# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-23-049081
**Filing Date:** 2023-3
**Character Count:** 31289
**Document Hash:** a157b59e356a9a4973455a43ebdb6c2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049081.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049081

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 23690797

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-313-1341

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

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

## Series and Classes Contracts Data

### RBC Small Cap Value Fund (Series ID: S000046780)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146124 | Class I      | RSVIX           |
| C000175206 | Class R6     | RRSVX           |
| C000225268 | Class A      | RBVAX           |

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Value Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Common Stocks — 95.94%** | **Common Stocks — 95.94%** |  |
| **Communication Services — 1.69%** | **Communication Services — 1.69%** |  |
| 3040 | Nexstar Media Group, Inc., Class A | $532091 |
| **Consumer Discretionary — 12.85%** | **Consumer Discretionary — 12.85%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29580 | Dana, Inc. | 447545 |
| 32590 | G-III Apparel Group Ltd.\* | 446809 |
| 2890 | Group 1 Automotive, Inc. | 521269 |
| 6080 | Malibu Boats, Inc., Class A\* | 324064 |
| 3610 | Oxford Industries, Inc. | 336380 |
| 8240 | Patrick Industries, Inc. | 499344 |
| 24150 | Ruth's Hospitality Group, Inc. | 373842 |
| 12235 | Steven Madden Ltd. | 391031 |
| 13320 | Taylor Morrison Home Corp.\* | 404262 |
| 32534 | Tilly's, Inc., Class A\* | 294433 |
|  |  | 4038979 |
| **Consumer Staples — 3.04%** | **Consumer Staples — 3.04%** |  |
| 16330 | Hostess Brands, Inc.\* | 366445 |
| 4140 | John B Sanfilippo & Son, Inc. | 336665 |
| 2370 | MGP Ingredients, Inc. | 252121 |
|  |  | 955231 |
| **Energy — 6.46%** | **Energy — 6.46%** |  |
| 18120 | Delek US Holdings, Inc. | 489240 |
| 23180 | Magnolia Oil & Gas Corp., Class A | 543571 |
| 22140 | Par Pacific Holdings, Inc.\* | 514755 |
| 7600 | PDC Energy, Inc. | 482448 |
|  |  | 2030014 |
| **Financials — 26.55%** | **Financials — 26.55%** |  |
| 4060 | American Financial Group, Inc. | 557357 |
| 6710 | Amerisafe, Inc. | 348719 |
| 28420 | Columbia Banking System, Inc. | 856295 |
| 37722 | Compass Diversified Holdings | 687672 |
| 12150 | Independent Bank Group, Inc. | 729972 |
| 22877 | Mercantile Bank Corp. | 765922 |
| 13895 | Pacific Premier Bancorp, Inc. | 438526 |
| 8990 | Pinnacle Financial Partners, Inc. | 659866 |
| 5140 | Reinsurance Group of America, Inc. | 730343 |
| 4240 | Stock Yards Bancorp, Inc. | 275515 |
| 9670 | TriCo Bancshares | 493073 |
| 15790 | United Community Banks, Inc. | 533702 |
| 25350 | Veritex Holdings, Inc. | 711828 |
| 12310 | WSFS Financial Corp. | 558135 |
|  |  | 8346925 |
| **Health Care — 4.20%** | **Health Care — 4.20%** |  |
| 9170 | Globus Medical, Inc., Class A\*  | 681056 |

---

**1** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 7160 | Lantheus Holdings, Inc.\* | $364873 |
| 5440 | Omnicell, Inc.\* | 274285 |
|  |  | 1320214 |
| **Industrials — 15.35%** | **Industrials — 15.35%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96048 | ACCO Brands Corp. | 536908 |
| 6270 | Arcosa, Inc. | 340712 |
| 3455 | Atkore, Inc.\* | 391866 |
| 6590 | Barrett Business Services, Inc. | 614715 |
| 4584 | Builders FirstSource, Inc.\* | 297410 |
| 21080 | Columbus McKinnon Corp. | 684468 |
| 13796 | Ducommun, Inc.\* | 689248 |
| 16448 | Greenbrier Cos., Inc. (The) | 551502 |
| 14860 | Insteel Industries, Inc. | 408947 |
| 2340 | NV5 Global, Inc.\* | 309629 |
|  |  | 4825405 |
| **Information Technology — 5.66%** | **Information Technology — 5.66%** |  |
| 5470 | MKS Instruments, Inc. | 463473 |
| 5833 | Model N, Inc.\* | 236586 |
| 1570 | Novanta, Inc.\* | 213316 |
| 7000 | Onto Innovation, Inc.\* | 476630 |
| 4750 | Super Micro Computer, Inc.\* | 389975 |
|  |  | 1779980 |
| **Materials — 6.17%** | **Materials — 6.17%** |  |
| 4460 | Kaiser Aluminum Corp. | 338782 |
| 18279 | Koppers Holdings, Inc. | 515468 |
| 5120 | Materion Corp. | 448051 |
| 3150 | Reliance Steel & Aluminum Co. | 637686 |
|  |  | 1939987 |
| **Real Estate — 10.69%** | **Real Estate — 10.69%** |  |
| 82180 | Braemar Hotels & Resorts, Inc., REIT | 337760 |
| 17239 | Community Healthcare Trust, Inc., REIT | 617156 |
| 8750 | CubeSmart, REIT | 352188 |
| 36480 | DiamondRock Hospitality Co., REIT | 298771 |
| 2530 | EastGroup Properties, Inc., REIT | 374592 |
| 9504 | National Storage Affiliates Trust, REIT | 343284 |
| 30920 | RLJ Lodging Trust, REIT | 327443 |
| 12010 | STAG Industrial, Inc., REIT | 388043 |
| 19841 | UMH Properties, Inc., REIT | 319440 |
|  |  | 3358677 |

---

**2** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Utilities — 3.28%** | **Utilities — 3.28%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630 | Southwest Gas Holdings, Inc. | $1029064 |
|  **Total Common Stocks**<br> (Cost $32,688,839) | **Total Common Stocks**<br> (Cost $32,688,839) | **30156567** |
|  **Exchange Traded Funds — 2.14%** | **Exchange Traded Funds — 2.14%** |  |
| 8110 | SPDR S&P Biotech ETF\* | 673130 |
|  **Total Exchange Traded Funds**<br> (Cost $742,148) | **Total Exchange Traded Funds**<br> (Cost $742,148) | **673130** |
|  **Exchange Traded Funds — 1.00%** | **Exchange Traded Funds — 1.00%** |  |
| 2270 | iShares Russell 2000 Value ETF | 314781 |
|  **Total Exchange Traded Funds**<br> (Cost $326,496) | **Total Exchange Traded Funds**<br> (Cost $326,496) | **314781** |
|  **Investment Company — 0.62%** | **Investment Company — 0.62%** |  |
| 195489 | U.S. Government Money Market Fund, RBC Institutional Class 1(a) | 195489 |
|  **Total Investment Company**<br> (Cost $195,489) | **Total Investment Company**<br> (Cost $195,489) | **195489** |
|  **Total Investments**<br> (Cost $33,952,972) — 99.70% | **Total Investments**<br> (Cost $33,952,972) — 99.70% | $**31339967** |
|  **Other assets in excess of liabilities — 0.30%** | **Other assets in excess of liabilities — 0.30%** | **94220** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**31434187** |

---

------

\* Non-income producing security.

(a) Affiliated investment.

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

**3**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 50 South Sixth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** RBC Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000046780

- **c. LEI of Series:** 549300DR9CEGMXXOZQ57

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $31466330.50

**Total Liabilities:** $48698.63

**Net Assets:** $31417631.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146124 | 12.38%               | 2.32%                | -7.15%               |
| Class ID C000175206 | 12.92%               | 2.36%                | -7.17%               |
| Class ID C000225268 | 12.88%               | 2.38%                | -7.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42601.47               | $4024060.79                                |
| Month 2  | $-199666.95              | $945488.42                                 |
| Month 3  | $-212063.95              | $-2417800.39                               |

### Schedule of Portfolio Investments

| Name                            | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US Government Money Market Fund | US Government Money Market Fund   | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |    195489 | NS      | $195489.18    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc             | Onto Innovation Inc               | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      7000 | NS      | $476630.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                   | AMERISAFE Inc                     | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      6710 | NS      | $348718.70    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp            | Kaiser Aluminum Corp              | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4460 | NS      | $338781.60    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc           | Lantheus Holdings Inc             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      7160 | NS      | $364873.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                     | Novanta Inc                       | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1570 | NS      | $213315.90    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                   | Materion Corp                     | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      5120 | NS      | $448051.20    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc        | Par Pacific Holdings Inc          | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     22140 | NS      | $514755.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc     | John B Sanfilippo & Son Inc       | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      4140 | NS      | $336664.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc           | Delek US Holdings Inc             | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     18120 | NS      | $489240.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                | ACCO Brands Corp                  | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     96048 | NS      | $536908.32    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp            | Mercantile Bank Corp              | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     22877 | NS      | $765921.96    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp       | Taylor Morrison Home Corp         | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     13320 | NS      | $404262.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co      | DiamondRock Hospitality Co        | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     36480 | NS      | $298771.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc         | Nexstar Media Group Inc           | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      3040 | NS      | $532091.20    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc  | Community Healthcare Trust Inc    | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     17239 | NS      | $617156.20    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc         | Stock Yards Bancorp Inc           | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      4240 | NS      | $275515.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc             | MGP Ingredients Inc               | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      2370 | NS      | $252120.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                  | PDC Energy Inc                    | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |      7600 | NS      | $482448.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc          | Patrick Industries Inc            | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      8240 | NS      | $499344.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                | Malibu Boats Inc                  | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6080 | NS      | $324064.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                    | Omnicell Inc                      | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      5440 | NS      | $274284.80    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc            | Koppers Holdings Inc              | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18279 | NS      | $515467.80    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Braemar Hotels & Resorts Inc    | Braemar Hotels & Resorts Inc      | CUSIP: 10482B101<br>LEI: 549300JDUUEBN868C776 | Long             | EC               | CORP              | US        |     82180 | NS      | $337759.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp             | WSFS Financial Corp               | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     12310 | NS      | $558135.40    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In  | Pinnacle Financial Partners Inc   | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      8990 | NS      | $659866.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc          | Group 1 Automotive Inc            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2890 | NS      | $521269.30    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ruth's Hospitality Group Inc    | Ruth's Hospitality Group Inc      | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               | CORP              | US        |     24150 | NS      | $373842.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust               | RLJ Lodging Trust                 | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30920 | NS      | $327442.80    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc     | Columbia Banking System Inc       | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28420 | NS      | $856294.60    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc      | Southwest Gas Holdings Inc        | CUSIP: 844895102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16630 | NS      | $1029064.40   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                        | Dana Inc                          | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     29580 | NS      | $447545.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd         | G-III Apparel Group Ltd           | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     32590 | NS      | $446808.90    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc        | Super Micro Computer Inc          | CUSIP: 86800U104<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      4750 | NS      | $389975.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                      | Arcosa Inc                        | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      6270 | NS      | $340711.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Model N Inc                     | Model N Inc                       | CUSIP: 607525102<br>LEI: 549300WCIL3W0EYSBN94 | Long             | EC               | CORP              | US        |      5833 | NS      | $236586.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF            | SPDR S&P Biotech ETF              | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      8110 | NS      | $673130.00    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co    | Reliance Steel & Aluminum Co      | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      3150 | NS      | $637686.00    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc             | MKS Instruments Inc               | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      5470 | NS      | $463473.10    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc            | Veritex Holdings Inc              | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     25350 | NS      | $711828.00    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tilly's Inc                     | Tilly's Inc                       | CUSIP: 886885102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32534 | NS      | $294432.70    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd               | Steven Madden Ltd                 | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     12235 | NS      | $391030.60    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY       | Columbus McKinnon Corp/NY         | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     21080 | NS      | $684467.60    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc   | Barrett Business Services Inc     | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |      6590 | NS      | $614715.20    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The          | Greenbrier Cos Inc/The            | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     16448 | NS      | $551501.44    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc        | EastGroup Properties Inc          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2530 | NS      | $374591.80    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp         | Magnolia Oil & Gas Corp           | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23180 | NS      | $543571.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr  | National Storage Affiliates Trust | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9504 | NS      | $343284.48    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc              | Hostess Brands Inc                | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16330 | NS      | $366445.20    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc              | UMH Properties Inc                | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     19841 | NS      | $319440.10    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Value ETF  | iShares Russell 2000 Value ETF    | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             | EC               | RF                | US        |      2270 | NS      | $314780.90    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                    | Ducommun Inc                      | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     13796 | NS      | $689248.16    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA   | United Community Banks Inc/GA     | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     15790 | NS      | $533702.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc              | Globus Medical Inc                | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      9170 | NS      | $681055.90    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                | TriCo Bancshares                  | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9670 | NS      | $493073.30    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O  | American Financial Group Inc/OH   | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      4060 | NS      | $557356.80    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc     | Pacific Premier Bancorp Inc       | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     13895 | NS      | $438526.20    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings    | Compass Diversified Holdings      | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     37722 | NS      | $687672.06    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                       | CubeSmart                         | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8750 | NS      | $352187.50    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc             | STAG Industrial Inc               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     12010 | NS      | $388043.10    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I  | Reinsurance Group of America Inc  | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      5140 | NS      | $730342.60    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc          | Insteel Industries Inc            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     14860 | NS      | $408947.20    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                  | NV5 Global Inc                    | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2340 | NS      | $309628.80    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc        | Builders FirstSource Inc          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      4584 | NS      | $297409.92    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Group Inc      | Independent Bank Group Inc        | CUSIP: 45384B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12150 | NS      | $729972.00    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                      | Atkore Inc                        | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      3455 | NS      | $391866.10    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc           | Oxford Industries Inc             | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      3610 | NS      | $336379.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** RBC Funds Trust

**Signature:** Kathy Hegna

**Name of Signer:** Kathy Hegna

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