 2/10/37(a) | 376184 |
|  |  | 4367509 |
|  **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** |
| 530000 | Senegal Government International Bond, 6.25%, 5/23/33(a) | 382588 |
|  **Serbia — 0.7%** | **Serbia — 0.7%** | **Serbia — 0.7%** |
| 250000 | Serbia International Bond, 6.00%, 6/12/34(a) | 260390 |
| 400000 | Serbia International Bond, 6.25%, 5/26/28(a) | 416536 |
| 200000 | Serbia International Bond, 6.50%, 9/26/33(a) | 216730 |
|  |  | 893656 |

---

#### 5

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **South Africa — 3.2%** | **South Africa — 3.2%** | **South Africa — 3.2%** |
|  18,060,000(j) | Republic of South Africa Government Bond, Series 2037, 8.50%, 1/31/37 | $&nbsp;&nbsp;&nbsp;&nbsp;962639 |
| $915000 | Republic of South Africa Government International Bond, 5.00%, 10/12/46 | 685064 |
| 1000000 | Republic of South Africa Government International Bond, 5.38%, 7/24/44 | 813201 |
| 1290000 | Republic of South Africa Government International Bond, 7.10%, 11/19/36(a) | 1344192 |
| 200000 | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | 191766 |
| 200000 | Republic of South Africa Government International Bond, 7.95%, 11/19/54(a) | 203054 |
|  |  | 4199916 |
|  **Sri Lanka — 1.1%** | **Sri Lanka — 1.1%** | **Sri Lanka — 1.1%** |
| 265000 | Sri Lanka Government International Bond, 3.10%, 1/15/30(a) | 248087 |
| 350000 | Sri Lanka Government International Bond, 3.60%, 6/15/35(a) | 254966 |
| 240000 | Sri Lanka Government International Bond, 3.60%, 5/15/36(a) | 211808 |
| 490000 | Sri Lanka Government International Bond, 3.60%, 2/15/38(a) | 435283 |
| 284700 | Sri Lanka Government International Bond, 4.00%, 4/15/28(a) | 272140 |
|  |  | 1422284 |
|  **Tunisia — 0.6%** | **Tunisia — 0.6%** | **Tunisia — 0.6%** |
|  690,000(c) | Banque Centrale de Tunisie International Bond, 6.38%, 7/15/26(a) | 806605 |
|  **Turkey — 5.1%** | **Turkey — 5.1%** | **Turkey — 5.1%** |
| 480000 | Istanbul Metropolitan Municipality, 10.50%, 12/6/28(a) | 525056 |
| 2660000 | Turkey Government International Bond, 4.88%, 4/16/43 | 1970966 |
| 1045000 | Turkiye Government International Bond, 6.95%, 9/16/35 | 1051397 |
| 506000 | Turkiye Government International Bond, Series 7Y, 7.13%, 2/12/32 | 523067 |
| 2040000 | Turkiye Government International Bond, 7.25%, 5/29/32 | 2121900 |
| 315000 | Turkiye Ihracat Kredi Bankasi AS, EMTN, 6.88%, 7/3/28(a) | 321586 |
| 200000 | Turkiye Ihracat Kredi Bankasi AS, EMTN, 9.00%, 1/28/27(a) | 209970 |
|  |  | 6723942 |
|  **Ukraine — 1.5%** | **Ukraine — 1.5%** | **Ukraine — 1.5%** |
| 998000 | Ukraine Government International Bond, 0.00%, 2/1/34(a) | 412006 |
| 925396 | Ukraine Government International Bond, 4.50%, 2/1/34(a) | 518755 |
| 234604 | Ukraine Government International Bond, 4.50%, 2/1/35(a) | 129063 |
| 1646000 | Ukraine Government International Bond, 4.50%, 2/1/36(a) | 892726 |
|  |  | 1952550 |
|  **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
| 799000 | Finance Department Government of Sharjah, GMTN, 4.00%, 7/28/50(a) | 548362 |

---

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Uruguay — 1.7%** | **Uruguay — 1.7%** | **Uruguay — 1.7%** |
| $1147599 | Uruguay Government International Bond, 4.98%, 4/20/55 | $&nbsp;&nbsp;&nbsp;&nbsp;1046269 |
| 1120000 | Uruguay Government International Bond, 5.44%, 2/14/37 | 1171821 |
|  |  | 2218090 |
|  **Uzbekistan — 1.6%** | **Uzbekistan — 1.6%** | **Uzbekistan — 1.6%** |
| 430000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31(a) | 394734 |
| 257000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32(a) | 276284 |
| 760000 | Republic of Uzbekistan International Bond, EMTN, 7.85%, 10/12/28(a) | 816959 |
| 650000 | Uzbekneftegaz JSC, 4.75%, 11/16/28(a) | 619250 |
|  |  | 2107227 |
|  **Venezuela — 0.5%** | **Venezuela — 0.5%** | **Venezuela — 0.5%** |
| 1660000 | Venezuela Government International Bond, 7.75%, 10/13/19(a),(h) | 304811 |
| 1165000 | Venezuela Government International Bond, 11.75%, 10/21/26(a),(h) | 279146 |
| 125000 | Venezuela Government International Bond, 11.95%, 8/5/31(a),(h) | 29800 |
| 375000 | Venezuela Government International Bond, 12.75%, 8/23/22(a),(h) | 87276 |
|  |  | 701033 |
|  **Zambia — 0.5%** | **Zambia — 0.5%** | **Zambia — 0.5%** |
| 520000 | Zambia Government International Bond, 0.50%, 12/31/53(a) | 351943 |
| 374742 | Zambia Government International Bond, 5.75%, 6/30/33(a) | 358152 |
|  |  | 710095 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **96039680** |
|  (Cost $90,668,022) | (Cost $90,668,022) |  |
|  **Corporate Bonds — 21.2%** | **Corporate Bonds — 21.2%** | **Corporate Bonds — 21.2%** |
|  **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| 336867 | MV24 Capital BV, 6.75%, 6/1/34(a) | 334379 |
|  **Chile — 1.3%** | **Chile — 1.3%** | **Chile — 1.3%** |
| 200000 | Corp. Nacional del Cobre de Chile, 5.13%, 2/2/33(a) | 199996 |
| 800000 | Corp. Nacional del Cobre de Chile, 5.95%, 1/8/34(a) | 837274 |
| 400000 | Corp. Nacional del Cobre de Chile, 6.30%, 9/8/53(a) | 408905 |
| 200000 | Empresa Nacional del Petroleo, 5.95%, 7/30/34(a) | 209278 |
|  |  | 1655453 |
|  **Colombia — 1.0%** | **Colombia — 1.0%** | **Colombia — 1.0%** |
| 765000 | Ecopetrol SA, 4.63%, 11/2/31 | 685433 |
| 565000 | Ecopetrol SA, 8.88%, 1/13/33 | 612304 |
|  |  | 1297737 |

---

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **El Salvador — 0.1%** | **El Salvador — 0.1%** | **El Salvador — 0.1%** |
| $152000 | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 1/24/33(a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159017 |
|  **Jamaica — 0.4%** | **Jamaica — 0.4%** | **Jamaica — 0.4%** |
| 555000 | Montego Bay Airport Revenue Finance Ltd., 6.60%, 6/15/35(a) | 567775 |
|  **Malaysia — 0.9%** | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
| 1070000 | Petronas Capital Ltd., 5.85%, 4/3/55(a) | 1131299 |
|  **Mexico — 6.3%** | **Mexico — 6.3%** | **Mexico — 6.3%** |
|  12,580,000(k) | America Movil SAB de CV, 9.50%, 1/27/31 | 707357 |
| 730000 | Comision Federal de Electricidad, 4.69%, 5/15/29(a) | 718540 |
| 325000 | Comision Federal de Electricidad, 6.45%, 1/24/35(a) | 331261 |
| 366488 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41(a) | 391660 |
| 990000 | Mexico City Airport Trust, 5.50%, 7/31/47(a) | 857339 |
| 2761000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 2674329 |
| 2854000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 2593911 |
|  |  | 8274397 |
|  **Oman — 1.5%** | **Oman — 1.5%** | **Oman — 1.5%** |
| 515000 | EDO Sukuk Ltd., 5.66%, 7/3/31(a) | 540317 |
| 500000 | EDO Sukuk Ltd., 5.88%, 9/21/33(a) | 529612 |
| 890000 | OQ SAOC, GMTN, 5.13%, 5/6/28(a) | 899240 |
|  |  | 1969169 |
|  **Panama — 0.5%** | **Panama — 0.5%** | **Panama — 0.5%** |
| 682108 | AES Panama Generation Holdings Srl, 4.38%, 5/31/30(a) | 644208 |
|  **Paraguay — 0.3%** | **Paraguay — 0.3%** | **Paraguay — 0.3%** |
| 564667 | Rutas 2 & 7 Finance Ltd., 0.00%, 9/30/36(a),(e) | 427173 |
|  **Peru — 1.2%** | **Peru — 1.2%** | **Peru — 1.2%** |
|  500,000(l) | Credicorp Capital Sociedad Titulizadora SA, 9.70%, 3/5/45(b) | 151414 |
|  1,190,000(l) | Credicorp Capital Sociedad Titulizadora SA, 10.10%, 12/15/43(a),(b) | 367305 |
| 360000 | Kallpa Generacion SA, 5.50%, 9/11/35(b) | 362452 |
| 715000 | Niagara Energy SAC, 5.75%, 10/3/34(a) | 736748 |
|  |  | 1617919 |
|  **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| 440000 | ORLEN SA, 6.00%, 1/30/35(a) | 459608 |
|  **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** |
| 875000 | Greensaif Pipelines Bidco Sarl, EMTN, 5.85%, 2/23/36(a) | 918810 |

---

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** | **Value** |
| $1105000 | Greensaif Pipelines Bidco Sarl, 6.10%, 8/23/42(a) | $| 1162463 |
| 440000 | Greensaif Pipelines Bidco Sarl, 6.13%, 2/23/38(a) |  | 470721 |
| 400000 | Greensaif Pipelines Bidco Sarl, 6.51%, 2/23/42(a) |  | 432692 |
|  |  |  | 2984686 |
|  **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| 610000 | TC Ziraat Bankasi AS, EMTN, 8.00%, 1/16/29(a) |  | 639638 |
| 200000 | Ziraat Katilim Varlik Kiralama AS, 9.38%, 11/12/26(a) |  | 209589 |
|  |  |  | 849227 |
|  **United Arab Emirates — 3.7%** | **United Arab Emirates — 3.7%** | **United Arab Emirates — 3.7%** | **United Arab Emirates — 3.7%** |
| 930000 | Abu Dhabi Developmental Holding Co. PJSC, 5.25%, 10/2/54(a) |  | 910275 |
| 917000 | Adnoc Murban Rsc Ltd., 5.13%, 9/11/54(a) |  | 870117 |
| 400000 | DP World Crescent Ltd., 5.50%, 9/13/33(a) |  | 415718 |
| 830000 | DP World Salaam, 6.00%, (a),(m),(n) |  | 830000 |
| 355189 | Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(a) |  | 322821 |
| 1222462 | Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(a) |  | 1039489 |
| 200000 | MDGH GMTN RSC Ltd., EMTN, 4.38%, 11/22/33(a) |  | 197371 |
| 200000 | MDGH GMTN RSC Ltd., 5.50%, 4/28/33(a) |  | 213077 |
|  |  |  | 4798868 |
|  **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| 250000 | Navoi Mining & Metallurgical Combinat, 6.70%, 10/17/28(a) |  | 260037 |
|  **Venezuela — 0.2%** | **Venezuela — 0.2%** |  |  |
| 260000 | Petroleos de Venezuela SA, 8.50%, 10/27/20(a),(h) |  | 256190 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  | **27687142** |
|  (Cost $26,382,405) | (Cost $26,382,405) |  |  |

---

---

| | | |
|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Contracts</u>**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Contracts</u>**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Contracts</u>**  |
|  **Put Option Purchased — 0.00%** | **Put Option Purchased — 0.00%** | **Put Option Purchased — 0.00%** |
| 30 | NIFTY 50 INDEX, Strike Price USD 23,500.00, Expires 09/30/25, Notional Amount $1,410,000 |  |
|  **Total Put Option Purchased** | **Total Put Option Purchased** | **0** |
|  (Cost $9,660) |  |  |

---

---

| | | |
|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount**  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |
|  **Municipal Bond — 0.1%** | **Municipal Bond — 0.1%** |  |
|  **Turkey — 0.1%** | **Turkey — 0.1%** |  |
| 200000 | Istanbul Metropolitan Municipality, 10.75%, 4/12/27(a) | 212513 |
|  **Total Municipal Bond** | **Total Municipal Bond** | **212513** |
|  (Cost $197,757) | (Cost $197,757) |  |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Investment Company — 2.6%** | **Investment Company — 2.6%** |  |
| 3324940 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (o) | $3324940 |
|  **Total Investment Company** | **Total Investment Company** | **3324940** |
|  (Cost $3,324,940) | (Cost $3,324,940) |  |
|  **Total Investments** | **Total Investments** | $**127264275** |
|  (Cost $120,582,784)(p) — 97.4% | (Cost $120,582,784)(p) — 97.4% |  |
|  **Other assets in excess of liabilities — 2.6%** | **Other assets in excess of liabilities — 2.6%** | **3451938** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**130716213** |

---

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

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

(c) Principal amount denoted in Euros.

(d) Principal amount denoted in Dominican peso.

(e) Zero Coupon Bond. The rate represents the yield at time of purchase.

(f) Principal amount denoted in Egyptian Pound.

(g) Principal amount denoted in Kazakhstani tenge.

(h) Issuer filed for bankruptcy and/or is in default of interest payments.

(i) Principal amount denoted in Paraguayan Guarani.

(j) Principal amount denoted in South African Rand.

(k) Principal amount denoted in Mexican peso.

(l) Principal amount denoted in Peruvian sol.

(m) 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.

(n) Perpetual security with no stated maturity date.

(o) Affiliated investment.

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

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  BRL | 18084 | USD | 3159 | Citibank N.A. | 11/4/25 | $209 |
|  EUR | 1050000 | USD | 1212670 | Citibank N.A. | 10/16/25 | 21320 |
|  EUR | 500000 | USD | 582357 | Citibank N.A. | 10/16/25 | 5257 |
|  MXN | 597550 | USD | 31493 | Citibank N.A. | 10/16/25 | 1079 |
|  MYR | 2695680 | USD | 640000 | Barclays Bank Plc | 10/16/25 | 611 |
|  USD | 665000 | COP | 2596253100 | Citibank N.A. | 10/16/25 | 4172 |
|  USD | 665000 | COP | 2608427255 | Citibank N.A. | 10/16/25 | 1074 |
|  USD | 6091209 | EUR | 5163783 | Citibank N.A. | 10/16/25 | 22585 |
|  USD | 2254977 | EUR | 1900000 | Citibank N.A. | 10/16/25 | 22044 |
|  USD | 508657 | KZT | 272792512 | Citibank N.A. | 10/16/25 | 14604 |
|  |  |  |  |  |  | $92955 |
|  CNH | 4443256 | USD | 625344 | Citibank N.A. | 10/16/25 | $(1282) |
|  CNH | 888751 | USD | 125069 | Citibank N.A. | 10/16/25 | (242) |
|  CNH | 1028463 | USD | 144642 | Citibank N.A. | 10/16/25 | (193) |
|  CNH | 2522099 | USD | 354945 | Citibank N.A. | 10/16/25 | (712) |
|  DOP | 64936722 | USD | 1050129 | Citibank N.A. | 10/16/25 | (11134) |
|  KRW | 886201600 | USD | 640000 | Citibank N.A. | 10/16/25 | (8212) |
|  USD | 1076296 | DOP | 67448090 | Citibank N.A. | 10/16/25 | (2882) |
|  USD | 606417 | MXN | 11594128 | Citibank N.A. | 10/16/25 | (25569) |
|  USD | 507374 | PEN | 1807062 | Citibank N.A. | 10/16/25 | (12869) |
|  USD | 276613 | PEN | 984824 | Citibank N.A. | 10/16/25 | (6913) |
|  USD | 983387 | PEN | 3502558 | Citibank N.A. | 10/16/25 | (24980) |
|  USD | 966227 | ZAR | 16803802 | Citibank N.A. | 10/16/25 | (5670) |
|  |  |  |  |  |  | $(100658) |
|  **Total** |  |  |  |  |  | $(7703) |

---

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | **Number of<br>Contracts** | **Expiration<br>Date** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Notional<br>Value** | **Notional<br>Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 7 | December 2025 | $(7885) | USD | $805547 | Morgan Stanley & Co. LLC |
|  2 Year U.S. Treasury Note | 32 | December 2025 | (11704) | USD | 6668750 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 7 | December 2025 | (11981) | USD | 840438 | Morgan Stanley & Co. LLC |
|  5 Year U.S. Treasury Note | 27 | December 2025 | 165 | USD | 2948273 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $(31405) |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration<br>Date** | **Value/Unrealized**<br>**Depreciation** | **Notional<br>Value** | **Notional<br>Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 21 | December 2025 | $(15158) | EUR | $3169900 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $(15158) |  |  |  |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Premium<br>Paid/<br>(Received)** | **Unrealized**<br>**Depreciation** | **Value** |
| 5.00% | Argentina Government International Bond | Quarterly | Morgan Stanley & Co. International plc | 12/20/30 | USD | 663 | $260712 | $(46891) | $213821 |
| 5.00% | Argentina Government International Bond | Quarterly | Barclays Bank plc | 12/20/30 | USD | 653 | 270739 | (60143) | 210596 |
| 1.00% | Egypt Government International Bond | Quarterly | Citigroup Global Markets Limited | 12/20/25 | USD | 200 | 5535 | (5205) | 330 |
| 5.00% | Markit iTraxx XOVER Index Series 43 | Quarterly | Morgan Stanley & Co. LLC | 6/20/30 | EUR | 6064 | (639770) | (135831) | (775601) |
| 1.00% | Qatar Government International Bond | Quarterly | Barclays Bank plc | 12/20/30 | USD | 4900 | (159959) | (1934) | (161893) |
| 1.00% | Saudi Government International Bond | Quarterly | Barclays Bank plc | 12/20/30 | USD | 3230 | (46418) | (3473) | (49891) |
| 1.00% | Saudi Government International Bond | Quarterly | Morgan Stanley & Co. International plc | 12/20/30 | USD | 6630 | (97656) | (4752) | (102408) |
| **Total** |  |  |  |  |  |  | $(406817) | $(258229) | $(665046) |

---

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### September 30, 2025

#### Credit default swaps sell protection as of September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Issuer** | **Payment**<br> **Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **ICS%** | **Notional**<br> **Amount**<br> (000) | **Premium Paid/<br>(Received)** | **Unreal.**<br> **App.** | **Value** |
| 1.00% | Nigeria Government International Bond\* | Quarterly | Barclays Bank plc | 6/20/30 | 3.94 | USD378 | $(79174) | $35174 | $(44000) |
| 1.00% | Egypt Government International Bond\* | Quarterly | Morgan Stanley &Co. International plc | 6/20/29 | 3.44 | USD820 | (125429) | 59829 | (65600) |
| **Total** |  |  |  |  |  |  | $(204603) | $95003 | $(109600) |

---

\* Credit Rating of the issuer or the underlying security is B, provided by Fitch Ratings.

Abbreviations used are defined below:

BRL - Brazilian Real

CNH - Chinese Yuan Renminbi

COP - Colombian Peso

DOP - Dominican peso

EMTN - Euro Medium Term Note

EUR - Euro

FOR - Foreign Ownership Receipt

GMTN - Global Medium Term Note

ICS - Implied Credit Spread

KRW - South Korean Won

KZT - Kazakhstani Tenge

MXN - Mexican Peso

MYR - Malaysian Ringgit

PEN - Peruvian Nuevo Sol

USD - United States Dollar

ZAR - South African Rand

#### See Notes to the Financial Statements.

#### 14

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Corporate Bonds — 96.2%** | **Corporate Bonds — 96.2%** |  |
|  **Australia — 0.7%** | **Australia — 0.7%** |  |
| $2932000 | Mineral Resources Ltd., 8.00%, 11/1/27(a) | $2984906 |
| 3001000 | Mineral Resources Ltd., 9.25%, 10/1/28(a) | 3147646 |
| 220972 | Quintis Australia Pty Ltd., PIK, 7.50%, 10/1/26(a),(b),(c) | 17457 |
| 143548 | Quintis Australia Pty Ltd., PIK, 12.00%, 10/1/28(a),(b),(c) |  |
|  |  | 6150009 |
|  **Canada — 5.1%** | **Canada — 5.1%** |  |
| 6177000 | 1011778 BC ULC / New Red Finance, Inc., 4.38%, 1/15/28(a) | 6069720 |
| 5806000 | AltaGas Ltd., 7.20%, 10/15/54(a),(d) | 6021133 |
| 4045000 | Bombardier, Inc., 6.75%, 6/15/33(a) | 4221761 |
| 3462000 | Garda World Security Corp., 4.63%, 2/15/27(a) | 3436819 |
| 2142000 | Garda World Security Corp., 8.38%, 11/15/32(a) | 2225172 |
| 2895000 | Hudbay Minerals, Inc., 4.50%, 4/1/26(a) | 2887417 |
| 4278000 | New Gold, Inc., 6.88%, 4/1/32(a) | 4485140 |
| 6620000 | NOVA Chemicals Corp., 4.25%, 5/15/29(a) | 6410367 |
| 2474000 | NOVA Chemicals Corp., 9.00%, 2/15/30(a) | 2654390 |
| 7669000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, 9.50%, 5/15/30(a) | 7522465 |
|  |  | 45934384 |
|  **Finland — 0.6%** | **Finland — 0.6%** |  |
| 5054000 | Nordea Bank Abp, 6.30%, (d),(e),(f) | 5109212 |
|  **France — 1.1%** | **France — 1.1%** |  |
| 2105000 | Forvia SE, 6.75%, 9/15/33(a) | 2134317 |
| 3358000 | Iliad Holding SASU, 7.00%, 10/15/28(a) | 3417219 |
| 4043000 | Societe Generale SA, 8.50%, (a),(d),(e) | 4358759 |
|  |  | 9910295 |
|  **Germany — 0.7%** | **Germany — 0.7%** |  |
| 6682000 | ZF North America Capital, Inc., 7.50%, 3/24/31(a) | 6632507 |
|  **Italy — 0.3%** | **Italy — 0.3%** |  |
| 2858000 | Fibercop SpA, Series 2033, 6.38%, 11/15/33(a) | 2843979 |
|  **Jamaica — 0.5%** | **Jamaica — 0.5%** |  |
| 4298000 | Digicel International Finance Ltd. / Difl US LLC, 8.63%, 8/1/32(a) | 4420710 |
|  **Japan — 2.5%** | **Japan — 2.5%** |  |
| 3522000 | Kioxia Holdings Corp., 6.25%, 7/24/30(a) | 3598348 |
| 7043000 | Kioxia Holdings Corp., 6.63%, 7/24/33(a) | 7224864 |
| 2799000 | Nomura Holdings, Inc., 7.00%, (d),(e) | 2898129 |

---

#### 15

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $3953000 | Rakuten Group, Inc., 9.75%, 4/15/29(a) | $4446652 |
| 3796000 | Rakuten Group, Inc., 11.25%, 2/15/27(a) | 4114692 |
|  |  | 22282685 |
|  **Luxembourg — 0.8%** | **Luxembourg — 0.8%** |  |
| 2771000 | Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 5/21/30(a) | 2867867 |
| 5868000 | Altice Financing SA, 5.00%, 1/15/28(a) | 4585586 |
|  |  | 7453453 |
|  **Mexico — 0.7%** | **Mexico — 0.7%** |  |
| 3010000 | Banco Mercantil del Norte SA, 8.38%, (a),(d),(e) | 3172313 |
| 3018000 | Banco Mercantil del Norte SA, 8.75%, (a),(d),(e) | 3226589 |
|  |  | 6398902 |
|  **Netherlands — 0.8%** | **Netherlands — 0.8%** |  |
| 5172000 | Sunrise HoldCo IV BV, 5.50%, 1/15/28(a) | 5151212 |
| 2130000 | Ziggo Bond Co. BV, 5.13%, 2/28/30(a) | 1932785 |
|  |  | 7083997 |
|  **Spain — 0.7%** | **Spain — 0.7%** |  |
| 6465000 | Banco Bilbao Vizcaya Argentaria SA, 7.75%, (d),(e) | 6847644 |
|  **United Kingdom — 5.1%** | **United Kingdom — 5.1%** |  |
| 4640000 | Ardonagh Finco Ltd., 7.75%, 2/15/31(a) | 4854913 |
| 5201000 | Ardonagh Group Finance Ltd., 8.88%, 2/15/32(a) | 5472932 |
| 3805000 | Barclays Plc, 8.00%, (d),(e) | 4038448 |
| 3726000 | Barclays Plc, 9.63%, (d),(e) | 4221898 |
| 4113000 | Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29(a) | 4322765 |
| 3051000 | Howden UK Refinance PLC / Howden UK Refinance 2 Plc / Howden US Refinance LLC, 7.25%, 2/15/31(a) | 3141992 |
| 7212000 | Virgin Media Finance Plc, 5.00%, 7/15/30(a) | 6694631 |
| 6772000 | Vmed O2 UK Financing I Plc, 4.75%, 7/15/31(a) | 6367957 |
| 2021000 | Vmed O2 UK Financing I Plc, 7.75%, 4/15/32(a) | 2127093 |
| 4716000 | Vodafone Group Plc, 4.13%, 6/4/81(d) | 4410661 |
|  |  | 45653290 |
|  **United States — 76.6%** | **United States — 76.6%** |  |
| 7746000 | 1261229 BC Ltd., 10.00%, 4/15/32(a) | 7954761 |
| 745000 | Acadia Healthcare Co., Inc., 7.38%, 3/15/33(a) | 774139 |
| 2961000 | Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(a) | 2856775 |
| 5842000 | Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/6/30(a) | 6088593 |
| 3054000 | ADT Security Corp. (The), 4.13%, 8/1/29(a) | 2954013 |
| 2918000 | Advance Auto Parts, Inc., 7.38%, 8/1/33(a) | 3009420 |
| 2232000 | Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson's LLC, 4.63%, 1/15/27(a) | 2220027 |
| 6805000 | Allied Universal Holdco LLC, 7.88%, 2/15/31(a) | 7138683 |
| 4852000 | Ally Financial, Inc., Series B, 4.70%, (d),(e) | 4722915 |
| 4212000 | Ally Financial, Inc., 6.65%, 1/17/40(d) | 4210964 |

---

#### 16

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $4313000 | AMC Networks, Inc., 10.25%, 1/15/29(a) | $4546520 |
| 4058000 | American Airlines, Inc., 7.25%, 2/15/28(a) | 4154565 |
| 4196000 | American Axle & Manufacturing, Inc., 7.75%, 10/15/33(a) | 4228979 |
| 4320000 | American National Group, Inc., 7.00%, 12/1/55(d) | 4454498 |
| 6531000 | AmeriGas Partners LP / AmeriGas Finance Corp., 9.38%, 6/1/28(a) | 6715635 |
| 5052000 | AmeriGas Partners LP / AmeriGas Finance Corp., 9.50%, 6/1/30(a) | 5290695 |
| 4695000 | AmeriTex HoldCo Intermediate LLC, 7.63%, 8/15/33(a) | 4890728 |
| 6510167 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 4/15/30(a) | 6588195 |
| 4609000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, 7.88%, 11/1/29(a) | 4809055 |
| 2909000 | Avantor Funding, Inc., 3.88%, 11/1/29(a) | 2767906 |
| 4608000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(a) | 4591371 |
| 3148000 | Axalta Coating Systems LLC, 3.38%, 2/15/29(a) | 2985399 |
| 4209000 | Beach Acquisition Bidco LLC, PIK, 10.00%, 7/15/33(a) | 4546396 |
| 3311000 | Boost Newco Borrower LLC, 7.50%, 1/15/31(a) | 3513191 |
| 2328000 | Brandywine Operating Partnership LP, REIT, 8.88%, 4/12/29 | 2531349 |
| 3110000 | Bread Financial Holdings, Inc., 8.38%, 6/15/35(a),(d) | 3191418 |
| 3818000 | Bread Financial Holdings, Inc., 9.75%, 3/15/29(a) | 4075846 |
| 2469000 | Cablevision Lightpath LLC, 3.88%, 9/15/27(a) | 2397057 |
| 2348000 | Cablevision Lightpath LLC, 5.63%, 9/15/28(a) | 2308564 |
| 2063000 | Caesars Entertainment, Inc., 7.00%, 2/15/30(a) | 2122284 |
| 3496000 | California Resources Corp., 7.00%, 1/15/34(a) | 3473656 |
| 4341000 | Carnival Corp., 5.13%, 5/1/29 | 4341000 |
| 8102000 | Carriage Services, Inc., 4.25%, 5/15/29(a) | 7658990 |
| 1083500 | Carvana Co., PIK, 9.00%, 6/1/30(a) | 1133638 |
| 4174000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 | 3799089 |
| 5154000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(a) | 4946036 |
| 3890000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28(a) | 3853907 |
| 3842000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/27(a) | 3817978 |
| 3350000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(a) | 3349995 |
| 5804000 | CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 3/1/31(a) | 5990751 |
| 5929000 | Chart Industries, Inc., 9.50%, 1/1/31(a) | 6347942 |
| 1542000 | CHS/Community Health Systems, Inc., 9.75%, 1/15/34(a) | 1585026 |
| 4055000 | CHS/Community Health Systems, Inc., 10.88%, 1/15/32(a) | 4296417 |
| 3000000 | Citigroup, Inc., Series EE, 6.75%, (d),(e) | 3047477 |
| 7420000 | Citigroup, Inc., Series GG, 6.88%, (d),(e) | 7653820 |
| 4846000 | Citizens Financial Group, Inc., Series B, (Term SOFR 3M + 3.265%), 7.55%, (e),(g) | 4862659 |
| 2107000 | Clear Channel Outdoor Holdings, Inc., 7.13%, 2/15/31(a) | 2180677 |

---

#### 17

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $2635000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 3/15/33(a) | $2758069 |
| 3264000 | Clear Channel Outdoor Holdings, Inc., 7.88%, 4/1/30(a) | 3427700 |
| 8971000 | Cloud Software Group, Inc., 6.50%, 3/31/29(a) | 9056442 |
| 3933000 | Cloud Software Group, Inc., 8.25%, 6/30/32(a) | 4174548 |
| 6124716 | CMG Media Corp., 8.88%, 6/18/29(a) | 5649745 |
| 6295000 | Comstock Resources, Inc., 6.75%, 3/1/29(a) | 6284696 |
| 2355000 | CoreWeave, Inc., 9.25%, 6/1/30(a) | 2432116 |
| 3423000 | CrossCountry Intermediate HoldCo LLC, 6.50%, 10/1/30(a) | 3433850 |
| 3750000 | CSC Holdings LLC, 5.75%, 1/15/30(a) | 1428218 |
| 1986000 | CSC Holdings LLC, 7.50%, 4/1/28(a) | 1439515 |
| 4829000 | CSC Holdings LLC, 11.25%, 5/15/28(a) | 4468339 |
| 2907000 | Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/28(a) | 2883788 |
| 4765000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 6/30/33(a) | 4850008 |
| 3000000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 3/15/29(a) | 3129231 |
| 4153000 | Directv Financing LLC, 8.88%, 2/1/30(a) | 4118068 |
| 913000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 2/15/31(a) | 913392 |
| 1804000 | Discovery Communications LLC, 3.95%, 3/20/28 | 1762163 |
| 3872000 | Discovery Communications LLC, 5.00%, 9/20/37 | 3323151 |
| 8000000 | DISH DBS Corp., 5.75%, 12/1/28(a) | 7671203 |
| 6179000 | Domtar Corp., 6.75%, 10/1/28(a) | 5320399 |
| 2789000 | Edison International, Series B, 5.00%, (d),(e) | 2651879 |
| 5667000 | Element Solutions, Inc., 3.88%, 9/1/28(a) | 5499764 |
| 9881000 | Energizer Holdings, Inc., 6.00%, 9/15/33(a) | 9661206 |
| 4456000 | Enviri Corp., 5.75%, 7/31/27(a) | 4416233 |
| 1650000 | EW Scripps Co. (The), 9.88%, 8/15/30(a) | 1548587 |
| 2705000 | Focus Financial Partners LLC, 6.75%, 9/15/31(a) | 2771842 |
| 5944000 | Ford Motor Credit Co. LLC, 2.70%, 8/10/26 | 5844935 |
| 2134000 | Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 2160942 |
| 4605000 | Forestar Group, Inc., 5.00%, 3/1/28(a) | 4565024 |
| 4610000 | Freedom Mortgage Corp., 12.00%, 10/1/28(a) | 4886600 |
| 5242000 | Freedom Mortgage Holdings LLC, 7.88%, 4/1/33(a) | 5403265 |
| 3602000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(a) | 3798553 |
| 3474000 | Gap, Inc. (The), 3.88%, 10/1/31(a) | 3162162 |
| 3471000 | Gen Digital, Inc., 6.75%, 9/30/27(a) | 3525134 |
| 4405000 | General Motors Financial Co., Inc., Series A, 5.75%, (d),(e) | 4366280 |
| 3729000 | Global Medical Response, Inc., 7.38%, 10/1/32(a) | 3839001 |
| 4062000 | Gray Media, Inc., 10.50%, 7/15/29(a) | 4394296 |
| 3436000 | Griffon Corp., 5.75%, 3/1/28 | 3433996 |
| 4609000 | Herc Holdings, Inc., 5.50%, 7/15/27(a) | 4598494 |
| 3056000 | Herc Holdings, Inc., 7.00%, 6/15/30(a) | 3174648 |
| 2705000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 1/15/32(a) | 2746258 |
| 4838000 | Howard Midstream Energy Partners LLC, 6.63%, 1/15/34(a) | 4936014 |
| 6625000 | Hughes Satellite Systems Corp., 6.63%, 8/1/26 | 6306696 |
| 5650000 | Iron Mountain, Inc., REIT, 4.88%, 9/15/27(a) | 5624127 |

---

#### 18

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $2971000 | Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 8/15/28(a) | $2872014 |
| 2853000 | JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 9/20/31(a) | 2895461 |
| 2750000 | K Hovnanian Enterprises, Inc., 8.00%, 4/1/31(a) | 2819444 |
| 3143000 | K Hovnanian Enterprises, Inc., 8.38%, 10/1/33(a) | 3222941 |
| 6593000 | Kaiser Aluminum Corp., 4.63%, 3/1/28(a) | 6519352 |
| 2906000 | KeyCorp, Series D, 5.00%, (d),(e) | 2861599 |
| 4859000 | Kodiak Gas Services LLC, 6.50%, 10/1/33(a) | 4946189 |
| 5369000 | Kraken Oil & Gas Partners LLC, 7.63%, 8/15/29(a) | 5330799 |
| 3719000 | LBM Acquisition LLC, 6.25%, 1/15/29(a) | 3444176 |
| 5751000 | LBM Acquisition LLC, 9.50%, 6/15/31(a) | 6064182 |
| 4936000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29(a) | 4653889 |
| 6388000 | Level 3 Financing, Inc., 6.88%, 6/30/33(a) | 6512726 |
| 2715076 | Level 3 Financing, Inc., 7.00%, 3/31/34(a) | 2761658 |
| 2217000 | LifePoint Health, Inc., 9.88%, 8/15/30(a) | 2403523 |
| 5392000 | LifePoint Health, Inc., 11.00%, 10/15/30(a) | 5943838 |
| 4147000 | Lightning Power LLC, 7.25%, 8/15/32(a) | 4392637 |
| 4717000 | Lindblad Expeditions LLC, 7.00%, 9/15/30(a) | 4808294 |
| 4508000 | Long Ridge Energy LLC, 8.75%, 2/15/32(a) | 4633749 |
| 2971000 | Macy's Retail Holdings LLC, 6.13%, 3/15/32(a) | 2974499 |
| 5274000 | Marriott Ownership Resorts, Inc., 6.50%, 10/1/33(a) | 5254983 |
| 2824000 | McGraw-Hill Education, Inc., 5.75%, 8/1/28(a) | 2821029 |
| 2900000 | McGraw-Hill Education, Inc., 7.38%, 9/1/31(a) | 3013227 |
| 4622000 | Medline Borrower LP, 3.88%, 4/1/29(a) | 4460215 |
| 5644000 | MGM Resorts International, 4.75%, 10/15/28 | 5600660 |
| 956000 | Michaels Cos., Inc. (The), 5.25%, 5/1/28(a) | 880238 |
| 1380000 | Michaels Cos., Inc. (The), 7.88%, 5/1/29(a) | 1156039 |
| 2946000 | Millrose Properties, Inc., REIT, 6.25%, 9/15/32(a) | 2953881 |
| 3213000 | Nationstar Mortgage Holdings, Inc., 5.00%, 2/1/26(a) | 3207453 |
| 916000 | Nationstar Mortgage Holdings, Inc., 6.50%, 8/1/29(a) | 939681 |
| 2276000 | Nationstar Mortgage Holdings, Inc., 7.13%, 2/1/32(a) | 2375017 |
| 5255000 | NCL Corp. Ltd., 5.88%, 1/15/31(a) | 5254124 |
| 3670000 | NCL Corp. Ltd., 6.75%, 2/1/32(a) | 3775267 |
| 2912000 | Neptune Bidco US, Inc., 9.29%, 4/15/29(a) | 2858758 |
| 4334000 | NESCO Holdings II, Inc., 5.50%, 4/15/29(a) | 4242662 |
| 2760000 | Newell Brands, Inc., 8.50%, 6/1/28(a) | 2926822 |
| 9614000 | Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26(a) | 9277248 |
| 1380000 | Nissan Motor Acceptance Co. LLC, 2.75%, 3/9/28(a) | 1293750 |
| 2870000 | Osaic Holdings, Inc., 6.75%, 8/1/32(a) | 2960683 |
| 2538000 | OT Midco, Inc., 10.00%, 2/15/30(a) | 1721677 |
| 6272000 | Paramount Global, 6.38%, 3/30/62(d) | 6252376 |
| 1951000 | Park River Holdings, Inc., 8.00%, 3/15/31(a) | 1976672 |
| 5833000 | Pike Corp., 5.50%, 9/1/28(a) | 5815867 |
| 6354000 | Planet Financial Group LLC, 10.50%, 12/15/29(a) | 6678361 |
| 5180000 | PRA Group, Inc., 8.88%, 1/31/30(a) | 5346298 |
| 4060000 | Prairie Acquiror LP, 9.00%, 8/1/29(a) | 4225694 |
| 2819000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 8/31/27(a) | 2739835 |
| 5886000 | Raven Acquisition Holdings LLC, 6.88%, 11/15/31(a) | 6050203 |

---

#### 19

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $4786000 | Rocket Software, Inc., 9.00%, 11/28/28(a) | $4933655 |
| 2698000 | Rockies Express Pipeline LLC, 6.75%, 3/15/33(a) | 2816712 |
| 1900000 | SBA Communications Corp., REIT, 3.88%, 2/15/27 | 1871019 |
| 1580000 | Scripps Escrow II, Inc., 3.88%, 1/15/29(a) | 1395702 |
| 4212000 | Sinclair Television Group, Inc., 8.13%, 2/15/33(a) | 4335459 |
| 6387000 | Sirius XM Radio LLC, 4.00%, 7/15/28(a) | 6174885 |
| 2221000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.38%, 4/15/27 | 2215464 |
| 6699000 | Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(a) | 6700261 |
| 4396000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/29(a) | 4464584 |
| 3566000 | Stonex Escrow Issuer LLC, 6.88%, 7/15/32(a) | 3673150 |
| 2229000 | Sunoco LP, 5.63%, 3/15/31(a) | 2213180 |
| 4437000 | Sunoco LP, 5.88%, 3/15/34(a) | 4398930 |
| 6550000 | Sunoco LP, 7.88%, (a),(d),(e) | 6666693 |
| 2735000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 2/15/29(a) | 2817313 |
| 2285000 | Tenet Healthcare Corp., 6.13%, 10/1/28 | 2288787 |
| 2387000 | U.S. Foods, Inc., 6.88%, 9/15/28(a) | 2462172 |
| 4362000 | Under Armour, Inc., 7.25%, 7/15/30(a) | 4370894 |
| 4516000 | United Airlines, Inc., 4.63%, 4/15/29(a) | 4448938 |
| 7364000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, REIT, 8.63%, 6/15/32(a) | 7035340 |
| 4486000 | Venture Global LNG, Inc., 9.00%, (a),(d),(e) | 4441463 |
| 3066000 | Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(a) | 3232250 |
| 3066000 | Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(a) | 3259750 |
| 4368000 | Venture Global Plaquemines LNG LLC, 7.50%, 5/1/33(a) | 4826975 |
| 7731000 | Vital Energy, Inc., 7.88%, 4/15/32(a) | 7502680 |
| 372649 | Voyager Aviation Holdings LLC, 8.50%, 5/9/26(a),(b),(c),(h) |  |
| 5095000 | Voyager Parent LLC, 9.25%, 7/1/32(a) | 5387971 |
| 4443000 | Warnermedia Holdings, Inc., 4.28%, 3/15/32 | 4073387 |
| 5978000 | Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 4769301 |
| 8512000 | WR Grace Holdings LLC, 6.63%, 8/15/32(a) | 8417217 |
| 3021000 | XPLR Infrastructure Operating Partners LP, 8.38%, 1/15/31(a) | 3167613 |
| 2265000 | XPLR Infrastructure Operating Partners LP, 8.63%, 3/15/33(a) | 2376429 |
|  |  | 689677440 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **866398507** |

---

---

| | | |
|:---|:---|:---|
|  (Cost $846,621,392) | (Cost $846,621,392) |  |
| **Shares** |  |  |
|  **Common Stocks — 0.00%** | **Common Stocks — 0.00%** |  |
|  **United Kingdom — 0.00%** | **United Kingdom — 0.00%** |  |
| 12023 | AVTCAP WARR(i),\* | 9055 |

---

#### 20

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **United States — 0.00%** | **United States — 0.00%** |  |
| 70137  | Quintis Ltd.(b),(c),\* | $0 |
|  **Total Common Stocks** | **Total Common Stocks** | **9055** |
|  (Cost $3) | (Cost $3) |  |
|  **Rights/Warrants — 0.00%** | **Rights/Warrants — 0.00%** |  |
|  **Mexico — 0.00%** | **Mexico — 0.00%** |  |
| 3026  | Urbi Desarrollos Urbanos SAB de CV Warrants, Expire 12/31/49(b),(c),(i),\* | 0 |
|  **Total Rights/Warrants** | **Total Rights/Warrants** | **0** |
|  (Cost $0) | (Cost $0) |  |
|  **Investment Company — 3.7%** | **Investment Company — 3.7%** |  |
| 32929624  | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (j) | 32929624 |
|  **Total Investment Company** | **Total Investment Company** | **32929624** |
|  (Cost $32,929,624) | (Cost $32,929,624) |  |
|  **Total Investments** | **Total Investments** | $**899337186** |
|  (Cost $879,551,019)(k) — 99.9% | (Cost $879,551,019)(k) — 99.9% |  |
|  **Other assets in excess of liabilities — 0.1%** | **Other assets in excess of liabilities — 0.1%** | **1233674** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**900570860** |

---

#### 21

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### September 30, 2025
(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) 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.

(e) Perpetual security with no stated maturity date.

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

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

(h) Issuer filed for bankruptcy and/or is in default of interest payments.

(i) Security delisted or issuer in bankruptcy.

(j) Affiliated investment.

(k) 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:

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

#### See Notes to the Financial Statements.

#### 22

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Corporate Bonds — 50.8%** | **Corporate Bonds — 50.8%** |  |
|  **Australia — 0.4%** | **Australia — 0.4%** |  |
| $265000 | Macquarie Bank Ltd., 5.64%, 8/13/36(a),(b) | $268691 |
|  **Bermuda — 0.4%** | **Bermuda — 0.4%** |  |
| 319000 | Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | 333690 |
|  **Brazil — 1.4%** | **Brazil — 1.4%** |  |
| 201000 | Nexa Resources SA, 6.60%, 4/8/37(a) | 206650 |
| 290000 | Raizen Fuels Finance SA, 6.70%, 2/25/37(a) | 280078 |
| 285000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(a) | 296947 |
| 240000 | Suzano Netherlands BV, 5.50%, 1/15/36 | 240307 |
|  |  | 1023982 |
|  **Canada — 2.2%** | **Canada — 2.2%** |  |
| 253000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | 262375 |
| 314000 | Brookfield Infrastructure Finance ULC, 6.75%, 3/15/55(b) | 321357 |
| 330000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(a) | 345764 |
| 330000 | CI Financial Corp., 7.50%, 5/30/29(a) | 351303 |
| 170000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34 | 170921 |
| 205000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54 | 199989 |
|  |  | 1651709 |
|  **Chile — 0.3%** | **Chile — 0.3%** |  |
| 210000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(a) | 226429 |
|  **Colombia — 0.5%** | **Colombia — 0.5%** |  |
| 200000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/30(a) | 185876 |
| 200000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/32(a) | 210087 |
|  |  | 395963 |
|  **France — 1.4%** | **France — 1.4%** |  |
| 250000 | BPCE SA, 6.29%, 1/14/36(a),(b) | 267659 |
| 300000 | Credit Agricole SA, 7.13%, (a),(b),(c) | 306108 |
| 230000 | Societe Generale SA, Series REGs, 5.38%, (b),(c),(d) | 216360 |
| 210000 | Societe Generale SA, 8.13%, (a),(b),(c) | 220162 |
|  |  | 1010289 |
|  **Germany — 1.0%** | **Germany — 1.0%** |  |
|  200,000(e) | Commerzbank AG, EMTN, 7.88%, (b),(c),(d) | 265048 |
|  200,000(e) | Deutsche Bank AG, 6.75%, (b),(c),(d) | 247116 |
| 200000 | Deutsche Bank AG, 8.13%, (b),(c),(d) | 211981 |
|  |  | 724145 |
|  **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| 163000 | Avolon Holdings Funding Ltd., 3.25%, 2/15/27(a) | 160331 |

---

#### 23

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Italy — 1.2%** | **Italy — 1.2%** |  |
| $384000 | Intesa Sanpaolo SpA, MTN, 5.71%, 1/15/26(a) | $384780 |
|  200,000(e) | Intesa Sanpaolo SpA, 7.00%, (b),(c),(d) | 255062 |
| 200000 | Snam SpA, 6.50%, 5/28/55(a) | 213784 |
|  |  | 853626 |
|  **Japan — 0.4%** | **Japan — 0.4%** |  |
| 336000 | Nissan Motor Co. Ltd., 4.81%, 9/17/30(a) | 316457 |
|  **Mexico — 0.3%** | **Mexico — 0.3%** |  |
| 200000 | CFE Fibra E, REIT, 5.88%, 9/23/40(a) | 201636 |
|  **Netherlands — 0.5%** | **Netherlands — 0.5%** |  |
| 353000 | ING Groep NV, 7.00%, (b),(c) | 363772 |
|  **Norway — 0.4%** | **Norway — 0.4%** |  |
| 246000 | Var Energi ASA, 6.50%, 5/22/35(a) | 261472 |
|  **Peru — 0.3%** | **Peru — 0.3%** |  |
| 200000 | Kallpa Generacion SA, 5.50%, 9/11/35(a) | 201362 |
|  **Spain — 0.5%** | **Spain — 0.5%** |  |
| 200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.57%, 3/14/28(f) | 201667 |
| 200000 | Repsol E&P Capital Markets US LLC, 5.98%, 9/16/35(a) | 203503 |
|  |  | 405170 |
|  **Switzerland — 0.9%** | **Switzerland — 0.9%** |  |
| 673000 | UBS Group AG, 7.00%, (a),(b),(c) | 686164 |
|  **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |  |
| 369000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(b) | 395337 |
| 180000 | Harbour Energy Plc, 6.33%, 4/1/35(a) | 184603 |
| 430000 | Macquarie Airfinance Holdings Ltd., 5.20%, 3/27/28(a) | 437286 |
| 201000 | Phoenix Group Holdings Plc, 8.50%, (b),(c),(d) | 215653 |
|  |  | 1232879 |
|  **United States — 36.8%** | **United States — 36.8%** |  |
| 173000 | Aircastle Ltd., 2.85%, 1/26/28(a) | 166804 |
| 240000 | Ally Financial, Inc., Series B, 4.70%, (b),(c) | 233615 |
| 350000 | Ally Financial, Inc., Series C, 4.70%, (b),(c) | 322300 |
| 232000 | American National Group, Inc., 6.00%, 7/15/35 | 237010 |
| 335000 | American National Group, Inc., 7.00%, 12/1/55(b) | 345430 |
| 184000 | APA Corp., 6.10%, 2/15/35 | 188202 |
| 262000 | APA Corp., 6.75%, 2/15/55 | 264221 |
| 578000 | Aptiv Swiss Holdings Ltd., 4.15%, 5/1/52 | 437097 |

---

#### 24

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $181000 | Athene Holding Ltd., 6.63%, 5/19/55 | $193875 |
| 470000 | Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28(a) | 480856 |
|  200,000(e) | Avery Dennison Corp., 4.00%, 9/11/35 | 235153 |
| 334000 | Belrose Funding Trust II, 6.79%, 5/15/55(a) | 361800 |
| 250000 | BGC Group, Inc., 6.15%, 4/2/30(a) | 256124 |
| 260000 | BGC Group, Inc., 6.60%, 6/10/29 | 270751 |
| 274000 | BGC Group, Inc., 8.00%, 5/25/28 | 292644 |
| 360000 | Broadstone Net Lease LLC, REIT, 5.00%, 11/1/32 | 357778 |
| 510000 | BW Real Estate, Inc., 9.50%, (a),(b),(c) | 526306 |
| 223000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | 138821 |
| 211000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50 | 166829 |
| 346000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | 325791 |
| 190000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | 171905 |
| 78000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.70%, 12/1/55 | 78778 |
| 170000 | Citadel LP, 6.00%, 1/23/30(a) | 176700 |
|  360,000(e) | Citigroup, Inc., 4.11%, 4/29/36(b) | 435856 |
| 190000 | Citigroup, Inc., 5.17%, 9/11/36(b) | 191895 |
| 450000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(b) | 470069 |
| 160000 | CNO Financial Group, Inc., 6.45%, 6/15/34 | 169885 |
| 284000 | Dentsply Sirona, Inc., 8.38%, 9/12/55(b) | 292972 |
| 671000 | Edison International, Series A, 5.38%, (b),(c) | 652499 |
| 337000 | Energy Transfer LP, 6.50%, 2/15/56(b) | 335993 |
| 262000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 7.58%, 11/1/66(f) | 261304 |
| 198000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 7.43%, 8/16/77(g) | 198457 |
| 295000 | Essent Group Ltd., 6.25%, 7/1/29 | 309039 |
| 217000 | Expand Energy Corp., 5.88%, 2/1/29(a) | 217875 |
| 304000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | 310231 |
| 209000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | 219509 |
| 223000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 7.30%, (c),(g) | 223024 |
| 170000 | First American Financial Corp., 5.45%, 9/30/34 | 170465 |
| 510000 | First Citizens BancShares, Inc., 5.60%, 9/5/35(b) | 509042 |
| 380000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(b) | 385191 |
| 176000 | Flex Intermediate Holdco LLC, 4.32%, 12/30/39(a) | 146491 |
| 320000 | FMC Corp., 8.45%, 11/1/55(b) | 338027 |
| 310000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 6.18%, 3/20/28(f) | 310178 |
| 230000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(a) | 238807 |
| 200000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(a) | 208457 |
| 434000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(a) | 467138 |
| 200000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | 216760 |

---

#### 25

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $340000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(c) | $337011 |
| 259000 | General Motors Financial Co., Inc., 6.15%, 7/15/35 | 270881 |
| 209000 | Global Atlantic Fin Co., 6.75%, 3/15/54(a) | 220418 |
|  155,000(e) | Global Payments, Inc., 4.88%, 3/17/31 | 191138 |
| 221000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | 223580 |
| 301000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.75%, 11/1/37 | 299058 |
| 441000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | 454788 |
| 223000 | Hawaiian Electric Co., Inc., 6.00%, 10/1/33(a) | 224756 |
| 212000 | HCA, Inc., 6.20%, 3/1/55 | 218883 |
| 200000 | Hess Midstream Operations LP, 5.88%, 3/1/28(a) | 203813 |
| 614000 | Hess Midstream Operations LP, 6.50%, 6/1/29(a) | 633453 |
| 176000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(b) | 183123 |
| 283000 | Intel Corp., 3.20%, 8/12/61 | 169293 |
| 210000 | Intel Corp., 5.60%, 2/21/54 | 201786 |
| 317000 | JH North America Holdings, Inc., 6.13%, 7/31/32(a) | 324812 |
| 178000 | KeyCorp, 6.40%, 3/6/35(b) | 193133 |
| 226000 | Kilroy Realty LP, REIT, 5.88%, 10/15/35 | 228758 |
|  380,000(e) | Liberty Mutual Group, Inc., 3.88%, 9/26/35(a) | 443011 |
| 196000 | Liberty Utilities Co., 5.87%, 1/31/34(a) | 203115 |
| 337000 | LPL Holdings, Inc., 5.75%, 6/15/35 | 345762 |
| 187000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(b) | 189598 |
| 509000 | National Health Investors, Inc., REIT, 5.35%, 2/1/33 | 504785 |
| 190000 | Nissan Motor Acceptance Co. LLC, MTN, (SOFR Index + 2.050%), 6.23%, 9/13/27(a),(f) | 189613 |
| 260000 | Northwest Natural Holding Co., 7.00%, 9/15/55(b) | 266592 |
| 165000 | Occidental Petroleum Corp., 6.45%, 9/15/36 | 175048 |
| 80000 | Oracle Corp., 5.95%, 9/26/55 | 79756 |
| 740000 | Oracle Corp., 6.10%, 9/26/65 | 739487 |
| 439000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | 472943 |
| 199000 | Paramount Global, 6.25%, 2/28/57(b) | 195986 |
| 209000 | Paramount Global, 6.38%, 3/30/62(b) | 208346 |
| 170000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | 166031 |
| 387000 | PG&E Corp., 7.38%, 3/15/55(b) | 398382 |
| 225000 | Pilgrim's Pride Corp., 3.50%, 3/1/32 | 206041 |
| 480000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.58%, (c),(g) | 480128 |
|  154,000(e) | Realty Income Corp., REIT, 3.88%, 6/20/35 | 181429 |
| 206000 | Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(a) | 209992 |
| 667000 | Symetra Life Insurance Co., 6.55%, 10/1/55(a) | 706462 |
| 200000 | Synchrony Financial, 5.02%, 7/29/29(b) | 201665 |
| 160000 | Utah Acquisition Sub, Inc., 5.25%, 6/15/46 | 133090 |
| 230000 | Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(a) | 242471 |
| 230000 | Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(a) | 244534 |
| 431000 | Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 343856 |
| 464000 | Webster Financial Corp., 5.78%, 9/11/35(b) | 464178 |
| 110000 | Whistler Pipeline LLC, 5.70%, 9/30/31(a) | 114329 |
| 159000 | Whistler Pipeline LLC, 5.95%, 9/30/34(a) | 163788 |
|  192,000(e) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | 221716 |

---

#### 26

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** | **Value** |
| $250000 | Zions Bancorp NA, 4.70%, 8/18/28(b) | $| 250821 |
| 250000 | Zions Bancorp NA, 6.82%, 11/19/35(b) |  | 266384 |
|  |  |  | 27095977 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  | **37413744** |
|  (Cost $36,327,132) | (Cost $36,327,132) | (Cost $36,327,132) | (Cost $36,327,132) |
|  **U.S. Government Agency Backed Mortgages — 20.8%** | **U.S. Government Agency Backed Mortgages — 20.8%** | **U.S. Government Agency Backed Mortgages — 20.8%** | **U.S. Government Agency Backed Mortgages — 20.8%** |
|  **United States — 20.8%** | **United States — 20.8%** | **United States — 20.8%** | **United States — 20.8%** |
| 1175000 | Fannie Mae, (TBA), 3.50%, 10/1/55 |  | 1073802 |
| 675000 | Fannie Mae, (TBA), 4.00%, 10/1/55 |  | 636148 |
| 1925000 | Fannie Mae, (TBA), 3.00%, 10/1/55 |  | 1690708 |
| 2950000 | Fannie Mae, (TBA), 2.50%, 10/1/55 |  | 2485328 |
| 1200000 | Fannie Mae, (TBA), 6.00%, 10/1/55 |  | 1225980 |
| 4150000 | Fannie Mae, (TBA), 2.00%, 10/1/55 |  | 3344896 |
| 845724 | Fannie Mae, Pool #BT8271, 4.00%, 7/1/52 |  | 799058 |
| 186260 | Fannie Mae, Pool #CB4766, 5.00%, 9/1/52 |  | 186844 |
| 503220 | Fannie Mae, Pool #CB4768, 5.00%, 9/1/52 |  | 505568 |
| 216711 | Fannie Mae, Pool #BT7932, 5.50%, 10/1/52 |  | 222234 |
| 337025 | Fannie Mae, Pool #CB5344, 6.50%, 12/1/52 |  | 353340 |
| 77459 | Fannie Mae, Pool #CB4969, 5.50%, 10/1/52 |  | 79341 |
| 465347 | Fannie Mae, Pool #CB7160, 6.50%, 9/1/53 |  | 481122 |
| 990661 | Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 |  | 1004327 |
| 629330 | Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 |  | 659432 |
| 389926 | Freddie Mac, Pool #RA7718, 4.50%, 7/1/52 |  | 380122 |
| 136648 | Freddie Mac, Pool #QF4133, 6.00%, 11/1/52 |  | 142606 |
|  |  |  | 15270856 |
|  **Total U.S. Government Agency Backed Mortgages** | **Total U.S. Government Agency Backed Mortgages** |  | **15270856** |
|  (Cost $15,343,561) | (Cost $15,343,561) | (Cost $15,343,561) | (Cost $15,343,561) |
|  **Collateralized Mortgage Obligations — 11.4%** | **Collateralized Mortgage Obligations — 11.4%** | **Collateralized Mortgage Obligations — 11.4%** | **Collateralized Mortgage Obligations — 11.4%** |
|  **United States — 11.4%** | **United States — 11.4%** | **United States — 11.4%** | **United States — 11.4%** |
| 160036 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(a) |  | 161354 |
| 385302 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(a) |  | 389361 |
| 316125 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) |  | 321306 |
| 518592 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(a) |  | 518286 |
| 696449 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a) |  | 698221 |
| 580126 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) |  | 584497 |
| 250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 5.42%, 10/15/36(a),(f) |  | 248856 |
| 403838 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 5.49%, 8/25/55(a),(h) |  | 407808 |
| 136259 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(a),(h) |  | 129384 |
| 330190 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) |  | 332936 |
| 364013 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) |  | 367364 |
| 308902 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(a) |  | 309564 |

---

#### 27

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $252448 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(a) | $255222 |
| 257060 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 259136 |
| 590000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.24%, 2/15/42(a),(f) | 587548 |
| 590000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42(a),(f) | 586967 |
| 424442 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(a) | 426726 |
| 244125 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 244816 |
| 245018 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(a) | 246729 |
| 340185 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 344781 |
| 660000 | Verus Securitization Trust, Series 2023-1, Class M1, 6.86%, 12/25/67(a),(h) | 659705 |
| 307521 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(a) | 310291 |
|  |  | 8390858 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **8390858** |
|  (Cost $8,385,988) | (Cost $8,385,988) |  |
|  **Asset Backed Securities — 7.3%** | **Asset Backed Securities — 7.3%** |  |
|  **Cayman Islands — 2.0%** | **Cayman Islands — 2.0%** |  |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 7.34%, 4/20/31(a),(f) | 494450 |
| 500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 7.44%, 4/22/31(a),(f) | 498250 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 7.32%, 7/15/31(a),(f) | 498950 |
|  |  | 1491650 |
|  **United States — 5.3%** | **United States — 5.3%** |  |
| 147935 | ACHV ABS Trust, Series 2024-3AL, Class C, 5.68%, 12/26/31(a) | 149007 |
| 150000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(a) | 150424 |
| 275435 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | 277177 |
| 96948 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) | 91912 |
| 311678 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class B, 5.46%, 1/15/32(a) | 313408 |
| 370266 | Pagaya AI Debt Grantor Trust, Series 2024-11, Class B, 5.64%, 7/15/32(a) | 373407 |
| 348905 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class D, 6.53%, 1/15/32(a) | 352033 |
| 216541 | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust, Series 2024-6, Class B, 6.59%, 11/15/31(a) | 218562 |
| 480000 | Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/50(a) | 476980 |
| 310000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 313615 |

---

#### 28

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** | **Value** |
| $530000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(a) | $| 545364 |
| 297668 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(a) |  | 298543 |
| 300000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(a) |  | 306016 |
|  |  |  | 3866448 |
| **Total Asset Backed Securities** | **Total Asset Backed Securities** |  | **5358098** |
| (Cost $5,324,817) | (Cost $5,324,817) |  |  |
| **Bank Loans — 6.9%** | **Bank Loans — 6.9%** | **Bank Loans — 6.9%** | **Bank Loans — 6.9%** |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| 888972 | Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32(f) |  | 887247 |
| **United States — 5.7%** | **United States — 5.7%** | **United States — 5.7%** | **United States — 5.7%** |
| 496250 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 1.750%), 6.08%, 10/15/31(f) |  | 496870 |
| 365260 | Atkore International, Inc., TBA, 0.00%, 9/24/32(f) |  | 363434 |
| 584583 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.89%, 6/24/30(f) |  | 584682 |
| 432300 | Charter Communications Operating LLC, (Term SOFR 3M + 2.000%), 6.29%, 12/7/30(f) |  | 431669 |
| 433814 | Citadel Securities LP, (Term SOFR 1M + 2.000%), 6.16%, 10/31/31(f) |  | 434521 |
| 412925 | Hilcorp Energy I LP, (Term SOFR 1M + 2.000%), 6.15%, 2/11/30(f) |  | 412925 |
| 400000 | Hilton Worldwide Finance LLC, (Term SOFR 1M + 1.750%), 5.91%, 11/8/30(f) |  | 400256 |
| 568800 | Solstice Advanced Materials, Inc., 0.00%, 9/16/32(f) |  | 569158 |
| 497503 | Terex Corp., (Term SOFR 1M + 1.750%), 5.91%, 10/8/31(f) |  | 498001 |
|  |  |  | 4191516 |
| **Total Bank Loans** | **Total Bank Loans** |  | **5078763** |
| (Cost $5,065,640) | (Cost $5,065,640) |  |  |
| **Foreign Government Bonds — 4.5%** | **Foreign Government Bonds — 4.5%** | **Foreign Government Bonds — 4.5%** | **Foreign Government Bonds — 4.5%** |
| **Australia — 1.2%** | **Australia — 1.2%** | **Australia — 1.2%** | **Australia — 1.2%** |
| 1,413,000(i) | Australia Government Bond, Series 162, 1.75%, 6/21/51(d) |  | 496209 |
| 578,000(i) | Australia Government Bond, Series 169, 4.75%, 6/21/54(d) |  | 368537 |
|  |  |  | 864746 |
| **Ecuador — 0.4%** | **Ecuador — 0.4%** | **Ecuador — 0.4%** | **Ecuador — 0.4%** |
| 270000 | Amazon Conservation DAC, 6.03%, 1/16/42(a) |  | 279358 |
| **Japan — 2.9%** | **Japan — 2.9%** | **Japan — 2.9%** | **Japan — 2.9%** |
| 301,050,000(j) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 |  | 936478 |
| 10,000,000(j) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 |  | 51359 |
| 78,650,000(j) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 |  | 433059 |

---

#### 29

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84,200,000(j) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | $484896 |
| 41,500,000(j) | Japan Government Thirty Year Bond, Series 87, 2.80%, 6/20/55 | 265834 |
|  |  | 2171626 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **3315730** |
| (Cost $3,516,682) | (Cost $3,516,682) |  |

---

---

| | | |
|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Shares</u>**  |  |  |
|  **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |  |
|  **United States — 0.6%** | **United States — 0.6%** |  |
| 17150  | AGNC Investment Corp., 8.75%, REIT, Series H(c) | 436467 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **436467** |
|  (Cost $428,750) | (Cost $428,750) |  |
|  **Investment Company — 9.1%** | **Investment Company — 9.1%** |  |
| 6698566  | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (k) | 6698566 |
|  **Total Investment Company** | **Total Investment Company** | **6698566** |
|  (Cost $6,698,566) | (Cost $6,698,566) |  |
|  **Total Investments** | **Total Investments** | $**81963082** |
|  (Cost $81,091,136)(l) — 111.4% | (Cost $81,091,136)(l) — 111.4% |  |
|  **Liabilities in excess of other assets — (11.4)%** | **Liabilities in excess of other assets — (11.4)%** | **(8360794)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**73602288** |

---

#### 30

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025
(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) 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.

(c) Perpetual security with no stated maturity date.

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

(e) Principal amount denoted in Euros.

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

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

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

(i) Principal amount denoted in Australian dollar.

(j) Principal amount denoted in Japanese Yen.

(k) Affiliated investment.

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

#### 31

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **Value/Unrealized**<br> **Appreciation**<br> (Depreciation)  |
|  EUR | 1788224 | GBP | 1553322 | Citibank N.A. | 10/16/25 | $12318 |
|  EUR | 1160000 | USD | 1360402 | Citibank N.A. | 10/16/25 | 2863 |
|  NOK | 113575 | EUR | 9567 | Citibank N.A. | 10/16/25 | 138 |
|  NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10129273 | EUR | 852705 | Citibank N.A. | 10/16/25 | 12989 |
|  NOK | 2821664 | EUR | 237727 | Citibank N.A. | 10/16/25 | 3391 |
|  USD | 1198505 | EUR | 1015955 | Citibank N.A. | 10/16/25 | 4526 |
|  USD | 980163 | EUR | 830221 | Citibank N.A. | 10/16/25 | 4463 |
|  USD | 1318701 | GBP | 959642 | Citibank N.A. | 10/16/25 | 27961 |
|  USD | 2167813 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309678128 | Citibank N.A. | 10/16/25 | 70014 |
|  USD | 264153 | JPY | 38776078 | Citibank N.A. | 10/16/25 | 1478 |
|  |  |  |  |  |  | $140141 |
|  GBP | 750000 | USD | 1017430 | Citibank N.A. | 10/16/25 | $(8663) |
|  JPY | 51626575 | USD | 350000 | Citibank N.A. | 10/16/25 | (275) |
|  USD | 746469 | AUD | 1132748 | Citibank N.A. | 10/16/25 | (3248) |
|  USD | 149043 | AUD | 226150 | Citibank N.A. | 10/16/25 | (635) |
|  USD | 381803 | EUR | 325000 | Citibank N.A. | 10/16/25 | (147) |
|  |  |  |  |  |  | $(12968)  |
|  **Total** |  |  |  |  |  | $127173 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | **Number of<br>Contracts** | **Expiration<br>Date** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Notional<br>Value** | **Notional<br>Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 16 | December 2025 | $12192 | EUR | $2415162 | Morgan Stanley & Co. LLC |
|  10 Year U.S. Treasury Note | 21 | December 2025 | 110 | USD | 2362500 | Morgan Stanley & Co. LLC |
|  2 Year U.S. Treasury Note | 160 | December 2025 | (36420) | USD | 33343750 | Morgan Stanley & Co. LLC |
|  30 Year Euro-Buxl | 1 | December 2025 | 3063 | EUR | 134405 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Treasury Bond | 21 | December 2025 | 32372 | USD | 2448469 | Morgan Stanley & Co. LLC |
|  5 Year U.S. Treasury Note | 59 | December 2025 | (30365) | USD | 6442523 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $(19048) |  |  |  |

---

#### 32

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration<br>Date** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Notional<br>Value** | **Notional<br>Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 18 | December 2025 | $72 | USD | $2071406 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 26 | December 2025 | 2301 | USD | 3121625 | Morgan Stanley & Co. LLC |
|  5 Year Euro-Bobl | 3 | December 2025 | 67 | EUR | 414944 | Morgan Stanley & Co. LLC |
|  EURO-OAT FUTURE | 30 | December 2025 | (39307) | EUR | 4274129 | Morgan Stanley & Co. LLC |
|  JPN 10Y BOND(OSE) | 7 | December 2025 | 47482 | JPY | 6427494 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $10615 |  |  |  |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Float**<br> **Rate** | **Pay<br>Receive** | **Pay<br>Freq** | **Counter-**<br> **party** | **Exp.<br>Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 1.21% | JPY-JPMLDN | Pay | Yearly | Morgan Stanley &Co. LLC | 5/29/35 | JPY | 157000 | $0 | $22737 | $22737 |
| 3.74% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley &Co. LLC | 5/27/27 | USD | 8000 | $0 | $19560 | $19560 |
| 3.77% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley &Co. LLC | 5/22/27 | USD | 7969 | $0 | $22450 | $22450 |
| 3.74% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley &Co. LLC | 5/22/27 | USD | 7921 | <u>$0</u> | $18440 | $18440 |
|  |  |  |  |  |  |  |  | $0 | $83187 | $83187 |
| 3.73% | GBP-BNPLDN | Receive | Yearly | Morgan Stanley &Co. LLC | 9/18/27 | GBP | 14500 | $0 | $(13482) | $(13482) |
| 3.38% | USD-GSLDN | Receive | Yearly | Morgan Stanley &Co. LLC | 9/17/27 | USD | 2695 | $0 | $(1494) | $(1494) |

---

#### 33

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **Float**<br>**Rate** | **Pay**<br>**Receive** | **Pay**<br>**Freq** | **Counter-**<br> **party** | **Exp.**<br>**Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 1926 | $0 | $(807) | $(807) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 1926 | $0 | $(770) | $(770) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 1926 | $0 | $(919) | $(919) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 509 | $0 | $(213) | $(213) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 509 | $0 | $(203) | $(203) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 509 | $0 | $(243) | $(243) |
|  |  |  |  |  |  |  |  | $0 | $(18131) | $(18131) |
| **Total** |  |  |  |  |  |  |  | $0 | $65056 | $65056 |

---

#### 34

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Premium<br>Paid/<br>(Received)** | **Unrealized**<br>**Depreciation** | **Value** |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 11438 | $(260418) | $(3097) | $(263515) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 4575 | (104660) | (741) | (105401) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 6863 | (156388) | (1726) | (158114) |
| **Total** |  |  |  |  |  |  | $(521466) | $(5564) | $(527030) |

---

Abbreviations used are defined below:

AUD - Australian Dollar

Bobl - German Bundesobligationen

EMTN - Euro Medium Term Note

EUR - Euro

GBP - United Kingdom Pound Sterling

JPY - Japanese Yen

MTN - Medium Term Note

NOK - Norwegian Krone

OAT - Obligations Assimilables du Trésor

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

TBA - To-be-announced

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 35

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Corporate Bonds — 56.4%** | **Corporate Bonds — 56.4%** |  |
|  **Australia — 0.4%** | **Australia — 0.4%** |  |
| $321000 | Macquarie Bank Ltd., 5.64%, 8/13/36(a),(b) | $325471 |
|  **Bermuda — 0.5%** | **Bermuda — 0.5%** |  |
| 407000 | Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | 425743 |
|  **Brazil — 1.6%** | **Brazil — 1.6%** |  |
| 264000 | Nexa Resources SA, 6.60%, 4/8/37(a) | 271421 |
| 380000 | Raizen Fuels Finance SA, 6.70%, 2/25/37(a) | 366999 |
| 325000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(a) | 338623 |
| 280000 | Suzano Netherlands BV, 5.50%, 1/15/36 | 280358 |
|  |  | 1257401 |
|  **Canada — 2.6%** | **Canada — 2.6%** |  |
| 307000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | 318375 |
| 386000 | Brookfield Infrastructure Finance ULC, 6.75%, 3/15/55(b) | 395045 |
| 400000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(a) | 419107 |
| 460000 | CI Financial Corp., 7.50%, 5/30/29(a) | 489696 |
| 195000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34 | 196056 |
| 260000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54 | 253645 |
|  |  | 2071924 |
|  **Chile — 0.6%** | **Chile — 0.6%** |  |
| 480000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(a) | 517552 |
|  **Colombia — 0.5%** | **Colombia — 0.5%** |  |
| 206000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/30(a) | 191452 |
| 206000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/32(a) | 216390 |
|  |  | 407842 |
|  **France — 1.4%** | **France — 1.4%** |  |
| 250000 | BPCE SA, 6.29%, 1/14/36(a),(b) | 267659 |
| 350000 | Credit Agricole SA, 7.13%, (a),(b),(c) | 357126 |
| 280000 | Societe Generale SA, Series REGs, 5.38%, (b),(c),(d) | 263395 |
| 250000 | Societe Generale SA, 8.13%, (a),(b),(c) | 262098 |
|  |  | 1150278 |
|  **Germany — 0.9%** | **Germany — 0.9%** |  |
|  200,000(e) | Commerzbank AG, EMTN, 7.88%, (b),(c),(d) | 265048 |
|  200,000(e) | Deutsche Bank AG, 6.75%, (b),(c),(d) | 247116 |
| 200000 | Deutsche Bank AG, 8.13%, (b),(c),(d) | 211981 |
|  |  | 724145 |
|  **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| 191000 | Avolon Holdings Funding Ltd., 3.25%, 2/15/27(a) | 187873 |

---

#### 36

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  **Italy — 1.1%** |  |  |
| $400000 | Intesa Sanpaolo SpA, MTN, 5.71%, 1/15/26(a) | $400813 |
|  217,000(e) | Intesa Sanpaolo SpA, 7.00%, (b),(c),(d) | 276743 |
| 225000 | Snam SpA, 6.50%, 5/28/55(a) | 240506 |
|  |  | 918062 |
|  **Japan — 0.4%** | **Japan — 0.4%** |  |
| 385000 | Nissan Motor Co. Ltd., 4.81%, 9/17/30(a) | 362607 |
|  **Mexico — 0.3%** | **Mexico — 0.3%** |  |
| 200000 | CFE Fibra E, REIT, 5.88%, 9/23/40(a) | 201636 |
|  **Netherlands — 0.5%** | **Netherlands — 0.5%** |  |
| 413000 | ING Groep NV, 7.00%, (b),(c) | 425603 |
|  **Norway — 0.4%** | **Norway — 0.4%** |  |
| 308000 | Var Energi ASA, 6.50%, 5/22/35(a) | 327372 |
|  **Peru — 0.3%** | **Peru — 0.3%** |  |
| 200000 | Kallpa Generacion SA, 5.50%, 9/11/35(a) | 201362 |
|  **Spain — 0.5%** | **Spain — 0.5%** |  |
| 200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.57%, 3/14/28(f) | 201667 |
| 200000 | Repsol E&P Capital Markets US LLC, 5.98%, 9/16/35(a) | 203503 |
|  |  | 405170 |
|  **Switzerland — 1.0%** | **Switzerland — 1.0%** |  |
| 827000 | UBS Group AG, 7.00%, (a),(b),(c) | 843176 |
|  **United Kingdom — 2.0%** | **United Kingdom — 2.0%** |  |
| 470000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(b) | 503546 |
| 230000 | Harbour Energy Plc, 6.33%, 4/1/35(a) | 235881 |
| 570000 | Macquarie Airfinance Holdings Ltd., 5.20%, 3/27/28(a) | 579657 |
| 249000 | Phoenix Group Holdings Plc, 8.50%, (b),(c),(d) | 267153 |
|  |  | 1586237 |
|  **United States — 41.2%** | **United States — 41.2%** |  |
| 204000 | Aircastle Ltd., 2.85%, 1/26/28(a) | 196694 |
| 260000 | Ally Financial, Inc., Series B, 4.70%, (b),(c) | 253083 |
| 506000 | Ally Financial, Inc., Series C, 4.70%, (b),(c) | 465953 |
| 514000 | American National Group, Inc., 6.00%, 7/15/35 | 525099 |
| 395000 | American National Group, Inc., 7.00%, 12/1/55(b) | 407298 |
| 230000 | APA Corp., 6.10%, 2/15/35 | 235252 |
| 313000 | APA Corp., 6.75%, 2/15/55 | 315654 |
| 711000 | Aptiv Swiss Holdings Ltd., 4.15%, 5/1/52 | 537675 |

---

#### 37

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $226000 | Athene Holding Ltd., 6.63%, 5/19/55 | $242075 |
| 530000 | Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28(a) | 542241 |
|  100,000(e) | Avery Dennison Corp., 4.00%, 9/11/35 | 117577 |
| 416000 | Belrose Funding Trust II, 6.79%, 5/15/55(a) | 450625 |
| 320000 | BGC Group, Inc., 6.15%, 4/2/30(a) | 327839 |
| 370000 | BGC Group, Inc., 6.60%, 6/10/29 | 385299 |
| 199000 | BGC Group, Inc., 8.00%, 5/25/28 | 212541 |
| 400000 | Broadstone Net Lease LLC, REIT, 5.00%, 11/1/32 | 397531 |
| 600000 | BW Real Estate, Inc., 9.50%, (a),(b),(c) | 619184 |
| 230000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | 143179 |
| 331000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50 | 261709 |
| 453000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | 426541 |
| 240000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | 217143 |
| 92000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.70%, 12/1/55 | 92917 |
| 220000 | Citadel LP, 6.00%, 1/23/30(a) | 228671 |
|  460,000(e) | Citigroup, Inc., 4.11%, 4/29/36(b) | 556926 |
| 220000 | Citigroup, Inc., 5.17%, 9/11/36(b) | 222195 |
| 570000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(b) | 595421 |
| 170000 | CNO Financial Group, Inc., 6.45%, 6/15/34 | 180503 |
| 399000 | Continental Resources, Inc., 2.27%, 11/15/26(a) | 388857 |
| 361000 | Dentsply Sirona, Inc., 8.38%, 9/12/55(b) | 372405 |
| 878000 | Edison International, Series A, 5.38%, (b),(c) | 853792 |
| 410000 | Energy Transfer LP, 6.50%, 2/15/56(b) | 408775 |
| 332000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 7.58%, 11/1/66(f) | 331118 |
| 280000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 7.43%, 8/16/77(g) | 280647 |
| 222000 | Essent Group Ltd., 6.25%, 7/1/29 | 232565 |
| 263000 | Expand Energy Corp., 5.88%, 2/1/29(a) | 264061 |
| 405000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | 413301 |
| 346000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | 363397 |
| 227000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 7.30%, (c),(g) | 227025 |
| 230000 | First American Financial Corp., 5.45%, 9/30/34 | 230630 |
| 596000 | First Citizens BancShares, Inc., 5.60%, 9/5/35(b) | 594881 |
| 460000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(b) | 466284 |
| 219000 | Flex Intermediate Holdco LLC, 4.32%, 12/30/39(a) | 182281 |
| 400000 | FMC Corp., 8.45%, 11/1/55(b) | 422534 |
| 380000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 6.18%, 3/20/28(f) | 380219 |
| 300000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(a) | 311488 |
| 400000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(a) | 416914 |
| 530000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(a) | 570469 |
| 200000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | 216760 |

---

#### 38

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $410000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(c) | $406396 |
| 325000 | General Motors Financial Co., Inc., 6.15%, 7/15/35 | 339908 |
| 260000 | Global Atlantic Fin Co., 6.75%, 3/15/54(a) | 274205 |
|  189,000(e) | Global Payments, Inc., 4.88%, 3/17/31 | 233065 |
| 284000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | 287315 |
| 358000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.75%, 11/1/37 | 355690 |
| 559000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | 576478 |
| 249000 | Hawaiian Electric Co., Inc., 6.00%, 10/1/33(a) | 250961 |
| 248000 | HCA, Inc., 6.20%, 3/1/55 | 256052 |
| 281000 | Hess Midstream Operations LP, 5.88%, 3/1/28(a) | 286357 |
| 649000 | Hess Midstream Operations LP, 6.50%, 6/1/29(a) | 669561 |
| 275000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(b) | 286129 |
| 283000 | Intel Corp., 3.20%, 8/12/61 | 169293 |
| 207000 | Intel Corp., 5.60%, 2/21/54 | 198903 |
| 396000 | JH North America Holdings, Inc., 6.13%, 7/31/32(a) | 405759 |
| 219000 | KeyCorp, 6.40%, 3/6/35(b) | 237619 |
| 274000 | Kilroy Realty LP, REIT, 5.88%, 10/15/35 | 277343 |
|  420,000(e) | Liberty Mutual Group, Inc., 3.88%, 9/26/35(a) | 489644 |
| 247000 | Liberty Utilities Co., 5.87%, 1/31/34(a) | 255967 |
| 433000 | LPL Holdings, Inc., 5.75%, 6/15/35 | 444258 |
| 236000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(b) | 239279 |
| 565000 | National Health Investors, Inc., REIT, 5.35%, 2/1/33 | 560321 |
| 240000 | Nissan Motor Acceptance Co. LLC, MTN, (SOFR Index + 2.050%), 6.23%, 9/13/27(a),(f) | 239511 |
| 300000 | Northwest Natural Holding Co., 7.00%, 9/15/55(b) | 307606 |
| 207000 | Occidental Petroleum Corp., 6.45%, 9/15/36 | 219605 |
| 90000 | Oracle Corp., 5.95%, 9/26/55 | 89725 |
| 820000 | Oracle Corp., 6.10%, 9/26/65 | 819431 |
| 518000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | 558051 |
| 242000 | Paramount Global, 6.25%, 2/28/57(b) | 238334 |
| 336000 | Paramount Global, 6.38%, 3/30/62(b) | 334949 |
| 230000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | 224630 |
| 460000 | PG&E Corp., 7.38%, 3/15/55(b) | 473528 |
| 205000 | Pilgrim's Pride Corp., 3.50%, 3/1/32 | 187726 |
| 714000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.58%, (c),(g) | 714191 |
|  197,000(e) | Realty Income Corp., REIT, 3.88%, 6/20/35 | 232087 |
| 255000 | Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(a) | 259941 |
| 824000 | Symetra Life Insurance Co., 6.55%, 10/1/55(a) | 872750 |
| 240000 | Synchrony Financial, 5.02%, 7/29/29(b) | 241998 |
| 180000 | Utah Acquisition Sub, Inc., 5.25%, 6/15/46 | 149726 |
| 282000 | Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(a) | 297291 |
| 282000 | Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(a) | 299820 |
| 550000 | Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 438795 |
| 536000 | Webster Financial Corp., 5.78%, 9/11/35(b) | 536205 |
| 110000 | Whistler Pipeline LLC, 5.70%, 9/30/31(a) | 114329 |
| 225000 | Whistler Pipeline LLC, 5.95%, 9/30/34(a) | 231776 |
|  213,000(e) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | 245967 |

---

#### 39

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $250000 | Zions Bancorp NA, 4.70%, 8/18/28(b) | $250821 |
| 250000 | Zions Bancorp NA, 6.82%, 11/19/35(b) | 266384 |
|  |  | 33430908 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **45770362** |
|  (Cost $44,384,970) | (Cost $44,384,970) |  |
|  **Collateralized Mortgage Obligations — 12.7%** | **Collateralized Mortgage Obligations — 12.7%** |  |
|  **United States — 12.7%** | **United States — 12.7%** |  |
| 153460 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(a) | 154723 |
| 287000 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 6.06%, 7/25/44(a),(f) | 288151 |
| 125000 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (SOFR30A + 1.800%), 6.16%, 1/25/44(a),(f) | 126003 |
| 275000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 6.16%, 2/25/44(a),(f) | 277113 |
| 210000 | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2, (SOFR30A + 2.500%), 6.86%, 10/25/43(a),(f) | 214803 |
| 88000 | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, (SOFR30A + 3.100%), 7.46%, 3/25/42(a),(f) | 90390 |
| 385302 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(a) | 389361 |
| 321872 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | 327148 |
| 165000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.81%, 10/25/44(a),(f) | 165129 |
| 100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 6.06%, 5/25/44(a),(f) | 100461 |
| 183721 | Freddie Mac STACR REMIC Trust, Series 2023-HQA1, Class M1A, (SOFR30A + 2.000%), 6.36%, 5/25/43(a),(f) | 185196 |
| 68656 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 6.45%, 3/25/43(a),(f) | 69499 |
| 518592 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(a) | 518286 |
| 870561 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a) | 872776 |
| 732290 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) | 737807 |
| 250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 5.42%, 10/15/36(a),(f) | 248856 |
| 546369 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 5.49%, 8/25/55(a),(h) | 551741 |
| 136259 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(a),(h) | 129384 |
| 417593 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) | 421066 |
| 409514 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | 413284 |
| 308902 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(a) | 309564 |
| 255489 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(a) | 258297 |
| 257060 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 259136 |
| 820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 6.24%, 2/15/42(a),(f) | 816593 |
| 820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.79%, 2/15/42(a),(f) | 815785 |

---

#### 40

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $424442 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(a) | $426726 |
| 248047 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 248749 |
| 245018 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(a) | 246729 |
| 340185 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 344781 |
| 307521 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(a) | 310291 |
|  |  | 10317828 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **10317828** |
|  (Cost $10,291,525) | (Cost $10,291,525) |  |
|  **Asset Backed Securities — 9.2%** | **Asset Backed Securities — 9.2%** |  |
|  **Cayman Islands — 1.9%** | **Cayman Islands — 1.9%** |  |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 7.34%, 4/20/31(a),(f) | 494450 |
| 500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 7.44%, 4/22/31(a),(f) | 498250 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 7.32%, 7/15/31(a),(f) | 498950 |
|  |  | 1491650 |
|  **United States — 7.3%** | **United States — 7.3%** |  |
| 147935 | ACHV ABS Trust, Series 2024-3AL, Class C, 5.68%, 12/26/31(a) | 149007 |
| 112211 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(a) | 111596 |
| 175000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(a) | 175495 |
| 560000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(a) | 549749 |
| 175000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(a) | 176971 |
| 225000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(a) | 229170 |
| 500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(a) | 503944 |
| 300000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31(a) | 304389 |
| 339703 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | 341851 |
| 96948 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) | 91912 |
| 370266 | Pagaya AI Debt Grantor Trust, Series 2024-11, Class B, 5.64%, 7/15/32(a) | 373407 |
| 317186 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class D, 6.53%, 1/15/32(a) | 320030 |
| 275324 | SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31(a) | 275742 |
| 485000 | Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/50(a) | 481948 |

---

#### 41

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $330000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | $333848 |
| 800000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(a) | 823191 |
| 302393 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(a) | 303282 |
| 400000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(a) | 408022 |
|  |  | 5953554 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **7445204** |
|  (Cost $7,367,944) | (Cost $7,367,944) |  |
|  **Bank Loans — 7.5%** | **Bank Loans — 7.5%** |  |
|  **Netherlands — 1.3%** | **Netherlands — 1.3%** |  |
| 1106028 | Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 6.00%, 6/4/32(f) | 1103882 |
|  **United States — 6.2%** | **United States — 6.2%** |  |
| 496250 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 1.750%), 6.08%, 10/15/31(f) | 496870 |
| 411388 | Atkore International, Inc., TBA, 0.00%, 9/24/32(f) | 409331 |
| 678374 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.89%, 6/24/30(f) | 678489 |
| 550200 | Charter Communications Operating LLC, (Term SOFR 3M + 2.000%), 6.29%, 12/7/30(f) | 549397 |
| 562041 | Citadel Securities LP, (Term SOFR 1M + 2.000%), 6.16%, 10/31/31(f) | 562957 |
| 582075 | Hilcorp Energy I LP, (Term SOFR 1M + 2.000%), 6.15%, 2/11/30(f) | 582075 |
| 600000 | Hilton Worldwide Finance LLC, (Term SOFR 1M + 1.750%), 5.91%, 11/8/30(f) | 600384 |
| 631200 | Solstice Advanced Materials, Inc., 0.00%, 9/16/32(f) | 631598 |
| 497503 | Terex Corp., (Term SOFR 1M + 1.750%), 5.91%, 10/8/31(f) | 498001 |
|  |  | 5009102 |
|  **Total Bank Loans** | **Total Bank Loans** | **6112984** |
|  (Cost $6,097,457) | (Cost $6,097,457) |  |
|  **Foreign Government Bonds — 5.2%** | **Foreign Government Bonds — 5.2%** |  |
|  **Australia — 1.2%** | **Australia — 1.2%** |  |
|  1,405,000(i) | Australia Government Bond, Series 162, 1.75%, 6/21/51(d) | 493400 |
|  752,000(i) | Australia Government Bond, Series 169, 4.75%, 6/21/54(d) | 479480 |
|  |  | 972880 |
|  **Ecuador — 0.7%** | **Ecuador — 0.7%** |  |
| 530000 | Amazon Conservation DAC, 6.03%, 1/16/42(a) | 548371 |
|  **Japan — 3.3%** | **Japan — 3.3%** |  |
|  403,300,000(j) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1254547 |
|  12,250,000(j) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 | 62915 |

---

#### 42

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
|  97,100,000(j) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 | $534647 |
|  106,800,000(j) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | 615047 |
|  40,850,000(j) | Japan Government Thirty Year Bond, Series 87, 2.80%, 6/20/55 | 261670 |
|  |  | 2728826 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **4250077** |
|  (Cost $4,507,392) | (Cost $4,507,392) |  |
| **Shares** |  |  |
|  **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |  |
|  **United States — 0.7%** | **United States — 0.7%** |  |
| 22850 | AGNC Investment Corp., 8.75%, REIT, Series H(c) | 581532 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **581532** |
|  (Cost $571,250) | (Cost $571,250) |  |
|  **Investment Company — 3.9%** | **Investment Company — 3.9%** |  |
| 3197573 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (k) | 3197573 |
|  **Total Investment Company** | **Total Investment Company** | **3197573** |
|  (Cost $3,197,573) | (Cost $3,197,573) |  |
|  **Total Investments** | **Total Investments** | $**77675560** |
|  (Cost $76,418,111)(l) — 95.6% | (Cost $76,418,111)(l) — 95.6% |  |
|  **Other assets in excess of liabilities — 4.4%** | **Other assets in excess of liabilities — 4.4%** | **3572060** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**81247620** |

---

#### 43

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025
(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) 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.

(c) Perpetual security with no stated maturity date.

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

(e) Principal amount denoted in Euros.

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

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

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

(i) Principal amount denoted in Australian dollar.

(j) Principal amount denoted in Japanese Yen.

(k) Affiliated investment.

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

#### 44

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)** |
|  EUR | 2066757 | GBP | 1794958 | Citibank N.A. | 10/16/25 | $14653 |
|  EUR | 1370000 | USD | 1606682 | Citibank N.A. | 10/16/25 | 3381 |
|  NOK | 140420 | EUR | 11829 | Citibank N.A. | 10/16/25 | 171 |
|  NOK | 12523465 | EUR | 1054254 | Citibank N.A. | 10/16/25 | 16059 |
|  NOK | 3488603 | EUR | 293918 | Citibank N.A. | 10/16/25 | 4193 |
|  USD | 1096815 | EUR | 929203 | Citibank N.A. | 10/16/25 | 4789 |
|  USD | 1116202 | EUR | 945450 | Citibank N.A. | 10/16/25 | 5083 |
|  USD | 1019158 | GBP | 741659 | Citibank N.A. | 10/16/25 | 21609 |
|  USD | 2809260 | JPY | 401310566 | Citibank N.A. | 10/16/25 | 90730 |
|  USD | 258142 | JPY | 37893685 | Citibank N.A. | 10/16/25 | 1445 |
|  |  |  |  |  |  | $162113 |
|  JPY | 59001800 | USD | 400000 | Citibank N.A. | 10/16/25 | $(314) |
|  USD | 952183 | AUD | 1444913 | Citibank N.A. | 10/16/25 | (4143) |
|  USD | 58739 | AUD | 89127 | Citibank N.A. | 10/16/25 | (251) |
|  USD | 411172 | EUR | 350000 | Citibank N.A. | 10/16/25 | (158) |
|  |  |  |  |  |  | $(4866) |
|  **Total** |  |  |  |  |  | $157247 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | **Number of<br>Contracts** | **Expiration**<br>**Date** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 20 | December 2025 | $15239 | EUR | $3018952 | Morgan Stanley & Co. LLC |
|  10 Year U.S. Treasury Note | 59 | December 2025 | (34631) | USD | 6637500 | Morgan Stanley & Co. LLC |
|  2 Year U.S. Treasury Note | 160 | December 2025 | (25438) | USD | 33343750 | Morgan Stanley & Co. LLC |
|  30 Year Euro-Buxl | 1 | December 2025 | 3063 | EUR | 134405 | Morgan Stanley & Co. LLC |
|  5 Year U.S. Treasury Note | 20 | December 2025 | (6125) | USD | 2183906 | Morgan Stanley & Co. LLC |
|  EURO-SCHATZ FUT | 5 | December 2025 | (666) | EUR | 627999 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $(48558) |  |  |  |

---

#### 45

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Value/Unrealized<br>Appreciation<br>(Depreciation)** | **Notional**<br> **Value** | **Notional**<br> **Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 137 | December 2025 | $26338 | USD | $15765704 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Treasury Bond | 63 | December 2025 | 20488 | USD | 7345406 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 69 | December 2025 | (20273) | USD | 8284313 | Morgan Stanley & Co. LLC |
|  5 Year U.S. Treasury Note | 110 | December 2025 | 85867 | USD | 12011484 | Morgan Stanley & Co. LLC |
|  EURO-OAT FUTURE | 38 | December 2025 | (49789) | EUR | 5413897 | Morgan Stanley & Co. LLC |
|  JPN 10Y BOND(OSE) | 8 | December 2025 | 53394 | JPY | 7345708 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $116025 |  |  |  |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **Float**<br>**Rate** | **Pay**<br>**Receive** | **Pay**<br>**Freq** | **Counter-**<br> **party** | **Exp.**<br>**Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 1.21% | JPY-JPMLDN | Pay | Yearly | Morgan Stanley & Co. LLC | 5/29/35 | JPY | 267000 | $0 | $38669 | $38669 |
| 3.74% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 5/27/27 | USD | 10000 | $0 | $24450 | $24450 |
| 3.77% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 5/22/27 | USD | 9955 | $0 | $28044 | $28044 |
| 3.74% | USD-BCAPLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 5/22/27 | USD | 9895 | $0 | $23035 | $23035 |
|  |  |  |  |  |  |  |  | $0 | $114198 | $114198 |
| 3.73% | GBP-BNPLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/18/27 | GBP | 16000 | $0 | $(14877) | $(14877) |
| 3.38% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 3342 | $0 | $(1852) | $(1852) |

---

#### 46

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **Float**<br>**Rate** | **Pay**<br>**Receive** | **Pay**<br>**Freq** | **Counter-**<br> **party** | **Exp.**<br>**Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 2388 | $0 | $(1001) | $(1001) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 2388 | $0 | $(955) | $(955) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 2388 | $0 | $(1139) | $(1139) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 631 | $0 | $(264) | $(264) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 631 | $0 | $(252) | $(252) |
| 3.39% | USD-GSLDN | Receive | Yearly | Morgan Stanley & Co. LLC | 9/17/27 | USD | 631 | $0 | $(301) | $(301) |
|  |  |  |  |  |  |  |  | $0 | $(20641) | $(20641) |
| **Total** |  |  |  |  |  |  |  | $0 | $93557 | $93557 |

---

#### 47

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### September 30, 2025

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **Issuer** | **Payment**<br>**Frequency** | **Counter-**<br>**party** | **Expiration**<br>**Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium<br>Paid/**<br>**(Received)** | **Unrealized**<br>**Depreciation** | **Value** |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 24800 | $(564641) | $(6715) | $(571356) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 9920 | (226935) | (1608) | (228543) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 14880 | (339072) | (3742) | (342814) |
| **Total** |  |  |  |  |  |  | $(1130648) | $(12065) | $(1142713) |

---

Abbreviations used are defined below:

AUD - Australian Dollar

EMTN - Euro Medium Term Note

EUR - Euro

GBP - United Kingdom Pound Sterling

JPY - Japanese Yen

MTN - Medium Term Note

NOK - Norwegian Krone

OAT - Obligations Assimilables du Trésor

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

TBA - To-be-announced

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 48

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  **Assets:** |  |  |  |  |
|  Investments in securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $117,257,844, $846,621,395, $74,392,570 and $73,220,538, respectively) | $123939335 | $866407562 | $75264516 | $74477987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,324,940, $32,929,624, $6,698,566 and $3,197,573, respectively) | 3324940 | 32929624 | 6698566 | 3197573 |
|  Cash | 50767 | 50500 | 82106 | 88592 |
|  Cash at broker for financial futures contracts | 269985 |  | 427898 | 980478 |
|  Segregated cash for swap contracts | 1262398 |  | 1326755 | 2749757 |
|  Cash at broker for forward foreign currency exchange contracts | 999877 |  | 290000 | 330000 |
|  Foreign currency, at value (cost $61,241, $56,841, $76,619 and $861,987, respectively) | 61190 | 60545 | 76866 | 863854 |
|  Interest and dividend receivable | 1876205 | 12975950 | 594994 | 683748 |
|  Receivable from advisor | 113 | 158889 | 3316 | 10160 |
|  Receivable for capital shares issued |  | 2983229 | 374222 | 72859 |
|  Receivable for investments sold | 3202550 |  |  | 374249 |
|  Receivable for investments sold on a delayed delivery basis |  |  | 12245719 | 13564606 |
|  Credit default swaps at value (premiums paid $536,986, $0, $0 and $0, respectively) | 424747 |  |  |  |
|  Unrealized appreciation on futures contracts | 165 |  | 97659 | 204389 |
|  Unrealized appreciation on interest rate swaps contracts |  |  | 83187 | 114198 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 92955 |  | 140141 | 162113 |
|  Prepaid expenses and other assets | 58748 | 63499 | 68704 | 68657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 135563975 | 915629798 | 97774649 | 97943220 |
|  **Liabilities:** |  |  |  |  |
|  Cash due to broker for swap contracts |  | 4784 |  |  |
|  Payable for capital shares redeemed |  | 355240 |  | 45191 |

---

#### 49

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  Payable for investments purchased | $2033476 | $1953437 | $65579 | $928344 |
|  Payable for investments purchased on a delayed delivery basis | 1280000 | 12038250 | 23284697 | 14235727 |
|  Credit default swaps at value (premiums received $1,148,406, $0, $521,466 and $1,130,648, respectively) | 1199393 |  | 527030 | 1142713 |
|  Unrealized depreciation on interest rate swaps contracts |  |  | 18131 | 20641 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 100658 |  | 12968 | 4866 |
|  Unrealized depreciation on futures contracts | 46728 |  | 106092 | 136922 |
|  Accrued expenses and other payables: |  |  |  |  |
|  Investment advisory fees | 67012 | 389702 | 19928 | 33924 |
|  Accounting fees | 20304 | 35777 | 20812 | 21096 |
|  Audit fees | 53158 | 53158 | 53158 | 53158 |
|  Professional fees | 5075 | 5075 | 5075 | 5075 |
|  Trustees' fees | 193 | 1287 | 68 | 119 |
|  Distribution fees |  | 1549 | 25966 | 32805 |
|  Custodian fees | 5804 | 9308 | 7430 | 7391 |
|  Shareholder reports | 15875 | 46479 | 12072 | 11742 |
|  Transfer agent fees | 7865 | 144007 | 2153 | 4030 |
|  Other | 12221 | 20885 | 11202 | 11856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 4847762 | 15058938 | 24172361 | 16695600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $130716213 | $900570860 | $73602288 | $81247620 |
|  **Net Assets Consists of:** |  |  |  |  |
|  Capital | $130901518 | $891666417 | $76695410 | $78711951 |
|  Accumulated earnings | (185305) | 8904443 | (3093122) | 2535669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $130716213 | $900570860 | $73602288 | $81247620 |

---

#### 50

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  **Net Assets** |  |  |  |  |
|  Class A | $8402 | $5985376 | $5701177 | $7080738 |
|  Class I | 62081224 | 894585484 | 57101181 | 61405107 |
|  Class R6 | 68626587 | N/A | 10799930 | 12761775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $130716213 | $900570860 | $73602288 | $81247620 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |  |  |
|  Class A | 974 | 599925 | 618524 | 686806 |
|  Class I | 7033686 | 88593925 | 6189478 | 5951832 |
|  Class R6 | 7718733 | N/A | 1170813 | 1237063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 14753393 | 89193850 | 7978815 | 7875701 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |  |  |
|  Class A | $8.63 | $9.98 | $9.22 | $10.31 |
|  Class I | $8.83 | $10.10 | $9.23 | $10.32 |
|  Class R6 | $8.89 | $N/A | $9.22 | $10.32 |
|  **Maximum Offering Price Per Share:** |  |  |  |  |
|  Class A | $9.01 | $10.42 | $9.58 | $10.71 |
|  Maximum Sales Charge - Class A | 4.25% | 4.25% | 3.75% | 3.75% |

---

#### See Notes to the Financial Statements.

#### 51

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $8730762 | $59870231 | $3326932 | $3953298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 132599 | 1144957 | 143923 | 207209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (217) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 8863144 | 61015188 | 3470855 | 4160507 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 784525 | 4533908 | 216595 | 398486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 19 | 16436 | 14213 | 16226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 77040 | 116111 | 75429 | 76817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 54108 | 54108 | 54108 | 54108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 77761 | 93248 | 84512 | 84816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3397 | 4813 | 3397 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5610 | 29279 | 1500 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 27715 | 29086 | 19760 | 20879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 45882 | 115232 | 36013 | 35976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 3565 | 14156 | 3550 | 6176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 30439 | 1145380 | 14549 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3571 |  | 3541 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 6635 | 45892 | 3444 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 4276 | 4276 | 4276 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 7054 | 16918 | 6114 | 6169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 1131597 | 6218843 | 541001 | 735856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (218416) | (1549437) | (259000) | (260006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 913181 | 4669406 | 282001 | 475850 |
|  **Net Investment Income** | 7949963 | 56345782 | 3188854 | 3684657 |
|  **Realized/Unrealized** |  |  |  |  |
|  **Gains/(Losses):** |  |  |  |  |
|  Net realized gains/(losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 2288754 | 4418218 | 316145 | 1111550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 33698 | 13 | 32601 | 122784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | (602244) |  | (216797) | (318944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (138847) |  | 27795 | 34425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 145875 |  | (642587) | 439832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (590801) | (525530) | (133325) | (995822) |
|  Net realized gains/(losses) | 1136435 | 3892701 | (616168) | 393825 |
|  Net change in unrealized appreciation/ (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2061727 | 1020083 | (30781) | 78955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 8279 | 3613 | 37838 | 56181 |

---

#### 52

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | $48353 | $— | $207090 | $209985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (35761) |  | 117726 | (41456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 19501 |  | 124737 | 174741 |
|  Net unrealized gains | 2102099 | 1023696 | 456610 | 478406 |
|  Change in net assets resulting from operations | $11188497 | $61262179 | $3029296 | $4556888 |

---

#### See Notes to the Financial Statements.

#### 53

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** |
|  | **For the**<br>**Year Ended<br>September 30, 2025** | **For the**<br>**Year Ended<br>September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7949963 | $5268025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments, foreign currency, written options, futures contracts and swap contracts transactions | 1136435 | 419942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments, foreign currency, futures contracts and swap contracts | 2102099 | 7849572 |
|  Change in net assets resulting from operations | 11188497 | 13537539 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (454) | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (3199138) | (3026804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3964612) | (1728478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (7164204) | (4756322) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 20948133 | 82014060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 7053572 | 4622595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (17071245) | (18593783) |
|  Change in net assets resulting from capital transactions | 10930460 | 68042872 |
|  Net increase in net assets | 14954753 | 76824089 |
|  **Net Assets:** |  |  |
|  Beginning of year | 115761460 | 38937371 |
|  End of year | $130716213 | $115761460 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 2480833 | 10109196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 834780 | 570858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2002049) | (2307390) |
|  Change in shares resulting from capital transactions | 1313564 | 8372664 |

---

#### See Notes to the Financial Statements.

#### 54

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $56345782 | $42646630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments, foreign currency, futures contracts and swap contracts transactions | 3892701 | 2357982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments, foreign currency, futures contracts and swap contracts | 1023696 | 36855913 |
|  Change in net assets resulting from operations | 61262179 | 81860525 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (430619) | (362095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (54010446) | (41647229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (54441065) | (42009324) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 335252000 | 361077219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 48142804 | 35960020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (218863135) | (164026133) |
|  Change in net assets resulting from capital transactions | 164531669 | 233011106 |
|  Net increase in net assets | 171352783 | 272862307 |
|  **Net Assets:** |  |  |
|  Beginning of year | 729218077 | 456355770 |
|  End of year | $900570860 | $729218077 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 33887217 | 37308354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 4877089 | 3725690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (22291635) | (16958923) |
|  Change in shares resulting from capital transactions | 16472671 | 24075121 |

---

#### See Notes to the Financial Statements.

#### 55

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended<br>September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3188854 | $2634470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments, foreign currency, written options, futures contracts and swap contracts transactions | (616168) | 1559763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments, foreign currency, futures contracts and swap contracts | 456610 | 3294887 |
|  Change in net assets resulting from operations | 3029296 | 7489120 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (268737) | (229699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2271056) | (1719221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (517565) | (483858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (3057358) | (2432778) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 19134368 | 9380775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 3042003 | 2432778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9170203) | (23382) |
|  Change in net assets resulting from capital transactions | 13006168 | 11790171 |
|  Net increase in net assets | 12978106 | 16846513 |
|  **Net Assets:** |  |  |
|  Beginning of year | 60624182 | 43777669 |
|  End of year | $73602288 | $60624182 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 2123545 | 1046496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 338669 | 285595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1037483) | (2599) |
|  Change in shares resulting from capital transactions | 1424731 | 1329492 |

---

#### See Notes to the Financial Statements.

#### 56

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended<br>September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3684657 | $2987388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments, foreign currency, written options, futures contracts and swap contracts transactions | 393825 | 116869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments, foreign currency, futures contracts and swap contracts | 478406 | 2965027 |
|  Change in net assets resulting from operations | 4556888 | 6069284 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (310499) | (413586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2692862) | (3101514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (632958) | (855347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (3636319) | (4370447) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 33534876 | 4298609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 3627440 | 4370447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (17448083) | (2678201) |
|  Change in net assets resulting from capital transactions | 19714233 | 5990855 |
|  Net increase in net assets | 20634802 | 7689692 |
|  **Net Assets:** |  |  |
|  Beginning of year | 60612818 | 52923126 |
|  End of year | $81247620 | $60612818 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3312760 | 435561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 358484 | 449167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1729720) | (269728) |
|  Change in shares resulting from capital transactions | 1941524 | 615000 |

---

#### See Notes to the Financial Statements.

#### 57

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Emerging Market Debt 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 Year** | **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 Year** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.39 | 0.52 | 0.20 | 0.72 | (0.45) | (0.03) | (0.48) | $8.63 |
|  Year Ended 9/30/24 | 7.53 | 0.54 | 0.87 | 1.41 | (0.55) |  | (0.55) | 8.39 |
|  Year Ended 9/30/23 | 7.03 | 0.54 | 0.45 | 0.99 | (0.49) |  | (0.49) | 7.53 |
|  Year Ended 9/30/22 | 9.77 | 0.48 | (2.70) | (2.22) | (0.52) |  | (0.52) | 7.03 |
|  Year Ended 9/30/21 | 9.78 | 0.45 | 0.04(b) | 0.49 | (0.50) |  | (0.50) | 9.77 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.58 | 0.55 | 0.21 | 0.76 | (0.48) | (0.03) | (0.51) | $8.83 |
|  Year Ended 9/30/24 | 7.68 | 0.58 | 0.89 | 1.47 | (0.57) |  | (0.57) | 8.58 |
|  Year Ended 9/30/23 | 7.17 | 0.57 | 0.45 | 1.02 | (0.51) |  | (0.51) | 7.68 |
|  Year Ended 9/30/22 | 9.89 | 0.50 | (2.73) | (2.23) | (0.49) |  | (0.49) | 7.17 |
|  Year Ended 9/30/21 | 9.90 | 0.48 | 0.03(b) | 0.51 | (0.52) |  | (0.52) | 9.89 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $8.64 | 0.56 | 0.20 | 0.76 | (0.48) | (0.03) | (0.51) | $8.89 |
|  Year Ended 9/30/24 | 7.72 | 0.58 | 0.91 | 1.49 | (0.57) |  | (0.57) | 8.64 |
|  Year Ended 9/30/23 | 7.20 | 0.58 | 0.45 | 1.03 | (0.51) |  | (0.51) | 7.72 |
|  Year Ended 9/30/22 | 9.94 | 0.51 | (2.76) | (2.25) | (0.49) |  | (0.49) | 7.20 |
|  Year Ended 9/30/21 | 9.94 | 0.49 | 0.04(b) | 0.53 | (0.53) |  | (0.53) | 9.94 |

---

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

(b) Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.

#### 58

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Emerging Market Debt 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>**Year (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** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 9.09% | $8 | 1.04% | 6.32% | 46.82% | 90% |
|  Year Ended 9/30/24 | 19.47% | 8 | 1.04% | 6.83% | 24.70% | 70% |
|  Year Ended 9/30/23 | 14.12% | 17 | 1.04% | 7.09% | 15.47% | 85% |
|  Year Ended 9/30/22 | (23.47)% | 25 | 1.04% | 5.67% | 17.51% | 98% |
|  Year Ended 9/30/21 | 5.06% | 15 | 1.04% | 4.52% | 43.25% | 181% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 9.30% | $62081 | 0.78% | 6.56% | 0.96% | 90% |
|  Year Ended 9/30/24 | 19.92% | 49259 | 0.79% | 7.09% | 1.18% | 70% |
|  Year Ended 9/30/23 | 14.42% | 38909 | 0.79% | 7.38% | 1.55% | 85% |
|  Year Ended 9/30/22 | (23.27)% | 30173 | 0.79% | 5.82% | 1.65% | 98% |
|  Year Ended 9/30/21 | 5.28% | 28667 | 0.79% | 4.76% | 1.72% | 181% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 9.28% | $68627 | 0.73% | 6.61% | 0.91% | 90% |
|  Year Ended 9/30/24 | 20.10% | 66495 | 0.74% | 7.04% | 1.09% | 70% |
|  Year Ended 9/30/23 | 14.54% | 11 | 0.74% | 7.43% | 32.92% | 85% |
|  Year Ended 9/30/22 | (23.27)% | 10 | 0.74% | 5.77% | 31.35% | 98% |
|  Year Ended 9/30/21 | 5.35% | 13 | 0.74% | 4.82% | 28.96% | 181% |

---

\* 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 year ended September 30, 2025, for Class I and Class R6, where the impact was 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.

#### See Notes to the Financial Statements.

#### 59

------

FINANCIAL HIGHLIGHTS

RBC BlueBay High Yield Bond 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 Year** | **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 Year** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $9.92 | 0.64 | 0.06 |  | 0.70 | (0.64) |  | (0.64) | $9.98 |
|  Year Ended 9/30/24 | 9.28 | 0.65 | 0.66 |  | 1.31 | (0.67) |  | (0.67) | 9.92 |
|  Year Ended 9/30/23 | 8.98 | 0.57 | 0.31 |  | 0.88 | (0.58) |  | (0.58) | 9.28 |
|  Year Ended 9/30/22 | 10.89 | 0.47 | (1.94) |  | (1.47) | (0.44) |  | (0.44) | 8.98 |
|  Year Ended 9/30/21 | 10.56 | 0.47 | 0.52 | —(b) | 0.99 | (0.52) | (0.14) | (0.66) | 10.89 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $10.03 | 0.68 | 0.05 |  | 0.73 | (0.66) |  | (0.66) | $10.10 |
|  Year Ended 9/30/24 | 9.38 | 0.68 | 0.66 |  | 1.34 | (0.69) |  | (0.69) | 10.03 |
|  Year Ended 9/30/23 | 9.07 | 0.61 | 0.30 |  | 0.91 | (0.60) |  | (0.60) | 9.38 |
|  Year Ended 9/30/22 | 10.98 | 0.48 | (1.95) |  | (1.47) | (0.44) |  | (0.44) | 9.07 |
|  Year Ended 9/30/21 | 10.64 | 0.50 | 0.53 | —(b) | 1.03 | (0.55) | (0.14) | (0.69) | 10.98 |

---

(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.

#### 60

------

FINANCIAL HIGHLIGHTS

RBC BlueBay High Yield Bond 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>**Year (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** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 7.35% | $5985 | 0.81% | 6.58% | 1.08% | 107% |
|  Year Ended 9/30/24 | 14.60% | 7181 | 0.82% | 6.79% | 0.97% | 111% |
|  Year Ended 9/30/23 | 10.06% | 3580 | 0.81% | 6.18% | 1.14% | 72% |
|  Year Ended 9/30/22 | (12.74)% | 2983 | 0.82% | 4.45% | 1.16% | 75% |
|  Year Ended 9/30/21 | 9.60% | 3727 | 0.82% | 4.32% | 1.18% | 100% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 7.64% | $894585 | 0.56% | 6.84% | 0.75% | 107% |
|  Year Ended 9/30/24 | 14.82% | 722037 | 0.57% | 7.05% | 0.77% | 111% |
|  Year Ended 9/30/23 | 10.34% | 452775 | 0.56% | 6.46% | 0.81% | 72% |
|  Year Ended 9/30/22 | (12.57)% | 277697 | 0.57% | 4.76% | 0.82% | 75% |
|  Year Ended 9/30/21 | 9.89% | 244644 | 0.57% | 4.57% | 0.87% | 100% |

---

\* 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 September 30, 2023 and September 30, 2025, when the Fund's net expense ratio 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.

#### See Notes to the Financial Statements.

#### 61

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond 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 Year** | **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 Year** |
|  **Class A** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 | 0.44 | (0.03) | 0.41 | (0.43) | (0.43) | $9.22 |
|  Year Ended 9/30/24 | 8.37 | 0.45 | 0.85 | 1.30 | (0.43) | (0.43) | 9.24 |
|  Year Ended 9/30/23 | 8.24 | 0.38 | (0.05) | 0.33 | (0.20) | (0.20) | 8.37 |
|  Period Ended 9/30/22(b) | 10.00 | 0.18 | (1.79) | (1.61) | (0.15) | (0.15) | 8.24 |
|  **Class I** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 | 0.46 | (0.03) | 0.43 | (0.45) | (0.45) | $9.23 |
|  Year Ended 9/30/24 | 8.38 | 0.47 | 0.85 | 1.32 | (0.45) | (0.45) | 9.25 |
|  Year Ended 9/30/23 | 8.24 | 0.40 | (0.04) | 0.36 | (0.22) | (0.22) | 8.38 |
|  Period Ended 9/30/22(b) | 10.00 | 0.20 | (1.79) | (1.59) | (0.17) | (0.17) | 8.24 |
|  **Class R6** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 | 0.47 | (0.04) | 0.43 | (0.46) | (0.46) | $9.22 |
|  Year Ended 9/30/24 | 8.38 | 0.47 | 0.85 | 1.32 | (0.45) | (0.45) | 9.25 |
|  Year Ended 9/30/23 | 8.24 | 0.40 | (0.04) | 0.36 | (0.22) | (0.22) | 8.38 |
|  Period Ended 9/30/22(b) | 10.00 | 0.20 | (1.79) | (1.59) | (0.17) | (0.17) | 8.24 |

---

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

(b) For the period from November 1, 2021 (commencement of operations) through September 30, 2022.

#### 62

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond 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>Year (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** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.65% | $5701 | 0.69% | 4.91% | 1.14% | 842% |
|  Year Ended 9/30/24 | 16.03% | 5637 | 0.69% | 5.11% | 1.38% | 910% |
|  Year Ended 9/30/23 | 4.11% | 4358 | 0.70% | 4.46% | 1.34% | 750% |
|  Period Ended 9/30/22(c) | (16.32)%(d) | 4188 | 0.70%(e) | 2.09%(e) | 1.51%(e) | 254% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.90% | $57101 | 0.44% | 5.17% | 0.85% | 842% |
|  Year Ended 9/30/24 | 16.31% | 44728 | 0.44% | 5.36% | 1.07% | 910% |
|  Year Ended 9/30/23 | 4.34% | 30653 | 0.45% | 4.71% | 1.02% | 750% |
|  Period Ended 9/30/22(c) | (16.06)%(d) | 29381 | 0.45%(e) | 2.34%(e) | 1.15%(e) | 254% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.85% | $10800 | 0.39% | 5.21% | 0.86% | 842% |
|  Year Ended 9/30/24 | 16.37% | 10259 | 0.39% | 5.41% | 1.09% | 910% |
|  Year Ended 9/30/23 | 4.39% | 8766 | 0.40% | 4.76% | 1.05% | 750% |
|  Period Ended 9/30/22(c) | (16.03)%(d) | 8399 | 0.40%(e) | 2.39%(e) | 1.19%(e) | 254% |

---

\* 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 September 30, 2024 and September 30, 2025, when the Fund's net expense ratio 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. Portfolio turnover rate includes to-be-announced ("TBA") transactions.

(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) For the period from November 1, 2021 (commencement of operations) through September 30, 2022.

(d) Not annualized.

#### 63

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond Fund

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

(e) Annualized.

#### See Notes to the Financial Statements.

#### 64

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Strategic 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 Year** | **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 Year** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $10.21 | 0.47 | 0.13 | 0.60 | (0.47) | (0.03) | (0.50) | $10.31 |
|  Year Ended 9/30/24 | 9.95 | 0.49 | 0.52 | 1.01 | (0.47) | (0.28) | (0.75) | 10.21 |
|  Year Ended 9/30/23 | 9.60 | 0.41 | 0.36 | 0.77 | (0.23) | (0.19) | (0.42) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.17 | (0.44) | (0.27) | (0.13) |  | (0.13) | 9.60 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $10.21 | 0.50 | 0.13 | 0.63 | (0.49) | (0.03) | (0.52) | $10.32 |
|  Year Ended 9/30/24 | 9.95 | 0.52 | 0.51 | 1.03 | (0.49) | (0.28) | (0.77) | 10.21 |
|  Year Ended 9/30/23 | 9.61 | 0.43 | 0.36 | 0.79 | (0.26) | (0.19) | (0.45) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.19 | (0.43) | (0.24) | (0.15) |  | (0.15) | 9.61 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $10.21 | 0.50 | 0.14 | 0.64 | (0.50) | (0.03) | (0.53) | $10.32 |
|  Year Ended 9/30/24 | 9.95 | 0.52 | 0.52 | 1.04 | (0.50) | (0.28) | (0.78) | 10.21 |
|  Year Ended 9/30/23 | 9.61 | 0.44 | 0.35 | 0.79 | (0.26) | (0.19) | (0.45) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.19 | (0.42) | (0.23) | (0.16) |  | (0.16) | 9.61 |

---

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

(b) For the period from November 1, 2021 (commencement of operations) through September 30, 2022.

#### 65

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Strategic 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>Year (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** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 6.09% | $7081 | 0.87% | 4.67% | 1.27% | 806% |
|  Year Ended 9/30/24 | 10.77% | 5924 | 0.87% | 4.96% | 1.46% | 890% |
|  Year Ended 9/30/23 | 8.33% | 5269 | 0.88% | 4.24% | 1.42% | 712% |
|  Period Ended 9/30/22(c) | (2.70)%(d) | 4867 | 0.88%(e) | 1.85%(e) | 1.62%(e) | 159% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 6.45% | $61405 | 0.62% | 4.91% | 0.95% | 806% |
|  Year Ended 9/30/24 | 11.02% | 42857 | 0.62% | 5.21% | 1.16% | 890% |
|  Year Ended 9/30/23 | 8.48% | 37057 | 0.63% | 4.49% | 1.11% | 712% |
|  Period Ended 9/30/22(c) | (2.50)%(d) | 34146 | 0.63%(e) | 2.10%(e) | 1.28%(e) | 159% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | 6.51% | $12762 | 0.57% | 4.97% | 0.95% | 806% |
|  Year Ended 9/30/24 | 11.08% | 11832 | 0.57% | 5.26% | 1.18% | 890% |
|  Year Ended 9/30/23 | 8.54% | 10598 | 0.58% | 4.54% | 1.13% | 712% |
|  Period Ended 9/30/22(c) | (2.46)%(d) | 9760 | 0.58%(e) | 2.15%(e) | 1.32%(e) | 159% |

---

\* 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 September 30, 2024 and September 30, 2025, when the Fund's net expense ratio 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) For the period from November 1, 2021 (commencement of operations) through September 30, 2022.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 66

------

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

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 four investment portfolios (each a "Fund" and collectively, the "Funds"):

- RBC BlueBay Emerging Market Debt Fund ("Emerging Market Debt Fund")

- RBC BlueBay High Yield Bond Fund ("High Yield Bond Fund")

- RBC BlueBay Core Plus Bond Fund ("Core Plus Bond Fund")

- RBC BlueBay Strategic Income Fund ("Strategic Income Fund")

Class A and Class I shares are offered by each Fund; Class R6 shares are offered by Emerging Market Debt Fund, Core Plus Bond Fund and the Strategic Income Fund. Class A shares are offered with a maximum front-end sales charge of 4.25% for Emerging Market Debt Fund and High Yield Bond Fund and 3.75% for Core Plus Bond Fund and Strategic Income Fund 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 shares 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") acts as a sub-advisor for Emerging Market Debt Fund and High Yield Bond Fund. 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.

#### 67

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NOTES TO 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.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. The Funds may participate in "rolling transactions" in which a Fund does not take delivery of the TBA securities, and this may result in a higher portfolio turnover rate.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

#### 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 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.

Bank loans are valued based on evaluated prices received from third-party pricing services or fair valued using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Bank Loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable which would then be as Level 3.

Exchange-traded options, futures and options on futures are valued at the last sale price at the close of the market on the principal exchange on which they are traded. In the absence of any transactions on that day, the closing bid price shall be used for purchased options, futures and options on futures, and the closing ask price shall be used for written options. Such instruments are categorized as Level 1 of the fair value hierarchy. Options contracts traded in the over-the-counter ("OTC") market shall be valued at the evaluated price provided by an independent pricing service or broker-dealer using a mathematical model which incorporates a number of market data factors, such as trades and prices of the underlying instruments. These contracts are categorized as Level 2 of the fair value hierarchy. Forward foreign currency exchange contracts are marked to market daily based upon foreign currency exchange rates provided by an independent pricing service as of the close of the NYSE, generally 4:00 p.m. EST, and are generally classified as Level 2 within the fair value hierarchy.

#### 68

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NOTES TO FINANCIAL STATEMENTS

Swaps, including credit-default swaps, interest rate swaps and total return swaps, are generally valued by an independent pricing service using a discounted cash flow methodology. This technique is used to value both the fixed and variable components of the swap contracts and takes into account market data and inputs sourced from various institutions and market-makers and includes daily intra-day and closing spreads, credit index quotes, yield curves, and recovery rate assumptions. The Fund's net benefit or obligation under the derivative contract, as measured by the fair market value of the contract, is included in the Fund's net assets. These swap contracts are categorized as Level 2 in the fair valuation hierarchy.

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.

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, Co-Administrator and Sub-Advisor, 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 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.

#### 69

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NOTES TO FINANCIAL STATEMENTS

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. There were no material level 3 transfers as these funds hold level 3 securities. 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.

#### 70

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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 Market Debt Fund** |  |  |  |  |
| **<u>Assets:</u>**  | | |  | |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | $96039680 | $— | $96039680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 27687142 |  | 27687142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 3324940 |  |  | 3324940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 212513 |  | 212513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Put Option Purchased |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 92955 |  | 92955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 165 |  |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | 424747 |  | 424747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $3325105 | $124457037 | $— | $127782142 |
| **<u>Liabilities:</u>**  |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(46728) | $— | $— | $(46728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | (100658) |  | (100658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (1199393) |  | (1199393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(46728) | $(1300051) | $— | $(1346779) |

---

#### 71

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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** | **Total** |
|  **High Yield Bond Fund** |  |  |  |  |
| **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $6132552 | $17457 | $6150009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 45934384 |  | 45934384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 5109212 |  | 5109212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 9910295 |  | 9910295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 6632507 |  | 6632507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2843979 |  | 2843979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 4420710 |  | 4420710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 22282685 |  | 22282685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 7453453 |  | 7453453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 6398902 |  | 6398902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 7083997 |  | 7083997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 6847644 |  | 6847644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 45653290 |  | 45653290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 689677440 |  | 689677440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 32929624 |  |  | 32929624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 9055 |  | 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $32929624 | $866390105 | $17457 | $899337186 |

---

#### 72

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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** | **Total** |
|  **Core Plus Bond Fund** |  |  |  |  |
| **<u>Assets:</u>**  | | |  | |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $37413744 | $— | $37413744 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 15270856 |  | 15270856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 8390858 |  | 8390858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 6698566 |  |  | 6698566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 5358098 |  | 5358098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 5078763 |  | 5078763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 3315730 |  | 3315730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 436467 |  |  | 436467 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 140141 |  | 140141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 97659 |  |  | 97659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 83187 |  | 83187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $7232692 | $75051377 | $— | $82284069 |
| Liabilities: |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts | $— | $(12968) | $— | $(12968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (106092) |  |  | (106092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (527030) |  | (527030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | (18131) |  | (18131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(106092) | $(558129) | $— | $(664221) |

---

#### 73

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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** | **Total** |
|  **Strategic Income Fund** |  |  |  |  |
| Assets: |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $45770362 | $— | $45770362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 10317828 |  | 10317828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 7445204 |  | 7445204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 6112984 |  | 6112984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 4250077 |  | 4250077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 3197573 |  |  | 3197573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 581532 |  |  | 581532 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 162113 |  | 162113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 204389 |  |  | 204389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 114198 |  | 114198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $3983494 | $74172766 | $— | $78156260 |
| Liabilities: |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts | $— | $(4866) | $— | $(4866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (136922) |  |  | (136922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (1142713) |  | (1142713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | (20641) |  | (20641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(136922) | $(1168220) | $— | $(1305142) |

---

\*Other financial instruments are instruments shown on the Schedule of Portfolio Investments, such as futures contracts, swaps and foreign currency contracts which are valued at fair value.

---

| | | |
|:---|:---|:---|
|  | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** |
|  | **Common Stocks** | **Corporate Bonds** |
|  Balance as of 9/30/24(value) | $14 | $143937 |
|  Sale/Disposition | (14) |  |
|  Change in unrealized appreciation (depreciation) |  | (126480) |
|  Balance as of 9/30/25(value) | $— | $17457 |

---

The Funds' assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The significant unobservable inputs used include assumptions regarding the particular security's cash flow profile and potential defaults that may not be generally observable for the security. The Common Stock in High Yield Bond Fund were fair valued using a discounted cash flow model based on unobservable inputs that include estimated cash flows, implied credit spread and discount rate (weighted average cost of capital). The Corporate Bonds in High Yield Bond Fund were fair valued using discounted cash flows. Significant changes in any of these assumptions may result in a lower or higher fair value measurement.

#### 74

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NOTES TO FINANCIAL STATEMENTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fund** | **Fair Value**<br>**at<br>September 30,<br>2025** | **Valuation<br> Technique(s)** | **Unobservable <br>Input** | **Range (Weighted <br>Average)** |
|  Corporate Bonds<br> (Australia) | High Yield<br>Bond<br>Fund | $17457 | Discounted<br>Cash Flow | Discount Rate of<br>Cash Flows | 30% |
|  |  |  |  | Liquidity<br>Discount | 10% |
|  Common Stocks<br> (Australia) | High Yield<br>Bond<br>Fund | $0 | Discounted<br>Cash Flow | Discount Rate of<br>Cash Flows | 30% |
|  |  |  |  | Liquidity<br>Discount | 10% |

---

#### Foreign Currency Transactions:
The values of foreign securities, foreign currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using current exchange rates each business day. Fluctuations in the value of foreign currency holdings and other assets and liabilities resulting from movements in currency exchange rates are recorded as unrealized foreign currency gains or losses. The effects of changes in foreign currency exchange rates on investments in securities are not segregated from the effects of changes in market prices of those securities on the Statements of Operations. Such fluctuations are included with the net change in unrealized appreciation/depreciation on investment transactions. However, for tax purposes, the effects of fluctuations in foreign currency exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency denominated debt obligations are segregated pursuant to U.S. Federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for both financial reporting and income tax reporting purposes.

#### Bank Loans:
A Fund may invest in fixed and floating rate loans from one or more financial institutions ("lender(s)") to a borrower by way of: (i) assignment/transfer of; or (ii) participation in the whole or part of the loan amount outstanding. In both instances, assignments or participations of such loans must be capable of being freely traded and transferred between investors in the loans. Participations typically will result in a Fund having a contractual relationship only with a lender as grantor of the participation but not with the borrower. A Fund acquires a participation interest only if the lender(s) positioned between the Fund and the borrower is determined by the Sub-Advisor to be creditworthy. When purchasing loan participations, a Fund assumes the economic risk associated with the corporate borrower and the credit risk associated with an interposed bank or other financial intermediary. Loan assignments typically involve a transfer of debt from a lender to a third party. When purchasing loan assignments, a Fund assumes the credit risk associated with the corporate borrower only.

Such loans may be secured or unsecured. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation. In addition, investments in loans through a direct assignment include the risk that if a loan is terminated, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.

Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates.

A loan is often administered by an agent bank acting as agent for all holders. Unless, under the terms of the loan or other indebtedness, a Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower.

#### 75

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NOTES TO FINANCIAL STATEMENTS

When a Fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, the Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by the Funds upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. The Funds may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations.

As of September 30, 2025, Core Plus Bond Fund and Strategic Income Fund held bank loans.

#### Payment-in-Kind Securities:
The Funds may invest in payment-in-kind securities ("PIKs"). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

For the year ended September 30, 2025, the total in-kind payments received by the High Yield Bond Fund with respect to PIKs constituted less than 5% of the Fund's total income and, therefore, such payments were not disclosed as a separate line item on the Statement of Operations.

#### Delayed Delivery Securities:
The Funds may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to a Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices.

#### Derivatives:
The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities as tools in the management of portfolio assets. A Fund may use such derivatives through either the creation of long or short positions to hedge various investments, for investment purposes, for risk management and/or to increase income or gain to the Fund. Derivatives allow a Fund to increase or decrease its 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 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 and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

In addition to the risks associated with derivatives in general, the Funds will also be subject to risks related to swap agreements. Because swap agreements are not exchange-traded, but are private contracts into which a Fund and a swap counterparty enter as principals, a Fund may experience a loss or delay in recovering assets if the counterparty defaults on its obligations.

#### 76

------

NOTES TO FINANCIAL STATEMENTS

#### Financial Futures Contracts:
The Funds may enter 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 Bond futures, Japanese treasury bond futures, Euro Dollar futures, Euro-OAT futures and Euro Bund futures, during the year 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.

#### Options:
The Funds may write (or sell) put and call options on the securities that the Funds are authorized to buy or already hold in their portfolio. The Funds may also purchase put and call options.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is "covered," meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed (exchange-traded) and OTC options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain OTC options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the OTC option transaction, a Fund's maximum amount of loss is the premium paid (as purchaser) or the unrealized gain of the contract (as writer).

#### 77

------

NOTES TO FINANCIAL STATEMENTS

#### Forward Foreign Currency Exchange Contracts:
The Funds enter into forward foreign currency contracts ("Forward") to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date.

The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open.

In the event of default by the counterparty to the transaction, the Fund's maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract.

Details of Forward contracts at period end are included in the Schedules of Portfolio Investments under the caption "Foreign currency exchange contracts."

#### Swap Agreements:
The Funds may enter into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into interest rate, credit default and other swap agreements as of September 30, 2025.

Interest rate swap agreements generally involve the agreement by a Fund to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity.

The Funds enter into cross-currency swaps to gain or reduce exposure to foreign currencies or as an economic hedge against either specific transactions or portfolio instruments (foreign currency exchange rate and/or interest rate risk). Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

The Funds enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The Funds enter into credit default swap agreements to provide a measure of protection against the default of an issuer (as buyer of protection) and/or gain credit exposure to an issuer to which it is not otherwise exposed (as seller of protection). The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a writedown, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Funds will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional

#### 78

------

NOTES TO FINANCIAL STATEMENTS

amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

The Funds entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for floating rate that is derived from an inflation index, such as the Consumer price Index or UK Retail Price Index, Inflation swaps subject the Fund to interest rate risk.

Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Interim payments and payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statement of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/ (depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Schedules of Portfolio Investments under the captions "Interest rate swaps", "Total return swaps", "Inflation swaps" and "Credit default swaps".

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>** | **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** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay<br>High Yield<br>Bond Fund** | **BlueBay<br>Core Plus<br>Bond Fund** | **BlueBay<br>Strategic<br>Income Fund** |
|  Credit Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps, at value | $424747 | $— | $— | $— |
|  Interest Rate Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps contracts, at value |  |  | 83187 | 114198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 165 |  | 97659 | 204389 |
|  Foreign currency exchange risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 92955 |  | 140141 | 162113 |
|  Total | $517867 | $— | $320987 | $480700 |

---

#### 79

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay<br>High Yield<br>Bond Fund** | **BlueBay<br>Core Plus<br>Bond Fund** | **BlueBay<br>Strategic<br>Income Fund** |
|  Credit Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps, at value | $1199393 | $— | $527030 | $1142713 |
|  Interest Rate Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on interest rate swaps contracts |  |  | 18131 | 20641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | 46728 |  | 106092 | 136922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 100658 |  | 12968 | 4866 |
|  Total | $1346779 | $— | $664221 | $1305142 |

---

The effect of derivative instruments on the Statement of Operations during the year ended September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic<br>Income Fund** |
|  Net realized Gain/(Loss) From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps | $(302425) | $(525530) | $(265781) | $(479363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(2)</sup>  | 295056 |  | (57715) | (71482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | (138847) |  | 27795 | 34425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | (165919) |  | 82886 | (566029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation swaps |  |  | 49570 | 49570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return swaps | (122457) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 145875 |  | (642587) | 439832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(2)</sup>  | (56062) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (602244) |  | (216797) | (318944) |
|  Total | $(947023) | $(525530) | $(1022629) | $(911991) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus<br>Bond Fund** | **BlueBay**<br>**Strategic<br>Income Fund** |
|  Net Change in Unrealized Appreciation |  |  |  |  |
|  From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps | $(91987) | $— | $(925) | $(4866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(3)</sup>  | (9660) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 95954 |  | 134398 | 188343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation swaps |  |  | (8736) | (8736) |

---

#### 80

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay<br>High Yield<br>Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic<br>Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return swaps | $15534 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (35761) |  | 117726 | (41456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(3)</sup>  | 18659 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 48353 |  | 207090 | 209985 |
|  Total | $41092 | $— | $449553 | $343270 |

---

(1) Not considered to be hedging instruments for accounting disclosure purposes.

(2) Included in net realized gains/(losses) on investment transactions on Statement of Operations.

(3) Included in net change in unrealized appreciation/(depreciation) on investment transactions on Statement of Operations.

For the year ended September 30, 2025, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** |
|  Futures long position (contracts) | 32 |  | 160 | 111 |
|  Futures short position (contracts) | 28 |  | 78 | 298 |
|  Forward foreign currency exchange contracts purchased (U.S. dollar amounts) | $15055420 | $— | $10076706 | $11596383 |
|  Forward foreign currency exchange contracts sold (U.S. dollar amounts) | 7885414 |  | 5529837 | 6403365 |
|  Forward foreign currency exchange contracts Purchased in non-U.S. dollars (U.S. dollar equivalent) |  |  | 5524815 | 7066637 |
|  Purchased options (Cost $) | 59972 |  |  |  |
|  Swaptions Purchased (Cost $) |  |  | 14429 | 17871 |
|  Written Options (Premium received $) | 24865 |  |  |  |
|  Swaptions Written (Premium received $) |  |  | 6949 | 8606 |
|  Interest rate swaps (Notional |  |  |  |  |
|  Amount in U.S. Dollars) |  |  | 82166387 | 128919161 |
|  Credit default swaps (Notional Amount in U.S. Dollars) | 26057544 | 21737500 | 29934500 | 48596000 |
|  Total return swaps (Notional Amount in U.S. Dollars) | 327971 |  |  |  |

---

#### 81

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NOTES TO FINANCIAL STATEMENTS

#### 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.

For foreign currency exchange contracts, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

The Funds' risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds. For OTC purchased options, the Funds bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

With exchange-traded purchased options and futures and centrally cleared swaps, 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 Fund does 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 and centrally cleared swaps 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.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate its counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

#### Collateral Requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash due to broker for options contracts, cash at broker for financial futures contracts and segregated cash and foreign currency for options contracts and swap contracts and cash received as payable to broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Portfolio

#### 82

------

NOTES TO FINANCIAL STATEMENTS

Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of a Fund and any additional required collateral is delivered to/pledged by a Fund on the next business day. Typically, a Fund and its counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

#### Emerging Market Debt Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays<br>Bank Plc** | **Citibank<br>N.A.** | **Citigroup<br>Global<br>Markets<br>Limited** | **Morgan<br>Stanley &**<br>**Co.**<br>**International<br>plc** | **Morgan<br>Stanley &<br>Co. LLC** | **Total** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $611 | $92344 | $— | $— | $— | $92955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 210596 |  | 330 | 213821 |  | 424747 |
|  Total Assets | 211207 | 92344 | 330 | 213821 |  | 517702 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 100658 |  |  |  | 100658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 255784 |  |  | 168008 | 775601 | 1199393 |
|  Total Liabilities | 255784 | 100658 |  | 168008 | 775601 | 1300051 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | (44577) | (8314) | 330 | 45813 | (775601) | (782349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  |  | 8314 |  |  | 775601 | 783915 |
|  **Net Amount<sup>3</sup>**  | $(44577) | $— | $330 | $45813 | $— | $1566 |

---

#### 83

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NOTES TO FINANCIAL STATEMENTS

#### Core Plus Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Citibank N.A.** | **Morgan Stanley &<br>Co. LLC** | **Total** |
|  **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $140141 | $— | $140141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 83187 | 83187 |
|  Total Assets | 140141 | 83187 | 223328 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 12968 |  | 12968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 545161 | 545161 |
|  Total Liabilities | 12968 | 545161 | 558129 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | 127173 | (461974) | (334801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  | (127173) | 461974 | 334801 |
|  **Net Amount<sup>3</sup>**  | $— | $— | $— |

---

#### Strategic Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Citibank N.A.** | **Morgan Stanley &<br>Co. LLC** | **Total** |
|  **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $162113 | $— | $162113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 114198 | 114198 |
|  Total Assets | 162113 | 114198 | 276311 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 4866 |  | 4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 1163354 | 1163354 |
|  Total Liabilities | 4866 | 1163354 | 1168220 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | 157247 | (1049156) | (891909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  | (157247) | 1049156 | 891909 |
|  **Net Amount<sup>3</sup>**  | $— | $— | $— |

---

1 The amount of derivatives for offset is limited to the amount of assets and/or liabilities that are subject to a master netting agreement.

2 Excess of collateral (received) pledged from/to the individual counterparty may not be shown for financial reporting purposes.

3 Net amount represents the net amount receivable (payable) from/to the individual counterparty in the event of default.

#### Affiliated Investments:
The Funds invest in another Fund of the Trust (an "Affiliated Fund"), 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 affiliated money market fund.

#### 84

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value<br>September 30, 2024** | **Purchases** | **Sales** | **Value<br>September 30, 2025** | **Dividends** |
| Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1 |  |  |  |  |  |
|  Emerging Market Debt Fund | $33397607 | $67622123 | $(97694790) | $3324940 | $132599 |
|  High Yield Bond Fund | 41624511 | 564746388 | (573441275) | 32929624 | 1144957 |
|  Core Plus Bond Fund | 2878559 | 150432298 | (146612291) | 6698566 | 143923 |
|  Strategic Income Fund | 1422553 | 174582441 | (172807421) | 3197573 | 207209 |

---

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income net of non-reclaimable withholding taxes 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.

#### 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:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared 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 permanent, they are reclassified within a Fund's capital accounts based on their federal tax basis treatment. Permanent differences include reclassification of foreign currency from capital to ordinary, currency treatment for the accrual of certain foreign denominated swaps and early termination on such swaps, and reclassification of foreign currency options from capital to currency.

#### 85

------

NOTES TO FINANCIAL STATEMENTS

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** |
|  Emerging Market Debt Fund | 0.65% |
|  High Yield Bond Fund | 0.55% |
|  Core Plus Bond Fund | 0.35% |
|  Strategic Income Fund | 0.53% |

---

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 the Funds to the following levels pursuant to an expense limitation agreement.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** | **Class R6<br>Annual Rate** |
|  Emerging Market Debt Fund | 1.04% | 0.79% | 0.74% |
|  High Yield Bond Fund | 0.82% | 0.57% | N/A |
|  Core Plus Bond Fund | 0.70% | 0.45% | 0.40% |
|  Strategic Income Fund | 0.88% | 0.63% | 0.58% |

---

This expense limitation agreement is in place until January 31, 2027 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.

The amounts subject to possible recoupment under the expense limitation agreement were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FYE 9/30/23** | **FYE 9/30/24** | **FYE 9/30/25** | **Total** |
|  Emerging Market Debt Fund | $283786 | $280376 | $213019 | $777181 |
|  High Yield Bond Fund | 837648 | 1207628 | 1503629 | 3548906 |
|  Core Plus Bond Fund | 259043 | 315983 | 253454 | 828479 |
|  Strategic Income Fund | 254175 | 312892 | 252078 | 819145 |

---

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 period ended September 30, 2025, the amount waived was $5,397, $45,808, $5,546 and $7,928 for the Emerging Market Debt Fund, High Yield Bond Fund, Core Plus Bond Fund and Strategic Income Fund respectively, and is included in expenses waived/reimbursed by Advisory in the Statement of Operations.

#### 86

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NOTES TO FINANCIAL STATEMENTS

Emerging Market Debt Fund and High Yield Bond Fund are sub-advised by RBC GAM-UK, a wholly-owned subsidiary of Royal Bank of Canada, which is also 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. BNY Mellon serves as co-administrator and fund accounting agent. Services provided under the administrative services agreement 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 agreement, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon 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".

The table below shows, as of September 30, 2025, each Fund's net assets, the shares (if any) 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 Market Debt Fund | $130716213 | 1687 | 0.0% |
|  High Yield Bond Fund | $900570860 | 57221 | 0.1% |
|  Core Plus Bond Fund | $73602288 | 5796640 | 72.7% |
|  Strategic Income Fund | $81247620 | 6081354 | 77.2% |

---

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.

---

| | |
|:---|:---|
|  | **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%.

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 year 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 year ended September 30, 2025.

#### 87

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NOTES TO FINANCIAL STATEMENTS

For the year ended September 30, 2025, the Distributor received commissions of $6,680 for front-end sales charges of Class A shares of the Funds, of which $3,976 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 year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases<br>(Excl. U.S. Gov't)** | **Sales**<br>**(Excl. U.S. Gov't)** | **Purchases**<br>**of U.S. Gov't.** | **Sales**<br>**of U.S. Gov't.** |
|  Emerging Market Debt Fund | $114445951 | $102449598 | $— | $— |
|  High Yield Bond Fund | 969101118 | 814058112 | 26208884 | 26379064 |
|  Core Plus Bond Fund | 438650392 | 423956161 | 131982824 | 135608635 |
|  Strategic Income Fund | 532404918 | 510465802 | 19820168 | 25026266 |

---

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 Market Debt Fund** | **Emerging Market Debt Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**September 30,<br>2024** | **For the**<br>**Year Ended**<br>**September 30,<br>2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $100 | $— | $417893 | $3934884 |
|  Distributions reinvested | 454 | 1040 | 430619 | 362095 |
|  Cost of shares redeemed | (3) | (12046) | (2027147) | (1071663) |
|  Change in Class A | $551 | $(11006) | $(1178635) | $3225316 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $19102501 | $17976081 | $334834107 | $357142335 |
|  Distributions reinvested | 3088506 | 2893077 | 47712185 | 35597925 |
|  Cost of shares redeemed | (11385690) | (15361904) | (216835988) | (162954470) |
|  Change in Class I | $10805317 | $5507254 | $165710304 | $229785790 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $1845532 | $64037979 | $— | $— |
|  Distributions reinvested | 3964612 | 1728478 |  |  |
|  Cost of shares redeemed | (5685552) | (3219833) |  |  |
|  Change in Class R6 | $124592 | $62546624 | $— | $— |
|  Change in net assets resulting from capital transactions | $10930460 | $68042872 | $164531669 | $233011106 |

---

#### 88

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Market Debt Fund** | **Emerging Market Debt Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**September 30,<br>2024** | **For the**<br>**Year Ended**<br>**September 30,<br>2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 12 |  | 42745 | 412462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 55 | 133 | 44123 | 37896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (1498) | (211096) | (111874) |
|  Change in Class A | 67 | (1365) | (124228) | 338484 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 2263504 | 2233216 | 33844472 | 36895892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 366773 | 361404 | 4832966 | 3687794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1337680) | (1916944) | (22080539) | (16847049) |
|  Change in Class I | 1292597 | 677676 | 16596899 | 23736637 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 217317 | 7875980 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 467952 | 209321 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (664369) | (388948) |  |  |
|  Change in Class R6 | 20900 | 7696353 |  |  |
|  Change in shares resulting from capital transactions | 1313564 | 8372664 | 16472671 | 24075121 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **For the**<br>**Year Ended<br>September 30,<br>2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** | **For the<br>Year Ended<br>September 30,<br>2025** | **For the<br>Year Ended<br>September 30,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $1222009 | $556756 | $1700579 | $113277 |
|  Distributions reinvested | 268737 | 229699 | 310339 | 413586 |
|  Cost of shares redeemed | (1405074) | (1077) | (928154) | (32921) |
|  Change in Class A | $85672 | $785378 | $1082764 | $493942 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $17875469 | $8770539 | $31669546 | $4133563 |
|  Distributions reinvested | 2255701 | 1719221 | 2684143 | 3101514 |
|  Cost of shares redeemed | (7765129) | (22305) | (16519929) | (2645280) |
|  Change in Class I | $12366041 | $10467455 | $17833760 | $4589797 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $36890 | $53480 | $164751 | $51769 |
|  Distributions reinvested | 517565 | 483858 | 632958 | 855347 |
|  Change in Class R6 | $554455 | $537338 | $797709 | $907116 |
|  Change in net assets resulting from capital transactions | $13006168 | $11790171 | $19714233 | $5990855 |

---

#### 89

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **For the**<br>**Year Ended<br>September 30,<br>2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** | **For the<br>Year Ended<br>September 30,<br>2025** | **For the<br>Year Ended<br>September 30,<br>2024** |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 136598 | 62496 | 167928 | 11434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 29946 | 27000 | 30682 | 42529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (157819) | (119) | (92125) | (3325) |
|  Change in Class A | 8725 | 89377 | 106485 | 50638 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1982797 | 977930 | 3128600 | 418834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 251092 | 201746 | 265231 | 318740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (879664) | (2480) | (1637595) | (266403) |
|  Change in Class I | 1354225 | 1177196 | 1756236 | 471171 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 4150 | 6070 | 16232 | 5293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 57631 | 56849 | 62571 | 87898 |
|  Change in Class R6 | 61781 | 62919 | 78803 | 93191 |
|  Change in shares resulting from capital transactions | 1424731 | 1329492 | 1941524 | 615000 |

---

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 three 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.

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 Market Debt Fund | $121242019 | $7526054 | $(1503798) | $6022256 |
|  High Yield Bond Fund | 880382079 | 24562474 | (5607367) | 18955107 |
|  Core Plus Bond Fund | 81114837 | 1245102 | (396857) | 848245 |
|  Strategic Income Fund | 76498208 | 1752325 | (574973) | 1177352 |

---

#### 90

------

NOTES TO FINANCIAL STATEMENTS

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, currency straddle losses, significant debt modifications and mark to market on derivatives.

The tax character of distributions during the year ended September 30, 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 Market Debt Fund | $7113173 | $51031 | $7164204 | $7164204 |
|  High Yield Bond Fund | 54441065 |  | 54441065 | 54441065 |
|  Core Plus Bond Fund | 3057358 |  | 3057358 | 3057358 |
|  Strategic Income Fund | 3636319 |  | 3636319 | 3636319 |

---

The tax character of distributions during the year ended September 30, 2024 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 Market Debt Fund | $4756322 | $— | $4756322 | $4756322 |
|  High Yield Bond Fund | 42009324 |  | 42009324 | 42009324 |
|  Core Plus Bond Fund | 2432778 |  | 2432778 | 2432778 |
|  Strategic Income Fund | 3216783 | 1153664 | 4370447 | 4370447 |

---

As of September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlueBay<br>Emerging<br>Market<br>Debt Fund** | **BlueBay High<br>Yield<br>Bond Fund** | **BlueBay Core<br>Plus<br>Bond Fund** | **BlueBay<br>Strategic<br>Income Fund** |
|  Undistributed ordinary income | $1160821 | $7184467 | $938073 | $1144253 |
|  Undistributed long term gain |  |  |  |  |
|  Accumulated earnings | 1160821 | 7184467 | 938073 | 1144253 |
|  Accumulated capital loss carryforwards | (4629363) | (17238970) | (5037686) |  |
|  Unrealized appreciation | 5829912 | 18958946 | 1006491 | 1391416 |
|  Total Accumulated Earnings/(Losses) | $2361370 | $8904443 | $(3093122) | $2535669 |

---

As of September 30, 2025, the Emerging Market Debt Fund, the High Yield Bond Fund, and the Core Plus Bond Fund had short-term capital loss carryforwards of $3,359,874, $3,635,373 and $1,896,644 and long-term capital loss carryforwards of $1,269,489, $13,603,597 and $3,141,042 respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character.

As of September 30, 2025, the Emerging Market Debt Fund, and the High Yield Bond Fund had utilized capital loss carryforwards of $4,040,073 and $3,398,660 respectively.

#### 91

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NOTES TO FINANCIAL STATEMENTS

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. The Emerging Market Debt Fund had deferred qualified late-year ordinary losses of $2,546,675 which will be treated as arising on the first business day of the fiscal year ending September 30, 2025.

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 Fund's 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. Commitments:

High Yield Bond Fund may invest in floating rate loan interests. In connection with these investments, High Yield Bond Fund may also enter into bridge loan commitments ("commitments"). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of September 30, 2025, High Yield Bond Fund had no outstanding commitments. In connection with these commitments, High Yield Bond Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

10. Line of Credit

The 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 redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of June 12, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since each 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. During the year ended September 30, 2025, none of the Funds borrowed under the line of credit.

11. 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 Market Debt Fund | 1 | 18.8% |
|  High Yield Bond Fund | 2 | 50.5% |
|  Core Plus Bond Fund | 1 | 10.8% |

---

In addition, two unaffiliated shareholders owned in aggregate 66.3% of the Emerging Market Debt Fund as of September 30, 2025. Significant transactions by these shareholders may impact the Funds' performance.

#### 92

------

NOTES TO FINANCIAL STATEMENTS

#### 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.

#### 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.

#### 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 investment 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.

12. 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 other than as described below.

The RBC Funds Trust filed with the Securities and Exchange Commission a post-effective amendment to its registration statement to create a new share class for High Yield Bond Fund. The new share class, Class R6, is expected to become effective and commence operations on December 15, 2025.

#### 93

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of RBC Funds Trust and Shareholders of RBC BlueBay Emerging Market Debt Fund, RBC BlueBay High Yield Bond Fund, RBC BlueBay Core Plus Bond Fund, and RBC BlueBay Strategic Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of RBC BlueBay Emerging Market Debt Fund, RBC BlueBay High Yield Bond Fund, RBC BlueBay Core Plus Bond Fund, and RBC BlueBay Strategic Income Fund (four of the funds constituting RBC Funds Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

November 20, 2025

We have served as the auditor of one or more investment companies in the RBC Funds since 2016.

#### 94

------

OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the year ended September 30, 2025, the following Funds had a qualified interest income percentage of:

---

| | |
|:---|:---|
|  | **Qualified<br>Interest<br>Income** |
|  Emerging Market Debt Fund | 15.76% |
|  High Yield Bond Fund | 77.04% |
|  Core Plus Bond Fund | 63.26% |
|  Strategic Income Fund | 59.28% |

---

For the year ended September 30, 2025, the following Funds had a qualified short term gains percentage of :

---

| | |
|:---|:---|
|  | **Qualified<br>Short-Term<br>Gains** |
|  Emerging Market Debt Fund | 3.52% |
|  Strategic Income Fund | 1.36% |

---

Pursuant to Internal Revenue Code Section 852(b)(3), the Emerging Market Debt Fund reported $51,031, respectively, as long-term capital gain distributions for the year ended September 30, 2025.

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

#### 95

------

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

#### Information Regarding the Approval of Investment Advisory and Sub-Advisory Agreements
In September 2025, after evaluating the services provided by RBC Global Asset Management (U.S.) Inc. (the "Advisor") and, for the RBC BlueBay Emerging Market Debt Fund, RBC BlueBay High Yield Bond Fund, the services provided by 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 agreements with the Advisor and sub-advisory agreements with the Sub-Advisor (the investment advisory and sub-advisory agreements, collectively, being the "Agreements") for each Fund for an additional year.

As part of their review of the Agreements, the Trustees requested and considered information regarding the advisory 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 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 and investment teams, 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, including in the case of the RBC BlueBay Strategic Income Fund and the RBC BlueBay Emerging Market Debt Fund, a custom peer group more aligned with each Fund's specific investment strategy. The Board noted that each of the RBC BlueBay Core Plus Bond Fund and RBC BlueBay Strategic Income Fund had not yet completed five full years of operations, but for the trailing 1- and 3-year periods, each had outperformed its benchmark. With respect to the RBC BlueBay Core Plus Bond Fund, the Board noted the Fund had outperformed the median performance of its Morningstar category and peer group for the 1- and 3-year periods. With respect to the RBC BlueBay Strategic Income Fund, the Board noted that though the Fund underperformed the median performance of its Morningstar category and custom peer group for the 1-year period, it had outperformed the same measures for the 3-year period. The other two Funds showed performance in the top half of each of their Morningstar categories and peer group or custom peer group for each of the 1-, 3- and 5-year periods, and the RBC BlueBay Emerging Market Debt Fund outperformed its benchmark index for the same periods.

In considering the nature and quality of services provided to the Funds, the Trustees discussed the Sub-Advisor's strong research, credit, and fundamental analysis capabilities and specialized expertise in the area of emerging market debt instruments and absolute return strategies. The Trustees also considered the extensive portfolio management experience of the Sub-Advisor's staff as well as 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 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.

#### 96

------

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

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 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 for all four Funds were below the median expense ratios for their respective peer groups and Morningstar categories and 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 it was in the interests of the Funds and their shareholders for the Trustees to approve the renewal of the Agreement and expense limitation agreement for each Fund for an additional year. In arriving at their collective decision to approve the renewal of 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.

#### 97

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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 year 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](g16130dsp171.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-BB AR 09-25

------

![LOGO](g16130dsp172.jpg)

Financial Statements and Other Important Information For the year ended September 30, 2025 RBC SMID Cap Growth Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds | RBC Funds |
| **Table of** | [Schedule of Portfolio Investments](#fin316130_1) | 1 |
| **Contents** | [Financial Statements](#fin316130_2) | 4 |
|  | [- Statement of Assets and Liabilities](#fin316130_3) | 4 |
|  | [- Statement of Operations](#fin316130_4) | 6 |
|  | [- Statements of Changes in Net Assets](#fin316130_5) | 7 |
|  | [Financial Highlights](#fin316130_6) | 8 |
|  | [Notes to Financial Statements](#fin316130_7) | 10 |
|  | [Report of Independent Registered Public Accounting Firm](#fin316130_8) | 21 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin316130_9) | 22 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin316130_10) | 23 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |  |
|  **Communication Services — 1.7%** | **Communication Services — 1.7%** |  |
| 10877 | Nexstar Media Group, Inc. | $2150818 |
|  **Consumer Discretionary — 13.4%** | **Consumer Discretionary — 13.4%** |  |
| 10450 | Burlington Stores, Inc.\* | 2659525 |
| 16440 | Cava Group, Inc.\* | 993140 |
| 9620 | Dorman Products, Inc.\* | 1499566 |
| 36490 | G-III Apparel Group Ltd.\* | 970999 |
| 8766 | Installed Building Products, Inc. | 2162222 |
| 10408 | LCI Industries | 969505 |
| 45800 | Life Time Group Holdings, Inc.\* | 1264080 |
| 25540 | Ollie's Bargain Outlet Holdings, Inc.\* | 3279336 |
| 18270 | Planet Fitness, Inc., Class A\* | 1896426 |
| 9240 | Texas Roadhouse, Inc. | 1535226 |
|  |  | 17230025 |
|  **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |  |
| 4995 | Casey's General Stores, Inc. | 2823773 |
| 13340 | Freshpet, Inc.\* | 735167 |
| 24961 | Performance Food Group Co.\* | 2596943 |
|  |  | 6155883 |
|  **Energy — 3.2%** | **Energy — 3.2%** |  |
| 102960 | TechnipFMC Plc | 4061772 |
|  **Financials — 9.2%** | **Financials — 9.2%** |  |
| 40120 | Baldwin Insurance Group, Inc. (The)\* | 1131785 |
| 11636 | FirstCash Holdings, Inc. | 1843375 |
| 8572 | Jack Henry & Associates, Inc. | 1276628 |
| 4397 | Kinsale Capital Group, Inc. | 1869868 |
| 12250 | Shift4 Payments, Inc., Class A\* | 948150 |
| 24550 | Stifel Financial Corp. | 2785689 |
| 11913 | WEX, Inc.\* | 1876655 |
|  |  | 11732150 |
|  **Health Care — 21.4%** | **Health Care — 21.4%** |  |
| 98800 | ADMA Biologics, Inc.\* | 1448408 |
| 156150 | Alphatec Holdings, Inc.\* | 2270421 |
| 23501 | Azenta, Inc.\* | 674949 |
| 30310 | Bio-Techne Corp. | 1686145 |
| 68960 | Certara, Inc.\* | 842691 |
| 7110 | Charles River Laboratories International, Inc.\* | 1112431 |
| 35467 | Haemonetics Corp.\* | 1728662 |
| 15644 | HealthEquity, Inc.\* | 1482582 |
| 25590 | Integer Holdings Corp.\* | 2644215 |
| 4640 | Medpace Holdings, Inc.\* | 2385702 |
| 33798 | Merit Medical Systems, Inc.\* | 2813007 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 25800 | RadNet, Inc.\* | $1966218 |
| 11760 | Repligen Corp.\* | 1571959 |
| 80810 | Stevanato Group SpA | 2080857 |
| 5260 | UFP Technologies, Inc.\* | 1049896 |
| 55640 | Vericel Corp.\* | 1750991 |
|  |  | 27509134 |
|  **Industrials — 24.5%** | **Industrials — 24.5%** |  |
| 10510 | AGCO Corp. | 1125306 |
| 6893 | Applied Industrial Technologies, Inc. | 1799418 |
| 4660 | CACI International, Inc., Class A\* | 2324315 |
| 18250 | CBIZ, Inc.\* | 966520 |
| 3350 | CSW Industrials, Inc. | 813212 |
| 3730 | Dycom Industries, Inc.\* | 1088265 |
| 9320 | EnPro Industries, Inc. | 2106320 |
| 8950 | Esab Corp. | 1000073 |
| 60435 | ExlService Holdings, Inc.\* | 2660953 |
| 31550 | GXO Logistics, Inc.\* | 1668679 |
| 15202 | ICF International, Inc. | 1410746 |
| 14850 | JBT Marel Corp. | 2085682 |
| 5847 | Landstar System, Inc. | 716608 |
| 36154 | Mercury Systems, Inc.\* | 2798320 |
| 10210 | Paylocity Holding Corp.\* | 1626147 |
| 6090 | RBC Bearings, Inc.\* | 2376866 |
| 64170 | Tetra Tech, Inc. | 2141995 |
| 10519 | Woodward, Inc. | 2658256 |
|  |  | 31367681 |
|  **Information Technology — 17.1%** | **Information Technology — 17.1%** |  |
| 70660 | Alkami Technology, Inc.\* | 1755194 |
| 5580 | Appfolio, Inc., Class A\* | 1538183 |
| 8493 | Badger Meter, Inc. | 1516680 |
| 52470 | Cellebrite DI Ltd.\* | 972269 |
| 61110 | Clearwater Analytics Holdings, Inc., Class A\* | 1101202 |
| 28169 | Diodes, Inc.\* | 1498872 |
| 33650 | Dynatrace, Inc.\* | 1630343 |
| 15808 | ePlus, Inc. | 1122526 |
| 4758 | Littelfuse, Inc. | 1232370 |
| 8053 | Manhattan Associates, Inc.\* | 1650704 |
| 9826 | Novanta, Inc.\* | 984074 |
| 16070 | Onto Innovation, Inc.\* | 2076565 |
| 4250 | OSI Systems, Inc.\* | 1059270 |
| 22480 | Sapiens International Corp. NV | 966640 |
| 11860 | Silicon Laboratories, Inc.\* | 1555202 |
| 12802 | SPS Commerce, Inc.\* | 1333200 |
|  |  | 21993294 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund (cont.)

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Materials — 3.1%** | **Materials — 3.1%** |  |
| 12395 | AptarGroup, Inc. | $1656716 |
| 8038 | Balchem Corp. | 1206182 |
| 6130 | Hawkins, Inc. | 1120074 |
|  |  | 3982972 |
|  **Real Estate — 1.1%** | **Real Estate — 1.1%** |  |
| 11994 | Lamar Advertising Co., REIT, Class A | 1468306 |
|  **Total Common Stocks** | **Total Common Stocks** | **127652035** |
|  (Cost $107,245,761) | (Cost $107,245,761) |  |
|  **Investment Company — 0.9%** | **Investment Company — 0.9%** |  |
| 1168249 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(a) | 1168249 |
|  **Total Investment Company** | **Total Investment Company** | **1168249** |
|  (Cost $1,168,249) | (Cost $1,168,249) |  |
|  **Total Investments** | **Total Investments** | $**128820284** |
|  (Cost $108,414,010)(b) — 100.4% | (Cost $108,414,010)(b) — 100.4% |  |
|  **Liabilities in excess of other assets — (0.4)%** | **Liabilities in excess of other assets — (0.4)%** | **(531256)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**128289028** |

---

\* Non-income producing security.

(a) Affiliated investment.

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

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 3

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

#### September 30, 2025

---

| | |
|:---|:---|
|  | **RBC SMID Cap<br>Growth Fund** |
|  **Assets:** |  |
|  Investments in securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $107,245,761) | $127652035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,168,249) | 1168249 |
|  Interest and dividend receivable | 8824 |
|  Receivable from advisor | 279 |
|  Receivable for capital shares issued | 29772 |
|  Prepaid expenses and other assets | 44368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 128903527 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 341482 |
|  Accrued expenses and other payables: |  |
|  Investment advisory fees | 77685 |
|  Accounting fees | 13133 |
|  Audit fees | 43218 |
|  Professional fees | 5075 |
|  Trustees' fees | 366 |
|  Distribution fees | 84374 |
|  Shareholder reports | 22019 |
|  Transfer agent fees | 18780 |
|  Other | 8367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 614499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $128289028 |
|  **Net Assets Consists of:** |  |
|  Capital | $100578794 |
|  Accumulated earnings | 27710234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $128289028 |

---

#### 4

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (cont.)

#### September 30, 2025

---

| | |
|:---|:---|
|  | **RBC SMID Cap<br>Growth Fund** |
|  **Net Assets** |  |
|  Class A | $17830067 |
|  Class I | 92729432 |
|  Class R6 | 17729529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $128289028 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |
|  Class A | 1464897 |
|  Class I | 5953152 |
|  Class R6 | 1130516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8548565 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |
|  Class A | $12.17 |
|  Class I | $15.58 |
|  Class R6 | $15.68 |
|  **Maximum Offering Price Per Share:** |  |
|  Class A | $12.91 |
|  Maximum Sales Charge - Class A | 5.75% |

---

#### See Notes to the Financial Statements.

#### 5

------

FINANCIAL STATEMENTS

Statement of Operations

---

| | |
|:---|:---|
| **For the Year Ended September 30, 2025** | |
|  |<br>**RBC SMID Cap**<br>**Growth Fund** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $714316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 103318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (10611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 807023 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1058956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 52967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 37293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 44168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 5620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 38755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 58019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 29953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 160984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 8754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 6269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 1518559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (237463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1281096 |
|  **Net Investment Loss** | (474073) |
|  **Realized/Unrealized Gains/(Losses):** |  |
|  Net realized gains/(losses) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 8302847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (35) |
|  Net realized gains | 8302812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (18392885) |
|  Net realized/unrealized losses | (10090073) |
|  Change in net assets resulting from operations | $(10564146) |

---

#### See Notes to the Financial Statements.

#### 6

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC SMID Cap**<br>**Growth Fund** | **RBC SMID Cap**<br>**Growth Fund** |
|  | **For the**<br>**Year Ended<br>September 30, 2025** | **For the**<br>**Year Ended<br>September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(474073) | $(286031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 8302812 | 2017216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (18392885) | 24836113 |
|  Change in net assets resulting from operations | (10564146) | 26567298 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (386624) | (447576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1642883) | (2119764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (206824) | (226162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2236331) | (2793502) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 28055569 | 75236314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2038815 | 2541901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (59385918) | (41051712) |
|  Change in net assets resulting from capital transactions | (29291534) | 36726503 |
|  Net increase/(decrease) in net assets | (42092011) | 60500299 |
|  **Net Assets:** |  |  |
|  Beginning of year | 170381039 | 109880740 |
|  End of year | $128289028 | $170381039 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1818173 | 5100798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 132851 | 176804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3997109) | (2694988) |
|  Change in shares resulting from capital transactions | (2046085) | 2582614 |

---

#### See Notes to the Financial Statements.

#### 7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL HIGHLIGHTS

RBC SMID Cap Growth 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 Year** | **Net<br>Investment<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 Year** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $13.13 | (0.07) | (0.68) |  | (0.75) |  | (0.21) | (0.21) | $12.17 |
|  Year Ended 9/30/24 | 11.21 | (0.05) | 2.28 |  | 2.23 |  | (0.31) | (0.31) | 13.13 |
|  Year Ended 9/30/23 | 10.77 | (0.04) | 1.52 |  | 1.48 |  | (1.04) | (1.04) | 11.21 |
|  Year Ended 9/30/22 | 16.98 | (0.07) | (1.90) |  | (1.97) |  | (4.24) | (4.24) | 10.77 |
|  Year Ended 9/30/21 | 12.60 | (0.09) | 4.93 | —(b) | 4.84 |  | (0.46) | (0.46) | 16.98 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $16.71 | (0.04) | (0.88) |  | (0.92) |  | (0.21) | (0.21) | $15.58 |
|  Year Ended 9/30/24 | 14.14 | (0.03) | 2.91 |  | 2.88 |  | (0.31) | (0.31) | 16.71 |
|  Year Ended 9/30/23 | 13.31 | (0.02) | 1.89 |  | 1.87 |  | (1.04) | (1.04) | 14.14 |
|  Year Ended 9/30/22 | 19.98 | (0.04) | (2.39) |  | (2.43) |  | (4.24) | (4.24) | 13.31 |
|  Year Ended 9/30/21 | 14.73 | (0.05) | 5.76 | —(b) | 5.71 |  | (0.46) | (0.46) | 19.98 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $16.81 | (0.04) | (0.88) |  | (0.92) |  | (0.21) | (0.21) | $15.68 |
|  Year Ended 9/30/24 | 14.22 | (0.02) | 2.92 |  | 2.90 |  | (0.31) | (0.31) | 16.81 |
|  Year Ended 9/30/23 | 13.38 | (0.02) | 1.90 |  | 1.88 |  | (1.04) | (1.04) | 14.22 |
|  Year Ended 9/30/22 | 20.04 | (0.04) | (2.38) |  | (2.42) |  | (4.24) | (4.24) | 13.38 |
|  Year Ended 9/30/21 | 14.76 | (0.05) | 5.79 |  | 5.74 |  | (0.46) | (0.46) | 20.04 |

---

(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.

#### 8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL HIGHLIGHTS

RBC SMID Cap Growth 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>Year (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** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | (5.75)% | $17830 | 1.07% | (0.53)% | 1.23% | 23% |
|  Year Ended 9/30/24 | 20.21% | 24706 | 1.07% | (0.41)% | 1.28% | 16% |
|  Year Ended 9/30/23 | 14.23% | 13321 | 1.07% | (0.38)% | 1.25% | 19% |
|  Year Ended 9/30/22 | (16.50)% | 11259 | 1.07% | (0.52)% | 1.27% | 25% |
|  Year Ended 9/30/21 | 38.95% | 14318 | 1.07% | (0.54)% | 1.26% | 28% (c) |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | (5.53)% | $92729 | 0.82% | (0.28)% | 0.98% | 23% |
|  Year Ended 9/30/24 | 20.62% | 128958 | 0.82% | (0.16)% | 1.04% | 16% |
|  Year Ended 9/30/23 | 14.45% | 87116 | 0.82% | (0.13)% | 1.05% | 19% |
|  Year Ended 9/30/22 | (16.30)% | 66994 | 0.82% | (0.27)% | 1.04% | 25% |
|  Year Ended 9/30/21 | 39.23% | 81239 | 0.82% | (0.29)% | 0.99% | 28% (c) |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 9/30/25 | (5.50)% | $17730 | 0.77% | (0.23)% | 0.86% | 23% |
|  Year Ended 9/30/24 | 20.65% | 16717 | 0.77% | (0.11)% | 0.93% | 16% |
|  Year Ended 9/30/23 | 14.54% | 9443 | 0.77% | (0.14)% | 0.98% | 19% |
|  Year Ended 9/30/22 | (16.24)% | 17 | 0.77% | (0.23)% | 18.45% | 25% |
|  Year Ended 9/30/21 | 39.36% | 21 | 0.77% | (0.25)% | 19.28% | 28% (c) |

---

\* 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) Portfolio turnover rate excludes in-kind transactions.

#### See Notes to the Financial Statements.

#### 9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

September 30, 2025

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"). Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This report includes the RBC SMID Cap Growth Fund ("Fund").

The SMID Cap Growth 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 Fund. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

The 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, the 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 Fund's 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 the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the 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 Fund's 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 Fund's financial statements.

#### 10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

#### Security Valuation:
The Board has approved pricing and valuation procedures of the Advisor for determining the fair value of the 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.

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 Fund.

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 Fund's 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 Fund's 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 Fund's 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 Fund utilizes 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 Fund's 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 Fund cannot guarantee that values determined by the Advisor or persons acting at their

#### 11

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

direction would accurately reflect the price that the Fund 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 Fund 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 Fund's 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 Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund 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 Fund accrues 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 Fund discloses 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 Fund has 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.

#### 12

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1<br> Quoted Prices** | **Level 2<br>Significant<br> Observable <br>Inputs** | **Level 3<br>Significant<br> Unobservable <br>Inputs** | **Total** |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  SMID Cap Growth Fund | $128820284 (a) | $— | $— | $128820284 |

---

(a) The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Portfolio Investments.

#### Affiliated Investments:
The Fund invests 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 Fund from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Fund 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>September 30, 2024** | **Purchases** | **Sales** | **Value<br>September 30, 2025** | **Dividends** |
|  **Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1** | **Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1** |  |  |  |  |
|  SMID Cap Growth Fund | $3868926 | $33589609 | $(36290286) | $1168249 | $103318 |

---

#### 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). Realized gains and losses from investment transactions and the net change in unrealized 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 Statement of Operations.

#### Expense, Investment Income and Gain/Loss Allocation:
The 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 the 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 the Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within the 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.

#### 13

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

#### 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:
The 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 the 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 (e.g., net operating loss, redesignation of distributions, basis adjustments on investments in passive foreign investment companies (PFICs) and partnerships), they are reclassified within a Fund's capital accounts based on their federal tax basis treatment.

---

| | | |
|:---|:---|:---|
|  | **Increase/(Decrease)<br>Paid in Capital** | **Increase/(Decrease)**<br>**Accumulated<br>Earnings** |
|  SMID Cap Growth Fund | $(380514) | $380514 |

---

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 the Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires the 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 the Fund as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Daily Net Assets of Fund** | **Annual Rate** |
|  SMID Cap Growth Fund | All Net Assets | 0.70% |

---

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 the Fund to the following levels pursuant to an expense limitation agreement.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** | **Class R6<br>Annual Rate** |
|  SMID Cap Growth Fund | 1.07% | 0.82% | 0.77% |

---

This expense limitation agreement is in place until January 31, 2027, 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 12 months, 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 amount subject to possible recoupment under the expense limitation agreement was $233,380.

There was no recoupment of expense reimbursements/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

#### 14

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

RBC GAM-US may also voluntarily waive and/or reimburse operating expenses of the 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 Fund pays to RBC GAM-US indirectly through its investment in an affiliated money market fund. For the year ended September 30, 2025, the amount waived was $4,083 for the SMID Cap Growth Fund, and is included in expenses waived/reimbursed by Advisor in the Statement of Operations.

RBC GAM-US serves as co-administrator to the Fund. 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 Fund, maintenance of their records and the preparation of reports. Under the terms of the administrative services agreement, RBC GAM-US does not receive an administrative services fee. BNY Mellon receives a fee for its services payable by the Fund based in part on the Fund's average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statement of Operations.

Certain officers and trustees of the Trust are affiliated with the Advisor or the Co-Administrator. Such Officers and Trustees receive no compensation from the Fund 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, the Fund's net assets, the shares of the Fund held by the Advisor, and the percent of total net assets represented by the Advisor's investments in the Fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Assets** | **Shares held<br>by Advisor** | **% of Fund<br>Net Assets** |
|  SMID Cap Growth Fund | $128289028 | 32010 | 0.4% |

---

4. Fund Distribution:

The Fund has adopted a Master Distribution (12b-1) Plan (the "Plan") with respect to Class A, in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits the 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.

---

| | |
|:---|:---|
|  | **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%.

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 year ended September 30, 2025, there were no fees waived by the Distributor.

#### 15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

The Distributor did not receive any CDSC fees from Class A shares of the Fund during the year ended September 30, 2025.

For the year ended September 30, 2025, the Distributor received commissions of $8,584 from front-end sales charges of Class A shares of the Fund, of which $5,273 was paid to affiliated broker-dealers, and the remainder was either paid to unaffiliated broker-dealers or retained by the Distributor.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  SMID Cap Growth Fund | $33635243 | $63162501 |

---

Within the guidelines established by the Fund to always seek best execution when entering into portfolio transactions, the Fund participated in a "commission recapture" program until January 13, 2023, under which brokerage transactions were directed to Cowen and Company, LLC and its correspondent brokers. A portion of the commissions paid under this program were reimbursed to the Fund and recorded as net realized gains from investment transactions in the 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 Fund are summarized below:

---

| | | |
|:---|:---|:---|
|  | **SMID Cap Growth Fund** | **SMID Cap Growth Fund** |
|  | **For the**<br>**Year Ended<br>September 30,**<br>**2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Proceeds from shares issued | $956528 | $11369599 |
|  Distributions reinvested | 376194 | 428649 |
|  Cost of shares redeemed | (6373729) | (3673101) |
|  Change in Class A | $(5041007) | $8125147 |
|  **Class I** |  |  |
|  Proceeds from shares issued | $22796860 | $57763050 |
|  Distributions reinvested | 1633316 | 2108984 |
|  Cost of shares redeemed | (50635329) | (36418956) |
|  Change in Class I | $(26205153) | $23453078 |
|  **Class R6** |  |  |
|  Proceeds from shares issued | $4302181 | $6103665 |
|  Distributions reinvested | 29305 | 4268 |
|  Cost of shares redeemed | (2376860) | (959655) |
|  Change in Class R6 | $1954626 | $5148278 |
|  Change in net assets resulting from capital transactions | $(29291534) | $36726503 |

---

#### 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | **SMID Cap Growth Fund** | **SMID Cap Growth Fund** |
|  | **For the**<br>**Year Ended<br>September 30,**<br>**2025** | **For the**<br>**Year Ended<br>September 30,<br>2024** |
|  **SHARE TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 75521 | 955741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 29786 | 36203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (521493) | (299344) |
|  Change in Class A | (416186) | 692600 |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1461595 | 3753804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 101260 | 140318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3328773) | (2334637) |
|  Change in Class I | (1765918) | 1559485 |
|  **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 281057 | 391253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1805 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (146843) | (61007) |
|  Change in Class R6 | 136019 | 330529 |
|  Change in shares resulting from capital transactions | (2046085) | 2582614 |

---

7. Federal Income Taxes:

It is the policy of the 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 the Fund.

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 Fund's financial statements. The Fund's 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 September 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost Of<br>Investments** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  SMID Cap Growth Fund | $108774597 | $31227056 | $(11181369) | $20045687 |

---

#### 17

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, Passive Foreign Investment Companies (PFICs) mark to market adjustment, and cumulative partnership basis adjustment.

The tax character of distributions during the year ended September 30, 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** |
|  SMID Cap Growth Fund | $— | $2236331 | $2236331 | $2236331 |

---

The tax character of distributions during the year ended September 30, 2024 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** |
|  SMID Cap Growth Fund | $— | $2793502 | $2793502 | $2793502 |

---

As of September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
|  | **SMID Cap<br>Growth Fund** |
|  Undistributed long term gain | $7988755 |
|  Accumulated earnings | 7988755 |
|  Unrealized appreciation | 20045687 |
|  Total Accumulated Earnings | $28034442 |

---

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. The SMID Cap Growth Fund had deferred qualified late-year ordinary losses of $324,208 which will be treated as arising on the first business day of the fiscal year ending September 30, 2025.

8. Market Timing:

The Trust strongly discourages attempts at market timing by Fund shareholders. Prior to June 11, 2021, the 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 Fund's 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.

#### 18

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

9. Soft Dollars:

Soft dollar arrangements and commission sharing arrangements (CSAs) are arrangements under which RBC GAM-US directs client brokerage transactions to a broker-dealer and obtains other products and services, such as research, in addition to trade execution. Federal securities laws permit a fund advisor to incur commission charges on behalf of a fund that are higher than another broker-dealer would have charged if the advisor believes the charges are reasonable in relation to the brokerage and research services received. RBC GAM-US has a fiduciary duty to the shareholders of the Fund to seek the best execution for all of the Fund's securities transactions. Fund Management believes that using soft dollars to purchase brokerage and research services may, in certain cases, be in a Fund's best interest. During the year ended September 30, 2025, the Fund used soft dollar and commission sharing arrangements. Fund Management continues to closely monitor its current use of soft dollars, in addition to regulatory developments in this area for any possible impact on Fund policies.

10. Line of Credit

The Fund is a participant in an uncommitted, secured $500,000,000 line of credit with U.S. Bank, N.A. (the "Bank"), the Fund's 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.There were no borrowings made by the Fund under the line of credit during the year ended September 30, 2025.

11. Significant Risks

#### Shareholder concentration risk:
As of September 30, 2025, the Fund had broker-dealer omnibus accounts which each owned more than 10% of the Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
|  SMID Cap Growth Fund | 2 | 73.7% |

---

Significant transactions by these shareholders may impact the Fund's 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.

#### 19

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS

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 Fund's investments were in violation of such sanctions.

#### Industry and sector focus risk
At times the Fund 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.

12. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Fund and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 20

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of RBC Funds Trust and Shareholders of RBC SMID Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of RBC SMID Cap Growth Fund (one of the funds constituting RBC Funds Trust, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

November 20, 2025

We have served as the auditor of one or more investment companies in the RBC Funds since 2016.

#### 21

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The Funds intend to report the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2020 Form 1099-DIV.

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

There were no qualified short term gains held during the year ended September 30, 2025.

Pursuant to Internal Revenue Code Section 852(b)(3), SMID Cap Growth Fund reported $2,236,331, as long-term capital gain distributions for the year ended September 30, 2025.

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

#### 22

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Fund, the RBC Funds Board of Trustees determined to approve the continuation of the investment advisory agreement ("Agreement") with the Advisor for the Fund for an additional year.

As part of their review, the Trustees requested and considered information regarding the advisory services performed by the Advisor; the staffing and qualifications of the personnel responsible for operating and managing the Fund; and the Fund's 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 renewal and a regular meeting at which the proposed renewal was considered; and their experience with the management and 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 Fund vs. funds in the same category and funds in a more tailored peer group. 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, to discuss the information and the Advisor's ongoing management of the Fund. The Trustees reviewed the nature and quality of the services provided to the Fund by the Advisor, including information as to the Fund's performance relative to appropriate index benchmarks as well as its Morningstar category and custom peer group designed to align more closely with the Fund's specific investment strategy. The Board noted that the performance of the Fund was more favorable over the long term with the Fund outperforming the median performance of its Morningstar category and custom peer group, as well as its benchmark index, for the 5-year period, though it trailed those measures for the 1- and 3-year periods.

The Trustees recognized the strong research and fundamental analysis capabilities and extensive experience of the Advisor's investment team, noting the team's consistent implementation of the fundamental long-term conservative growth strategy used for the Fund. The Trustees also noted the Advisor's implementation of portfolio engineering resources to complement the investment team and enhance the Fund's investment strategy, as well as the Advisor's effective trading, operational, and compliance structure and systems.

The Trustees reviewed advisory fee and expense information for the Fund compared to similarly situated funds. The Trustees considered, and viewed favorably, the arrangements to subsidize Fund expenses at competitive levels through an expense limitation agreement with the Adviser. The Trustees noted that advisory fee and expense ratio were competitive and, in particular, that the Fund's net expenses were lower than the median of its Morningstar category and peer group.

The Trustees also reviewed and discussed reports from the Advisor regarding its management of other client accounts with similar strategies, including the advisory fees paid and the reasons for 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 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 Fund 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 Fund, including soft dollar research. The Board also noted that the Advisor does not receive any additional fee for providing administrative services to the Fund.

#### 23

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

Based upon their review, the Trustees determined that the advisory fee payable to the Advisor was fair and reasonable in light of the nature and quality of services provided under all of the circumstances and was within the range of what might have been negotiated at arms' length. The Trustees concluded that it was in the interests of the Fund and its shareholders to approve the continuation of the Agreement and the expense limitation agreement for the 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.

#### 24

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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 year 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](g16130dsp199.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-EQ AR 09-25

------

![LOGO](g16130dsp200.jpg)

RBC Global Asset Management Financial Statements and Other Important Information For the year ended September 30, 2025 RBC BlueBay U.S. Government Money Market Fund

------

---

| | | |
|:---|:---|:---|
|  |  |  |
|  | <br> RBC Funds |  |
| Table of | [Schedule of Portfolio Investments](#fin416130_1) | 1 |
| Contents | [Financial Statements](#fin416130_2a) | 12 |
|  | [- Statement of Assets and Liabilities](#fin416130_3) | 12 |
|  | [- Statement of Operations](#fin416130_4) | 14 |
|  | [- Statements of Changes in Net Assets](#fin416130_5) | 15 |
|  | [Financial Highlights](#fin416130_6) | 18 |
|  | [Notes to Financial Statements](#fin416130_7) | 19 |
|  | [Report of Independent Registered Public Accounting Firm](#fin416130_8) | 27 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin416130_9) | 28 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin416130_10) | 29 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund

#### September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| **U.S. Treasury Obligations — 24.0%** | **U.S. Treasury Obligations — 24.0%** | **U.S. Treasury Obligations — 24.0%** |
| **U.S. Treasury Bills — 12.2%** | **U.S. Treasury Bills — 12.2%** |  |
| $125000000 | U.S. Treasury Bill- When Issued, 3.92%, 1/6/26(a) | $123696226 |
| 125000000 | U.S. Treasury Bill- When Issued, 3.94%, 3/5/26(a) | 122918802 |
| 125000000 | U.S. Treasury Bill- When Issued, 3.95%, 2/26/26(a) | 123008167 |
| 125000000 | U.S. Treasury Bill- When Issued, 4.00%, 3/19/26(a) | 122740212 |
| 125000000 | U.S. Treasury Bill- When Issued, 4.00%, 4/16/26(a) | 122367519 |
| 225000000 | U.S. Treasury Bill- When Issued, 4.17%, 11/4/25(a) | 224122015 |
| 125000000 | U.S. Treasury Bill- When Issued, 4.18%, 1/2/26(a) | 123676849 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.21%, 12/4/25(a) | 99266987 |
| 150000000 | U.S. Treasury Bill- When Issued, 4.23%, 1/8/26(a) | 148291838 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.28%, 10/21/25(a) | 99764889 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.28%, 11/18/25(a) | 99436267 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.29%, 10/16/25(a) | 99823083 |
| 200000000 | U.S. Treasury Bill- When Issued, 4.29%, 11/12/25(a) | 199013583 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.29%, 11/25/25(a) | 99354132 |
| 250000000 | U.S. Treasury Bill- When Issued, 4.30%, 10/9/25(a) | 249763750 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.30%, 10/23/25(a) | 99740094 |
| 100000000 | U.S. Treasury Bill- When Issued, 4.30%, 10/30/25(a) | 99657558 |
|  |  | 2256641971 |
| **U.S. Treasury Floating Rate Notes — 1.6%** | **U.S. Treasury Floating Rate Notes — 1.6%** |  |
| 300000000 | (3 mo. U.S. Treasury Money Market Yield + 0.159%), 4.06%, 7/31/27(b) | 299830885 |
| **U.S. Treasury Notes — 10.2%** | **U.S. Treasury Notes — 10.2%** |  |
| 100000000 | 0.25%, 10/31/25 | 99688558 |
| 50000000 | 0.50%, 2/28/26 | 49270097 |
| 100000000 | 0.75%, 3/31/26 | 98381235 |
| 100000000 | 0.75%, 4/30/26 | 98037926 |
| 50000000 | 0.88%, 6/30/26 | 48802656 |
| 60000000 | 1.63%, 5/15/26 | 59057897 |
| 50000000 | 1.88%, 7/31/26 | 49156513 |
| 125000000 | 3.63%, 5/15/26 | 124693531 |
| 100000000 | 3.75%, 4/15/26 | 99844737 |
| 200000000 | 3.75%, 8/31/26 | 199857566 |
| 100000000 | 4.00%, 2/15/26 | 99957951 |
| 100000000 | 4.13%, 6/15/26 | 99984421 |
| 100000000 | 4.25%, 1/31/26 | 100040845 |
| 100000000 | 4.38%, 7/31/26 | 100317168 |
| 50000000 | 4.38%, 8/15/26 | 50116072 |
| 100000000 | 4.63%, 2/28/26 | 100187192 |
| 100000000 | 4.63%, 6/30/26 | 100332671 |
| 100000000 | 4.63%, 9/15/26 | 100669746 |

---

**1**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $100000000 | 4.88%, 4/30/26 | $100482907 |
| 100000000 | 4.88%, 5/31/26 | 100548872 |
|  |  | 1879428561 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **4435901417** |
| (Cost $4,435,901,417) | (Cost $4,435,901,417) |  |
| **U.S. Government Agency Obligations — 22.9%** | **U.S. Government Agency Obligations — 22.9%** |  |
| **Fannie Mae — 1.6%** | **Fannie Mae — 1.6%** |  |
| 48000000 | (SOFR RATE + 0.120%), 4.25%, 7/29/26(b) | 48000000 |
| 124000000 | (SOFR RATE + 0.135%), 4.27%, 8/21/26(b) | 124000000 |
| 68000000 | (SOFR RATE + 0.140%), 4.27%, 9/11/26(b) | 68000000 |
| 33000000 | (SOFR RATE + 0.140%), 4.27%, 12/11/26(b) | 33000000 |
|  |  | 273000000 |
| **Federal Farm Credit — 4.1%** | **Federal Farm Credit — 4.1%** |  |
| 20000000 | (SOFR RATE + 0.080%), 4.21%, 3/11/27(b) | 20000000 |
| 25000000 | (SOFR RATE + 0.100%), 4.23%, 6/29/27(b) | 25000000 |
| 50000000 | (SOFR RATE + 0.120%), 4.25%, 8/4/27(b) | 50000000 |
| 40000000 | (SOFR RATE + 0.120%), 4.25%, 8/11/27(b) | 40000000 |
| 100000000 | (SOFR RATE + 0.125%), 4.26%, 4/16/27(b) | 100000000 |
| 75000000 | (SOFR RATE + 0.130%), 4.26%, 4/23/27(b) | 75000000 |
| 100000000 | (SOFR RATE + 0.135%), 4.27%, 8/19/26(b) | 100000000 |
| 37000000 | (SOFR RATE + 0.140%), 4.27%, 9/3/26(b) | 37000000 |
| 30000000 | (SOFR RATE + 0.140%), 4.27%, 9/4/26(b) | 30000000 |
| 10000000 | (SOFR RATE + 0.140%), 4.27%, 9/9/26(b) | 10000000 |
| 40000000 | (SOFR RATE + 0.140%), 4.27%, 9/25/26(b) | 40000000 |
| 60000000 | (SOFR RATE + 0.140%), 4.27%, 12/30/26(b) | 60000000 |
| 30000000 | (SOFR RATE + 0.160%), 4.29%, 10/6/25(b) | 30000000 |
| 25000000 | (SOFR RATE + 0.160%), 4.29%, 10/17/25(b) | 25000000 |
| 15000000 | (SOFR RATE + 0.160%), 4.29%, 10/27/25(b) | 15000000 |
| 25000000 | (SOFR RATE + 0.160%), 4.29%, 11/3/25(b) | 25000000 |
| 50000000 | (SOFR RATE + 0.240%), 4.37%, 7/19/27(b) | 50108603 |
| 10000000 | (SOFR RATE + 0.270%), 4.40%, 11/24/26(b) | 10012989 |
|  |  | 742121592 |
| **Federal Home Loan Bank Discount Notes — 4.8%** | **Federal Home Loan Bank Discount Notes — 4.8%** |  |
| 100000000 | 3.68%, 7/17/26(a) | 97134083 |
| 200000000 | 3.86%, 1/21/26(a) | 197629333 |
| 100000000 | 3.98%, 3/3/26(a) | 98342500 |
| 125000000 | 4.01%, 1/2/26(a) | 123721250 |
| 100000000 | 4.26%, 10/3/25(a) | 99976556 |
| 175000000 | 4.30%, 10/10/25(a) | 174813756 |
| 100000000 | 4.30%, 10/31/25(a) | 99645583 |
|  |  | 891263061 |

---

 **2**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| **Federal Home Loan Banks — 7.0%** | **Federal Home Loan Banks — 7.0%** |  |
| $150000000 | 3.82%, 4/9/26 | $149998796 |
| 100000000 | (SOFR RATE + 0.010%), 4.17%, 11/19/25(b) | 100000000 |
| 125000000 | (SOFR RATE + 0.025%), 4.19%, 2/17/26(b) | 125000000 |
| 100000000 | (SOFR RATE + 0.080%), 4.21%, 3/5/27(b) | 100000000 |
| 100000000 | (SOFR RATE + 0.055%), 4.22%, 12/18/26(b) | 100000000 |
| 50000000 | (SOFR RATE + 0.100%), 4.23%, 10/23/26(b) | 50000000 |
| 100000000 | (SOFR RATE + 0.100%), 4.23%, 6/30/27(b) | 100000000 |
| 100000000 | (SOFR RATE + 0.110%), 4.24%, 7/15/27(b) | 100000000 |
| 50000000 | (SOFR RATE + 0.130%), 4.26%, 2/13/26(b) | 50000000 |
| 100000000 | (SOFR RATE + 0.135%), 4.27%, 1/6/27(b) | 100104271 |
| 200000000 | (SOFR RATE + 0.145%), 4.28%, 9/25/26(b) | 200000000 |
| 50000000 | (SOFR RATE + 0.160%), 4.29%, 10/20/25(b) | 50000000 |
| 50000000 | (SOFR RATE + 0.160%), 4.29%, 10/20/25(b) | 50000000 |
|  |  | 1275103067 |
| **Freddie Mac — 2.1%** | **Freddie Mac — 2.1%** |  |
| 50000000 | (SOFR RATE + 0.095%), MTN, 4.23%, 6/16/27(b) | 49990672 |
| 100000000 | (SOFR RATE + 0.120%), MTN, 4.25%, 8/11/27(b) | 100000000 |
| 100000000 | (SOFR RATE + 0.125%), MTN, 4.26%, 8/25/27(b) | 100000000 |
| 100000000 | (SOFR RATE + 0.130%), 4.26%, 9/2/27(b) | 100000000 |
| 63000000 | (SOFR RATE + 0.140%), 4.27%, 9/4/26(b) | 63000000 |
|  |  | 412990672 |
| **U.S. International Development Finance Corp. — 3.3%** | **U.S. International Development Finance Corp. — 3.3%** |  |
| 5106439 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/20/27(b) | 5106439 |
| 3033335 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/20/27(b) | 3033335 |
| 2625001 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/20/27(b) | 2625001 |
| 1621668 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/20/27(b) | 1621668 |
| 1166668 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/20/27(b) | 1166668 |
| 5642856 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 9/20/27(b) | 5642856 |
| 2223333 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/15/28(b) | 2223333 |
| 10562264 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 1/15/30(b) | 10562264 |
| 41008332 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 9/20/32(b) | 41008332 |
| 5200940 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 6/15/34(b) | 5200940 |
| 22563184 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 22563184 |
| 21596190 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 21596190 |
| 12087420 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 12087420 |
| 11885963 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 11885963 |
| 8457165 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 8457165 |
| 5499583 | (US Treasury Bill Yield 3-Month + 0.000%), 3.90%, 7/7/40(b) | 5499583 |
| 3333333 | (US Treasury Bill Yield 3-Month + 0.000%), 3.91%, 6/15/28(b) | 3333333 |
| 3626226 | (US Treasury Bill Yield 3-Month + 0.000%), 3.91%, 7/7/40(b),(c) | 3626226 |
| 1890002 | (US Treasury Bill Yield 3-Month + 0.000%), 3.92%, 6/20/27(b) | 1890002 |
| 1540001 | (US Treasury Bill Yield 3-Month + 0.000%), 3.92%, 6/20/27(b) | 1540001 |
| 7732301 | (US Treasury Bill Yield 3-Month + 0.000%), 3.92%, 6/15/34(b) | 7732301 |
| 33490000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.09%, 8/16/27(a) | 33655136 |
| 4500000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.18%, 4/23/26(a) | 4582970 |
| 9500000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.20%, 7/1/26(a) | 9600649 |
| 19750000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.23%, 7/24/26(a) | 19908075 |

---

**3**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $12360000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.25%, 7/17/26(a) | $12469488 |
| 15000000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.26%, 7/17/26(a) | 15133193 |
| 10000000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.33%, 6/21/26(a) | 10118490 |
| 4862000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.33%, 5/15/30(b) | 4862000 |
| 5448718 | (US Treasury Bill Yield 3-Month + 0.000%), 4.33%, 10/15/32(b) | 5448718 |
| 3141026 | (US Treasury Bill Yield 3-Month + 0.000%), 4.33%, 11/15/33(b) | 3141026 |
| 6730822 | (US Treasury Bill Yield 3-Month + 0.000%), 4.33%, 6/15/34(b) | 6730822 |
| 2640000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 9/15/26(b) | 2640000 |
| 1711539 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 12/15/26(b) | 1711539 |
| 21547307 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 6/20/28(b) | 21547307 |
| 4875000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 11/15/28(b) | 4875000 |
| 7920000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 8/15/29(b) | 7920000 |
| 4000000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 8/15/29(b) | 4000000 |
| 28350000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 3/15/30(b) | 28350000 |
| 7583333 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 10/15/30(b) | 7583334 |
| 2452986 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 12/15/33(b) | 2452986 |
| 1229440 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 1/20/35(b) | 1229440 |
| 4520320 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 3/30/37(b) | 4520320 |
| 13110795 | (US Treasury Bill Yield 3-Month + 0.000%), 4.36%, 11/20/37(b) | 13110795 |
| 1666667 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 9/15/26(b) | 1666667 |
| 8749998 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/27(b) | 8749998 |
| 18441600 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 18441600 |
| 14676440 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 14676440 |
| 14292240 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 14292240 |
| 13831200 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 13831200 |
| 10757600 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 10757583 |
| 6454560 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 6454560 |
| 6070360 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 6070360 |
| 3842000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 1/20/35(b) | 3842000 |
| 19495000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 19495000 |
| 16219840 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 16219840 |
| 16063880 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 16063880 |
| 12086900 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 12086900 |
| 11852960 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 11852960 |
| 7330120 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 7330120 |
| 6784260 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 6784260 |
| 6394360 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 6394360 |
| 5692540 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 5692540 |
| 3899000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.40%, 4/20/35(b) | 3899000 |
| 7150000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.55%, 1/17/26(a) | 7379065 |
| 4300000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.55%, 1/17/26(a) | 4437759 |
| 8500000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.59%, 1/24/26(a) | 8767226 |
| 2700000 | (US Treasury Bill Yield 3-Month + 0.000%), 4.78%, 11/26/25(a) | 2809488 |
|  |  | 631988538 |
| **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **4226466930** |
| (Cost $4,226,466,930) | (Cost $4,226,466,930) |  |

---

 **4**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| **Repurchase Agreements — 52.2%** | **Repurchase Agreements — 52.2%** |  |
| $600000000 | &nbsp;&nbsp; Bank of America, National Association, dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $600,070,000 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 12/1/29 to 10/1/55 at rates ranging from 1.50% to 7.50%, aggregate original par and fair value of $858,558,081 and $612,000,000, respectively) | $600000000 |
| 250000000 | &nbsp;&nbsp; Bank of America, National Association, dated 9/30/25; due 10/1/25 at 4.15% with maturity value of $250,028,819 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 11/15/25 to 8/15/46 at rates ranging from 0.00% to 4.38%, aggregate original par and fair value of $290,635,700 and $255,000,032, respectively) | 250000000 |
| 170000000 | &nbsp;&nbsp; Bank of America, National Association, dated 9/30/25; due 10/1/25 at 4.19% with maturity value of $170,019,786 (fully collateralized by U.S. Treasury security with maturity date of 1/15/28 at a rate 4.25%, original par and fair value of $169,658,600 and $173,400,024, respectively) | 170000000 |
| 100000000 | &nbsp;&nbsp; Bank of America, National Association, dated 9/30/25; due 10/1/25 at 4.14% with maturity value of $100,011,500 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 8/15/26 to 5/15/53 at rates ranging from 0.00% to 3.75%, aggregate original par and fair value of $183,608,764 and $102,000,000, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Bank of America, National Association,**<br> **(collateral value of $1,142,400,056)** | 1120000000 |
| 700000000 | &nbsp;&nbsp; Bank of Montreal, dated 9/30/25; due 10/1/25 at 4.19% with maturity value of $700,081,472 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 10/7/25 to 12/18/25 at a rate 0.00%, aggregate original par and fair value of $716,326,500 and $714,000,001, respectively) | 700000000 |
| 500000000 | &nbsp;&nbsp; Bank of Montreal, dated 9/30/25; due 10/1/25 at 4.14% with maturity value of $500,057,500 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 11/15/25 to 2/15/48 at rates ranging from 0.00% to 4.25%, aggregate original par and fair value of $860,434,009 and $510,000,092, respectively) | 500000000 |
|  | &nbsp;&nbsp; **Total Value of Bank of Montreal,**<br> **(collateral value of $1,224,000,093)** | 1200000000 |
| 100000000 | &nbsp;&nbsp; Barclays Bank Plc, dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $100,011,667 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/31/28 to 8/15/31 at a rate 1.25%, aggregate original par and fair value of $113,392,500 and $102,000,083, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Barclays Bank Plc,**<br> **(collateral value of $102,000,083)** | 100000000 |

---

**5**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $250000000 | &nbsp;&nbsp; BNP Paribas Securities Corp., dated 9/30/25; due 10/1/25 at 4.21% with maturity value of $250,029,236 (fully collateralized by Fannie Mae, Freddie Mac and U.S. Treasury securities with maturity dates ranging from 10/31/26 to 9/1/55 at rates ranging from 2.00% to 8.00%, aggregate original par and fair value of $320,027,339 and $255,000,000, respectively) | $250000000 |
| 100000000 | &nbsp;&nbsp; BNP Paribas Securities Corp., dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $100,011,667 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 6/15/26 to 2/15/52 at rates ranging from 0.00% to 4.63%, aggregate original par and fair value of $117,182,512 and $102,000,000, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of BNP Paribas Securities Corp.,**<br> **(collateral value of $357,000,000)** | 350000000 |
| 350000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $350,040,833 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 2/28/27 to 6/15/28 at rates ranging from 3.88% to 4.13%, aggregate original par and fair value of $351,732,400 and $357,000,091, respectively) | 350000000 |
| 350000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $350,040,833 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 9/30/27 to 7/15/28 at rates ranging from 3.88% to 4.13%, aggregate original par and fair value of $352,497,200 and $357,000,058, respectively) | 350000000 |
| 200000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 10/7/25 at 4.16% with maturity value of $200,161,778 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/15/28 to 2/28/30 at rates ranging from 3.75% to 4.00%, aggregate original par and fair value of $200,711,900 and $204,000,029, respectively) | 200000000 |
| 150000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 10/1/25 at 4.19% with maturity value of $150,017,458 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 9/15/28 to 11/30/28 at rates ranging from 2.38% to 4.88%, aggregate original par and fair value of $147,656,100 and $153,000,033, respectively) | 150000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 11/19/25 at 4.25% with maturity value of $101,133,333 (fully collateralized by Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 11/15/27 to 11/20/67 at rates ranging from 2.25% to 10.75%, aggregate original par and fair value of $101,637,006 and $102,000,096, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 11/4/25 at 4.31% with maturity value of $101,089,472 (fully collateralized by Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 3/15/27 to 3/15/66 at rates ranging from 2.25% to 10.50%, aggregate original par and fair value of $104,943,540 and $102,000,004, respectively) | 100000000 |

---

 **6**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 10/8/25 at 4.39% with maturity value of $101,109,694 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 1/31/28 to 2/29/28 at rates ranging from 3.50% to 4.00%, aggregate original par and fair value of $101,255,100 and $102,000,088, respectively) | $100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 9/30/25; due 12/15/25 at 4.07% with maturity value of $101,062,722 (fully collateralized by U.S. Treasury security with maturity date of 7/31/28 at a rate 4.13%, original par and fair value of $100,031,000 and $102,000,074, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Citigroup Global Markets, Inc.,**<br> **(collateral value of $1,479,000,473)** | 1450000000 |
| 200000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $200,023,333 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 4/1/55 to 5/1/55 at rates ranging from 5.00% to 6.00%, aggregate original par and fair value of $207,066,873 and $204,000,000, respectively) | 200000000 |
| 200000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.16% with maturity value of $200,023,111 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 6/1/52 to 10/1/54 at rates ranging from 3.00% to 6.50%, aggregate original par and fair value of $251,998,373 and $204,000,000, respectively) | 200000000 |
| 200000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/7/25 at 4.16% with maturity value of $200,161,778 (fully collateralized by Fannie Mae securities with maturity dates ranging from 9/1/52 to 5/1/55 at rates ranging from 5.00% to 5.50%, aggregate original par and fair value of $218,745,281 and $204,000,000, respectively) | 200000000 |
| 150000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.18% with maturity value of $150,017,417 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 10/31/29 to 12/31/30 at rates ranging from 3.75% to 4.13%, aggregate original par and fair value of $149,897,000 and $153,000,066, respectively) | 150000000 |
| 146000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $146,017,033 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/31/26 to 12/31/30 at rates ranging from 3.75% to 4.88%, aggregate original par and fair value of $145,966,700 and $148,920,088, respectively) | 146000000 |

---

**7**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $50000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.12% with maturity value of $50,005,722 (fully collateralized by U.S. Treasury security with maturity date of 3/31/28 at a rate 1.25%, original par and fair value of $54,062,200 and $51,000,009, respectively) | $50000000 |
| 30000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 9/30/25; due 10/1/25 at 4.19% with maturity value of $30,003,492 (fully collateralized by U.S. Treasury security with maturity date of 8/15/29 at a rate 1.63%, original par and fair value of $32,919,900 and $30,600,043, respectively) | 30000000 |
|  | &nbsp;&nbsp; **Total Value of Credit Agricole Corporate and Investment Bank,**<br> **(collateral value of $995,520,206)** | 976000000 |
| 250000000 | &nbsp;&nbsp; Fixed Income Clearing Corporation, dated 9/30/25; due 10/1/25 at 4.20% with maturity value of $250,029,167 (fully collateralized by U.S. Treasury security with maturity date of 1/15/34 at a rate 1.75%, original par and fair value of $240,653,100 and 255,000,053, respectively) | 250000000 |
|  | &nbsp;&nbsp; **Total Value of Fixed Income Clearing Corporation,**<br> **(collateral value of $255,000,053)** | 250000000 |
| 550000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 9/30/25; due 10/1/25 at 4.19% with maturity value of $550,064,014 (fully collateralized by Fannie Mae, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 2/1/28 to 6/15/62 at rates ranging from 2.00% to 6.50%, aggregate original par and fair value of $903,974,808 and $561,000,000, respectively) | 550000000 |
| 200000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 9/30/25; due 10/7/25 at 4.15% with maturity value of $200,161,389 (fully collateralized by Ginnie Mae securities with maturity dates ranging from 6/20/55 to 9/15/64 at rates ranging from 2.80% to 5.50%, aggregate original par and fair value of $204,379,049 and $204,000,000, respectively) | 200000000 |
| 100000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 9/30/25; due 10/1/25 at 3.75% with maturity value of $100,010,417 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 7/31/26 to 11/15/43 at rates ranging from 0.00% to 4.63%, aggregate original par and fair value of $100,420,528 and $102,000,001, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Goldman Sachs & Co. LLC,**<br> **(collateral value of $867,000,001)** | 850000000 |

---

 **8**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **Principal <br>Amount** |  | **Value** |
| $300000000 | &nbsp;&nbsp; ING Financial Markets LLC, dated 9/30/25; due 10/2/25 at 4.16% with maturity value of $300,242,667 (fully collateralized by U.S. Treasury security with maturity date of 4/15/27 at a rate 0.13%, original par and fair value of $271,151,400 and $306,000,004, respectively) | $300000000 |
|  | &nbsp;&nbsp; **Total Value of ING Financial Markets LLC,**<br> **(collateral value of $306,000,004)** | 300000000 |
| 300000000 | &nbsp;&nbsp; National Australia Bank, dated 9/30/25; due 10/1/25 at 4.15% with maturity value of $300,034,583 (fully collateralized by U.S. Treasury security with maturity date of 9/30/27 at a rate 3.50%, original par and fair value of $306,655,000 and 306,014,139, respectively) | 300000000 |
|  | &nbsp;&nbsp; **Total Value of National Australia Bank,**<br> **(collateral value of $306,014,139)** | 300000000 |
| 750000000 | &nbsp;&nbsp; TD Securities (USA), dated 9/30/25; due 10/1/25 at 4.18% with maturity value of $750,087,083 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 11/15/40 to 2/15/55 at rates ranging from 1.88% to 5.00%, aggregate original par and fair value of $949,260,800 and $765,000,087, respectively) | 750000000 |
| 200000000 | &nbsp;&nbsp; TD Securities (USA), dated 9/30/25; due 10/7/25 at 4.17% with maturity value of $200,162,167 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 7/1/50 to 1/1/55 at rates ranging from 3.50% to 7.00%, aggregate original par and fair value of $253,693,174 and $204,000,000, respectively) | 200000000 |
|  | &nbsp;&nbsp; **Total Value of TD Securities (USA),**<br> **(collateral value of $969,000,087)** | 950000000 |
| 500000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/1/25 at 4.21% with maturity value of $500,058,472 (fully collateralized by Freddie Mac securities with maturity dates ranging from 11/1/27 to 9/1/55 at rates ranging from 1.50% to 7.50%, aggregate original par and fair value of $742,185,934 and $510,000,000, respectively) | 500000000 |
| 500000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/6/25 at 4.15% with maturity value of $500,403,472 (fully collateralized by Fannie Mae securities with maturity dates ranging from 5/1/30 to 9/1/55 at rates ranging from 1.50% to 7.00%, aggregate original par and fair value of $523,593,907 and $510,000,000, respectively) | 500000000 |

---

**9**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br>Amount** | **Principal <br>Amount** |  | **Value** |
| $| 300000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/7/25 at 4.15% with maturity value of $300,242,083 (fully collateralized by Fannie Mae securities with maturity dates ranging from 11/1/35 to 10/1/55 at rates ranging from 2.00% to 6.50%, aggregate original par and fair value of $352,155,435 and $306,000,000, respectively) | $300000000 |
|  | 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/17/25 at 4.13% with maturity value of $100,344,167 (fully collateralized by Fannie Mae securities with maturity dates ranging from 9/1/31 to 6/1/55 at rates ranging from 2.00% to 6.50%, aggregate original par and fair value of $117,445,500 and $102,000,000, respectively) | 100000000 |
|  | 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/15/25 at 4.39% with maturity value of $101,121,889 (fully collateralized by Fannie Mae securities with maturity dates ranging from 5/1/26 to 9/1/55 at rates ranging from 1.50% to 8.00%, aggregate original par and fair value of $127,336,939 and $102,000,000, respectively) | 100000000 |
|  | 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 12/1/25 at 4.20% with maturity value of $101,050,000 (fully collateralized by U.S. Treasury security with maturity date of 2/15/54 at a rate 2.13%, original par and fair value of $104,334,600 and $102,000,047, respectively) | 100000000 |
|  | 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/31/25 at 4.14% with maturity value of $100,356,500 (fully collateralized by Fannie Mae securities with maturity dates ranging from 5/1/32 to 10/1/55 at rates ranging from 2.00% to 6.50%, aggregate original par and fair value of $115,240,472 and $102,000,001, respectively) | 100000000 |
|  | 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 9/30/25; due 10/3/25 at 4.39% with maturity value of $101,048,722 (fully collateralized by Fannie Mae security with maturity date of 8/1/55 at a rate 5.50%, original par and fair value of $101,732,336 and $102,000,000, respectively) | 100000000 |
|  |  | &nbsp;&nbsp; **Total Value of Wells Fargo Securities LLC,**<br> **(collateral value of $1,836,000,048)** | 1800000000 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **9646000000** |
| (Cost $9,646,000,000) | (Cost $9,646,000,000) | (Cost $9,646,000,000) |  |
| **Total Investments** | **Total Investments** | **Total Investments** | $**18308368347** |
| (Cost $18,308,368,347)(d) — 99.1% | (Cost $18,308,368,347)(d) — 99.1% | (Cost $18,308,368,347)(d) — 99.1% |  |
| **Other assets in excess of liabilities — 0.9%** | **Other assets in excess of liabilities — 0.9%** | **Other assets in excess of liabilities — 0.9%** | **171878677** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**18480247024** |

---

 **10**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

(a) Zero Coupon Bond. The rate represents the yield at time of purchase.

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

(c) The rate represents effective yield at the time of purchase.

(d) Tax cost of securities is equal to book cost of securities.

Abbreviations used are defined below:

MTN - Medium Term Note

SOFR - Secured Overnight Financing Rate

#### See Notes to the Financial Statements.
**11**

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

#### September 30, 2025

---

| | |
|:---|:---|
|  | **RBC BlueBay U.S. Government<br>Money Market Fund** |
|  **Assets:** |  |
|  Investments, at value (cost $8,662,368,347) | $8662368347 |
|  Repurchase agreements, at value (cost $9,646,000,000) | 9646000000 |
|  Cash | 54954311 |
|  Interest and dividend receivable | 39205813 |
|  Receivable for investments sold | 103061369 |
|  Prepaid expenses and other assets | 100635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 18505690475 |
|  **Liabilities:** |  |
|  Distributions payable | 22284252 |
|  Accrued expenses and other payables: |  |
|  Investment advisory fees | 1651032 |
|  Accounting fees | 339318 |
|  Audit fees | 43328 |
|  Professional fees | 5075 |
|  Distribution fees | 778034 |
|  Custodian fees | 31824 |
|  Shareholder reports | 123324 |
|  Transfer agent fees | 36879 |
|  Other | 150385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 25443451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $18480247024 |
|  **Net Assets Consists of:** |  |
|  Capital | $18480553213 |
|  Accumulated earnings | (306189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $18480247024 |

---

 **12**<br>

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (cont.)

---

| | |
|:---|:---|
|  | **RBC BlueBay U.S. Government<br>Money Market Fund** |
|  **Net Assets** |  |
|  Class A | $757803967 |
|  Institutional Class 1 | 13602179046 |
|  Institutional Class 2 | 3737299230 |
|  Investor Class | 382964781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18480247024 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |
|  Class A | 757792104 |
|  Institutional Class 1 | 13602482511 |
|  Institutional Class 2 | 3737287725 |
|  Investor Class | 383012517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 18480574857 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |
|  Class A | $1.00 |
|  Institutional Class 1 | $1.00 |
|  Institutional Class 2 | $1.00 |
|  Investor Class | $1.00 |

---

#### See Notes to the Financial Statements.
**13**

------

FINANCIAL STATEMENTS

Statement of Operations

#### For the Year Ended September 30, 2025

---

| | |
|:---|:---|
|  | **RBC BlueBay U.S. Government<br>Money Market Fund** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $667729365 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 14996037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 253297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Institutional Class 2 | 5563202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Investor Class | 3897173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 843852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 28604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 268968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 31716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 372562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 356276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 523350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 25934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Institutional Class 1 | 176197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Investor Class | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 712067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 195514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 28256186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributor - Class Specific | (482998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 27773188 |
|  **Net Investment Income** | 639956177 |
|  **Realized/Unrealized Gains/(Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investment transactions | 14342 |
|  Change in net assets resulting from operations | $639970519 |

---

#### See Notes to the Financial Statements.
 **14**<br>

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay U.S. Government**<br>**Money Market Fund** | **RBC BlueBay U.S. Government**<br>**Money Market Fund** |
|  | **For the**<br>**Year Ended<br>September 30, 2025** | **For the**<br>**Year Ended<br>September 30, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $639956177 | $781087445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments | 14342 | (2) |
|  Change in net assets resulting from operations | 639970519 | 781087443 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (10414060) | (205672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class 1 | (460809488) | (583896522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class 2 | (155214336) | (175537030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (13506030) | (22202345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (639943914) | (781841569) |
|  **Capital Transactions: (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 127014417027 | 144323802984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 415791966 | 513793819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (124430298727) | (142708431666) |
|  Change in net assets resulting from capital transactions | 2999910266 | 2129165137 |
|  Net increase in net assets | 2999936871 | 2128411011 |
|  **Net Assets:** |  |  |
|  Beginning of year | 15480310153 | 13351899142 |
|  End of year | $18480247024 | $15480310153 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 127014417027 | 144323802984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 415778692 | 513793819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (124430298727) | (142708431666) |
|  Change in shares resulting from capital transactions | 2999896992 | 2129165137 |

---

**15**

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market 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 Year** | **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 Year** |
|  **Class A** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | $1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Period Ended 9/30/23(c) | 1.00 | 0.02 | —(b) | 0.02 | (0.02) | (0.02) | 1.00 |
|  **Institutional Class 1** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | $1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.05 | (0.01)(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |
|  **Institutional Class 2** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | $1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |
|  **Investor Class** |  |  |  |  |  |  |  |
|  Year Ended 9/30/25 | $1.00 | 0.03 | —(b) | 0.03 | (0.03) | (0.03) | $1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.03 | 0.01(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) |  |  | —(b) | —(b) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |

---

(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.

(c) For the period from June 8, 2023, (commencement of operations) through September 30, 2023.

 **16**<br>

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market Fund

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return** | **Net Assets,**<br>**End of Year**<br>**(millions)** | **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\*** |
|  **Class A** |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.31% | $758 | 0.23% | 4.12% | 0.23% |
|  Year Ended 9/30/24 | 5.26% | 8 | 0.25%(a) | 5.06% | 0.34% |
|  Period Ended 9/30/23(b) | 1.58%(c) |  | 0.25%(a)(d) | 4.94%(d) | 5.53%(d) |
|  **Institutional Class 1** |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.43% | $13602 | 0.12% | 4.33% | 0.12% |
|  Year Ended 9/30/24 | 5.39% | 11701 | 0.14% | 5.25% | 0.14% |
|  Year Ended 9/30/23 | 4.54% | 8244 | 0.13%(e) | 4.74% | 0.17% |
|  Year Ended 9/30/22 | 0.60% | 2724 | 0.07%(e) | 0.29% | 0.17% |
|  Year Ended 9/30/21 | 0.02% | 11201 | 0.09%(e) | 0.02% | 0.17% |
|  **Institutional Class 2** |  |  |  |  |  |
|  Year Ended 9/30/25 | 4.28% | $3737 | 0.27% | 4.19% | 0.27% |
|  Year Ended 9/30/24 | 5.24% | 3383 | 0.27% | 5.12% | 0.27% |
|  Year Ended 9/30/23 | 4.39% | 3705 | 0.28% | 4.36% | 0.28% |
|  Year Ended 9/30/22 | 0.52% | 2967 | 0.15%(f) | 0.43% | 0.27% |
|  Year Ended 9/30/21 | 0.02% | 3935 | 0.09%(f) | 0.02% | 0.27% |
|  **Investor Class** |  |  |  |  |  |
|  Year Ended 9/30/25 | 3.52% | $383 | 1.00% | 3.47% | 1.12% |
|  Year Ended 9/30/24 | 4.49% | 389 | 1.00% | 4.40% | 1.12% |
|  Year Ended 9/30/23 | 3.64% | 1403 | 1.00% | 3.38% | 1.13% |
|  Year Ended 9/30/22 | 0.25% | 3012 | 0.36%(g) | 0.18% | 1.12% |
|  Year Ended 9/30/21 | 0.02% | 5218 | 0.08%(g) | 0.02% | 1.12% |

---

\* 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.

(a) During the periods ended September 30, 2024 and September 30, 2023, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.01% and 5.19%, if such voluntary waivers were excluded for the period ended September 30, 2024 and for the period ended September 30, 2023. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

**17**

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market Fund

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

(b) For the period from June 8, 2023, (commencement of operations) through September 30, 2023.

(c) Not annualized.

(d) Annualized.

(e) During the periods ended September 30, 2023, September 30, 2022 and September 30, 2021, the Advisor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.03%, 0.09% and 0.08%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2023, September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

(f) During the periods ended September 30, 2022 and September 30, 2021, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.11% and 0.18%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

(g) During the periods ended September 30, 2022 and September 30, 2021, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.65% and 0.92%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

 **18**<br>

------

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

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").Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This report includes the RBC BlueBay U.S. Government Money Market Fund ("Fund").

The Fund offers four share classes: Class A, Institutional Class 1, Institutional Class 2 and Investor Class.

RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Advisor" or "Co-Administrator") acts as the investment advisor for the Fund. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

The 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, the 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 Fund 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 the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the 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 Fund 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 Fund financial statements.

#### Security Valuation:
The Fund has elected to use the amortized cost method to value its securities (other than other investment companies) pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended, which the Board believes approximates fair market value. The amortized cost method involves valuing a security initially at its cost, and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Amortized cost approximates

 **19**<br>

------

NOTES TO FINANCIAL STATEMENTS

the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). If amortized cost no longer approximates fair value due to credit or other impairments of an issuer, the Fund will determine the fair value of its securities by using pricing and valuation procedures approved by the Board. 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 Fund's 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 Fund's 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 Fund's 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.

In accordance with Rule 2a-7, the fair values of the securities held in the Fund are determined at least once per week using evaluated prices supplied by third-party pricing vendors approved by the Board. The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity and type of issue. These security values are then compared to the securities' amortized cost. If a security price is not available from a pricing service or broker-dealer, or the Advisor determines that a price provided by a pricing service or broker-dealer does not approximate fair value for purposes of this comparison, the security's fair value will be determined in good faith by the Pricing Committee 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.

#### 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.

 **20**<br>

------

NOTES TO FINANCIAL STATEMENTS

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.

The summary of inputs used to determine the fair value of the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1<br>Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  RBC BlueBay U.S. Government Money Market Fund | $— | 18308368347 | $— | 18308368347 |

---

#### Repurchase Agreements:
The Fund 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 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.

Master Repurchase Agreements ("MRA") permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. Details of the counterparties and collateral for repurchase agreements are shown on the Schedule of Portfolio Investments.

#### Credit Enhancement:
Certain obligations held by the Fund 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 accounted for on the date the security is bought or sold ("trade date"). Dividend income is recorded on the ex-dividend date. 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.

 **21**<br>

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NOTES TO FINANCIAL STATEMENTS

#### Expense, Investment Income and Gain/Loss Allocation:
The 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 the 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 the Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within the 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.

#### Distributions to Shareholders:
The Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total redemption of shares in an account. Capital gains, if any, 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 (e.g. paydowns), they are reclassified within the Fund's capital accounts based on their federal tax basis treatment.

#### When-Issued Transactions:
The Fund may engage in when-issued transactions. The Fund records when-issued securities on the trade date and maintains sufficient liquidity so that cash will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are valued daily beginning on trade date and begin earning interest on the settlement date. As of September 30, 2025, the Fund held when-issued securities and details are included in the Schedules of Portfolio Investments.

#### 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 the performance of their duties to the Fund. Additionally in the normal course of business, the Fund enters 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. The Fund has not had prior claims or losses pursuant to these contracts.

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 the Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires the 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 the fund as follows:

---

| | |
|:---|:---|
|  | **Annual Rate** |
|  RBC BlueBay U.S. Government Money Market Fund | 0.10% |

---

Institutional Class 1 of the Fund may pay an annual shareholder services administration fee of up to 0.05% of the average daily net assets attributable to Institutional Class 1 shares that is used to reimburse or compensate a servicing agent (or pay the Advisor, which the Advisor will use to reimburse or compensate a servicing agent) for its efforts and expenses incurred in connection with servicing shareholder accounts. This shareholder services administration fee is not paid pursuant to Rule 12b-1.

RBC GAM-US has contractually agreed to waive fees and/or reimburse expenses under an expense limitation agreement in order to maintain the net annual Fund operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) at 0.20% for Institutional Class 1 and, effective October 1, 2025, at 0.25% for Class A until January 31, 2027. During the year ended September 30, 2025, there were no fees waived under this agreement.

 **22**<br>

------

NOTES TO FINANCIAL STATEMENTS

RBC GAM-US serves as co-administrator to the Fund. BNY Mellon serves as co-administrator and fund accounting agent. Services provided under the administrative services agreement include providing day-to-day administration of matters related to the Fund, maintenance of the records and the preparation of reports. Under the terms of the administrative services agreement, RBC GAM-US does not receive an administration services fee. BNY Mellon receives a fee for its services payable by the Fund based in part on the Fund's average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statement of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Fund 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 Advisor has invested in and, as of September 30, 2025, owns 92,690,960 shares of the Fund, representing 0.5% of total Fund net assets.

4. Fund Distribution:

The Fund has adopted a Shareholder Account and Distribution Services (12b-1) Plan (the "Plan") with respect to Class A, Institutional Class 2 and Investor Class, in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits the Fund to make payments for or to reimburse the Distributor or others, including RBC Capital Markets, LLC, monthly for distribution-related costs and expenses of marketing shares of each share class covered under the Plan, and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Institutional Class 2** | **Investor Class** |
|  12b-1 Plan Fee | 0.10% | 0.15% | 1.00% |

---

Plan fees are based on average daily net assets of the applicable class. 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.

Pursuant to a shareholder account and distribution services agreement between the Distributor and RBC Capital Markets, LLC, the Distributor has agreed to compensate RBC Capital Markets, LLC for certain shareholder account servicing support provided to the Fund. RBC Capital Markets, LLC has agreed to waive fees and/or reimburse expenses in order to maintain the net annual Fund operating expenses for each class listed below to the following amounts:

---

| | |
|:---|:---|
| **Share Class** | **Operating Expense Limit** |
|  Class A | 0.25% |
|  Institutional Class 2 | 0.30% |
|  Investor Class | 1.00% |

---

 **23**<br>

------

NOTES TO FINANCIAL STATEMENTS

This expense limitation agreement is in place until January 31, 2027 with respect to Institutional Class 2 and Investor Class. The Fund will carry forward, for a period not to exceed 12 months from the date on which a waiver or reimbursement is made by RBC Capital Markets, LLC, any expenses in excess of the expense limitation and repay RBC Capital Markets, LLC such amounts, provided the Fund is able to effect such repayment and remain in compliance with the expense limitation. At September 30, 2025, the amount subject to possible recoupment under the expense limitation agreement is $482,998.

RBC Capital Markets, LLC and/or the Advisor may voluntarily waive and/or reimburse additional Fund operating expenses at any time, such as to maintain a minimum yield in the fund. Any such voluntary program may be modified or discontinued at any time without notice.

For the year ended September 30, 2025, the following distribution fees were waived either contractually or voluntarily:

---

| | |
|:---|:---|
| **Share Class** | **Distribution Fees Waived** |
|  Investor Class | $482998 |

---

5. Capital Share Transactions

The number of shares sold, reinvested and redeemed correspond to the net proceeds from sale of shares, reinvestments of dividends and cost of shares redeemed, respectively, since shares are issued, reinvested and redeemed at $1.00 per share.

Transactions for the period were as follows:

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay U.S. Government Money Market Fund** | **RBC BlueBay U.S. Government Money Market Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Proceeds from shares issued | $1080845246 | $12533021 |
|  Distributions reinvested | 10414109 | 205620 |
|  Cost of shares redeemed | (341052137) | (5561821) |
|  Change in Class A | $750207218 | $7176820 |
|  **Institutional Class 1** |  |  |
|  Proceeds from shares issued | $118599286565 | $136638198300 |
|  Distributions reinvested | 236657518 | 317329653 |
|  Cost of shares redeemed | (116934513125) | (133497752696) |
|  Change in Institutional Class 1 | $1901430958 | $3457775257 |
|  **Institutional Class 2** |  |  |
|  Proceeds from shares issued | $6908075030 | $6884015012 |
|  Distributions reinvested | 155214307 | 174218234 |
|  Cost of shares redeemed | (6709479411) | (7379966875) |
|  Change in Institutional Class 2 | $353809926 | $(321733629) |
|  **Investor Class** |  |  |
|  Proceeds from shares issued | $426210186 | $789056651 |
|  Distributions reinvested | 13506032 | 22040312 |
|  Cost of shares redeemed | (445254054) | (1825150274) |
|  Change in Investor Class | $(5537836) | $(1014053311) |
|  Change in net assets resulting from capital transactions | $2999910266 | $2129165137 |

---

 **24**<br>

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NOTES TO FINANCIAL STATEMENTS

6. Federal Income Taxes:

It is the policy of the 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 the 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 three 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.

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  |<br>Ordinary<br>Income |<br>Total Taxable<br>Distributions | Total<br>Distributions<br>Paid |
|  RBC BlueBay U.S. Government Money Market Fund | $636404257 | $636404257 | $636404257 |

---

The tax character of distributions during the year ended September 30, 2024 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** |
|  RBC BlueBay U.S. Government Money Market Fund | $777521041 | $357739 | $777878780 | $777878780 |

---

Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary <br>Income** | **Undistributed<br>Long Term<br>Gain** | **Distributions<br>Payable** | **Unrealized<br>Depreciation** | **Other<br>Temporary<br>Differences** | **Total<br>Accumulated<br>(Losses)** |
| $21965869 | $47503 | $(22284252) | $(35309) | $— | $(306189) |

---

As of September 30, 2025, the Fund does not have any capital loss carryforward.

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. The Fund did not have any Post-October Capital Losses or Late-Year Ordinary Losses for the year ending September 30, 2025.

7. Line of Credit

The Fund, along with other Funds within the Trust, participates 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

 **25**<br>

------

NOTES TO FINANCIAL STATEMENTS

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 Fund during the period.

8. Significant Risks

#### Shareholder concentration risk:
As of September 30, 2025, affiliated broker-dealer omnibus accounts in aggregate owned 28.6% of the Fund's outstanding shares. Significant transactions by these shareholders may impact the Fund's 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 (such as COVID-19, avian influenza or H1N1/09), epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. 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:
The Fund's yield will fluctuate as the general level of interest rates change. During periods when interest rates are low, the Fund's yield may also be low. When interest rates increase, securities held by the 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. The Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

9. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Fund and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 **26**<br>

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of RBC Funds Trust and Shareholders of RBC BlueBay U.S. Government Money Market Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of RBC BlueBay U.S. Government Money Market Fund (one of the funds constituting RBC Funds Trust, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

November 20, 2025

We have served as the auditor of one or more investment companies in the RBC Funds since 2016.

 **27**<br>

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OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

The Fund reports a portion of the income dividends distributed during the fiscal year ended September 30, 2025, as U.S. Government Income as 100.00%.

U.S. Government Income represents the amount of interest that was derived from direct U.S. Government obligations. Generally, such interest is exempt from state income tax. For residents of California, New York and Connecticut the statutory threshold requirements were satisfied. Due to the diversity in state and local tax law, it is recommended you consult a tax adviser as to the applicability of the information provided for your specific situation.

The Fund reports a portion of the income dividends distributed during the fiscal year ended September 30, 2025, as Qualified Interest Income as defined in the Internal Revenue Code as 100.00%.

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

 **28**<br>

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

#### Information Regarding the Approval of Investment Advisory and Sub-Advisory Agreements
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 Fund, the RBC Funds Board of Trustees determined to approve the continuation of the investment advisory agreement ("Agreement") with the Advisor for the Fund for an additional year.

As part of their review of the Agreement, the Trustees requested and considered information regarding the advisory services performed by the Advisor; the staffing and qualifications of the personnel responsible for operating and managing the Fund; and the Fund's 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 renewal and a regular meeting at which the proposed renewal was considered, and their experience with the management and 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 Fund vs. funds in the same category and funds in a more tailored peer group. 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, to discuss the information and the Advisor's ongoing management of the Fund. The Trustees reviewed the nature and quality of the services provided to the Fund by the Advisor, including information as to the Fund's performance.

The Trustees were provided with comparative Morningstar data for U.S. government money market funds. The Trustees were informed that the Fund had outperformed the median return of its Morningstar category and peer group for recent periods and over the longer term. The Trustees were satisfied with the quality and capabilities of the money market fund portfolio management and analyst team and with the overall investment performance of the Fund.

The Trustees reviewed advisory fee and expense information for the Fund compared to similarly situated funds, including information regarding other client accounts advised or sub-advised by the Advisor with a similar investment strategy 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 were informed that the Fund's net expense ratio was within the top quartile of both its peer group and its Morningstar category. The Trustees considered, and viewed favorably, arrangements to waive certain fees to achieve competitive expense levels. 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 Fund.

Based upon their review, the Trustees determined that the advisory fees proposed to be payable to the Advisor were reasonable and fair in light of the nature and quality of services provided under all the circumstances and were within the range of what might have been negotiated at arms' length. The Trustees concluded that it was in the interests of the Fund and its shareholders to approve the renewal of the Agreement as well as the continuation of the expense limitation agreement for the Fund for an additional year. In arriving at their collective decision to approve the Agreement, 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.

 **29**<br>

------

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 year 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](g16130dsp256.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-MM AR 09-25

------

#### 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.** <br>

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.** <br>

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)).

------

(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) | [The registrant's Code of Ethics is attached hereto.](d16130dex99a1.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer.](d16130dex99a3.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d16130dex99b.htm) |

---

------

#### 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> | By (Signature and Title)\* <u>/s/ David Eikenberg</u> |
|  | David Eikenberg, President and Chief Executive Officer |
|  | (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> |
| David Eikenberg, President and Chief Executive Officer |
| (principal executive officer) |
| Date <u>December 2, 2025</u> |
| By (Signature and Title)\* <u>/s/ Kathleen A. Hegna</u> |
| Kathleen A. Hegna, Treasurer and Chief Financial Officer |
| (principal financial officer) |
| 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)(1)

**EX-99.CODE ETH** 

**<u>RBC FUNDS TRUST</u>** 

CODE OF ETHICS PURSUANT TO RULE 17J-1

**<u>Introduction</u>** 

This Code of Ethics (the "Code") has been adopted by the Board of Trustees (the "Board") of the RBC Funds Trust (the "Trust," each series thereof a "Fund" and, collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). Part One of the Code addresses the topics contemplated by Rule 17j-1; Part Two addresses the topics contemplated by Rules 30a-2 and 30a-3 of the 1940 Act which were adopted in order to implement the disclosure requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies.

The Code Compliance Officer, as defined herein, shall promptly notify each new Access Person subject to reporting requirements of any applicable reporting requirements under the Code, and shall deliver a copy of the Code to each such Access Person.

All material amendments to the Code must be either approved in advance by the Board or ratified by the Board as determined by the Trust's Chief Compliance Officer ("CCO") upon consultation with Counsel to the Independent Trustees. Non-material amendments to the Code may be made by the CCO and reported to the Board at the next scheduled meeting.

**PART ONE** 

Rule 17j-1 under the 1940 Act requires that registered investment companies adopt a written code of ethics containing provisions reasonably necessary to prevent Access Persons from engaging in certain conduct prohibited by Rule 17j-1, and to use reasonable diligence and implement procedures reasonably necessary to prevent violations of such code of ethics.

The purpose of Part One of the Code is to establish policies consistent with Rule 17j-1 and with the following general principles:

Access Persons have the duty at all times to place the interests of clients and shareholders ahead of their own personal interests in any decision relating to their personal investments.

All personal securities transactions shall be conducted consistent with Part One of the Code and in such manner as to avoid any actual, potential or perceived conflicts of interest, or any abuse of an individual's position of trust and responsibility.

Access Persons shall not take advantage of their position and must avoid any situation that might compromise or call into question their exercise of fully independent judgment in the interest of shareholders.

Page 1 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "**Access Person**" means any trustee or officer of the Funds, and all RBC Global Asset Management (U.S), Inc. ("RBC GAM-US" or "Adviser") employees, officers and directors (except RBC Exempt Individuals, as discussed below). Certain Access Persons may be subject to a code of ethics adopted by another entity pursuant to applicable regulatory requirements. The Board desires to avoid duplication of reporting obligations or otherwise conflicting obligations under multiple codes of ethics; accordingly, an Access Person may be deemed to be in compliance with Part One, Reports, of the Code if he or she is in compliance with an Approved Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. An "**Approved Code of Ethics**" is a code adopted by RBC GAM-USor RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or a "Sub-Adviser") that incorporates the requirements of Rule 17j-1. A breach of an Approved Code of Ethics with respect to the Trust will be deemed a breach of Part One of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "**Beneficial Ownership**" of a security is to be determined in the same manner as it is for purposes of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "1934 Act"). This means that a person should generally consider themselves the "Beneficial Owner" of any security in which they have a direct or indirect financial interest. Beneficial Ownership is presumed with respect to securities and accounts held in the name of a spouse or other immediate family members living in the same household ("immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships). Beneficial Ownership also includes, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, having or sharing "voting power" or "investment power" as those terms are used in Section 13(d) and Rule 13d-3 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "**Disinterested Trustee**" means a trustee of the Funds who is not an "interested person" of the Funds within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "**Code Compliance Officer**" means the individual responsible for oversight and monitoring of compliance with the requirements of the Code. The Code Compliance Officer is identified on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "**Insider Trading**" means the use of Material Non-Public Information to trade in a security (whether or not one is an Access Person) or the communication of Material Non-Public Information to others. Insider Trading generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trading in a security by an Access Person while in possession of Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading in a security by a person who is not an Access Person while in possession of Material Non-Public Information, under circumstances in which the information was either disclosed to such person in violation of an Access Person's duty to keep it confidential or misappropriated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Communicating Material Non-Public Information to any person who then
trades in a security while in possession of such information.

Page 2 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "**Material Non-Public Information**" means information that has not been effectively communicated to the marketplace and for which there is a substantial likelihood that a reasonable investor would consider it important in making investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Examples of Material Non-Public Information include information regarding dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments. Material Non-Public Information about the Trust's holdings, the Trust's transactions and the securities recommendations of the Trust's Adviser and Sub-Adviser is also included in this definition. Access Persons (including Disinterested Trustees) are reminded that they have a duty to keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "**Covered Security**" has the same meaning as it has in Section 2(a)(36) of the 1940 Act, but excludes Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "**Exempt Securities**" are exchange traded funds ("ETFs"), except single security ETFs, exchange traded notes, direct obligations of the United States Government, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and shares of registered open-end investment companies **other than shares of the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "**Service Provider Code Compliance Officer**" means the individual responsible at RBC GAM-USor RBC GAM-UK for oversight and monitoring of compliance with an Approved Code of Ethics.

**<u>Prohibited Securities Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In connection with the purchase or sale of a security held or to be acquired by any Fund, no Access Person shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon
any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Access Person shall, directly or indirectly (1) purchase any security in which he or she has or thereby acquires any Beneficial Ownership where such purchase or sale constitutes Insider Trading; or (2) take any other action that constitutes or may result in Insider Trading.

**<u>Reports</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACCESS PERSONS. Each Access Person (except Disinterested Trustees, whose entire reporting requirements are set forth in subsection B below, and RBC Exempt Individuals as defined in the RBC GAM-US Code of Ethics) shall make the following reports required by Rule 17j-1(d) under the 1940 Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) INITIAL AND ANNUAL SECURITIES HOLDINGS REPORTS. Within 10 calendar days of becoming an Access Person, and
annually thereafter, Access Persons shall disclose

Page 3 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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all personal Covered Securities holdings other than Exempt Securities. Compliance with this reporting requirement will be satisfied by providing initial brokerage account statements current as of a date within 45 days prior to the date the person becomes an Access Person, and annual holdings reports current as of a date no more than 45 days before the report is submitted. Initial and annual holdings reports must contain: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title, number of shares and principal amount of each Covered Security in which the Access Person has any
Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) QUARTERLY TRANSACTION REPORTS. Within 30 calendar days of the end of each quarter, Access Persons shall
report all Covered Securities transactions other than the Exempt Securities in which each has or, by reason of such transactions, acquires any Beneficial Ownership. Compliance with this reporting requirement will be satisfied by providing brokerage
account statements current as of quarter-end. Quarterly Transaction Reports do not need to be provided in the event electronic feeds are being received on said accounts. Quarterly Transaction Reports must
contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of each transaction, the title, the interest rate and maturity date (if applicable), the number of
shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of each transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The name of any broker, dealer or bank with whom the Access Person established an account in which any
securities are held for the direct or indirect benefit of the Access Person and the date on which the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DISINTERESTED TRUSTEES. A Disinterested Trustee need not file Initial or Annual Securities Holdings Reports, and may not need to file Quarterly Transaction Reports. A Disinterested Trustee shall only file a Quarterly Transaction Report and report transactions in a Covered Security if such Disinterested Trustee knows at the time of such transaction or, in the ordinary course of fulfilling his or her official duties as Trustee, should have known during the 15-day period immediately preceding or after the date of the transaction, that such Covered Security was or would be purchased or sold by a Fund or was or would be considered for purchase or sale by a Fund or the Adviser. The "should have known" standard implies no duty of inquiry and does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting a Fund's investment objectives, or presume that any knowledge is to be imputed because of prior knowledge of a Fund's portfolio holdings, market considerations or a Fund's investment policies, objectives and restrictions.

Page 4 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. EXCEPTIONS FROM REPORTING REQUIREMENTS. The reporting requirements set forth herein shall not apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transactions for any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Involuntary transactions by the Access Person or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchases under an automatic investment plan, including a dividend reinvestment plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Purchases effected by the exercise of rights issued by an issuer pro-rata to all holders of a class of its securities to the extent such rights were acquired from such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. PROCEDURES FOR COMPLIANCE OVERSIGHT OF ACCESS PERSONS SUBJECT TO AN APPROVED CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Initial and Annual Service Provider Code Compliance Officer Certifications**. Within ten (10) days
following the commencement of service as a trustee or officer of the Fund, and 45 days following the end of each calendar year, the Service Provider Code Compliance Officer shall be required to provide to the Code Compliance Officer a written
communication affirming the identity of each Access Person subject to an Approved Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Quarterly Service Provider Code Compliance Officer Certifications**. Within 60 days after each calendar quarter-end, the Code Compliance Officer will require the Service Provider Code Compliance Officer to provide a written report concerning each Access Person's compliance with the Approved Code of Ethics.
The Code Compliance Officer requires immediate notification from the Service Provider Code Compliance Officer of any material violation by an Access Person of an Approved Code of Ethics.

**<u>Enforcement and Reports to the Board</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Code Compliance Officer shall review reports filed under Part One of the Code to determine whether any violation may have occurred. Access Persons who discover a violation or apparent violation of Part One of the Code by any other person covered by Part One of the Code shall bring the matter to the attention of Fund Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each violation of or issue arising under Part One of the Code shall be reported to the Board at or before
the next regular meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may impose such sanctions or penalties upon a violator of Part One of the Code as it deems
appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Code Compliance Officer shall report in writing to the Board at least annually regarding issues arising under the Code, including, but not limited to, material violations of the Code, violations that, in the aggregate, are material and any sanctions imposed. Each such report shall certify that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating Part One of the Code.

Page 5 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**<u>Recordkeeping</u>** 

The Trust shall maintain and preserve for a period of not less than seven years (the first two years in an easily accessible place) a copy of the Code, as well as any documentation described in herein.

**<u>Private Placements and Initial Public Offerings – Not Applicable to Disinterested Fund Trustees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. PRIVATE PLACEMENTS. Access Persons may purchase privately placed securities, subject to advance review and approval by the Adviser. Approval will be granted only if the Access Person can demonstrate that no current or potential conflicts of interest will arise if he or she is permitted to purchase the security in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. INITIAL PUBLIC OFFERINGS. Access Persons are prohibited from purchasing securities in initial public offerings. In the event that an Access Person holds securities in a company that has announced that it will engage in an initial public offering, he or she must bring the information about the impending initial public offering to the attention of the Adviser.

**PART TWO** 

Rule 30a-2 under the 1940 Act requires that registered investment companies include certain certifications by each principal executive and principal financial officer of the investment company, or persons performing similar functions, in its Form N-CSR, including disclosing whether a written code of ethics has been adopted that applies to the company's principal executive officer and senior financial officers. Rule 30a-3 of the 1940 Act requires the maintenance of disclosure controls and procedures over financial reporting. Rules 30a-2 and 30a-3 were adopted in order to implement the disclosure requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies.

The purpose of Part Two of the Code is to establish policies specific to the Funds' Covered Officers, as defined below, in order to deter wrongdoing and promote honest and ethical conduct.

**<u>Covered Officers; Purpose; Defined Terms</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. COVERED OFFICERS. The persons who are subject to Part Two of the Code (the "Covered Officers") are the Funds' principal executive officer and principal financial officer. The Funds' Covered Officers are identified on Exhibit A.

Part Two of the Code also applies to members of each Covered Officer's immediate family who live in the same household as the Covered Officer. Therefore, for purposes of interpretation, each obligation, requirement or prohibition that applies to a Covered Officer also applies to such immediate family members. For this purpose, the term "immediate family" has the meaning set forth in Part One of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. PURPOSE. The purpose of Part Two of the Code is to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files
with or submits to the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of Part Two of the Code to the appropriate person or persons;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to Part Two of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. DEFINED TERMS. Capitalized terms which are used in Part Two of the Code and which are not otherwise defined in Part Two have the meanings assigned to them in Part One of the Code.

**<u>Covered Officers Must Handle Actual and Apparent Conflicts of Interest Ethically</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. GENERAL. A conflict of interest occurs when a Covered Officer's personal interests interfere with the interests of or his or her service to the Trust. For example, an actual conflict of interest would arise if a Covered Officer or a member of his or her immediate family living in the same household received improper personal benefits as a result of his or her position with the Trust.

The Trust's and the Adviser's compliance policies and procedures are designed to prevent, detect and correct actual, potential or perceived conflicts of interest, including conflicts of interest that may arise out of the relationships between Covered Officers and the Trust Part Two of the Code does not and is not intended to repeat or replace the Trust's or the Adviser's policies and procedures.

Actual, potential or perceived conflicts of interest also may arise from or occur as a result of the contractual relationships between the Trust and other entities for which the Covered Officers are also officers or employees. Covered Officers may, in the normal course of their duties for the Trust and such other entities, be involved in establishing policies and implementing decisions that will have different effects on the Trust and such other entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and such other entities and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and, to the extent applicable, the Investment Advisers Act, such activities will be deemed to have been handled ethically.

In order to avoid actual, potential or perceived conflicts of interest, Covered Officers are prohibited from engaging in the following activity. Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interests of a Covered Officer should not be placed before the interests of the Trust or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Covered Officers must not use their personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Covered Officers must not cause the Trust to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Covered Officers must not intentionally or recklessly take or direct any action or fail to take or direct
any action that results in any SEC filing or other public communication by the Trust's being materially misleading while personally benefiting such Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Covered Officers must not engage in any outside employment or activity that interferes with their
performance or responsibilities to the Trust or is otherwise in conflict with or prejudicial to the Trust. A Covered Officer must disclose to the Code Compliance Officer any outside employment or activity that may constitute a conflict of interest
and obtain the Code Compliance Officer's approval before engaging in any such employment or activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Covered Officers must not exploit for their own personal gain or for the personal gain of immediate family
members or relatives opportunities that are discovered through the use of Trust property, information or position, unless the opportunity is first fully disclosed in writing to the Board and the Board declines to pursue the opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. GIFTS AND ENTERTAINMENT. A Covered Officer must not solicit, allow himself or herself to be solicited, or accept gifts, entertainment or other gratuities intended to or appearing to influence decisions or favors toward the Trust's business to or from any client, potential client, Trust vendor or potential vendor. A Covered Officer may not give or accept gifts with a value exceeding $100 per recipient, during any calendar year, even if the gift does not oblige or influence the Covered Officer or is not intended to influence another. Notwithstanding this prohibition, a Covered Officer may accept or provide reasonable business meals and entertainment if the client, potential client, Trust vendor or potential vendor is physically present at the business meal or entertainment.

**<u>Disclosure and Compliance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. FAMILIARITY WITH DISCLOSURE REQUIREMENTS. Each Covered Officer shall familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. AVOIDING MISREPRESENTATIONS. Each Covered Officer shall not knowingly misrepresent or knowingly cause others to misrepresent facts about the Trust to others, whether within or outside the Trust, including to the Trust's Trustees, auditors or counsel, or to governmental regulators or self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. PROMOTING ACCURATE DISCLOSURE. Each Covered Officer shall, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with or submits to the SEC and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. PROMOTING COMPLIANCE. Each Covered Officer shall, to the extent appropriate within his or her area of responsibility, promote compliance with the Trust's compliance policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act and with the laws, rules and regulations applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. CONFIDENTIALITY. The Covered Officers must maintain the confidentiality of information entrusted to them by the Trust, except when disclosure is authorized by the Trust's counsel or required by laws or regulations. Whenever possible, Covered Officers should consult with the Trust's counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes all non-public information that might be of use to competitors or harmful to the Trust or its investors if disclosed. The obligation to preserve confidential information continues after employment as a Covered Officer ends.

Page 8 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**<u>Reporting; Amendment and Waivers</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACKNOWLEDGEMENT OF PART TWO. Upon first becoming subject to Part Two of the Code and annually covering the prior calendar year period, each Covered Officer shall affirm in writing to the Code Compliance Officer on the Form attached as Exhibit B that he or she has received, read and understands Part Two of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. REPORTING OF VIOLATIONS. Each Covered Officer shall report any violation of Part Two of the Code of which he or she becomes aware (whether committed by himself or herself or by another Covered Officer) to the Code Compliance Officer promptly after becoming aware of such violation. The Code Compliance Officer shall report any material violation of Part Two of the Code of which he or she becomes aware, whether through a report by a Covered Officer or otherwise, to the Board at or before the next regular meeting of the Board, together with the Code Compliance Officer's recommendation for the action, if any, to be taken with respect to such violation. The Board may impose such sanctions or penalties upon a violator of Part Two of the Code as it deems appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AMENDMENTS AND WAIVERS. Amendments to and waivers of the provisions of Part Two of the Code may be adopted or granted by the Board. Such amendments or waivers shall be disclosed as required by applicable law or regulation. The process of requesting a waiver consists of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Covered Officer shall submit a request for waiver in writing to the Code Compliance Officer. The request
shall describe the conduct, activity or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for engaging in the conduct, activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The determination with respect to the waiver shall be made in a timely fashion by the Code Compliance
Officer, in consultation with Trust counsel, and submitted to the Board for ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The decision with respect to the waiver request shall be documented and kept in the Trust's records
for the appropriate period mandated by applicable law or regulation.

**<u>Accountability for Adherence to Part Two of the Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Matters covered in Part Two of the Code are of the utmost importance to the Trust and its investors, and are essential to the Trust's ability to conduct its business in accordance with its stated values. Covered Officers are expected to adhere to these rules in carrying out their duties to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust will, if appropriate, take action against any of its Covered Officers whose actions are found to violate Part Two of the Code. Sanctions for violations of Part Two may include a requirement that the violator undergo training related to the violation, a letter of sanction, the imposition of a monetary penalty, and suspension or termination of the employment of the violator. Where the Trust has suffered a loss because of violations of Part Two of the Code or other applicable laws, regulations or rules, the Trust may pursue remedies against the responsible individuals or entities.

Page 9 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**<u>Business Owner</u>** 

Chief Compliance Officer, RBC Funds Trust

**<u>Approval Dates</u>** 

- April 16, 2004

**<u>Material Revision Dates</u>** 

- March 2, 2007 (approved by the Board on March 15, 2007)

- May 5, 2008 (approved by the Board on May 20, 2008)

**<u>Non-Material Revision Dates</u>** 

- June 7, 2011 (reported to the Board on June 30, 2011)

- August 31, 2011 (reported to the Board on September 27, 2011)

- October 3, 2012 (reported to the Board on December 6, 2012)

- April 30, 2013 (reported to the Board on June 18, 2013)

- November 13, 2013 (reported to the Board on December 5, 2013)

- March 12, 2015 (reported to the Board on March 31, 2015)

- March 16, 2018 (reported to the Board on March 28, 2018)

- March 7, 2019 (reported to the Board on March 26, 2019)

- February 25, 2021 (reported to the Board on March 11, 2021)

- February 13, 2023 (reported to the Board on March 16, 2023)

Page 10 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**EXHIBIT A** 

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| | |
|:---|:---|
|  **Code Compliance Officer** | Maren Fleming |
|  **Covered Officers**<br> **(effective October 14, 2022)** | David Eikenberg, Principal Executive Officer<br> Kathy Hegna, Principal Financial Officer |

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Page 11 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

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**EXHIBIT B** 

**ACKNOWLEDGMENT OF PART TWO OF THE RBC FUNDS TRUST CODE OF ETHICS** 

**Please indicate below whether this is an initial acknowledgment, an annual acknowledgment, or an acknowledgment of an amended Part Two of the Code of Ethics.** 

Initial Annual Amended

**<u>You must review Part Two of the Code of Ethics before completing this acknowledgment. Please forward your completed acknowledgment directly to the Code Compliance Officer</u>.** 

**I REPRESENT AND CERTIFY THAT I HAVE RECEIVED, READ, UNDERSTOOD AND WILL COMPLY WITH PART TWO OF THE FUND'S CODE OF ETHICS AND UNDERSTAND THAT I AM SUBJECT TO IT. IF THIS IS AN ANNUAL CERTIFICATION, I FURTHER REPRESENT AND CERTIFY THAT I HAVE COMPLIED WITH THE CODE DURING THE PRECEDING YEAR.** 

*Please direct questions regarding the completion of this Acknowledgment to the Code Compliance Officer.* 

Name

Dated:<u> </u> <br> Signature

Page 12 of 12 <br> *Code of Ethics Pursuant to Rule 17j-1* February 13, 2023

## 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: December 2, 2025 | <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.

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| | |
|:---|:---|
| Date: December 2, 2025 | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

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## 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: December 2, 2025 | <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.

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| | |
|:---|:---|
| Date: December 2, 2025 | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---