# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-23-049552
**Filing Date:** 2023-3
**Character Count:** 31756
**Document Hash:** 5a179b0c027c7ca6243bd93ab5a7af91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049552.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049552

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 23691115

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

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

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

## Series and Classes Contracts Data

### RBC Enterprise Fund (Series ID: S000001811)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004738 | A Shares     | TETAX           |
| C000034084 | I Shares     | TETIX           |

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 92.68%** | **Common Stocks — 92.68%** |  |
|  **Communication Services — 0.33%** | **Communication Services — 0.33%** |  |
| 18022 | Gray Television, Inc. | $201666 |
|  **Consumer Discretionary — 10.26%** | **Consumer Discretionary — 10.26%** |  |
| 48667 | Delta Apparel, Inc.\* | 516357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124810 | Destination XL Group, Inc.\* | 842468 |
| 36800 | G-III Apparel Group Ltd.\* | 504528 |
| 29753 | Lakeland Industries, Inc.\* | 395715 |
| 30380 | Lazydays Holdings, Inc.\* | 362737 |
| 14564 | Malibu Boats, Inc., Class A\* | 776261 |
| 37300 | ONE Group Hospitality, Inc. (The)\* | 234990 |
| 8600 | Oxford Industries, Inc. | 801348 |
| 16413 | Patrick Industries, Inc. | 994628 |
| 48490 | Ruth's Hospitality Group, Inc. | 750625 |
|  |  | 6179657 |
|  **Consumer Staples — 3.73%** | **Consumer Staples — 3.73%** |  |
| 9180 | John B Sanfilippo & Son, Inc. | 746518 |
| 14130 | MGP Ingredients, Inc. | 1503149 |
|  |  | 2249667 |
|  **Energy — 7.31%** | **Energy — 7.31%** |  |
| 23000 | Delek US Holdings, Inc. | 621000 |
| 73600 | Magnolia Oil & Gas Corp., Class A | 1725920 |
| 46140 | Par Pacific Holdings, Inc.\* | 1072755 |
| 15500 | PDC Energy, Inc. | 983940 |
|  |  | 4403615 |
|  **Financials — 16.42%** | **Financials — 16.42%** |  |
| 10400 | Amerisafe, Inc. | 540488 |
| 22000 | Capstar Financial Holdings, Inc. | 388520 |
| 63098 | Compass Diversified Holdings | 1150277 |
| 24770 | First Bancorp/Southern Pines, NC | 1061147 |
| 17250 | German American Bancorp, Inc. | 643425 |
| 37366 | Mercantile Bank Corp. | 1251014 |
| 11930 | Northrim BanCorp, Inc. | 651020 |
| 18080 | Preferred Bank/Los Angeles, CA | 1349130 |
| 10100 | Southern First Bancshares, Inc.\* | 462075 |
| 35692 | Stellar Bancorp, Inc. | 1051486 |
| 13940 | Stock Yards Bancorp, Inc. | 905821 |
| 8920 | Triumph Financial, Inc.\* | 435920 |
|  |  | 9890323 |
|  **Health Care — 7.90%** | **Health Care — 7.90%** |  |
| 27500 | Apollo Medical Holdings, Inc.\* | 813725 |
| 31010 | Inotiv, Inc.\* | 153189 |
| 31280 | Lantheus Holdings, Inc.\* | 1594029 |

---

**1** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 27840 | Surmodics, Inc.\* | $949901 |
| 10600 | UFP Technologies, Inc.\* | 1249634 |
|  |  | 4760478 |
|  **Industrials — 24.45%** | **Industrials — 24.45%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145210 | ACCO Brands Corp. | 811724 |
| 35955 | Allied Motion Technologies, Inc. | 1251594 |
| 13930 | Barrett Business Services, Inc. | 1299390 |
| 10358 | Casella Waste Systems, Inc., Class A\* | 821493 |
| 20880 | CBIZ, Inc.\* | 978228 |
| 41522 | Columbus McKinnon Corp. | 1348219 |
| 25300 | Douglas Dynamics, Inc. | 914848 |
| 42988 | Ducommun, Inc.\* | 2147681 |
| 28276 | Greenbrier Cos., Inc. (The) | 948094 |
| 57433 | Insteel Industries, Inc. | 1580556 |
| 20680 | Northwest Pipe Co.\* | 696916 |
| 7153 | NV5 Global, Inc.\* | 946485 |
| 6700 | Standex International Corp. | 686147 |
| 16599 | Willdan Group, Inc.\* | 296292 |
|  |  | 14727667 |
|  **Information Technology — 14.07%** | **Information Technology — 14.07%** |  |
| 93670 | AXT, Inc.\* | 410275 |
| 26700 | Cohu, Inc.\* | 855735 |
| 30900 | Model N, Inc.\* | 1253304 |
| 39130 | Napco Security Technologies, Inc.\* | 1075292 |
| 5153 | Novanta, Inc.\* | 700138 |
| 14890 | Onto Innovation, Inc.\* | 1013860 |
| 17462 | PC Connection, Inc. | 818968 |
| 24526 | Sapiens International Corp. NV | 453240 |
| 14080 | Super Micro Computer, Inc.\* | 1155968 |
| 19015 | Vishay Precision Group, Inc.\* | 734930 |
|  |  | 8471710 |
|  **Materials — 4.20%** | **Materials — 4.20%** |  |
| 93479 | FutureFuel Corp. | 759984 |
| 28537 | Koppers Holdings, Inc. | 804744 |
| 11000 | Materion Corp. | 962610 |
|  |  | 2527338 |
|  **Real Estate — 3.28%** | **Real Estate — 3.28%** |  |
| 112910 | Braemar Hotels & Resorts, Inc., REIT | 464060 |
| 57500 | Chatham Lodging Trust | 705525 |
| 11700 | Community Healthcare Trust, Inc., REIT | 418860 |
| 24070 | UMH Properties, Inc., REIT | 387527 |
|  |  | 1975972 |

---

**2** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Utilities — 0.73%** | **Utilities — 0.73%** |  |
| 8510 | Unitil Corp. | $437073 |
|  **Total Common Stocks**<br> (Cost $38,237,051) | **Total Common Stocks**<br> (Cost $38,237,051) | **55825166** |
|  **Exchange Traded Funds — 5.46%** | **Exchange Traded Funds — 5.46%** |  |
| 10840 | iShares Biotechnology ETF | 1423183 |
| 4820 | iShares Russell Microcap Index Fund | 519741 |
| 16200 | SPDR S&P Biotech ETF\* | 1344600 |
|  **Total Exchange Traded Funds**<br> (Cost $3,362,376) | **Total Exchange Traded Funds**<br> (Cost $3,362,376) | **3287524** |
|  **Investment Company — 1.97%** | **Investment Company — 1.97%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185279 | U.S. Government Money Market Fund, RBC Institutional Class 1(a) | 1185279 |
|  **Total Investment Company**<br> (Cost $1,185,278) | **Total Investment Company**<br> (Cost $1,185,278) | **1185279** |
|  **Total Investments**<br> (Cost $42,784,705) — 100.11% | **Total Investments**<br> (Cost $42,784,705) — 100.11% | $**60297969** |
|  **Liabilities in excess of other assets — (0.11)%** | **Liabilities in excess of other assets — (0.11)%** | **(68780)** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**60229189** |

---

------

\* Non-income producing security.

(a) Affiliated investment.

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

**3**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** RBC Enterprise Fund

- **b. EDGAR series identifier (if any):** S000001811

- **c. LEI of Series:** 549300F3K79SKZ1IE086

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $60338121.14

**Total Liabilities:** $106730.44

**Net Assets:** $60231390.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004738 | 12.04%               | 2.75%                | -6.47%               |
| Class ID C000034084 | 12.04%               | 2.79%                | -6.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-204867.98              | $7154705.60                                |
| Month 2  | $-661084.29              | $2404767.39                                |
| Month 3  | $346520.26               | $-4760549.90                               |

### Schedule of Portfolio Investments

| Name                            | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northwest Pipe Co               | Northwest Pipe Co               | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     20680 | NS      | $696916.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                        | CBIZ Inc                        | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     20880 | NS      | $978228.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp         | Magnolia Oil & Gas Corp         | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73600 | NS      | $1725920.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc           | Oxford Industries Inc           | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      8600 | NS      | $801348.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc         | Stock Yards Bancorp Inc         | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |     13940 | NS      | $905821.20    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp            | Mercantile Bank Corp            | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     37366 | NS      | $1251013.68   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc               | Willdan Group Inc               | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     16599 | NS      | $296292.15    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc     | John B Sanfilippo & Son Inc     | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      9180 | NS      | $746517.60    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Micro-Cap ETF           | iShares Micro-Cap ETF           | CUSIP: 464288869<br>LEI: 549300RWAE45TBJ0XD47 | Long             | EC               | RF                | US        |      4820 | NS      | $519740.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA   | Preferred Bank/Los Angeles CA   | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     18080 | NS      | $1349129.60   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc        | Super Micro Computer Inc        | CUSIP: 86800U104<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     14080 | NS      | $1155968.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc        | Par Pacific Holdings Inc        | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     46140 | NS      | $1072755.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc            | Douglas Dynamics Inc            | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     25300 | NS      | $914848.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                | ACCO Brands Corp                | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |    145210 | NS      | $811723.90    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Inotiv Inc                      | Inotiv Inc                      | CUSIP: 45783Q100<br>LEI: 549300FH5Z13X0Q5SK81 | Long             | EC               | CORP              | US        |     31010 | NS      | $153189.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Apparel Inc               | Delta Apparel Inc               | CUSIP: 247368103<br>LEI: 549300YCES15WEDS8Z04 | Long             | EC               | CORP              | US        |     48667 | NS      | $516356.87    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                  | PDC Energy Inc                  | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |     15500 | NS      | $983940.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc            | UFP Technologies Inc            | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |     10600 | NS      | $1249634.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Motion Technologies Inc  | Allied Motion Technologies Inc  | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     35955 | NS      | $1251593.55   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc   | Barrett Business Services Inc   | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |     13930 | NS      | $1299390.40   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings    | Compass Diversified Holdings    | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     63098 | NS      | $1150276.54   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Braemar Hotels & Resorts Inc    | Braemar Hotels & Resorts Inc    | CUSIP: 10482B101<br>LEI: 549300JDUUEBN868C776 | Long             | EC               | CORP              | US        |    112910 | NS      | $464060.10    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Medical Holdings Inc     | Apollo Medical Holdings Inc     | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     27500 | NS      | $813725.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd         | G-III Apparel Group Ltd         | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     36800 | NS      | $504528.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                     | Unitil Corp                     | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8510 | NS      | $437073.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust           | Chatham Lodging Trust           | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57500 | NS      | $705525.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc      | Vishay Precision Group Inc      | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19015 | NS      | $734929.75    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc           | Delek US Holdings Inc           | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     23000 | NS      | $621000.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines N  | First Bancorp/Southern Pines NC | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24770 | NS      | $1061146.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc             | Stellar Bancorp Inc             | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     35692 | NS      | $1051486.32   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc           | Triumph Financial Inc           | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      8920 | NS      | $435920.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc          | Insteel Industries Inc          | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     57433 | NS      | $1580556.16   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc  | Community Healthcare Trust Inc  | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     11700 | NS      | $418860.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc     | German American Bancorp Inc     | CUSIP: 373865104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17250 | NS      | $643425.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc       | Casella Waste Systems Inc       | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     10358 | NS      | $821492.98    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc           | Lantheus Holdings Inc           | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     31280 | NS      | $1594028.80   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                     | Novanta Inc                     | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5153 | NS      | $700138.11    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY       | Columbus McKinnon Corp/NY       | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     41522 | NS      | $1348219.34   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc             | Onto Innovation Inc             | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     14890 | NS      | $1013860.10   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF            | SPDR S&P Biotech ETF            | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |     16200 | NS      | $1344600.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| US Government Money Market Fund | US Government Money Market Fund | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |   1185279 | NS      | $1185278.60   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc            | Northrim BanCorp Inc            | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     11930 | NS      | $651020.10    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                        | Cohu Inc                        | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     26700 | NS      | $855735.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                | Malibu Boats Inc                | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14564 | NS      | $776261.20    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc               | PC Connection Inc               | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     17462 | NS      | $818967.80    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In  | Napco Security Technologies Inc | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     39130 | NS      | $1075292.40   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Surmodics Inc                   | Surmodics Inc                   | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |     27840 | NS      | $949900.80    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The          | Greenbrier Cos Inc/The          | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     28276 | NS      | $948094.28    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                   | Materion Corp                   | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     11000 | NS      | $962610.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstar Financial Holdings Inc  | Capstar Financial Holdings Inc  | CUSIP: 14070T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $388520.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc              | UMH Properties Inc              | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     24070 | NS      | $387527.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazydays Holdings Inc           | Lazydays Holdings Inc           | CUSIP: 52110H100<br>LEI: 5493006PPWVM3TDVJH23 | Long             | EC               | CORP              | US        |     30380 | NS      | $362737.20    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern First Bancshares Inc   | Southern First Bancshares Inc   | CUSIP: 842873101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $462075.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ruth's Hospitality Group Inc    | Ruth's Hospitality Group Inc    | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               | CORP              | US        |     48490 | NS      | $750625.20    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                   | AMERISAFE Inc                   | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |     10400 | NS      | $540488.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Destination XL Group Inc        | Destination XL Group Inc        | CUSIP: 25065K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124810 | NS      | $842467.50    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Television Inc             | Gray Television Inc             | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |     18022 | NS      | $201666.18    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                         | AXT Inc                         | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |     93670 | NS      | $410274.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc         | Lakeland Industries Inc         | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |     29753 | NS      | $395714.90    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                    | Ducommun Inc                    | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     42988 | NS      | $2147680.48   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc             | MGP Ingredients Inc             | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     14130 | NS      | $1503149.40   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc            | Koppers Holdings Inc            | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28537 | NS      | $804743.40    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Model N Inc                     | Model N Inc                     | CUSIP: 607525102<br>LEI: 549300WCIL3W0EYSBN94 | Long             | EC               | CORP              | US        |     30900 | NS      | $1253304.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp      | Standex International Corp      | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      6700 | NS      | $686147.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                  | NV5 Global Inc                  | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7153 | NS      | $946484.96    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corp NV   | Sapiens International Corp NV   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     24526 | NS      | $453240.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc          | Patrick Industries Inc          | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     16413 | NS      | $994627.80    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Group Hospitality Inc/The   | ONE Group Hospitality Inc/The   | CUSIP: 88338K103<br>LEI: 549300QFZD4IE5DEBE98 | Long             | EC               | CORP              | US        |     37300 | NS      | $234990.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                 | FutureFuel Corp                 | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |     93479 | NS      | $759984.27    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Biotechnology ETF       | iShares Biotechnology ETF       | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Long             | EC               | RF                | US        |     10840 | NS      | $1423183.60   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** RBC Funds Trust

**Signature:** Kathy Hegna

**Name of Signer:** Kathy Hegna

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