# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-25-132994
**Filing Date:** 2025-6
**Character Count:** 572781
**Document Hash:** 0861c28dbdcd3380dd355c978535252f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-132994.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-132994

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**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:** 251013618

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

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

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

## Series and Classes Contracts Data

### RBC Emerging Markets Equity Fund (Series ID: S000043475)

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

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

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

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

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

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

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

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

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

### RBC Global Equity Leaders Fund (Series ID: S000074755)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232918 | Class I      | RGLIX           |
| C000232919 | Class A      | RGELX           |
| C000232920 | Class R6     | RGRLX           |

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? RBC Funds Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-21475

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

------

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

(Address of principal executive offices) (Zip code)

Tara Tilbury

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### March 31, 2025

#### Date of reporting period:

#### March 31, 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](g938161images_27686.jpg)

**RBC International Small Cap Equity Fund**

**Class A / RISSX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Small Cap Equity Fund<br>(Class A/RISSX) | $129 | 1.24% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Sanrio Co Ltd, Fujikura Ltd, and Asics Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in M&A Research Institute Holdings Inc., Stabilus SE, and Laboratorios Farmaceuticos Rovi SA detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841838.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class A/RISSX)— including sales load (5.75%)** | 1.41% | 5.41%<sup>(a)</sup> |
| **RBC International Small Cap Equity Fund (Class A/RISSX) — excluding sales load** | 7.64% | 8.17%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 6.09% | 10.13% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 1.87% | 7.36% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6017863 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(145001) |

---

#### 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;Ryohin Keikaku Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanrio Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick Plc | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 24.3% |
| United Kingdom | 12.6% |
| Sweden | 7.8% |
| Norway | 7.2% |
| India | 7.0% |
| Taiwan | 6.8% |
| France | 5.1% |
| Germany | 4.2% |
| United States | 3.6% |
| Australia | 3.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841856.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

ICA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC International Small Cap Equity Fund**

**Class I / RISIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Small Cap Equity Fund<br>(Class I/RISIX) | $103 | 0.99% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Sanrio Co Ltd, Fujikura Ltd, and Asics Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in M&A Research Institute Holdings Inc., Stabilus SE, and Laboratorios Farmaceuticos Rovi SA detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841874.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class I/RISIX)** | 7.90% | 8.44%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 6.09% | 10.13% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 1.87% | 7.36% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6017863 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(145001) |

---

#### 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;Ryohin Keikaku Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanrio Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick Plc | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 24.3% |
| United Kingdom | 12.6% |
| Sweden | 7.8% |
| Norway | 7.2% |
| India | 7.0% |
| Taiwan | 6.8% |
| France | 5.1% |
| Germany | 4.2% |
| United States | 3.6% |
| Australia | 3.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841892.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

ICI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC International Small Cap Equity Fund**

**Class R6 / RISRX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Small Cap Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Small Cap Equity Fund<br>(Class R6/RISRX) | $98 | 0.94% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Sanrio Co Ltd, Fujikura Ltd, and Asics Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in M&A Research Institute Holdings Inc., Stabilus SE, and Laboratorios Farmaceuticos Rovi SA detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841802.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Small Cap Equity Fund (Class R6/RISRX)** | 7.95% | 8.48%<sup>(a)</sup> |
| **MSCI ACWI ex USA Net Total Return USD Index (Regulatory Benchmark)** | 6.09% | 10.13% |
| **MSCI ACWI ex USA Small Cap Total Return Net Index (Strategy Benchmark)** | 1.87% | 7.36% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6017863 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(145001) |

---

#### 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;Ryohin Keikaku Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanrio Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick Plc | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Inc | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 24.3% |
| United Kingdom | 12.6% |
| Sweden | 7.8% |
| Norway | 7.2% |
| India | 7.0% |
| Taiwan | 6.8% |
| France | 5.1% |
| Germany | 4.2% |
| United States | 3.6% |
| Australia | 3.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841820.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

ICR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC International Equity Fund**

**Class A / RIEAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Equity Fund<br>(Class A/RIEAX) | $104 | 1.04% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Mitsubishi UFJ Financial Group Inc., Hitachi Ltd, and EssilorLuxottica SA provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S,ASML Holding NV, and LVMH Moet Hennessy Louis Vuitton SE detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841910.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class A/RIEAX)— including sales load (5.75%)** | -4.88% | 6.51%<sup>(a)</sup> |
| **RBC International Equity Fund (Class A/RIEAX) — excluding sales load** | 0.92% | 9.29%<sup>(a)</sup> |
| **MSCI EAFE Total Return Net Index** | 4.88% | 10.87% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$24692752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(10761) |

---

#### 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;Mitsubishi UFJ Financial Group, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 2.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 23.9% |
| United Kingdom | 17.0% |
| France | 9.7% |
| Germany | 8.5% |
| Netherlands | 5.8% |
| Australia | 4.9% |
| Denmark | 4.6% |
| Switzerland | 4.1% |
| Ireland | 4.0% |
| Spain | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841928.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

IEA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC International Equity Fund**

**Class I / RIEIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Equity Fund<br>(Class I/RIEIX) | $79 | 0.79% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Mitsubishi UFJ Financial Group Inc., Hitachi Ltd, and EssilorLuxottica SA provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S,ASML Holding NV, and LVMH Moet Hennessy Louis Vuitton SE detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841946.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class I/RIEIX)** | 1.19% | 9.57%<sup>(a)</sup> |
| **MSCI EAFE Total Return Net Index** | 4.88% | 10.87% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$24692752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(10761) |

---

#### 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;Mitsubishi UFJ Financial Group, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 2.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 23.9% |
| United Kingdom | 17.0% |
| France | 9.7% |
| Germany | 8.5% |
| Netherlands | 5.8% |
| Australia | 4.9% |
| Denmark | 4.6% |
| Switzerland | 4.1% |
| Ireland | 4.0% |
| Spain | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841964.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

IEI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC International Equity Fund**

**Class R6 / RIERX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC International Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 International Equity Fund<br>(Class R6/RIERX) | $74 | 0.74% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Mitsubishi UFJ Financial Group Inc., Hitachi Ltd, and EssilorLuxottica SA provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S,ASML Holding NV, and LVMH Moet Hennessy Louis Vuitton SE detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841982.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC International Equity Fund (Class R6/RIERX)** | 1.24% | 9.66%<sup>(a)</sup> |
| **MSCI EAFE Total Return Net Index** | 4.88% | 10.87% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 14, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$24692752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(10761) |

---

#### 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;Mitsubishi UFJ Financial Group, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 2.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| Japan | 23.9% |
| United Kingdom | 17.0% |
| France | 9.7% |
| Germany | 8.5% |
| Netherlands | 5.8% |
| Australia | 4.9% |
| Denmark | 4.6% |
| Switzerland | 4.1% |
| Ireland | 4.0% |
| Spain | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9842000.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

IER-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Opportunities Fund**

**Class A / RGPAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Opportunities Fund<br>(Class A/RGPAX) | $102 | 1.00% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Netflix Inc., Taiwan Semiconductor Manufacturing Co Ltd, and NVIDIA Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Recruit Holdings Co Ltd, and Microsoft Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841190.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class A/RGPAX)— including sales load (5.75%)** | -2.42% | 10.62% | 8.27%<sup>(a)</sup> |
| **RBC Global Opportunities Fund (Class A/RGPAX) — excluding sales load** | 3.55% | 11.94% | 8.92%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 15.18% | 8.84% |

---

---

| | |
|:---|:---|
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class A shares commenced operations on January 28, 2020. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 3, 2014) and has been adjusted to reflect the fees and expenses of Class A.*  |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$482208854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;72% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$2942301 |

---

#### 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;Microsoft Corp. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 61.9% |
| United Kingdom | 11.6% |
| Switzerland | 4.1% |
| France | 4.0% |
| Japan | 3.5% |
| Ireland | 3.0% |
| Germany | 3.0% |
| India | 2.9% |
| Hong Kong | 2.4% |
| Taiwan | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841208.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

GOA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Opportunities Fund**

**Class I / RGOIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Opportunities Fund<br>(Class I/RGOIX) | $76 | 0.75% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Netflix Inc., Taiwan Semiconductor Manufacturing Co Ltd, and NVIDIA Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Recruit Holdings Co Ltd, and Microsoft Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841118.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class I/RGOIX)** | 3.80% | 12.24% | 9.14% |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 15.18% | 8.84% |

---

**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;$482208854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;72% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$2942301 |

---

#### 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;Microsoft Corp. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 61.9% |
| United Kingdom | 11.6% |
| Switzerland | 4.1% |
| France | 4.0% |
| Japan | 3.5% |
| Ireland | 3.0% |
| Germany | 3.0% |
| India | 2.9% |
| Hong Kong | 2.4% |
| Taiwan | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841136.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

GOI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Opportunities Fund**

**Class R6 / RGORX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Opportunities Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Opportunities Fund<br>(Class R6/RGORX) | $71 | 0.70% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in Netflix Inc., Taiwan Semiconductor Manufacturing Co Ltd, and NVIDIA Corp. provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Recruit Holdings Co Ltd, and Microsoft Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841154.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Global Opportunities Fund (Class R6/RGORX)** | 3.89% | 12.29% | 9.20%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 15.18% | 8.84% |

---

---

| | |
|:---|:---|
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class R6 shares commenced operations on November 22, 2016. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 3, 2014) and has been adjusted to reflect the fees and expenses of Class R6.*  |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$482208854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;72% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$2942301 |

---

#### 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;Microsoft Corp. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.0% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 61.9% |
| United Kingdom | 11.6% |
| Switzerland | 4.1% |
| France | 4.0% |
| Japan | 3.5% |
| Ireland | 3.0% |
| Germany | 3.0% |
| India | 2.9% |
| Hong Kong | 2.4% |
| Taiwan | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841172.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

GOR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Equity Leaders Fund**

**Class A / RGELX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Equity Leaders Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Equity Leaders Fund<br>(Class A/RGELX) | $103 | 1.00% |

---

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

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund aims to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund also will, under normal market conditions: (1) invest at least 40% of its assets outside the United States, or if market conditions are not favorable, at least 30% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in DBS Group Holdings Ltd, Netflix Inc., andTaiwan Semiconductor Manufacturing Co Ltd provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Microsoft Corp., and Valero Energy Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841586.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Global Equity Leaders Fund (Class A/RGELX)— including sales load (5.75%)** | 0.02% | -0.44%<sup>(a)</sup> |
| **RBC Global Equity Leaders Fund (Class A/RGELX)** | 6.09% | 1.37%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 5.09% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 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;$5264786 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(163426) |

---

#### 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;Microsoft Corp. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 62.9% |
| United Kingdom | 4.7% |
| Singapore | 4.6% |
| France | 4.1% |
| Switzerland | 3.9% |
| India | 3.7% |
| Germany | 3.3% |
| Italy | 3.1% |
| Ireland | 3.0% |
| Hong Kong | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841604.jpg)

![TSR_QRCode](g938161images_27687.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.

GLA-AR-03-25

**RBC Global Equity Leaders Fund** — **Class A**

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Equity Leaders Fund**

**Class I / RGLIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Equity Leaders Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Equity Leaders Fund<br>(Class I/RGLIX) | $77 | 0.75% |

---

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

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund aims to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund also will, under normal market conditions: (1) invest at least 40% of its assets outside the United States, or if market conditions are not favorable, at least 30% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in DBS Group Holdings Ltd, Netflix Inc., andTaiwan Semiconductor Manufacturing Co Ltd provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Microsoft Corp., and Valero Energy Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841622.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Global Equity Leaders Fund (Class I/RGLIX)** | 6.34% | 1.63%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 5.09% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 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;$5264786 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(163426) |

---

#### 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;Microsoft Corp. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 62.9% |
| United Kingdom | 4.7% |
| Singapore | 4.6% |
| France | 4.1% |
| Switzerland | 3.9% |
| India | 3.7% |
| Germany | 3.3% |
| Italy | 3.1% |
| Ireland | 3.0% |
| Hong Kong | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841640.jpg)

![TSR_QRCode](g938161images_27687.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.

GLI-AR-03-25

**RBC Global Equity Leaders Fund** — **Class I**

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Global Equity Leaders Fund**

**Class R6 / RGRLX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Global Equity Leaders Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Global Equity Leaders Fund<br>(Class R6/RGRLX) | $72 | 0.70% |

---

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

The Fund seeks to provide long-term capital growth by primarily investing in equity securities of issuers located throughout the world, including both developed and emerging markets. Under normal circumstances, the Fund aims to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund also will, under normal market conditions: (1) invest at least 40% of its assets outside the United States, or if market conditions are not favorable, at least 30% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries.

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Stock Selection | Positive | Positions in DBS Group Holdings Ltd, Netflix Inc., andTaiwan Semiconductor Manufacturing Co Ltd provided the most stock-specific contribution to absolute performance during the period. |
| Stock Selection | Negative | Positions in Novo Nordisk A/S, Microsoft Corp., and Valero Energy Corp. detracted the most from stock-specific contribution to absolute performance during the period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841658.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Global Equity Leaders Fund (Class R6/RGRLX)** | 6.39% | 1.68%<sup>(a)</sup> |
| **MSCI ACWI Net Total Return USD Index** | 7.15% | 5.09% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 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;$5264786 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(163426) |

---

#### 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;Microsoft Corp. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 3.3% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| United States | 62.9% |
| United Kingdom | 4.7% |
| Singapore | 4.6% |
| France | 4.1% |
| Switzerland | 3.9% |
| India | 3.7% |
| Germany | 3.3% |
| Italy | 3.1% |
| Ireland | 3.0% |
| Hong Kong | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841676.jpg)

![TSR_QRCode](g938161images_27687.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.

GLR-AR-03-25

**RBC Global Equity Leaders Fund** — **Class R6**

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class A / REVAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Value Equity Fund<br>(Class A/REVAX) | $126 | 1.22% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Weaker security selection within the Information Technology and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's overweight exposure to the Consumer Discretionary and Financials sectors was a positive contributor. |
| Country Security Selection | Negative | Security selection in China detracted from the Fund's performance. |
| Country Asset Weighting | Positive | The Fund's overweight exposure to South Africa was a positive contributor. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841550.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class A/REVAX)— including sales load (5.75%)** | 0.16% | 10.05%<sup>(a)</sup> | 1.32%<sup>(a)</sup> |
| **RBC Emerging Markets Value Equity Fund (Class A/REVAX) — excluding sales load** | 6.26% | 11.36%<sup>(a)</sup> | 2.17%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 1.95% |

---

---

| | |
|:---|:---|
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class A shares commenced operations on April 19, 2022. Performance shown for this share class prior to commencement of operations reflects the performance of Class I share (which commenced operations on February 9, 2018) and has been adjusted to reflect the fees and expenses of Class A.*  |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$57651937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$168174 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 27.1% |
| India | 13.6% |
| Taiwan | 13.0% |
| South Africa | 8.7% |
| Korea | 7.6% |
| Brazil | 5.7% |
| Chile | 3.7% |
| Mexico | 2.3% |
| Indonesia | 2.3% |
| Vietnam | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841568.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EVA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class I / REMVX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Value Equity Fund<br>(Class I/REMVX) | $100 | 0.97% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Weaker security selection within the Information Technology and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's overweight exposure to the Consumer Discretionary and Financials sectors was a positive contributor. |
| Country Security Selection | Negative | Security selection in China detracted from the Fund's performance. |
| Country Asset Weighting | Positive | The Fund's overweight exposure to South Africa was a positive contributor. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841478.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class I/REMVX)** | 6.53% | 11.62% | 2.40%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 1.95% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on February 9, 2018.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$57651937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$168174 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 27.1% |
| India | 13.6% |
| Taiwan | 13.0% |
| South Africa | 8.7% |
| Korea | 7.6% |
| Brazil | 5.7% |
| Chile | 3.7% |
| Mexico | 2.3% |
| Indonesia | 2.3% |
| Vietnam | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841496.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EVI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Value Equity Fund**

**Class R6 / RMVRX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Value Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Value Equity Fund<br>(Class R6/RMVRX) | $91 | 0.88% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Weaker security selection within the Information Technology and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's overweight exposure to the Consumer Discretionary and Financials sectors was a positive contributor. |
| Country Security Selection | Negative | Security selection in China detracted from the Fund's performance. |
| Country Asset Weighting | Positive | The Fund's overweight exposure to South Africa was a positive contributor. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841514.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since<br>Inception** |
| **RBC Emerging Markets Value Equity Fund (Class R6/RMVRX)** | 6.45% | 11.68% | 2.48%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 1.95% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on February 9, 2018.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$57651937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$168174 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 2.2% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 27.1% |
| India | 13.6% |
| Taiwan | 13.0% |
| South Africa | 8.7% |
| Korea | 7.6% |
| Brazil | 5.7% |
| Chile | 3.7% |
| Mexico | 2.3% |
| Indonesia | 2.3% |
| Vietnam | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841532.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EVR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

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

**Class A / RECAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets ex-China Equity Fund<br>(Class A/RECAX) | $113 | 1.13% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country security selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country asset weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9842018.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class A/RECAX)— including sales load (5.75%)** | -5.85% | 6.80%<sup>(a)</sup> |
| **RBC Emerging Markets ex-China Equity Fund (Class A/RECAX) — excluding sales load** | -0.10% | 9.60%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 8.09% | 8.76% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | -2.14% | 8.78% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60845896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$184085 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Mills Ltd. (The) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.7% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| India | 27.3% |
| Taiwan | 21.5% |
| Korea | 12.9% |
| Brazil | 8.2% |
| South Africa | 5.7% |
| Mexico | 5.0% |
| Chile | 3.7% |
| Indonesia | 3.6% |
| United Kingdom | 3.1% |
| United States | 2.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9842036.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EXA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

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

**Class I / RECIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets ex-China Equity Fund<br>(Class I/RECIX) | $88 | 0.88% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country security selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country asset weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9842054.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class I/RECIX)** | 0.13% | 9.89%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 8.09% | 8.76% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | -2.14% | 8.78% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60845896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$184085 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Mills Ltd. (The) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.7% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| India | 27.3% |
| Taiwan | 21.5% |
| Korea | 12.9% |
| Brazil | 8.2% |
| South Africa | 5.7% |
| Mexico | 5.0% |
| Chile | 3.7% |
| Indonesia | 3.6% |
| United Kingdom | 3.1% |
| United States | 2.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9842072.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EXI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

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

**Class R6 / RECRX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets ex-China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets ex-China Equity Fund<br>(Class R6/RECRX) | $88 | 0.88% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country security selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country asset weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9842090.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC Emerging Markets ex-China Equity Fund (Class R6/RECRX)** | 0.18% | 9.88%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index (Regulatory Benchmark)** | 8.09% | 8.76% |
| **MSCI Emerging Markets ex-China Total Return Net Index (Strategy Benchmark)** | -2.14% | 8.78% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on December 15, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60845896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$184085 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Mills Ltd. (The) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2.7% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| India | 27.3% |
| Taiwan | 21.5% |
| Korea | 12.9% |
| Brazil | 8.2% |
| South Africa | 5.7% |
| Mexico | 5.0% |
| Chile | 3.7% |
| Indonesia | 3.6% |
| United Kingdom | 3.1% |
| United States | 2.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9842108.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EXR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Equity Fund**

**Class A / REEAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Equity Fund<br>(Class A/REEAX) | $118 | 1.13% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country Security Selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country Asset Weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class A/REEAX)— including sales load (5.75%)** | 2.32% | 7.21% | 3.50% |
| **RBC Emerging Markets Equity Fund (Class A/REEAX) — excluding sales load** | 8.58% | 8.49% | 4.12% |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 3.71% |

---

**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;$3938509930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23226836 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.3% |
| India | 17.8% |
| Taiwan | 15.9% |
| Korea | 8.5% |
| Hong Kong | 5.9% |
| Brazil | 5.2% |
| South Africa | 4.8% |
| Mexico | 3.7% |
| Chile | 3.5% |
| United Kingdom | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841028.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EMA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Equity Fund**

**Class I / REEIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Equity Fund<br>(Class I/REEIX) | $92 | 0.88% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country Security Selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country Asset Weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class I/REEIX)** | 8.91% | 8.76% | 4.37% |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 3.71% |

---

**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;$3938509930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23226836 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.3% |
| India | 17.8% |
| Taiwan | 15.9% |
| Korea | 8.5% |
| Hong Kong | 5.9% |
| Brazil | 5.2% |
| South Africa | 4.8% |
| Mexico | 3.7% |
| Chile | 3.5% |
| United Kingdom | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841064.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EMI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC Emerging Markets Equity Fund**

**Class R6 / RREMX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC Emerging Markets Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Emerging Markets Equity Fund<br>(Class R6/RREMX) | $92 | 0.88% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Positive | Security selection within the Financials and Consumer Discretionary sector contributed positively to relative returns. |
| Sector Asset Weighting | Positive | The Fund's zero weighting to the Energy and Utilities sectors benefited relative returns. |
| Country Security Selection | Positive | Security selection in India and South Korea contributed positively to relative returns. |
| Country Asset Weighting | Negative | The Fund's overweight exposure to Indonesia and Mexico detracted from relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841082.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC Emerging Markets Equity Fund (Class R6/RREMX)** | 8.79% | 8.73% | 4.38%<sup>(a)</sup> |
| **MSCI Emerging Markets Net Total Return USD Index** | 8.09% | 7.94% | 3.71% |

---

---

| | |
|:---|:---|
| *<sup><sup>(a)</sup></sup>* | &nbsp;&nbsp; *The Fund's Class R6 shares commenced operations on November 22, 2016. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 20, 2013) and has been adjusted to reflect the fees and expenses of Class R6.*  |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3938509930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23226836 |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antofagasta Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever Plc | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.9% |

---

**Top Ten Countries**

---

| | |
|:---|:---|
| China | 23.3% |
| India | 17.8% |
| Taiwan | 15.9% |
| Korea | 8.5% |
| Hong Kong | 5.9% |
| Brazil | 5.2% |
| South Africa | 4.8% |
| Mexico | 3.7% |
| Chile | 3.5% |
| United Kingdom | 3.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841100.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

EMR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC China Equity Fund**

**Class A / RCEAX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 China Equity Fund<br>(Class A/RCEAX) | $147 | 1.30% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Security selection within the Consumer Discretionary and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's underweight exposure to Energy and Utilities sectors benefited relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841694.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class A/RCEAX)— including sales load (5.75%)** | 18.55% | -1.25%<sup>(a)</sup> |
| **RBC China Equity Fund (Class A/RCEAX) — excluding sales load** | 25.83% | 0.74%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 40.44% | 5.12% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 28.47% | 1.48% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5146808 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;132% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(208760) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TAL Education Group | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinan Shengquan Group Share Holding Co. Ltd. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841712.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

CHA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC China Equity Fund**

**Class I / RBCIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 China Equity Fund<br>(Class I/RBCIX) | $119 | 1.05% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Security selection within the Consumer Discretionary and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's underweight exposure to Energy and Utilities sectors benefited relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841730.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class I/RBCIX)** | 26.14% | 0.98%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 40.44% | 5.12% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 28.47% | 1.48% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5146808 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;132% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(208760) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TAL Education Group | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinan Shengquan Group Share Holding Co. Ltd. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841748.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

CHI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC China Equity Fund**

**Class R6 / RBCRX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC China Equity Fund ("Fund") for the period of April 1, 2024, to March 31, 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 China Equity Fund<br>(Class R6/RBCRX) | $113 | 1.00% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sector Security Selection | Negative | Security selection within the Consumer Discretionary and Healthcare sectors detracted from relative returns. |
| Sector Asset Weighting | Positive | The Fund's underweight exposure to Energy and Utilities sectors benefited relative returns. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841766.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since<br>Inception** |
| **RBC China Equity Fund (Class R6/RBCRX)** | 26.20% | 1.03%<sup>(a)</sup> |
| **MSCI China Net Total Return USD Index (Regulatory Benchmark)** | 40.44% | 5.12% |
| **MSCI China All Shares Net Total Return USD Index (Strategy Benchmark)** | 28.47% | 1.48% |

---

 *<sup><sup>(a)</sup></sup>* *Commenced operations on April 11, 2022.* 

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5146808 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;132% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(208760) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TAL Education Group | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinan Shengquan Group Share Holding Co. Ltd. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841784.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

CHR-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

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

**Class A / RULFX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC BlueBay Ultra-Short Fixed Income Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Ultra-Short Fixed Income Fund<br>(Class A/RULFX) | $38 | 0.37% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the past year, the Fund exhibited a strategic overweight to spread sectors, principally asset-backed securities ("ABS") and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance over the last 12 months. |
| Sector Allocations - Credit Spreads | Positive | The Fund benefitted from allocations to risk assets, as spreads tightened across sectors within the last year. Within spread sectors, ABS was the main contributor to Fund performance, with further support from financial and non-financial corporates. |
| Duration | Positive | Throughout the year, the Fund maintained a materially short duration position relative to the benchmark, which was supportive of performance as interest rates moved higher over the recent period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841406.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Ultra-Short Fixed Income Fund (Class A/RULFX)** | 5.74% | 3.91% | 2.60% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 4.88% | -0.40% | 1.46% |
| **ICE BofA US 1-Year Treasury Bill Index (Strategy Benchmark)** | 5.08% | 2.14% | 1.87% |

---

**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;$92702274 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(79220) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.28%, 4/22/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 4/24/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 5/13/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 5/15/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.27%, 5/20/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.26%, 6/5/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 6/26/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.08%, 1/20/27 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.41%, 3/3/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 4/3/25 | 1.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841424.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

BUSA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

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

**Class I / RUSIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC BlueBay Ultra-Short Fixed Income Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Ultra-Short Fixed Income Fund<br>(Class I/RUSIX) | $28 | 0.27% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the past year, the Fund exhibited a strategic overweight to spread sectors, principally asset-backed securities ("ABS") and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance over the last 12 months. |
| Sector Allocations - Credit Spreads | Positive | The Fund benefitted from allocations to risk assets, as spreads tightened across sectors within the last year. Within spread sectors, ABS was the main contributor to Fund performance, with further support from financial and non-financial corporates. |
| Duration | Positive | Throughout the year, the Fund maintained a materially short duration position relative to the benchmark, which was supportive of performance as interest rates moved higher over the recent period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841442.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Ultra-Short Fixed Income Fund (Class I/RUSIX)** | 5.75% | 4.00% | 2.68% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 4.88% | -0.40% | 1.46% |
| **ICE BofA US 1-Year Treasury Bill Index (Strategy Benchmark)** | 5.08% | 2.14% | 1.87% |

---

**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;$92702274 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(79220) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.28%, 4/22/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 4/24/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 5/13/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 5/15/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.27%, 5/20/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.26%, 6/5/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.22%, 6/26/25 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.08%, 1/20/27 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.41%, 3/3/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 4/3/25 | 1.3% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841460.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

BUSI-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC BlueBay Short Duration Fixed Income Fund**

**Class A / RSHFX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC BlueBay Short Duration Fixed Income Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Short Duration Fixed Income Fund<br>(Class A/RSHFX) | $45 | 0.44% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the past year, the Fund exhibited a strategic overweight to spread sectors, principally asset-backed securities ("ABS") and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance over the last 12 months. |
| Sector Allocations - Credit Spreads | Positive | The fund benefitted from allocations to risk assets, as spreads tightened across sectors within the last year. Within spread sectors, ABS was the main contributor to fund performance, with further support from financial and non-financial corporates. |
| Duration | Negative | The duration of the Fund slightly exceeded that of the benchmark at times throughout the year, detracting from performance as interest rates moved higher over the recent period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841334.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Short Duration Fixed Income Fund (Class A/RSHFX)— including sales load (1.50%)** | 4.31% | 2.79% | 2.19% |
| **RBC BlueBay Short Duration Fixed Income Fund (Class A/RSHFX) — excluding sales load** | 5.93% | 3.11% | 2.35% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 4.88% | -0.40% | 1.46% |
| **ICE BofA 1-3 Year US Corporate & Government Index (Strategy Benchmark)** | 5.65% | 1.59% | 1.74% |

---

**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;$71229341 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(60313) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.28%, 4/22/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 5/1/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.25%, 5/27/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.23%, 6/20/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 6.07%, 10/22/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 6.34%, 10/30/26 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2025-1A, Class B, 4.89%, 2/15/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2021-2, Class D, 2.60%, 5/15/34 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841352.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

BSHA-AR-03-25

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

![TSR_AdvisorLogo](g938161images_27686.jpg)

**RBC BlueBay Short Duration Fixed Income Fund**

**Class I / RSDIX**

**Annual SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the RBC BlueBay Short Duration Fixed Income Fund ("Fund") for the period of April 1, 2024, to March 31, 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 Short Duration Fixed Income Fund<br>(Class I/RSDIX) | $35 | 0.34% |

---

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

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

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

**TOP PERFORMANCE CONTRIBUTORS**

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Income | Positive | Over the past year, the Fund exhibited a strategic overweight to spread sectors, principally asset-backed securities ("ABS") and investment grade corporate bonds. Income generated from these sectors was the primary driver of performance over the last 12 months. |
| Sector Allocations - Credit Spreads | Positive | The fund benefitted from allocations to risk assets, as spreads tightened across sectors within the last year. Within spread sectors, ABS was the main contributor to fund performance, with further support from financial and non-financial corporates. |
| Duration | Negative | The duration of the Fund slightly exceeded that of the benchmark at times throughout the year, detracting from performance as interest rates moved higher over the recent period. |

---

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

![Fund Performance - Growth of 10K](g938161chartimages_9841370.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **RBC BlueBay Short Duration Fixed Income Fund (Class I/RSDIX)** | 6.14% | 3.19% | 2.44% |
| **Bloomberg US Aggregate Bond Index (Regulatory Benchmark)** | 4.88% | -0.40% | 1.46% |
| **ICE BofA 1-3 Year US Corporate & Government Index (Strategy Benchmark)** | 5.65% | 1.59% | 1.74% |

---

**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;$71229341 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of fee waivers/reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$(60313) |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.28%, 4/22/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.24%, 5/1/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.25%, 5/27/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, U.S. Treasury Bill- When Issued, 4.23%, 6/20/25 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 6.07%, 10/22/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 6.34%, 10/30/26 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2025-1A, Class B, 4.89%, 2/15/30 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2021-2, Class D, 2.60%, 5/15/34 | 1.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g938161chartimages_9841388.jpg)

![TSR_QRCode](g938161images_27687.jpg)

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

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

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

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

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

BSHI-AR-03-25

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

------

(a) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(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.** <br>

As of the end of the period covered by the report, the registrant's board of directors has determined that William B. Taylor, 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.** <br>

<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 $396,020 for 2025 and $429,660 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 $67,175 for 2025 and $51,425 for 2024.

Tax fees for both years relate to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee is $<u>0</u> 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 $0 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;(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;(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;(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;(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 in amounts up to and including $50,000. 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 $708,351 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.** <br>

------

(a) Not applicable.

(b) Not applicable.

**Item 6.** **Investments.** <br>

(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.** <br>

------

![LOGO](g938161g14y55.jpg)

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds | RBC Funds |
| <br> **Table of** | [Schedules of Portfolio Investments](#fin1938161_1) | 1 |
| **Contents** | Financial Statements |  |
|  | [- Statements of Assets and Liabilities](#fin1938161_3) | 27 |
|  | [- Statements of Operations](#fin1938161_4) | 35 |
|  | [- Statements of Changes in Net Assets](#fin1938161_5) | 39 |
|  | [Financial Highlights](#fin1938161_6) | 47 |
|  | [Notes to Financial Statements](#fin1938161_7) | 65 |
|  | [Report of Independent Registered Public Accounting Firm](#fin1938161_8) | 91 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin1938161_9) | 92 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |  |
|  **Austria — 0.4%** | **Austria — 0.4%** |  |
| 1030545 | Mondi Plc | $15308631 |
|  **Brazil — 5.2%** | **Brazil — 5.2%** |  |
| 45862683 | B3 SA - Brasil Bolsa Balcao | 97970911 |
| 21949 | MercadoLibre, Inc.\* | 42819646 |
| 19194127 | Raia Drogasil SA | 64379008 |
|  |  | 205169565 |
|  **Chile — 3.5%** | **Chile — 3.5%** |  |
| 6417186 | Antofagasta Plc | 139712084 |
|  **China — 23.3%** | **China — 23.3%** |  |
| 7462547 | Alibaba Group Holding Ltd. | 123475168 |
| 16100876 | China Resources Land Ltd. | 53409967 |
| 3200000 | Meituan, Class B(a),\* | 64391903 |
| 5517003 | Midea Group Co. Ltd., Class A | 59744887 |
| 2466900 | Midea Group Co. Ltd., Class H\* | 25010081 |
| 18172201 | NARI Technology Co. Ltd., Class A | 54887602 |
| 2848443 | NetEase, Inc. | 58514463 |
| 12586334 | Ping An Insurance Group Co. of China Ltd., Series H | 75127235 |
| 1124285 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 36283285 |
| 3911486 | Tencent Holdings Ltd. | 249928131 |
| 896662 | Yum China Holdings, Inc. | 46680224 |
| 1329150 | Yum China Holdings, Inc., ADR | 69479327 |
|  |  | 916932273 |
|  **Hong Kong — 5.9%** | **Hong Kong — 5.9%** |  |
| 15139398 | AIA Group Ltd. | 114603325 |
| 2643689 | Hong Kong Exchanges & Clearing Ltd. | 117602415 |
|  |  | 232205740 |
|  **India — 17.8%** | **India — 17.8%** |  |
| 4766667 | Dr Reddy's Laboratories Ltd. | 63690049 |
| 4070500 | HDFC Bank Ltd., ADR | 270444020 |
| 2634114 | Kotak Mahindra Bank Ltd. | 66684428 |
| 3846297 | Mahindra & Mahindra Ltd. | 119386066 |
| 4237824 | Marico Ltd. | 32237939 |
| 3565666 | Tata Consultancy Services Ltd. | 149995355 |
|  |  | 702437857 |
|  **Indonesia — 1.9%** | **Indonesia — 1.9%** |  |
| 115553042 | Bank Central Asia Tbk PT | 59037259 |
| 241926883 | Kalbe Farma Tbk PT | 16587176 |
|  |  | 75624435 |
|  **Korea — 6.5%** | **Korea — 6.5%** |  |
| 965914 | Samsung Electronics Co. Ltd. | 38294118 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 292582 | Samsung Fire & Marine Insurance Co. Ltd. | $71404378 |
| 1974319 | Shinhan Financial Group Co. Ltd. | 63183843 |
| 628773 | SK Hynix, Inc. | 83819235 |
|  |  | 256701574 |
|  **Mexico — 3.7%** | **Mexico — 3.7%** |  |
| 1151100 | Fomento Economico Mexicano SAB de CV, ADR | 112324338 |
| 11578400 | Wal-Mart de Mexico SAB de CV | 32006161 |
|  |  | 144330499 |
|  **Peru — 1.6%** | **Peru — 1.6%** |  |
| 349260 | Credicorp Ltd. | 65018242 |
|  **Philippines — 1.7%** | **Philippines — 1.7%** |  |
| 4728509 | SM Investments Corp. | 65227053 |
|  **Poland — 0.8%** | **Poland — 0.8%** |  |
| 267314 | Dino Polska SA(a),\* | 31201244 |
|  **South Africa — 4.8%** | **South Africa — 4.8%** |  |
| 2680316 | Clicks Group Ltd. | 49644799 |
| 7200682 | Discovery Ltd. | 78519345 |
| 250392 | Naspers Ltd., Class N | 62094873 |
|  |  | 190259017 |
|  **Taiwan — 15.9%** | **Taiwan — 15.9%** |  |
| 3057159 | Advantech Co. Ltd. | 34931933 |
| 4711609 | Delta Electronics, Inc. | 52111617 |
| 45612060 | E.Sun Financial Holding Co. Ltd. | 39873491 |
| 1326722 | MediaTek, Inc. | 57182320 |
| 3426999 | President Chain Store Corp. | 25958765 |
| 11274707 | Taiwan Semiconductor Manufacturing Co. Ltd. | 317529467 |
| 25822735 | Uni-President Enterprises Corp. | 62971033 |
| 728054 | Voltronic Power Technology Corp. | 34045471 |
|  |  | 624604097 |
|  **Thailand — 1.1%** | **Thailand — 1.1%** |  |
| 8942698 | Kasikornbank Public Co. Ltd., NVDR | 42727719 |
|  **United Kingdom — 3.0%** | **United Kingdom — 3.0%** |  |
| 1978685 | Unilever Plc | 118062350 |
|  **United States — 0.5%** | **United States — 0.5%** |  |
| 171400 | Globant SA\* | 20177208 |
|  **Total Common Stocks** | **Total Common Stocks** | **3845699588** |
|  (Cost $3,628,531,851) | (Cost $3,628,531,851) |  |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Preferred Stocks — 2.0%** | **Preferred Stocks — 2.0%** |  |
|  **Korea — 2.0%** | **Korea — 2.0%** |  |
| 2380676 | Samsung Electronics Co. Ltd., 2.37% | $77056249 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **77056249** |
|  (Cost $105,240,758) | (Cost $105,240,758) |  |
|  **Investment Company — 0.7%** | **Investment Company — 0.7%** |  |
| 26294451 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 26294451 |
|  **Total Investment Company** | **Total Investment Company** | **26294451** |
|  (Cost $26,294,451) | (Cost $26,294,451) |  |
|  **Total Investments** | **Total Investments** | $**3949050288** |
|  (Cost $3,760,067,060)(c) — 100.3% | (Cost $3,760,067,060)(c) — 100.3% |  |
|  **Liabilities in excess of other assets — (0.3)%** | **Liabilities in excess of other assets — (0.3)%** | **(10540358)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**3938509930** |

---

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

(b) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

NVDR - Non-Voting Depository Receipt

#### See Notes to the Financial Statements.

#### 3

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets ex-China Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 96.6%** | **Common Stocks — 96.6%** |  |
|  **Brazil — 8.2%** | **Brazil — 8.2%** |  |
| 745100 | B3 SA - Brasil Bolsa Balcao | $1591667 |
| 565 | MercadoLibre, Inc.\* | 1102242 |
| 409876 | Raia Drogasil SA | 1374765 |
| 115200 | WEG SA | 914098 |
|  |  | 4982772 |
|  **Chile — 3.7%** | **Chile — 3.7%** |  |
| 104067 | Antofagasta Plc | 2265700 |
|  **India — 27.3%** | **India — 27.3%** |  |
| 270016 | Devyani International Ltd.\* | 468581 |
| 102000 | Dr. Reddy's Laboratories Ltd., ADR | 1345380 |
| 100073 | HDFC Bank Ltd. | 2133178 |
| 28500 | HDFC Bank Ltd., ADR | 1893540 |
| 105061 | Hindalco Industries Ltd. | 833675 |
| 50045 | Kotak Mahindra Bank Ltd. | 1266924 |
| 77135 | Mahindra & Mahindra Ltd. | 2394210 |
| 192133 | Marico Ltd. | 1461593 |
| 94325 | Phoenix Mills Ltd. (The) | 1807424 |
| 57131 | Tata Consultancy Services Ltd. | 2403305 |
| 53197 | Tata Consumer Products Ltd. | 620916 |
|  |  | 16628726 |
|  **Indonesia — 3.5%** | **Indonesia — 3.5%** |  |
| 2112500 | Bank Central Asia Tbk PT | 1079298 |
| 1999900 | Bank Rakyat Indonesia Persero Tbk PT | 483440 |
| 5001300 | Kalbe Farma Tbk PT | 342903 |
| 2005700 | Sumber Alfaria Trijaya Tbk PT | 248258 |
|  |  | 2153899 |
|  **Korea — 10.8%** | **Korea — 10.8%** |  |
| 3208 | LEENO Industrial, Inc. | 417423 |
| 107629 | Macquarie Korea Infrastructure Fund | 795015 |
| 31730 | Samsung Electronics Co. Ltd. | 1257951 |
| 6630 | Samsung Fire & Marine Insurance Co. Ltd. | 1618046 |
| 33705 | Shinhan Financial Group Co. Ltd. | 1078656 |
| 10459 | SK Hynix, Inc. | 1394248 |
|  |  | 6561339 |
|  **Mexico — 5.0%** | **Mexico — 5.0%** |  |
| 417500 | Bolsa Mexicana de Valores SAB de CV | 695681 |
| 193700 | Fomento Economico Mexicano SAB de CV | 1885178 |
| 170100 | Wal-Mart de Mexico SAB de CV | 470207 |
|  |  | 3051066 |
|  **Peru — 1.4%** | **Peru — 1.4%** |  |
| 4700 | Credicorp Ltd. | 874952 |

---

#### 4

------

SCHEDULE OF PORTFOLIO INVESTMENTS

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Philippines — 1.9%** | **Philippines — 1.9%** |  |
| 82480 | SM Investments Corp. | $1137764 |
|  **Poland — 1.1%** | **Poland — 1.1%** |  |
| 5810 | Dino Polska SA(a),\* | 678151 |
|  **South Africa — 5.7%** | **South Africa — 5.7%** |  |
| 49721 | Clicks Group Ltd. | 920932 |
| 137066 | Discovery Ltd. | 1494627 |
| 1783 | Naspers Ltd., Class N | 442167 |
| 418040 | Pepkor Holdings Ltd.(a) | 583927 |
|  |  | 3441653 |
|  **Taiwan — 21.5%** | **Taiwan — 21.5%** |  |
| 52825 | Advantech Co. Ltd. | 603593 |
| 123313 | Chroma ATE, Inc. | 1077547 |
| 112653 | Delta Electronics, Inc. | 1245971 |
| 1541275 | E.Sun Financial Holding Co. Ltd. | 1347363 |
| 21571 | MediaTek, Inc. | 929720 |
| 191129 | Taiwan Semiconductor Manufacturing Co. Ltd. | 5382764 |
| 498334 | Uni-President Enterprises Corp. | 1215232 |
| 27850 | Voltronic Power Technology Corp. | 1302330 |
|  |  | 13104520 |
|  **Thailand — 0.7%** | **Thailand — 0.7%** |  |
| 94000 | Kasikornbank Public Co. Ltd., NVDR | 449127 |
|  **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** |  |
| 294671 | Aldar Properties PJSC | 672931 |
|  **United Kingdom — 3.1%** | **United Kingdom — 3.1%** |  |
| 31207 | Unilever Plc | 1862030 |
|  **United States — 0.5%** | **United States — 0.5%** |  |
| 2300 | Globant SA\* | 270756 |
|  **Vietnam — 1.1%** | **Vietnam — 1.1%** |  |
| 658875 | Asia Commercial Bank JSC | 672954 |
|  **Total Common Stocks** | **Total Common Stocks** | **58808340** |
|  (Cost $54,511,196) | (Cost $54,511,196) |  |

---

#### 5

------

SCHEDULE OF PORTFOLIO INVESTMENTS

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Preferred Stocks — 2.1%** | **Preferred Stocks — 2.1%** |  |
|  **Korea — 2.1%** | **Korea — 2.1%** |  |
| 39552 | Samsung Electronics Co. Ltd., 2.37% | $1280195 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **1280195** |
|  (Cost $1,812,880) | (Cost $1,812,880) |  |
|  **Investment Company — 1.8%** | **Investment Company — 1.8%** |  |
| 1084860 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 1084860 |
|  **Total Investment Company** | **Total Investment Company** | **1084860** |
|  (Cost $1,084,860) | (Cost $1,084,860) |  |
|  **Total Investments** | **Total Investments** | $**61173395** |
|  (Cost $57,408,936)(c) — 100.5% | (Cost $57,408,936)(c) — 100.5% |  |
|  **Liabilities in excess of other assets — (0.5)%** | **Liabilities in excess of other assets — (0.5)%** | **(327499)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**60845896** |

---

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

(b) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

ADR – American Depositary Receipt

NVDR – Non-Voting Depository Receipt

#### See Notes to the Financial Statements.

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |  |
|  **Argentina — 1.1%** | **Argentina — 1.1%** |  |
| 35366 | Corp. America Airports SA\* | $&nbsp;&nbsp;&nbsp;&nbsp;647198 |
|  **Brazil — 4.6%** | **Brazil — 4.6%** |  |
| 325100 | B3 SA - Brasil Bolsa Balcao | 694472 |
| 59300 | Banco do Brasil SA | 293255 |
| 410291 | Cia Brasileira de Aluminio\* | 347994 |
| 96600 | Hypera SA | 326376 |
| 246640 | Lojas Renner SA | 531622 |
| 130640 | SLC Agricola SA | 427648 |
|  |  | 2621367 |
|  **Chile — 3.7%** | **Chile — 3.7%** |  |
| 51887 | Antofagasta Plc | 1129661 |
| 262970 | Cencosud SA | 803139 |
| 5200 | Sociedad Quimica y Minera de Chile SA, ADR | 206596 |
|  |  | 2139396 |
|  **China — 27.1%** | **China — 27.1%** |  |
| 210400 | Alibaba Group Holding Ltd. | 3481274 |
| 52350 | Baidu, Inc., Class A\* | 604232 |
| 159998 | Beijing New Building Materials Plc, Class A | 642731 |
| 338000 | China Merchants Bank Co. Ltd., Class H | 2003988 |
| 286500 | China Overseas Land & Investment Ltd. | 512823 |
| 178000 | China Resources Beer Holdings Co. Ltd. | 643196 |
| 189500 | China Resources Land Ltd. | 628611 |
| 279000 | Flat Glass Group Co. Ltd., Class H | 381435 |
| 52000 | Meituan, Class B(a),\* | 1046368 |
| 61400 | Midea Group Co. Ltd., Class A | 664915 |
| 50600 | Midea Group Co. Ltd., Class H\* | 512996 |
| 4500 | NetEase, Inc., ADR | 463140 |
| 238999 | Ping An Insurance Group Co. of China Ltd., Series H | 1426574 |
| 30992 | Sieyuan Electric Co. Ltd., Class A | 325553 |
| 202000 | SITC International Holdings Co. Ltd. | 549267 |
| 1282000 | Topsports International Holdings Ltd.(a) | 564234 |
| 9800 | Trip.com Group Ltd. | 622955 |
| 522041 | Xinyi Glass Holdings Ltd. | 516458 |
|  |  | 15590750 |
|  **Egypt — 0.9%** | **Egypt — 0.9%** |  |
| 327041 | Commercial International Bank Egypt SAE, GDR | 494771 |
|  **Greece — 1.1%** | **Greece — 1.1%** |  |
| 266374 | Alpha Services and Holdings SA | 639785 |
|  **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |  |
| 117900 | Samsonite Group SA(a) | 279627 |

---

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Hungary — 1.1%** | **Hungary — 1.1%** |  |
| 9778 | OTP Bank Nyrt | $&nbsp;&nbsp;&nbsp;&nbsp;657883 |
|  **India — 13.6%** | **India — 13.6%** |  |
| 118163 | Axis Bank Ltd. | 1515732 |
| 29200 | HDFC Bank Ltd., ADR | 1940048 |
| 157028 | Hindalco Industries Ltd. | 1246041 |
| 77447 | KEC International Ltd. | 705025 |
| 403418 | Redington Ltd. | 1141497 |
| 166473 | Shriram Finance Ltd. | 1271327 |
|  |  | 7819670 |
|  **Indonesia — 2.3%** | **Indonesia — 2.3%** |  |
| 2125400 | Bank Negara Indonesia Persero Tbk PT | 539075 |
| 3333600 | Mitra Adiperkasa Tbk PT | 270976 |
| 3627300 | Telkom Indonesia Persero Tbk PT | 526792 |
|  |  | 1336843 |
|  **Korea — 6.7%** | **Korea — 6.7%** |  |
| 10047 | DB Insurance Co. Ltd. | 606916 |
| 13684 | Hana Financial Group, Inc. | 558722 |
| 3068 | Hyundai Motor Co. | 414395 |
| 33634 | Samsung Electronics Co. Ltd. | 1333436 |
| 6917 | SK Hynix, Inc. | 922078 |
|  |  | 3835547 |
|  **Mexico — 2.3%** | **Mexico — 2.3%** |  |
| 362114 | Gentera SAB de CV | 558092 |
| 71355 | Grupo Comercial Chedraui SA de CV | 400979 |
| 61300 | Regional SAB de CV | 389885 |
|  |  | 1348956 |
|  **Pakistan — 0.7%** | **Pakistan — 0.7%** |  |
| 764206 | Habib Bank Ltd. | 417856 |
|  **Peru — 1.3%** | **Peru — 1.3%** |  |
| 4150 | Credicorp Ltd. | 772564 |
|  **Philippines — 1.9%** | **Philippines — 1.9%** |  |
| 31350 | Ayala Corp. | 324507 |
| 281030 | BDO Unibank, Inc. | 753096 |
|  |  | 1077603 |
|  **Russia — 0.00%** | **Russia — 0.00%** |  |
| 2322600 | Sistema PJSFC(b),(c),\*,# | 0 |
| 893930 | United Co. RUSAL International PJSC(b),(c),\*,# | 0 |
|  |  | 0 |

---

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** |  |
| 30634 | Saudi National Bank (The) | $&nbsp;&nbsp;&nbsp;&nbsp;291922 |
|  **South Africa — 8.7%** | **South Africa — 8.7%** |  |
| 729322 | Growthpoint Properties Ltd., REIT | 516464 |
| 41738 | Mr Price Group Ltd. | 506278 |
| 134309 | MTN Group Ltd. | 903467 |
| 10357 | Naspers Ltd., Class N | 2568439 |
| 708155 | Netcare Ltd. | 509167 |
|  |  | 5003815 |
|  **Taiwan — 13.0%** | **Taiwan — 13.0%** |  |
| 125831 | Chailease Holding Co. Ltd. | 444981 |
| 87465 | Innodisk Corp. | 667297 |
| 13598 | Lotes Co. Ltd. | 575353 |
| 16204 | MediaTek, Inc. | 698400 |
| 154888 | Taiwan Semiconductor Manufacturing Co. Ltd. | 4362109 |
| 157989 | Taiwan Union Technology Corp. | 753799 |
|  |  | 7501939 |
|  **Turkey — 1.1%** | **Turkey — 1.1%** |  |
| 86574 | KOC Holding AS | 373591 |
| 19712 | Migros Ticaret AS | 257131 |
|  |  | 630722 |
|  **United Arab Emirates — 1.2%** | **United Arab Emirates — 1.2%** |  |
| 306308 | Aldar Properties PJSC | 699506 |
|  **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |  |
| 89623 | Pepco Group NV | 346570 |
|  **United States — 1.7%** | **United States — 1.7%** |  |
| 2700 | Globant SA\* | 317844 |
| 32409 | Laureate Education, Inc.\* | 662764 |
|  |  | 980608 |
|  **Vietnam — 2.0%** | **Vietnam — 2.0%** |  |
| 713320 | Ho Chi Minh City Development Joint Stock Commercial Bank | 618496 |
| 275850 | Vinhomes JSC(a),\* | 555048 |
|  |  | 1173544 |
|  **Total Common Stocks** | **Total Common Stocks** | **56308442** |
| (Cost $51,239,678) | (Cost $51,239,678) |  |
|  **Preferred Stocks — 2.6%** | **Preferred Stocks — 2.6%** |  |
|  **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| 86100 | Centrais Eletricas Brasileiras SA, Class B, 4.31% | 671576 |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Colombia — 0.6%** | **Colombia — 0.6%** |  |
| 67574 | Banco Davivienda SA, 0.00%\* | $327690 |
|  **Korea — 0.9%** | **Korea — 0.9%** |  |
| 16179 | Samsung Electronics Co. Ltd., 2.37% | 523672 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **1522938** |
| (Cost $1,898,320) | (Cost $1,898,320) |  |
|  **Investment Company — 0.3%** | **Investment Company — 0.3%** |  |
| 158616 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (d) | 158616 |
|  **Total Investment Company** | **Total Investment Company** | **158616** |
| (Cost $158,616) | (Cost $158,616) |  |
|  **Total Investments** | **Total Investments** | $**57989996** |
| (Cost $53,296,614)(e) — 100.6% | (Cost $53,296,614)(e) — 100.6% |  |
|  **Liabilities in excess of other assets — (0.6)%** | **Liabilities in excess of other assets — (0.6)%** | **(338059)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**57651937** |

---

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

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

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

(d) Affiliated investment.

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

\* Non-income producing security.

# Denotes a restricted security, which is subject to legal or contractual restrictions on resale as the result of Office of Foreign Assets Control ("OFAC") sanctions on certain Russian entities. These securities are valued at fair value determined in good faith under valuation procedures approved by the Fund's Board of Trustees. At March 31, 2025, the total market value of these securities amounts to $0, which represents 0.00% of the Fund's total net assets. Additional information on these securities is as follows: 

---

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

---

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets Value Equity Fund (cont.)

#### March 31, 2025
Abbreviations used are defined below:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Opportunities Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |  |
|  **France — 4.0%** | **France — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73771 | Safran SA | $19422684 |
|  **Germany — 3.0%** | **Germany — 3.0%** |  |
| 54354 | SAP SE | 14564137 |
|  **Hong Kong — 2.4%** | **Hong Kong — 2.4%** |  |
| 1521824 | AIA Group Ltd. | 11520015 |
|  **India — 2.9%** | **India — 2.9%** |  |
| 896889 | ICICI Bank Ltd. | 14097321 |
|  **Ireland — 3.0%** | **Ireland — 3.0%** |  |
| 45500 | Accenture Plc, Class A | 14197820 |
|  **Italy — 1.0%** | **Italy — 1.0%** |  |
| 927121 | Intesa Sanpaolo SpA | 4778076 |
|  **Japan — 3.5%** | **Japan — 3.5%** |  |
| 519400 | Mitsubishi Electric Corp. | 9578922 |
| 139100 | Recruit Holdings Co. Ltd. | 7206948 |
|  |  | 16785870 |
|  **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |  |
| 66406 | Eurofins Scientific SE | 3542278 |
|  **Switzerland — 4.1%** | **Switzerland — 4.1%** |  |
| 260904 | ABB Ltd. | 13462113 |
| 61133 | Galderma Group AG\* | 6460725 |
|  |  | 19922838 |
|  **Taiwan — 2.0%** | **Taiwan — 2.0%** |  |
| 56600 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9395600 |
|  **United Kingdom — 11.6%** | **United Kingdom — 11.6%** |  |
| 2349907 | Haleon Plc | 11867518 |
| 122509 | InterContinental Hotels Group Plc | 13190571 |
| 1152634 | National Grid Plc | 15035222 |
| 264212 | Unilever Plc | 15764758 |
|  |  | 55858069 |
|  **United States — 60.9%** | **United States — 60.9%** |  |
| 83200 | Amazon.com, Inc.\* | 15829632 |
| 22100 | AppLovin Corp., Class A\* | 5855837 |
| 4300 | AutoZone, Inc.\* | 16394954 |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Opportunities Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | Blackrock, Inc. | $10789872 |
| 70300 | Blackstone, Inc. | 9826534 |
| 44100 | Broadcom, Inc. | 7383663 |
| 50900 | Cheniere Energy, Inc. | 11778260 |
| 56200 | Chubb Ltd. | 16971838 |
| 128800 | CRH Plc | 11330536 |
| 12300 | Eli Lilly & Co. | 10158693 |
| 37500 | Home Depot, Inc. (The) | 13743375 |
| 82000 | Intercontinental Exchange, Inc. | 14145000 |
| 16300 | Intuit, Inc. | 10008037 |
| 39800 | JPMorgan Chase & Co. | 9762940 |
| 23500 | McKesson Corp. | 15815265 |
| 85600 | Microsoft Corp. | 32133384 |
| 15600 | Netflix, Inc.\* | 14547468 |
| 108500 | NVIDIA Corp. | 11759230 |
| 13700 | Parker-Hannifin Corp. | 8327545 |
| 59700 | Procter & Gamble Co. (The) | 10174074 |
| 29600 | Salesforce, Inc. | 7943456 |
| 34400 | UnitedHealth Group, Inc. | 18017000 |
| 82300 | Valero Energy Corp. | 10869361 |
|  |  | 293565954 |
| **Total Common Stocks** | **Total Common Stocks** | **477650662** |
| (Cost $444,725,513) | (Cost $444,725,513) |  |
| **Investment Company — 1.0%** | **Investment Company — 1.0%** |  |
| 4923377 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (a) | 4923377 |
| **Total Investment Company** | **Total Investment Company** | **4923377** |
| (Cost $4,923,377) | (Cost $4,923,377) |  |
| **Total Investments** | **Total Investments** | $**482574039** |
| (Cost $449,648,890)(b) — 100.1% | (Cost $449,648,890)(b) — 100.1% |  |
| **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(365185)** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**482208854** |

---

(a) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

#### See Notes to the Financial Statements.

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Equity Leaders Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
|  **France — 4.1%** | **France — 4.1%** |  |
| 820 | Safran SA | $215893 |
|  **Germany — 3.3%** | **Germany — 3.3%** |  |
| 648 | SAP SE | 173632 |
|  **Hong Kong — 3.0%** | **Hong Kong — 3.0%** |  |
| 20949 | AIA Group Ltd. | 158581 |
|  **India — 3.7%** | **India — 3.7%** |  |
| 6181 | ICICI Bank Ltd., ADR | 194825 |
|  **Ireland — 3.0%** | **Ireland — 3.0%** |  |
| 505 | Accenture Plc, Class A | 157580 |
|  **Italy — 3.1%** | **Italy — 3.1%** |  |
| 31224 | Intesa Sanpaolo SpA | 160918 |
|  **Japan — 2.7%** | **Japan — 2.7%** |  |
| 2770 | Recruit Holdings Co. Ltd. | 143517 |
|  **Singapore — 4.6%** | **Singapore — 4.6%** |  |
| 7075 | DBS Group Holdings Ltd. | 242965 |
|  **Switzerland — 3.9%** | **Switzerland — 3.9%** |  |
| 4036 | ABB Ltd. | 208249 |
|  **Taiwan — 1.7%** | **Taiwan — 1.7%** |  |
| 527 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 87482 |
|  **United Kingdom — 4.7%** | **United Kingdom — 4.7%** |  |
| 4126 | Unilever Plc | 246186 |
|  **United States — 62.0%** | **United States — 62.0%** |  |
| 1277 | Amazon.com, Inc.\* | 242962 |
| 264 | AppLovin Corp., Class A\* | 69952 |
| 37 | AutoZone, Inc.\* | 141073 |
| 99 | Blackrock, Inc. | 93702 |
| 1219 | Blackstone, Inc. | 170392 |
| 422 | Broadcom, Inc. | 70656 |
| 559 | Chubb Ltd. | 168812 |
| 1378 | CRH Plc | 121223 |
| 203 | Eli Lilly & Co. | 167660 |

---

#### 14

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Global Equity Leaders Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 279 | Home Depot, Inc. (The) | $102251 |
| 1000 | Intercontinental Exchange, Inc. | 172500 |
| 175 | Intuit, Inc. | 107448 |
| 415 | JPMorgan Chase & Co. | 101800 |
| 267 | McKesson Corp. | 179688 |
| 877 | Microsoft Corp. | 329217 |
| 126 | Netflix, Inc.\* | 117499 |
| 1139 | NVIDIA Corp. | 123445 |
| 140 | Parker-Hannifin Corp. | 85099 |
| 929 | Procter & Gamble Co. (The) | 158320 |
| 1158 | Prologis, Inc., REIT | 129453 |
| 317 | Salesforce, Inc. | 85070 |
| 379 | UnitedHealth Group, Inc. | 198501 |
| 978 | Valero Energy Corp. | 129164 |
|  |  | 3265887 |
|  **Total Common Stocks** | **Total Common Stocks** | **5255715** |
|  (Cost $4,969,012) | (Cost $4,969,012) |  |
|  **Investment Company — 0.9%** | **Investment Company — 0.9%** |  |
| 44263 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (a) | 44263 |
|  **Total Investment Company** | **Total Investment Company** | **44263** |
|  (Cost $44,263) | (Cost $44,263) |  |
|  **Total Investments** | **Total Investments** | $**5299978** |
|  (Cost $5,013,275)(b) — 100.7% | (Cost $5,013,275)(b) — 100.7% |  |
|  **Liabilities in excess of other assets — (0.7)%** | **Liabilities in excess of other assets — (0.7)%** | **(35192)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**5264786** |

---

(a) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 15

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |  |
|  **Australia — 4.9%** | **Australia — 4.9%** |  |
| 7674 | Brambles Ltd. | $96947 |
| 2870 | CSL Ltd. | 451707 |
| 557 | Flutter Entertainment Plc\* | 123480 |
| 5558 | Goodman Group, REIT | 99747 |
| 2312 | Macquarie Group Ltd. | 287721 |
| 4080 | Mineral Resources Ltd.\* | 61604 |
| 27604 | Paladin Energy Ltd.\* | 89382 |
|  |  | 1210588 |
|  **China — 1.0%** | **China — 1.0%** |  |
| 3700 | Tencent Holdings Ltd. | 236415 |
|  **Denmark — 4.6%** | **Denmark — 4.6%** |  |
| 1134 | DSV A/S | 219294 |
| 10027 | Novo Nordisk A/S, Class B | 685630 |
| 3796 | Novonesis (Novozymes), Class B | 221028 |
|  |  | 1125952 |
|  **Finland — 1.4%** | **Finland — 1.4%** |  |
| 35250 | Sampo Oyj, Class A | 337807 |
|  **France — 9.7%** | **France — 9.7%** |  |
| 2364 | Air Liquide SA | 449031 |
| 2559 | EssilorLuxottica SA | 737423 |
| 802 | LVMH Moet Hennessy Louis Vuitton SE | 496661 |
| 1599 | Schneider Electric SE | 369122 |
| 5438 | TotalEnergies SE | 350387 |
|  |  | 2402624 |
|  **Germany — 8.5%** | **Germany — 8.5%** |  |
| 1586 | Allianz SE | 606978 |
| 927 | Deutsche Boerse AG | 273521 |
| 1481 | Heidelberg Materials AG | 255291 |
| 1795 | Mercedes-Benz Group AG | 106034 |
| 153 | Rheinmetall AG | 218931 |
| 1484 | SAP SE | 397637 |
| 1083 | Siemens AG | 250115 |
|  |  | 2108507 |
|  **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |  |
| 38200 | AIA Group Ltd. | 289169 |
|  **Ireland — 4.0%** | **Ireland — 4.0%** |  |
| 31877 | Bank of Ireland Group Plc | 376637 |

---

#### 16

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 3206 | CRH Plc | $280982 |
| 8094 | Ryanair Holdings Plc, ADR | 342943 |
|  |  | 1000562 |
|  **Italy — 1.5%** | **Italy — 1.5%** |  |
| 71264 | Intesa Sanpaolo SpA | 367271 |
|  **Japan — 23.9%** | **Japan — 23.9%** |  |
| 9400 | Daiichi Sankyo Co. Ltd. | 223850 |
| 1200 | Fast Retailing Co. Ltd. | 357230 |
| 29800 | Hitachi Ltd. | 699686 |
| 750 | Keyence Corp. | 294908 |
| 35500 | Mitsubishi Heavy Industries Ltd. | 609663 |
| 58100 | Mitsubishi UFJ Financial Group, Inc. | 792125 |
| 5060 | Nintendo Co. Ltd. | 343967 |
| 7267 | Recruit Holdings Co. Ltd. | 376512 |
| 8602 | Sanrio Co. Ltd. | 397977 |
| 9100 | SoftBank Group Corp. | 465464 |
| 27500 | Sony Group Corp. | 695833 |
| 32500 | TDK Corp. | 340570 |
| 8000 | Tokio Marine Holdings, Inc. | 311223 |
|  |  | 5909008 |
|  **Netherlands — 5.8%** | **Netherlands — 5.8%** |  |
| 842 | ASML Holding NV | 557213 |
| 565 | BE Semiconductor Industries NV | 59046 |
| 4988 | Heineken NV | 406724 |
| 20901 | ING Groep NV | 409478 |
|  |  | 1432461 |
|  **New Zealand — 0.4%** | **New Zealand — 0.4%** |  |
| 992 | Xero Ltd.\* | 96962 |
|  **Norway — 2.1%** | **Norway — 2.1%** |  |
| 3540 | Aker BP ASA | 83930 |
| 16500 | DNB Bank ASA | 434159 |
|  |  | 518089 |
|  **Singapore — 2.3%** | **Singapore — 2.3%** |  |
| 16700 | DBS Group Holdings Ltd. | 573500 |
|  **Spain — 2.7%** | **Spain — 2.7%** |  |
| 2854 | Amadeus IT Group SA | 218568 |
| 27040 | Iberdrola SA | 436644 |
|  |  | 655212 |
|  **Sweden — 2.5%** | **Sweden — 2.5%** |  |
| 8994 | Assa Abloy AB, Class B | 270011 |

---

#### 17

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 10925 | Atlas Copco AB, Class A | $174510 |
| 16505 | Hexagon AB, Class B | 176435 |
|  |  | 620956 |
|  **Switzerland — 4.1%** | **Switzerland — 4.1%** |  |
| 1822 | Roche Holding AG | 599671 |
| 13752 | UBS Group AG | 422387 |
|  |  | 1022058 |
|  **Taiwan — 2.1%** | **Taiwan — 2.1%** |  |
| 18404 | Taiwan Semiconductor Manufacturing Co. Ltd. | 518312 |
|  **United Kingdom — 17.0%** | **United Kingdom — 17.0%** |  |
| 5265 | Ashtead Group Plc | 284661 |
| 3509 | AstraZeneca Plc | 515279 |
| 32259 | Barratt Redrow Plc | 177452 |
| 16604 | BP Plc | 93173 |
| 4186 | British American Tobacco Plc | 171728 |
| 3344 | Coca-Cola Europacific Partners Plc | 291028 |
| 3301 | DCC Plc | 220612 |
| 10961 | Diageo Plc | 286440 |
| 5283 | Experian Plc | 244789 |
| 22886 | Haleon Plc | 115579 |
| 3473 | London Stock Exchange Group Plc | 515835 |
| 63097 | NatWest Group Plc | 372549 |
| 8537 | RELX Plc | 429081 |
| 7948 | Unilever Plc | 474234 |
|  |  | 4192440 |
|  **Total Common Stocks** | **Total Common Stocks** | **24617893** |
|  (Cost $21,840,713) | (Cost $21,840,713) |  |
|  **Investment Company — 0.4%** | **Investment Company — 0.4%** |  |
| 90358 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (a) | 90358 |
|  **Total Investment Company** | **Total Investment Company** | **90358** |
|  (Cost $90,358) | (Cost $90,358) |  |
|  **Total Investments** | **Total Investments** | $**24708251** |
|  (Cost $21,931,071)(b) — 100.1% | (Cost $21,931,071)(b) — 100.1% |  |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(15499)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**24692752** |

---

(a) Affiliated investment.

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

\* Non-income producing security.

#### 18

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

#### March 31, 2025
Abbreviations used are defined below:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 19

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
|  **Australia — 3.4%** | **Australia — 3.4%** | **Australia — 3.4%** |
| 9855 | Paladin Energy Ltd.\* | $31910 |
| 676 | Pro Medicus Ltd. | 85565 |
| 24606 | Steadfast Group Ltd. | 89473 |
|  |  | 206948 |
|  **Austria — 1.0%** | **Austria — 1.0%** |  |
| 580 | BAWAG Group AG(a) | 59835 |
|  **Belgium — 2.7%** | **Belgium — 2.7%** |  |
| 3038 | Azelis Group NV | 53382 |
| 12 | Lotus Bakeries NV | 106681 |
|  |  | 160063 |
|  **China — 0.6%** | **China — 0.6%** |  |
| 1800 | Kanzhun Ltd., ADR\* | 34506 |
|  **Denmark — 2.2%** | **Denmark — 2.2%** |  |
| 1780 | Novonesis (Novozymes), Class B | 103643 |
| 1856 | Scandinavian Tobacco Group A/S(a) | 27027 |
|  |  | 130670 |
|  **France — 5.1%** | **France — 5.1%** | **France — 5.1%** |
| 1365 | Exosens SAS\* | 49600 |
| 978 | Gaztransport Et Technigaz SA | 148298 |
| 3332 | Technip Energies NV | 108715 |
|  |  | 306613 |
|  **Germany — 4.2%** | **Germany — 4.2%** | **Germany — 4.2%** |
| 1140 | CTS Eventim AG & Co. KGaA | 114367 |
| 2176 | Freenet AG | 82947 |
| 69 | Rational AG | 57488 |
|  |  | 254802 |
|  **India — 7.0%** | **India — 7.0%** | **India — 7.0%** |
| 35633 | Aditya Birla Capital Ltd.\* | 76803 |
| 325 | Dixon Technologies India Ltd. | 49847 |
| 1981 | Gravita India Ltd. | 42066 |
| 5748 | KPIT Technologies Ltd. | 87074 |
| 4802 | Phoenix Mills Ltd. (The) | 92014 |
| 12107 | Varun Beverages Ltd. | 76181 |
|  |  | 423985 |
|  **Indonesia — 2.9%** | **Indonesia — 2.9%** |  |
| 383300 | Indosat Tbk PT | 33539 |
| 505700 | Mayora Indah Tbk PT | 61837 |

---

#### 20

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2197300 | Midi Utama Indonesia Tbk PT | $45023 |
| 1065900 | Sarana Menara Nusantara Tbk PT | 32366 |
|  |  | 172765 |
|  **Italy — 0.7%** | **Italy — 0.7%** |  |
| 2215 | Lottomatica Group SpA | 44714 |
|  **Japan — 24.3%** | **Japan — 24.3%** |  |
| 7300 | Asics Corp. | 154815 |
| 3100 | BayCurrent Inc | 134336 |
| 2400 | Fujikura Ltd. | 88884 |
| 4800 | Isetan Mitsukoshi Holdings Ltd. | 69609 |
| 3100 | Japan Steel Works Ltd. (The) | 110237 |
| 3200 | Kawasaki Heavy Industries Ltd. | 193152 |
| 3000 | Organo Corp. | 129092 |
| 14700 | Round One Corp. | 96673 |
| 8100 | Ryohin Keikaku Co. Ltd. | 221280 |
| 3700 | Sanrio Co. Ltd. | 171183 |
| 3300 | TBS Holdings, Inc. | 95185 |
|  |  | 1464446 |
|  **New Zealand — 2.1%** | **New Zealand — 2.1%** |  |
| 2471 | Fisher & Paykel Healthcare Corp. Ltd. | 47158 |
| 13878 | Infratil Ltd. | 81884 |
|  |  | 129042 |
|  **Norway — 7.2%** | **Norway — 7.2%** |  |
| 4572 | Aker BP ASA | 108398 |
| 4203 | Nordic Semiconductor ASA\* | 51104 |
| 9559 | SpareBank 1 SMN | 166365 |
| 7587 | Veidekke ASA | 105969 |
|  |  | 431836 |
|  **Philippines — 2.6%** | **Philippines — 2.6%** |  |
| 24930 | International Container Terminal Services, Inc. | 154922 |
|  **Sweden — 7.8%** | **Sweden — 7.8%** |  |
| 9852 | Alimak Group AB(a) | 130033 |
| 1078 | Camurus AB\* | 61276 |
| 10610 | Hexpol AB | 92782 |
| 787 | MIPS AB | 30207 |
| 4241 | Sweco AB, Class B | 76122 |
| 2679 | Thule Group AB(a) | 77094 |
|  |  | 467514 |
|  **Switzerland — 1.2%** | **Switzerland — 1.2%** |  |
| 418 | Sulzer AG | 71296 |

---

#### 21

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Taiwan — 6.8%** | **Taiwan — 6.8%** |  |
| 382 | ASPEED Technology, Inc. | $35375 |
| 11362 | E Ink Holdings, Inc. | 92496 |
| 4901 | Lai Yih Footwear Co. Ltd. | 51766 |
| 1759 | Lotes Co. Ltd. | 74426 |
| 3356 | Voltronic Power Technology Corp. | 156934 |
|  |  | 410997 |
|  **Thailand — 1.3%** | **Thailand — 1.3%** |  |
| 380 | Fabrinet\* | 75054 |
|  **United Kingdom — 12.6%** | **United Kingdom — 12.6%** |  |
| 5379 | Auto Trader Group Plc(a) | 52013 |
| 20836 | Barratt Redrow Plc | 114616 |
| 2561 | Cranswick Plc | 162805 |
| 16554 | GB Group Plc | 63198 |
| 10033 | Howden Joinery Group Plc | 93832 |
| 15089 | OSB Group Plc | 84391 |
| 6686 | Rightmove Plc | 59526 |
| 2424 | Softcat Plc | 49685 |
| 11098 | Volution Group Plc | 77588 |
|  |  | 757654 |
|  **United States — 1.3%** | **United States — 1.3%** |  |
| 6168 | Life360, Inc.(a),\* | 77410 |
|  **Vietnam — 1.9%** | **Vietnam — 1.9%** |  |
| 24340 | FPT Corp. | 115796 |
|  **Total Common Stocks** | **Total Common Stocks** | **5950868** |
|  (Cost $5,148,305) | (Cost $5,148,305) |  |
|  **Investment Company — 2.3%** | **Investment Company — 2.3%** |  |
| 140191 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (b) | 140191 |
|  **Total Investment Company** | **Total Investment Company** | **140191** |
|  (Cost $140,191) | (Cost $140,191) |  |
|  **Total Investments** | **Total Investments** | $**6091059** |
|  (Cost $5,288,496)(c) — 101.2% | (Cost $5,288,496)(c) — 101.2% |  |
|  **Liabilities in excess of other assets — (1.2)%** | **Liabilities in excess of other assets — (1.2)%** | **(73196)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**6017863** |

---

#### 22

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

#### March 31, 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) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

ADR – American Depositary Receipt

#### See Notes to the Financial Statements.

#### 23

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |  |
|  **China — 90.6%** | **China — 90.6%** |  |
| 5000 | AAC Technologies Holdings, Inc. | $30506 |
| 29416 | Alibaba Group Holding Ltd. | 486717 |
| 9600 | Anhui Yingliu Electromechanical Co. Ltd., Class A | 24711 |
| 1400 | Asymchem Laboratories Tianjin Co. Ltd., Class A | 15216 |
| 28300 | Baoshan Iron & Steel Co. Ltd., Class A | 28076 |
| 2000 | BYD Co. Ltd., Class H | 101273 |
| 303 | Cambricon Technologies Corp. Ltd., Class A\* | 26224 |
| 125476 | China Construction Bank Corp., Class H | 111192 |
| 5200 | China CSSC Holdings Ltd., Class A | 21902 |
| 18000 | China Hongqiao Group Ltd. | 37235 |
| 7000 | China Life Insurance Co. Ltd., Class H | 13531 |
| 2700 | China Life Insurance Co. Ltd., Class A | 14002 |
| 39185 | China Mengniu Dairy Co. Ltd. | 96784 |
| 10577 | China Merchants Bank Co. Ltd., Class H | 62711 |
| 7197 | China Resources Land Ltd. | 23874 |
| 6100 | Contemporary Amperex Technology Co. Ltd., Class A | 213501 |
| 218000 | Dongfeng Motor Group Co. Ltd., Class H | 133203 |
| 7100 | Flat Glass Group Co. Ltd., Class A | 17415 |
| 12374 | Fuyao Glass Industry Group Co. Ltd., Series H(a) | 88526 |
| 1292 | GDS Holdings Ltd., ADR\* | 32726 |
| 7049 | GDS Holdings Ltd., Class A\* | 22295 |
| 28000 | Geely Automobile Holdings Ltd. | 60105 |
| 12900 | Hexing Electrical Co. Ltd., Class A | 60905 |
| 80383 | Industrial & Commercial Bank of China Ltd., Class H | 57360 |
| 900 | JD.com, Inc., ADR | 37008 |
| 35917 | Jinan Shengquan Group Share Holding Co. Ltd., Class A | 140298 |
| 720 | JOYY, Inc., ADR\* | 30226 |
| 6685 | Kanzhun Ltd., ADR\* | 128151 |
| 2979 | KE Holdings, Inc., ADR | 59848 |
| 9407 | KE Holdings, Inc., Class A | 63603 |
| 4000 | Luxshare Precision Industry Co. Ltd., Class A | 22632 |
| 8498 | Meituan, Class B(a),\* | 171001 |
| 5636 | Midea Group Co. Ltd., Class H\* | 57139 |
| 1200 | Mixue Group\* | 64954 |
| 11700 | Muyuan Foods Co. Ltd., Class A | 62520 |
| 2440 | NetEase, Inc. | 50124 |
| 19176 | New Horizon Health Ltd.(a),(b),(c),\* | 0 |
| 15500 | Ningbo Orient Wires & Cables Co. Ltd., Class A | 104524 |
| 1563 | PDD Holdings, Inc. , ADR\* | 184981 |
| 27612 | Ping An Insurance Group Co. of China Ltd., Series H | 164815 |
| 12650 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 40841 |
| 1524 | Shenzhen Inovance Technology Co. Ltd., Class A | 14335 |
| 6405 | Shenzhen SEICHI Technologies Co. Ltd., Class A | 62988 |
| 533 | Shenzhou International Group Holdings Ltd. | 4008 |
| 4700 | Sieyuan Electric Co. Ltd., Class A | 49371 |
| 4449 | Sunresin New Materials Co. Ltd., Class A | 28193 |
| 13080 | TAL Education Group, ADR\* | 172787 |

---

#### 24

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 7986 | Tencent Holdings Ltd. | $510273 |
| 1872 | Trip.com Group Ltd. | 118997 |
| 1550 | Vnet Group, Inc., ADR\* | 12710 |
| 1400 | Will Semiconductor Co. Ltd. Shanghai, Class A | 25817 |
| 11751 | WuXi AppTec Co. Ltd., Class H(a) | 104940 |
| 36701 | Xiaomi Corp., Class B(a),\* | 232234 |
| 15400 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 61633 |
| 2500 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 12294 |
| 40704 | Zijin Mining Group Co. Ltd., Class H | 92882 |
|  |  | 4666117 |
|  **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |  |
| 2400 | ASMPT Ltd. | 16915 |
| 374 | Futu Holdings Ltd., ADR | 38279 |
| 500 | Techtronic Industries Co. Ltd. | 5992 |
|  |  | 61186 |
|  **Korea — 1.4%** | **Korea — 1.4%** |  |
| 534 | SK Hynix, Inc. | 71185 |
|  **South Africa — 4.0%** | **South Africa — 4.0%** |  |
| 834 | Naspers Ltd., Class N | 206824 |
|  **Taiwan — 0.2%** | **Taiwan — 0.2%** |  |
| 334 | Taiwan Semiconductor Manufacturing Co. Ltd. | 9407 |
|  **Total Common Stocks** | **Total Common Stocks** | **5014719** |
|  (Cost $4,335,917) | (Cost $4,335,917) |  |
|  **Equity Linked Security — 1.1%** | **Equity Linked Security — 1.1%** |  |
|  **China — 1.1%** | **China — 1.1%** |  |
| 76343 | Puyang Refractories Group Co. Ltd.\* | 55663 |
|  **Total Equity Linked Security** | **Total Equity Linked Security** | **55663** |
|  (Cost $57,754) | (Cost $57,754) |  |
|  **Total Investments** | **Total Investments** | $**5070382** |
|  (Cost $4,393,671)(d) — 98.5% | (Cost $4,393,671)(d) — 98.5% |  |
|  **Other assets in excess of liabilities — 1.5%** | **Other assets in excess of liabilities — 1.5%** | **76426** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**5146808** |

---

#### 25

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC China Equity Fund (cont.)

#### March 31, 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) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

\* Non-income producing security.

Abbreviations used are defined below:

ADR - American Depositary Receipt

#### See Notes to the Financial Statements.

#### 26

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets<br>Equity Fund** | **RBC Emerging Markets<br>ex-China Equity Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,733,772,609 and $56,324,076, respectively) | $3922755837 | $60088535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $26,294,451 and $1,084,860, respectively) | 26294451 | 1084860 |
|  Cash | 1929 | 5 |
|  Foreign currency, at value (cost $287,286 and $27,867, respectively) | 288163 | 27518 |
|  Interest and dividend receivable | 9322516 | 212089 |
|  Receivable from advisor | 448841 | 44047 |
|  Receivable for capital shares issued | 9787624 | 5500 |
|  Receivable for investments sold | 3008372 |  |
|  Prepaid expenses and other assets | 39699 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3971947432 | 61467299 |
|  **Liabilities:** |  |  |
|  Current tax payable | 15883518 | 381002 |
|  Payable for capital shares redeemed | 13689726 | 73458 |
|  Payable for investments purchased | 97186 |  |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 2536393 | 39032 |
|  Accounting fees | 57347 | 47199 |
|  Audit fees | 55450 | 39140 |
|  Distribution fees | 52997 | 5017 |
|  Custodian fees | 410042 | 23594 |
|  Shareholder reports | 13130 | 1185 |
|  Transfer agent fees | 536705 | 2454 |
|  Other | 105008 | 9322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 33437502 | 621403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3938509930 | $60845896 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $3781858526 | $56913322 |
|  Accumulated earnings | 156651404 | 3932574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3938509930 | $60845896 |

---

#### 27

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets<br>Equity Fund** | **RBC Emerging Markets<br>ex-China Equity Fund** |
|  **Net Assets** |  |  |
|  Class A | $102778057 | $8970799 |
|  Class I | 3044933223 | 50634186 |
|  Class R6 | 790798650 | 1240911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3938509930 | $60845896 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 7705603 | 770406 |
|  Class I | 224941065 | 4350091 |
|  Class R6 | 58125599 | 106703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 290772267 | 5227200 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $13.34 | $11.64 |
|  Class I | $13.54 | $11.64 |
|  Class R6 | $13.60 | $11.63 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $14.15 | $12.35 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 28

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging<br>Markets Value**<br>**Equity Fund** | **RBC Global<br>Opportunities Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $53,137,998 and $444,725,513, respectively) | $57831380 | $477650662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $158,616 and $4,923,377, respectively) | 158616 | 4923377 |
|  Cash |  | 26 |
|  Foreign currency, at value (cost $355 and $0, respectively) | 355 |  |
|  Interest and dividend receivable | 215865 | 1487254 |
|  Receivable from advisor | 33151 | 44025 |
|  Receivable for capital shares issued | 335 | 18478 |
|  Receivable for investments sold | 171099 | 3460301 |
|  Prepaid expenses and other assets | 20984 | 12415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 58431785 | 487596538 |
|  **Liabilities:** |  |  |
|  Foreign currency overdraft, at value (cost $0 and $3,477, respectively) |  | 3480 |
|  Current tax payable | 264383 | 360139 |
|  Professional fees payable | 1992 |  |
|  Payable for capital shares redeemed | 14046 | 184913 |
|  Payable for investments purchased | 2111 | 4441964 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 37354 | 247717 |
|  Accounting fees | 11305 | 16655 |
|  Audit fees | 39140 | 41450 |
|  Distribution fees | 73 | 171 |
|  Custodian fees | 34842 | 16903 |
|  Shareholder reports | 853 | 842 |
|  Transfer agent fees | 9672 | 52946 |
|  Line of Credit Payable | 350000 |  |
|  Other | 14077 | 20504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 779848 | 5387684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $57651937 | $482208854 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $65261420 | $476399546 |
|  Accumulated earnings | (7609483) | 5809308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $57651937 | $482208854 |

---

#### 29

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** | **RBC Global**<br>**Opportunities Fund** |
|  **Net Assets** |  |  |
|  Class A | $16617 | $62586 |
|  Class I | 57493254 | 347493390 |
|  Class R6 | 142066 | 134652878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $57651937 | $482208854 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 1995 | 3123 |
|  Class I | 6894687 | 17307472 |
|  Class R6 | 18318 | 6683960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 6915000 | 23994555 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $8.33 | $20.04 |
|  Class I | $8.34 | $20.08 |
|  Class R6 | $7.76 | $20.15 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $8.84 | $21.26 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 30

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Global Equity<br>Leaders Fund** | **RBC International<br>Equity Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,969,012 and $21,840,713, respectively) | $5255715 | $24617893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $44,263 and $90,358, respectively) | 44263 | 90358 |
|  Foreign currency, at value (cost $0 and $13,273, respectively) |  | 13274 |
|  Interest and dividend receivable | 11413 | 144720 |
|  Receivable from advisor | 18219 | 12597 |
|  Receivable for investments sold | 38084 |  |
|  Prepaid expenses and other assets | 8541 | 4697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5376235 | 24883539 |
|  **Liabilities:** |  |  |
|  Foreign currency overdraft, at value (cost $5 and $0, respectively) | 5 |  |
|  Professional fees payable | 2316 |  |
|  Payable for investments purchased | 39509 | 62678 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 2764 | 13870 |
|  Accounting fees | 10671 | 46814 |
|  Audit fees | 39140 | 39140 |
|  Distribution fees | 7450 | 6561 |
|  Custodian fees | 2239 | 5423 |
|  Shareholder reports | 1793 | 2013 |
|  Transfer agent fees | 1763 | 1763 |
|  Other | 3799 | 12525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 111449 | 190787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5264786 | $24692752 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $5096453 | $21188204 |
|  Accumulated earnings | 168333 | 3504548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5264786 | $24692752 |

---

#### 31

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Global Equity**<br> **Leaders Fund** | **RBC International**<br>**Equity Fund** |
|  **Net Assets** |  |  |
|  Class A | $1045694 | $1238984 |
|  Class I | 3163017 | 21586464 |
|  Class R6 | 1056075 | 1867304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $5264786 | $24692752 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 101726 | 105764 |
|  Class I | 307476 | 1841290 |
|  Class R6 | 102645 | 159253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 511847 | 2106307 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $10.28 | $11.71 |
|  Class I | $10.29 | $11.72 |
|  Class R6 | $10.29 | $11.73 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $10.91 | $12.42 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### 32

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC International**<br>**Small Cap Equity Fund** | **RBC China**<br>**Equity Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,148,305 and $4,393,671, respectively) | $5950868 | $5070382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $140,191 and $0, respectively) | 140191 |  |
|  Cash |  | 7179 |
|  Foreign currency, at value (cost $5,131 and $0, respectively) | 5148 |  |
|  Interest and dividend receivable | 18461 | 533 |
|  Receivable from advisor | 21219 | 23776 |
|  Receivable for investments sold | 6347 | 95494 |
|  Prepaid expenses and other assets | 4676 | 44749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6146910 | 5242113 |
|  **Liabilities:** |  |  |
|  Foreign currency overdraft, at value (cost $0 and $52, respectively) |  | 52 |
|  Current tax payable | 12566 |  |
|  Professional fees payable |  | 2316 |
|  Payable for investments purchased |  | 4948 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 4362 | 3364 |
|  Accounting fees | 46619 | 9242 |
|  Audit fees | 39140 | 39140 |
|  Distribution fees | 3125 | 3306 |
|  Custodian fees | 7390 | 8754 |
|  Shareholder reports | 1819 | 4520 |
|  Transfer agent fees | 1762 | 10245 |
|  Other | 12264 | 9418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 129047 | 95305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $6017863 | $5146808 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $5121124 | $5168323 |
|  Accumulated earnings | 896739 | (21515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $6017863 | $5146808 |

---

#### 33

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC International**<br>**Small Cap Equity Fund** | **RBC China**<br>**Equity Fund** |
|  **Net Assets** |  |  |
|  Class A | $598556 | $511103 |
|  Class I | 4213944 | 3604358 |
|  Class R6 | 1205363 | 1031347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $6017863 | $5146808 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 50860 | 51781 |
|  Class I | 357774 | 365064 |
|  Class R6 | 102320 | 104452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 510954 | 521297 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $11.77 | $9.87 |
|  Class I | $11.78 | $9.87 |
|  Class R6 | $11.78 | $9.87 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $12.49 | $10.47 |
|  Maximum Sales Charge - Class A | 5.75% | 5.75% |

---

#### See Notes to the Financial Statements.

#### 34

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets**<br>**Equity Fund** | **RBC Emerging Markets**<br>**ex-China Equity Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $80440703 | $1287270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 1639729 | 55574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (10411327) | (208924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 71669105 | 1133920 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 27453585 | 475237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 239980 | 11728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 246474 | 60803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 59053 | 39188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1590948 | 74386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 6536 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 235647 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 115109 | 47698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 192523 | 23429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 868911 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 3336448 | 58095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 5531 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 161057 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 33595 | 30435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees\* | 72535 | (14885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 34617932 | 823625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (4226749) | (291152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 30391183 | 532473 |
|  **Net Investment Income** | 41277922 | 601447 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 45179895 | 1992136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3484540) | (78209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (4612834) | (37823) |
|  Net realized gains | 37082521 | 1876104 |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 185121058 | (2967620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 39548 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (3101030) | (235416) |
|  Net unrealized gains/(losses) | 182059576 | (3202333) |
|  Change in net assets resulting from operations | $260420019 | $(724782) |

---

\* See Note 2 in Notes to Financial Statements

#### 35

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** | **RBC Global**<br>**Opportunities Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $1917548 | $7555711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 16960 | 217795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (205476) | (401594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1729032 | 7371912 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 471964 | 3258733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 41 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 70773 | 77088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 39190 | 41876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 102189 | 67588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3405 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 3981 | 34752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 63853 | 66375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 23279 | 34450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 3548 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 63759 | 364867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3530 | 4139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 2555 | 22640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 4674 | 8641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 18670 | 14787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 875411 | 4003908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (303790) | (316432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 571621 | 3687476 |
|  **Net Investment Income** | 1157411 | 3684436 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 957987 | 48811969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (78813) | (630107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (220537) | (91344) |
|  Net realized gains | 658637 | 48090518 |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2066298 | (31325705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (82) | 7990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | 17542 | (357110) |
|  Net unrealized gains/(losses) | 2083758 | (31674825) |
|  Change in net assets resulting from operations | $3899806 | $20100129 |

---

#### 36

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC Global Equity<br>Leaders Fund** | **RBC International<br>Equity Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $82118 | $660075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 3082 | 15893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (4134) | (79425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 81066 | 596543 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 34408 | 171805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 2631 | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 47325 | 68801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 39144 | 39157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 7564 | 18158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3405 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 342 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 62132 | 47848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 21773 | 22344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 3520 | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 3526 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3520 | 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 247 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 4674 | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees\* | 5312 | (16204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 239523 | 380898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (197834) | (182566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 41689 | 198332 |
|  **Net Investment Income** | 39377 | 398211 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 779780 | 1168182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6643) | (30373) |
|  Net realized gains | 773137 | 1137809 |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (499902) | (1250535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 53 | 855 |
|  Net unrealized losses | (499849) | (1249680) |
|  Change in net assets resulting from operations | $312665 | $286340 |

---

\* See Note 2 in Notes to Financial Statements

#### 37

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC International<br>Small Cap Equity Fund** | **RBC China**<br>**Equity Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $— | $1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | 135940 | 103508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 6418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax withholding | (21718) | (7909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 120640 | 96984 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 53328 | 36189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 1491 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 68903 | 61238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 39142 | 39140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 11736 | 26821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3405 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 389 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 47498 | 61208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 21801 | 29054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 3522 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 3527 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 3521 | 6353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 286 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 16123 | 4674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees\* | (16353) | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 258319 | 293118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (198329) | (244949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 59990 | 48169 |
|  **Net Investment Income** | 60650 | 48815 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 280871 | 253343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10210) | (5079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | (5288) |  |
|  Net realized gains | 265373 | 248264 |
|  Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 109001 | 768761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 509 | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | 4994 |  |
|  Net unrealized gains | 114504 | 768624 |
|  Change in net assets resulting from operations | $440527 | $1065703 |

---

\* See Note 2 in Notes to Financial Statements

#### See Notes to the Financial Statements.

#### 38

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets**<br>**Equity Fund** | **RBC Emerging Markets**<br>**Equity Fund** |
|  | **For the<br>Year Ended<br>March 31, 2025** | **For the<br>Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $41277922 | $31503923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 37082521 | 43060341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 182059576 | 93684838 |
|  Change in net assets resulting from operations | 260420019 | 168249102 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (656882) | (1710440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (43604009) | (36260758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7314419) | (3349018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (51575310) | (41320216) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1557874218 | 1005736583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 42180945 | 35454193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (758685105) | (400059663) |
|  Change in net assets resulting from capital transactions | 841370058 | 641131113 |
|  Net increase in net assets | 1050214767 | 768059999 |
|  **Net Assets:** |  |  |
|  Beginning of year | 2888295163 | 2120235164 |
|  End of year | $3938509930 | $2888295163 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 114913222 | 82726497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3195558 | 2921162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (56185199) | (32892541) |
|  Change in shares resulting from capital transactions | 61923581 | 52755118 |

---

#### See Notes to the Financial Statements.

#### 39

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging Markets**<br>**ex-China Equity Fund** | **RBC Emerging Markets**<br>**ex-China Equity Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $601447 | $463007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 1876104 | 970943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (3202333) | 5173950 |
|  Change in net assets resulting from operations | (724782) | 6607900 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (306169) | (10671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2261002) | (770425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (54636) | (24019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2621807) | (805115) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 13454796 | 10189491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2530245 | 778115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1976504) | (468337) |
|  Change in net assets resulting from capital transactions | 14008537 | 10499269 |
|  Net increase in net assets | 10661948 | 16302054 |
|  **Net Assets:** |  |  |
|  Beginning of year | 50183948 | 33881894 |
|  End of year | $60845896 | $50183948 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1045039 | 853713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 212077 | 68556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (165398) | (41334) |
|  Change in shares resulting from capital transactions | 1091718 | 880935 |

---

#### See Notes to the Financial Statements.

#### 40

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** | **RBC Emerging**<br>**Markets Value**<br>**Equity Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1157411 | $1353349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 658637 | (5140462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 2083758 | 10467958 |
|  Change in net assets resulting from operations | 3899806 | 6680845 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (709) | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2666810) | (2454615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7173) | (107997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2674692) | (2563151) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 5487015 | 12750210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2674070 | 2562721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (17300601) | (20505087) |
|  Change in net assets resulting from capital transactions | (9139516) | (5192156) |
|  Net decrease in net assets | (7914402) | (1074462) |
|  **Net Assets:** |  |  |
|  Beginning of year | 65566339 | 66640801 |
|  End of year | $57651937 | $65566339 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 656471 | 1633491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 339849 | 339167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2068724) | (2618828) |
|  Change in shares resulting from capital transactions | (1072404) | (646170) |

---

#### See Notes to the Financial Statements.

#### 41

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Global**<br>**Opportunities Fund** | **RBC Global**<br>**Opportunities Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3684436 | $3812893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 48090518 | (36773037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (31674825) | 104067041 |
|  Change in net assets resulting from operations | 20100129 | 71106897 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (192) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2393575) | (2583817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (903876) | (1027909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (3297643) | (3611963) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 26654313 | 58671665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 3032807 | 3279711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (59426896) | (101548774) |
|  Change in net assets resulting from capital transactions | (29739776) | (39597398) |
|  Net increase/(decrease) in net assets | (12937290) | 27897536 |
|  **Net Assets:** |  |  |
|  Beginning of year | 495146144 | 467248608 |
|  End of year | $482208854 | $495146144 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1305026 | 3443002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 146016 | 187754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2870955) | (5862855) |
|  Change in shares resulting from capital transactions | (1419913) | (2232099) |

---

#### See Notes to the Financial Statements.

#### 42

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC Global Equity**<br>**Leaders Fund** | **RBC Global Equity**<br>**Leaders Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $39377 | $36697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 773137 | (470529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (499849) | 1298845 |
|  Change in net assets resulting from operations | 312665 | 865013 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4416) | (5846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (21121) | (23923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7568) | (8403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (33105) | (38172) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 33105 | 38173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |
|  Change in net assets resulting from capital transactions | 33105 | 38173 |
|  Net increase in net assets | 312665 | 865014 |
|  **Net Assets:** |  |  |
|  Beginning of year | 4952121 | 4087107 |
|  End of year | $5264786 | $4952121 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3123 | 4413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
|  Change in shares resulting from capital transactions | 3123 | 4413 |

---

#### See Notes to the Financial Statements.

#### 43

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC International**<br>**Equity Fund** | **RBC International**<br>**Equity Fund** |
|  | **For the<br>Year Ended<br>March 31, 2025** | **For the<br>Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $398211 | $395607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 1137809 | (41196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (1249680) | 3130582 |
|  Change in net assets resulting from operations | 286340 | 3484993 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (35880) | (17201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (677579) | (347078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (59032) | (30540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (772491) | (394819) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 16519 | 10992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 772491 | 394819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (103) |  |
|  Change in net assets resulting from capital transactions | 788907 | 405811 |
|  Net increase in net assets | 302756 | 3495985 |
|  **Net Assets:** |  |  |
|  Beginning of year | 24389996 | 20894011 |
|  End of year | $24692752 | $24389996 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1397 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 67941 | 36058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8) |  |
|  Change in shares resulting from capital transactions | 69330 | 36977 |

---

#### See Notes to the Financial Statements.

#### 44

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC International**<br>**Small Cap Equity Fund** | **RBC International**<br>**Small Cap Equity Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $60650 | $67421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 265373 | (164118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency | 114504 | 544645 |
|  Change in net assets resulting from operations | 440527 | 447948 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7260) | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (61257) | (26334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (18102) | (8037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (86619) | (36852) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 86619 | 36852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |
|  Change in net assets resulting from capital transactions | 86619 | 36852 |
|  Net increase in net assets | 440527 | 447948 |
|  **Net Assets:** |  |  |
|  Beginning of year | 5577336 | 5129388 |
|  End of year | $6017863 | $5577336 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 7427 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
|  Change in shares resulting from capital transactions | 7427 | 3527 |

---

#### See Notes to the Financial Statements.

#### 45

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC China**<br>**Equity Fund** | **RBC China**<br>**Equity Fund** |
|  | **For the**<br>**Year Ended<br>March 31, 2025** | **For the**<br>**Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $48815 | $26150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and foreign currency | 248264 | (450809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | 768624 | (219365) |
|  Change in net assets resulting from operations | 1065703 | (644024) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7595) | (3812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (61086) | (34635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (17912) | (10352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (86593) | (48799) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 86593 | 48799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |
|  Change in net assets resulting from capital transactions | 86593 | 48799 |
|  Net increase/(decrease) in net assets | 1065703 | (644024) |
|  **Net Assets:** |  |  |
|  Beginning of year | 4081105 | 4725129 |
|  End of year | $5146808 | $4081105 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 10068 | 6153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
|  Change in shares resulting from capital transactions | 10068 | 6153 |

---

#### See Notes to the Financial Statements.

#### 46

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Equity Fund

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  | <br>**Net Asset<br>Value,<br>Beginning<br>of 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 3/31/25 | $12.42 | 0.17 | 0.90 |  | 1.07 | (0.07) | (0.08) | (0.15) | $13.34 |
|  Year Ended 3/31/24 | 11.85 | 0.13 | 0.61 |  | 0.74 | (0.17) |  | (0.17) | 12.42 |
|  Year Ended 3/31/23 | 12.52 | 0.18 | (0.76) |  | (0.58) | (0.09) |  | (0.09) | 11.85 |
|  Year Ended 3/31/22 | 14.64 | 0.11 | (1.88) | —(b) | (1.77) | (0.15) | (0.20) | (0.35) | 12.52 |
|  Year Ended 3/31/21 | 9.50 | —(b) | 5.25 | —(b) | 5.25 | (0.11) |  | (0.11) | 14.64 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $12.62 | 0.16 | 0.96 |  | 1.12 | (0.12) | (0.08) | (0.20) | $13.54 |
|  Year Ended 3/31/24 | 12.04 | 0.16 | 0.62 |  | 0.78 | (0.20) |  | (0.20) | 12.62 |
|  Year Ended 3/31/23 | 12.76 | 0.20 | (0.77) |  | (0.57) | (0.15) |  | (0.15) | 12.04 |
|  Year Ended 3/31/22 | 14.91 | 0.14 | (1.91) | —(b) | (1.77) | (0.18) | (0.20) | (0.38) | 12.76 |
|  Year Ended 3/31/21 | 9.67 | 0.07 | 5.32 | —(b) | 5.39 | (0.15) |  | (0.15) | 14.91 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $12.69 | 0.15 | 0.96 |  | 1.11 | (0.12) | (0.08) | (0.20) | $13.60 |
|  Year Ended 3/31/24 | 12.10 | 0.17 | 0.62 |  | 0.79 | (0.20) |  | (0.20) | 12.69 |
|  Year Ended 3/31/23 | 12.82 | 0.20 | (0.77) |  | (0.57) | (0.15) |  | (0.15) | 12.10 |
|  Year Ended 3/31/22 | 14.98 | 0.15 | (1.93) |  | (1.78) | (0.18) | (0.20) | (0.38) | 12.82 |
|  Year Ended 3/31/21 | 9.72 | 0.07 | 5.34 |  | 5.41 | (0.15) |  | (0.15) | 14.98 |

---

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

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

#### 47

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return(a)(b)** | **Net Assets,**<br>**End of**<br>**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 3/31/25 | 8.58% | $102778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 %(c) | 16% |
|  Year Ended 3/31/24 | 6.29% | 125841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 %(c) | 34% |
|  Year Ended 3/31/23 | (4.57)% | 124373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | 19% |
|  Year Ended 3/31/22 | (12.17)% | 297037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | 14% |
|  Year Ended 3/31/21 | 55.33% | 287862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | 15% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 8.91% | $3044933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 %(c) | 16% |
|  Year Ended 3/31/24 | 6.54% | 2496784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 %(c) | 34% |
|  Year Ended 3/31/23 | (4.38)% | 1751023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | 19% |
|  Year Ended 3/31/22 | (11.97)% | 2111110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | 14% |
|  Year Ended 3/31/21 | 55.77% | 2069695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | 15% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 8.79% | $790799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 %(c) | 16% |
|  Year Ended 3/31/24 | 6.59% | 265671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 %(c) | 34% |
|  Year Ended 3/31/23 | (4.36)% | 244839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | 19% |
|  Year Ended 3/31/22 | (11.99)% | 248557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | 14% |
|  Year Ended 3/31/21 | 55.70% | 305553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | 15% |

---

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

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

(a) Excludes sales charge.

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

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

#### See Notes to the Financial Statements.

#### 48

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets ex-China Equity Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning<br>of 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 3/31/25 | $12.12 | 0.07 | (0.07) |  | (0.04) | (0.44) | (0.48) | $11.64 |
|  Year Ended 3/31/24 | 10.40 | 0.11 | 1.82 | 1.93 | (0.07) | (0.14) | (0.21) | 12.12 |
|  Period Ended 3/31/23(b) | 10.00 | 0.03 | 0.37 | 0.40 |  |  |  | 10.40 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $12.14 | 0.13 | (0.10) | 0.03 | (0.09) | (0.44) | (0.53) | $11.64 |
|  Year Ended 3/31/24 | 10.41 | 0.14 | 1.83 | 1.97 | (0.10) | (0.14) | (0.24) | 12.14 |
|  Period Ended 3/31/23(b) | 10.00 | 0.03 | 0.38 | 0.41 |  |  |  | 10.41 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $12.13 | 0.13 | (0.09) | 0.04 | (0.10) | (0.44) | (0.54) | $11.63 |
|  Year Ended 3/31/24 | 10.41 | 0.13 | 1.83 | 1.96 | (0.10) | (0.14) | (0.24) | 12.13 |
|  Period Ended 3/31/23(b) | 10.00 | 0.04 | 0.37 | 0.41 |  |  |  | 10.41 |

---

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

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

#### 49

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets ex-China Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return(a)(b)** | **Net Assets,**<br>**End of**<br>**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 3/31/25 | (0.10)% | $8971 | 1.13% | 0.55% | 1.67% | 17% |
|  Year Ended 3/31/24 | 18.73% | 617 | 1.13% | 0.96% | 2.60% | 38% |
|  Period Ended 3/31/23(c) | 4.00 %(d) | 520 | 1.13%(e) | 1.06%(e) | 4.27%(e) | 2% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 0.13% | $50634 | 0.88% | 1.05% | 1.36% | 17% |
|  Year Ended 3/31/24 | 19.07% | 48328 | 0.88% | 1.23% | 1.82% | 38% |
|  Period Ended 3/31/23(c) | 4.10 %(d) | 32321 | 0.88%(e) | 0.94%(e) | 2.22%(e) | 2% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 0.18% | $1241 | 0.88% | 1.06% | 1.52% | 17% |
|  Year Ended 3/31/24 | 18.99% | 1239 | 0.88% | 1.21% | 2.03% | 38% |
|  Period Ended 3/31/23(c) | 4.10 %(d) | 1041 | 0.88%(e) | 1.31%(e) | 3.10%(e) | 2% |

---

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

(a) Excludes sales charge.

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

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

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 50

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning<br>of 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 3/31/25 | $8.21 | 0.14 | 0.35 | 0.49 | (0.37) |  | (0.37) | $8.33 |
|  Year Ended 3/31/24 | 7.72 | 0.14 | 0.64 | 0.78 | (0.29) |  | (0.29) | 8.21 |
|  Period Ended 3/31/23(b) | 8.62 | 0.12 | (0.50) | (0.38) |  | (0.52) | (0.52) | 7.72 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $8.22 | 0.16 | 0.35 | 0.51 | (0.39) |  | (0.39) | $8.34 |
|  Year Ended 3/31/24 | 7.73 | 0.16 | 0.65 | 0.81 | (0.32) |  | (0.32) | 8.22 |
|  Year Ended 3/31/23 | 8.81 | 0.22 | (0.78) | (0.56) |  | (0.52) | (0.52) | 7.73 |
|  Year Ended 3/31/22 | 11.22 | 0.15 | (1.30) | (1.15) | (0.18) | (1.08) | (1.26) | 8.81 |
|  Year Ended 3/31/21 | 6.42 | 0.08 | 4.76 | 4.84 | (0.03) | (0.01) | (0.04) | 11.22 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $7.88 | 0.34 | 0.13 | 0.47 | (0.59) |  | (0.59) | $7.76 |
|  Year Ended 3/31/24 | 7.41 | 0.16 | 0.63 | 0.79 | (0.32) |  | (0.32) | 7.88 |
|  Year Ended 3/31/23 | 8.46 | 0.22 | (0.75) | (0.53) |  | (0.52) | (0.52) | 7.41 |
|  Year Ended 3/31/22 | 10.90 | 0.19 | (1.29) | (1.10) | (0.26) | (1.08) | (1.34) | 8.46 |
|  Year Ended 3/31/21 | 6.42 | 0.12 | 4.68 | 4.80 | (0.31) | (0.01) | (0.32) | 10.90 |

---

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

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

#### 51

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return(a)(b)** | **Net Assets,**<br> **End of**<br> **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 3/31/25 | 6.26% | $17 | 1.22%(c) | 1.67% | 23.49%(c) | 40% |
|  Year Ended 3/31/24 | 10.47% | 16 | 1.21%(c) | 1.79% | 32.28%(c) | 44% |
|  Period Ended 3/31/23(d) | (4.16)%(e | 14 | 1.20%(f) | 1.67%(f) | 19.67%(f) | 44% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 6.53% | $57493 | 0.97%(c) | 1.93% | 1.47%(c) | 40% |
|  Year Ended 3/31/24 | 10.78% | 62756 | 0.96%(c) | 2.06% | 1.33%(c) | 44% |
|  Year Ended 3/31/23 | (6.10)% | 64106 | 0.95% | 2.86% | 1.57% | 44% |
|  Year Ended 3/31/22 | (10.95)% | 72867 | 0.95% | 1.43% | 1.41% | 67% |
|  Year Ended 3/31/21 | 75.61% | 40956 | 0.95% | 0.79% | 1.97% | 68% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 6.45% | $142 | 0.88%(g) | 4.11% | 1.70%(g) | 40% |
|  Year Ended 3/31/24 | 11.00% | 2795 | 0.89%(c) | 2.12% | 1.35%(c) | 44% |
|  Year Ended 3/31/23 | (6.01)% | 2520 | 0.88% | 2.93% | 1.62% | 44% |
|  Year Ended 3/31/22 | (10.84)% | 2681 | 0.88% | 1.74% | 1.33% | 67% |
|  Year Ended 3/31/21 | 75.44% | 3006 | 0.88% | 1.36% | 3.37% | 68% |

---

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

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

(a) Excludes sales charge.

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

(c) During the years ended March 31, 2025 and 2024 the ratios include line of credit interest expense of 0.02% and 0.01%, respectively.

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

(e) Not annualized.

(f) Annualized.

#### 52

------

FINANCIAL HIGHLIGHTS

RBC Emerging Markets Value Equity Fund

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

<br> (g) Ratios include line of credit interest expense which is less than 0.01%.<br>**See Notes to the Financial Statements.**<br>

#### 53

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning**<br>**of Year** | **Net**<br>**Investment**<br>**Income/<br>(Loss)(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)**<br>**on Investments** | **Redemption**<br>**Fees** | **Total from**<br>**Investment**<br>**Activities** | **Net**<br>**Investment<br>Income** | **Net**<br>**Realized<br>Gains** | **Total**<br>**Distributions** |<br>**Net Asset<br>Value, End**<br>**of Year** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $19.43 | 0.09 | 0.60 |  | 0.69 | (0.08) |  | (0.08) | $20.04 |
|  Year Ended 3/31/24 | 16.86 | 0.09 | 2.58 |  | 2.67 | (0.10) |  | (0.10) | 19.43 |
|  Year Ended 3/31/23 | 19.09 | 0.07 | (2.30) |  | (2.23) | —(b) |  |  | 16.86 |
|  Year Ended 3/31/22 | 19.39 | —(b) | 0.64 |  | 0.64 | (0.03) | (0.91) | (0.94) | 19.09 |
|  Year Ended 3/31/21 | 12.28 | (0.01) | 7.51 | —(b) | 7.50 |  | (0.39) | (0.39) | 19.39 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $19.47 | 0.15 | 0.59 |  | 0.74 | (0.13) |  | (0.13) | $20.08 |
|  Year Ended 3/31/24 | 16.88 | 0.14 | 2.58 |  | 2.72 | (0.13) |  | (0.13) | 19.47 |
|  Year Ended 3/31/23 | 19.11 | 0.11 | (2.30) |  | (2.19) | (0.04) |  | (0.04) | 16.88 |
|  Year Ended 3/31/22 | 19.41 | 0.05 | 0.64 |  | 0.69 | (0.08) | (0.91) | (0.99) | 19.11 |
|  Year Ended 3/31/21 | 12.28 | 0.04 | 7.53 |  | 7.57 | (0.05) | (0.39) | (0.44) | 19.41 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $19.53 | 0.16 | 0.60 |  | 0.76 | (0.14) |  | (0.14) | $20.15 |
|  Year Ended 3/31/24 | 16.94 | 0.15 | 2.58 |  | 2.73 | (0.14) |  | (0.14) | 19.53 |
|  Year Ended 3/31/23 | 19.17 | 0.12 | (2.30) |  | (2.18) | (0.05) |  | (0.05) | 16.94 |
|  Year Ended 3/31/22 | 19.47 | 0.06 | 0.63 |  | 0.69 | (0.08) | (0.91) | (0.99) | 19.17 |
|  Year Ended 3/31/21 | 12.30 | 0.06 | 7.52 |  | 7.58 | (0.02) | (0.39) | (0.41) | 19.47 |

---

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

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

#### 54

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return(a)(b)** | **Net Assets,**<br>**End of**<br>**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 3/31/25 | 3.55% | $63 | 1.00 %(c) | 0.46% | 8.20 %(c) | 72% |
|  Year Ended 3/31/24 | 15.88% | 45 | 1.00 %(c) | 0.54% | 8.52 %(c) | 43% |
|  Year Ended 3/31/23 | (11.66)% | 20 | 1.00% | 0.41% | 20.49% | 38% |
|  Year Ended 3/31/22 | 2.86% | 25 | 1.00% | (0.01)% | 24.16% | 44% |
|  Year Ended 3/31/21 | 61.21% | 13 | 1.02 %(d) | (0.07)% | 33.96% | 62% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 3.80% | $347493 | 0.75 %(c) | 0.72% | 0.82 %(c) | 72% |
|  Year Ended 3/31/24 | 16.22% | 368058 | 0.75 %(c) | 0.78% | 0.82 %(c) | 43% |
|  Year Ended 3/31/23 | (11.44)% | 313879 | 0.75% | 0.66% | 0.84% | 38% |
|  Year Ended 3/31/22 | 3.09% | 330052 | 0.75% | 0.23% | 0.81% | 44% |
|  Year Ended 3/31/21 | 61.74% | 144339 | 0.77 %(d) | 0.25% | 0.99% | 62% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 3.89% | $134653 | 0.70 %(c) | 0.77% | 0.73 %(c) | 72% |
|  Year Ended 3/31/24 | 16.23% | 127043 | 0.70 %(c) | 0.87% | 0.73 %(c) | 43% |
|  Year Ended 3/31/23 | (11.35)% | 153349 | 0.70% | 0.73% | 0.73% | 38% |
|  Year Ended 3/31/22 | 3.11% | 246907 | 0.70% | 0.30% | 0.72% | 44% |
|  Year Ended 3/31/21 | 61.76% | 120220 | 0.71 %(d) | 0.31% | 0.90% | 62% |

---

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

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

(a) Excludes sales charge.

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

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

#### 55

------

FINANCIAL HIGHLIGHTS

RBC Global Opportunities Fund

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

(d) Beginning June 18, 2020, the net operating expenses were contractually limited to 1.00%, 0.75% and 0.70% of average daily net assets for Class A and Class I and Class R6, respectively. The ratio of net expenses to average net assets represents a blended percentage for the period ended March 31, 2021.<br>**See Notes to the Financial Statements.**<br>

#### 56

------

FINANCIAL HIGHLIGHTS

RBC Global Equity Leaders 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** | <br>**Net**<br>**Investment**<br>**Income(a)** | **Net Realized**<br>**and Unrealized**<br>**Gains (Losses)**<br>**on Investments** | <br>**Total from**<br>**Investment**<br>**Activities** | <br>**Net**<br>**Investment**<br>**Income** | <br>**Total**<br>**Distributions** | <br>**Net Asset**<br>**Value, End**<br>**of Year** |
|  **Class A** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $9.73 | 0.06 | 0.53 | 0.59 | (0.04) | (0.04) | $10.28 |
|  Year Ended 3/31/24 | 8.10 | 0.05 | 1.64 | 1.69 | (0.06) | (0.06) | 9.73 |
|  Year Ended 3/31/23 | 9.03 | 0.05 | (0.93) | (0.88) | (0.05) | (0.05) | 8.10 |
|  Period Ended 3/31/22(b) | 10.00 | —(c) | (0.97) | (0.97) |  |  | 9.03 |
|  **Class I** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $9.74 | 0.08 | 0.54 | 0.62 | (0.07) | (0.07) | $10.29 |
|  Year Ended 3/31/24 | 8.11 | 0.08 | 1.63 | 1.71 | (0.08) | (0.08) | 9.74 |
|  Year Ended 3/31/23 | 9.04 | 0.07 | (0.93) | (0.86) | (0.07) | (0.07) | 8.11 |
|  Period Ended 3/31/22(b) | 10.00 | 0.01 | (0.97) | (0.96) |  |  | 9.04 |
|  **Class R6** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $9.74 | 0.09 | 0.53 | 0.62 | (0.07) | (0.07) | $10.29 |
|  Year Ended 3/31/24 | 8.11 | 0.08 | 1.63 | 1.71 | (0.08) | (0.08) | 9.74 |
|  Year Ended 3/31/23 | 9.04 | 0.08 | (0.93) | (0.85) | (0.08) | (0.08) | 8.11 |
|  Period Ended 3/31/22(b) | 10.00 | 0.01 | (0.97) | (0.96) |  |  | 9.04 |

---

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

(b) For the period from December 15, 2021 (commencement of operations) through March 31, 2022.

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

#### 57

------

FINANCIAL HIGHLIGHTS

RBC Global Equity Leaders 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 3/31/25 | 6.09% | $1046 | 1.00% | 0.53% | 4.86% | 70% |
|  Year Ended 3/31/24 | 20.93% | 986 | 1.00% | 0.64% | 6.30% | 47% |
|  Year Ended 3/31/23 | (9.73)% | 815 | 1.00% | 0.64% | 7.76% | 37% |
|  Period Ended 3/31/22(c) | (9.70)%(d) | 903 | 1.00%(e) | 0.10%(e) | 10.29%(e) | 28% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 6.34% | $3163 | 0.75% | 0.78% | 4.39% | 70% |
|  Year Ended 3/31/24 | 21.20% | 2974 | 0.75% | 0.89% | 5.78% | 47% |
|  Year Ended 3/31/23 | (9.48)% | 2454 | 0.75% | 0.89% | 7.24% | 37% |
|  Period Ended 3/31/22(c) | (9.60)%(d) | 2712 | 0.75%(e) | 0.36%(e) | 9.32%(e) | 28% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 6.39% | $1056 | 0.70% | 0.83% | 4.61% | 70% |
|  Year Ended 3/31/24 | 21.25% | 992 | 0.70% | 0.94% | 6.05% | 47% |
|  Year Ended 3/31/23 | (9.43)% | 818 | 0.70% | 0.94% | 7.51% | 37% |
|  Period Ended 3/31/22(c) | (9.60)%(d) | 904 | 0.70%(e) | 0.41%(e) | 10.04%(e) | 28% |

---

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

(a) Excludes sales charge.

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

(c) For the period from December 15, 2021 (commencement of operations) through March 31, 2022.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 58

------

FINANCIAL HIGHLIGHTS

RBC International Equity Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning**<br>**of 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 3/31/25 | $11.96 | 0.16 | (0.06) | 0.10 | (0.15) | (0.20) | (0.35) | $11.71 |
|  Year Ended 3/31/24 | 10.44 | 0.17 | 1.52 | 1.69 | (0.17) |  | (0.17) | 11.96 |
|  Period Ended 3/31/23(b) | 10.00 | 0.05 | 0.39 | 0.44 |  |  |  | 10.44 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $11.97 | 0.19 | (0.06) | 0.13 | (0.18) | (0.20) | (0.38) | $11.72 |
|  Year Ended 3/31/24 | 10.45 | 0.20 | 1.52 | 1.72 | (0.20) |  | (0.20) | 11.97 |
|  Period Ended 3/31/23(b) | 10.00 | 0.06 | 0.39 | 0.45 |  |  |  | 10.45 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $11.98 | 0.20 | (0.06) | 0.14 | (0.19) | (0.20) | (0.39) | $11.73 |
|  Year Ended 3/31/24 | 10.45 | 0.20 | 1.53 | 1.73 | (0.20) |  | (0.20) | 11.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.06 | 0.39 | 0.45 |  |  |  | 10.45 |

---

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

(b) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### 59

------

FINANCIAL HIGHLIGHTS

RBC International Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  | <br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of**<br>**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 3/31/25 | 0.92% | $1239 | 1.04% | 1.36% | 2.01% | 35% |
|  Year Ended 3/31/24 | 16.36% | 1226 | 1.04% | 1.58% | 2.76% | 17% |
|  Period Ended 3/31/23(c) | 4.40%(d) | 1044 | 1.04%(e) | 1.80%(e) | 3.74%(e) | 10% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 1.19% | $21586 | 0.79% | 1.61% | 1.49% | 35% |
|  Year Ended 3/31/24 | 16.62% | 21334 | 0.79% | 1.83% | 2.21% | 17% |
|  Period Ended 3/31/23(c) | 4.50%(d) | 18283 | 0.79%(e) | 2.05%(e) | 2.64%(e) | 10% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 1.24% | $1867 | 0.74% | 1.66% | 1.66% | 35% |
|  Year Ended 3/31/24 | 16.77% | 1830 | 0.74% | 1.88% | 2.41% | 17% |
|  Period Ended 3/31/23(c) | 4.50%(d) | 1567 | 0.74%(e) | 2.10%(e) | 3.19%(e) | 10% |

---

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

(a) Excludes sales charge.

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

(c) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 60

------

FINANCIAL HIGHLIGHTS

RBC International Small Cap Equity Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset**<br>**Value,**<br>**Beginning**<br>**of 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 3/31/25 | $11.07 | 0.09 | 0.75 | 0.84 | (0.08) | (0.06) | (0.14) | $11.77 |
|  Year Ended 3/31/24 | 10.25 | 0.11 | 0.76 | 0.87 | (0.02) | (0.03) | (0.05) | 11.07 |
|  Period Ended 3/31/23(b) | 10.00 |  | 0.25 | 0.25 |  |  |  | 10.25 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $11.08 | 0.12 | 0.75 | 0.87 | (0.11) | (0.06) | (0.17) | $11.78 |
|  Year Ended 3/31/24 | 10.26 | 0.14 | 0.76 | 0.90 | (0.05) | (0.03) | (0.08) | 11.08 |
|  Period Ended 3/31/23(b) | 10.00 | 0.01 | 0.25 | 0.26 |  |  |  | 10.26 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $11.08 | 0.13 | 0.75 | 0.88 | (0.12) | (0.06) | (0.18) | $11.78 |
|  Year Ended 3/31/24 | 10.26 | 0.14 | 0.76 | 0.90 | (0.05) | (0.03) | (0.08) | 11.08 |
|  Period Ended 3/31/23(b) | 10.00 | 0.01 | 0.25 | 0.26 |  |  |  | 10.26 |

---

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

(b) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

#### 61

------

FINANCIAL HIGHLIGHTS

RBC International Small Cap Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  | <br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of**<br> **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 3/31/25 | 7.64% | $599 | 1.24% | 0.78% | 4.95% | 46% |
|  Year Ended 3/31/24 | 8.51% | 556 | 1.24% | 1.09% | 8.20% | 81% |
|  Period Ended 3/31/23(c) | 2.50%(d) | 513 | 1.24%(e) | 0.13%(e) | 10.81%(e) | 5% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 7.90% | $4214 | 0.99% | 1.03% | 4.19% | 46% |
|  Year Ended 3/31/24 | 8.77% | 3905 | 0.99% | 1.34% | 7.36% | 81% |
|  Period Ended 3/31/23(c) | 2.60%(d) | 3591 | 0.99%(e) | 0.38%(e) | 9.00%(e) | 5% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 7.95% | $1205 | 0.94% | 1.08% | 4.40% | 46% |
|  Year Ended 3/31/24 | 8.82% | 1116 | 0.94% | 1.39% | 7.61% | 81% |
|  Period Ended 3/31/23(c) | 2.60%(d) | 1026 | 0.94%(e) | 0.43%(e) | 9.65%(e) | 5% |

---

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

(a) Excludes sales charge.

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

(c) For the period from December 14, 2022 (commencement of operations) through March 31, 2023.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 62

------

FINANCIAL HIGHLIGHTS

RBC China Equity Fund

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | |
|  | <br>**Net Asset**<br>**Value,**<br>**Beginning**<br>**of Year** | <br>**Net**<br>**Investment**<br>**Income(a)** | **Net Realized**<br>**and Unrealized**<br>**Gains (Losses)**<br>**on Investments** | <br>**Total from**<br>**Investment**<br>**Activities** | <br>**Net**<br>**Investment**<br>**Income** | <br>**Total**<br>**Distributions** | <br>**Net Asset**<br>**Value, End**<br>**of Year** |
|  **Class A** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $7.98 | 0.07 | 1.97 | 2.04 | (0.15) | (0.15) | $9.87 |
|  Year Ended 3/31/24 | 9.35 | 0.03 | (1.32) | (1.29) | (0.08) | (0.08) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.08 | (0.65) | (0.57) | (0.08) | (0.08) | 9.35 |
|  **Class I** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $7.98 | 0.10 | 1.96 | 2.06 | (0.17) | (0.17) | $9.87 |
|  Year Ended 3/31/24 | 9.36 | 0.05 | (1.33) | (1.28) | (0.10) | (0.10) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.11 | (0.66) | (0.55) | (0.09) | (0.09) | 9.36 |
|  **Class R6** |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $7.98 | 0.10 | 1.96 | 2.06 | (0.17) | (0.17) | $9.87 |
|  Year Ended 3/31/24 | 9.36 | 0.06 | (1.34) | (1.28) | (0.10) | (0.10) | 7.98 |
|  Period Ended 3/31/23(b) | 10.00 | 0.11 | (0.65) | (0.54) | (0.10) | (0.10) | 9.36 |

---

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

(b) For the period from April 11, 2022 (commencement of operations) through March 31, 2023.

#### 63

------

FINANCIAL HIGHLIGHTS

RBC China Equity Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  | <br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of**<br> **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 3/31/25 | 25.83% | $511 | 1.30% | 0.84% | 7.70% | 132% |
|  Year Ended 3/31/24 | (13.84)% | 406 | 1.30% | 0.39% | 7.55% | 138% |
|  Period Ended 3/31/23(c) | (5.72)%(d) | 471 | 1.30%(e) | 0.91%(e) | 8.66%(e) | 130% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 26.14% | $3604 | 1.05% | 1.09% | 6.23% | 132% |
|  Year Ended 3/31/24 | (13.69)% | 2858 | 1.05% | 0.64% | 6.58% | 138% |
|  Period Ended 3/31/23(c) | (5.44)%(d) | 3308 | 1.05%(e) | 1.16%(e) | 7.48%(e) | 130% |
|  **Class R6** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 26.20% | $1031 | 1.00% | 1.14% | 6.74% | 132% |
|  Year Ended 3/31/24 | (13.64)% | 817 | 1.00% | 0.69% | 6.88% | 138% |
|  Period Ended 3/31/23(c) | (5.40)%(d) | 946 | 1.00%(e) | 1.21%(e) | 7.87%(e) | 130% |

---

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

(a) Excludes sales charge.

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

(c) For the period from April 11, 2022 (commencement of operations) through March 31, 2023.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 64

------

NOTES TO FINANCIAL STATEMENTS

March 31, 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 22 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). This report includes the following nine investment portfolios (each a "Fund" and collectively, the "Funds"):

- RBC Emerging Markets Equity Fund ("Emerging Markets Equity Fund")

- RBC Emerging Markets ex-China Equity Fund ("Emerging Markets ex-China Equity Fund")

- RBC Emerging Markets Value Equity Fund ("Emerging Markets Value Equity Fund")

- RBC Global Equity Leaders Fund ("Global Equity Leaders Fund")

- RBC Global Opportunities Fund ("Global Opportunities Fund")

- RBC International Equity Fund ("International Equity Fund")

- RBC International Small Cap Equity Fund ("International Small Cap Equity Fund")

- RBC China Equity Fund ("China Equity Fund")

Each Fund offers three share classes: Class A, Class R6 and Class I shares. Class A shares are offered with a 5.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge ("CDSC") for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class I and Class R6 shares (intended for investors meeting certain investment minimum thresholds) are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Advisor" or "Co-Administrator") acts as the investment advisor for the Funds and RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or "Sub-Advisor") serves as the investment sub-advisor. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

Each Fund is an investment company that follows accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services - Investment Companies (ASC 946)*. The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Fund Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange ("NYSE").

#### 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.

#### 65

------

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.

#### 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.

Foreign securities valued in non-U.S. dollars are valued in the foreign currency and then converted into the U.S. dollar equivalent using the foreign exchange rate in effect at the close of NYSE on the day the security's value is determined. The value of securities traded in markets outside the United States may be affected on a day that the NYSE is closed and an investor is not able to purchase, exchange or redeem shares of the Funds.

Many securities markets and exchanges outside of North American and South American time zones close prior to the close of the NYSE; therefore, the closing prices for equity securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. The Funds have procedures in place to fair value foreign equity securities traded in countries outside North American and South American time zones daily in order to take into account, among other things, any significant events occurring after the close of trading in a foreign market. The Funds receive adjusted fair value prices from a designated independent pricing vendor. In general, the vendor utilizes a multi-factor model to consider such information as the issue's closing price, relevant general and sector indices and currency fluctuations to generate an evaluated adjustment factor for each security and provide an evaluated fair value price. The Funds generally categorize such evaluated fair value prices as Level 2 in the fair value hierarchy.

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve

#### 66

------

NOTES TO FINANCIAL STATEMENTS

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.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

#### Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

The Funds, or their agent, file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

#### 67

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NOTES TO FINANCIAL STATEMENTS

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value.There were no material level 3 transfers during the period. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

The summary of inputs used to determine the fair value of the Funds' investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3**<br>**Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Emerging Markets Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $15308631 | $— | $15308631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 205169565 |  |  | 205169565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 139712084 |  | 139712084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 46680224 | 870252049 |  | 916932273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 232205740 |  | 232205740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 270444020 | 431993837 |  | 702437857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 75624435 |  | 75624435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 256701574 |  | 256701574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 144330499 |  |  | 144330499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 65018242 |  |  | 65018242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 65227053 |  | 65227053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 31201244 |  | 31201244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 190259017 |  | 190259017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 624604097 |  | 624604097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 42727719 |  | 42727719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 118062350 |  | 118062350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 20177208 |  |  | 20177208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 77056249 |  | 77056249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 26294451 |  |  | 26294451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $778114209 | $3170936079 | $— | $3949050288 |

---

#### 68

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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** |
|  **Emerging Markets ex-China Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $4982772 | $— | $— | $4982772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 2265700 |  | 2265700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 3238920 | 13389806 |  | 16628726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 2153899 |  | 2153899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 6561339 |  | 6561339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 3051066 |  |  | 3051066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 874952 |  |  | 874952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 1137764 |  | 1137764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 678151 |  | 678151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 3441653 |  | 3441653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 13104520 |  | 13104520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 449127 |  | 449127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 672931 |  | 672931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 1862030 |  | 1862030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 270756 |  |  | 270756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 672954 |  | 672954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 1280195 |  | 1280195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 1084860 |  |  | 1084860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $13503326 | $47670069 | $— | $61173395 |

---

#### 69

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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** |
|  **Emerging Markets Value Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $647198 | $— | $— | $647198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2621367 |  |  | 2621367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1009735 | 1129661 |  | 2139396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 463140 | 15127610 |  | 15590750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 494771 |  | 494771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 639785 |  | 639785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 279627 |  | 279627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 657883 |  | 657883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1940048 | 5879622 |  | 7819670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1336843 |  | 1336843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 3835547 |  | 3835547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1348956 |  |  | 1348956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 417856 |  | 417856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 772564 |  |  | 772564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 1077603 |  | 1077603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | —(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 291922 |  | 291922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 5003815 |  | 5003815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 7501939 |  | 7501939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 630722 |  | 630722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 699506 |  | 699506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 346570 |  | 346570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 980608 |  |  | 980608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 1173544 |  | 1173544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 999266 | 523672 |  | 1522938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 158616 |  |  | 158616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $10941498 | $47048498 | $— | $57989996 |

---

(a) Includes securities fair valued at zero.

#### 70

------

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** |
|  **Global Opportunities Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | $— | $19422684 | $— | $19422684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14564137 |  | 14564137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 11520015 |  | 11520015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 14097321 |  | 14097321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 14197820 |  |  | 14197820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 4778076 |  | 4778076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 16785870 |  | 16785870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 3542278 |  | 3542278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 19922838 |  | 19922838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 9395600 |  |  | 9395600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 55858069 |  | 55858069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 293565954 |  |  | 293565954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 4923377 |  |  | 4923377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $322082751 | $160491288 | $— | $482574039 |
|  | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Significant<br>Observable**<br>**Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Global Equity Leaders Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | $— | $215893 | $— | $215893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 173632 |  | 173632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 158581 |  | 158581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 194825 |  |  | 194825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 157580 |  |  | 157580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 160918 |  | 160918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 143517 |  | 143517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 242965 |  | 242965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 208249 |  | 208249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 87482 |  |  | 87482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 246186 |  | 246186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 3265887 |  |  | 3265887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 44263 |  |  | 44263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $3750037 | $1549941 | $— | $5299978 |

---

#### 71

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | **Total** |
|  **International Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1210588 | $— | $1210588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 236415 |  | 236415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1125952 |  | 1125952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 337807 |  | 337807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2402624 |  | 2402624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2108507 |  | 2108507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 289169 |  | 289169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 342943 | 657619 |  | 1000562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 367271 |  | 367271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 5909008 |  | 5909008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 1432461 |  | 1432461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 96962 |  | 96962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 518089 |  | 518089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 573500 |  | 573500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 655212 |  | 655212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 620956 |  | 620956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1022058 |  | 1022058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 518312 |  | 518312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 291028 | 3901412 |  | 4192440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 90358 |  |  | 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $724329 | $23983922 | $— | $24708251 |

---

#### 72

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | **Total** |
|  **International Small Cap Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $206948 | $— | $206948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 59835 |  | 59835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 160063 |  | 160063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 34506 |  |  | 34506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 130670 |  | 130670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 306613 |  | 306613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 254802 |  | 254802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 423985 |  | 423985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 172765 |  | 172765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 44714 |  | 44714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1464446 |  | 1464446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 129042 |  | 129042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 431836 |  | 431836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 154922 |  | 154922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 467514 |  | 467514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 71296 |  | 71296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 410997 |  | 410997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 75054 |  |  | 75054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 757654 |  | 757654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 77410 |  | 77410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 115796 |  | 115796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 140191 |  |  | 140191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $249751 | $5841308 | $— | $6091059 |
|  | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant<br>Unobservable**<br>**Inputs** | **Total** |
|  **China Equity Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | $723391 | $3942726 | $—(a) | $4666117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 38279 | 22907 |  | 61186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea |  | 71185 |  | 71185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 206824 |  | 206824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 9407 |  | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Linked Security |  | 55663 |  | 55663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $761670 | $4308712 | $— | $5070382 |

---

(a) Includes securities fair valued at zero.

#### Repurchase Agreements:
The Funds may enter into repurchase agreements with counterparties whom the Advisor has deemed creditworthy, including primary dealers that report to the Federal Reserve Bank of New York or other 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 Funds plus interest negotiated on the basis of current short-term rates.

#### 73

------

NOTES TO FINANCIAL STATEMENTS

Securities pledged by the dealers as collateral for repurchase agreements are held by a custodian bank until maturity of the repurchase agreement. The Funds have procedures to monitor additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the market value of the repurchase agreement in the event of a default.

There were no repurchase agreements held during the year ended March 31, 2025.

#### Affiliated Investments:
The Funds invest in another Fund of the Trust (an "Affiliated Fund"), RBC BlueBay U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Funds from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Funds in the Affiliated Fund. As the affiliated investment is a money market fund in which shares are issued and redeemed at $1.00 per share, the number of shares purchased and sold equal the dollar amount shown as purchased and sold, and no gain or loss was realized on the sale of shares of the money market fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**March 31, 2024** |<br>**Purchases** |<br>**Sales** | **Value**<br>**March 31, 2025** |<br>**Dividends** |
| Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1 |  |  |  |  |  |
|  Emerging Markets Equity Fund | $20914210 | $1142438277 | $(1137058036) | $26294451 | $1639729 |
|  Emerging Markets ex-China Equity Fund | 882533 | 17746704 | (17544377) | 1084860 | 55574 |
|  Emerging Markets Value Equity Fund | 4220 | 13969732 | (13815336) | 158616 | 16960 |
|  Global Opportunities Fund | 12420270 | 149054521 | (156551414) | 4923377 | 217795 |
|  Global Equity Leaders Fund | 79175 | 1305611 | (1340523) | 44263 | 3082 |
|  International Equity Fund | 512570 | 3765542 | (4187754) | 90358 | 15893 |
|  International Small Cap Equity Fund | 104826 | 1796310 | (1760945) | 140191 | 6418 |

---

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income is recorded on the ex- dividend date. In certain foreign markets where declaration of a dividend follows the ex-dividend date, the dividend will be recorded when the Fund is notified of the declaration date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Realized gains and losses from investment transactions and the net change in unrealized appreciation/(depreciation) relating to movements in foreign currency exchange rates are reported as

#### 74

------

NOTES TO FINANCIAL STATEMENTS

realized gains and losses on foreign currency transactions and net change in unrealized appreciation/(depreciation) on foreign currency, respectively, in the statements of operations. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.

#### Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon each Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees 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.

During the fiscal year ended March 31, 2025, the Emerging Markets ex-China Equity Fund, International Equity Fund and International Small Cap Equity Fund recorded immaterial adjustments to expense estimates that are included in the Other Fees line on the Statement of Operations.

#### 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.

#### Real Estate Investment Trusts:
The Funds may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Distributions received from a REIT in excess of its income are recorded as a return of capital and a reduction to the cost basis of the REIT.

#### Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends and capital gain distributions for each Fund are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent, they are reclassified within a Fund's capital accounts based on their federal tax basis treatment. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gain and losses, including foreign currency gains and losses, foreign taxes and passive foreign investment companies (PFICs).

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into investment advisory agreements with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreements require each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
| Emerging Market Equity Fund | 0.80% |

---

#### 75

------

NOTES TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  Emerging Markets ex-China Equity Fund | 0.80% |
|  Emerging Markets Value Equity Fund | 0.80% |
|  Global Opportunities Fund | 0.65% |
|  Global Equity Leaders Fund | 0.65% |
|  International Equity Fund | 0.69% |
|  International Small Cap Equity Fund | 0.89% |
|  China Equity Fund | 0.80% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of Class A, Class I and Class R6 shares of each Fund to the following levels:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** | **Class R6<br>Annual Rate** |
|  Emerging Markets Equity Fund | 1.13% | 0.88% | 0.88% |
|  Emerging Markets ex-China Equity Fund | 1.13% | 0.88% | 0.88% |
|  Emerging Markets Value Equity Fund | 1.20% | 0.95% | 0.88% |
|  Global Opportunities Fund | 1.00% | 0.75% | 0.70% |
|  Global Equity Leaders Fund | 1.00% | 0.75% | 0.70% |
|  International Equity Fund | 1.04% | 0.79% | 0.74% |
|  International Small Cap Equity Fund | 1.24% | 0.99% | 0.94% |
|  China Equity Fund | 1.30% | 1.05% | 1.00% |

---

This expense limitation agreement is in place until July 31, 2026 (September 30, 2026 for Emerging Markets Equity Fund) and may not be terminated by RBC GAM-US prior to that date. The agreement shall continue for additional one-year terms unless terminated or revised by the Board at any time or by RBC GAM-US at the expiration of any one-year period. The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 3 years, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

At March 31, 2025, the amounts subject to possible recoupment under the expense limitation agreement were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FYE 3/31/23** | **FYE 3/31/24** | **FYE 3/31/25** | **Total** |
|  Emerging Markets Equity Fund | $4061290 | $3578821 | $4167080 | $11807191 |
|  Emerging Markets ex-China Equity Fund | 119799 | 359650 | 289136 | 768585 |
|  Emerging Markets Value Equity Fund | 412064 | 250823 | 303212 | 966099 |
|  Global Opportunities Fund | 326481 | 276198 | 308647 | 911326 |
|  Global Equity Leaders Fund | 263924 | 222983 | 197721 | 684628 |
|  International Equity Fund | 115555 | 315777 | 182001 | 613333 |
|  International Small Cap Equity Fund | 121993 | 329322 | 198108 | 649423 |
|  China Equity Fund | 300454 | 238289 | 244949 | 783692 |

---

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 year ended March 31, 2025, the amount waived was $59,669, $2,016, $578, $7,785, $113, $565, $221 and $0 for the Emerging Markets Equity Fund, Emerging Markets ex- China Equity Fund, Emerging Markets Value Equity Fund, Global Opportunities Fund, Global Equity Leaders

#### 76

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NOTES TO FINANCIAL STATEMENTS

Fund, International Equity Fund, International Small Cap Equity Fund and China Equity Fund respectively, and is included in expenses waived/reimbursed by Advisor in the Statements of Operations.

The Funds are sub-advised by RBC GAM-UK, which is a wholly-owned subsidiary of Royal Bank of Canada, which is the parent company of the Advisor. The Sub-Advisor is paid by the Advisor out of the advisory fee paid by the Funds to the Advisor.

RBC GAM-US serves as co-administrator to the Funds. The Bank of New York Mellon Investment Servicing (US) Inc. ("BNY Mellon") serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon receives a fee for its services payable by each Fund based in part on each Fund's average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The Trust currently pays each of the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $100,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $6,500 for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or Special Board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statement of Operations in "Trustees' fees".

The table below shows, as of March 31, 2025, each Fund's net assets, the shares of each Fund held by the Advisor, and the percent of total net assets represented by the Advisor's investment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Assets**  | **Shares held <br>by Advisor** | **% of Fund<br> Net Assets** |
|  Emerging Markets ex-China Equity Fund | $60845896 | 1599083 | 30.6% |
|  Emerging Markets Value Equity Fund | $57651937 | 14461 | 0.2% |
|  Global Opportunities Fund | $482208854 | 695 | 0.0% |
|  Global Equity Leaders Fund | $5264786 | 511847 | 100.0% |
|  International Equity Fund | $24692752 | 2105239 | 99.9% |
|  International Small Cap Equity Fund | $6017863 | 510954 | 100.0% |
|  China Equity Fund | $5146808 | 521297 | 100.0% |

---

4. Fund Distribution:

Each of the Funds that offers Class A shares has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Funds' distributor. The Plan permits each Fund to make payments for, or to reimburse the Distributor for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I and Class R6. The following chart shows the current Plan fee rate for Class A.

---

| | |
|:---|:---|
|  | **Class A** |
|  12b-1 Plan Fee | 0.25%\* |

---

#### 77

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NOTES TO FINANCIAL STATEMENTS

\* 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 March 31, 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 March 31, 2025.

For the year ended March 31, 2025, the Distributor received commissions of $10,314 front-end sales charges of Class A shares of the Funds, of which $2,720 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 March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Emerging Markets Equity Fund | $1401290696 | $534914089 |
|  Emerging Markets ex-China Equity Fund | 21509859 | 9818835 |
|  Emerging Markets Value Equity Fund | 23417659 | 34385663 |
|  Global Opportunities Fund | 353865468 | 375464722 |
|  Global Equity Leaders Fund | 3727149 | 3643878 |
|  International Equity Fund | 9661392 | 8707220 |
|  International Small Cap Equity Fund | 2810833 | 2733997 |
|  China Equity Fund | 5908970 | 5831854 |

---

#### 78

------

NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("shares outstanding") without par value. Transactions in capital stock of the Funds are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets ex-China Equity Fund** | **Emerging Markets ex-China Equity Fund** |
|  | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $93285906 | $36053135 | $9416444 | $— |
|  Distributions reinvested | 197637 | 1412527 | 306169 | 10672 |
|  Cost of shares redeemed | (127566756) | (41601323) | (339685) |  |
|  Change in Class A | $(34083213) | $(4135661) | $9382928 | $10672 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $893814134 | $858535496 | $4038352 | $10189491 |
|  Distributions reinvested | 35461125 | 31249399 | 2169440 | 743424 |
|  Cost of shares redeemed | (559446202) | (253325459) | (1636819) | (468337) |
|  Change in Class I | $369829057 | $636459436 | $4570973 | $10464578 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $570774178 | $111147952 | $— | $— |
|  Distributions reinvested | 6522183 | 2792267 | 54636 | 24019 |
|  Cost of shares redeemed | (71672147) | (105132881) |  |  |
|  Change in Class R6 | $505624214 | $8807338 | $54636 | $24019 |
|  Change in net assets resulting from capital transactions | $841370058 | $641131113 | $14008537 | $10499269 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7154865 | 3023206 | 722066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 15203 | 118203 | 25642 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9596121) | (3501971) | (28243) |  |
|  Change in Class A | (2426053) | (360562) | 719465 | 940 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 65821339 | 70644896 | 322973 | 853713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 2688486 | 2574085 | 181848 | 65500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (41346516) | (20816066) | (137155) | (41334) |
|  Change in Class I | 27163309 | 52402915 | 367666 | 877879 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 41937018 | 9058395 |  |  |

---

#### 79

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets ex-China Equity Fund** | **Emerging Markets ex-China Equity Fund** |
|  | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 491869 | 228874 | 4587 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5242562) | (8574504) |  |  |
|  Change in Class R6 | 37186325 | 712765 | 4587 | 2116 |
|  Change in shares resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61923581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52755118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880935 |

---

#### 80

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NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Value Equity Fund** | **Emerging Markets Value Equity Fund** | **Global Opportunities Fund** | **Global Opportunities Fund** |
|  | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $— | $— | $17005 | $24897 |
|  Distributions reinvested | 709 | 539 | 192 | 237 |
|  Cost of shares redeemed |  |  | (92) | (6709) |
|  Change in Class A | $709 | $539 | $17105 | $18425 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $5446474 | $12750210 | $7243676 | $44040673 |
|  Distributions reinvested | 2666188 | 2454185 | 2146541 | 2280622 |
|  Cost of shares redeemed | (14441698) | (20505087) | (42494635) | (41690491) |
|  Change in Class I | $(6329036) | $(5300692) | $(33104418) | $4630804 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $40541 | $— | $19393632 | $14606095 |
|  Distributions reinvested | 7173 | 107997 | 886074 | 998852 |
|  Cost of shares redeemed | (2858903) |  | (16932169) | (59851574) |
|  Change in Class R6 | $(2811189) | $107997 | $3347537 | $(44246627) |
|  Change in net assets resulting from capital transactions | $(9139516) | $(5192156) | $(29739776) | $(39597398) |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  | 800 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 90 | 71 | 9 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (5) | (365) |
|  Change in Class A | 90 | 71 | 804 | 1126 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 651234 | 1633491 | 354887 | 2590988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 338779 | 324199 | 103448 | 130695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1725930) | (2618828) | (2058571) | (2406528) |
|  Change in Class I | (735917) | (661138) | (1600236) | 315155 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 5237 |  | 949339 | 850537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 980 | 14897 | 42559 | 57045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (342794) |  | (812379) | (3455962) |
|  Change in Class R6 | (336577) | 14897 | 179519 | (2548380) |
|  Change in shares resulting from capital transactions | (1072404) | (646170) | (1419913) | (2232099) |

---

#### 81

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NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | **Global Equity Leaders Fund** | **Global Equity Leaders Fund** |
|  | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Distributions reinvested | $4416 | $5846 |
|  Change in Class A | $4416 | $5846 |
|  **Class I** |  |  |
|  Distributions reinvested | $21121 | $23924 |
|  Change in Class I | $21121 | $23924 |
|  **Class R6** |  |  |
|  Distributions reinvested | $7568 | $8403 |
|  Change in Class R6 | $7568 | $8403 |
|  Change in net assets resulting from capital transactions | $33105 | $38173 |
|  **SHARE TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 417 | 676 |
|  Change in Class A | 417 | 676 |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1992 | 2765 |
|  Change in Class I | 1992 | 2765 |
|  **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 714 | 972 |
|  Change in Class R6 | 714 | 972 |
|  Change in shares resulting from capital transactions | 3123 | 4413 |

---

#### 82

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Fund** | **International Equity Fund** | **International Small Cap Equity Fund** | **International Small Cap Equity Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2024** | **For the**<br>**Year Ended<br>March 31,**<br>**2025** | **For the<br>Year Ended<br>March 31,**<br>**2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $1519 | $10992 | $— | $— |
|  Distributions reinvested | 35880 | 17201 | 7260 | 2481 |
|  Cost of shares redeemed | (103) |  |  |  |
|  Change in Class A | $37296 | $28193 | $7260 | $2481 |
|  **Class I** |  |  |  |  |
|  Distributions reinvested | $677579 | $347078 | $61257 | $26334 |
|  Change in Class I | $677579 | $347078 | $61257 | $26334 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $15000 | $— | $— | $— |
|  Distributions reinvested | 59032 | 30540 | 18102 | 8037 |
|  Change in Class R6 | $74032 | $30540 | $18102 | $8037 |
|  Change in net assets resulting from capital transactions | $788907 | $405811 | $86619 | $36852 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 125 | 919 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3156 | 1572 | 622 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8) |  |  |  |
|  Change in Class A | 3273 | 2491 | 622 | 238 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 59593 | 31697 | 5254 | 2520 |
|  Change in Class I | 59593 | 31697 | 5254 | 2520 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1272 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 5192 | 2789 | 1551 | 769 |
|  Change in Class R6 | 6464 | 2789 | 1551 | 769 |
|  Change in shares resulting from capital transactions | 69330 | 36977 | 7427 | 3527 |

---

#### 83

------

NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** |
|  | **For the<br>Year Ended<br>March 31,<br>2025** | **For the<br>Year Ended<br>March 31,<br>2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Distributions reinvested | $7595 | $3812 |
|  Change in Class A | $7595 | $3812 |
|  **Class I** |  |  |
|  Distributions reinvested | $61086 | $34635 |
|  Change in Class I | $61086 | $34635 |
|  **Class R6** |  |  |
|  Distributions reinvested | $17912 | $10352 |
|  Change in Class R6 | $17912 | $10352 |
|  Change in net assets resulting from capital transactions | $86593 | $48799 |
|  **SHARE TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 882 | 480 |
|  Change in Class A | 882 | 480 |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 7103 | 4368 |
|  Change in Class I | 7103 | 4368 |
|  **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 2083 | 1305 |
|  Change in Class R6 | 2083 | 1305 |
|  Change in shares resulting from capital transactions | 10068 | 6153 |

---

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

#### 84

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NOTES TO FINANCIAL STATEMENTS

As of March 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost Of<br>Investments** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Emerging Markets Equity Fund | $3799172546 | $411009842 | $(277076738) | $133933104 |
|  Emerging Markets ex-China Equity Fund | 57417941 | 6923350 | (3550369) | 3372981 |
|  Emerging Markets Value Equity Fund | 56099489 | 10361564 | (8735794) | 1625770 |
|  Global Opportunities Fund | 452302707 | 54397111 | (24475165) | 29921946 |
|  Global Equity Leaders Fund | 5020858 | 521050 | (241804) | 279246 |
|  International Equity Fund | 21961343 | 4337705 | (1590758) | 2746947 |
|  International Small Cap Equity Fund | 5304885 | 1167406 | (393646) | 773760 |
|  China Equity Fund | 4583859 | 846193 | (359825) | 486368 |

---

#### 85

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NOTES TO FINANCIAL STATEMENTS

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable to the tax deferral of losses on wash sales and passive foreign investment company mark-to-market adjustment.

The tax character of distributions during the year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  | **Ordinary<br>Income** | **Net Long Term<br>Capital Gains** | **Total Taxable<br>Distributions** | **Total<br>Distributions<br>Paid** |
|  Emerging Markets Equity Fund | $31670117 | $19905193 | $51575310 | $51575310 |
|  Emerging Markets ex-China Equity Fund | 496769 | 2125038 | 2621807 | 2621807 |
|  Emerging Markets Value Equity Fund | 2674692 |  | 2674692 | 2674692 |
|  Global Opportunities Fund | 3297643 |  | 3297643 | 3297643 |
|  Global Equity Leaders Fund | 33105 |  | 33105 | 33105 |
|  International Equity Fund | 364909 | 407582 | 772491 | 772491 |
|  International Small Cap Equity Fund | 55748 | 30871 | 86619 | 86619 |
|  China Equity Fund | 86593 |  | 86593 | 86593 |

---

The tax character of distributions during the year ended March 31, 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** |
|  Emerging Markets Equity Fund | $41320215 | $41320215 | $41320215 |
|  Emerging Markets ex-China Equity Fund | 805115 | 805115 | 805115 |
|  Emerging Markets Value Equity Fund | 2563151 | 2563151 | 2563151 |
|  Global Opportunities Fund | 3611963 | 3611963 | 3611963 |
|  Global Equity Leaders Fund | 38172 | 38172 | 38172 |
|  International Equity Fund | 394819 | 394819 | 394819 |
|  International Small Cap Equity Fund | 36852 | 36852 | 36852 |
|  China Equity Fund | 48799 | 48799 | 48799 |

---

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

#### 86

------

NOTES TO FINANCIAL STATEMENTS

As of March 31, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging**<br>**Markets**<br>**Equity**<br>**Fund** | **Emerging<br>Markets<br>ex-China<br>Equity Fund** | **Emerging<br>Markets Value<br>Equity Fund** | **Global<br>Opportunities<br>Fund** | **Global Equity<br>Leaders Fund** |
|  Undistributed ordinary income | $6414346 | $44441 | $23532 | $— | $1169 |
|  Undistributed long term gain | 16303957 | 515152 |  |  |  |
|  Accumulated earnings | 22718303 | 559593 | 23532 |  | 1169 |
|  Accumulated capital loss carryforwards |  |  | (9258785) | (24061627) | (112082) |
|  Unrealized appreciation | 133933104 | 3372981 | 1625770 | 29921946 | 279246 |
|  Other temporary differences | (3) |  |  |  |  |
|  Total Accumulated Earnings/(Losses) | $156651404 | $3932574 | $(7609483) | $5860319 | $168333 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **International<br>Equity Fund** | <br> **International<br>Small Cap<br>Equity Fund** | **China**<br>**Equity Fund** |
|  Undistributed ordinary income | $74374 | $16841 | $68292 |
|  Undistributed long term gain | 683227 | 106138 |  |
|  Accumulated earnings | 757601 | 122979 | 68292 |
|  Accumulated capital loss carryforwards |  |  | (576175) |
|  Unrealized appreciation | 2746947 | 773760 | 486368 |
|  Other temporary differences |  |  |  |
|  Total Accumulated Earnings/(Losses) | $3504548 | $896739 | $(21515) |

---

During the year ended March 31, 2025 the Emerging Markets Equity Fund, Emerging Market Value Equity Fund, Global Opportunities Fund, Global Equity Leaders Fund, International Equity Fund, International Small Cap Equity Fund and China Equity Fund utilized $14,263,782, $44,193, $44,747,795, $754,950, $34,262, $143,963 and $191,115 respectively, of capital loss carryforwards.

As of March 31, 2025, the Emerging Markets Value Equity Fund, Global Opportunities Fund, Global Equity Leaders Fund and China Equity Fund had a short-term capital loss carryforward of $2,070,889, $20,077,761, $112,082 and $355,617 and a long-term capital loss carryforward of $7,187,896, $3,983,866, $0 and 220,558 respectively available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. Emerging Markets Value Equity Fund's amount includes losses in connection with an ownership change, therefore utilization of capital loss carryover is subject to annual limitations. These capital loss carryforwards are not subject to expiration.

#### 87

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NOTES TO FINANCIAL STATEMENTS

Under current tax law, capital losses realized after October 31 and ordinary losses after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Global Opportunities Fund Fund had the qualified late-year losses $51,011 for the year ended March 31, 2025.

8. Market Timing:

The Trust strongly discourages attempts at market timing by Fund shareholders. Prior to June 11, 2021, each Fund charged a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase. In addition, the Trust may limit the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee was deducted from the redemption proceeds and retained by the Fund, not by the Advisor. This redemption fee was not charged in cases where, for example, the redemption resulted from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. The Trust also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Funds' prospectus contains a full description of the Trust's policies on market timing and/or excessive trading. The redemption fee is recorded as a credit to capital and is included in the capital transactions on the Statements of Changes in Net Assets.

9. Line of Credit

Emerging Markets Equity Fund, Emerging Markets Value Equity Fund, Emerging Markets ex-China Equity Fund and Global Opportunities Fund ("Participating Funds") are participants in a single uncommitted, unsecured $60,000,000 line of credit with The Bank of New York Mellon, the Funds' custodian, to be used to fund shareholder redemptions requests and for other short-term temporary or emergency general business purposes. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since each Participating Fund participates in the line of credit, there is no assurance that an individual fund will have access to all or any part of the $60,000,000 at any particular time. At March 31, 2025, Emerging Markets Value Equity Fund had borrowings of $350,000 outstanding. During the year ended March 31, 2025, the Funds borrowed under the line of credit as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average**<br>**Loan**<br>**Balance** | **Interest<br>Expense** | **Weighted<br>Average<br>Interest<br>Rate** |
|  Emerging Markets Equity Fund | $2846154 | $12558 | 6.03% |
|  Emerging Markets Value Equity Fund | $97949 | $12286 | 6.00% |
|  Global Opportunities Fund | $375000 | $472 | 5.86% |

---

10. Significant Risks

#### Shareholder concentration risk:
As of March 31, 2025, the following Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
|  Emerging Markets Equity Fund | 1 | 12.1% |
|  Emerging Markets ex-China Equity Fund | 2 | 65.8% |
|  Emerging Markets Value Equity Fund | 1 | 27.7% |
|  Global Opportunities Fund | 1 | 18.7% |

---

In addition, two unaffiliated shareholders owned in aggregate 38.1% of Global Opportunities Fund and two unaffiliated shareholders owned in aggregate 66.5% of Emerging Markets Value Equity Fund as of March 31, 2025. Significant transactions by these shareholders may impact the Funds' performance.

#### 88

------

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.

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 March 31, 2025, none of the Funds' investments were in violation of such sanctions.

Additionally, Russia recently took actions that impact the custody of securities of Russian issuers and may be detrimental to the Funds' ability to locate and recover such securities. Russia may continue to take similar actions in the future.

#### Industry and sector focus risk
At times the Funds may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its shares' values may fluctuate in response to events affecting that industry or sector.

#### Emerging Markets Risk
The securities markets of most emerging market countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in emerging market countries. These risks are not normally associated with investments in more developed countries.

#### Foreign Risk
Foreign securities may be subject to risk of loss because of less foreign government regulation, less public information and less economic, political, environmental and social stability in these countries. Loss may also result from the imposition of exchange controls, confiscation of assets and property and other government restrictions, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to

#### 89

------

NOTES TO FINANCIAL STATEMENTS

foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Additionally, foreign securities and dividends and interest payable on those securities may be subject to foreign taxes, including taxes withheld from payments on those securities.

#### Currency Risk
Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. Dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. Dollars.

Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

The Funds may be exposed to currency exchange risk where the assets and income are denominated in foreign currencies. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and relative merits of investment in different countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates can also be affected unpredictably by intervention (or failure to intervene) by governments or central banks, or by currency controls or political developments. Such events may prevent or restrict a Fund's ability to enter into foreign currency transactions, force a Fund to exit a foreign currency transaction at a disadvantageous time or price, or result in penalties for the Fund, any of which may result in a loss to the Fund.

#### China Risk
Investing in securities economically tied to China may subject a Fund to a higher degree of risk of loss than investing in other countries or groups of countries because of the risks associated with, among other things, adverse securities markets, negative foreign currency rate fluctuations and social, political, regulatory, economic or environmental instabilities and natural disasters. The economy, industries, and securities and currency markets of China are particularly vulnerable to the region's dependence on exports and international trade and increasing competition from Asia's other low cost emerging economies. Political, diplomatic, or regional conflicts, including the imposition of tariffs or other trade barriers by the U.S. or foreign governments on exports from China, may also have an adverse impact on Chinese issuers. In addition, currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and securities markets of Greater China. The government of the People's Republic of China ("PRC") exercises significant regulatory control over the economy in Mainland China, and may at any time alter or discontinue economic reforms. Chinese regulators may also suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions. Taiwan and Hong Kong do not exercise the same level of control over their economies as does the PRC with respect to Mainland China, but changes to their political and economic relationships with the PRC could adversely impact a Fund's investments in Taiwan and Hong Kong.

11. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 90

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of RBC Funds Trust and Shareholders of RBC Emerging Markets Equity Fund, RBC Emerging Markets ex-China Equity Fund, RBC Emerging Markets Value Equity Fund, RBC Global Opportunities Fund, RBC Global Equity Leaders Fund, RBC International Equity Fund, RBC International Small Cap Equity Fund, and RBC China Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of RBC Emerging Markets Equity Fund, RBC Emerging Markets ex-China Equity Fund, RBC Emerging Markets Value Equity Fund, RBC Global Opportunities Fund, RBC Global Equity Leaders Fund, RBC International Equity Fund, RBC International Small Cap Equity Fund, and RBC China Equity Fund (eight of the funds constituting RBC Funds Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 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 March 31, 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 March 31, 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 March 31, 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

May 23, 2025

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

#### 91

------

OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the year ended March 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% 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 20%. Complete information will be reported in conjunction with your 2020 Form 1099-DIV.

For the year ended March 31, 2025, the following Funds had a qualified dividend income percentage of:

---

| | |
|:---|:---|
|  | **Qualified<br>Dividend<br>Income** |
|  Emerging Markets Equity Fund | 100.00% |
|  Emerging Markets ex-China Equity Fund | 96.89% |
|  Emerging Markets Value Equity Fund | 65.32% |
|  Global Opportunities Fund | 100.00% |
|  Global Equity Leaders Fund | 100.00% |
|  International Equity Fund | 99.00% |
|  International Small Cap Equity Fund | 100.00% |
|  China Equity Fund | 55.24% |

---

For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended March 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
|  | **Dividends<br>Received<br>Deduction** |
|  Emerging Markets Equity Fund | 3.14% |
|  Emerging Markets Value Equity Fund | 0.81% |
|  Global Opportunities Fund | 96.09% |
|  Global Equity Leaders Fund | 98.45% |

---

For the year ended March 31, 2025, the following Funds had a qualified interest income percentage of:

---

| | |
|:---|:---|
|  | **Qualified<br>Interest<br>Income** |
|  Emerging Markets Equity Fund | 2.02% |
|  Emerging Markets ex-China Equity Fund | 4.15% |
|  Emerging Markets Value Equity Fund | 0.63% |
|  Global Opportunities Fund | 3.26% |
|  Global Equity Leaders Fund | 4.61% |
|  International Equity Fund | 2.48% |
|  International Small Cap Equity Fund | 4.25% |
|  China Equity Fund | 0.52% |

---

For the year ended March 31, 2025, the following Funds had a qualified short term gains percentage of :

#### 92

------

OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the year ended March 31, 2025, the following Funds had a qualified foreign source income percentage of:

---

| | |
|:---|:---|
|  | **Qualified Foreign Source Income %** |
|  Emerging Markets Equity Fund | 93.96% |
|  Emerging Markets ex-China Equity Fund | 95.88% |
|  Emerging Markets Value Equity Fund | 60.00% |
|  International Equity Fund | 97.65% |
|  International Small Cap Equity Fund | 92.49% |
|  China Equity Fund | 54.61% |

---

The Funds have elected to pass through to their shareholders the foreign taxes paid for the year ended March 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes Paid** | **Foreign Source Income** |
|  Emerging Markets Equity Fund | $11298334 | $78984702 |
|  Emerging Markets ex-China Equity Fund | 169493 | 1288931 |
|  Emerging Markets Value Equity Fund | 378859 | 1917816 |
|  International Equity Fund | 62932 | 660270 |
|  International Small Cap Equity Fund | 23297 | 135939 |
|  China Equity Fund | 7323 | 103805 |

---

Pursuant to Internal Revenue Code Section 852(b)(3), Emerging Markets Equity Fund, Emerging Markets ex-China Equity Fund, International Equity Fund and International Small Cap Equity Fund reported $36,209,150, $2,125,038, $1,090,809 and $137,009 respectively as long-term capital gain distributions for the year ended March 31, 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 Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

#### 93

------

RBC Funds

P.O. Box 701

Milwaukee, WI 53201-0701

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 March 31, 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](g938161dsp104.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-EM AR 03-25

------

![LOGO](g938161g67r02.jpg)

Financial Statements and Other Important Information

For the year ended March 31, 2025

RBC BlueBay Short Duration Fixed Income Fund

RBC BlueBay Ultra-Short Fixed Income Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds | RBC Funds |
|  **Table of** | [Schedules of Portfolio Investments](#fin2938161_1) | 1 |
|  **Contents** | [Financial Statements](#fin2938161_2) |  |
|  | [- Statements of Assets and Liabilities](#fin2938161_3) | 16 |
|  | [- Statements of Operations](#fin2938161_4) | 18 |
|  | [- Statements of Changes in Net Assets](#fin2938161_5) | 19 |
|  | [Financial Highlights](#fin2938161_6) | 21 |
|  | [Notes to Financial Statements](#fin2938161_7) | 25 |
|  | [Report of Independent Registered Public Accounting Firm](#fin2938161_8) | 38 |
|  | [Other Federal Income Tax Information (Unaudited)](#fin2938161_9) | 39 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| **Corporate Bonds — 49.3%** | **Corporate Bonds — 49.3%** |  |
| **Basic Materials — 1.8%** | **Basic Materials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | FMC Corp., 5.15%, 5/18/26 | $501391 |
| 100000 | International Flavors & Fragrances, Inc., 1.23%, 10/1/25(a) | 98144 |
| 100000 | Nutrien Ltd., 5.95%, 11/7/25 | 100735 |
| 535000 | Solvay Finance America LLC, 5.65%, 6/4/29(a) | 548820 |
|  |  | 1249090 |
| **Communications — 0.8%** | **Communications — 0.8%** |  |
| 540000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.10%, 6/1/29 | 557830 |
| **Consumer, Cyclical — 5.1%** | **Consumer, Cyclical — 5.1%** |  |
| 600000 | American Honda Finance Corp., (SOFR RATE + 0.720%), GMTN, 5.08%, 10/22/27(b) | 600080 |
| 515000 | Aptiv Swiss Holdings Ltd., 4.65%, 9/13/29 | 507444 |
| 500000 | Daimler Truck Finance North America LLC, 5.15%, 1/16/26(a) | 500442 |
| 265000 | General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 5.40%, 2/26/27(b) | 265081 |
| 400000 | Hyundai Capital America, 5.30%, 3/19/27(a) | 403893 |
| 250000 | Volkswagen Group of America Finance LLC, 3.95%, 6/6/25(a) | 249421 |
| 605000 | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26(a) | 605888 |
| 500000 | Volkswagen Group of America Finance LLC, 6.00%, 11/16/26(a) | 508745 |
|  |  | 3640994 |
| **Consumer, Non-cyclical — 4.6%** | **Consumer, Non-cyclical — 4.6%** |  |
| 375000 | Amgen, Inc., 5.15%, 3/2/28 | 381718 |
| 475000 | CVS Health Corp., 5.00%, 2/20/26 | 476027 |
| 200000 | Elevance Health, Inc., 4.90%, 2/8/26 | 199898 |
| 550000 | GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | 552132 |
| 525000 | HCA, Inc., 5.20%, 6/1/28 | 531213 |
| 250000 | Health Care Service Corp. A Mutual Legal Reserve Co., 1.50%, 6/1/25(a) | 248465 |
| 480000 | Royalty Pharma Plc, 5.15%, 9/2/29 | 483411 |
| 415000 | Solventum Corp., 5.45%, 2/25/27(a) | 420521 |
|  |  | 3293385 |
| **Energy — 2.8%** | **Energy — 2.8%** |  |
| 100000 | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/26 | 96312 |
| 450000 | Columbia Pipelines Holding Co. LLC, 6.06%, 8/15/26(a) | 456460 |
| 540000 | Energy Transfer LP, 5.25%, 7/1/29 | 547819 |
| 500000 | Enterprise Products Operating LLC, 5.05%, 1/10/26 | 502014 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125000 | Kinder Morgan, Inc., 1.75%, 11/15/26 | $119586 |
| 250000 | Kinder Morgan, Inc., 4.30%, 6/1/25 | 249731 |
|  |  | 1971922 |
| **Financial — 25.8%** | **Financial — 25.8%** |  |
| 255000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.63%, 9/10/29 | 252323 |
| 1000000 | American Express Co., 6.34%, 10/30/26(c) | 1009654 |
| 250000 | Athene Global Funding, 1.61%, 6/29/26(a) | 241059 |
| 125000 | Athene Global Funding, 1.73%, 10/2/26(a) | 119759 |
| 750000 | Bank of America Corp., 5.08%, 1/20/27(c) | 752578 |
| 175000 | Bank of Montreal, 5.00%, 1/27/29(c) | 176769 |
| 510000 | Barclays Plc, 5.30%, 8/9/26(c) | 510775 |
| 390000 | Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.41%, 3/3/27(b) | 393568 |
| 350000 | Citigroup, Inc., (SOFR RATE + 0.770%), 5.13%, 6/9/27(b) | 350515 |
| 620000 | Citizens Financial Group, Inc., 5.84%, 1/23/30(c) | 636523 |
| 170000 | Comerica, Inc., 5.98%, 1/30/30(c) | 172744 |
| 540000 | Credit Agricole SA, 1.25%, 1/26/27(a),(c) | 525188 |
| 500000 | Credit Agricole SA, 5.34%, 1/10/30(a),(c) | 507052 |
| 275000 | Crown Castle, Inc., REIT, 1.35%, 7/15/25 | 272272 |
| 475000 | Deutsche Bank AG, 4.16%, 5/13/25 | 474645 |
| 570000 | Deutsche Bank AG, 5.71%, 2/8/28(c) | 578514 |
| 200000 | DNB Bank ASA, 1.54%, 5/25/27(a),(c) | 193268 |
| 300000 | GA Global Funding Trust, 2.25%, 1/6/27(a) | 287534 |
| 450000 | Goldman Sachs Group, Inc. (The), 5.80%, 8/10/26(c) | 451818 |
| 750000 | HSBC Holdings Plc, 4.29%, 9/12/26(c) | 748244 |
| 750000 | JPMorgan Chase & Co., 4.08%, 4/26/26(c) | 749414 |
| 175000 | JPMorgan Chase & Co., 5.04%, 1/23/28(c) | 176494 |
| 1000000 | JPMorgan Chase & Co., 6.07%, 10/22/27(c) | 1023538 |
| 425000 | KeyBank NA, 4.15%, 8/8/25 | 423653 |
| 510000 | Lloyds Banking Group Plc, 4.72%, 8/11/26(c) | 509678 |
| 240000 | Lloyds Banking Group Plc, 5.09%, 11/26/28(c) | 242145 |
| 200000 | Macquarie Airfinance Holdings Ltd., 6.40%, 3/26/29(a) | 206918 |
| 425000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 424815 |
| 760000 | Met Tower Global Funding, 4.00%, 10/1/27(a) | 751672 |
| 765000 | Morgan Stanley, 5.05%, 1/28/27(c) | 767628 |
| 700000 | New York Life Global Funding, 3.90%, 10/1/27(a) | 693054 |
| 350000 | Nomura Holdings, Inc., 5.10%, 7/3/25 | 350220 |
| 1000000 | PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27(c) | 1030398 |
| 500000 | Truist Financial Corp., MTN, 7.16%, 10/30/29(c) | 538183 |
| 600000 | UBS Group AG, 4.49%, 5/12/26(a),(c) | 599693 |
| 110000 | VICI Properties LP, REIT, 4.38%, 5/15/25 | 110000 |
| 420000 | Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) | 411454 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$360000 | Wells Fargo & Co., GMTN, 3.91%, 4/25/26(c) | $359754 |
| 385000 | Wells Fargo & Co., Series W, GMTN, 4.90%, 1/24/28(c) | 387211 |
|  |  | 18410724 |
| **Industrial — 0.4%** | **Industrial — 0.4%** |  |
| 300000 | CNH Industrial Capital LLC, 1.45%, 7/15/26 | 288611 |
| **Technology — 5.0%** | **Technology — 5.0%** |  |
| 750000 | Broadcom, Inc., 3.46%, 9/15/26 | 739665 |
| 500000 | Broadcom, Inc., 4.80%, 4/15/28 | 503669 |
| 525000 | Micron Technology, Inc., 5.38%, 4/15/28 | 534014 |
| 100000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.70%, 5/1/25 | 99771 |
| 500000 | Oracle Corp., 3.25%, 11/15/27 | 484659 |
| 295000 | Oracle Corp., 5.80%, 11/10/25 | 297044 |
| 450000 | Synopsys, Inc., 4.65%, 4/1/28 | 452774 |
| 200000 | TSMC Arizona Corp., 1.75%, 10/25/26 | 192040 |
| 225000 | Western Digital Corp., 4.75%, 2/15/26 | 223656 |
|  |  | 3527292 |
| **Utilities — 3.0%** | **Utilities — 3.0%** |  |
| 275000 | Ameren Corp., 1.95%, 3/15/27 | 262107 |
| 250000 | CenterPoint Energy, Inc., (TBA), 1.45%, 6/1/26 | 241203 |
| 250000 | Fells Point Funding Trust, 3.05%, 1/31/27(a) | 242242 |
| 500000 | NextEra Energy Capital Holdings, Inc., 4.85%, 2/4/28 | 505921 |
| 260000 | NextEra Energy Capital Holdings, Inc., 5.75%, 9/1/25 | 260987 |
| 300000 | System Energy Resources, Inc., 6.00%, 4/15/28 | 310587 |
| 310000 | Vistra Operations Co. LLC, 5.13%, 5/13/25(a) | 309602 |
|  |  | 2132649 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **35072497** |
| (Cost $34,893,251) | (Cost $34,893,251) |  |
| **Asset Backed Securities — 34.6%** | **Asset Backed Securities — 34.6%** |  |
| 207076 | ACHV ABS Trust, Series 2024-3AL, Class B, 5.45%, 12/26/31(a) | 207607 |
| 450000 | ACHV ABS Trust, Series 2024-3AL, Class C, 5.68%, 12/26/31(a) | 450751 |
| 22603 | ACM Auto Trust, Series 2023-2A, Class A, 7.97%, 6/20/30(a) | 22650 |
| 390000 | ACM Auto Trust, Series 2023-2A, Class B, 9.85%, 6/20/30(a) | 399028 |
| 295763 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(a) | 296618 |
| 100000 | ACM Auto Trust, Series 2025-1A, Class B, 7.87%, 11/20/31(a) | 101431 |
| 175000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(a) | 175549 |
| 500000 | Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28(a) | 495188 |
| 100000 | Carmax Auto Owner Trust, Series 2021-4, Class C, 1.38%, 7/15/27 | 97514 |
| 380000 | Carmax Auto Owner Trust, Series 2022-4, Class C, 6.49%, 7/17/28 | 390499 |

---

#### 3

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$365000 | Carmax Auto Owner Trust, Series 2022-4, Class D, 8.08%, 4/16/29 | $381966 |
| 525000 | Carmax Auto Owner Trust, Series 2024-3, Class C, 5.28%, 3/15/30 | 529499 |
| 68186 | CarMax Auto Owner Trust, Series 2022-1, Class A3, 1.47%, 12/15/26 | 67519 |
| 98277 | Carvana Auto Receivables Trust, Series 2021-N3, Class D, 1.58%, 6/12/28 | 94542 |
| 97835 | Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28 | 93849 |
| 620000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(a) | 595559 |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 7.31%, 4/20/31(a),(b) | 499050 |
| 500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(a) | 506654 |
| 700000 | Dell Equipment Finance Trust, Series 2024-1, Class C, 5.73%, 3/22/30(a) | 709791 |
| 750000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(a) | 763583 |
| 225000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(a) | 226018 |
| 142740 | Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45%, 1/16/29 | 142145 |
| 327239 | Drive Auto Receivables Trust, Series 2021-2, Class D, 1.39%, 3/15/29 | 323030 |
| 410000 | Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.32%, 5/15/28 | 412284 |
| 750000 | Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/29 | 759998 |
| 550000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 | 557598 |
| 475000 | Exeter Automobile Receivables Trust, Series 2023-5A, Class C, 6.85%, 1/16/29 | 485766 |
| 525000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class C, 5.48%, 8/15/30 | 530643 |
| 845000 | Ford Credit Auto Owner Trust, Series 2021-2, Class D, 2.60%, 5/15/34(a) | 809581 |
| 710000 | Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class B, 1.32%, 9/15/27 | 698063 |
| 640000 | Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class C, 1.87%, 9/15/27 | 630789 |
| 600000 | GM Financial Automobile Leasing Trust, Series 2023-1, Class B, 5.51%, 1/20/27 | 601038 |
| 522000 | GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27 | 519626 |
| 1000000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | 1006831 |
| 700000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class B, 5.56%, 8/15/28(a) | 709691 |

---

#### 4

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$575000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.43%, 12/15/28(a) | $587634 |
| 238602 | Marlette Funding Trust, Series 2023-3A, Class B, 6.71%, 9/15/33(a) | 239404 |
| 600000 | Marlette Funding Trust, Series 2024-1A, Class B, 6.07%, 7/17/34(a) | 605734 |
| 1000000 | NextGear Floorplan Master Owner Trust, Series 2025-1A, Class B, 4.89%, 2/15/30(a) | 1002721 |
| 549975 | Pagaya AI Debt Grantor Trust, Series 2024-8, Class D, 6.53%, 1/15/32(a) | 554119 |
| 570000 | Retained Vantage Data Centers Issuer LLC, Series 2024-1A, Class B, 5.78%, 9/15/49(a) | 560408 |
| 279730 | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, 7/15/27 | 277566 |
| 192640 | Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33%, 9/15/27 | 190681 |
| 475000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, 12/15/31 | 485458 |
| 505000 | Santander Drive Auto Receivables Trust, Series 2023-5, Class B, 6.16%, 12/17/29 | 515417 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 7.30%, 7/15/31(a),(b) | 497550 |
| 360000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 360233 |
| 550000 | Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 7/20/27(a) | 552873 |
| 475000 | Tesla Auto Lease Trust, Series 2023-B, Class B, 6.57%, 8/20/27(a) | 479654 |
| 610000 | Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28(a) | 629009 |
| 114045 | Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27(a) | 114594 |
| 500000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29(a) | 506485 |
| 450000 | Upstart Securitization Trust, Series 2023-2, Class B, 7.92%, 6/20/33(a) | 457146 |
| 511964 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(a) | 511984 |
| 215000 | Verizon Master Trust, Series 2023-1, Class C, 4.98%, 1/22/29 | 215138 |
| **Total Asset Backed Securities** | **Total Asset Backed Securities** | **24635756** |
| (Cost $24,502,694) | (Cost $24,502,694) |  |
| **U.S. Treasury Obligations — 8.4%** | **U.S. Treasury Obligations — 8.4%** |  |
| **U.S. Treasury Bills — 8.4%** | **U.S. Treasury Bills — 8.4%** |  |
| 1500000 | U.S. Treasury Bill- When Issued, 4.23%, 6/20/25(d) | 1486007 |
| 1500000 | U.S. Treasury Bill- When Issued, 4.24%, 5/1/25(d) | 1494713 |

---

#### 5

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1500000 | U.S. Treasury Bill- When Issued, 4.25%, 5/27/25(d) | $1490124 |
| 1500000 | U.S. Treasury Bill- When Issued, 4.28%, 4/22/25(d) | 1496284 |
|  |  | 5967128 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **5967128** |
| (Cost $5,967,244) | (Cost $5,967,244) |  |
| **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** |  |
| 112060 | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M1, (SOFR30A + 2.000%), 6.34%, 3/25/42(a),(b) | 113123 |
| 300000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 6.14%, 2/25/44(a),(b) | 299742 |
| 316000 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 6.04%, 7/25/44(a),(b) | 314933 |
| 385069 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | 391504 |
| 106786 | Freddie Mac STACR REMIC Trust, Series 2022-DNA3, Class M1A, (SOFR30A + 2.000%), 6.34%, 4/25/42(a),(b) | 107628 |
| 81650 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 6.44%, 3/25/43(a),(b) | 82672 |
| 185000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.79%, 10/25/44(a),(b) | 184951 |
| 496358 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 5.49%, 8/25/55(a),(e) | 496920 |
| 297042 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 299103 |
| 396554 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | 398655 |
| 305337 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 305776 |
| 489364 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 495147 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **3490154** |
| (Cost $3,488,880) | (Cost $3,488,880) |  |
| **U.S. Government Agency Backed Mortgages — 0.3%** | **U.S. Government Agency Backed Mortgages — 0.3%** |  |
| **Fannie Mae — 0.3%** | **Fannie Mae — 0.3%** |  |
| 226512 | Pool #CB7160, 6.50%, 9/1/53 | 233827 |
| 1098 | Series 2001-70, Class OF, (SOFR30A + 1.064%), 5.40%, 10/25/31(b) | 1104 |
| 886 | Series 2009-87, Class FX, (SOFR30A + 0.864%), 5.20%, 11/25/39(b) | 886 |
|  |  | 235817 |
| **Freddie Mac — 0.0%** | **Freddie Mac — 0.0%** |  |
| 852 | Series 2448, Class FT, (SOFR30A + 1.114%), 5.46%, 3/15/32(b) | 858 |

---

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount** |  | **Value** |
| $916 | Series 2488, Class FQ, (SOFR30A + 1.114%), 5.46%, 3/15/32(b) | $923 |
| 58 | Series 3770, Class FP, (SOFR30A + 0.614%), 4.96%, 11/15/40(b) | 58 |
|  |  | 1839 |
|  **Total U.S. Government Agency Backed Mortgages** | **Total U.S. Government Agency Backed Mortgages** | **237656** |
|  (Cost $234,988) | (Cost $234,988) |  |
| **Shares** |  |  |
|  **Investment Company — 1.7%** | **Investment Company — 1.7%** |  |
| 1223559 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(f) | 1223559 |
|  **Total Investment Company** | **Total Investment Company** | **1223559** |
|  (Cost $1,223,559) | (Cost $1,223,559) |  |
|  **Total Investments** | **Total Investments** | $**70626750** |
|  (Cost $70,310,616)(g) — 99.2% | (Cost $70,310,616)(g) — 99.2% |  |
|  **Other assets in excess of liabilities — 0.8%** | **Other assets in excess of liabilities — 0.8%** | **602591** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**71229341** |

---

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

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

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

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

(e) 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.

(f) Affiliated investment.

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

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Short Duration Fixed Income Fund (cont.)

#### March 31, 2025

#### Financial futures contracts as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | **Number of<br>Contracts** | **Expiration** <br>**Date** | **Value/Unrealized**<br>**Appreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  2 Year U.S. Treasury Note | 120 | June 2025 | $139337 | USD | $24860625 | Barclays Capital Group |
|  **Total** |  |  | $139337 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration <br>Date** | **Value/Unrealized<br>Depreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  5 Year U.S. Treasury Note | 17 | June 2025 | $(24088) | USD | $1838656 | Barclays Capital Group |
|  **Total** |  |  | $(24088) |  |  |  |

---

Abbreviations used are defined below:

GMTN - Global Medium Term Note

MTN - Medium Term Note

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

TBA - To-be-announced

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| **Corporate Bonds — 39.9%** | **Corporate Bonds — 39.9%** |  |
| **Basic Materials — 0.7%** | **Basic Materials — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$650000 | FMC Corp., 5.15%, 5/18/26 | $651808 |
| **Communications — 1.1%** | **Communications — 1.1%** |  |
| 1000000 | T-Mobile USA, Inc., 2.25%, 2/15/26 | 979833 |
| **Consumer, Cyclical — 3.7%** | **Consumer, Cyclical — 3.7%** |  |
| 400000 | American Honda Finance Corp., (SOFR RATE + 0.720%), GMTN, 5.08%, 10/22/27(a) | 400054 |
| 290000 | BMW US Capital LLC, 4.65%, 8/13/26(b) | 290598 |
| 150000 | Daimler Truck Finance North America LLC, 5.13%, 9/25/27(b) | 151593 |
| 865000 | General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 5.40%, 2/26/27(a) | 865266 |
| 300000 | Hyundai Capital America, 5.30%, 3/19/27(b) | 302919 |
| 500000 | Toyota Motor Credit Corp., GMTN, 4.55%, 8/7/26 | 501519 |
| 450000 | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26(b) | 450660 |
| 425000 | Volkswagen Group of America Finance LLC, 5.40%, 3/20/26(b) | 427992 |
|  |  | 3390601 |
| **Consumer, Non-cyclical — 3.1%** | **Consumer, Non-cyclical — 3.1%** |  |
| 485000 | HCA, Inc., 5.00%, 3/1/28 | 488920 |
| 500000 | HCA, Inc., 5.38%, 9/1/26 | 502705 |
| 750000 | Kroger Co. (The), 2.65%, 10/15/26 | 729121 |
| 860000 | Mars, Inc., 4.45%, 3/1/27(b) | 861853 |
| 320000 | Solventum Corp., 5.45%, 2/25/27(b) | 324257 |
|  |  | 2906856 |
| **Financial — 25.8%** | **Financial — 25.8%** |  |
| 750000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | 724835 |
| 1000000 | Athene Global Funding, 2.95%, 11/12/26(b) | 973447 |
| 500000 | Bank of America Corp., MTN, 3.38%, 4/2/26(c) | 500000 |
| 1500000 | Bank of America Corp., 5.08%, 1/20/27(c) | 1505156 |
| 500000 | Barclays Plc, 5.30%, 8/9/26(c) | 500760 |
| 1305000 | Charles Schwab Corp. (The), (SOFR Index + 1.050%), 5.41%, 3/3/27(a) | 1316938 |
| 1000000 | Citigroup, Inc., 1.46%, 6/9/27(c) | 963083 |
| 1000000 | Citigroup, Inc., (SOFR RATE + 0.770%), 5.13%, 6/9/27(a) | 1001472 |
| 750000 | Citizens Bank NA, 3.75%, 2/18/26 | 744331 |
| 110000 | Comerica, Inc., 5.98%, 1/30/30(c) | 111775 |
| 360000 | Credit Agricole SA, 1.25%, 1/26/27(b),(c) | 350125 |
| 430000 | Deutsche Bank AG, 5.71%, 2/8/28(c) | 436423 |
| 750000 | Goldman Sachs Group, Inc. (The), Series VAR, 1.09%, 12/9/26(c) | 731912 |
| 550000 | Goldman Sachs Group, Inc. (The), 5.80%, 8/10/26(c) | 552222 |
| 1000000 | HSBC Holdings Plc, 1.59%, 5/24/27(c) | 966102 |
| 500000 | HSBC Holdings Plc, 4.29%, 9/12/26(c) | 498829 |
| 1000000 | JPMorgan Chase & Co., 1.04%, 2/4/27(c) | 970737 |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | JPMorgan Chase & Co., 4.08%, 4/26/26(c) | $499610 |
| 150000 | JPMorgan Chase & Co., 5.04%, 1/23/28(c) | 151280 |
| 575000 | KeyBank NA, 4.15%, 8/8/25 | 573178 |
| 1000000 | Lloyds Banking Group Plc, 4.72%, 8/11/26(c) | 999370 |
| 575000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 574749 |
| 515000 | Met Tower Global Funding, 4.00%, 10/1/27(b) | 509356 |
| 1000000 | Morgan Stanley, 1.59%, 5/4/27(c) | 968298 |
| 500000 | Morgan Stanley, 5.05%, 1/28/27(c) | 501718 |
| 475000 | New York Life Global Funding, 3.90%, 10/1/27(b) | 470287 |
| 775000 | Nomura Holdings, Inc., 5.10%, 7/3/25 | 775487 |
| 750000 | Realty Income Corp., REIT, 4.45%, 9/15/26 | 749614 |
| 900000 | UBS Group AG, 4.49%, 5/12/26(b),(c) | 899539 |
| 1000000 | UBS Group AG, 4.70%, 8/5/27(b),(c) | 999754 |
| 285000 | VICI Properties LP, REIT, 4.38%, 5/15/25 | 285000 |
| 1000000 | Wells Fargo & Co., MTN, 3.20%, 6/17/27(c) | 983669 |
| 1170000 | Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) | 1146194 |
|  |  | 23935250 |
| **Technology — 1.3%** | **Technology — 1.3%** |  |
| 500000 | Synopsys, Inc., 4.55%, 4/1/27 | 501905 |
| 725000 | Western Digital Corp., 4.75%, 2/15/26 | 720669 |
|  |  | 1222574 |
| **Utilities — 4.2%** | **Utilities — 4.2%** |  |
| 285000 | Consolidated Edison Co. of New York, Inc., (SOFR Index + 0.520%), 4.88%, 11/18/27(a) | 285573 |
| 1000000 | Duke Energy Corp., 2.65%, 9/1/26 | 973965 |
| 570000 | Georgia Power Co., (SOFR Index + 0.280%), 4.64%, 9/15/26(a) | 570072 |
| 400000 | NextEra Energy Capital Holdings, Inc., 4.85%, 2/4/28 | 404737 |
| 1000000 | NextEra Energy Capital Holdings, Inc., 4.95%, 1/29/26 | 1003712 |
| 690000 | Vistra Operations Co. LLC, 5.13%, 5/13/25(b) | 689114 |
|  |  | 3927173 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **37014095** |
| (Cost $36,976,012) | (Cost $36,976,012) |  |
| **Asset Backed Securities — 33.9%** | **Asset Backed Securities — 33.9%** |  |
| 198192 | ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29(b) | 198764 |
| 125000 | Affirm Asset Securitization Trust, Series 2024-X2, Class C, 5.62%, 12/17/29(b) | 125392 |
| 750000 | AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.21%, 12/18/26 | 743877 |
| 620810 | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A2, 6.19%, 4/19/27 | 622800 |
| 400000 | Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28(b) | 396150 |
| 500000 | ARI Fleet Lease Trust, Series 2023-A, Class C, 6.03%, 2/17/32(b) | 509427 |
| 375000 | ARI Fleet Lease Trust, Series 2025-A, Class A2, 4.38%, 1/17/34(b) | 374471 |

---

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$625000 | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.68%, 8/20/26(b) | $621631 |
| 875000 | Carmax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/28 | 850681 |
| 146410 | Carmax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 2/16/27 | 145869 |
| 322663 | Carmax Auto Owner Trust, Series 2022-4, Class A3, 5.34%, 8/16/27 | 323936 |
| 56821 | CarMax Auto Owner Trust, Series 2022-1, Class A3, 1.47%, 12/15/26 | 56266 |
| 255000 | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, 7/17/28 | 247479 |
| 200000 | Carmax Select Receivables Trust, Series 2024-A, Class A3, 5.40%, 11/15/28 | 202232 |
| 441299 | Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41%, 9/10/27(b) | 442763 |
| 355000 | Daimler Trucks Retail Trust, Series 2022-1, Class A4, 5.39%, 1/15/30 | 356089 |
| 500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(b) | 506654 |
| 121417 | Dell Equipment Finance Trust, Series 2024-1, Class A2, 5.58%, 3/22/30(b) | 121788 |
| 126339 | DLLAA LLC, Series 2023-1A, Class A2, 5.93%, 7/20/26(b) | 126623 |
| 57533 | DLLAD LLC, Series 2021-1A, Class A3, 0.64%, 9/21/26(b) | 57026 |
| 750000 | DLLMT LLC, Series 2024-1A, Class A2, 5.08%, 2/22/27(b) | 751611 |
| 326262 | Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45%, 1/16/29 | 324904 |
| 500000 | DT Auto Owner Trust, Series 2022-3A, Class C, 7.69%, 7/17/28(b) | 504543 |
| 402395 | Exeter Automobile Receivables Trust, Series 2022-1A, Class D, 3.02%, 6/15/28 | 396550 |
| 234716 | Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92%, 12/15/28 | 234639 |
| 340000 | Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.32%, 5/15/28 | 341894 |
| 750000 | Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 | 760360 |
| 250000 | Exeter Automobile Receivables Trust, Series 2024-3A, Class B, 5.57%, 9/15/28 | 251698 |
| 400000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class C, 5.48%, 8/15/30 | 404299 |
| 170000 | Exeter Automobile Receivables Trust, Series 2024-5A, Class B, 4.48%, 4/16/29 | 169088 |
| 330000 | Ford Credit Auto Owner Trust, Series 2021-1, Class B, 1.61%, 10/17/33(b) | 319434 |
| 215000 | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, 7/15/29 | 210934 |
| 490000 | Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class B, 1.32%, 9/15/27 | 481761 |

---

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$535000 | Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class C, 1.87%, 9/15/27 | $527300 |
| 156490 | GLS Auto Receivables Issuer Trust, Series 2024-1A, Class A2, 5.57%, 2/16/27(b) | 156576 |
| 500000 | GM Financial Automobile Leasing Trust, Series 2023-1, Class B, 5.51%, 1/20/27 | 500865 |
| 500000 | GM Financial Automobile Leasing Trust, Series 2023-1, Class C, 5.76%, 1/20/27 | 500943 |
| 750000 | GM Financial Automobile Leasing Trust, Series 2023-2, Class A4, 5.09%, 5/20/27 | 751391 |
| 600000 | GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27 | 597272 |
| 407416 | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3, 4.66%, 2/16/28 | 407768 |
| 600000 | GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class B, 4.92%, 11/15/28(b) | 601301 |
| 750000 | Honda Auto Receivables Owner Trust, Series 2021-4, Class A4, 1.14%, 6/21/28 | 746294 |
| 290000 | Honda Auto Receivables Owner Trust, Series 2022-1, Class A4, 2.04%, 12/15/28 | 286575 |
| 650000 | Honda Auto Receivables Owner Trust, Series 2022-2, Class A4, 3.76%, 12/18/28 | 646157 |
| 555000 | Hpefs Equipment Trust, Series 2022-3A, Class C, 6.13%, 8/20/29(b) | 556775 |
| 272044 | HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29(b) | 270898 |
| 697408 | HPEFS Equipment Trust, Series 2023-1A, Class A3, 5.41%, 2/22/28(b) | 698240 |
| 316065 | HPEFS Equipment Trust, Series 2024-1A, Class A2, 5.38%, 5/20/31(b) | 316407 |
| 600000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class B, 5.56%, 8/15/28(b) | 608307 |
| 518350 | Hyundai Auto Receivables Trust, Series 2020-C, Class C, 1.08%, 12/15/27 | 517481 |
| 700000 | Hyundai Auto Receivables Trust, Series 2021-A, Class C, 1.33%, 11/15/27 | 691100 |
| 280137 | Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26(b) | 278113 |
| 425000 | LAD Auto Receivables Trust, Series 2023-3A, Class C, 6.43%, 12/15/28(b) | 434338 |
| 47752 | Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.22%, 5/17/27(b) | 47500 |
| 200873 | Lendbuzz Securitization Trust, Series 2024-2A, Class A2, 5.99%, 5/15/29(b) | 202842 |
| 160165 | Marlette Funding Trust, Series 2023-3A, Class B, 6.71%, 9/15/33(b) | 160703 |
| 400000 | Marlette Funding Trust, Series 2024-1A, Class B, 6.07%, 7/17/34(b) | 403823 |
| 500000 | MMAF Equipment Finance LLC, Series 2020-BA, Class A5, 0.85%, 4/14/42(b) | 492829 |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$228870 | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, 7/15/27 | $227099 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95%, 1/17/28 | 501825 |
| 275000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class B, 4.63%, 8/15/29 | 275387 |
| 19766 | SBNA Auto Receivables Trust, Series 2024-A, Class A2, 5.70%, 3/15/27(b) | 19773 |
| 450000 | Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 7/20/27(b) | 452351 |
| 395000 | Tesla Auto Lease Trust, Series 2023-B, Class B, 6.57%, 8/20/27(b) | 398870 |
| 500000 | Tesla Auto Lease Trust, Series 2024-A, Class A3, 5.30%, 6/21/27(b) | 502510 |
| 183574 | Tesla Electric Vehicle Trust, Series 2023-1, Class A2A, 5.54%, 12/21/26(b) | 183958 |
| 760000 | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(b) | 756160 |
| 103677 | Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27(b) | 104176 |
| 480000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class C, 5.73%, 12/15/28(b) | 483583 |
| 346117 | Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34(b) | 346130 |
| 500000 | Verizon Master Trust, Series 2023-1, Class C, 4.98%, 1/22/29 | 500322 |
| 787962 | Volkswagen Auto Lease Trust, Series 2024-A, Class A2A, 5.40%, 12/21/26 | 790740 |
| 87734 | Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A, 5.50%, 12/21/26 | 87801 |
| 450000 | Volvo Financial Equipment LLC Series, Series 2024-1A, Class A2, 4.56%, 5/17/27(b) | 450094 |
| 220000 | Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48%, 9/15/27(b) | 220855 |
| 566601 | Westlake Automobile Receivables Trust, Series 2023-4A, Class A2, 6.23%, 1/15/27(b) | 568138 |
| 750000 | World Omni Auto Receivables Trust, Series 2021-D, Class A4, 1.10%, 11/15/27 | 736379 |
| 225000 | World Omni Select Auto Trust, Series 2024-A, Class A3, 4.98%, 2/15/30 | 226695 |
| **Total Asset Backed Securities** | **Total Asset Backed Securities** | **31416277** |
| (Cost $31,303,461) | (Cost $31,303,461) |  |
| **U.S. Treasury Obligations — 17.2%** | **U.S. Treasury Obligations — 17.2%** |  |
| **U.S. Treasury Bills — 17.2%** | **U.S. Treasury Bills — 17.2%** |  |
| 1750000 | U.S. Treasury Bill- When Issued, 4.22%, 5/15/25(d) | 1740945 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.22%, 4/24/25(d) | 1745267 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.22%, 6/26/25(d) | 1732449 |
| 1250000 | U.S. Treasury Bill- When Issued, 4.23%, 6/20/25(d) | 1238339 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.24%, 5/13/25(d) | 1741374 |

---

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1250000 | U.S. Treasury Bill- When Issued, 4.24%, 4/3/25(d) | $1249705 |
| 1250000 | U.S. Treasury Bill- When Issued, 4.24%, 5/8/25(d) | 1244558 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.26%, 6/5/25(d) | 1736734 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.27%, 5/20/25(d) | 1739938 |
| 1750000 | U.S. Treasury Bill- When Issued, 4.28%, 4/22/25(d) | 1745665 |
|  |  | 15914974 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **15914974** |
| (Cost $15,915,417) | (Cost $15,915,417) |  |
| **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** |  |
| 100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 6.04%, 5/25/44(a),(b) | 99886 |
| 300000 | Verus Securitization Trust, Series 2020-4, Class M1, 3.29%, 5/25/65(b),(e) | 281757 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **381643** |
| (Cost $404,085) | (Cost $404,085) |  |
| **Commercial Paper — 4.3%** | **Commercial Paper — 4.3%** |  |
| 1000000 | Alimentation Couche - Tard, Inc., 5.37%, 4/1/25(f) | 999873 |
| 1000000 | Camden Property Trust, 5.39%, 4/1/25(f) | 999872 |
| 1000000 | Northwestern Mutual Short Term Funding LLC, 4.30%, 4/1/25(f) | 999879 |
| 1000000 | PACCAR Financial Corp., 4.70%, 4/8/25(f) | 999015 |
| **Total Commercial Paper** | **Total Commercial Paper** | **3998639** |
| (Cost $3,999,158) | (Cost $3,999,158) |  |
| **Shares** |  |  |
| **Investment Company — 1.7%** | **Investment Company — 1.7%** |  |
| 1531967 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(g) | 1531967 |
| **Total Investment Company** | **Total Investment Company** | **1531967** |
| (Cost $1,531,967) | (Cost $1,531,967) |  |
| **Total Investments** | **Total Investments** | $**90257595** |
| (Cost $90,130,100)(h) — 97.4% | (Cost $90,130,100)(h) — 97.4% |  |
| **Other assets in excess of liabilities — 2.6%** | **Other assets in excess of liabilities — 2.6%** | **2444679** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**92702274** |

---

#### 14

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Ultra-Short Fixed Income Fund (cont.)

#### March 31, 2025
(a) Floating rate note. Rate shown is as of report date.

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

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

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

(e) 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.

(f) The rate represents effective yield at the time of purchase.

(g) Affiliated investment.

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

#### Financial futures contracts as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration <br>Date** | **Value/Unrealized<br>Depreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  2 Year U.S. Treasury Note | 22 | June 2025 | $(580) | USD | $4557781 | Barclays Capital Group |
|  **Total** |  |  | $(580) |  |  |  |

---

Abbreviations used are defined below:

GMTN - Global Medium Term Note

MTN - Medium Term Note

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 15

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **RBC BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $69,087,057 and $88,598,133, respectively) | $69403191 | $88725628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,223,559 and $1,531,967, respectively) | 1223559 | 1531967 |
|  Cash |  | 580 |
|  Cash at broker for financial futures contracts | 193826 | 707 |
|  Interest and dividend receivable | 510719 | 342786 |
|  Receivable from advisor | 23301 | 10053 |
|  Receivable for capital shares issued | 111 | 2338467 |
|  Receivable for Variation margin on futures contracts |  | 172 |
|  Unrealized appreciation on futures contracts | 139337 |  |
|  Prepaid expenses and other assets | 11423 | 23795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 71505467 | 92974155 |
|  **Liabilities:** |  |  |
|  Cash overdraft | 1120 |  |
|  Professional fees payable | 2337 | 2337 |
|  Distributions payable | 4308 | 4010 |
|  Payable for capital shares redeemed | 150803 | 186330 |
|  Payable for Variation margin on futures contracts | 406 |  |
|  Unrealized depreciation on futures contracts | 24088 | 580 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 16942 | 13653 |
|  Accounting fees | 7020 | 6900 |
|  Audit fees | 41450 | 41450 |
|  Distribution fees |  | 640 |
|  Custodian fees | 893 | 439 |
|  Shareholder reports | 1732 | 2197 |
|  Transfer agent fees | 10433 | 3780 |
|  Other | 14594 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 276126 | 271881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $71229341 | $92702274 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $71887034 | $95925840 |
|  Accumulated earnings | (657693) | (3223566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $71229341 | $92702274 |

---

#### 16

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **RBC BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
|  **Net Assets** |  |  |
|  Class A | $397388 | $15849598 |
|  Class I | 70831953 | 76852676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $71229341 | $92702274 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 40560 | 1574623 |
|  Class I | 7238488 | 7645498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 7279048 | 9220121 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $9.80 | $10.07 |
|  Class I | $9.79 | $10.05 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $9.95 | $N/A |
|  Maximum Sales Charge - Class A | 1.50% | N/A |

---

#### See Notes to the Financial Statements.

#### 17

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **RBC BlueBay**<br>**Ultra-Short**<br>**Fixed Income<br>Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3288250 | $2527150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 129891 | 115158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 3418141 | 2642308 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 203758 | 120382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 437 | 13633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 54193 | 41522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 41526 | 41440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4698 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 3405 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4253 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 48275 | 54724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 36021 | 31411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 3755 | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 84635 | 24094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 3060 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 4674 | 4674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 4912 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 497602 | 355565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (264071) | (199602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 233531 | 155963 |
|  **Net Investment Income** | 3184610 | 2486345 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 22889 | (2369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (76846) | 14659 |
|  Net realized gains/(losses) | (53957) | 12290 |
|  Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 723137 | 432857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 141743 | 5767 |
|  Net unrealized gains | 864880 | 438624 |
|  Change in net assets resulting from operations | $3995533 | $2937259 |

---

#### See Notes to the Financial Statements.

#### 18

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **RBC BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** |
|  | **For the<br>Year Ended<br>March 31, 2025** | **For the<br>Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3184610 | $2520921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from investments and futures contracts | (53957) | (476555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and futures contracts | 864880 | 1556060 |
|  Change in net assets resulting from operations | 3995533 | 3600426 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (19779) | (17568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (3129874) | (2500942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (3149653) | (2518510) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 3862254 | 3286973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 3102372 | 2475196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1505616) | (1394911) |
|  Change in net assets resulting from capital transactions | 5459010 | 4367258 |
|  Net increase in net assets | 6304890 | 5449174 |
|  **Net Assets:** |  |  |
|  Beginning of year | 64924451 | 59475277 |
|  End of year | $71229341 | $64924451 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 396657 | 345479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 318659 | 258844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (154394) | (146273) |
|  Change in shares resulting from capital transactions | 560922 | 458050 |

---

#### See Notes to the Financial Statements.

#### 19

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br> **Ultra-Short**<br> **Fixed Income**<br> **Fund** | **RBC BlueBay**<br> **Ultra-Short**<br> **Fixed Income**<br> **Fund** |
|  | **For the**<br> **Year Ended<br>March 31, 2025** | **For the**<br> **Year Ended<br>March 31, 2024** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2486345 | $2950704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments and futures contracts | 12290 | (1383502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and futures contracts | 438624 | 3725921 |
|  Change in net assets resulting from operations | 2937259 | 5293123 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (612375) | (613024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1777606) | (2343409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2389981) | (2956433) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 69955196 | 24660387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2368709 | 2911167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (32193675) | (57476962) |
|  Change in net assets resulting from capital transactions | 40130230 | (29905408) |
|  Net increase/(decrease) in net assets | 40677508 | (27568718) |
|  **Net Assets:** |  |  |
|  Beginning of year | 52024766 | 79593484 |
|  End of year | $92702274 | $52024766 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 6970505 | 2511485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 236384 | 298473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3215988) | (5887797) |
|  Change in shares resulting from capital transactions | 3990901 | (3077839) |

---

#### See Notes to the Financial Statements.

#### 20

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Short Duration Fixed Income Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning**<br>**of 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 3/31/25 | $9.68 | 0.45 | 0.11 | 0.56 | (0.44) |  | (0.44) | $9.80 |
|  Year Ended 3/31/24 | 9.51 | 0.38 | 0.17 | 0.55 | (0.38) |  | (0.38) | 9.68 |
|  Year Ended 3/31/23 | 9.69 | 0.22 | (0.18) | 0.04 | (0.22) |  | (0.22) | 9.51 |
|  Year Ended 3/31/22 | 10.18 | 0.12 | (0.41) | (0.29) | (0.13) | (0.07) | (0.20) | 9.69 |
|  Year Ended 3/31/21 | 9.98 | 0.17 | 0.21 | 0.38 | (0.18) |  | (0.18) | 10.18 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $9.66 | 0.46 | 0.12 | 0.58 | (0.45) |  | (0.45) | $9.79 |
|  Year Ended 3/31/24 | 9.50 | 0.39 | 0.16 | 0.55 | (0.39) |  | (0.39) | 9.66 |
|  Year Ended 3/31/23 | 9.68 | 0.24 | (0.19) | 0.05 | (0.23) |  | (0.23) | 9.50 |
|  Year Ended 3/31/22 | 10.16 | 0.13 | (0.40) | (0.27) | (0.14) | (0.07) | (0.21) | 9.68 |
|  Year Ended 3/31/21 | 9.98 | 0.18 | 0.19 | 0.37 | (0.19) |  | (0.19) | 10.16 |

---

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

#### 21

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Short Duration Fixed Income Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  | <br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of**<br>**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 3/31/25 | 5.93% | $397 | 0.44% | 4.58% | 1.56% | 67% |
|  Year Ended 3/31/24 | 5.86% | 434 | 0.44% | 3.92% | 1.59% | 33% |
|  Year Ended 3/31/23 | 0.49% | 502 | 0.45% | 2.26% | 1.32% | 35% |
|  Year Ended 3/31/22 | (2.84)% | 887 | 0.45% | 1.18% | 1.22% | 76% |
|  Year Ended 3/31/21 | 6.45% | 419 | 0.45% | 1.70% | 1.58% | 54% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 6.14% | $70832 | 0.34% | 4.69% | 0.73% | 67% |
|  Year Ended 3/31/24 | 5.86% | 64490 | 0.34% | 4.05% | 0.80% | 33% |
|  Year Ended 3/31/23 | 0.59% | 58973 | 0.35% | 2.48% | 0.79% | 35% |
|  Year Ended 3/31/22 | (2.66)% | 54469 | 0.35% | 1.30% | 0.78% | 76% |
|  Year Ended 3/31/21 | 6.35% | 64179 | 0.35% | 1.79% | 0.68% | 54% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. However for the period ended March 31, 2024, 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.

#### 22

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Ultra-Short Fixed Income Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning**<br>**of 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 3/31/25 | $9.96 | 0.47 | 0.09 | 0.56 | (0.45) |  | (0.45) | $10.07 |
|  Year Ended 3/31/24 | 9.59 | 0.43 | 0.37 | 0.80 | (0.43) |  | (0.43) | 9.96 |
|  Year Ended 3/31/23 | 9.73 | 0.23 | (0.08) | 0.15 | (0.25) | (0.04) | (0.29) | 9.59 |
|  Year Ended 3/31/22 | 9.99 | 0.08 | (0.26) | (0.18) | (0.08) |  | (0.08) | 9.73 |
|  Year Ended 3/31/21 | 9.58 | 0.13 | 0.42 | 0.55 | (0.14) |  | (0.14) | 9.99 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Year Ended 3/31/25 | $9.95 | 0.48 | 0.08 | 0.56 | (0.46) |  | (0.46) | $10.05 |
|  Year Ended 3/31/24 | 9.58 | 0.44 | 0.37 | 0.81 | (0.44) |  | (0.44) | 9.95 |
|  Year Ended 3/31/23 | 9.72 | 0.25 | (0.09) | 0.16 | (0.26) | (0.04) | (0.30) | 9.58 |
|  Year Ended 3/31/22 | 9.98 | 0.09 | (0.26) | (0.17) | (0.09) |  | (0.09) | 9.72 |
|  Year Ended 3/31/21 | 9.57 | 0.14 | 0.42 | 0.56 | (0.15) |  | (0.15) | 9.98 |

---

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

#### 23

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Ultra-Short Fixed Income Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  | <br>**Total<br>Return(a)** | **Net Assets,<br>End of**<br>**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 3/31/25 | 5.74% | $15850 | 0.37% | 4.68% | 0.75% | 71% |
|  Year Ended 3/31/24 | 8.56% | 13353 | 0.37% | 4.41% | 0.74% | 28% |
|  Year Ended 3/31/23 | 1.61% | 16565 | 0.38% | 2.34% | 0.59% | 32% |
|  Year Ended 3/31/22 | (1.81)% | 46963 | 0.38% | 0.78% | 0.55% | 62% |
|  Year Ended 3/31/21 | 5.78% | 16173 | 0.38% | 1.30% | 0.81% | 56% |
|  **Class I** |  |  |  |  |  |  |
|  Year Ended 3/31/25 | 5.75% | $76853 | 0.27% | 4.78% | 0.65% | 71% |
|  Year Ended 3/31/24 | 8.68% | 38672 | 0.27% | 4.51% | 0.60% | 28% |
|  Year Ended 3/31/23 | 1.71% | 63028 | 0.28% | 2.57% | 0.55% | 32% |
|  Year Ended 3/31/22 | (1.72)% | 102986 | 0.28% | 0.87% | 0.48% | 62% |
|  Year Ended 3/31/21 | 5.89% | 79747 | 0.28% | 1.42% | 0.77% | 56% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. However for the period ended March 31, 2024, 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) 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.

#### 24

------

NOTES TO FINANCIAL STATEMENTS

March 31, 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 22 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). This report includes the following two investment portfolios (each a "Fund" and collectively, the "Funds"):

- RBC BlueBay Short Duration Fixed Income Fund ("Short Duration Fixed Income Fund")

- RBC BlueBay Ultra-Short Fixed Income Fund ("Ultra-Short Fixed Income Fund")

The Funds offer Class A (formerly Class F) and Class I shares. Class A shares of Short Duration Fixed Income Fund are offered with a 1.50% maximum front-end sales charge and a 1.00% contingent deferred sales charge ("CDSC") for redemptions within 12 months of a $500,000 or greater purchase on which no front-end sales charge was paid. Class A shares of Ultra-Short Fixed Income Fund and Class I shares are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Advisor" or "Co-Administrator") acts as the investment advisor for the Funds. The officers of the Trust ("Fund Management") are also employees of RBC GAM-US.

2. Significant Accounting Policies

Each Fund is an investment company that follows accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services - Investment Companies (ASC 946)*. The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Fund Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange ("NYSE").

#### Segment Reporting:
In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standards impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and assess its potential future cash flows through improved segment disclosures.

The Advisor's Executive Committee and Fund Management collectively act as the chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' financial statements.

#### Recent Accounting Pronouncements:
In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

#### 25

------

NOTES TO FINANCIAL STATEMENTS

#### Security Valuation:
The Trust's Board of Trustees (the "Board") has approved pricing and valuation procedures of the Advisor for determining the fair value of each Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Fixed income securities, including to-be-announced ("TBA") commitments and municipal bonds, are generally valued based on evaluated prices received from third-party pricing services or from broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account multiple appropriate factors such as institutional-size trading in similar groups of securities, market spreads, interest rates, and fundamental security analytical data including yield, quality, coupon rate, maturity and type of issue.

Mortgage-related securities represent direct or indirect participation in, or are secured by and payable from, mortgage loans secured by real property and include pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. Government agencies or instrumentalities, or private issuers, including commercial banks, savings and loan institutions, private mortgage insurance bankers and other secondary market issuers. These mortgage-related securities are generally valued by pricing services that use broker-dealer quotations or valuation estimates from their internal pricing models. These pricing models generally consider such factors as current market data, estimated cash flows, market-based yield spreads, and estimated prepayment rates. Securities valued using such techniques and inputs are generally categorized as Level 2 in the fair value hierarchy. To the extent significant inputs are unobservable, the securities will be categorized as Level 3.

Exchange-traded futures are valued at the last sale price at the close of the market on the principal exchange on which they are traded and are categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Funds' pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence 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.

#### 26

------

NOTES TO FINANCIAL STATEMENTS

When the Funds utilize fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

#### Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

#### 27

------

NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Funds' investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | **Total** |
|  **BlueBay Short Duration Fixed Income Fund** |  |  |  |  |
| **Assets:**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $35072497 | $— | $35072497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 24635756 |  | 24635756 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 5967128 |  | 5967128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 3490154 |  | 3490154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 1223559 |  |  | 1223559 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 237656 |  | 237656 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 139337 |  |  | 139337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $1362896 | $69403191 | $— | $70766087 |
| **Liabilities:**  |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(24088) | $— | $— | $(24088) |
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **BlueBay Ultra-Short Fixed Income Fund** |  |  |  |  |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $37014095 | $— | $37014095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 31416277 |  | 31416277 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 15914974 |  | 15914974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 3998639 |  | 3998639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 1531967 |  |  | 1531967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 381643 |  | 381643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $1531967 | $88725628 | $— | $90257595 |
|  **<u>Liabilities:</u>**  |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(580) | $— | $— | $(580) |

---

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

#### TBA Commitments:
The Funds may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased/sold declines/increases prior to settlement date, which is in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under "Security Valuation".

#### Derivatives:
The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities for hedging purposes only. Derivatives allow the Funds to manage their risk exposure more quickly and efficiently than other types of instruments. Derivatives may be riskier

#### 28

------

NOTES TO FINANCIAL STATEMENTS

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.

#### Financial Futures Contracts:
The Funds entered into futures contracts in an effort to manage the duration of the portfolio and hedge against certain market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.

The Funds entered into U.S. Treasury Notes futures during the year ended March 31, 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 March 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fair Values of Derivative Financial Instrument as of March 31, 2025<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2025<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2025<sup>(1)</sup>** |
| **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | **BlueBay**<br>**Short**<br>**Duration<br>Fixed Income<br>Fund** | **BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund** |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $139337 | $— |
|  Total | $139337 | $— |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **BlueBay**<br>**Short**<br>**Duration<br>Fixed Income<br>Fund** | **BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund** |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | $24088 | $580 |
|  Total | $24088 | $580 |

---

#### 29

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NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments on the Statement of Operations during the year ended March 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
|  Net realized Gain/(Loss) From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(76846) | $14659 |
|  Total | $(76846) | $14659 |

---

---

| | | |
|:---|:---|:---|
| **Derivative Instruments**<br> **Categorized by Risk Exposure** | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
|  Net Change in Unrealized Appreciation From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $141743 | $5767 |
|  Total | $141743 | $5767 |

---

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

For the year ended March 31, 2025, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund** | **BlueBay<br>Short<br>Duration<br>Fixed Income<br>Fund** | **BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund** | **BlueBay<br>Ultra-Short<br>Fixed Income<br>Fund** |
|  Futures long position (contracts) |  | 113 |  |  |
|  Futures short position (contracts) |  | 21 |  | 27 |

---

#### Counterparty Credit Risk:
Derivatives may also expose a Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations). To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. A Fund's maximum risk of loss from counterparty credit risk on over-the-counter ("OTC") derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds.

With exchange-traded futures, the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate

#### 30

------

NOTES TO FINANCIAL STATEMENTS

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value<br>March 31, 2024** | **Purchases** | **Sales** | **Value<br>March 31, 2025** | **Dividends** |
| **Investments in RBC BlueBay U.S. Government Money Market<br>Fund—Institutional Class 1** |  |  |  |  |  |
|  BlueBay Short Duration Fixed Income Fund | $164231 | $77512618 | $(76453290) | $1223559 | $129891 |
|  BlueBay Ultra-Short Fixed Income Fund |  | 89276967 | (87745000) | 1531967 | 115158 |

---

#### 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 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.

#### 31

------

NOTES TO FINANCIAL STATEMENTS

#### Distributions to Shareholders:
The Funds pay out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared daily and paid monthly. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g., reclassification of paydown gains and losses), they are reclassified within a Fund's capital account based on their federal tax basis treatment.

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into an investment advisory agreement with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
|  | **Annual Rate** |
|  Short Duration Fixed Income Fund | 0.30% |
|  Ultra-Short Fixed Income Fund | 0.23% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of Class A and Class I shares of each Fund to the following levels. This expense limitation agreement is in place until July 31, 2026.

---

| | | |
|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** |
|  Short Duration Fixed Income Fund | 0.45% | 0.35% |
|  Ultra-Short Fixed Income Fund | 0.38% | 0.28% |

---

The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 3 years, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

The amounts subject to possible recoupment under the expense limitation agreement as of March 31, 2025 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FYE 3/31/23** | **FYE 3/31/24** | **FYE 3/31/25** | **Total** |
|  BlueBay Short Duration Fixed Income Fund | $248956 | $283295 | $259448 | $791699 |
|  BlueBay Ultra-Short Fixed Income Fund | 272270 | 218547 | 195380 | 686197 |

---

There was no recoupment of expense reimbursement/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to RBC GAM-US indirectly through its investment in an affiliated money market fund. These waivers are voluntary and not subject to recoupment. These amounts are included

#### 32

------

NOTES TO FINANCIAL STATEMENTS

in expenses waived/reimbursed by Advisor in the Statements of Operations. For the year ended March 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
|  | **Fees Waived** |
|  BlueBay Short Duration Fixed Income Fund | $4623 |
|  BlueBay Ultra-Short Fixed Income Fund | 4222 |

---

RBC GAM-US serves as co-administrator to the Funds. The Bank of New York Mellon. ("BNY Mellon") serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon receives a fee for its services payable by the Funds based in part on the Funds' average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The Trust currently pays each of the independent trustees (trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $100,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, independent trustees receive a quarterly meeting fee of $6,500, for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or special board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statement of Operations in "Trustees' fees".

4. Fund Distribution:

Each of the Funds has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Funds' distributor. The Plan permits each Fund to make payments for or to reimburse the Distributor for distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I. The current Plan fee rate for Class A is 0.10%.

Plan fees are based on average daily net assets of Class A. The Distributor, subject to applicable legal requirements, may waive a Plan fee voluntarily, in whole or in part. For the year ended March 31, 2025, there were no fees waived by the Distributor.

The Distributor did not receive any CDSC fees from Class A shares of the Funds during the period ended year ended March 31, 2025.

For the period ended year ended March 31, 2025, the Distributor received no commissions from front-end sales charges of Class A shares.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the year ended March 31, 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.** |
|  BlueBay Short Duration Fixed Income Fund | $45092505 | $38701412 | $185000 | $1720878 |
|  BlueBay Ultra-Short Fixed Income Fund | 55276895 | 29409910 | 100000 | 2831413 |

---

#### 33

------

NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("shares outstanding") without par value. Transactions in capital stock of the Funds are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlueBay Short Duration**<br>**Fixed Income Fund** | **BlueBay Short Duration**<br>**Fixed Income Fund** | **BlueBay Ultra-Short**<br>**Fixed Income Fund** | **BlueBay Ultra-Short**<br>**Fixed Income Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $5919 | $11856 | $8405854 | $3654492 |
|  Distributions reinvested | 19779 | 17475 | 610314 | 608050 |
|  Cost of shares redeemed | (68062) | (104253) | (6667530) | (7985157) |
|  Change in Class A | $(42364) | $(74922) | $2348638 | $(3722615) |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $3856335 | $3275117 | $61549342 | $21005895 |
|  Distributions reinvested | 3082593 | 2457721 | 1758395 | 2303117 |
|  Cost of shares redeemed | (1437554) | (1290658) | (25526145) | (49491805) |
|  Change in Class I | $5501374 | $4442180 | $37781592 | $(26182793) |
|  Change in net assets resulting from capital transactions | $5459010 | $4367258 | $40130230 | $(29905408) |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 609 | 1242 | 837456 | 370175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 2029 | 1826 | 60852 | 62202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6966) | (10947) | (664496) | (818613) |
|  Change in Class A | (4328) | (7879) | 233812 | (386236) |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 396048 | 344237 | 6133049 | 2141310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 316630 | 257018 | 175532 | 236271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (147428) | (135326) | (2551492) | (5069184) |
|  Change in Class I | 565250 | 465929 | 3757089 | (2691603) |
|  Change in shares resulting from capital transactions | 560922 | 458050 | 3990901 | (3077839) |

---

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

#### 34

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NOTES TO FINANCIAL STATEMENTS

Fund Management has analyzed the Fund's tax positions taken or expected to be taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of and during the year ended year ended March 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended Year ended March 31, 2025, the Funds did not incur any interest or penalties.

As of March 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost Of<br>Investments** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  BlueBay Short Duration Fixed Income Fund | $70310616 | $491448 | $(175314) | $316134 |
|  BlueBay Ultra-Short Fixed Income Fund | 90130100 | 212941 | (85446) | 127495 |

---

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

The tax character of distributions during the year ended March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  | **Ordinary<br>Income** | **Total Taxable<br>Distributions** | **Total<br>Distributions<br>Paid** |
|  BlueBay Short Duration Fixed Income Fund | $3148475 | $3148475 | $3148475 |
|  BlueBay Ultra-Short Fixed Income Fund | 2386381 | 2386381 | 2386381 |

---

The tax character of distributions during the year ended March 31, 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** |
|  BlueBay Short Duration Fixed Income Fund | $2524119 | $2524119 | $2524119 |
|  BlueBay Ultra-Short Fixed Income Fund | 2958197 | 2958197 | 2958197 |

---

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

#### 35

------

NOTES TO FINANCIAL STATEMENTS

As of March 31, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
| | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
| | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
| | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
| | **BlueBay**<br>**Short**<br>**Duration**<br>**Fixed Income**<br>**Fund** | **BlueBay**<br>**Ultra-Short**<br>**Fixed Income**<br>**Fund** |
|  Undistributed ordinary income | $10945 | $3601 |
|  Undistributed long term gain |  |  |
|  Accumulated earnings | 10945 | 3601 |
|  Accumulated capital loss carryforwards | (980464) | (3350652) |
|  Unrealized appreciation | 316134 | 127495 |
|  Other temporary differences | (4308) | (4010) |
|  Total Accumulated Losses | $(657693) | $(3223566) |

---

During the year ended March 31, 2025, BlueBay Short Duration Fixed Income Fund and BlueBay Ultra-Short Fixed Income Fund utilized $162,814 and $186,999, respectively, of capital loss carryforwards.

As of March 31, 2025, the Short Duration Fixed Income Fund and the Ultra-Short Fixed Income Fund had a short-term capital loss carryforward of $(81,011) and $(301,351) and a long-term capital loss carryforward of $(899,453) and $(3,049,301) respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration.

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Short Duration Fixed Income Fund and Ultra Short Fixed Income Fund didn't have any qualified late-year losses this year.

8. Line of Credit

The Funds, along with other Funds within the Trust, participate in an uncommitted, secured $500,000,000 line of credit with U.S. Bank, N.A. (the "Bank"), the Funds' custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of July 26, 2025. 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 March 31, 2025 and there were no borrowings made by the Funds during the period.

#### 36

------

NOTES TO FINANCIAL STATEMENTS

9. Significant Risks

#### Shareholder concentration risk:
As of March 31, 2025, the Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
|  BlueBay Short Duration Fixed Income Fund | 2 | 56.4% |
|  BlueBay Ultra-Short Fixed Income Fund | 1 | 83.4% |

---

In addition, one unaffiliated shareholder owned 28.5% of BlueBay Short Duration Fixed Income Fund as of March 31, 2025. Significant transactions by these shareholders may impact the Funds' performance.

#### Market risk:
One or more markets in which a Fund invests may go down in value, sometimes sharply and unpredictably, and the value of a Fund's portfolio securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease, epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. In addition, tariffs, trade restrictions, economic sanctions, export controls, or retaliatory measures, or the threat or potential of one or more such events and developments may be an ongoing source of instability, potentially resulting in significant currency fluctuations, or have other adverse effects on international markets, international trade agreements, or other existing cross-border cooperation arrangements. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations.

#### Interest Rate Risk:
A Fund's yield and value will fluctuate as the general level of interest rates change. During periods when interest rates are low, a Fund's yield may also be low. When interest rates increase, securities held by a Fund will generally decline in value. Interest rate changes are influenced by a number of factors including government policy, inflation expectations, and supply and demand. Municipal securities may be issued on a when-issued or delayed delivery basis, where payment and delivery take place at a future date. A Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

#### Credit Spread Risk:
A Fund's investments may be adversely affected if any of the issuers it is invested in are subject to an actual or perceived (whether by market participants, rating agencies, pricing services or otherwise) deterioration to their credit quality. Any actual or perceived deterioration may lead to an increase in the credit spreads and a decline in price of the issuer's securities.

10. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 37

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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 Short Duration Fixed Income Fund and RBC BlueBay Ultra-Short Fixed 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 Short Duration Fixed Income Fund and RBC BlueBay Ultra-Short Fixed Income Fund (two of the funds constituting RBC Funds Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March, 31, 2025 (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 March 31, 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 March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 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 March 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

---

| |
|:---|
| /s/PricewaterhouseCoopers LLP |
| Minneapolis, Minnesota |
| May 23, 2025 |

---

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

#### 38

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OTHER FEDERAL INCOME TAX INFORMATION (UNAUDITED)

For the year ended March 31, 2025, the following Funds had a qualified interest income percentage of:

---

| | |
|:---|:---|
|  | **Qualified**<br>**Interest**<br>**Income** |
|  BlueBay Short Duration Fixed Income Fund | 87.35% |
|  BlueBay Ultra-Short Fixed Income Fund | 88.68% |

---

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 Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

#### 39

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RBC Funds

P.O. Box 701

Milwaukee, WI 53201-0701

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 March 31, 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](g938161dsp104.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council® certified paper. This product is made of material from well-managed FSC®-certified forests, recycled materials, and other controlled sources. The Forest Stewardship Council® promotes environmentally appropriate, socially beneficial, and economically viable management of the world's forests.

RBCF-FI AR 03-25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund's disclosure of remuneration items is included as part of the Financial Statements and Other Important Information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

------

(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.](d938161dex99a1.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer.](d938161dex99a3.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.](d938161dex99b.htm) |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Eikenberg |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Eikenberg, President and Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date June 2, 2025

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)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Eikenberg |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Eikenberg, President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date June 2, 2025

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Kathleen A. Hegna |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

Date June 2, 2025

<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.

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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.

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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:

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&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 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:

&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.

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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.

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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.

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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.

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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)

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**EXHIBIT A** 

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| | |
|:---|:---|
| **Code Compliance Officer** | Maren Fleming |
| **Covered Officers** | David Eikenberg, Principal Executive Officer |
| **(effective October 14, 2022)** | Kathy Hegna, Principal Financial Officer |

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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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.*

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| | |
|:---|:---|
|  | Name |
|  Dated:  |  |
|  | Signature |

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*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: <u>June 2, 2025</u>  | <u>/s/ David Eikenberg</u> |
|  | David Eikenberg, President and Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Kathleen A. Hegna, certify that:

1. I have reviewed this report on Form N-CSR of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u>June 2, 2025</u>  | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---

## Ex-99.(B)

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, David Eikenberg, President and Chief Executive Officer of RBC Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>June 2, 2025</u> | <u>/s/ David Eikenberg</u> |
|  | David Eikenberg, President and Chief Executive Officer |
|  | (principal executive officer) |

---

I, Kathleen A. Hegna, Treasurer and Chief Financial Officer of RBC Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>June 2, 2025</u> | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---