# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-26-256849
**Filing Date:** 2026-6
**Character Count:** 795869
**Document Hash:** fb1d3cf01700d603ad70db29502b0506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-256849.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-256849

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 261063839

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

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

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

## Series and Classes Contracts Data

### RBC SMID Cap Growth Fund (Series ID: S000001804)

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000102921 | Class A      | RHYAX           |
| C000102922 | Class I      | RGHYX           |
| C000268419 | Class R6     | RHYRX           |

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

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

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

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

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

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

### RBC BlueBay Credit Opportunities Fund (Series ID: S000102195)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000272661 | Class I      | RORIX           |
| C000272662 | Class R6     | RCRSX           |
| C000272663 | Class A      | RCOAX           |

?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

<u>(Address of principal executive offices) (Zip code)</u>

Tara Tilbury

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

<u>(Name and address of agent for service)</u>

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

#### Date of fiscal year end: September 30, 2026

#### Date of reporting period: March 31, 2026

------

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

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC SMID Cap Growth Fund<br> Class A / TMCAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC SMID Cap Growth Fund<br>(Class A/TMCAX) | $53 | 1.07% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Sector Security Selection | Negative | Security selection within health care and industrials detracted from relative performance. |
|  Sector Allocation | Positive | Underweight exposure to information technology and overweight exposure to energy benefited relative returns. |

---

RBC SMID Cap Growth Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Over 10 Years

![LOGO](g480820g04k04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 MONTHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 YEAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 YEARS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 YEARS |
|  RBC SMID Cap Growth Fund (Class A/TMCAX)— including maximum sales load (5.75%) | -8.59% | -1.98% | 0.88% | 8.12% |
|  RBC SMID Cap Growth Fund (Class A/TMCAX) — excluding sales load | -3.03% | 3.98% | 2.08% | 8.77% |
|  S&P 500 Index (Regulatory Benchmark) | -1.79% | 17.80% | 12.06% | 14.16% |
|  Russell 2500 Growth Index (Strategy Benchmark) | -3.20% | 19.31% | 1.75% | 10.46% |

---

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 | $110505961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the<br>reporting period | 11% |

---

RBC SMID Cap Growth Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. | 1.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g07g07.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC SMID Cap Growth Fund — Class A \| 3

------

SMA-SAR-03-26

RBC SMID Cap Growth Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC SMID Cap Growth Fund<br> Class I / TMCIX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC SMID Cap Growth Fund<br>(Class I/TMCIX) | $40 | 0.82% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Sector Security Selection | Negative | Security selection within health care and industrials detracted from relative performance. |
|  Sector Allocation | Positive | Underweight exposure to information technology and overweight exposure to energy benefited relative returns. |

---

RBC SMID Cap Growth Fund — Class I \| 1

------

Fund Performance

Growth of $250,000 Initial Investment Over 10 Years

![LOGO](g480820g10k10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 MONTHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 YEAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 YEARS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 YEARS |
|  RBC SMID Cap Growth Fund (Class I/TMCIX) | -2.94% | 4.29% | 2.34% | 9.04% |
|  S&P 500 Index (Regulatory Benchmark) | -1.79% | 17.80% | 12.06% | 14.16% |
|  Russell 2500 Growth Index (Strategy Benchmark) | -3.20% | 19.31% | 1.75% | 10.46% |

---

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 | $110505961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 11% |

---

RBC SMID Cap Growth Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. | 1.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g13g13.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC SMID Cap Growth Fund — Class I \| 3

------

SMI-SAR-03-26

RBC SMID Cap Growth Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC SMID Cap Growth Fund<br> Class R6 / RSMRX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC SMID Cap Growth Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC SMID Cap Growth Fund<br>(Class R6/RSMRX) | $38 | 0.77% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Sector Security Selection | Negative | Security selection within health care and industrials detracted from relative performance. |
|  Sector Allocation | Positive | Underweight exposure to information technology and overweight exposure to energy benefited relative returns. |

---

RBC SMID Cap Growth Fund — Class R6 \| 1

------

Fund Performance

Growth of $250,000 Initial Investment Over 10 Years

![LOGO](g480820g16k16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC SMID Cap Growth Fund (Class R6/RSMRX) | -2.85% | 4.33% | 2.39% | 9.10% |
|  S&P 500 Index (Regulatory Benchmark) | -1.79% | 17.80% | 12.06% | 14.16% |
|  Russell 2500 Growth Index (Strategy Benchmark) | -3.20% | 19.31% | 1.75% | 10.46% |

---

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 | $110505961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 11% |

---

RBC SMID Cap Growth Fund — Class R6 \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC Plc | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. | 1.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g19g19.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC SMID Cap Growth Fund — Class R6 \| 3

------

SMR-SAR-03-26

RBC SMID Cap Growth Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Strategic Income Fund<br> Class A / RBIAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Strategic Income Fund<br>(Class A/RBIAX) | $44 | 0.87% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return (capital appreciation and income) by investing in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Non-US Rates | Negative | Marginal non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Allocations towards the Communications sector and the Technology sector hurt performance. Detraction within Communications was largely caused by a single issuer, while detraction in Technology was generally caused by pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Strategic Income Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Since Inception

![LOGO](g480820g22k22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Strategic Income Fund (Class A/RBIAX)<br>— including maximum sales load (3.75%) | -3.66% | -0.33% | 4.10%<sup>(a)</sup> |
|  RBC BlueBay Strategic Income Fund (Class A/RBIAX)<br>— excluding sales load | 0.64% | 4.12% | 5.12%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | -0.04% |
|  ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark) | 1.97% | 4.25% | 3.87% |

---

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

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $83759949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 385% |

---

RBC BlueBay Strategic Income Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%, 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; HOMES Trust, Series 2025- NQM4, Class A1, 5.22%, 8/25/70 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), 5.07%, 1/21/37 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.43%, 6/24/30 | 0.8% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 83.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 0.5% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g24g24.jpg)

---

| | |
|:---|:---|
| <br> ![LOGO](g480820g07p02.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Strategic Income Fund — Class A \| 3

------

BSIA-SAR-03-26

RBC BlueBay Strategic Income Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Strategic Income<br>Fund<br> Class I / RBSIX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Strategic Income Fund<br>(Class I/RBSIX) | $31 | 0.62% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return (capital appreciation and income) by investing in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Non-US Rates | Negative | Marginal non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Allocations towards the Communications sector and the Technology sector hurt performance. Detraction within Communications was largely caused by a single issuer, while detraction in Technology was generally caused by pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Strategic Income Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g27k27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Strategic Income Fund (Class I/RBSIX) | 0.72% | 4.33% | 5.38%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | -0.04% |
|  ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark) | 1.97% | 4.25% | 3.87% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit <u>https://usmutualfunds.rbcgam.com/fund-list/</u> 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 | $83759949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 385% |

---

RBC BlueBay Strategic Income Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%, 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; HOMES Trust, Series 2025- NQM4, Class A1, 5.22%, 8/25/70 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), 5.07%, 1/21/37 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.43%, 6/24/30 | 0.8% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 83.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 0.5% |

---

---

| |
|:---|
| SECTOR ALLOCATION |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g32g32.jpg)  |

---

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Strategic Income Fund — Class I \| 3

------

BSII-SAR-03-26

RBC BlueBay Strategic Income Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Strategic Income<br>Fund<br> Class R6 / RBSRX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Strategic Income Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Strategic Income Fund<br>(Class R6/RBSRX) | $29 | 0.57% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return (capital appreciation and income) by investing in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Non-US Rates | Negative | Marginal non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Allocations towards the Communications sector and the Technology sector hurt performance. Detraction within Communications was largely caused by a single issuer, while detraction in Technology was generally caused by pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Strategic Income Fund — Class R6 \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g35k35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Strategic Income Fund (Class R6/RBSRX) | 0.74% | 4.38% | 5.44%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | -0.04% |
|  ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Strategy Benchmark) | 1.97% | 4.25% | 3.87% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit <u>https://usmutualfunds.rbcgam.com/fund-list/</u> 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 | $83759949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 385% |

---

RBC BlueBay Strategic Income Fund — Class R6 \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%,<br> 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; HOMES Trust, Series 2025- NQM4, Class A1, 5.22%, 8/25/70 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), 5.07%, 1/21/37 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.43%, 6/24/30 | 0.8% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 83.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 0.5% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g37g37.jpg)

---

| | |
|:---|:---|
| <br> ![LOGO](g480820g07p02.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Strategic Income Fund — Class R6 \| 3

------

BSIR-SAR-03-26

RBC BlueBay Strategic Income Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Impact Bond Fund<br> Class A / RIBAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. 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 of<br>a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Impact Bond Fund<br>(Class A/RIBAX) | $35 | 0.70% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Issuer Specific | Negative | Continued weakness in an individual problematic asset-backed securities issuer continued to drive price volatility. |
|  Credit Selection | Positive | Strong credit selection within corporate bonds helped performance. |
|  Credit Allocation | Positive | An overweight to municipal bonds was beneficial to performance over the period, as was an overweight to Small Business Administration loans. |

---

RBC BlueBay Impact Bond Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Since Inception

![LOGO](g480820g40k40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 MONTHS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 YEAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 YEARS | SINCE<br>INCEPTION |
|  RBC BlueBay Impact Bond Fund (Class A/RIBAX)—<br>including maximum sales load (3.75%) | -3.76% | -1.82% | -1.25% | 0.47%<sup>(a)</sup> |
|  RBC BlueBay Impact Bond Fund (Class A/RIBAX) —<br>excluding sales load | 0.03% | 2.05% | -0.49% | 0.93%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | 0.31% | 1.68% |

---

<sup>(a)</sup> The Fund's Class A shares commenced operations on January 28, 2020. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on December 18, 2017) and has been adjusted to reflect the fees and expenses of Class A.

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $217249741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 17% |

---

RBC BlueBay Impact Bond Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 5.25%, 3/2/33 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 5.15%, 6/15/29 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., 4.45%, 6/1/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., 5.55%, 11/1/45 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ3608, 4.66%, 4/1/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Revenue, Series B, 4.80%, 5/15/28 | 1.3% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g44g44.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Impact Bond Fund — Class A \| 3

------

BIMA-SAR-03-26

RBC BlueBay Impact Bond Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Impact Bond Fund<br> Class I / RIBIX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Impact Bond Fund<br>(Class I/RIBIX) | $22 | 0.45% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Issuer Specific | Negative | Continued weakness in an individual problematic asset-backed securities issuer continued to drive price volatility. |
|  Credit Selection | Positive | Strong credit selection within corporate bonds helped performance. |
|  Credit Allocation | Positive | An overweight to municipal bonds was beneficial to performance over the period, as was an overweight to Small Business Administration loans. |

---

RBC BlueBay Impact Bond Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g47k47.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | SINCE<br>INCEPTION |
|  RBC BlueBay Impact Bond Fund (Class I/RIBIX) | 0.16% | 2.19% | -0.22% | 1.22%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | 0.31% | 1.68% |

---

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

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $217249741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 17% |

---

RBC BlueBay Impact Bond Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 5.25%, 3/2/33 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 5.15%, 6/15/29 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., 4.45%, 6/1/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., 5.55%, 11/1/45 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ3608, 4.66%, 4/1/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Revenue, Series B, 4.80%, 5/15/28 | 1.3% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g49g49.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Impact Bond Fund — Class I \| 3

------

BIMI-SAR-03-26

RBC BlueBay Impact Bond Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Impact Bond Fund<br> Class R6 / RIBRX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Impact Bond Fund<br>(Class R6/RIBRX)<br>| $20 | 0.40% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Issuer Specific | Negative | Continued weakness in an individual problematic asset-backed securities issuer continued to drive price volatility. |
|  Credit Selection | Positive | Strong credit selection within corporate bonds helped performance. |
|  Credit Allocation | Positive | An overweight to municipal bonds was beneficial to performance over the period, as was an overweight to Small Business Administration loans. |

---

RBC BlueBay Impact Bond Fund — Class R6 \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g52k52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | SINCE<br>INCEPTION |
|  RBC BlueBay Impact Bond Fund (Class R6/RIBRX) | 0.19% | 2.36% | -0.19% | 1.26%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | 0.31% | 1.68% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit <u>https://usmutualfunds.rbcgam.com/fund-list/</u> 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 | $217249741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 17% |

---

RBC BlueBay Impact Bond Fund — Class R6 \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 5.25%, 3/2/33 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 5.15%, 6/15/29 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., 4.45%, 6/1/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., 5.55%, 11/1/45 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Luminace Issuer LLC, Series 2022-1, Class B,<br>5.91%, 7/31/62 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ3608, 4.66%, 4/1/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Revenue, Series B, 4.80%, 5/15/28 | 1.3% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g54g54.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Impact Bond Fund — Class R6 \| 3

------

BIMR-SAR-03-26

RBC BlueBay Impact Bond Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Impact Bond Fund Class Y / RIBYX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Impact Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Impact Bond Fund<br>(Class Y/RIBYX) | $20 | 0.40% |
|  <sup>1</sup> Annualized |  |  |

---

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Issuer Specific | Negative | Continued weakness in an individual problematic asset-backed securities issuer continued to drive price volatility. |
|  Credit Selection | Positive | Strong credit selection within corporate bonds helped performance. |
|  Credit Allocation | Positive | An overweight to municipal bonds was beneficial to performance over the period, as was an overweight to Small Business Administration loans. |

---

RBC BlueBay Impact Bond Fund — Class Y \| 1

------

Fund Performance

Growth of $5,000,000 Initial Investment Since Inception

![LOGO](g480820g57k57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Impact Bond Fund (Class Y/RIBYX) | 0.19% | 2.24% | -0.30%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | 0.22% |

---

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

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $217249741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the<br> reporting period | 17% |

---

RBC BlueBay Impact Bond Fund — Class Y \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 5.25%, 3/2/33 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Electric & Gas Corp., 5.05%, 8/15/35 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 5.15%, 6/15/29 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ0636, 5.22%, 6/1/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., 4.45%, 6/1/32 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., 5.55%, 11/1/45 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ3608, 4.66%, 4/1/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Revenue, Series B, 4.80%, 5/15/28 | 1.3% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g59g59.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Impact Bond Fund — Class Y \| 3

------

BIMY-SAR-03-26

RBC BlueBay Impact Bond Fund — Class Y \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay High Yield Bond Fund<br> Class A / RHYAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay High Yield Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay High Yield Bond Fund<br>(Class A/RHYAX) | $40 | 0.81% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Credit Beta | Negative | The fund was more aggressively positioned than the benchmark towards the beginning of 2026 when markets sold off as a result of the US/Iran war in the Middle East. Spreads widened, and this hurt performance. |
|  Credit Selection | Positive | Credit selection was positive in most sectors over the period. Credit selection was especially strong within the Retail, Utilities, and Technology sectors. |
|  Credit Allocation | Negative | Credit allocation decisions detracted from performance overall. Underweights to both the Healthcare and Capital Goods sectors were particularly detrimental to performance. |
|  Credit Selection | Negative | Within select sectors like Services and Telecommunications, relative performance was a drag over the period due to credit selection. |

---

RBC BlueBay High Yield Bond Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Over 10 Years

![LOGO](g480820g62k62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay High Yield Bond Fund (Class A/RHYAX) — including maximum sales load (4.25%) | -3.92% | 2.36% | 3.09% | 5.32% |
|  RBC BlueBay High Yield Bond Fund (Class A/RHYAX) — excluding sales load | 0.32% | 6.91% | 3.99% | 5.78% |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  ICE BofA US High Yield Index (Strategy Benchmark) | 0.79% | 6.90% | 4.19% | 6.05% |

---

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 | $1476152026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 64% |

---

RBC BlueBay High Yield Bond Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 2/28/31 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, 5/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., 4.38%, 1/15/28 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, 5.88%, 3/1/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 6.88%, 6/30/33 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., 7.50%, 3/24/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo I BV, 4.88%, 7/15/31 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, 9.25%, 12/15/30 | 0.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g65g65.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay High Yield Bond Fund — Class A \| 3

------

BHYA-SAR-03-26

RBC BlueBay High Yield Bond Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay High Yield Bond Fund<br> Class I / RGHYX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay High Yield Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay High Yield Bond Fund<br>(Class I/RGHYX) | $28 | 0.56% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Credit Beta | Negative | The fund was more aggressively positioned than the benchmark towards the beginning of 2026 when markets sold off as a result of the US/Iran war in the Middle East. Spreads widened, and this hurt performance. |
|  Credit Selection | Positive | Credit selection was positive in most sectors over the period. Credit selection was especially strong within the Retail, Utilities, and Technology sectors. |
|  Credit Allocation | Negative | Credit allocation decisions detracted from performance overall. Underweights to both the Healthcare and Capital Goods sectors were particularly detrimental to performance. |
|  Credit Selection | Negative | Within select sectors like Services and Telecommunications, relative performance was a drag over the period due to credit selection. |

---

RBC BlueBay High Yield Bond Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Over 10 Years

![LOGO](g480820g68p68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay High Yield Bond Fund (Class I/RGHYX) | 0.44% | 7.09% | 4.24% | 6.06% |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  ICE BofA US High Yield Index (Strategy Benchmark) | 0.79% | 6.90% | 4.19% | 6.05% |

---

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 | $1476152026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 64% |

---

RBC BlueBay High Yield Bond Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 2/28/31 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, 5/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., 4.38%, 1/15/28 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, 5.88%, 3/1/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 6.88%, 6/30/33 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., 7.50%, 3/24/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo I BV, 4.88%, 7/15/31 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, 9.25%, 12/15/30 | 0.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g71g71.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay High Yield Bond Fund — Class I \| 3

------

BHYI-SAR-03-26

RBC BlueBay High Yield Bond Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay High Yield Bond Fund<br> Class R6 / RHYRX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay High Yield Bond Fund ("Fund") for the period from December 16, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay High Yield Bond Fund<br> (Class R6/RHYRX) | $14 | 0.48% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

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

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Credit Beta | Negative | The fund was more aggressively positioned than the benchmark towards the beginning of 2026 when markets sold off as a result of the US/Iran war in the Middle East. Spreads widened, and this hurt performance. |
|  Credit Selection | Positive | Credit selection was positive in most sectors over the period. Credit selection was especially strong within the Retail, Utilities, and Technology sectors. |
|  Credit Allocation | Negative | Credit allocation decisions detracted from performance overall. Underweights to both the Healthcare and Capital Goods sectors were particularly detrimental to performance. |
|  Credit Selection | Negative | Within select sectors like Services and Telecommunications, relative performance was a drag over the period due to credit selection. |

---

RBC BlueBay High Yield Bond Fund — Class R6 \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Over 10 Years

![LOGO](g480820g74p74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay High Yield Bond Fund (Class R6/RHYRX) | 0.67%<sup>(a)</sup> | 7.38%<sup>(a)</sup> | 4.36%<sup>(a)</sup> | 6.15%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  ICE BofA US High Yield Index (Strategy Benchmark) | 0.79% | 6.90% | 4.19% | 6.05% |

---

<sup>(a)</sup> The Fund's Class R6 shares commenced operations on December 15, 2025. Performance shown for this share class prior to commencement of operations reflects the performance of Class I shares (which commenced operations on November 30, 2011) 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 | $1476152026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 64% |

---

RBC BlueBay High Yield Bond Fund — Class R6 \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 2/28/31 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, 5/15/29 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., 4.38%, 1/15/28 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, 5.88%, 3/1/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 6.88%, 6/30/33 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., 7.50%, 3/24/31 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo I BV, 4.88%, 7/15/31 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, 9.25%, 12/15/30 | 0.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g76g76.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay High Yield Bond Fund — Class R6 \| 3

------

BHYR-SAR-03-26

RBC BlueBay High Yield Bond Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Emerging Market<br>Debt Fund<br> Class A / RESAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Emerging Market Debt Fund (Class A/RESAX) | $52 | 1.03% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Country Selection – Venezuela | Positive | The fund's Venezuelan bond holdings performed well on the back of improved political and economic normalization and the possibility of greater market access over time. |
|  Country Selection – Ecuador | Positive | The fund's overweight in Ecuador performed well as bonds gained on progress toward the International Monetary Fund program, signaling improved fiscal policy and building market confidence. |
|  Country Selection - Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms such as deregulation and fiscal tightening. |
|  Hedges | Negative | The fund had a number of hedges both in the form of corporate and sovereign Credit Default Swaps (CDS), and given the strong risk sentiment this was a minor detractor. |
|  Country Selection – South Africa | Negative | The fund's overweight in South Africa detracted as the spreads widened due to a combination of domestic policy uncertainty and sensitivity to the shifting global macro environment. |

---

RBC BlueBay Emerging Market Debt Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Over 10 Years

![LOGO](g480820g79p79.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Emerging Market Debt Fund (Class A/RESAX)— including maximum sales load (4.25%) | -1.67% | 6.44% | 2.91% | 3.82% |
|  RBC BlueBay Emerging Market Debt Fund (Class A/RESAX) — excluding sales load | 2.66% | 11.12% | 3.82% | 4.27% |
|  Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | -0.84% | 4.26% | -1.46% | 0.58% |
|  JPMorgan EMBI Global Diversified Index (Strategy Benchmark) | 1.99% | 10.38% | 2.47% | 3.75% |

---

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, visithttps://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 | $136838436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 38% |

---

RBC BlueBay Emerging Market Debt Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond, 6.90%, 7/31/35 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, 7.69%, 1/23/50 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, 3.50%, 7/9/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government International Bond, 7.25%, 5/29/32 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 7.75%, 11/7/36 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 8.00%, 11/14/35 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, 6.75%, 1/17/48 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond, 9.38%, 3/31/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bogota Distrito Capital, 13.14%, 11/5/35 | 1.0% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 42.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 0.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g82g82.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Emerging Market Debt Fund — Class A \| 3

------

BEMA-SAR-03-26

RBC BlueBay Emerging Market Debt Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Emerging Market<br> Debt Fund<br> Class I / RBESX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Emerging Market Debt Fund<br>(Class I/RBESX) | $40 | 0.79% |

---

<sup>1</sup> *Annualize*<sup>d</sup>

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Country Selection –<br>Venezuela | Positive | The fund's Venezuelan bond holdings performed well on the back of improved political and economic normalization and the possibility of greater market access over time. |
|  Country Selection –<br>Ecuador | Positive | The fund's overweight in Ecuador performed well as bonds gained on progress toward the International Monetary Fund program, signaling improved fiscal policy and building market confidence. |
|  Country Selection -<br>Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms such as deregulation and fiscal tightening. |
|  Hedges | Negative | The fund had a number of hedges both in the form of corporate and sovereign Credit Default Swaps (CDS), and given the strong risk sentiment this was a minor detractor. |
|  Country Selection – South Africa | Negative | The fund's overweight in South Africa detracted as the spreads widened due to a combination of domestic policy uncertainty and sensitivity to the shifting global macro environment. |

---

RBC BlueBay Emerging Market Debt Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Over 10 Years

![LOGO](g480820g85p85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Emerging Market Debt Fund (Class I/RBESX) | 2.73% | 11.41% | 4.08% | 4.53% |
|  Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | -0.84% | 4.26% | -1.46% | 0.58% |
|  JPMorgan EMBI Global Diversified Index (Strategy Benchmark) | 1.99% | 10.38% | 2.47% | 3.75% |

---

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**<u>**.**</u>

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 | $136838436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 38% |

---

RBC BlueBay Emerging Market Debt Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond, 6.90%, 7/31/35 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, 7.69%, 1/23/50 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, 3.50%, 7/9/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government International Bond, 7.25%, 5/29/32 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 7.75%, 11/7/36 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Series REGs, 5.50%,<br> 8/17/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 8.00%, 11/14/35 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, 6.75%, 1/17/48 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond, 9.38%, 3/31/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bogota Distrito Capital, 13.14%, 11/5/35 | 1.0% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 42.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 0.9% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g88g88.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Emerging Market Debt Fund — Class I \| 3

------

BEMI-SAR-03-26

RBC BlueBay Emerging Market Debt Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Emerging Market Debt Fund<br> Class R6 / RBERX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Emerging Market Debt Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Emerging Market Debt Fund<br>(Class R6/RBERX) | $37 | 0.74% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Country Selection – Venezuela | Positive | The fund's Venezuelan bond holdings performed well on the back of improved political and economic normalization and the possibility of greater market access over time. |
|  Country Selection – Ecuador | Positive | The fund's overweight in Ecuador performed well as bonds gained on progress toward the International Monetary Fund program, signaling improved fiscal policy and building market confidence. |
|  Country Selection - Argentina | Positive | The fund's overweight in Argentina performed well on optimism around President Milei's market-friendly reforms such as deregulation and fiscal tightening. |
|  Hedges | Negative | The fund had a number of hedges both in the form of corporate and sovereign Credit Default Swaps (CDS), and given the strong risk sentiment this was a minor detractor. |
|  Country Selection – South Africa | Negative | The fund's overweight in South Africa detracted as the spreads widened due to a combination of domestic policy uncertainty and sensitivity to the shifting global macro environment. |

---

RBC BlueBay Emerging Market Debt Fund — Class R6 \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Over 10 Years

![LOGO](g480820g91p91.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Emerging Market Debt Fund (Class R6/RBERX) | 2.84% | 11.50% | 4.16% | 4.60% |
|  Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | -0.84% | 4.26% | -1.46% | 0.58% |
|  JPMorgan EMBI Global Diversified Index (Strategy Benchmark) | 1.99% | 10.38% | 2.47% | 3.75% |

---

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<u>/</u> 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 | $136838436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 38% |

---

RBC BlueBay Emerging Market Debt Fund — Class R6 \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond, 6.90%, 7/31/35 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, 7.69%, 1/23/50 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, 3.50%, 7/9/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government International Bond, 7.25%, 5/29/32 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 7.75%, 11/7/36 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, 8.00%, 11/14/35 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, 6.75%, 1/17/48 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond, 9.38%, 3/31/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bogota Distrito Capital, 13.14%, 11/5/35 | 1.0% |

---

---

| | |
|:---|:---|
| GEOGRAPHIC ALLOCATION | GEOGRAPHIC ALLOCATION |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa/Middle East | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 42.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 0.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g94g94.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Emerging Market Debt Fund — Class R6 \| 3

------

BEMR-SAR-03-26

RBC BlueBay Emerging Market Debt Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Core Plus Bond<br>Fund<br> Class A / RCPAX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at <u>https://www.dfinview.com/usrbcgam</u>. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Core Plus Bond Fund<br>(Class A/RCPAX) | $34 | 0.69% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% of its net assets in securities that are non-investment grade (high yield/junk bond).

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Rates | Negative | Non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Credit selection within mortgage related securities hurt performance. Similarly, the technology sector was a drag on performance amid pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Core Plus Bond Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Since Inception

![LOGO](g480820g97p97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br> INCEPTION |
|  RBC BlueBay Core Plus Bond Fund (Class A/RCPAX) — including maximum sales load (3.75%) | -4.12% | -0.22% | 0.33%<sup>(a)</sup> |
|  RBC BlueBay Core Plus Bond Fund (Class A/RCPAX) — excluding sales load | 0.14% | 4.22% | 1.31%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | -0.04% |

---

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

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. For performance data current to the most recent month-end, visit** <u>https://usmutualfunds.rbcgam.com/fund-list/</u> 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 | $85158258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 421% |

---

RBC BlueBay Core Plus Bond Fund — Class A \| 2

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| TOP TEN HOLDINGS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.00%, 11/15/35 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.00%, 4/1/56 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%, 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 6.00%, 4/1/56 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.50%, 4/1/56 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A2, 5.16%, 12/20/55 |  |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g99g99.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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<br> 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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC Blue Bay Core Plus Bond Fund — Class A \| 3

------

BCPA-SAR-03-26

RBC BlueBay Core Plus Bond Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Core Plus Bond <br>Fund<br> Class I / RCPIX |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Core Plus Bond Fund<br>(Class I/RCPIX) | $22 | 0.44% |

---

*<sup>1</sup> Annualized*

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% of its net assets in securities that are non-investment grade (high yield/junk bond).

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Rates | Negative | Non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Credit selection within mortgage related securities hurt performance. Similarly, the technology sector was a drag on performance amid pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Core Plus Bond Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g02p02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Core Plus Bond Fund (Class I/RCPIX) | 0.26% | 4.46% | 1.58%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | -0.04% |

---

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

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $85158258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the<br>reporting period | 421% |

---

RBC BlueBay Core Plus Bond Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.00%, 11/15/35 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.00%, 4/1/56 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%, 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 6.00%, 4/1/56 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.50%, 4/1/56 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55 | 1.0% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g04.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Core Plus Bond Fund — Class I \| 3

------

BCPI-SAR-03-26

RBC BlueBay Core Plus Bond Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Core Plus Bond Fund<br> Class R6 / RCPRX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Core Plus Bond Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Core Plus Bond Fund<br>(Class R6/RCPRX) | $19 | 0.39% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund seeks to provide total return by investing, under normal circumstances, at least 80% of its assets in fixed income securities. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% of its net assets in securities that are non-investment grade (high yield/junk bond).

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Rates | Negative | Non-US interest rate positioning hurt performance as markets sold off in Q1 2026. |
|  Sector Specific | Negative | Credit selection within mortgage related securities hurt performance. Similarly, the technology sector was a drag on performance amid pressure in Q4 over supply fears and upcoming issuance. |
|  Credit Alpha | Positive | Solid credit selection within Consumer Non-Cyclicals and Utilities sectors generated alpha which helped limit overall underperformance over the period. |

---

RBC BlueBay Core Plus Bond Fund — Class R6 \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Since Inception

![LOGO](g480820g07p07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | SINCE<br>INCEPTION |
|  RBC BlueBay Core Plus Bond Fund (Class R6/RCPRX) | 0.40% | 4.52% | 1.63%<sup>(a)</sup> |
|  Bloomberg US Aggregate Bond Index | 1.05% | 4.35% | -0.04% |
| <sup>(a)</sup> Commenced operations November 1, 2021. |  |  |  |

---

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

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $85158258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 421% |

---

RBC BlueBay Core Plus Bond Fund — Class R6 \| 2

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| TOP TEN HOLDINGS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.00%, 11/15/35 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.00%, 4/1/56 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.38%, 11/30/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.50%, 10/31/27 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 6.00%, 4/1/56 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 3.50%, 4/1/56 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55 | 1.0% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g09.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br> 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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Core Plus Bond Fund — Class R6 \| 3

------

BCPR-SAR-03-26

RBC BlueBay Core Plus Bond Fund — Class R6 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Access Capital Community Investment Fund<br> Class A / ACASX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Access Capital Community Investment Fund<br>(Class A/ACASX) | $40 | 0.80% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund's investment objective is to provide current income consistent with the preservation of capital by investing primarily in high quality debt securities and other debt instruments supporting community development, including investments deemed to be qualified under the Community Reinvestment Act of 1977, as amended (the "CRA").

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Income/Carry | Positive | The fund maintained a yield advantage over the benchmark during the period. |
|  Credit Selection | Positive | The fund generated positive relative returns with solid credit selection in agency commercial mortgage-backed securities and Small Business Administration loans. |
|  Credit Selection | Negative | Our specified mortgage-backed securities pools underperformed those in the benchmark. |
|  Credit Allocation | Negative | Not owning asset-backed securities dragged on performance over the period. |

---

RBC BlueBay Access Capital Community Investment Fund — Class A \| 1

------

Fund Performance

Growth of $10,000 Initial Investment Over 10 Years

![LOGO](g480820g12p12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Access Capital Community Investment Fund (Class A/ACASX)— including maximum sales load (3.75%) | -1.92% | 1.10% | -0.88% | 0.41% |
|  RBC BlueBay Access Capital Community Investment Fund (Class A/ACASX) — excluding sales load | 1.86% | 5.05% | -0.12% | 0.79% |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  Bloomberg US Securitized Index (Strategy Benchmark) | 2.09% | 5.75% | 0.54% | 1.51% |

---

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, visithttps://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 | $710847122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 64% |

---

RBC BlueBay Access Capital Community Investment Fund — Class A \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ5369, 4.41%, 10/1/35 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g15.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Access Capital Community Investment Fund — Class A \| 3

------

BACA-SAR-03-26

RBC BlueBay Access Capital Community Investment Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Access Capital Community Investment Fund<br> Class I / ACCSX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Access Capital Community Investment Fund (Class I/ACCSX) | $23 | 0.45% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund's investment objective is to provide current income consistent with the preservation of capital by investing primarily in high quality debt securities and other debt instruments supporting community development, including investments deemed to be qualified under the Community Reinvestment Act of 1977, as amended (the "CRA").

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Income/Carry | Positive | The fund maintained a yield advantage over the benchmark during the period. |
|  Credit Selection | Positive | The fund generated positive relative returns with solid credit selection in agency commercial mortgage-backed securities and Small Business Administration loans. |
|  Credit Selection | Negative | Our specified mortgage-backed securities pools underperformed those in the benchmark. |
|  Credit Allocation | Negative | Not owning asset-backed securities dragged on performance over the period. |

---

RBC BlueBay Access Capital Community Investment Fund — Class I \| 1

------

Fund Performance

Growth of $1,000,000 Initial Investment Over 10 Years

![LOGO](g480820g18p18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Access Capital Community Investment<br>Fund (Class I/ACCSX) | 2.03% | 5.41% | 0.22% | 1.14% |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  Bloomberg US Securitized Index (Strategy Benchmark) | 2.09% | 5.75% | 0.54% | 1.51% |

---

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 | $710847122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the<br>reporting period | 64% |

---

RBC BlueBay Access Capital Community Investment Fund — Class I \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ5369, 4.41%, 10/1/35 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g21.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Access Capital Community Investment Fund — Class I \| 3

------

BACI-SAR-03-26

RBC BlueBay Access Capital Community Investment Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Access Capital Community Investment Fund<br> Class IS / ACATX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Access Capital Community Investment Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Access Capital Community Investment Fund (Class IS/ACATX) | $20 | 0.40% |

---

<sup>1</sup> Annualized

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund's investment objective is to provide current income consistent with the preservation of capital by investing primarily in high quality debt securities and other debt instruments supporting community development, including investments deemed to be qualified under the Community Reinvestment Act of 1977, as amended (the "CRA").

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

TOP PERFORMANCE CONTRIBUTORS

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
|  Income/Carry | Positive | The fund maintained a yield advantage over the benchmark during the period. |
|  Credit Selection | Positive | The fund generated positive relative returns with solid credit selection in agency commercial mortgage-backed securities and Small Business Administration loans. |
|  Credit Selection | Negative | Our specified mortgage-backed securities pools underperformed those in the benchmark. |
|  Credit Allocation | Negative | Not owning asset-backed securities dragged on performance over the period. |

---

RBC BlueBay Access Capital Community Investment Fund — Class IS \| 1

------

Fund Performance

Growth of $2,500 Initial Investment Over 10 Years

![LOGO](g480820g24p24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS |
|  RBC BlueBay Access Capital Community Investment Fund (Class IS/ACATX) | 2.06% | 5.47% | 0.29% | 1.24% |
|  Bloomberg US Aggregate Bond Index (Regulatory Benchmark) | 1.05% | 4.35% | 0.31% | 1.70% |
|  Bloomberg US Securitized Index (Strategy Benchmark) | 2.09% | 5.75% | 0.54% | 1.51% |

---

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 | $710847122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the<br>reporting period | 64% |

---

RBC BlueBay Access Capital Community Investment Fund — Class IS \| 2

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.00%, 4/1/56 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, (TBA), 2.50%, 4/1/56 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4463, 4.50%, 8/1/52 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CC1130, 6.00%, 9/1/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB5037, 5.50%, 11/1/52 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #BZ5369, 4.41%, 10/1/35 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB4314, 4.50%, 8/1/52 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RJ3358, 5.50%, 1/1/55 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac, Pool #RA7503, 4.50%, 7/1/52 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, Pool #CB3797, 4.00%, 6/1/52 | 0.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

![LOGO](g480820g01g27.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Access Capital Community Investment Fund — Class IS \| 3

------

BACIS-SAR-03-26

RBC BlueBay Access Capital Community Investment Fund — Class IS \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay U.S. Government<br>Money Market Fund<br> Class A / RGMXX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay U.S. Government Money Market Fund (Class A/RGMXX) | $12 | 0.23% |

---

<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $20315869310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 199 |

---

RBC BlueBay U.S. Government Money Market Fund — Class A \| 1

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC,<br>repo, 3.67%, 4/1/26 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities,<br>repo, 3.66%, 4/1/26 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National<br>Association, repo, 3.65%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National<br>Association, repo, 3.66%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate and<br>Investment Bank, repo,<br>3.66%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA), repo,<br>3.67%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities<br>Corp., repo, 3.65%, 4/1/26 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets,<br>Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets,<br>Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC,<br>repo, 3.65%, 4/2/26 | 1.5% |

---

---

| | |
|:---|:---|
| MONEY MARKET MATURITY | MONEY MARKET MATURITY |
| &nbsp;&nbsp;&nbsp;&nbsp; Less than 8 days | 62.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8 to 14 days | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15 to 30 days | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; 31 to 180 days | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 180 days | 6.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

![LOGO](g480820g01g30.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay U.S. Government Money Market Fund — Class A \| 2

------

BMMA-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Class A \| 3

------

BMMA-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay U.S. Government<br> Money Market Fund<br> Institutional Class 1 / TUGXX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay U.S. Government Money Market Fund<br>(Institutional Class 1/TUGXX) | $7 | 0.13% |

---

<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $20315869310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 199 |

---

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

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.67%, 4/1/26 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, repo, 3.66%, 4/1/26 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.65%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.66%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, repo, 3.66%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA), repo, 3.67%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp., repo, 3.65%, 4/1/26 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.65%, 4/2/26 | 1.5% |

---

---

| | |
|:---|:---|
| MONEY MARKET MATURITY | MONEY MARKET MATURITY |
| &nbsp;&nbsp;&nbsp;&nbsp; Less than 8 days | 62.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8 to 14 days | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15 to 30 days | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; 31 to 180 days | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 180 days | 6.9% |

---

 <br> <u> SECTOR ALLOCATION</u>

![LOGO](g480820g01g34.jpg)

---

| | |
|:---|:---|
| <br>![LOGO](g480820g07p02.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 1 \| 2

------

BMM1-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 1 \| 3

------

BMM1-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 1 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay U.S. Government <br>Money Market Fund<br> Institutional Class 2 / TIMXX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay U.S. Government Money Market Fund<br>(Institutional Class 2/TIMXX) | $14 | 0.27% |

---

*<sup>1</sup> Annualized* 

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $20315869310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 199 |

---

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 2 \| 1

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.67%, 4/1/26 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, repo, 3.66%, 4/1/26 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.65%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.66%, 4/1/ 26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, repo, 3.66%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA), repo, 3.67%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp., repo, 3.65%, 4/1/26 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.65%, 4/2/26 | 1.5% |

---

---

| | |
|:---|:---|
| MONEY MARKET MATURITY | MONEY MARKET MATURITY |
| &nbsp;&nbsp;&nbsp;&nbsp; Less than 8 days | 62.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8 to 14 days | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15 to 30 days | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; 31 to 180 days | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 180 days | 6.9% |

---

 <br> <u>SECTOR ALLOCATION</u>

![LOGO](g480820g01g38.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

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

------

BMM2-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 2 \| 3

------

BMM2-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Institutional Class 2 \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay U.S. Government <br>Money Market Fund<br> Investor Class / TUIXX<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay U.S. Government Money Market Fund ("Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay U.S. Government Money Market Fund<br>(Investor Class/TUIXX) | $50 | 1.00% |

---

<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $20315869310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 199 |

---

RBC BlueBay U.S. Government Money Market Fund — Investor Class \| 1

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.67%, 4/1/26 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, repo, 3.66%, 4/1/26 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.65%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America, National Association, repo, 3.66%, 4/1/26 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, repo, 3.66%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA), repo, 3.67%, 4/1/26 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp., repo, 3.65%, 4/1/26 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., repo, 3.66%, 4/1/26 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, repo, 3.65%, 4/2/26 | 1.5% |

---

---

| | |
|:---|:---|
| MONEY MARKET MATURITY | MONEY MARKET MATURITY |
| &nbsp;&nbsp;&nbsp;&nbsp; Less than 8 days | 62.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8 to 14 days | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15 to 30 days | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; 31 to 180 days | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 180 days | 6.9% |

---

 <br> <u> SECTOR ALLOCATION</u>

![LOGO](g480820g01g42.jpg)

---

| | |
|:---|:---|
| <br>![LOGO](g480820g07p02.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay U.S. Government Money Market Fund — Investor Class \| 2

------

BMMI-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Investor Class \| 3

------

BMMI-SAR-03-26

RBC BlueBay U.S. Government Money Market Fund — Investor Class \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Credit Opportunities<br> Fund<br> Class A / RCOAX |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Credit Opportunities Fund ("Fund") for the period from March 30, 2026 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Credit Opportunities Fund<br> (Class A/RCOAX) | $0 | 0.82% |

---

<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $50098308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period | 0% |

---

RBC BlueBay Credit Opportunities Fund — Class A \| 1

------

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; Mountain View CLO XVI Ltd., Series 2022-1A, Class D1RR, (Term SOFR 3M + 3.690%), 7.36%, 3/15/38 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, (Term SOFR 3M + 3.100%), 6.77%, 7/18/37 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; WCORE Commercial Mortgage Trust, Series 2024- CORE, Class D, (Term SOFR 1M + 2.940%), 6.61%, 11/15/41 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-WAG, Class C, 6.58%, 11/1/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class M1, 6.83%, 2/1/65 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Breakwater Energy Holdings Sarl, 9.25%, 11/15/30 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, 3/1/29 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, 9.38%, 10/3/31 | 0.5% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g46.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Credit Opportunities Fund — Class A \| 2

------

BCOA-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class A \| 3

------

BCOA-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class A \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Credit Opportunities<br> Fund<br> Class I / RORIX |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Credit Opportunities Fund ("Fund") for the period from March 30, 2026 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://www.dfinview.com/usrbcgam. You can also request this information by contacting us at 1-800-422-2766.

Fund Expenses

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Credit Opportunities Fund<br> (Class I/RORIX) | $0 | 0.57% |

---

<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $| 50098308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period |  | 0% |

---

RBC BlueBay Credit Opportunities Fund — Class I \| 1

------

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 | TOP TEN HOLDINGS |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain View CLO XVI Ltd., Series 2022-1A, Class D1RR, (Term SOFR 3M + 3.690%), 7.36%, 3/15/38 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, (Term SOFR 3M + 3.100%), 6.77%, 7/18/37 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; WCORE Commercial Mortgage Trust, Series 2024- CORE, Class D, (Term SOFR 1M + 2.940%), 6.61%, 11/15/41 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-WAG, Class C, 6.58%, 11/1/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class M1, 6.83%, 2/1/65 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Breakwater Energy Holdings Sarl, 9.25%, 11/15/30 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, 3/1/29 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, 9.38%, 10/3/31 | 0.5% |

---

<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g50.jpg)

---

| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Credit Opportunities Fund — Class I \| 2

------

BCOI-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class I \| 3

------

BCOI-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class I \| 4

------

---

| | |
|:---|:---|
| ![LOGO](g480820g03n03.jpg) | RBC BlueBay Credit Opportunities Fund<br> Class R6 / RCRSX  |

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SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026

This semi-annual shareholder report contains important information about the RBC BlueBay Credit Opportunities Fund ("Fund") for the period from March 30, 2026 (commencement of operations) to March 31, 2026. 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)

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| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup> |
|  RBC BlueBay Credit Opportunities Fund (Class R6/RCRSX) | $0 | 0.49% |

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<sup>1</sup> Annualized

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund net assets | $| 50098308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total number of portfolio holdings |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate as of the end of the reporting period |  | 0% |

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RBC BlueBay Credit Opportunities Fund — Class R6 \| 1

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Graphical Representation of Holdings

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

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| | |
|:---|:---|
| TOP TEN HOLDINGS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain View CLO XVI Ltd., Series 2022-1A, Class D1RR, (Term SOFR 3M + 3.690%), 7.36%, 3/15/38 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, (Term SOFR 3M + 3.100%), 6.77%, 7/18/37 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; WCORE Commercial Mortgage Trust, Series 2024- CORE, Class D, (Term SOFR 1M + 2.940%), 6.61%, 11/15/41 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-WAG, Class C, 6.58%, 11/1/42 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class M1, 6.83%, 2/1/65 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Breakwater Energy Holdings Sarl, 9.25%, 11/15/30 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, 3/1/29 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, 9.38%, 10/3/31 | 0.5% |

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<u>SECTOR ALLOCATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g480820g01g54.jpg)

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| | |
|:---|:---|
| ![LOGO](g480820g07p02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Availability of Additional Information<br>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. |

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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> / <sup>™</sup> Trademark(s) of Royal Bank of Canada. Used under license. <sup>©</sup>2026 RBC Global Asset Management (U.S.) Inc.

RBC BlueBay Credit Opportunities Fund — Class R6 \| 2

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BCOR-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class R6 \| 3

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BCOR-SAR-03-26

RBC BlueBay Credit Opportunities Fund — Class R6 \| 4

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(b) Not applicable.

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

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

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

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

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

(b) Not applicable.

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

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![LOGO](g480820g01g01.jpg)

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds |  |
|  Table of <br> Contents  | [Schedules of Portfolio Investments](#fin480821_1) | 1 |
|  Table of <br> Contents  | [Financial Statements](#fin480820_2) |  |
|  Table of <br> Contents  | [- Statements of Assets and Liabilities](#fin480820_3) | 35 |
|  Table of <br> Contents  | [- Statements of Operations](#fin480820_4) | 37 |
|  | [- Statements of Changes in Net Assets](#fin480820_5) | 38 |
|  | [Financial Highlights](#fin480820_6) | 40 |
|  | [Notes to Financial Statements](#fin480820_7)<br>| 47 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| U.S. Government Agency Backed Mortgages — 103.4% | U.S. Government Agency Backed Mortgages — 103.4% |  |
| Fannie Mae — 70.7% | Fannie Mae — 70.7% |  |
| $31400000 | (TBA), 2.50%, 4/1/56 | $26409472 |
| 53500000 | (TBA), 2.00%, 4/1/56 | 43057977 |
| 4860000 | (TBA), 4.50%, 4/1/33 | 4876898 |
| 37107 | Pool #258022, 5.50%, 5/1/34 | 38350 |
| 33600 | Pool #258070, 5.00%, 6/1/34 | 34174 |
| 32884 | Pool #258157, 5.00%, 8/1/34 | 33444 |
| 58474 | Pool #258251, 5.50%, 1/1/35 | 60426 |
| 41684 | Pool #258394, 5.00%, 5/1/35 | 42374 |
| 31030 | Pool #258410, 5.00%, 4/1/35 | 31544 |
| 66027 | Pool #258450, 5.50%, 8/1/35 | 68302 |
| 104604 | Pool #258627, 5.50%, 2/1/36 | 108213 |
| 5161 | Pool #258737, 5.50%, 12/1/35 | 5341 |
| 14162 | Pool #259378, 6.00%, 12/1/31 | 14586 |
| 8523 | Pool #259393, 6.00%, 1/1/32 | 8742 |
| 23993 | Pool #259590, 5.50%, 11/1/32 | 24563 |
| 47441 | Pool #259611, 5.50%, 11/1/32 | 48569 |
| 18777 | Pool #259671, 5.50%, 2/1/33 | 19223 |
| 45201 | Pool #259686, 5.50%, 3/1/33 | 46416 |
| 35077 | Pool #259761, 5.00%, 6/1/33 | 35677 |
| 45650 | Pool #259777, 5.00%, 7/1/33 | 46436 |
| 29081 | Pool #259789, 5.00%, 7/1/33 | 29581 |
| 29872 | Pool #259830, 5.00%, 8/1/33 | 30383 |
| 19376 | Pool #259848, 5.00%, 9/1/33 | 19708 |
| 42935 | Pool #259867, 5.50%, 10/1/33 | 44086 |
| 20598 | Pool #259869, 5.50%, 10/1/33 | 21150 |
| 20574 | Pool #259998, 5.00%, 3/1/34 | 20925 |
| 232576 | Pool #470828, 3.53%, 3/1/32 | 224502 |
| 16208 | Pool #579402, 6.50%, 4/1/31 | 16899 |
| 13554 | Pool #583728, 6.50%, 6/1/31 | 14132 |
| 4153 | Pool #590931, 6.50%, 7/1/31 | 4330 |
| 20618 | Pool #607611, 6.50%, 11/1/31 | 21496 |
| 21306 | Pool #644437, 6.50%, 6/1/32 | 22302 |
| 396081 | Pool #663159, 5.00%, 7/1/32 | 401956 |
| 20601 | Pool #670278, 5.50%, 11/1/32 | 21090 |
| 29483 | Pool #677591, 5.50%, 12/1/32 | 30185 |
| 118039 | Pool #695961, 5.50%, 1/1/33 | 120829 |
| 75861 | Pool #696407, 5.50%, 4/1/33 | 77895 |
| 204316 | Pool #702478, 5.50%, 6/1/33 | 209805 |
| 63723 | Pool #702479, 5.00%, 6/1/33 | 64823 |
| 20683 | Pool #723066, 5.00%, 4/1/33 | 21037 |
| 90434 | Pool #723067, 5.50%, 5/1/33 | 92864 |
| 86155 | Pool #723070, 4.50%, 5/1/33 | 86611 |
| 105553 | Pool #727311, 4.50%, 9/1/33 | 106108 |
| 77611 | Pool #727312, 5.00%, 9/1/33 | 78945 |
| 39854 | Pool #727315, 6.00%, 10/1/33 | 41249 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $23090 | Pool #738589, 5.00%, 9/1/33 | $23486 |
| 28501 | Pool #739269, 5.00%, 9/1/33 | 28990 |
| 30460 | Pool #748041, 4.50%, 10/1/33 | 30621 |
| 52956 | Pool #749891, 5.00%, 9/1/33 | 53867 |
| 21443 | Pool #753533, 5.00%, 11/1/33 | 21812 |
| 24767 | Pool #755679, 6.00%, 1/1/34 | 25635 |
| 231964 | Pool #777621, 5.00%, 2/1/34 | 235957 |
| 52083 | Pool #781741, 6.00%, 9/1/34 | 54141 |
| 27043 | Pool #781959, 5.50%, 6/1/34 | 27949 |
| 9160 | Pool #783893, 5.50%, 12/1/34 | 9468 |
| 46867 | Pool #783929, 5.50%, 10/1/34 | 48443 |
| 37587 | Pool #799548, 6.00%, 9/1/34 | 39071 |
| 426152 | Pool #806754, 4.50%, 9/1/34 | 428403 |
| 172812 | Pool #806757, 6.00%, 9/1/34 | 179627 |
| 181903 | Pool #806761, 5.50%, 9/1/34 | 188032 |
| 73761 | Pool #808205, 5.00%, 1/1/35 | 75022 |
| 126267 | Pool #815009, 5.00%, 4/1/35 | 128366 |
| 33769 | Pool #820336, 5.00%, 9/1/35 | 34328 |
| 67391 | Pool #822008, 5.00%, 5/1/35 | 68509 |
| 102461 | Pool #829276, 5.00%, 8/1/35 | 104165 |
| 48888 | Pool #829649, 5.50%, 3/1/35 | 50532 |
| 17789 | Pool #845245, 5.50%, 11/1/35 | 18402 |
| 9963 | Pool #866969, 6.00%, 2/1/36 | 10405 |
| 55892 | Pool #884693, 5.50%, 4/1/36 | 57852 |
| 124658 | Pool #885724, 5.50%, 6/1/36 | 129030 |
| 50819 | Pool #919368, 5.50%, 4/1/37 | 52596 |
| 203281 | Pool #922582, 6.00%, 12/1/36 | 213154 |
| 75187 | Pool #934941, 5.00%, 8/1/39 | 76462 |
| 228060 | Pool #934942, 5.00%, 9/1/39 | 231949 |
| 150378 | Pool #948600, 6.00%, 8/1/37 | 158213 |
| 52849 | Pool #952678, 6.50%, 8/1/37 | 56250 |
| 69864 | Pool #986239, 6.00%, 7/1/38 | 73552 |
| 94074 | Pool #986957, 5.50%, 7/1/38 | 97444 |
| 125128 | Pool #990617, 5.50%, 9/1/38 | 129629 |
| 114731 | Pool #AA0645, 4.50%, 3/1/39 | 114553 |
| 95400 | Pool #AA3207, 4.50%, 3/1/39 | 95252 |
| 81552 | Pool #AA7042, 4.50%, 6/1/39 | 81426 |
| 125388 | Pool #AA7658, 4.00%, 6/1/39 | 122426 |
| 523361 | Pool #AB7798, 3.00%, 1/1/43 | 482111 |
| 723073 | Pool #AB9204, 3.00%, 4/1/43 | 663530 |
| 50080 | Pool #AC1463, 5.00%, 8/1/39 | 50929 |
| 197443 | Pool #AC2109, 4.50%, 7/1/39 | 197136 |
| 204759 | Pool #AC4395, 5.00%, 9/1/39 | 208230 |
| 76807 | Pool #AC5329, 5.00%, 10/1/39 | 78110 |
| 141368 | Pool #AC6305, 5.00%, 11/1/39 | 143779 |
| 110584 | Pool #AC6307, 5.00%, 12/1/39 | 112461 |
| 171518 | Pool #AC6790, 5.00%, 12/1/39 | 174443 |
| 246034 | Pool #AC7199, 5.00%, 12/1/39 | 250220 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $230526 | Pool #AD1470, 5.00%, 2/1/40 | $234457 |
| 153482 | Pool #AD1586, 5.00%, 1/1/40 | 156099 |
| 173263 | Pool #AD1638, 4.50%, 2/1/40 | 172921 |
| 110343 | Pool #AD1640, 4.50%, 3/1/40 | 110125 |
| 129206 | Pool #AD1988, 4.50%, 2/1/40 | 129006 |
| 140596 | Pool #AD2896, 5.00%, 3/1/40 | 142972 |
| 1243 | Pool #AD4456, 4.50%, 4/1/40 | 1240 |
| 277467 | Pool #AD4458, 4.50%, 4/1/40 | 276918 |
| 151228 | Pool #AD4940, 4.50%, 6/1/40 | 150929 |
| 47566 | Pool #AD4946, 4.50%, 6/1/40 | 47472 |
| 95254 | Pool #AD5728, 5.00%, 4/1/40 | 96864 |
| 42319 | Pool #AD7242, 4.50%, 7/1/40 | 42235 |
| 72436 | Pool #AD7256, 4.50%, 7/1/40 | 72292 |
| 112554 | Pool #AD7271, 4.50%, 7/1/40 | 112331 |
| 209933 | Pool #AD7272, 4.50%, 7/1/40 | 209517 |
| 70783 | Pool #AD8960, 5.00%, 6/1/40 | 72111 |
| 262692 | Pool #AD9614, 4.50%, 8/1/40 | 262173 |
| 567636 | Pool #AE2012, 4.00%, 9/1/40 | 554484 |
| 93978 | Pool #AE2023, 4.00%, 9/1/40 | 91806 |
| 147339 | Pool #AE5432, 4.00%, 10/1/40 | 143932 |
| 264917 | Pool #AE5435, 4.50%, 9/1/40 | 264393 |
| 78699 | Pool #AE5806, 4.50%, 9/1/40 | 78544 |
| 233792 | Pool #AE5861, 4.00%, 10/1/40 | 228375 |
| 104577 | Pool #AE5862, 4.00%, 10/1/40 | 102157 |
| 215107 | Pool #AE6850, 4.00%, 10/1/40 | 210123 |
| 122052 | Pool #AE7699, 4.00%, 11/1/40 | 119217 |
| 330606 | Pool #AE7703, 4.00%, 10/1/40 | 322925 |
| 101023 | Pool #AH0300, 4.00%, 11/1/40 | 98685 |
| 87401 | Pool #AH0301, 3.50%, 11/1/40 | 83598 |
| 93879 | Pool #AH0306, 4.00%, 12/1/40 | 91709 |
| 294160 | Pool #AH0508, 4.00%, 11/1/40 | 287345 |
| 380392 | Pool #AH0537, 4.00%, 12/1/40 | 371589 |
| 437344 | Pool #AH0914, 4.50%, 11/1/40 | 436480 |
| 213923 | Pool #AH0917, 4.00%, 12/1/40 | 208966 |
| 171945 | Pool #AH1077, 4.00%, 1/1/41 | 167966 |
| 155952 | Pool #AH2973, 4.00%, 12/1/40 | 152347 |
| 185673 | Pool #AH2980, 4.00%, 1/1/41 | 181376 |
| 431240 | Pool #AH5656, 4.00%, 1/1/41 | 421261 |
| 243606 | Pool #AH5658, 4.00%, 2/1/41 | 237962 |
| 163789 | Pool #AH5662, 4.00%, 2/1/41 | 160002 |
| 130512 | Pool #AH6764, 4.00%, 3/1/41 | 127488 |
| 370129 | Pool #AH6768, 4.00%, 3/1/41 | 360318 |
| 252315 | Pool #AH7281, 4.00%, 3/1/41 | 245654 |
| 91755 | Pool #AH7526, 4.50%, 3/1/41 | 91324 |
| 198153 | Pool #AH7537, 4.00%, 3/1/41 | 193202 |
| 117363 | Pool #AH8878, 4.50%, 4/1/41 | 116812 |
| 58425 | Pool #AH8885, 4.50%, 4/1/41 | 58151 |

---

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---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $289478 | Pool #AI0114, 4.00%, 3/1/41 | $281805 |
| 202401 | Pool #AI1846, 4.50%, 5/1/41 | 201450 |
| 322498 | Pool #AI1848, 4.50%, 5/1/41 | 320982 |
| 240280 | Pool #AI1849, 4.50%, 5/1/41 | 239152 |
| 145142 | Pool #AJ0651, 4.00%, 8/1/41 | 141306 |
| 476176 | Pool #AJ9133, 4.00%, 1/1/42 | 463554 |
| 151415 | Pool #AK6715, 3.50%, 3/1/42 | 143580 |
| 291525 | Pool #AK6716, 3.50%, 3/1/42 | 276440 |
| 141678 | Pool #AK6718, 3.50%, 2/1/42 | 134341 |
| 198843 | Pool #AM6907, 3.68%, 10/1/32 | 191720 |
| 350000 | Pool #AN0360, 3.95%, 12/1/45 | 299506 |
| 743401 | Pool #AN5053, 3.34%, 4/1/27 | 738325 |
| 183678 | Pool #AN6580, 3.36%, 9/1/29 | 179334 |
| 838631 | Pool #AN7154, 3.21%, 10/1/32 | 789703 |
| 1923339 | Pool #AN8055, 3.05%, 1/1/30 | 1851629 |
| 1457784 | Pool #AN8121, 3.16%, 1/1/35 | 1313490 |
| 475987 | Pool #AN8915, 3.48%, 4/1/30 | 464004 |
| 152680 | Pool #AO2923, 3.50%, 5/1/42 | 144794 |
| 492074 | Pool #AO8029, 3.50%, 7/1/42 | 466611 |
| 108304 | Pool #AP7483, 3.50%, 9/1/42 | 102700 |
| 39006 | Pool #AQ6710, 2.50%, 10/1/27 | 38495 |
| 493411 | Pool #AQ7193, 3.50%, 7/1/43 | 467248 |
| 72151 | Pool #AR6928, 3.00%, 3/1/43 | 66212 |
| 693954 | Pool #AS3494, 4.00%, 10/1/44 | 668720 |
| 166099 | Pool #AS3929, 4.00%, 12/1/44 | 160548 |
| 200043 | Pool #AS4070, 4.00%, 12/1/44 | 192070 |
| 131106 | Pool #AS4390, 3.50%, 2/1/45 | 123797 |
| 151252 | Pool #AS4732, 3.50%, 4/1/45 | 142107 |
| 434382 | Pool #AS4905, 3.50%, 4/1/45 | 407800 |
| 662953 | Pool #AS5341, 3.50%, 7/1/45 | 619716 |
| 224585 | Pool #AS5576, 4.00%, 8/1/45 | 216178 |
| 279391 | Pool #AS5919, 3.50%, 9/1/45 | 262834 |
| 193623 | Pool #AS6303, 4.00%, 11/1/45 | 186371 |
| 383304 | Pool #AS6778, 3.50%, 3/1/46 | 358305 |
| 236786 | Pool #AS6958, 3.50%, 4/1/46 | 221774 |
| 663654 | Pool #AS7138, 3.50%, 5/1/46 | 618788 |
| 121259 | Pool #AS7139, 3.50%, 5/1/46 | 113572 |
| 457575 | Pool #AS7334, 3.00%, 6/1/46 | 414432 |
| 511628 | Pool #AS7335, 3.00%, 5/1/46 | 461616 |
| 292220 | Pool #AS7336, 3.00%, 6/1/46 | 258577 |
| 1115889 | Pool #AS7504, 3.00%, 7/1/46 | 1006809 |
| 405031 | Pool #AS7516, 3.00%, 7/1/46 | 365439 |
| 265576 | Pool #AS7517, 3.00%, 6/1/46 | 240686 |
| 109442 | Pool #AS7518, 3.00%, 7/1/46 | 99259 |
| 135702 | Pool #AS7674, 3.00%, 8/1/46 | 122437 |
| 871034 | Pool #AS7676, 3.00%, 8/1/46 | 785889 |
| 212612 | Pool #AS8289, 3.00%, 10/1/46 | 191828 |
| 469877 | Pool #AS8633, 3.50%, 1/1/47 | 438112 |

---

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---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $276104 | Pool #AS8776, 3.50%, 2/1/47 | $257439 |
| 306261 | Pool #AS9381, 4.00%, 4/1/47 | 293402 |
| 145808 | Pool #AS9549, 4.00%, 5/1/47 | 139826 |
| 180536 | Pool #AS9550, 4.00%, 5/1/47 | 172666 |
| 172955 | Pool #AS9825, 4.00%, 6/1/47 | 165693 |
| 377051 | Pool #AT2688, 3.00%, 5/1/43 | 345923 |
| 94266 | Pool #AT3963, 2.50%, 3/1/28 | 92642 |
| 31977 | Pool #AT7873, 2.50%, 6/1/28 | 31432 |
| 321205 | Pool #AU2165, 3.50%, 7/1/43 | 304174 |
| 103042 | Pool #AU2188, 3.50%, 8/1/43 | 97583 |
| 220650 | Pool #AU7003, 4.00%, 11/1/43 | 214909 |
| 155709 | Pool #AU7005, 4.00%, 11/1/43 | 151585 |
| 45841 | Pool #AV0679, 4.00%, 12/1/43 | 44684 |
| 226157 | Pool #AV9282, 4.00%, 2/1/44 | 218665 |
| 117654 | Pool #AW1565, 4.00%, 4/1/44 | 113801 |
| 493993 | Pool #AW5046, 4.00%, 7/1/44 | 477627 |
| 71126 | Pool #AW5047, 4.00%, 7/1/44 | 69098 |
| 92530 | Pool #AW7040, 4.00%, 6/1/44 | 89521 |
| 596604 | Pool #AX2884, 3.50%, 11/1/44 | 558047 |
| 410434 | Pool #AX4860, 3.50%, 12/1/44 | 387277 |
| 498704 | Pool #AY1389, 3.50%, 4/1/45 | 466178 |
| 62563 | Pool #AY3435, 3.50%, 5/1/45 | 58971 |
| 314462 | Pool #AY5571, 3.50%, 6/1/45 | 293953 |
| 232490 | Pool #BC0802, 3.50%, 4/1/46 | 217327 |
| 177952 | Pool #BC0804, 3.50%, 4/1/46 | 166235 |
| 202182 | Pool #BC1135, 3.00%, 6/1/46 | 183369 |
| 620893 | Pool #BD5021, 3.50%, 2/1/47 | 579844 |
| 847241 | Pool #BD7140, 4.00%, 4/1/47 | 810337 |
| 766502 | Pool #BE4232, 3.00%, 12/1/46 | 691575 |
| 159410 | Pool #BE9743, 3.50%, 4/1/47 | 148726 |
| 438209 | Pool #BH2665, 3.50%, 9/1/47 | 407741 |
| 240072 | Pool #BJ0657, 4.00%, 2/1/48 | 229145 |
| 200397 | Pool #BJ2670, 4.00%, 4/1/48 | 191259 |
| 689494 | Pool #BJ5158, 4.00%, 4/1/48 | 658052 |
| 393596 | Pool #BK7924, 4.00%, 11/1/48 | 377321 |
| 878125 | Pool #BL4589, 2.45%, 10/1/29 | 831663 |
| 427989 | Pool #BL5454, 2.77%, 1/1/35 | 380463 |
| 94225 | Pool #BO1263, 3.50%, 6/1/49 | 87667 |
| 407021 | Pool #BO3599, 3.00%, 9/1/49 | 362786 |
| 525824 | Pool #BO5263, 3.00%, 9/1/49 | 468677 |
| 2077029 | Pool #BO6771, 2.50%, 5/1/51 | 1764370 |
| 359481 | Pool #BP3417, 2.50%, 5/1/51 | 305256 |
| 369984 | Pool #BP8731, 2.50%, 6/1/50 | 317496 |
| 539146 | Pool #BP8741, 2.50%, 6/1/50 | 459643 |
| 1313813 | Pool #BQ4469, 2.00%, 2/1/51 | 1068349 |
| 447702 | Pool #BQ4493, 1.50%, 2/1/51 | 346327 |
| 885837 | Pool #BQ7523, 2.00%, 11/1/50 | 721262 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $632334 | Pool #BQ7524, 2.50%, 10/1/50 | $541843 |
| 3763087 | Pool #BR0940, 2.00%, 4/1/51 | 3057378 |
| 757054 | Pool #BR1037, 2.50%, 5/1/51 | 643093 |
| 1677849 | Pool #BR1113, 2.00%, 11/1/50 | 1365543 |
| 717791 | Pool #BR1114, 1.50%, 11/1/50 | 555313 |
| 259666 | Pool #BR1115, 2.50%, 12/1/50 | 220973 |
| 1030001 | Pool #BR2051, 2.50%, 6/1/51 | 874633 |
| 2135581 | Pool #BR2234, 2.50%, 8/1/51 | 1812120 |
| 844611 | Pool #BR3565, 2.00%, 1/1/51 | 687105 |
| 612588 | Pool #BR3566, 2.50%, 12/1/50 | 524542 |
| 971846 | Pool #BS0345, 1.61%, 1/1/36 | 777243 |
| 2654947 | Pool #BS0391, 1.63%, 1/1/33 | 2258219 |
| 500000 | Pool #BS0915, 1.62%, 3/1/31 | 437714 |
| 1000000 | Pool #BS1281, 1.59%, 3/1/31 | 881714 |
| 1782261 | Pool #BS1482, 1.61%, 3/1/31 | 1588061 |
| 687291 | Pool #BS1524, 2.01%, 3/1/33 | 595673 |
| 1500000 | Pool #BS1560, 2.03%, 4/1/31 | 1354241 |
| 201968 | Pool #BS1828, 1.58%, 5/1/28 | 191962 |
| 927480 | Pool #BS4422, 2.59%, 3/1/32 | 849468 |
| 229278 | Pool #BS5840, 3.78%, 7/1/32 | 219635 |
| 669000 | Pool #BS6083, 4.38%, 7/1/32 | 657965 |
| 400000 | Pool #BS6178, 3.41%, 7/1/29 | 389942 |
| 988405 | Pool #BS8302, 4.61%, 4/1/28 | 996001 |
| 2735000 | Pool #BS8483, 4.81%, 5/1/28 | 2753405 |
| 519962 | Pool #BS8518, 4.30%, 5/1/28 | 521245 |
| 600000 | Pool #BS9972, 5.76%, 11/1/28 | 620662 |
| 1663776 | Pool #BT6821, 2.50%, 10/1/51 | 1410743 |
| 1082274 | Pool #BT8237, 4.00%, 6/1/52 | 1025315 |
| 226049 | Pool #BT8243, 4.00%, 6/1/52 | 214134 |
| 1028959 | Pool #BU1334, 2.50%, 2/1/52 | 871194 |
| 1700418 | Pool #BU1337, 3.00%, 2/1/52 | 1504216 |
| 182339 | Pool #BV4205, 3.00%, 2/1/52 | 160827 |
| 2120121 | Pool #BV8876, 3.50%, 4/1/52 | 1946622 |
| 4203000 | Pool #BZ2936, 4.58%, 1/1/30 | 4248526 |
| 8139000 | Pool #BZ5369, 4.41%, 10/1/35 | 8009967 |
| 100000 | Pool #BZ6118, 4.09%, 1/1/31 | 99191 |
| 3415000 | Pool #BZ6124, 4.08%, 1/1/31 | 3386008 |
| 3000000 | Pool #BZ6126, 4.08%, 1/1/31 | 2974532 |
| 524014 | Pool #CA0114, 3.50%, 8/1/47 | 487580 |
| 523123 | Pool #CA0334, 3.50%, 9/1/47 | 487434 |
| 147119 | Pool #CA0536, 3.50%, 10/1/47 | 137082 |
| 220135 | Pool #CA0743, 3.50%, 11/1/47 | 205382 |
| 601143 | Pool #CA0825, 3.50%, 12/1/47 | 559346 |
| 583096 | Pool #CA0981, 3.50%, 12/1/47 | 542554 |
| 173774 | Pool #CA1070, 3.50%, 1/1/48 | 161919 |
| 443652 | Pool #CA1115, 3.50%, 1/1/48 | 412805 |
| 688654 | Pool #CA1130, 3.50%, 1/1/48 | 640773 |
| 170488 | Pool #CA1131, 3.50%, 2/1/48 | 158857 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $266320 | Pool #CA1132, 3.50%, 1/1/48 | $247803 |
| 190741 | Pool #CA1144, 3.50%, 2/1/48 | 177479 |
| 71833 | Pool #CA1152, 3.50%, 2/1/48 | 66839 |
| 367347 | Pool #CA1160, 3.50%, 2/1/48 | 342727 |
| 389696 | Pool #CA1161, 3.50%, 2/1/48 | 361713 |
| 254721 | Pool #CA1338, 4.00%, 3/1/48 | 243127 |
| 507933 | Pool #CA1339, 3.50%, 3/1/48 | 471459 |
| 160939 | Pool #CA1418, 4.00%, 3/1/48 | 153614 |
| 172586 | Pool #CA1468, 4.00%, 3/1/48 | 165288 |
| 440516 | Pool #CA1469, 4.00%, 3/1/48 | 420465 |
| 151757 | Pool #CA1471, 4.00%, 3/1/48 | 145481 |
| 676685 | Pool #CA1507, 4.00%, 4/1/48 | 645827 |
| 367024 | Pool #CA1610, 3.50%, 3/1/48 | 340669 |
| 372223 | Pool #CA1611, 4.00%, 4/1/48 | 355249 |
| 376304 | Pool #CA1612, 3.50%, 4/1/48 | 350199 |
| 202533 | Pool #CA1613, 4.00%, 4/1/48 | 193297 |
| 177445 | Pool #CA2381, 4.00%, 9/1/48 | 169942 |
| 198939 | Pool #CA2440, 4.00%, 9/1/48 | 189883 |
| 159043 | Pool #CA2441, 4.00%, 10/1/48 | 152466 |
| 152085 | Pool #CA2442, 4.00%, 10/1/48 | 145796 |
| 189459 | Pool #CA2443, 4.00%, 10/1/48 | 181448 |
| 179602 | Pool #CA2468, 4.00%, 10/1/48 | 172008 |
| 425984 | Pool #CA2594, 4.00%, 11/1/48 | 408488 |
| 289365 | Pool #CA3042, 4.00%, 1/1/49 | 276168 |
| 328890 | Pool #CA3043, 4.00%, 2/1/49 | 314983 |
| 158551 | Pool #CA3045, 4.50%, 1/1/49 | 156043 |
| 25793 | Pool #CA3132, 4.00%, 2/1/49 | 24701 |
| 147242 | Pool #CA3557, 3.50%, 5/1/49 | 136954 |
| 331116 | Pool #CA3628, 3.50%, 6/1/49 | 306860 |
| 182687 | Pool #CA3793, 3.50%, 6/1/49 | 169750 |
| 124237 | Pool #CA3936, 3.50%, 7/1/49 | 115439 |
| 387349 | Pool #CA4043, 3.00%, 8/1/49 | 345252 |
| 457284 | Pool #CA4320, 3.00%, 9/1/49 | 407586 |
| 637818 | Pool #CA5309, 3.00%, 3/1/50 | 568092 |
| 501963 | Pool #CA5312, 3.00%, 3/1/50 | 447089 |
| 1053276 | Pool #CA6151, 2.50%, 6/1/50 | 898287 |
| 266387 | Pool #CA6251, 3.00%, 6/1/50 | 237831 |
| 983640 | Pool #CA6263, 2.50%, 7/1/50 | 838592 |
| 2115979 | Pool #CA6967, 2.00%, 9/1/50 | 1724340 |
| 1272594 | Pool #CA6968, 2.00%, 9/1/50 | 1036609 |
| 991052 | Pool #CA6969, 2.00%, 9/1/50 | 807622 |
| 1195704 | Pool #CA6971, 2.50%, 9/1/50 | 1018272 |
| 595972 | Pool #CA6972, 2.50%, 8/1/50 | 507720 |
| 929051 | Pool #CA6973, 2.50%, 9/1/50 | 791476 |
| 852804 | Pool #CA7258, 2.50%, 9/1/50 | 726255 |
| 1093276 | Pool #CA7259, 2.50%, 9/1/50 | 931043 |
| 1329829 | Pool #CA7317, 2.00%, 10/1/50 | 1082766 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $1670889 | Pool #CA7549, 2.00%, 10/1/50 | $1360462 |
| 1322600 | Pool #CA7917, 2.00%, 11/1/50 | 1087832 |
| 646404 | Pool #CA8069, 1.50%, 12/1/50 | 500061 |
| 979436 | Pool #CA8070, 2.00%, 12/1/50 | 797128 |
| 3422139 | Pool #CA8077, 2.00%, 12/1/50 | 2785160 |
| 594082 | Pool #CA8425, 1.50%, 12/1/50 | 460957 |
| 967510 | Pool #CA8432, 2.00%, 12/1/50 | 787085 |
| 1248945 | Pool #CA8685, 1.50%, 1/1/51 | 966189 |
| 3857222 | Pool #CA9048, 2.00%, 2/1/51 | 3136564 |
| 264860 | Pool #CB0245, 2.50%, 4/1/51 | 224990 |
| 682429 | Pool #CB0437, 2.50%, 5/1/51 | 579702 |
| 558997 | Pool #CB0480, 2.50%, 5/1/51 | 474676 |
| 86039 | Pool #CB0576, 2.50%, 5/1/51 | 73463 |
| 230197 | Pool #CB0582, 2.50%, 5/1/51 | 195473 |
| 1562235 | Pool #CB0688, 2.50%, 6/1/51 | 1326584 |
| 400883 | Pool #CB0689, 2.50%, 6/1/51 | 340413 |
| 812702 | Pool #CB0972, 2.50%, 6/1/51 | 689860 |
| 408343 | Pool #CB1003, 2.50%, 7/1/51 | 346621 |
| 250940 | Pool #CB1010, 2.50%, 7/1/51 | 213010 |
| 1119045 | Pool #CB1060, 2.00%, 7/1/51 | 907622 |
| 924319 | Pool #CB1515, 2.50%, 8/1/51 | 784032 |
| 1139987 | Pool #CB1809, 2.50%, 10/1/51 | 966614 |
| 740635 | Pool #CB1956, 2.50%, 10/1/51 | 631948 |
| 752266 | Pool #CB2029, 2.50%, 11/1/51 | 637625 |
| 1458416 | Pool #CB2205, 2.50%, 11/1/51 | 1235710 |
| 585750 | Pool #CB2268, 2.50%, 12/1/51 | 496304 |
| 450910 | Pool #CB2467, 2.50%, 12/1/51 | 381914 |
| 1577847 | Pool #CB2515, 2.50%, 12/1/51 | 1336414 |
| 2515192 | Pool #CB2761, 3.00%, 2/1/52 | 2224977 |
| 4899728 | Pool #CB2797, 3.00%, 2/1/52 | 4334375 |
| 4622565 | Pool #CB2938, 3.00%, 2/1/52 | 4077211 |
| 1106597 | Pool #CB3052, 3.00%, 2/1/52 | 976045 |
| 1653897 | Pool #CB3281, 3.50%, 4/1/52 | 1518551 |
| 733330 | Pool #CB3489, 2.50%, 4/1/52 | 620400 |
| 612486 | Pool #CB3490, 3.00%, 4/1/52 | 540084 |
| 6660575 | Pool #CB3797, 4.00%, 6/1/52 | 6310036 |
| 4428890 | Pool #CB4056, 4.50%, 7/1/52 | 4292747 |
| 2794849 | Pool #CB4208, 4.50%, 7/1/52 | 2708937 |
| 2153812 | Pool #CB4272, 4.50%, 7/1/52 | 2087405 |
| 8157226 | Pool #CB4314, 4.50%, 8/1/52 | 7905716 |
| 10600147 | Pool #CB4463, 4.50%, 8/1/52 | 10272331 |
| 311491 | Pool #CB4473, 4.50%, 8/1/52 | 302734 |
| 4424978 | Pool #CB4539, 4.50%, 9/1/52 | 4288132 |
| 4166713 | Pool #CB4595, 4.00%, 9/1/52 | 3946455 |
| 4837198 | Pool #CB4767, 5.00%, 9/1/52 | 4800726 |
| 2382903 | Pool #CB4966, 5.50%, 10/1/52 | 2417495 |
| 1557870 | Pool #CB4967, 5.50%, 10/1/52 | 1580532 |
| 8486280 | Pool #CB5037, 5.50%, 11/1/52 | 8609473 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $3281353 | Pool #CB5048, 6.00%, 11/1/52 | $3377417 |
| 4571800 | Pool #CB5166, 6.00%, 11/1/52 | 4708833 |
| 2341238 | Pool #CB5199, 6.00%, 11/1/52 | 2405013 |
| 1646401 | Pool #CB5202, 6.50%, 11/1/52 | 1716515 |
| 238290 | Pool #CB5220, 6.50%, 12/1/52 | 249087 |
| 2654898 | Pool #CB5343, 6.00%, 12/1/52 | 2732622 |
| 232330 | Pool #CB5344, 6.50%, 12/1/52 | 244546 |
| 1179632 | Pool #CB5385, 6.00%, 12/1/52 | 1214166 |
| 1749499 | Pool #CB5549, 6.00%, 1/1/53 | 1793329 |
| 723885 | Pool #CB5586, 6.00%, 1/1/53 | 743604 |
| 4191986 | Pool #CB5728, 5.50%, 2/1/53 | 4249455 |
| 1302150 | Pool #CB5732, 5.50%, 2/1/53 | 1320002 |
| 3998727 | Pool #CB5797, 5.50%, 3/1/53 | 4043731 |
| 1624934 | Pool #CB5804, 6.00%, 2/1/53 | 1669351 |
| 2238548 | Pool #CB5946, 5.50%, 3/1/53 | 2263742 |
| 2078318 | Pool #CB5980, 5.50%, 3/1/53 | 2101709 |
| 175064 | Pool #CB6005, 5.50%, 4/1/53 | 177100 |
| 1728044 | Pool #CB6126, 5.00%, 4/1/53 | 1714140 |
| 429607 | Pool #CB6138, 5.00%, 4/1/53 | 426151 |
| 485457 | Pool #CB6208, 5.50%, 5/1/53 | 490921 |
| 371201 | Pool #CB6368, 5.00%, 5/1/53 | 368215 |
| 1097449 | Pool #CB6400, 5.00%, 5/1/53 | 1088171 |
| 1232768 | Pool #CB6564, 5.50%, 6/1/53 | 1246643 |
| 294019 | Pool #CB6607, 5.50%, 7/1/53 | 297328 |
| 325534 | Pool #CB6783, 5.00%, 7/1/53 | 322782 |
| 216561 | Pool #CB6826, 5.50%, 7/1/53 | 219786 |
| 1546623 | Pool #CB6953, 5.50%, 8/1/53 | 1564030 |
| 1729420 | Pool #CB6955, 6.00%, 8/1/53 | 1776693 |
| 1987565 | Pool #CB7160, 6.50%, 9/1/53 | 2068895 |
| 216751 | Pool #CB7202, 6.50%, 10/1/53 | 225453 |
| 3033179 | Pool #CB7222, 5.50%, 10/1/53 | 3067317 |
| 995756 | Pool #CB7223, 6.00%, 10/1/53 | 1023707 |
| 524313 | Pool #CB7362, 6.00%, 10/1/53 | 540801 |
| 2428097 | Pool #CB7376, 6.00%, 10/1/53 | 2494467 |
| 1974194 | Pool #CB7454, 6.00%, 11/1/53 | 2019625 |
| 314159 | Pool #CB7455, 6.50%, 11/1/53 | 327385 |
| 183914 | Pool #CB7467, 6.50%, 11/1/53 | 192295 |
| 400363 | Pool #CB7548, 6.50%, 11/1/53 | 416309 |
| 1709495 | Pool #CB7585, 6.50%, 11/1/53 | 1778133 |
| 761534 | Pool #CB7586, 7.00%, 12/1/53 | 801363 |
| 665770 | Pool #CB7625, 6.50%, 12/1/53 | 696107 |
| 1697311 | Pool #CB7683, 6.00%, 12/1/53 | 1736216 |
| 1490427 | Pool #CB7704, 6.50%, 12/1/53 | 1543082 |
| 987496 | Pool #CB7728, 7.00%, 12/1/53 | 1039142 |
| 245510 | Pool #CB7733, 6.50%, 12/1/53 | 254184 |
| 1036974 | Pool #CB7918, 6.00%, 1/1/54 | 1061810 |
| 440569 | Pool #CB7919, 6.50%, 1/1/54 | 460828 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $1496909 | Pool #CB8093, 5.50%, 3/1/54 | $1507110 |
| 1495104 | Pool #CB8094, 6.00%, 2/1/54 | 1544404 |
| 1666586 | Pool #CB8108, 5.50%, 3/1/54 | 1677943 |
| 1860376 | Pool #CB8261, 5.50%, 3/1/54 | 1883509 |
| 1043359 | Pool #CB8284, 5.50%, 4/1/54 | 1052887 |
| 1221169 | Pool #CB8285, 6.00%, 4/1/54 | 1263204 |
| 605662 | Pool #CB8445, 6.50%, 5/1/54 | 633566 |
| 942795 | Pool #CB8463, 6.00%, 5/1/54 | 974166 |
| 741672 | Pool #CB8585, 5.00%, 5/1/54 | 732247 |
| 982148 | Pool #CB8587, 6.00%, 5/1/54 | 1013725 |
| 804792 | Pool #CB8618, 6.00%, 5/1/54 | 830667 |
| 631924 | Pool #CB8795, 6.00%, 6/1/54 | 650171 |
| 2617920 | Pool #CB8936, 5.50%, 7/1/54 | 2654098 |
| 4155899 | Pool #CB9076, 5.50%, 8/1/54 | 4202580 |
| 563466 | Pool #CB9265, 5.00%, 9/1/54 | 558645 |
| 2037705 | Pool #CB9267, 5.50%, 9/1/54 | 2060594 |
| 2278406 | Pool #CB9420, 5.00%, 10/1/54 | 2257499 |
| 2211349 | Pool #CB9600, 5.50%, 11/1/54 | 2241908 |
| 1713153 | Pool #CB9603, 6.00%, 11/1/54 | 1763271 |
| 478617 | Pool #CB9718, 5.00%, 12/1/54 | 474912 |
| 542525 | Pool #CB9720, 5.50%, 12/1/54 | 549271 |
| 5071162 | Pool #CB9865, 5.50%, 1/1/55 | 5136089 |
| 3122346 | Pool #CB9913, 5.50%, 1/1/55 | 3156492 |
| 2458815 | Pool #CB9914, 6.00%, 2/1/55 | 2530746 |
| 1427509 | Pool #CC0018, 6.00%, 2/1/55 | 1462320 |
| 1834023 | Pool #CC0063, 5.50%, 2/1/55 | 1861803 |
| 1963994 | Pool #CC0073, 6.00%, 3/1/55 | 2015060 |
| 2554962 | Pool #CC0166, 6.00%, 3/1/55 | 2622512 |
| 2255567 | Pool #CC0355, 5.50%, 4/1/55 | 2278887 |
| 2674226 | Pool #CC0356, 6.00%, 4/1/55 | 2746387 |
| 2982552 | Pool #CC0451, 5.50%, 5/1/55 | 3018932 |
| 2330072 | Pool #CC0495, 5.50%, 5/1/55 | 2360206 |
| 2307782 | Pool #CC0496, 6.00%, 5/1/55 | 2376679 |
| 2601942 | Pool #CC0518, 6.00%, 6/1/55 | 2673787 |
| 1701812 | Pool #CC0625, 6.00%, 6/1/55 | 1744248 |
| 2496176 | Pool #CC0648, 6.00%, 7/1/55 | 2573665 |
| 2593345 | Pool #CC0756, 5.50%, 7/1/55 | 2619268 |
| 1228235 | Pool #CC0799, 5.50%, 8/1/55 | 1243217 |
| 1212678 | Pool #CC0800, 6.00%, 7/1/55 | 1249603 |
| 2072566 | Pool #CC0934, 5.50%, 8/1/55 | 2098577 |
| 2545268 | Pool #CC0962, 6.00%, 8/1/55 | 2615679 |
| 1669116 | Pool #CC1126, 5.50%, 9/1/55 | 1685800 |
| 355567 | Pool #CC1127, 6.00%, 9/1/55 | 365490 |
| 9321091 | Pool #CC1130, 6.00%, 9/1/55 | 9588385 |
| 2615395 | Pool #CC1342, 5.50%, 10/1/55 | 2641538 |
| 2066317 | Pool #CC1344, 6.00%, 10/1/55 | 2119737 |
| 3734237 | Pool #CC1345, 6.50%, 10/1/55 | 3896728 |
| 3062203 | Pool #CC1387, 5.00%, 11/1/55 | 3035922 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 4455398 | Pool #CC1572, 5.50%, 11/1/55 | $4509743 |
|  | 3574604 | Pool #CC1573, 6.00%, 11/1/55 | 3679012 |
|  | 3242362 | Pool #CC1763, 5.00%, 12/1/55 | 3212519 |
|  | 2010942 | Pool #CC1783, 5.00%, 12/1/55 | 1993684 |
|  | 2810933 | Pool #CC1784, 5.50%, 12/1/55 | 2839031 |
|  | 2630387 | Pool #CC1889, 5.00%, 12/1/55 | 2628965 |
|  | 1872761 | Pool #CC2110, 5.00%, 2/1/56 | 1856657 |
|  | 2188049 | Pool #CC2130, 5.00%, 2/1/56 | 2169238 |
|  | 1228507 | Pool #CC2152, 5.00%, 3/1/56 | 1218134 |
|  | 2102823 | Pool #CC2155, 5.50%, 3/1/56 | 2129529 |
|  | 3453825 | Pool #CC2273, 5.00%, 3/1/56 | 3453332 |
|  | 3248464 | Pool #CC2274, 5.50%, 3/1/56 | 3318568 |
|  | 1972904 | Pool #CC2304, 5.00%, 4/1/56 | 1969932 |
|  | 65021 | Pool #MC0014, 5.50%, 12/1/38 | 67344 |
|  | 55078 | Pool #MC0016, 5.50%, 11/1/38 | 57046 |
|  | 68846 | Pool #MC0127, 4.50%, 7/1/39 | 68739 |
|  | 206264 | Pool #MC0154, 4.50%, 8/1/39 | 205944 |
|  | 69448 | Pool #MC0160, 4.50%, 8/1/39 | 69341 |
|  | 110866 | Pool #MC0177, 4.50%, 9/1/39 | 110694 |
|  | 95914 | Pool #MC0270, 4.50%, 3/1/40 | 95724 |
|  | 121498 | Pool #MC0584, 4.00%, 1/1/42 | 118306 |
|  |  |  | 502899759 |
| Freddie Mac — 26.7% | Freddie Mac — 26.7% | Freddie Mac — 26.7% |  |
|  | 182276 | Pool #Q63813, 3.50%, 4/1/49 | 169688 |
|  | 815394 | Pool #QB5731, 2.00%, 11/1/50 | 663906 |
|  | 1351727 | Pool #QB6982, 2.00%, 11/1/50 | 1100123 |
|  | 341589 | Pool #QB6992, 1.50%, 12/1/50 | 264268 |
|  | 798276 | Pool #QC4676, 2.50%, 7/1/51 | 677614 |
|  | 723868 | Pool #QC6090, 2.50%, 8/1/51 | 617611 |
|  | 962271 | Pool #QC6643, 2.50%, 8/1/51 | 816224 |
|  | 949812 | Pool #QC9175, 2.50%, 10/1/51 | 809800 |
|  | 1425843 | Pool #QD0152, 2.50%, 10/1/51 | 1208554 |
|  | 780125 | Pool #QD7419, 3.00%, 2/1/52 | 688089 |
|  | 317639 | Pool #QE0994, 3.50%, 4/1/52 | 291645 |
|  | 2739069 | Pool #QE2342, 4.00%, 5/1/52 | 2595128 |
|  | 3838615 | Pool #QE7866, 4.00%, 8/1/52 | 3635998 |
|  | 1121646 | Pool #QE9025, 4.00%, 8/1/52 | 1062441 |
|  | 461349 | Pool #QE9026, 5.00%, 8/1/52 | 457857 |
|  | 850054 | Pool #QE9027, 4.50%, 8/1/52 | 823844 |
|  | 1342379 | Pool #QF0539, 4.00%, 9/1/52 | 1271419 |
|  | 209815 | Pool #QG5944, 5.00%, 6/1/53 | 208319 |
|  | 228019 | Pool #RA1234, 3.50%, 8/1/49 | 211168 |
|  | 231861 | Pool #RA1382, 3.00%, 9/1/49 | 206662 |
|  | 1249688 | Pool #RA1383, 3.00%, 9/1/49 | 1113871 |
|  | 237783 | Pool #RA1470, 3.00%, 10/1/49 | 211941 |
|  | 253148 | Pool #RA1713, 3.00%, 11/1/49 | 225636 |
|  | 441100 | Pool #RA1714, 3.00%, 11/1/49 | 393161 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $585741 | Pool #RA1716, 3.00%, 11/1/49 | $522082 |
| 435341 | Pool #RA1724, 2.50%, 10/1/49 | 371789 |
| 349409 | Pool #RA1979, 3.00%, 12/1/49 | 311388 |
| 619848 | Pool #RA1987, 3.00%, 12/1/49 | 552482 |
| 1224041 | Pool #RA1988, 3.00%, 1/1/50 | 1091012 |
| 690027 | Pool #RA2162, 3.00%, 2/1/50 | 614808 |
| 450503 | Pool #RA2255, 3.00%, 3/1/50 | 401394 |
| 976766 | Pool #RA2256, 3.00%, 3/1/50 | 870289 |
| 665530 | Pool #RA2340, 3.00%, 3/1/50 | 592774 |
| 1057739 | Pool #RA3207, 2.50%, 7/1/50 | 901436 |
| 2292196 | Pool #RA3208, 2.50%, 7/1/50 | 1953477 |
| 765160 | Pool #RA3339, 2.00%, 8/1/50 | 623539 |
| 1131317 | Pool #RA3552, 2.00%, 9/1/50 | 921925 |
| 2371901 | Pool #RA3679, 2.00%, 9/1/50 | 1932065 |
| 1307189 | Pool #RA3680, 2.50%, 9/1/50 | 1113620 |
| 364495 | Pool #RA3733, 2.00%, 10/1/50 | 296904 |
| 385070 | Pool #RA3747, 2.00%, 9/1/50 | 313798 |
| 2322598 | Pool #RA3803, 1.50%, 12/1/50 | 1796770 |
| 362373 | Pool #RA3861, 1.50%, 10/1/50 | 280361 |
| 1339240 | Pool #RA3862, 2.00%, 10/1/50 | 1090897 |
| 1295793 | Pool #RA3917, 1.50%, 10/1/50 | 1002531 |
| 2664601 | Pool #RA3918, 2.00%, 10/1/50 | 2169557 |
| 559648 | Pool #RA3928, 1.50%, 11/1/50 | 432968 |
| 183774 | Pool #RA3929, 2.00%, 10/1/50 | 150663 |
| 385272 | Pool #RA4018, 2.00%, 1/1/51 | 313290 |
| 512762 | Pool #RA4056, 1.50%, 11/1/50 | 396694 |
| 6409836 | Pool #RA4195, 2.00%, 12/1/50 | 5216743 |
| 4208149 | Pool #RA4254, 2.00%, 12/1/50 | 3423396 |
| 676702 | Pool #RA4274, 1.50%, 12/1/50 | 523525 |
| 795414 | Pool #RA4357, 2.00%, 1/1/51 | 647082 |
| 747066 | Pool #RA4377, 2.00%, 2/1/51 | 613897 |
| 2606196 | Pool #RA4503, 2.00%, 2/1/51 | 2119271 |
| 706015 | Pool #RA4548, 2.00%, 2/1/51 | 574108 |
| 1732697 | Pool #RA4578, 2.00%, 2/1/51 | 1408362 |
| 276318 | Pool #RA4590, 2.00%, 2/1/51 | 224595 |
| 242058 | Pool #RA4597, 2.00%, 2/1/51 | 196833 |
| 208281 | Pool #RA4618, 2.00%, 2/1/51 | 169367 |
| 689461 | Pool #RA4621, 2.00%, 2/1/51 | 560404 |
| 1169224 | Pool #RA4738, 2.00%, 3/1/51 | 950363 |
| 3296815 | Pool #RA4745, 2.00%, 3/1/51 | 2679700 |
| 1215417 | Pool #RA4775, 2.00%, 3/1/51 | 987909 |
| 852502 | Pool #RA4835, 2.50%, 3/1/51 | 724438 |
| 1832416 | Pool #RA4872, 2.50%, 4/1/51 | 1557147 |
| 2646512 | Pool #RA5021, 1.50%, 4/1/51 | 2046747 |
| 337276 | Pool #RA5043, 2.50%, 4/1/51 | 286505 |
| 577992 | Pool #RA5045, 2.50%, 5/1/51 | 493687 |
| 2746423 | Pool #RA5068, 2.00%, 4/1/51 | 2230415 |
| 814263 | Pool #RA5195, 2.50%, 5/1/51 | 685194 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $645481 | Pool #RA5197, 2.50%, 5/1/51 | $548315 |
| 771959 | Pool #RA5217, 2.50%, 5/1/51 | 663031 |
| 1035983 | Pool #RA5237, 2.50%, 5/1/51 | 880034 |
| 1193708 | Pool #RA5387, 2.50%, 6/1/51 | 1021855 |
| 976125 | Pool #RA5509, 2.50%, 7/1/51 | 833142 |
| 438437 | Pool #RA5525, 2.50%, 7/1/51 | 372167 |
| 580995 | Pool #RA5541, 2.50%, 7/1/51 | 493176 |
| 1730816 | Pool #RA5621, 2.50%, 8/1/51 | 1468662 |
| 182275 | Pool #RA5686, 2.50%, 7/1/51 | 154667 |
| 1581790 | Pool #RA5701, 2.00%, 8/1/51 | 1282387 |
| 2913107 | Pool #RA5726, 2.50%, 8/1/51 | 2470976 |
| 1426372 | Pool #RA5796, 2.50%, 8/1/51 | 1209887 |
| 1454748 | Pool #RA5873, 2.50%, 9/1/51 | 1233957 |
| 600286 | Pool #RA5874, 2.50%, 9/1/51 | 508993 |
| 133375 | Pool #RA5951, 2.50%, 9/1/51 | 113714 |
| 2813672 | Pool #RA6030, 2.50%, 10/1/51 | 2385759 |
| 61820 | Pool #RA6108, 3.50%, 3/1/52 | 56761 |
| 867151 | Pool #RA6117, 2.50%, 10/1/51 | 740166 |
| 948841 | Pool #RA6276, 2.50%, 11/1/51 | 808677 |
| 360654 | Pool #RA6305, 2.50%, 11/1/51 | 307378 |
| 1030671 | Pool #RA6317, 2.50%, 11/1/51 | 873603 |
| 77336 | Pool #RA6389, 2.50%, 11/1/51 | 66179 |
| 1645373 | Pool #RA6516, 2.50%, 12/1/51 | 1393607 |
| 1259323 | Pool #RA6687, 3.00%, 1/1/52 | 1114016 |
| 2410518 | Pool #RA6743, 2.50%, 1/1/52 | 2041675 |
| 1764803 | Pool #RA6760, 3.00%, 2/1/52 | 1561172 |
| 741831 | Pool #RA6782, 3.00%, 2/1/52 | 660098 |
| 1886454 | Pool #RA6801, 3.00%, 2/1/52 | 1671951 |
| 3385451 | Pool #RA6858, 3.00%, 3/1/52 | 2986047 |
| 1007775 | Pool #RA6930, 3.50%, 3/1/52 | 925305 |
| 776086 | Pool #RA6978, 3.50%, 3/1/52 | 717889 |
| 1362884 | Pool #RA6983, 2.50%, 3/1/52 | 1153216 |
| 140052 | Pool #RA7146, 3.50%, 4/1/52 | 128591 |
| 1843602 | Pool #RA7162, 3.50%, 4/1/52 | 1692732 |
| 155224 | Pool #RA7284, 3.50%, 4/1/52 | 143242 |
| 85755 | Pool #RA7344, 4.00%, 4/1/52 | 81530 |
| 4898495 | Pool #RA7454, 4.00%, 6/1/52 | 4640313 |
| 3767080 | Pool #RA7469, 4.00%, 5/1/52 | 3568823 |
| 7386320 | Pool #RA7503, 4.50%, 7/1/52 | 7159266 |
| 2470243 | Pool #RA7714, 4.50%, 7/1/52 | 2394309 |
| 1694922 | Pool #RA7872, 4.50%, 9/1/52 | 1642506 |
| 4355413 | Pool #RA7897, 4.50%, 9/1/52 | 4220719 |
| 2984887 | Pool #RA8627, 5.50%, 3/1/53 | 3018508 |
| 1431648 | Pool #RA8684, 5.00%, 3/1/53 | 1420129 |
| 228644 | Pool #RA9790, 6.00%, 9/1/53 | 234893 |
| 820333 | Pool #RA9975, 6.00%, 10/1/53 | 843360 |
| 3429971 | Pool #RJ2722, 5.00%, 10/1/54 | 3400621 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $7410279 | Pool #RJ3358, 5.50%, 1/1/55 | $7491319 |
| 3128087 | Pool #RJ3611, 5.50%, 2/1/55 | 3156531 |
| 1663514 | Pool #RJ3612, 6.00%, 2/1/55 | 1713371 |
| 3536407 | Pool #RJ5020, 6.00%, 10/1/55 | 3634237 |
| 2660072 | Pool #RJ5044, 5.50%, 10/1/55 | 2699072 |
| 2788418 | Pool #RJ5045, 6.00%, 10/1/55 | 2877223 |
| 2625203 | Pool #RJ5445, 5.50%, 11/1/55 | 2659154 |
| 2186395 | Pool #RJ5621, 5.00%, 12/1/55 | 2166573 |
| 2842780 | Pool #RJ5975, 5.50%, 1/1/56 | 2878813 |
| 2403090 | Pool #RJ5976, 5.00%, 1/1/56 | 2382466 |
| 2460468 | Pool #WA3102, 2.89%, 5/1/29 | 2376513 |
| 943029 | Pool #WA3211, 1.91%, 9/1/35 | 763127 |
| 1031323 | Pool #WA3305, 1.75%, 6/1/37 | 791554 |
| 250000 | Pool #WN2304, 4.45%, 12/1/32 | 248958 |
| 1000000 | Pool #WN3049, 2.39%, 9/1/31 | 912531 |
| 28633 | Pool #ZA4891, 3.50%, 3/1/47 | 26796 |
| 194062 | Pool #ZA4892, 4.00%, 5/1/47 | 185602 |
| 571977 | Pool #ZA4912, 3.50%, 5/1/47 | 532208 |
| 569658 | Pool #ZA4913, 4.00%, 5/1/47 | 544845 |
| 837479 | Pool #ZA5070, 3.50%, 11/1/47 | 780345 |
| 328421 | Pool #ZA5174, 3.50%, 12/1/47 | 306411 |
| 869880 | Pool #ZA5238, 3.50%, 2/1/48 | 809398 |
| 183952 | Pool #ZA5245, 3.50%, 1/1/48 | 171402 |
| 576329 | Pool #ZA5253, 3.50%, 1/1/48 | 537011 |
| 316211 | Pool #ZA5254, 4.00%, 1/1/48 | 303239 |
| 445086 | Pool #ZA5308, 4.00%, 1/1/48 | 425699 |
| 272704 | Pool #ZA5575, 4.00%, 7/1/48 | 260291 |
| 327029 | Pool #ZA5645, 4.00%, 8/1/48 | 313201 |
| 55207 | Pool #ZA6576, 3.50%, 4/1/49 | 51388 |
| 47813 | Pool #ZI0238, 5.00%, 6/1/33 | 48636 |
| 101033 | Pool #ZI0412, 5.00%, 8/1/33 | 102772 |
| 47823 | Pool #ZI0543, 4.50%, 8/1/33 | 48073 |
| 46277 | Pool #ZI1023, 5.50%, 11/1/33 | 47518 |
| 64388 | Pool #ZI1353, 5.50%, 1/1/34 | 66118 |
| 97828 | Pool #ZI1493, 5.50%, 1/1/34 | 100450 |
| 78698 | Pool #ZI1524, 5.50%, 2/1/34 | 80808 |
| 50095 | Pool #ZI1689, 5.50%, 4/1/34 | 51779 |
| 27577 | Pool #ZI1802, 5.50%, 4/1/34 | 28506 |
| 101175 | Pool #ZI1991, 5.00%, 5/1/34 | 102905 |
| 56557 | Pool #ZI2332, 5.00%, 6/1/34 | 57521 |
| 109296 | Pool #ZI2939, 5.50%, 12/1/34 | 112963 |
| 53138 | Pool #ZI3102, 5.00%, 1/1/35 | 54040 |
| 63796 | Pool #ZI3254, 5.50%, 4/1/35 | 65994 |
| 136042 | Pool #ZI3507, 5.00%, 9/1/35 | 138304 |
| 58762 | Pool #ZI3713, 5.00%, 5/1/35 | 59745 |
| 63022 | Pool #ZI4118, 5.50%, 1/1/36 | 65192 |
| 113164 | Pool #ZI4120, 5.50%, 1/1/36 | 117047 |
| 146188 | Pool #ZI4200, 5.50%, 2/1/36 | 151225 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $63357 | Pool #ZI4201, 6.00%, 2/1/36 | $66173 |
| 49994 | Pool #ZI4429, 5.00%, 6/1/35 | 50822 |
| 45083 | Pool #ZI4521, 5.50%, 7/1/35 | 46635 |
| 115032 | Pool #ZI4572, 5.50%, 8/1/35 | 118996 |
| 31865 | Pool #ZI4704, 5.00%, 11/1/35 | 32392 |
| 29441 | Pool #ZI4705, 5.00%, 11/1/35 | 29928 |
| 39818 | Pool #ZI4706, 5.50%, 11/1/35 | 41190 |
| 147813 | Pool #ZI4979, 6.00%, 6/1/36 | 154984 |
| 141885 | Pool #ZI5912, 5.50%, 4/1/37 | 146813 |
| 73410 | Pool #ZI6311, 5.50%, 6/1/37 | 75960 |
| 49851 | Pool #ZI6814, 6.00%, 10/1/37 | 52449 |
| 44162 | Pool #ZI6976, 5.50%, 7/1/37 | 45709 |
| 177575 | Pool #ZI9925, 5.00%, 4/1/40 | 180603 |
| 59140 | Pool #ZJ0038, 4.50%, 5/1/40 | 59024 |
| 172928 | Pool #ZJ0482, 4.50%, 9/1/40 | 172586 |
| 184699 | Pool #ZJ0844, 4.00%, 12/1/40 | 180425 |
| 77673 | Pool #ZJ1264, 4.00%, 1/1/41 | 75876 |
| 92164 | Pool #ZJ1444, 4.00%, 3/1/41 | 89977 |
| 86040 | Pool #ZJ1445, 4.50%, 3/1/41 | 85635 |
| 19450 | Pool #ZJ5458, 6.50%, 11/1/31 | 20278 |
| 9330 | Pool #ZJ5928, 6.50%, 3/1/32 | 9767 |
| 54054 | Pool #ZJ6638, 6.00%, 11/1/32 | 55707 |
| 45573 | Pool #ZJ6955, 5.50%, 3/1/33 | 46793 |
| 33084 | Pool #ZJ6956, 5.50%, 3/1/33 | 33969 |
| 14629 | Pool #ZK4661, 2.50%, 11/1/27 | 14403 |
| 234743 | Pool #ZL2630, 3.50%, 12/1/41 | 223024 |
| 286164 | Pool #ZL2708, 3.50%, 1/1/42 | 271878 |
| 589259 | Pool #ZL5676, 3.00%, 4/1/43 | 540735 |
| 340243 | Pool #ZL6090, 3.00%, 6/1/43 | 312225 |
| 164969 | Pool #ZL6097, 3.00%, 6/1/43 | 151379 |
| 324274 | Pool #ZL9372, 3.00%, 4/1/45 | 294476 |
| 135162 | Pool #ZL9669, 3.50%, 6/1/45 | 126989 |
| 175977 | Pool #ZM1422, 3.50%, 7/1/46 | 164080 |
| 199286 | Pool #ZM1423, 3.50%, 7/1/46 | 185814 |
| 144502 | Pool #ZM1736, 3.00%, 9/1/46 | 130877 |
| 447063 | Pool #ZM1738, 3.00%, 9/1/46 | 404574 |
| 492183 | Pool #ZM8750, 4.00%, 9/1/48 | 469739 |
| 266992 | Pool #ZN1022, 4.00%, 11/1/48 | 254817 |
| 50784 | Pool #ZN5321, 5.50%, 5/1/34 | 52478 |
| 37313 | Pool #ZN5332, 5.00%, 11/1/34 | 37950 |
| 261171 | Series 2018-SB52, Class A10F, 3.45%, 6/25/28(a) | 257681 |
| 489974 | Series 2018-SB53, Class A10F, 3.61%, 6/25/28(a) | 484360 |
| 197805 | Series 2018-SB56, Class A10F, 3.69%, 10/25/28(a) | 195712 |
| 364321 | Series 2019-SB64, Class A10F, 2.71%, 5/25/29(a) | 349800 |
| 461140 | Series 2019-SB66, Class A5H, (SOFR30A + 0.814%), 4.48%, 6/25/39(b) | 459423 |
| 1286142 | Series 2020-SB81, Class A10H, 1.26%, 10/25/40(a) | 1133418 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $935176 | Series 2022-SB100, Class A10F, 2.01%, 5/25/32(a) | $834617 |
| 704228 | Series 2022-SB96, Class A7F, 1.88%, 1/25/29(a) | 666839 |
|  |  | 189760025 |
| Ginnie Mae — 3.0% | Ginnie Mae — 3.0% |  |
| 166094 | Pool #442423, 4.00%, 9/20/41 | 160451 |
| 40960 | Pool #616936, 5.50%, 1/15/36 | 41887 |
| 619249 | Pool #618363, 4.00%, 9/20/41 | 598192 |
| 307025 | Pool #664269, 5.85%, 6/15/38 | 307025 |
| 120795 | Pool #697672, 5.50%, 12/15/38 | 124133 |
| 53452 | Pool #697814, 5.00%, 2/15/39 | 53964 |
| 267825 | Pool #697885, 4.50%, 3/15/39 | 266310 |
| 381716 | Pool #698113, 4.50%, 5/15/39 | 379936 |
| 495329 | Pool #713519, 6.00%, 7/15/39 | 523988 |
| 140601 | Pool #716822, 4.50%, 4/15/39 | 139991 |
| 50433 | Pool #716823, 4.50%, 4/15/39 | 50161 |
| 137621 | Pool #720080, 4.50%, 6/15/39 | 136718 |
| 213073 | Pool #724629, 5.00%, 7/20/40 | 217056 |
| 263407 | Pool #726550, 5.00%, 9/15/39 | 267291 |
| 128787 | Pool #729346, 4.50%, 7/15/41 | 128190 |
| 189113 | Pool #738844, 3.50%, 10/15/41 | 179051 |
| 126110 | Pool #738845, 3.50%, 10/15/41 | 119397 |
| 178930 | Pool #738862, 4.00%, 10/15/41 | 173601 |
| 151607 | Pool #747241, 5.00%, 9/20/40 | 154441 |
| 469196 | Pool #748654, 3.50%, 9/15/40 | 444195 |
| 66490 | Pool #748846, 4.50%, 9/20/40 | 66117 |
| 220534 | Pool #757016, 3.50%, 11/15/40 | 208820 |
| 129295 | Pool #757017, 4.00%, 12/15/40 | 125797 |
| 174455 | Pool #759297, 4.00%, 1/20/41 | 167235 |
| 116315 | Pool #759298, 4.00%, 2/20/41 | 111501 |
| 126069 | Pool #762877, 4.00%, 4/15/41 | 122311 |
| 70902 | Pool #763564, 4.50%, 5/15/41 | 70573 |
| 153850 | Pool #770481, 4.00%, 8/15/41 | 149268 |
| 104606 | Pool #770517, 4.00%, 8/15/41 | 101491 |
| 101137 | Pool #770529, 4.00%, 8/15/41 | 98122 |
| 37684 | Pool #770537, 4.00%, 8/15/41 | 36561 |
| 112037 | Pool #770738, 4.50%, 6/20/41 | 111415 |
| 136485 | Pool #779592, 4.00%, 11/20/41 | 131861 |
| 85784 | Pool #779593, 4.00%, 11/20/41 | 82869 |
| 194644 | Pool #AA6312, 3.00%, 4/15/43 | 178010 |
| 280540 | Pool #AA6424, 3.00%, 5/15/43 | 257722 |
| 289816 | Pool #AB2733, 3.50%, 8/15/42 | 274221 |
| 258646 | Pool #AB2745, 3.00%, 8/15/42 | 238396 |
| 492166 | Pool #AB2841, 3.00%, 9/15/42 | 453634 |
| 38567 | Pool #AB2843, 3.00%, 9/15/42 | 35549 |
| 344624 | Pool #AE6946, 3.00%, 6/15/43 | 315174 |
| 59459 | Pool #AG8915, 4.00%, 2/20/44 | 56633 |
| 155038 | Pool #AK6446, 3.00%, 1/15/45 | 140219 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $262678 | Pool #AO3594, 3.50%, 8/20/45 | $246385 |
| 135020 | Pool #AP3887, 3.50%, 9/20/45 | 126627 |
| 202562 | Pool #AR4919, 3.50%, 3/20/46 | 189761 |
| 430196 | Pool #AR4970, 3.50%, 4/20/46 | 403003 |
| 375944 | Pool #AS2921, 3.50%, 4/20/46 | 352192 |
| 323219 | Pool #AS4332, 3.00%, 6/20/46 | 292782 |
| 375300 | Pool #AS5511, 3.50%, 3/20/46 | 351577 |
| 640051 | Pool #AX7237, 3.50%, 11/20/46 | 599592 |
| 516954 | Pool #BO2104, 3.00%, 8/20/49 | 457754 |
| 1217244 | Pool #BR3787, 3.00%, 12/20/49 | 1077847 |
| 284660 | Series 2012-100, Class B, 2.31%, 11/16/51(a) | 269252 |
| 203523 | Series 2012-107, Class A, 1.15%, 1/16/45 | 188110 |
| 777225 | Series 2012-115, Class A, 2.13%, 4/16/45 | 676260 |
| 694361 | Series 2012-120, Class A, 1.90%, 2/16/53 | 601548 |
| 300389 | Series 2012-131, Class A, 1.90%, 2/16/53 | 261124 |
| 89624 | Series 2012-144, Class AD, 1.77%, 1/16/53 | 80589 |
| 56955 | Series 2013-126, Class BK, 2.45%, 10/16/47(a) | 51062 |
| 27803 | Series 2013-29, Class AB, 1.77%, 10/16/45 | 27251 |
| 208185 | Series 2013-97, Class AC, 2.00%, 6/16/45 | 193334 |
| 27280 | Series 2015-107, Class AB, 2.50%, 11/16/49 | 24784 |
| 185996 | Series 2015-114, Class AD, 2.50%, 11/15/51 | 181265 |
| 128823 | Series 2015-128, Class AD, 2.50%, 12/16/50 | 123275 |
| 100270 | Series 2015-130, Class AH, 2.90%, 8/16/47(a) | 98364 |
| 741454 | Series 2015-135, Class AC, 2.35%, 4/16/49 | 655233 |
| 272051 | Series 2015-136, Class AC, 2.50%, 3/16/47 | 253762 |
| 93435 | Series 2015-15, Class A, 2.00%, 11/16/48 | 86151 |
| 322443 | Series 2015-154, Class AD, 2.50%, 5/16/54 | 282788 |
| 262387 | Series 2015-171, Class DA, 2.37%, 3/16/46 | 236280 |
| 169121 | Series 2015-22, Class A, 2.40%, 8/16/47 | 162856 |
| 359791 | Series 2015-70, Class AB, 2.30%, 11/16/48 | 324734 |
| 43755 | Series 2016-11, Class AD, 2.25%, 11/16/43 | 43072 |
| 68903 | Series 2016-14, Class AB, 2.15%, 8/16/42 | 67432 |
| 716448 | Series 2016-152, Class EA, 2.20%, 8/15/58 | 582409 |
| 728123 | Series 2016-157, Class AC, 2.00%, 11/16/50 | 616090 |
| 184647 | Series 2016-39, Class AH, 2.50%, 9/16/44 | 176640 |
| 37818 | Series 2016-50, Class A, 2.30%, 7/16/52 | 37248 |
| 284436 | Series 2016-64, Class CA, 2.30%, 3/16/45 | 273870 |
| 142840 | Series 2016-94, Class AC, 2.20%, 8/16/57 | 119064 |
| 81109 | Series 2016-96, Class BA, 1.95%, 3/16/43 | 78801 |
| 460936 | Series 2017-127, Class AB, 2.50%, 2/16/59 | 385287 |
| 681525 | Series 2017-135, Class AE, 2.60%, 10/16/58 | 574208 |
| 274248 | Series 2017-140, Class A, 2.50%, 2/16/59 | 228400 |
| 56543 | Series 2017-157, Class AH, 2.55%, 2/16/53 | 52813 |
| 303447 | Series 2017-46, Class A, 2.50%, 11/16/57 | 252691 |
| 202354 | Series 2017-71, Class AS, 2.70%, 4/16/57 | 187693 |
| 108960 | Series 2017-9, Class AE, 2.40%, 9/16/50 | 101270 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 382176 | Series 2018-2, Class AD, 2.40%, 3/16/59 | $338064 |
|  | 167148 | Series 2018-26, Class AD, 2.50%, 3/16/52 | 158935 |
|  |  |  | 21149006 |
| Small Business Administration — 3.0% | Small Business Administration — 3.0% | Small Business Administration — 3.0% |  |
|  | 530770 | Pool #130612, 10.63%, 5/25/34 | 602457 |
|  | 344790 | Pool #130614, 10.61%, 3/25/35 | 387662 |
|  | 315467 | Pool #130616, 9.36%, 1/25/36 | 348236 |
|  | 18090 | Pool #510751, (Prime Index + 0.325%), 7.08%, 6/25/30(b) | 18596 |
|  | 138017 | Pool #530089, (Prime Index - 0.125%), 6.63%, 1/25/47(b) | 146819 |
|  | 42318 | Pool #530222, (Prime Index + 0.635%), 7.39%, 7/25/32(b) | 44300 |
|  | 40945 | Pool #530390, (Prime Index - 1.000%), 5.75%, 11/25/33(b) | 42083 |
|  | 146648 | Pool #530413, (Prime Index + 0.825%), 7.58%, 1/25/34(b) | 155489 |
|  | 255871 | Pool #530536, (Prime Index - 2.600%), 4.15%, 3/25/34(b) | 255204 |
|  | 362586 | Pool #530566, (Prime Index + 1.625%), 8.38%, 5/25/34(b) | 391428 |
|  | 62203 | Pool #530594, (Prime Index + 3.625%), 10.38%, 2/25/34(b) | 69481 |
|  | 129120 | Pool #530597, (Prime Index + 3.375%), 10.13%, 6/25/34(b) | 145092 |
|  | 643729 | Pool #530624, (Prime Index + 3.375%), 10.13%, 5/25/34(b) | 722079 |
|  | 1209893 | Pool #530625, (Prime Index + 3.625%), 10.38%, 8/25/34(b) | 1372571 |
|  | 622850 | Pool #530626, (Prime Index + 1.625%), 8.38%, 8/25/34(b) | 673550 |
|  | 731704 | Pool #530627, (Prime Index + 2.125%), 8.88%, 8/25/34(b) | 804121 |
|  | 229195 | Pool #530674, (Prime Index + 0.375%), 7.13%, 10/25/34(b) | 244428 |
|  | 111971 | Pool #530676, (Prime Index + 1.605%), 8.36%, 10/25/34(b) | 122463 |
|  | 98538 | Pool #530704, (Prime Index + 0.855%), 7.61%, 12/25/34(b) | 106259 |
|  | 234729 | Pool #530708, (Prime Index + 1.605%), 8.36%, 12/25/34(b) | 257069 |
|  | 1076759 | Pool #530709, (Prime Index + 3.355%), 10.11%, 12/25/34(b) | 1221960 |
|  | 1253184 | Pool #530710, (Prime Index + 1.855%), 8.61%, 12/25/34(b) | 1379569 |
|  | 492572 | Pool #530731, (Prime Index + 0.250%), 7.00%, 1/25/35(b) | 524656 |
|  | 937463 | Pool #530756, (Prime Index + 3.355%), 10.11%, 3/25/35(b) | 1071545 |
|  | 562732 | Pool #530757, (Prime Index + 1.855%), 8.61%, 2/25/35(b) | 620325 |
|  | 941289 | Pool #530758, (Prime Index + 2.355%), 9.11%, 6/25/35(b) | 1049891 |
|  | 437831 | Pool #530759, (Prime Index + 1.605%), 8.36%, 2/25/35(b) | 480121 |
|  | 166669 | Pool #530789, (Prime Index + 3.355%), 10.11%, 4/25/35(b) | 191255 |
|  | 210109 | Pool #530829, (Prime Index + 1.605%), 8.36%, 6/25/35(b) | 231914 |
|  | 907154 | Pool #530830, (Prime Index + 3.355%), 10.11%, 6/25/35(b) | 1044840 |
|  | 427282 | Pool #530833, (Prime Index + 2.805%), 9.56%, 6/25/35(b) | 483174 |
|  | 119978 | Pool #530854, (Prime Index + 1.855%), 8.61%, 4/25/35(b) | 133395 |
|  | 414726 | Pool #530857, (Prime Index + 3.305%), 10.06%, 11/25/35(b) | 483284 |
|  | 469035 | Pool #530858, (Prime Index + 2.805%), 9.56%, 7/25/35(b) | 531919 |
|  | 67405 | Pool #530866, (Prime Index + 1.855%), 8.61%, 7/25/35(b) | 75236 |
|  | 660727 | Pool #530867, (Prime Index + 2.805%), 9.56%, 7/25/35(b) | 753381 |
|  | 93208 | Pool #530869, (Prime Index + 1.605%), 8.36%, 5/25/35(b) | 102946 |
|  | 649152 | Pool #530940, (Prime Index + 2.805%), 9.56%, 10/25/35(b) | 747938 |
|  | 139673 | Pool #530944, (Prime Index + 3.805%), 10.56%, 2/25/36(b) | 165229 |
|  | 40530 | Pool #530945, (Prime Index + 1.305%), 8.06%, 9/25/35(b) | 44964 |
|  | 32455 | Pool #530946, (Prime Index + 1.055%), 7.81%, 9/25/35(b) | 35776 |
|  | 41202 | Pool #530990, (Prime Index + 1.305%), 8.06%, 10/25/35(b) | 45755 |
|  | 309786 | Pool #530991, (Prime Index + 1.055%), 7.81%, 12/25/35(b) | 342031 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 245779 | Pool #530992, (Prime Index + 1.605%), 8.36%, 12/25/35(b) | $275265 |
|  | 165375 | Pool #530993, (Prime Index + 2.805%), 9.56%, 12/25/35(b) | 190889 |
|  | 306003 | Pool #531022, (Prime Index + 4.055%), 10.81%, 2/25/36(b) | 367907 |
|  | 494526 | Pool #531023, (Prime Index + 2.805%), 9.56%, 2/25/36(b) | 571490 |
|  | 259415 | Pool #531025, (Prime Index + 1.305%), 8.06%, 1/25/36(b) | 288443 |
|  | 197741 | Pool #531027, (Prime Index + 0.300%), 7.05%, 4/25/36(b) | 214314 |
|  | 29358 | Pool #531052, (Prime Index + 1.305%), 8.06%, 2/25/36(b) | 32659 |
|  | 173806 | Pool #531055, (Prime Index - 2.650%), 4.10%, 2/25/36(b) | 174675 |
|  | 70904 | Pool #540104, (Prime Index + 2.604%), 9.35%, 3/25/33(b) | 77050 |
|  | 356617 | Pool #540109, (Prime Index + 1.206%), 7.96%, 5/25/33(b) | 379807 |
|  | 71194 | Pool #540110, (Prime Index + 2.502%), 9.25%, 7/25/33(b) | 77479 |
|  |  |  | 21320469 |
| Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | 735129259 |
| (Cost $783,475,090) | (Cost $783,475,090) | (Cost $783,475,090) |  |
| U.S. Government Agency Obligations — 1.9% | U.S. Government Agency Obligations — 1.9% | U.S. Government Agency Obligations — 1.9% |  |
| Small Business Administration — 1.9% | Small Business Administration — 1.9% | Small Business Administration — 1.9% |  |
|  | 135965 | Certificate of Originator's Fee, 0.23%, 4/15/31(b),(c) | 380 |
|  | 200734 | Certificate of Originator's Fee, 0.70%, 4/23/32(b),(c) | 1593 |
|  | 560469 | Certificate of Originator's Fee, 0.98%, 4/15/31(b),(c) | 6670 |
|  | 304864 | Certificate of Originator's Fee, 1.23%, 3/15/31(b),(c) | 4553 |
|  | 243399 | Certificate of Originator's Fee, 1.23%, 5/15/31(b),(c) | 3635 |
|  | 531055 | Certificate of Originator's Fee, 1.93%, 5/4/32(b),(c) | 11572 |
|  | 339564 | Certificate of Originator's Fee, 2.22%, 2/20/29(b),(c) | 8492 |
|  | 224984 | (Prime Index - 2.600%), 4.15%, 9/25/41(b) | 224103 |
|  | 100453 | (Prime Index - 2.600%), 4.15%, 9/25/41(b) | 100353 |
|  | 138398 | (Prime Index - 2.600%), 4.15%, 7/25/42(b) | 138237 |
|  | 285862 | (Prime Index - 2.550%), 4.20%, 7/25/42(b) | 285894 |
|  | 131630 | (Prime Index - 2.525%), 4.23%, 11/25/41(b) | 131422 |
|  | 46060 | (Prime Index - 2.500%), 4.25%, 2/25/28(b) | 46059 |
|  | 274949 | (Prime Index - 1.400%), 5.35%, 7/25/41(b) | 282404 |
|  | 71459 | 6.08%, 12/19/29(b),(c) | 71868 |
|  | 586308 | (Prime Index - 0.675%), 6.08%, 9/25/43(b) | 610690 |
|  | 1274731 | (Prime Index - 0.675%), 6.08%, 11/25/45(b) | 1326730 |
|  | 627347 | (Prime Index - 0.675%), 6.08%, 1/25/46(b) | 652168 |
|  | 509344 | (Prime Index - 0.322%), 6.43%, 12/25/45(b) | 536785 |
|  | 94164 | (Prime Index - 0.287%), 6.46%, 2/25/40(b) | 98079 |
|  | 83835 | 6.58%, 4/8/29(b),(c) | 84207 |
|  | 49195 | (Prime Index - 0.060%), 6.69%, 7/25/29(b) | 49865 |
|  | 57320 | (Prime Index - 0.035%), 6.72%, 6/25/29(b) | 57861 |
|  | 27030 | (Prime Index + 0.118%), 6.87%, 12/25/40(b) | 28324 |
|  | 252927 | (Prime Index + 0.121%), 6.87%, 1/25/46(b) | 268110 |
|  | 54661 | (Prime Index + 0.137%), 6.89%, 11/25/28(b) | 55175 |
|  | 92463 | (Prime Index + 0.192%), 6.94%, 8/25/29(b) | 93715 |
|  | 76922 | 7.08%, 7/25/30 | 76620 |
|  | 27696 | (Prime Index + 0.325%), 7.08%, 10/25/30(b) | 28657 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $1089776 | (Prime Index + 0.325%), 7.08%, 11/25/30(b) | $1124662 |
| 488380 | (Prime Index + 0.325%), 7.08%, 6/25/31(b) | 507081 |
| 518549 | (Prime Index + 0.325%), 7.08%, 7/25/31(b) | 536033 |
| 309737 | (Prime Index + 0.325%), 7.08%, 2/25/45(b) | 331257 |
| 671378 | (Prime Index + 0.325%), 7.08%, 8/25/46(b) | 719903 |
| 577773 | (Prime Index + 0.375%), 7.13%, 5/25/31(b) | 598489 |
| 162239 | (Prime Index + 0.375%), 7.13%, 10/25/31(b) | 168864 |
| 477170 | (Prime Index + 0.375%), 7.13%, 8/25/46(b) | 509248 |
| 337435 | (Prime Index + 0.575%), 7.33%, 4/25/31(b) | 350054 |
| 764777 | (Prime Index + 0.585%), 7.34%, 12/25/45(b) | 815731 |
| 10852 | (Prime Index + 0.700%), 7.45%, 2/25/28(b) | 11028 |
| 57796 | (Prime Index + 0.704%), 7.45%, 3/25/30(b) | 59144 |
| 248527 | (Prime Index + 0.721%), 7.47%, 11/25/30(b) | 257169 |
| 107777 | (Prime Index + 0.798%), 7.55%, 6/25/29(b) | 109974 |
| 38912 | (Prime Index + 0.814%), 7.56%, 2/25/28(b) | 39539 |
| 27864 | (Prime Index + 0.816%), 7.57%, 9/25/28(b) | 28247 |
| 65289 | (Prime Index + 0.823%), 7.57%, 8/25/30(b) | 67539 |
| 36600 | (Prime Index + 0.819%), 7.57%, 3/25/31(b) | 37953 |
| 450068 | (Prime Index + 0.825%), 7.58%, 9/25/31(b) | 470860 |
| 87500 | (Prime Index + 0.842%), 7.59%, 2/25/29(b) | 88911 |
| 234 | (Prime Index + 0.856%), 7.61%, 6/25/28(b) | 236 |
| 30400 | (Prime Index + 0.871%), 7.62%, 3/25/29(b) | 30962 |
| 116148 | (Prime Index + 0.866%), 7.62%, 5/25/29(b) | 118863 |
| 33109 | (Prime Index + 0.866%), 7.62%, 2/25/30(b) | 33986 |
| 13385 | (Prime Index + 0.908%), 7.66%, 1/25/29(b) | 13622 |
| 18744 | (Prime Index + 0.928%), 7.68%, 7/25/29(b) | 19265 |
| 39101 | (Prime Index + 0.943%), 7.69%, 5/25/29(b) | 40144 |
| 261712 | (Prime Index + 0.961%), 7.71%, 12/25/30(b) | 271988 |
| 12466 | (Prime Index + 0.983%), 7.73%, 11/25/28(b) | 12745 |
| 68620 | (Prime Index + 0.981%), 7.73%, 1/25/31(b) | 71457 |
| 77876 | (Prime Index + 1.013%), 7.76%, 2/25/31(b) | 80958 |
| 80844 | (Prime Index + 1.015%), 7.77%, 7/25/30(b) | 84443 |
| 49948 | (Prime Index + 1.036%), 7.79%, 7/25/29(b) | 51124 |
| 46806 | (Prime Index + 1.045%), 7.80%, 9/25/29(b) | 48374 |
| 86947 | (Prime Index + 1.066%), 7.82%, 12/25/29(b) | 90249 |
| 33153 | (Prime Index + 1.072%), 7.82%, 6/25/30(b) | 34284 |
| 1275 | (Prime Index + 1.107%), 7.86%, 11/25/26(b) | 1272 |
| 45875 | (Prime Index + 1.131%), 7.88%, 9/25/28(b) | 46320 |
| 52236 | (Prime Index + 1.230%), 7.98%, 5/25/29(b) | 54168 |
| 40108 | (Prime Index + 1.237%), 7.99%, 6/25/29(b) | 41565 |
| 24866 | (Prime Index + 1.341%), 8.09%, 10/25/31(b) | 26164 |
| 149242 | (Prime Index + 1.350%), 8.10%, 6/25/31(b) | 156207 |
| 85835 | (Prime Index + 1.575%), 8.33%, 7/25/30(b) | 89451 |
| 260 | (Prime Index + 1.625%), 8.38%, 7/25/28(b) | 264 |
| 12098 | 9.08%, 9/25/29 | 12312 |
| 26614 | (Prime Index + 2.325%), 9.08%, 10/25/30(b) | 28090 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 103454 | (Prime Index + 2.325%), 9.08%, 1/25/31(b) | $&nbsp;&nbsp;&nbsp;&nbsp;109763 |
|  | 50436 | 9.88%, 6/7/29(c) | 51741 |
|  |  |  | 13735924 |
| Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | 13735924 |
| (Cost $14,270,513) | (Cost $14,270,513) | (Cost $14,270,513) |  |
| Municipal Bonds — 1.8% | Municipal Bonds — 1.8% | Municipal Bonds — 1.8% |  |
| California — 0.9% | California — 0.9% | California — 0.9% |  |
|  | 2000000 | California Health Facilities Financing Authority Revenue, 2.93%, 6/1/32, Callable 6/1/29 @ 100 | 1832784 |
|  | 765000 | California Statewide Communities Development Authority Revenue, Series B, 5.25%, 10/20/42, (Credit Support:<br> Ginnie Mae), Callable 5/1/26 @ 100 | 765389 |
|  | 200000 | City & County of San Francisco GO, 1.95%, 6/15/27 | 194827 |
|  | 1790000 | City & County of San Francisco GO, Series A, 1.78%, 6/15/29 | 1656527 |
|  | 1675000 | City of Los Angeles Housing GO, Series A, 2.95%, 9/1/28, Callable 9/1/27 @ 100 | 1637431 |
|  |  |  | 6086958 |
| Colorado — 0.00% | Colorado — 0.00% | Colorado — 0.00% |  |
|  | 83875 | Colorado Housing & Finance Authority Revenue, Series V, 3.40%, 11/1/45, (Credit Support: FHA) | 75798 |
| District of Columbia — 0.1% | District of Columbia — 0.1% | District of Columbia — 0.1% |  |
|  | 504812 | District of Columbia Housing Finance Agency Revenue, 3.24%, 3/1/49, (Credit Support: FHA) | 469613 |
| Illinois — 0.00% | Illinois — 0.00% | Illinois — 0.00% |  |
|  | 35000 | City of Chicago Multi Family Revenue, Mercy Preservation Project, 4.55%, 8/1/26, (Credit Support: Freddie Mac),<br>Callable 5/1/26 @ 100 | 35043 |
| Maine — 0.00% | Maine — 0.00% | Maine — 0.00% |  |
|  | 250000 | Maine State Housing Authority Series B, 2.33%, 11/15/30 | 229297 |
| Minnesota — 0.1% | Minnesota — 0.1% | Minnesota — 0.1% |  |
|  | 440137 | City of Minnetonka Housing Revenue, Series A, 3.00%, 11/1/34, (Credit Support: Fannie Mae) | 408165 |
| New York — 0.6% | New York — 0.6% | New York — 0.6% |  |
|  | 300000 | New York City Housing Development Corp. Revenue, Series B, 1.02%, 5/1/26 | 299331 |
|  | 300000 | New York City Housing Development Corp. Revenue, Series G, 2.62%, 5/1/26, Callable 5/1/26 @ 100 | 299722 |
|  | 200000 | New York City Housing Development Corp. Revenue, Series B, 1.12%, 11/1/26 | 197005 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 500000 | New York City Housing Development Corp. Revenue, Series B, 3.56%, 11/1/26, Callable 5/1/26 @ 100 | $499463 |
|  | 160000 | New York City Housing Development Corp. Revenue, Series B, 1.38%, 5/1/27 | 155890 |
|  | 250000 | New York City Housing Development Corp. Revenue, Series B, 1.48%, 11/1/27 | 240726 |
|  | 1000000 | New York City Housing Development Corp. Revenue, Series B, 3.61%, 11/1/27, Callable 5/1/26 @ 100 | 995237 |
|  | 500000 | New York City Housing Development Corp. Revenue, Series B, 3.81%, 11/1/29, Callable 5/1/26 @ 100 | 493401 |
|  | 155000 | New York State Housing Finance Agency Revenue, Series A, 4.50%, 11/15/27, Callable 5/1/26 @ 100 | 155145 |
|  | 1000000 | New York State Housing Finance Agency Revenue, Series A, 4.65%, 11/15/38, Callable 5/1/26 @ 100 | 1001040 |
|  |  |  | 4336960 |
| Vermont — 0.00% | Vermont — 0.00% | Vermont — 0.00% |  |
|  | 100000 | Vermont Housing Finance Agency Property Transfer Tax Revenue Revenue, 3.45%, 11/1/29 | 97535 |
| Washington — 0.1% | Washington — 0.1% | Washington — 0.1% |  |
|  | 800000 | City of Seattle WA GO, Series B, 3.38%, 12/1/28, Callable 12/1/27 @ 100 | 788116 |
| Total Municipal Bonds | Total Municipal Bonds | Total Municipal Bonds | 12527485 |
| (Cost $12,892,950) | (Cost $12,892,950) | (Cost $12,892,950) |  |
| Corporate Bond — 0.00% | Corporate Bond — 0.00% | Corporate Bond — 0.00% |  |
| Consumer, Non-cyclical — 0.00% | Consumer, Non-cyclical — 0.00% | Consumer, Non-cyclical — 0.00% |  |
|  | 55000 | Montefiore Medical Center, 2.15%, 10/20/26 | 54808 |
| Total Corporate Bond | Total Corporate Bond | Total Corporate Bond | 54808 |
| (Cost $55,000) | (Cost $55,000) | (Cost $55,000) |  |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Access Capital Community Investment Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Investment Company — 3.1% | Investment Company — 3.1% |  |
| 22052434 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(d) | $22052434 |
| Total Investment Company | Total Investment Company | 22052434 |
| (Cost $22,052,434) | (Cost $22,052,434) |  |
| Total Investments | Total Investments | $783499910 |
| (Cost $832,745,987)(e) — 110.2% | (Cost $832,745,987)(e) — 110.2% |  |
| Liabilities in excess of other assets — (10.2)% | Liabilities in excess of other assets — (10.2)% | (72652788) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $710847122 |

---

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

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

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

(d) Affiliated investment.

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

Financial futures contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Long Position  | Number of <br> Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> Date | Value/Unrealized<br>(Depreciation) | Notional<br> Value | Notional<br> Value | Clearinghouse |
| 10 Year U.S. Ultra Treasury Bond | 58 | June 2026 | $(139307) | USD | $6583907 | Barclays Capital Inc. |
| 5 Year U.S. Treasury Note | 210 | June 2026 | (5326) | USD | 22717735 | Barclays Capital Inc. |
|  Total |  |  | $(144633) |  |  |  |

---

Abbreviations used are defined below:

FHA - Insured by Federal Housing Administration

GO - General Obligations

SOFR30A - Secured Overnight Financing Rate 30 Day Average

TBA - To-be-announced

USD - United States Dollar

See Notes to the Financial Statements.

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| U.S. Government Agency Backed Mortgages — 37.3% | U.S. Government Agency Backed Mortgages — 37.3% |  |
| Fannie Mae — 24.9% | Fannie Mae — 24.9% |  |
| $50000 | Pool #AN0360, 3.95%, 12/1/45 | $42787 |
| 8934 | Pool #BJ0657, 4.00%, 2/1/48 | 8527 |
| 18352 | Pool #BJ2670, 4.00%, 4/1/48 | 17515 |
| 41211 | Pool #BJ3178, 4.00%, 11/1/47 | 39639 |
| 34578 | Pool #BJ5158, 4.00%, 4/1/48 | 33001 |
| 39638 | Pool #BJ9439, 4.00%, 2/1/48 | 37999 |
| 39076 | Pool #BJ9477, 4.00%, 4/1/48 | 37461 |
| 44540 | Pool #BK7924, 4.00%, 11/1/48 | 42698 |
| 20206 | Pool #BO1263, 3.50%, 6/1/49 | 18800 |
| 383215 | Pool #BP3417, 2.50%, 5/1/51 | 325410 |
| 92286 | Pool #BP8741, 2.50%, 6/1/50 | 78678 |
| 186260 | Pool #BQ7523, 2.00%, 11/1/50 | 151656 |
| 268799 | Pool #BQ7524, 2.50%, 10/1/50 | 230332 |
| 1296688 | Pool #BR2051, 2.50%, 6/1/51 | 1101092 |
| 300000 | Pool #BS0915, 1.62%, 3/1/31 | 262628 |
| 3236421 | Pool #BT1616, 2.00%, 4/1/51 | 2637099 |
| 1299667 | Pool #BT8237, 4.00%, 6/1/52 | 1231267 |
| 2994563 | Pool #BZ0636, 5.22%, 6/1/31 | 3103805 |
| 1875000 | Pool #BZ2581, 4.81%, 12/1/29 | 1907829 |
| 1610000 | Pool #BZ2936, 4.58%, 1/1/30 | 1627439 |
| 2800000 | Pool #BZ3608, 4.66%, 4/1/30 | 2837846 |
| 1322000 | Pool #BZ3654, 5.29%, 5/1/30 | 1359176 |
| 2000000 | Pool #BZ3698, 4.66%, 2/1/30 | 2018575 |
| 1534000 | Pool #BZ3699, 4.66%, 2/1/30 | 1548247 |
| 2325000 | Pool #BZ6023, 4.12%, 12/1/30 | 2311330 |
| 2000000 | Pool #BZ6126, 4.08%, 1/1/31 | 1983021 |
| 29435 | Pool #CA1066, 4.00%, 1/1/48 | 28153 |
| 13763 | Pool #CA1068, 3.50%, 1/1/48 | 12806 |
| 15966 | Pool #CA2595, 4.50%, 11/1/48 | 15662 |
| 59240 | Pool #CA2912, 4.00%, 12/1/48 | 56806 |
| 41974 | Pool #CA3132, 4.00%, 2/1/49 | 40197 |
| 41856 | Pool #CA3174, 4.00%, 2/1/49 | 40125 |
| 249155 | Pool #CA3451, 3.50%, 5/1/49 | 230736 |
| 180368 | Pool #CA3456, 3.50%, 5/1/49 | 167596 |
| 299713 | Pool #CA9048, 2.00%, 2/1/51 | 243716 |
| 901372 | Pool #CB0480, 2.50%, 5/1/51 | 765407 |
| 343742 | Pool #CB0576, 2.50%, 5/1/51 | 293498 |
| 2063121 | Pool #CB3227, 3.50%, 3/1/52 | 1894287 |
| 1926743 | Pool #CB4272, 4.50%, 7/1/52 | 1867337 |
| 1717029 | Pool #CB4314, 4.50%, 8/1/52 | 1664088 |
| 1645049 | Pool #CB4767, 5.00%, 9/1/52 | 1632645 |
| 2109699 | Pool #CB4967, 5.50%, 10/1/52 | 2140388 |
| 1210853 | Pool #CB5166, 6.00%, 11/1/52 | 1247147 |
| 344790 | Pool #CB5202, 6.50%, 11/1/52 | 359473 |
| 656187 | Pool #CB5220, 6.50%, 12/1/52 | 685920 |
| 1199954 | Pool #CB6607, 5.50%, 7/1/53 | 1213459 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 1835899 | Pool #CB6783, 5.00%, 7/1/53 | $1820376 |
|  | 1961183 | Pool #CB6784, 5.50%, 7/1/53 | 1991528 |
|  | 1934208 | Pool #CB6826, 5.50%, 7/1/53 | 1963009 |
|  | 1676888 | Pool #CB7160, 6.50%, 9/1/53 | 1745505 |
|  | 2035315 | Pool #CB9076, 5.50%, 8/1/54 | 2058177 |
|  | 4730062 | Pool #CC0947, 6.50%, 8/1/55 | 4934452 |
|  |  |  | 54106350 |
| Freddie Mac — 10.0% | Freddie Mac — 10.0% | Freddie Mac — 10.0% |  |
|  | 36510 | Pool #Q59453, 4.00%, 11/1/48 | 34888 |
|  | 133551 | Pool #QB5731, 2.00%, 11/1/50 | 108739 |
|  | 181888 | Pool #QB5732, 2.50%, 11/1/50 | 154841 |
|  | 673220 | Pool #QC3844, 2.00%, 6/1/51 | 546263 |
|  | 237607 | Pool #QC3845, 2.50%, 6/1/51 | 201692 |
|  | 901276 | Pool #QC7895, 2.00%, 9/1/51 | 730682 |
|  | 649730 | Pool #QE4428, 4.00%, 6/1/52 | 615535 |
|  | 1622482 | Pool #QE6510, 4.50%, 7/1/52 | 1572607 |
|  | 1800551 | Pool #QG5944, 5.00%, 6/1/53 | 1787715 |
|  | 48123 | Pool #RA1713, 3.00%, 11/1/49 | 42893 |
|  | 75234 | Pool #RA1714, 3.00%, 11/1/49 | 67057 |
|  | 123896 | Pool #RA2256, 3.00%, 3/1/50 | 110390 |
|  | 163582 | Pool #RA2340, 3.00%, 3/1/50 | 145700 |
|  | 144399 | Pool #RA2395, 2.50%, 4/1/50 | 123241 |
|  | 370033 | Pool #RA2575, 2.50%, 5/1/50 | 315697 |
|  | 129399 | Pool #RA2727, 2.00%, 5/1/50 | 105584 |
|  | 129023 | Pool #RA2728, 2.50%, 5/1/50 | 110037 |
|  | 324301 | Pool #RA2740, 2.50%, 6/1/50 | 278395 |
|  | 234962 | Pool #RA3680, 2.50%, 9/1/50 | 200169 |
|  | 283635 | Pool #RA4503, 2.00%, 2/1/51 | 230642 |
|  | 261484 | Pool #RA4927, 2.00%, 3/1/51 | 212538 |
|  | 400848 | Pool #RA5020, 2.00%, 4/1/51 | 325675 |
|  | 1063253 | Pool #RA5195, 2.50%, 5/1/51 | 894716 |
|  | 749612 | Pool #RA5197, 2.50%, 5/1/51 | 636772 |
|  | 434110 | Pool #RA5237, 2.50%, 5/1/51 | 368762 |
|  | 190722 | Pool #RA5621, 2.50%, 8/1/51 | 161834 |
|  | 660399 | Pool #RA5701, 2.00%, 8/1/51 | 535398 |
|  | 162277 | Pool #RA5874, 2.50%, 9/1/51 | 137597 |
|  | 1715758 | Pool #RA6760, 3.00%, 2/1/52 | 1517786 |
|  | 1747427 | Pool #RA7454, 4.00%, 6/1/52 | 1655326 |
|  | 1742671 | Pool #RJ5020, 6.00%, 10/1/55 | 1790880 |
|  | 2432564 | Pool #RJ5045, 6.00%, 10/1/55 | 2510036 |
|  | 19287 | Pool #V84506, 4.00%, 7/1/48 | 18426 |
|  | 38839 | Pool #V84836, 4.00%, 11/1/48 | 37239 |
|  | 57657 | Pool #V85365, 3.50%, 4/1/49 | 53759 |
|  | 167521 | Pool #V85381, 3.50%, 4/1/49 | 155899 |
|  | 1957092 | Pool #WA4461, 4.72%, 1/1/30 | 1986452 |
|  | 27775 | Series 2018-SB45, Class A10F, 3.16%, 11/25/27(a) | 27392 |
|  | 38858 | Series 2018-SB48, Class A10F, 3.36%, 2/25/28(a) | 38378 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 89734 | Series 2019-SB59, Class A10F, 3.47%, 1/25/29(a) | $88262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;764643 | Series 2021-SB87, Class A5H, 0.78%, 4/25/41(a) | 759858 |
|  | 27109 | Series KF57, Class A, (SOFR30A + 0.654%), 4.32%, 12/25/28(b) | 27181 |
|  | 275962 | Series Q014, Class A1, 1.56%, 1/25/36 | 228592 |
|  |  |  | 21651525 |
| Ginnie Mae — 0.1% | Ginnie Mae — 0.1% | Ginnie Mae — 0.1% |  |
|  | 18847 | Pool #AC3667, 1.66%, 8/15/26 | 18484 |
|  | 20268 | Pool #BB3740, 4.00%, 11/15/47 | 19353 |
|  | 53373 | Pool #BE3008, 4.00%, 4/20/48 | 50922 |
|  | 27298 | Series 2018-2, Class AD, 2.40%, 3/16/59 | 24147 |
|  | 16715 | Series 2018-26, Class AD, 2.50%, 3/16/52 | 15893 |
|  |  |  | 128799 |
| Small Business Administration — 2.3% | Small Business Administration — 2.3% | Small Business Administration — 2.3% |  |
|  | 249524 | Pool #130612, 10.63%, 5/25/34 | 283225 |
|  | 529107 | Pool #130613, 10.88%, 10/25/34(c) | 615573 |
|  | 146231 | Pool #130614, 10.61%, 3/25/35 | 164414 |
|  | 108776 | Pool #530566, (Prime Index + 1.625%), 8.38%, 5/25/34(b) | 117428 |
|  | 396056 | Pool #530677, (Prime Index + 3.605%), 10.36%, 10/25/34(b) | 450841 |
|  | 209064 | Pool #530704, (Prime Index + 0.855%), 7.61%, 12/25/34(b) | 225445 |
|  | 301560 | Pool #530708, (Prime Index + 1.605%), 8.36%, 12/25/34(b) | 330261 |
|  | 410995 | Pool #530710, (Prime Index + 1.855%), 8.61%, 12/25/34(b) | 452444 |
|  | 239612 | Pool #530756, (Prime Index + 3.355%), 10.11%, 3/25/35(b) | 273883 |
|  | 769531 | Pool #530757, (Prime Index + 1.855%), 8.61%, 2/25/35(b) | 848289 |
|  | 659581 | Pool #530759, (Prime Index + 1.605%), 8.36%, 2/25/35(b) | 723289 |
|  | 367958 | Pool #530790, (Prime Index + 1.605%), 8.36%, 4/25/35(b) | 403990 |
|  | 176377 | Pool #530791, (Prime Index + 1.855%), 8.61%, 4/25/35(b) | 194677 |
|  |  |  | 5083759 |
| Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | Total U.S. Government Agency Backed Mortgages | 80970433 |
| (Cost $84,207,816) | (Cost $84,207,816) | (Cost $84,207,816) |  |
| Corporate Bonds — 33.2% | Corporate Bonds — 33.2% | Corporate Bonds — 33.2% |  |
| Communications — 2.6% | Communications — 2.6% | Communications — 2.6% |  |
|  | 3085000 | AT&T, Inc., 5.55%, 11/1/45 | 2918605 |
|  | 2700000 | Verizon Communications, Inc., 4.75%, 1/15/33 | 2665434 |
|  |  |  | 5584039 |
| Consumer, Non-cyclical — 20.3% | Consumer, Non-cyclical — 20.3% | Consumer, Non-cyclical — 20.3% |  |
|  | 1694000 | 180 Medical, Inc., 5.30%, 10/8/35(d) | 1656768 |
|  | 980000 | AbbVie, Inc., 4.75%, 3/15/36 | 959731 |
|  | 1200000 | AbbVie, Inc., 4.80%, 3/15/29 | 1219345 |
|  | 1365000 | Amgen, Inc., 4.85%, 2/19/36 | 1340513 |
|  | 3500000 | Amgen, Inc., 5.25%, 3/2/33 | 3591040 |
|  | 1150000 | Astrazeneca Finance LLC, 5.00%, 2/26/34 | 1167151 |
|  | 100000 | Doris Duke Charitable Foundation (The), Series 2020, 2.35%, 7/1/50 | 55720 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 3100000 | Elevance Health, Inc., 5.15%, 6/15/29 | $3157929 |
|  | 1700000 | Eli Lilly & Co., 4.75%, 2/12/30 | 1730540 |
|  | 1370000 | GE HealthCare Technologies, Inc., 4.95%, 12/15/35 | 1344866 |
|  | 2114000 | Haleon US Capital LLC, 3.63%, 3/24/32 | 1991141 |
|  | 2300000 | HCA, Inc., 5.00%, 3/1/28 | 2324266 |
|  | 1861000 | HCA, Inc., 5.45%, 9/15/34 | 1878285 |
|  | 2030000 | HCA, Inc., 5.70%, 11/15/55 | 1888237 |
|  | 2250000 | IQVIA, Inc., 6.25%, 2/1/29 | 2339433 |
|  | 400000 | John D and Catherine T MacArthur Foundation, 1.30%, 12/1/30 | 345071 |
|  | 2500000 | Kenvue, Inc., 5.00%, 3/22/30 | 2546291 |
|  | 2600000 | Merck & Co., Inc., 4.75%, 12/4/35 | 2551736 |
|  | 1000000 | Nature Conservancy (The), Series A, 0.94%, 7/1/26 | 991019 |
|  | 1000000 | Nature Conservancy (The), Series A, 1.15%, 7/1/27 | 959641 |
|  | 70000 | Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 63665 |
|  | 53000 | Nature Conservancy (The), Series A, 1.86%, 7/1/33 | 42800 |
|  | 1440000 | Novartis Capital Corp., 4.90%, 3/18/36 | 1436443 |
|  | 1825000 | Roche Holdings, Inc., 4.67%, 12/2/35(d) | 1791828 |
|  | 1940000 | Royalty Pharma Plc, 5.15%, 9/2/29 | 1974423 |
|  | 2565000 | Thermo Fisher Scientific, Inc., 4.55%, 6/15/33 | 2533413 |
|  | 2285000 | Thermo Fisher Scientific, Inc., 4.89%, 10/7/37 | 2252357 |
|  |  |  | 44133652 |
| Financial — 5.5% | Financial — 5.5% | Financial — 5.5% |  |
|  | 350000 | Andrew W Mellon Foundation (The), Series 2020, 0.95%, 8/1/27 | 336196 |
|  | 250000 | BlueHub Loan Fund, Inc., Series 2020, 2.89%, 1/1/27 | 247448 |
|  | 250000 | Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 234007 |
|  | 1328000 | HA Sustainable Infrastructure Capital, Inc., 6.00%, 3/15/36 | 1286375 |
|  | 1400000 | HA Sustainable Infrastructure Capital, Inc., 6.15%, 1/15/31 | 1424754 |
|  | 2100000 | Healthcare Realty Holdings LP, REIT, 2.40%, 3/15/30 | 1915311 |
|  | 590000 | Low Income Investment Fund, Series 2019, 3.39%, 7/1/26 | 588080 |
|  | 1300000 | Low Income Investment Fund, Series 2019, 3.71%, 7/1/29 | 1259175 |
|  | 2160000 | Preservation of Affordable Housing, Inc., 4.48%, 12/1/32 | 2085165 |
|  | 2500000 | Reinvestment Fund, Inc. (The), 3.93%, 2/15/28 | 2487133 |
|  |  |  | 11863644 |
| Utilities — 4.8% | Utilities — 4.8% | Utilities — 4.8% |  |
|  | 3150000 | American Water Capital Corp., 4.45%, 6/1/32 | 3100236 |
|  | 2720000 | American Water Capital Corp., 5.25%, 3/1/35 | 2764077 |
|  | 1350000 | Avangrid, Inc., 3.80%, 6/1/29 | 1319879 |
|  | 3400000 | New York State Electric & Gas Corp., 5.05%, 8/15/35(d) | 3363875 |
|  |  |  | 10548067 |
| Total Corporate Bonds | Total Corporate Bonds | Total Corporate Bonds | 72129402 |
| (Cost $72,803,526) | (Cost $72,803,526) | (Cost $72,803,526) |  |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| Municipal Bonds — 16.5% | Municipal Bonds — 16.5% |  |
| Alabama — 0.3% | Alabama — 0.3% |  |
| $730000 | City of Birmingham Regional Water Works Revenue, 2.39%, |  |
|  | 1/1/35, Callable 7/1/31 @ 100 | $615177 |
| Arizona — 0.4% | Arizona — 0.4% |  |
| 750000 | City of Phoenix Civic Improvement Corp. Revenue, Series C, 1.38%, 7/1/27 | 726782 |
| 250000 | City of Tucson Water System Revenue, 1.88%, 7/1/30 | 228277 |
|  |  | 955059 |
| California — 5.5% | California — 5.5% |  |
| 250000 | California Health Facilities. Financing Authority Revenue, 1.68%, 6/1/28 | 238202 |
| 815000 | California Health Facilities. Financing Authority Revenue, 1.98%, 6/1/30 | 746948 |
| 990000 | California Health Facilities. Financing Authority Revenue, 2.53%, 6/1/35 | 829795 |
| 460000 | Calleguas Municipal Water District Revenue, Series A, 2.52%, 7/1/36 | 376584 |
| 100000 | City & County of San Francisco GO, 1.95%, 6/15/27 | 97413 |
| 100000 | City of Los Angeles Housing GO, Series A, 2.95%, 9/1/28, Callable 9/1/27 @ 100 | 97757 |
| 750000 | City of Santa Rosa Wastewater Revenue, Series B, 2.12%, 9/1/31 | 675018 |
| 300000 | City of Santa Rosa Wastewater Revenue, Series B, 2.32%, 9/1/33 | 260063 |
| 1500000 | Cucamonga Valley Water District Financing Authority Revenue, Series B, 3.60%, 9/1/27 | 1494038 |
| 285000 | Lancaster Power Authority Revenue, 1.92%, 11/1/28, (Credit Support: AGM) | 269296 |
| 525000 | Lancaster Power Authority Revenue, 2.56%, 11/1/33, (Credit Support: AGM), Callable 11/1/31 @ 100 | 454805 |
| 525000 | Lancaster Power Authority Revenue, 2.68%, 11/1/34, (Credit Support: AGM), Callable 11/1/31 @ 100 | 448272 |
| 755000 | Lancaster Power Authority Revenue, 2.79%, 11/1/35, (Credit Support: AGM), Callable 11/1/31 @ 100 | 635726 |
| 250000 | Rowland Water District Revenue, Series A, 1.61%, 12/1/29 | 227707 |
| 1000000 | Rowland Water District Revenue, Series A, 1.91%, 12/1/31 | 872945 |
| 800000 | Rowland Water District Revenue, Series A, 2.56%, 12/1/36, Callable 12/1/31 @ 100 | 639574 |
| 400000 | Santa Clara Valley Water District Certificate Participation, Series D, 1.78%, 6/1/31, Callable 6/1/30 @ 100 | 354909 |
| 1060000 | Santa Clara Valley Water District Certificate Participation, Series D, 1.88%, 6/1/32, Callable 6/1/30 @ 100 | 919426 |
| 950000 | Santa Clara Valley Water District Certificate Participation, Series D, 2.08%, 6/1/34, Callable 6/1/30 @ 100 | 790478 |
| 600000 | Sonoma-Marin Area Rail Transit District Revenue, Series A, 2.02%, 3/1/28 | 578155 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 100000 | State of California Department of Water Resources Revenue, 0.92%, 12/1/26 | $98095 |
|  | 315000 | Walnut Valley Water District Revenue, Series A, 0.96%, 6/1/26 | 313525 |
|  | 320000 | Walnut Valley Water District Revenue, Series A, 1.17%, 6/1/27 | 310260 |
|  | 325000 | Walnut Valley Water District Revenue, Series A, 1.37%, 6/1/28 | 307732 |
|  |  |  | 12036723 |
| Colorado — 1.0% | Colorado — 1.0% | Colorado — 1.0% |  |
|  | 1950000 | Colorado Housing and Finance Authority Revenue, Series B, 4.60%, 12/1/27 | 1973757 |
|  | 275000 | Parker Water & Sanitation District GO, 2.10%, 8/1/29 | 259297 |
|  |  |  | 2233054 |
| Connecticut — 1.4% | Connecticut — 1.4% | Connecticut — 1.4% |  |
|  | 325000 | Connecticut Green Bank Revenue, 1.95%, 11/15/28 | 308217 |
|  | 2775000 | Connecticut Housing Finance Authority Revenue, Series B, 4.80%, 5/15/28, Callable 11/15/26 @ 100 | 2791050 |
|  |  |  | 3099267 |
| District of Columbia — 0.5% | District of Columbia — 0.5% | District of Columbia — 0.5% |  |
|  | 195000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.60%, 9/1/27, (Credit Support: FHA) | 188564 |
|  | 200000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.70%, 3/1/28, (Credit Support: FHA) | 191201 |
|  | 140000 | District of Columbia Housing Finance Agency Revenue, Series A, 1.95%, 9/1/29, (Credit Support: FHA) | 129722 |
|  | 590000 | District of Columbia Housing Finance Agency Revenue, Series A, 2.15%, 3/1/31, (Credit Support: FHA), Callable 3/1/30 @ 100 | 530179 |
|  |  |  | 1039666 |
| Florida — 0.9% | Florida — 0.9% | Florida — 0.9% |  |
|  | 2000000 | City of Palm Coast Utility Revenue, 1.44%, 10/1/28 | 1877161 |
| Georgia — 0.1% | Georgia — 0.1% | Georgia — 0.1% |  |
|  | 285000 | Carroll County Water Authority Revenue, Series B, 1.51%, 7/1/27 | 276684 |
| Hawaii — 0.4% | Hawaii — 0.4% | Hawaii — 0.4% |  |
|  | 695000 | City & County of Honolulu GO, Series C, 1.47%, 7/1/28 | 658214 |
|  | 250000 | Honolulu City & County Board of Water Supply Revenue, Series B, 1.98%, 7/1/27 | 244371 |
|  |  |  | 902585 |
| Idaho — 0.2% | Idaho — 0.2% | Idaho — 0.2% |  |
|  | 500000 | Idaho Energy Resources Authority Revenue, 2.86%, 9/1/46 | 350730 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| Maryland — 0.1% | Maryland — 0.1% |  |
| $225000 | City of Baltimore Revenue, Series B, 1.58%, 7/1/28 | $212649 |
| Massachusetts — 1.0% | Massachusetts — 1.0% |  |
| 600000 | Boston Water & Sewer Commission Revenue, 1.37%, 11/1/27 | 577426 |
| 1040000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Series B, 2.49%, 7/1/33, Callable 7/1/31 @ 100 | 916245 |
| 775000 | Massachusetts Clean Energy Cooperative Corp. 2.02%, 7/1/28 | 740339 |
|  |  | 2234010 |
| Michigan — 0.1% | Michigan — 0.1% |  |
| 95000 | Marquette Brownfield Redevelopment Authority Revenue, 3.05%, 5/1/27, (Credit Support: Municipal Government Guaranteed), Callable 5/1/26 @ 100 | 94088 |
| Nevada — 0.1% | Nevada — 0.1% |  |
| 250000 | City of Henderson GO, Series A, 2.23%, 6/1/28 | 241292 |
| New York — 0.4% | New York — 0.4% |  |
| 600000 | Western Nassau County Water Authority Revenue, Series B, 2.50%, 4/1/34 | 506957 |
| 500000 | Western Nassau County Water Authority Revenue, Series B, 2.58%, 4/1/35 | 414264 |
|  |  | 921221 |
| Ohio — 0.1% | Ohio — 0.1% |  |
| 130000 | City of Cincinnati Revenue, Series C, 3.95%, 11/1/28 | 129832 |
| Oklahoma — 0.7% | Oklahoma — 0.7% |  |
| 715000 | Oklahoma Capitol Improvement Authority Revenue, Series A, 2.58%, 7/1/28 | 692500 |
| 745000 | Oklahoma Capitol Improvement Authority Revenue, Series A, 2.63%, 7/1/29 | 711746 |
|  |  | 1404246 |
| Oregon — 0.4% | Oregon — 0.4% |  |
| 350000 | City of Portland GO, Series B, 1.51%, 6/15/28 | 331625 |
| 300000 | City of Tigard Water Revenue, 2.00%, 8/1/28, (Credit Support: BAM) | 286421 |
| 345000 | State of Oregon GO, Series F, 1.32%, 6/1/27 | 335038 |
|  |  | 953084 |
| Pennsylvania — 0.4% | Pennsylvania — 0.4% |  |
| 825000 | Economy Borough Municipal Authority Revenue, Series A, 1.65%, 12/15/28, (Credit Support: BAM) | 775222 |
| Rhode Island — 1.1% | Rhode Island — 1.1% |  |
| 1295000 | Narragansett Bay Commission Revenue, 2.09%, 9/1/30 | 1187320 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 400000 | Narragansett Bay Commission Revenue, 2.26%, 9/1/32, Callable 9/1/30 @ 100 | $353139 |
|  | 1000000 | Rhode Island Infrastructure Bank State Revolving Fund Revenue, Series A, 1.40%, 10/1/28 | 938248 |
|  |  |  | 2478707 |
| Tennessee — 0.1% | Tennessee — 0.1% | Tennessee — 0.1% |  |
|  | 160000 | Metropolitan Government of Nashville & Davidson County |  |
|  |  | Water & Sewer Revenue, Series B, 1.47%, 7/1/27 | 155387 |
| Texas — 1.1% | Texas — 1.1% | Texas — 1.1% |  |
|  | 300000 | City of Temple Utility System Revenue, 1.53%, 8/1/27 | 290195 |
|  | 690000 | City of Temple Utility System Revenue, 1.80%, 8/1/29 | 640246 |
|  | 800000 | Dallas Area Rapid Transit Revenue, 2.18%, 12/1/32 | 699720 |
|  | 275000 | Hidalgo County Drain District No 1 GO, Series A, 1.11%, 9/1/26 | 272028 |
|  | 130000 | Hidalgo County Drain District No 1 GO, Series A, 1.50%, 9/1/28 | 122743 |
|  | 300000 | Hidalgo County Drain District No 1 GO, Series A, 1.67%, 9/1/29 | 277855 |
|  |  |  | 2302787 |
| Utah — 0.2% | Utah — 0.2% | Utah — 0.2% |  |
|  | 520000 | Metropolitan Water District of Salt Lake & Sandy Revenue, Series B, 1.52%, 7/1/28 | 494602 |
| Total Municipal Bonds | Total Municipal Bonds | Total Municipal Bonds | 35783233 |
| (Cost $38,861,497) | (Cost $38,861,497) | (Cost $38,861,497) |  |
| Asset Backed Securities — 3.9% | Asset Backed Securities — 3.9% | Asset Backed Securities — 3.9% |  |
|  | 1545000 | Dext ABS LLC, Series 2025-2, Class C, 4.89%, 4/15/36(d) | 1528310 |
|  | 2948786 | Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62(d) | 2891767 |
|  | 857074 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(d) | 861173 |
|  | 320000 | Switch ABS Issuer LLC, Series 2024-1A, Class A2, 6.28%, 3/25/54(d) | 322418 |
|  | 825000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, 6/25/54(d) | 814278 |
|  | 2320000 | Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.80%, 7/16/29(d),(e) | 1347456 |
|  | 2200000 | Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28(d),(e) | 612480 |
|  | 1500000 | Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29(d),(e) | 200700 |
| Total Asset Backed Securities | Total Asset Backed Securities | Total Asset Backed Securities | 8578582 |
| (Cost $12,640,345) | (Cost $12,640,345) | (Cost $12,640,345) |  |
| U.S. Government Agency Obligations — 2.9% | U.S. Government Agency Obligations — 2.9% | U.S. Government Agency Obligations — 2.9% |  |
| Small Business Administration — 1.3% | Small Business Administration — 1.3% | Small Business Administration — 1.3% |  |
|  | 447502 | Certificate of Originator's Fee, 0.23%, 3/15/31(b),(c) | 1282 |
|  | 344250 | Certificate of Originator's Fee, 0.23%, 5/15/31(b),(c) | 986 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| $108364 | Certificate of Originator's Fee, 0.23%, 1/1/34(c) | $453 |
| 179309 | Certificate of Originator's Fee, 0.23%, 3/1/34(c) | 750 |
| 164250 | Certificate of Originator's Fee, 0.23%, 3/1/34(c) | 687 |
| 187500 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 784 |
| 187500 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 784 |
| 135000 | Certificate of Originator's Fee, 0.23%, 4/1/34(c) | 564 |
| 389700 | Certificate of Originator's Fee, 0.28%, 5/17/46(b),(c) | 2606 |
| 450000 | Certificate of Originator's Fee, 0.48%, 9/1/31(c) | 3238 |
| 85000 | Certificate of Originator's Fee, 0.48%, 4/1/34(c) | 742 |
| 48450 | Certificate of Originator's Fee, 0.48%, 4/1/34(c) | 423 |
| 443934 | Certificate of Originator's Fee, 0.53%, 6/15/31(b),(c) | 2930 |
| 132635 | Certificate of Originator's Fee, 0.73%, 2/28/34(c) | 1773 |
| 262500 | Certificate of Originator's Fee, 0.73%, 3/26/34(c) | 3509 |
| 262500 | Certificate of Originator's Fee, 0.73%, 3/28/34(c) | 3509 |
| 187500 | Certificate of Originator's Fee, 0.73%, 3/28/34(c) | 2506 |
| 222833 | Certificate of Originator's Fee, 0.78%, 4/15/31(b),(c) | 2165 |
| 495000 | Certificate of Originator's Fee, 0.78%, 8/15/31(b),(c) | 4809 |
| 103500 | Certificate of Originator's Fee, 0.78%, 8/15/31(b),(c) | 1005 |
| 404563 | Certificate of Originator's Fee, 1.03%, 4/15/46(b),(c) | 9951 |
| 346986 | Certificate of Originator's Fee, 1.23%, 5/10/31(c) | 6398 |
| 270000 | Certificate of Originator's Fee, 1.23%, 8/2/31(c) | 4978 |
| 139500 | Certificate of Originator's Fee, 1.23%, 9/16/31(c) | 2572 |
| 940950 | Certificate of Originator's Fee, 1.28%, 4/7/46(b),(c) | 28761 |
| 437400 | Certificate of Originator's Fee, 1.28%, 6/23/46(b),(c) | 13369 |
| 212509 | Certificate of Originator's Fee, 1.73%, 9/8/33(c) | 6732 |
| 149272 | Certificate of Originator's Fee, 1.98%, 8/10/33(c) | 5412 |
| 127500 | Certificate of Originator's Fee, 1.98%, 11/16/33(c) | 4623 |
| 186547 | Certificate of Originator's Fee, 1.98%, 12/18/33(c) | 6764 |
| 4606 | (Prime Index - 2.500%), 4.25%, 2/25/28(b) | 4606 |
| 56415 | (Prime Index - 2.500%), 4.25%, 4/25/44(b) | 56500 |
| 24429 | (Prime Index - 0.675%), 6.08%, 9/25/43(b) | 25445 |
| 57367 | (Prime Index - 0.675%), 6.08%, 11/25/45(b) | 59707 |
| 94847 | (Prime Index + 0.121%), 6.87%, 1/25/46(b) | 100541 |
| 28225 | 7.08%, 7/25/30 | 28114 |
| 145170 | (Prime Index + 0.325%), 7.08%, 6/25/31(b) | 150729 |
| 123171 | (Prime Index + 0.325%), 7.08%, 7/25/31(b) | 127324 |
| 153070 | (Prime Index + 0.325%), 7.08%, 2/25/32(b) | 158718 |
| 39123 | (Prime Index + 0.325%), 7.08%, 9/25/44(b) | 41538 |
| 578378 | (Prime Index + 0.325%), 7.08%, 8/25/46(b) | 620181 |
| 375334 | (Prime Index + 0.375%), 7.13%, 10/25/31(b) | 390661 |
| 312048 | (Prime Index + 0.375%), 7.13%, 8/25/46(b) | 333025 |
| 70879 | (Prime Index + 0.575%), 7.33%, 4/25/31(b) | 73530 |
| 17619 | (Prime Index + 0.579%), 7.33%, 3/25/43(b) | 18649 |
| 6289 | (Prime Index + 0.700%), 7.45%, 2/25/28(b) | 6391 |
| 225411 | (Prime Index + 0.825%), 7.58%, 9/25/31(b) | 235824 |
| 159496 | (Prime Index + 0.875%), 7.63%, 1/25/32(b) | 166487 |
| 8311 | (Prime Index + 0.983%), 7.73%, 11/25/28(b) | 8496 |
| 22946 | (Prime Index + 1.237%), 7.99%, 6/25/29(b) | 23780 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| $| 28887 | (Prime Index + 1.575%), 8.33%, 7/25/30(b) | $30104 |
|  | 12098 | 9.08%, 9/25/29 | 12312 |
|  | 30872 | (Prime Index + 2.325%), 9.08%, 10/25/30(b) | 32584 |
|  | 46380 | (Prime Index + 2.325%), 9.08%, 1/25/31(b) | 49209 |
|  |  |  | 2879520 |
| U.S. International Development Finance Corp. — 1.6% | U.S. International Development Finance Corp. — 1.6% | U.S. International Development Finance Corp. — 1.6% |  |
|  | 1000000 | 1.44%, 4/15/28 | 965272 |
|  | 500000 | 1.65%, 4/15/28 | 484022 |
|  | 1932093 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(b) | 1932093 |
|  |  |  | 3381387 |
| Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | Total U.S. Government Agency Obligations | 6260907 |
| (Cost $6,967,962) | (Cost $6,967,962) | (Cost $6,967,962) |  |
| Collateralized Mortgage Obligation — 1.3% | Collateralized Mortgage Obligation — 1.3% | Collateralized Mortgage Obligation — 1.3% |  |
|  | 2754965 | BX Commercial Mortgage Trust, Series 2022-AHP, Class C, (Term SOFR 1M + 2.090%), 5.76%, 1/17/39(b),(d) | 2752987 |
| Total Collateralized Mortgage Obligation | Total Collateralized Mortgage Obligation | Total Collateralized Mortgage Obligation | 2752987 |
| (Cost $2,744,820) | (Cost $2,744,820) | (Cost $2,744,820) |  |
| Shares | Shares |  |  |
| Investment Company — 3.6% | Investment Company — 3.6% | Investment Company — 3.6% |  |
|  | 7879219 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(f) | 7879219 |
| Total Investment Company | Total Investment Company | Total Investment Company | 7879219 |
| (Cost $7,879,219) | (Cost $7,879,219) | (Cost $7,879,219) | (Cost $7,879,219) |
| Total Investments | Total Investments | Total Investments | $214354763 |
| (Cost $226,105,185)(g) — 98.7% | (Cost $226,105,185)(g) — 98.7% | (Cost $226,105,185)(g) — 98.7% |  |
| Other assets in excess of liabilities — 1.3% | Other assets in excess of liabilities — 1.3% | Other assets in excess of liabilities — 1.3% | 2894978 |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | NET ASSETS — 100.0% | $217249741 |

---

------

---

| |
|:---|
| SCHEDULE OF PORTFOLIO INVESTMENTS |
| RBC BlueBay Impact Bond Fund (cont.) |
| March 31, 2026 (Unaudited) |

---

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

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

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

(d) 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.

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

(f) Affiliated investment.

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

Financial futures contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Long Position  | Number of <br> Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> Date | Value/Unrealized<br>Appreciation<br>(Depreciation) | Notional<br> Value | Notional<br> Value | Clearinghouse |
| 30 Year U.S. Treasury Bond | 60 | June 2026 | $(112004) | USD | $6832500 | Barclays Capital Inc. |
| 30 Year U.S. Ultra Treasury Bond | 163 | June 2026 | (507268) | USD | 18999688 | Barclays Capital Inc. |
| 5 Year U.S. Treasury Note | 40 | June 2026 | 25860 | USD | 4354062 | Barclays Capital Inc. |
| Total |  |  | $(593412) |  |  |  |

---

Abbreviations used are defined below:

AGM - Assured Guaranty Municipal Corp.

BAM - Bank of America

FHA - Insured by Federal Housing Administration

GO - General Obligations

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

SOFR30A - secured Overnight Financing Rate 30 Day Average

USD - United States Dollar

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Assets and Liabilities |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Assets: |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $810,693,553 and $218,225,966, respectively) | $761447476 | $206475544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $22,052,434 and $7,879,219, respectively) | 22052434 | 7879219 |
|  Cash | 478160 |  |
|  Cash at broker for financial futures contracts | 1312762 | 2016326 |
|  Interest and dividend receivable | 2978611 | 1491378 |
|  Receivable from advisor | 62150 | 30430 |
|  Receivable for capital shares issued | 425479 | 8170 |
|  Receivable for investments sold | 855545 | 290435 |
|  Unrealized appreciation on futures contracts |  | 25860 |
|  Prepaid expenses and other assets | 45864 | 42581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 789658481 | 218259943 |
|  Liabilities: |  |  |
|  Cash overdraft |  | 53959 |
|  Professional fees payable | 7606 | 7606 |
|  Distributions payable | 628949 | 14286 |
|  Payable for capital shares redeemed | 632808 | 140398 |
|  Payable for investments purchased on a delayed delivery basis | 76978408 |  |
|  Unrealized depreciation on futures contracts | 144633 | 619272 |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 207214 | 64030 |
|  Accounting fees | 54564 | 30207 |
|  Audit fees | 24185 | 24909 |
|  Trustees' fees | 4564 | 2491 |
|  Distribution fees | 2898 | 399 |
|  Custodian fees | 12655 | 3075 |
|  Shareholder reports | 32430 | 17872 |
|  Shareholder servicing fees | 26876 |  |
|  Transfer agent fees | 47186 | 28570 |
|  Other | 6383 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 78811359 | 1010202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $710847122 | $217249741 |
|  Net Assets Consists of: |  |  |
|  Capital | $836805362 | $257019559 |
|  Accumulated earnings | (125958240) | (39769818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $710847122 | $217249741 |

---

------

---

| |
|:---|
| FINANCIAL STATEMENTS |
| Statements of Assets and Liabilities (cont.) |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Net Assets |  |  |
|  Class A | $4300353 | $1497543 |
|  Class I | 643942297 | 121111720 |
|  Class IS | 62604472 | N/A |
|  Class R6 | N/A | 68581697 |
|  Class Y | N/A | 26058781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $710847122 | $217249741 |
|  Shares Outstanding (Unlimited number of shares authorized, no par value): |  |  |
|  Class A | 551922 | 176464 |
|  Class I | 82638804 | 14228843 |
|  Class IS | 8037743 | N/A |
|  Class R6 | N/A | 8059854 |
|  Class Y | N/A | 3065558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 91228469 | 25530719 |
|  Net Asset Values and Redemption Prices Per Share: |  |  |
|  Class A | $7.79 | $8.49 |
|  Class I | $7.79 | $8.51 |
|  Class IS | $7.79 | $N/A |
|  Class R6 | $N/A | $8.51 |
|  Class Y | $N/A | $8.50 |
|  Maximum Offering Price Per Share: |  |  |
|  Class A | $8.09 | $8.82 |
|  Maximum Sales Charge - Class A | 3.75% | 3.75% |

---

See Notes to the Financial Statements.

------

---

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

---

For the Six Months Ended March 31, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | |
|  | Community | RBC BlueBay Impact |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  |
|  Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $13588297 | $5516176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 319444 | 111458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 13907741 | 5627634 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1216795 | 455387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 5624 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 95283 | 46426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 22746 | 22746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 26776 | 6292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 2209 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 7963 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 26706 | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 41763 | 25204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 4325 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 215056 | 89982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class IS | 27962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 |  | 15107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class Y |  | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 17261 | 7128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder services administration fees–Class I | 158076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2531 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 5915 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 1876991 | 712572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (333873) | (164886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1543118 | 547686 |
|  Net Investment Income | 12364623 | 5079948 |
|  Realized/Unrealized Gains/(Losses): |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (648922) | (4485717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 22371 | 757541 |
|  Net realized losses | (626551) | (3728176) |
|  Net change in unrealized appreciation/ (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2215354 | 826288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (232440) | (1376567) |
|  Net unrealized gains/(losses) | 1982914 | (550279) |
|  Change in net assets resulting from operations | $13720986 | $801493 |

---

See Notes to the Financial Statements.

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Access Capital | RBC BlueBay Access Capital |
|  | Community | Community |
|  | Investment Fund | Investment Fund |
|  | For the<br>Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>For the<br>Year Ended<br>September 30, 2025 |
|  From Investment Activities |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $12364623 | $23540580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from investments and futures contracts | (626551) | (9333430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and futures contracts | 1982914 | 7277276 |
|  Change in net assets resulting from operations | 13720986 | 21484426 |
|  Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (77343) | (175199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (12003470) | (23063723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class IS | (1126240) | (1891739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (13207053) | (25130661) |
|  Capital Transactions: (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 72426175 | 153062817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 9279810 | 16587315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (47296079) | (159470146) |
|  Change in net assets resulting from capital transactions | 34409906 | 10179986 |
|  Net increase in net assets | 34923839 | 6533751 |
|  Net Assets: |  |  |
|  Beginning of period | 675923283 | 669389532 |
|  End of period | $710847122 | $675923283 |
|  Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 9223777 | 20148524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1181468 | 2169541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6038872) | (20772562) |
|  Change in shares resulting from capital transactions | 4366373 | 1545503 |

---

See Notes to the Financial Statements.

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | RBC BlueBay Impact<br>Bond Fund | RBC BlueBay Impact<br>Bond Fund |
|  | For the<br>Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>For the<br>Year Ended<br>September 30, 2025 |
|  From Investment Activities |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5079948 | $11640219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from investments and futures contracts | (3728176) | (5654927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments and futures contracts | (550279) | (175705) |
|  Change in net assets resulting from operations | 801493 | 5809587 |
|  Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (27190) | (57200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2312214) | (4821475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1963833) | (5059843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (743736) | (1639372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (5046973) | (11577890) |
|  Capital Transactions: (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 26016541 | 54035240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 4325002 | 9413777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (92094536) | (68343996) |
|  Change in net assets resulting from capital transactions | (61752993) | (4894979) |
|  Net decrease in net assets | (65998473) | (10663282) |
|  Net Assets: |  |  |
|  Beginning of period | 283248214 | 293911496 |
|  End of period | $217249741 | $283248214 |
|  Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3014363 | 6285514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 500363 | 1092691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (10689480) | (7948200) |
|  Change in shares resulting from capital transactions | (7174754) | (569995) |

---

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Access Capital Community Investment Fund |
| (Selected data for a share outstanding throughout the periods indicated) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  Class A |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $7.78 | 0.13 | 0.02 | 0.15 | (0.14) | (0.14) | $7.79 |
|  Year Ended 9/30/25 | 7.85 | 0.23 | (0.05) | 0.18 | (0.25) | (0.25) | 7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.22 | 0.61 | 0.83 | (0.24) | (0.24) | 7.85 |
|  Year Ended 9/30/23 | 7.56 | 0.20 | (0.28) | (0.08) | (0.22) | (0.22) | 7.26 |
|  Year Ended 9/30/22 | 8.93 | 0.11 | (1.33) | (1.22) | (0.15) | (0.15) | 7.56 |
|  Year Ended 9/30/21 | 9.13 | 0.10 | (0.15) | (0.05) | (0.15) | (0.15) | 8.93 |
|  Class I |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $7.78 | 0.14 | 0.02 | 0.16 | (0.15) | (0.15) | $7.79 |
|  Year Ended 9/30/25 | 7.85 | 0.26 | (0.05) | 0.21 | (0.28) | (0.28) | 7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.25 | 0.61 | 0.86 | (0.27) | (0.27) | 7.85 |
|  Year Ended 9/30/23 | 7.56 | 0.23 | (0.29) | (0.06) | (0.24) | (0.24) | 7.26 |
|  Year Ended 9/30/22 | 8.92 | 0.15 | (1.33) | (1.18) | (0.18) | (0.18) | 7.56 |
|  Year Ended 9/30/21 | 9.13 | 0.13 | (0.16) | (0.03) | (0.18) | (0.18) | 8.92 |
|  Class IS |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $7.78 | 0.14 | 0.02 | 0.16 | (0.15) | (0.15) | $7.79 |
|  Year Ended 9/30/25 | 7.84 | 0.26 | (0.04) | 0.22 | (0.28) | (0.28) | 7.78 |
|  Year Ended 9/30/24 | 7.26 | 0.25 | 0.60 | 0.85 | (0.27) | (0.27) | 7.84 |
|  Year Ended 9/30/23 | 7.56 | 0.23 | (0.28) | (0.05) | (0.25) | (0.25) | 7.26 |
|  Year Ended 9/30/22 | 8.92 | 0.15 | (1.33) | (1.18) | (0.18) | (0.18) | 7.56 |
|  Year Ended 9/30/21 | 9.12 | 0.13 | (0.15) | (0.02) | (0.18) | (0.18) | 8.92 |

---

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

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Access Capital Community Investment Fund |
| (Selected data for a share outstanding throughout the periods indicated) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate\*\* |
|  Class A |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 1.86% (c) | $4300 | 0.80% (d) | 3.20% (d) | 0.86% (d) | 64% |
|  Year Ended 9/30/25 | 2.55% | 4632 | 0.80% | 3.07% | 0.84% | 109% |
|  Year Ended 9/30/24 | 11.68% | 6045 | 0.80% | 2.97% | 0.80% | 127% |
|  Year Ended 9/30/23 | (1.20)% | 6963 | 0.80% | 2.61% | 1.05% | 74% |
|  Year Ended 9/30/22 | (13.84)% | 9515 | 0.80% | 1.36% | 0.84% | 21% |
|  Year Ended 9/30/21 | (0.61)% | 14233 | 0.80% | 1.07% | 0.86% | 25% |
|  Class I |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 2.03% (c) | $643942 | 0.45% (d) | 3.55% (d) | 0.54% (d) | 64% |
|  Year Ended 9/30/25 | 2.78% | 613776 | 0.45% | 3.42% | 0.54% | 109% |
|  Year Ended 9/30/24 | 12.03% | 615906 | 0.45% | 3.32% | 0.55% | 127% |
|  Year Ended 9/30/23 | (0.85)% | 600100 | 0.45% | 2.98% | 0.53% | 74% |
|  Year Ended 9/30/22 | (13.44)% | 643252 | 0.45% | 1.74% | 0.51% | 21% |
|  Year Ended 9/30/21 | (0.37)% | 701768 | 0.45% | 1.42% | 0.52% | 25% |
|  Class IS |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 2.06% (c) | $62604 | 0.40% (d) | 3.61% (d) | 0.52% (d) | 64% |
|  Year Ended 9/30/25 | 2.96% | 57516 | 0.40% | 3.47% | 0.52% | 109% |
|  Year Ended 9/30/24 | 11.95% | 47438 | 0.40% | 3.36% | 0.53% | 127% |
|  Year Ended 9/30/23 | (0.80)% | 52403 | 0.40% | 3.03% | 0.53% | 74% |
|  Year Ended 9/30/22 | (13.40)% | 51376 | 0.40% | 1.87% | 0.50% | 21% |
|  Year Ended 9/30/21 | (0.21)% | 31237 | 0.40% | 1.47% | 0.55% | 25% |

---

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

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

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Access Capital Community Investment Fund |
| (Selected data for a share outstanding throughout the periods indicated)  |

---

(a) Excludes sales charge.

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

(c) Not annualized.

(d) Annualized.

See Notes to the Financial Statements.

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Impact Bond Fund |
| (Selected data for a share outstanding throughout the periods indicated) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions | Distributions | Distributions | |
|  |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income(a) | Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains | Total<br>Distributions |<br>Net Asset<br>Value, End<br>of Period |
|  Class A |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.64 | 0.15 | (0.15) |  | (0.15) |  | (0.15) | $8.49 |
|  Year Ended 9/30/25 | 8.81 | 0.33 | (0.18) | 0.15 | (0.32) |  | (0.32) | 8.64 |
|  Year Ended 9/30/24 | 8.19 | 0.31 | 0.62 | 0.93 | (0.31) |  | (0.31) | 8.81 |
|  Year Ended 9/30/23 | 8.42 | 0.25 | (0.23) | 0.02 | (0.25) |  | (0.25) | 8.19 |
|  Year Ended 9/30/22 | 10.17 | 0.17 | (1.71) | (1.54) | (0.14) | (0.07) | (0.21) | 8.42 |
|  Year Ended 9/30/21 | 10.58 | 0.09 | (0.24) | (0.15) | (0.12) | (0.14) | (0.26) | 10.17 |
|  Class I |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.66 | 0.17 | (0.15) | 0.02 | (0.17) |  | (0.17) | $8.51 |
|  Year Ended 9/30/25 | 8.84 | 0.35 | (0.18) | 0.17 | (0.35) |  | (0.35) | 8.66 |
|  Year Ended 9/30/24 | 8.21 | 0.33 | 0.63 | 0.96 | (0.33) |  | (0.33) | 8.84 |
|  Year Ended 9/30/23 | 8.44 | 0.27 | (0.23) | 0.04 | (0.27) |  | (0.27) | 8.21 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.67) | (1.51) | (0.17) | (0.07) | (0.24) | 8.44 |
|  Year Ended 9/30/21 | 10.59 | 0.12 | (0.23) | (0.11) | (0.15) | (0.14) | (0.29) | 10.19 |
|  Class R6 |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.66 | 0.17 | (0.15) | 0.02 | (0.17) |  | (0.17) | $8.51 |
|  Year Ended 9/30/25 | 8.83 | 0.35 | (0.17) | 0.18 | (0.35) |  | (0.35) | 8.66 |
|  Year Ended 9/30/24 | 8.21 | 0.34 | 0.61 | 0.95 | (0.33) |  | (0.33) | 8.83 |
|  Year Ended 9/30/23 | 8.44 | 0.27 | (0.22) | 0.05 | (0.28) |  | (0.28) | 8.21 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.67) | (1.51) | (0.17) | (0.07) | (0.24) | 8.44 |
|  Year Ended 9/30/21 | 10.60 | 0.12 | (0.24) | (0.12) | (0.15) | (0.14) | (0.29) | 10.19 |
|  Class Y |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.65 | 0.17 | (0.15) | 0.02 | (0.17) |  | (0.17) | $8.50 |
|  Year Ended 9/30/25 | 8.83 | 0.35 | (0.18) | 0.17 | (0.35) |  | (0.35) | 8.65 |
|  Year Ended 9/30/24 | 8.20 | 0.33 | 0.63 | 0.96 | (0.33) |  | (0.33) | 8.83 |
|  Year Ended 9/30/23 | 8.43 | 0.27 | (0.22) | 0.05 | (0.28) |  | (0.28) | 8.20 |
|  Year Ended 9/30/22 | 10.19 | 0.16 | (1.68) | (1.52) | (0.17) | (0.07) | (0.24) | 8.43 |
|  Period Ended 9/30/21(b) | 10.15 | 0.05 | 0.04 | 0.09 | (0.05) |  | (0.05) | 10.19 |

---

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

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Impact Bond Fund |
| (Selected data for a share outstanding throughout the periods indicated)  |

---

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

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Impact Bond Fund |
| (Selected data for a share outstanding throughout the periods indicated)  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |<br>Total<br>Return(a)(b) | Net Assets,<br>End of<br>Period (000's) | Ratio of<br>Net Expenses<br>to Average<br>Net Assets | Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets | Ratio of<br>Expenses to<br>Average Net<br>Assets\* | Portfolio<br>Turnover<br>Rate\*\* |
|  Class A |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.03 %(c) | $1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 %(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% (d) | 0.95 %(d) | 17% |
|  Year Ended 9/30/25 | 1.84% | 1523 | 0.69% | 3.81% | 0.97% | 63% |
|  Year Ended 9/30/24 | 11.51% | 1552 | 0.69% | 3.66% | 1.03% | 79% |
|  Year Ended 9/30/23 | 0.18% | 974 | 0.70% | 2.89% | 1.09% | 79% |
|  Year Ended 9/30/22 | (15.30)% | 941 | 0.70% | 1.91% | 0.70% | 33% |
|  Year Ended 9/30/21 | (1.47)% | 21 | 0.70% | 0.91% | 54.43% | 36% |
|  Class I |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.16 %(c) | $121112 | 0.45 %(d) | 3.85% (d) | 0.61 %(d) | 17% |
|  Year Ended 9/30/25 | 1.98% | 116346 | 0.44% | 4.05% | 0.61% | 63% |
|  Year Ended 9/30/24 | 11.89% | 119230 | 0.44% | 3.88% | 0.63% | 79% |
|  Year Ended 9/30/23 | 0.44% | 108268 | 0.45% | 3.15% | 0.62% | 79% |
|  Year Ended 9/30/22 | (15.05)% | 95006 | 0.45% | 1.70% | 0.65% | 33% |
|  Year Ended 9/30/21 | (1.13)% | 77793 | 0.45% | 1.14% | 0.73% | 36% |
|  Class R6 |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.19 %(c) | $68582 | 0.40 %(d) | 3.96% (d) | 0.49 %(d) | 17% |
|  Year Ended 9/30/25 | 2.15% | 124487 | 0.39% | 4.10% | 0.48% | 63% |
|  Year Ended 9/30/24 | 11.82% | 125646 | 0.39% | 3.95% | 0.50% | 79% |
|  Year Ended 9/30/23 | 0.49% | 80372 | 0.40% | 3.21% | 0.48% | 79% |
|  Year Ended 9/30/22 | (15.01)% | 66391 | 0.40% | 1.69% | 0.52% | 33% |
|  Year Ended 9/30/21 | (1.17)% | 81762 | 0.40% | 1.14% | 0.62% | 36% |
|  Class Y |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.19 %(c) | $26059 | 0.40 %(d) | 3.93% (d) | 0.47 %(d) | 17% |
|  Year Ended 9/30/25 | 2.03% | 40892 | 0.39% | 4.10% | 0.47% | 63% |
|  Year Ended 9/30/24 | 11.96% | 47484 | 0.39% | 3.92% | 0.49% | 79% |
|  Year Ended 9/30/23 | 0.49% | 51555 | 0.40% | 3.19% | 0.49% | 79% |
|  Year Ended 9/30/22 | (15.11)% | 51307 | 0.40% | 1.70% | 0.50% | 33% |
|  Period Ended 9/30/21(e) | 0.90 %(c) | 60373 | 0.40 %(d) | 0.99% (d) | 0.59 %(d) | 36% |

---

------

---

| |
|:---|
| FINANCIAL HIGHLIGHTS |
| RBC BlueBay Impact Bond Fund |
| (Selected data for a share outstanding throughout the periods indicated)  |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01% except for the periods ended September 30, 2024 and September 30, 2025, when the Fund's net expense ratios would increase by an amount of 0.01%. 

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

(a) Excludes sales charge.

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

(c) Not annualized.

(d) Annualized.

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

See Notes to the Financial Statements.

------

---

| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| March 31, 2026 (Unaudited) |

---

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 18 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). The predecessor fund for the RBC BlueBay Access Capital Fund (formerly, Access Capital Community Investment Fund) was reorganized into a series of the Trust, effective July 28, 2008.This report includes the following two investment portfolios (each a "Fund" and collectively, the "Funds"):

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

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

The Access Capital Community Investment Fund offers three share classes: Class A, Class I and Class IS shares. The Impact Bond Fund offers four share classes: Class A, Class I, Class R6, and Class Y shares. Class A shares are offered with a 3.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge ("CDSC") for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class I, Class IS, Class R6 and Class Y shares (intended for investors meeting certain investment minimum thresholds) are not subject to either a front-end sales charge or a CDSC.

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

2. Significant Accounting Policies

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

Segment Reporting:

Each Fund has 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.

------

NOTES TO FINANCIAL STATEMENTS

Security Valuation:

The Board has approved pricing and valuation procedures of the Advisor for determining the fair value of each Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Fixed income securities, including to-be-announced ("TBA") commitments and municipal bonds, are generally valued based on evaluated prices received from third-party pricing services or from broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account multiple appropriate factors such as institutional-size trading in similar groups of securities, market spreads, interest rates, and fundamental security analytical data including yield, quality, coupon rate, maturity and type of issue.

Mortgage-related securities represent direct or indirect participation in, or are secured by and payable from, mortgage loans secured by real property and include pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. Government agencies or instrumentalities, or private issuers, including commercial banks, savings and loan institutions, private mortgage insurance bankers and other secondary market issuers. These mortgage-related securities are generally valued by pricing services that use broker-dealer quotations or valuation estimates from their internal pricing models. These pricing models generally consider such factors as current market data, estimated cash flows, market-based yield spreads, and estimated prepayment rates. Securities valued using such techniques and inputs are generally categorized as Level 2 in the fair value hierarchy. To the extent significant inputs are unobservable, the securities will be categorized as Level 3.

Exchange-traded futures are valued at the last sale price at the close of the market on the principal exchange on which they are traded and are categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Funds' pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the 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

------

NOTES TO FINANCIAL STATEMENTS

the market in which the investments are traded. These securities are either categorized as Level 2 or 3 in the fair value hierarchy, depending on the relevant inputs used.

When the Funds utilize fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

Fair Value Measurements:

The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

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NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Funds' investments as of March 31, 2026 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 |
|  RBC BlueBay Access Capital Community Investment Fund |  |  |  |  |
| Assets:  |  |  |  |  |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $12527485 | $— | $12527485 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 735129259 |  | 735129259 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 13735924 |  | 13735924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 22052434 |  |  | 22052434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 54808 |  | 54808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $22052434 | $761447476 | $— | $783499910 |
| Liabilities:  |  |  |  |  |
|  Other Financial Instruments\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(144633) | $— | $— | $(144633) |
|  RBC BlueBay Impact Bond Fund |  |  |  |  |
| Assets:  |  |  |  |  |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 35783233 |  | 35783233 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations  |  | 6260907 |  | 6260907 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 80970433 |  | 80970433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligation |  | 2752987 |  | 2752987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 8578582 |  | 8578582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 7879219 |  |  | 7879219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 72129402 |  | 72129402 |
|  Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 25860 |  |  | 25860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $7905079 | $206475544 | $— | $214380623 |
| Liabilities:  |  |  |  |  |
|  Other Financial Instruments\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(619272) | $— | $— | $(619272) |

---

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

Reverse Repurchase Agreements:

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

------

NOTES TO FINANCIAL STATEMENTS

As of March 31, 2026 there were no open reverse Repurchase Agreements.

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

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

TBA Commitments:

The Funds may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased/sold declines/increases prior to settlement date, which is in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under "Security Valuation". The Funds may participate in "rolling transactions" in which a Fund does not take delivery of the TBA securities, and this may result in a higher portfolio turnover rate.

Delayed Delivery Securities:

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

Mortgage Backed Securities:

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

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

Derivatives:

The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities as tools in the management of portfolio assets. The Funds may use such derivatives through either the creation of long or short positions to hedge various investments, for investment purposes, for risk management and/or to increase income or gain to the Funds. Derivatives allow the Funds to manage their risk exposure more quickly and efficiently than other types of instruments. Derivatives may be riskier than other types of investments and could result in losses that significantly exceed a Fund's original investment. Derivatives are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives may not be successful, resulting in losses to a Fund, and the cost of such strategies may reduce the Fund's returns.

Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Funds, in which case any losses on the holdings being

------

NOTES TO FINANCIAL STATEMENTS

hedged may not be reduced and may be increased. There can be no assurance that a Fund's hedging strategy will reduce risk or that hedging transactions will be available or cost effective. The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

Financial Futures Contracts:

The Funds may enter into futures contracts in an effort to manage the duration of the portfolio and hedge against certain market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.

The Funds entered into U.S. Treasury Bond futures and U.S. Treasury Notes futures during the period ended March 31, 2026.

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, 2026.

---

| | | |
|:---|:---|:---|
| Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>  | Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>  | Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>  |
| Statement of Assets and Liabilities Location | Statement of Assets and Liabilities Location | Statement of Assets and Liabilities Location |
| Asset Derivatives | Asset Derivatives | Asset Derivatives |
|  | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $— | $25860 |
|  Total | $— | $25860 |

---

---

| | | |
|:---|:---|:---|
| Liability Derivatives | Liability Derivatives | Liability Derivatives |
|  | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund |
|  Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | $144633 | $619272 |
|  Total | $144633 | $619272 |

---

------

NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments on the Statement of Operations during the period ended March 31, 2026 is as follows:

---

| | | |
|:---|:---|:---|
| Derivative Instruments<br> Categorized by Risk Exposure | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund |
|  Net realized Gain/(Loss) From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $22371 | $757541 |
|  Total | $22371 | $757541 |

---

---

| | | |
|:---|:---|:---|
| Derivative Instruments<br> Categorized by Risk Exposure | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund |
|  Net Change in Unrealized Appreciation From: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | $(232440) | $(1376567) |
|  Total | $(232440) | $(1376567) |

---

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

For the period ended March 31, 2026, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Access Capital<br>Community<br>Investment Fund | RBC BlueBay Impact<br>Bond Fund | RBC BlueBay Impact<br>Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures long position (contracts) |  | 159 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures short position (contracts) |  |  |  | 43 |

---

Counterparty Credit Risk:

Derivatives may also expose a Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations). To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. A Fund's maximum risk of loss from counterparty credit risk on over-the-counter ("OTC") derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds.

With exchange-traded futures, the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

Affiliated Investments:

The Funds invest in another Fund of the Trust (an "Affiliated Fund"), RBC BlueBay U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Funds

------

NOTES TO FINANCIAL STATEMENTS

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>September 30, 2025 | Purchases | Sales | Value<br>March 31, 2026 | Dividends |
| Investments in RBC BlueBay U.S. Government Money Market Fund —Institutional Class 1 |  |  |  |  |  |
|  RBC BlueBay Access Capital Community Investment Fund | $22804278 | $117390736 | $(118142580) | $22052434 | $319444 |
|  RBC BlueBay Impact Bond Fund | 11303232 | 63840079 | (67264092) | 7879219 | 111458 |

---

Credit Enhancement:

Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements and third party insurance.

Investment Transactions and Income:

Investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method. Paydown gains and losses on mortgage- and asset-backed securities are included in the financial statements as interest income.

Expense, Investment Income and Gain/Loss Allocation:

Each Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon each Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

Distributions to Shareholders:

Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared daily and paid monthly. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the

------

NOTES TO FINANCIAL STATEMENTS

tax year, to be permanent (e.g., reclassification of paydown gains and losses), they are reclassified within a Fund's capital account based on their federal tax basis treatment.

Indemnifications:

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including the Funds' servicing agreements, that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into an investment advisory agreement with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

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

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of the Funds to the following levels pursuant to an expense limitation agreement.

---

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

---

This expense limitation agreement is in place until January 31, 2027, and shall continue for additional one-year terms unless terminated by either party at any time. The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 12 months (3 years for the Impact Bond Fund), provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

As of March 31, 2026, the amounts subject to possible recoupment under the expense limitation agreement were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FYE 9/30/23 | FYE 9/30/24 | FYE 9/30/25 | FYE 9/30/26 | Total |
|  RBC BlueBay Access Capital Community Investment Fund | $N/A | $N/A | $279619 | $319295 | $598914 |
|  RBC BlueBay Impact Bond Fund | 121644 | 357998 | 326171 | 159721 | 965534 |

---

There was no recoupment of expense reimbursements/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

RBC GAM-US may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice, and expenses waived under such programs are not subject to recoupment.

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NOTES TO FINANCIAL STATEMENTS

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Funds pay to RBC GAM-US indirectly through its investment in an affiliated money market fund. For the six months ended March 31, 2026, the amount waived was $14,578 and $5,165 for RBC BlueBay Access Capital Community Investment Fund and RBC BlueBay Impact Bond Fund, respectively, and is included in expenses waived/reimbursed by Advisor in the Statement of Operations.

RBC GAM-US serves as co-administrator to the Funds. Bank of New York Mellon ("BNY") 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 receives a fee for its services payable by each Fund based in part on each Fund's average net assets. BNY's fee is included with "Accounting fees" in the Statement of Operation.

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

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving their respective roles.

The Trust currently pays each of the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $110,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $6,500 for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or Special Board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statements of Operations in "Trustee' fees".

The table below shows, as of March 31, 2026, the Fund's net assets, the shares held by the Advisor, and the percent of total net assets represented by the Advisor's investment in the Funds.

---

| | | | |
|:---|:---|:---|:---|
|  | Net Assets | Shares held<br>by Advisor | % of Fund<br>Net Assets |
|  RBC BlueBay Impact Bond Fund | $217249741 | 3069607 | 12.0% |

---

4. Fund Distribution:

Each of the Funds that offers Class A shares has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits each Fund to make payments for, or to reimburse the Distributor for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I and Class R6. The following chart shows the current Plan fee rate for Class A.

---

| | |
|:---|:---|
|  | Class A |
|  12b-1 Plan Fee | 0.25%\* |

---

\* Under the 12b-1 plan, the maximum fee rate for Class A shares is 0.50%. Currently the Board has approved an annual limit of 0.25%.

Plan fees are based on average daily net assets of Class A. Up to 0.25% of each Plan fee may be designated as a service fee, as defined by the applicable rules of the Financial Industry Regulatory Authority. The Distributor, subject to applicable legal requirements, may waive the Plan fee voluntarily, in whole or in part. For the period ended March 31, 2026, there were no fees waived by the Distributor.

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NOTES TO FINANCIAL STATEMENTS

For the period ended period ended March 31, 2026, the Distributor received no commissions from front-end sales charges of Class A shares.

The Distributor did not receive any CDSC fees from Class A shares of the Funds during the period ended March 31, 2026.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(Excl. U.S. Gov't) | Sales<br>(Excl. U.S. Gov't) | Purchases<br>of U.S. Gov't. | Sales<br>of U.S. Gov't. |
|  RBC BlueBay Access Capital Community Investment Fund | $5110170 | $140289 | $503178648 | $475879352 |
|  RBC BlueBay Impact Bond Fund | 26756002 | 50419767 | 16692234 | 56766085 |

---

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NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("Shares Outstanding") without par value. Transactions in capital stock of the Funds are summarized on the following pages:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Impact Bond Fund | RBC BlueBay Impact Bond Fund |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | For the<br>Year Ended<br>September 30,<br>2025 |
|  CAPITAL TRANSACTIONS: |  |  |  |  |
|  Class A |  |  |  |  |
|  Proceeds from shares issued | $156693 | $429856 | $— | $— |
|  Distributions reinvested | 77031 | 174452 | 27191 | 57200 |
|  Cost of shares redeemed | (574492) | (1937217) | (26237) | (55292) |
|  Change in Class A | $(340768) | $(1332909) | $954 | $1908 |
|  Class I |  |  |  |  |
|  Proceeds from shares issued | $60858248 | $137896300 | $18907234 | $29707803 |
|  Distributions reinvested | 8114871 | 14581849 | 2247299 | 4721538 |
|  Cost of shares redeemed | (39254564) | (151181219) | (14214871) | (35032298) |
|  Change in Class I | $29718555 | 1296930 | $6939662 | $(602957) |
|  Class IS |  |  |  |  |
|  Proceeds from shares issued | $11411234 | $14736661 | $— | $— |
|  Distributions reinvested | 1087908 | 1831014 |  |  |
|  Cost of shares redeemed | (7467023) | (6351710) |  |  |
|  Change in Class IS | $5032119 | $10215965 | $— | $— |
|  Class R6 |  |  |  |  |
|  Proceeds from shares issued | $— | $— | $7109307 | $24327437 |
|  Distributions reinvested |  |  | 1306775 | 2995667 |
|  Cost of shares redeemed |  |  | (62853428) | (25956406) |
|  Change in Class R6 | $— | $— | $(54437346) | $1366698 |
|  Class Y |  |  |  |  |
|  Distributions reinvested | $— | $— | $743737 | $1639372 |
|  Cost of shares redeemed |  |  | (15000000) | (7300000) |
|  Change in Class Y | $— | $— | $(14256263) | $(5660628) |
|  Change in net assets resulting from capital transactions | $34409906 | $10179986 | $(61752993) | $(4894979) |

---

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Access Capital<br>Community Investment Fund | RBC BlueBay Impact Bond<br>Fund | RBC BlueBay Impact Bond<br>Fund |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | For the<br>Year Ended<br>September 30,<br>2025 | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | For the<br>Year Ended<br>September 30,<br>2025 |
|  SHARE TRANSACTIONS: |  |  |  |  |
|  Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 19926 | 55600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 9811 | 22828 | 3153 | 6657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (73052) | (253775) | (3042) | (6435) |
|  Change in Class A | (43315) | (175347) | 111 | 222 |
|  Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7746219 | 18151777 | 2189535 | 3455653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1033101 | 1907191 | 259935 | 547854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5013341) | (19683692) | (1649441) | (4068892) |
|  Change in Class I | 3765979 | 375276 | 800029 | (65385) |
|  Class IS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1457632 | 1941147 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 138556 | 239522 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (952479) | (835095) |  |  |
|  Change in Class IS | 643709 | 1345574 |  |  |
|  Class R6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  | 824828 | 2829861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |  | 151184 | 347727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (7290608) | (3027850) |
|  Change in Class R6 |  |  | (6314596) | 149738 |
|  Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |  | 86091 | 190453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (1746389) | (845023) |
|  Change in Class Y |  |  | (1660298) | (654570) |
|  Change in shares resulting from capital transactions | 4366373 | 1545503 | (7174754) | (569995) |

---

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

------

NOTES TO FINANCIAL STATEMENTS

As of March 31, 2026, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost Of<br>Investments | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
|  RBC BlueBay Access Capital Community Investment Fund | $832745987 | $2143161 | $(51389238) | $(49246077) |
|  RBC BlueBay Impact Bond Fund | 226105185 | 985766 | (12736188) | (11750422) |

---

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

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions Paid From | Distributions Paid From | Distributions Paid From |
|  | Ordinary<br>Income | Total Taxable<br>Distributions | Total<br>Distributions<br>Paid |
|  RBC BlueBay Access Capital Community Investment Fund | $25041456 | $25041456 | $25041456 |
|  RBC BlueBay Impact Bond Fund | 11555154 | 11555154 | 11555154 |

---

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

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2026.

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

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Impact Bond Fund had deferred qualified late-year ordinary losses of $2,484,720 which will be treated as arising on the first business day of the fiscal year ending September 30, 2026.

8. Line of Credit

The Funds are participants in an uncommitted, secured $500,000,000 line of credit with U.S. Bank,N.A. (the "Bank"), the Funds' custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of July 25, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since each Fund participates in this line of credit, there is no assurance that an individual fund will have access to all or any part of the $500,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at March 31, 2026. There were no borrowings made by the Funds under the line of credit during the six months ended March 31, 2026.

------

NOTES TO FINANCIAL STATEMENTS

9. Significant Risks

Shareholder concentration risk:

As of March 31, 2026, the following Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | # of Omnibus Accounts | % of Fund |
|  RBC BlueBay Access Capital Community Investment Fund | 1 | 23.4% |
|  RBC BlueBay Impact Bond Fund | 1 | 20.1% |

---

In addition, two unaffiliated shareholders owned in aggregate 30.00% of the Impact Bond Fund as of March 31, 2026. Significant transactions by these shareholders may impact the Funds' performance.

10. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2026.

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](g480820g01g02.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest

Stewardship Council<sup>®</sup> certified paper.This product is made of material from

well-managed FSC<sup>®</sup>-certified forests, recycled materials, and other controlled

sources. The Forest Stewardship Council<sup>®</sup> promotes environmentally appropriate,

socially beneficial, and economically viable management of the world's forests.

RBCF-II SAR 03-26

------

![LOGO](g480820g66m01.jpg)

RBC Global Asset Management Financial Statements and Other Important Information For the six months ended March 31, 2026 RBC BlueBay Emerging Market Debt Fund RBC BlueBay High Yield Bond Fund RBC BlueBay Core Plus Bond Fund RBC BlueBay Strategic Income Fund RBC BlueBay Credit Opportunities Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds |  |
|  **Table of Contents** | [Schedules of Portfolio Investments](#fin2480820_1) | 1 |
|  **Table of Contents** | [Financial Statements](#fin2480820_2) |  |
|  **Table of Contents** | [- Statements of Assets and Liabilities](#fin2480820_3) | 53 |
|  **Table of Contents** | [- Statements of Operations](#fin2480820_4) | 57 |
|  | [- Statements of Changes in Net Assets](#fin2480820_5) | 61 |
|  | [Financial Highlights](#fin2480820_6) | 66 |
|  | [Notes to Financial Statements](#fin2480820_7) | 80 |
|  | [Approval of Investment Advisory Agreements (Unaudited)](#fin2480820_8) | 109 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Foreign Government Bonds — 74.6%** | **Foreign Government Bonds — 74.6%** |  |
|  **Angola — 2.8%** | **Angola — 2.8%** |  |
| $590000 | Angolan Government International Bond, 8.25%, 5/9/28(a) | $593846 |
| 296000 | Angolan Government International Bond, 8.75%, 4/14/32(a) | 287512 |
| 930000 | Angolan Government International Bond, EMTN, 9.13%, 11/26/49(a) | 807353 |
| 1500000 | Angolan Government International Bond, 9.38%, 3/31/33(b) | 1480640 |
| 680000 | Angolan Government International Bond, EMTN, 9.88%, 10/15/35(a) | 680760 |
|  |  | 3850111 |
|  **Argentina — 3.0%** | **Argentina — 3.0%** |  |
| 3268816 | Argentine Republic Government International Bond, 3.50%, 7/9/41 | 2181935 |
| 435000 | Argentine Republic Government International Bond, 5.00%, 1/9/38 | 327666 |
| 1581353 | Provincia de Buenos Aires/Government Bonds, EMTN, 6.63%, 9/1/37(a) | 1193750 |
| 384000 | Provincia de Cordoba, 9.75%, 7/2/32(a) | 393311 |
|  |  | 4096662 |
|  **Armenia — 0.8%** | **Armenia — 0.8%** |  |
| 1130000 | Republic of Armenia International Bond, 6.75%, 3/12/35(a) | 1140851 |
|  **Bahrain — 0.3%** | **Bahrain — 0.3%** |  |
| 400000 | Bahrain Government International Bond, 6.63%, 10/6/37(a) | 363191 |
|  **Benin — 0.2%** | **Benin — 0.2%** |  |
| 295000 | Benin Government International Bond, 8.38%, 1/23/41(a) | 291599 |
|  **Brazil — 0.6%** | **Brazil — 0.6%** |  |
| 210000 | Brazilian Government International Bond, 7.13%, 5/13/54 | 206006 |
| 685000 | Brazilian Government International Bond, 7.25%, 1/12/56 | 670933 |
|  |  | 876939 |
|  **Bulgaria — 0.4%** | **Bulgaria — 0.4%** |  |
| 590000 | Bulgaria Government International Bond, 5.00%, 3/5/37(a) | 569933 |
|  **Cameroon — 0.5%** | **Cameroon — 0.5%** |  |
| 645000 | Republic of Cameroon International Bond, Series 7Y, 9.50%, 7/31/31(a) | 628363 |
|  **Chile — 1.8%** | **Chile — 1.8%** |  |
| 400000 | Chile Government International Bond, 3.10%, 1/22/61 | 246961 |
|  744,000(c) | Chile Government International Bond, 3.88%, 4/14/36 | 830731 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $700000 | Chile Government International Bond, 4.00%, 1/31/52 | $542512 |
| 925000 | Chile Government International Bond, 5.33%, 1/5/54 | 871914 |
|  |  | 2492118 |
|  **Colombia — 6.9%** | **Colombia — 6.9%** |  |
|  5,143,000,000(d) | Bogota Distrito Capital, 13.14%, 11/5/35(b) | 1379070 |
| 1160000 | Colombia Government International Bond, 3.25%, 4/22/32 | 967158 |
|  385,000(c) | Colombia Government International Bond, 4.50%, 11/26/30 | 430226 |
|  335,000(c) | Colombia Government International Bond, 5.00%, 9/19/32 | 365281 |
|  526,000(c) | Colombia Government International Bond, 5.63%, 2/19/36 | 556985 |
|  410,000(c) | Colombia Government International Bond, 5.75%, 11/26/34 | 446832 |
| 410000 | Colombia Government International Bond, 6.13%, 1/21/31 | 402685 |
| 691000 | Colombia Government International Bond, 6.50%, 1/21/33 | 675027 |
|  350,000(c) | Colombia Government International Bond, 6.50%, 11/26/38 | 384754 |
| 1995000 | Colombia Government International Bond, 7.75%, 11/7/36 | 2040659 |
| 1650000 | Colombia Government International Bond, 8.00%, 11/14/35 | 1727029 |
|  |  | 9375706 |
|  **Congo — 0.4%** | **Congo — 0.4%** |  |
| 625000 | Congolese International Bond, Series 7Y, 9.50%, 2/17/35(a) | 561267 |
|  **Costa Rica — 0.8%** | **Costa Rica — 0.8%** |  |
| 400000 | Costa Rica Government International Bond, 6.55%, 4/3/34(a) | 421528 |
| 650000 | Costa Rica Government International Bond, 7.30%, 11/13/54(a) | 704622 |
|  |  | 1126150 |
|  **Dominican Republic — 1.8%** | **Dominican Republic — 1.8%** |  |
| 480000 | Dominican Republic International Bond, Series REGs, 6.60%, 6/1/36(a) | 479289 |
| 765000 | Dominican Republic International Bond, 6.95%, 3/15/37(a) | 778378 |
|  63,350,000(e) | Dominican Republic International Bond, 11.25%, 9/15/35(a) | 1128553 |
|  |  | 2386220 |
|  **Ecuador — 3.3%** | **Ecuador — 3.3%** |  |
| 176969 | Ecuador Government International Bond, 5.00%, 7/31/40(a) | 138210 |
| 3372075 | Ecuador Government International Bond, 6.90%, 7/31/35(a) | 2968557 |
| 925000 | Ecuador Government International Bond, 8.75%, 1/29/34(b) | 905942 |
| 525000 | Ecuador Government International Bond, 9.25%, 1/29/39(b) | 514170 |
|  |  | 4526879 |
|  **Egypt — 1.7%** | **Egypt — 1.7%** |  |
| 200000 | Egypt Government International Bond, EMTN, 7.30%, 9/30/33(a) | 185849 |
| 1667000 | Egypt Government International Bond, 7.90%, 2/21/48(a) | 1351481 |
| 502000 | Egypt Government International Bond, MTN, 8.50%, 1/31/47(a) | 432370 |
| 395000 | Egyptian Financial Co. for Sovereign Taskeek, 7.95%, 10/7/32(a) | 397197 |
|  |  | 2366897 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **El Salvador — 0.8%** | **El Salvador — 0.8%** |  |
| $824000 | El Salvador Government International Bond, Series RegS, 0.25%, 4/17/30(a) | $28732 |
| 510000 | El Salvador Government International Bond, 9.25%, 4/17/30(a) | 530928 |
| 545000 | El Salvador Government International Bond, 9.65%, 11/21/54(a) | 578339 |
|  |  | 1137999 |
|  **Ghana — 0.7%** | **Ghana — 0.7%** |  |
| 25000 | Ghana Government International Bond, 0.00%, 7/3/26(a),(f) | 24442 |
| 437500 | Ghana Government International Bond, 5.00%, 7/3/29(a) | 416743 |
| 633000 | Ghana Government International Bond, 5.00%, 7/3/35(a) | 538835 |
|  |  | 980020 |
|  **Guatemala — 1.3%** | **Guatemala — 1.3%** |  |
| 298000 | Guatemala Government Bond, 6.05%, 8/6/31(a) | 303470 |
| 680000 | Guatemala Government Bond, 6.55%, 2/6/37(a) | 706965 |
| 475000 | Guatemala Government Bond, 6.60%, 6/13/36(a) | 497826 |
| 308000 | Guatemala Government Bond, 6.88%, 8/15/55(a) | 321689 |
|  |  | 1829950 |
|  **Hungary — 1.1%** | **Hungary — 1.1%** |  |
| 360000 | Hungary Government International Bond, 5.50%, 3/26/36(a) | 349922 |
| 1085000 | Hungary Government International Bond, 6.75%, 9/23/55(a) | 1101577 |
|  |  | 1451499 |
|  **India — 0.7%** |  |  |
| 905000 | Export-Import Bank of India, 5.50%, 1/13/35(a) | 922784 |
|  **Indonesia — 1.4%** | **Indonesia — 1.4%** |  |
| 1035000 | Indonesia Government International Bond, 3.35%, 3/12/71 | 621721 |
|  605,000(c) | Indonesia Government International Bond, 4.46%, 3/4/38 | 662983 |
|  510,000(c) | Indonesia Government International Bond, 4.97%, 3/4/46 | 561780 |
|  |  | 1846484 |
|  **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** |  |
| 200000 | Ivory Coast Government International Bond, 6.75%, 2/25/41(a) | 175655 |
| 520000 | Ivory Coast Government International Bond, 6.75%, 2/25/41(b) | 456704 |
| 300000 | Ivory Coast Government International Bond, 8.08%, 4/1/36(a) | 304338 |
| 210000 | Ivory Coast Government International Bond, 8.25%, 1/30/37(a) | 215054 |
|  |  | 1151751 |
|  **Kazakhstan — 1.6%** | **Kazakhstan — 1.6%** |  |
| 439000 | Baiterek National Investment Holding JSC, EMTN, 4.65%, 10/1/30(a) | 429104 |
|  102,500,000(g) | Development Bank of Kazakhstan JSC, 13.00%, 4/15/27(b) | 204058 |
|  175,000,000(g) | Development Bank of Kazakhstan JSC, 13.49%, 5/23/28(b) | 342103 |
| 1225000 | Kazakhstan Government International Bond, 5.50%, 7/1/37(a) | 1227452 |
|  |  | 2202717 |

---

#### 3

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Kenya — 1.3%** | **Kenya — 1.3%** |  |
| $570000 | Republic of Kenya Government International Bond, 7.88%, 10/9/33(a) | $527838 |
| 690000 | Republic of Kenya Government International Bond, 8.80%, 10/9/38(a) | 634021 |
| 420000 | Republic of Kenya Government International Bond, 9.50%, 3/5/36(a) | 409147 |
| 260000 | Republic of Kenya Government International Bond, 9.75%, 2/16/31(a) | 266079 |
|  |  | 1837085 |
|  **Lebanon — 0.9%** | **Lebanon — 0.9%** |  |
| 716000 | Lebanon Government International Bond, 6.00%, 1/27/23(a),(h) | 168605 |
| 1256000 | Lebanon Government International Bond, EMTN, 6.10%, 10/4/22(a),(h) | 294872 |
| 701000 | Lebanon Government International Bond, GMTN, 6.38%, 3/9/20(a),(h) | 164348 |
| 269000 | Lebanon Government International Bond, Series 15Y, 6.75%, 11/29/27(a),(h) | 63158 |
| 2251000 | Lebanon Government International Bond, EMTN, 8.25%, 4/12/21(a),(h) | 533432 |
| 5000 | Lebanon Government International Bond, 8.25%, 5/17/34(a),(h) | 1192 |
|  |  | 1225607 |
|  **Mexico — 4.8%** | **Mexico — 4.8%** |  |
| 1809000 | Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30(a) | 1815856 |
|  730,000(c) | Mexico Government International Bond, 3.88%, 5/16/31 | 823671 |
| 842000 | Mexico Government International Bond, 5.38%, 3/22/33 | 821571 |
| 733000 | Mexico Government International Bond, 5.63%, 2/9/34 | 718013 |
| 588000 | Mexico Government International Bond, 6.13%, 2/9/38 | 573920 |
| 743000 | Mexico Government International Bond, 6.75%, 2/9/56 | 719093 |
| 975000 | Mexico Government International Bond, 6.88%, 5/13/37 | 1019379 |
|  |  | 6491503 |
|  **Montenegro — 0.4%** | **Montenegro — 0.4%** |  |
| 570000 | Montenegro Government International Bond, 7.25%, 3/12/31(a) | 592327 |
|  **Morocco — 0.9%** | **Morocco — 0.9%** |  |
|  1,115,000(c) | Morocco Government International Bond, 4.75%, 4/2/35(a) | 1272331 |
|  **Nigeria — 2.4%** | **Nigeria — 2.4%** |  |
| 850000 | Nigeria Government International Bond, EMTN, 6.13%, 9/28/28(a) | 841473 |
| 400000 | Nigeria Government International Bond, EMTN, 7.38%, 9/28/33(a) | 390173 |
| 644000 | Nigeria Government International Bond, 7.88%, 2/16/32(a) | 651215 |
| 370000 | Nigeria Government International Bond, 8.63%, 1/13/36(a) | 384563 |

---

#### 4

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $360000 | Nigeria Government International Bond, 9.13%, 1/13/46(a) | $374989 |
| 529000 | Nigeria Government International Bond, 9.63%, 6/9/31(a) | 579407 |
|  |  | 3221820 |
|  **Oman — 1.1%** | **Oman — 1.1%** |  |
| 1465000 | Oman Government International Bond, 6.75%, 1/17/48(a) | 1525700 |
|  **Pakistan — 0.8%** | **Pakistan — 0.8%** |  |
| 970000 | Pakistan Government International Bond, EMTN, 7.38%, 4/8/31(a) | 896469 |
| 145000 | Pakistan Government International Bond, 7.88%, 3/31/36(a) | 129106 |
|  |  | 1025575 |
|  **Panama — 1.6%** | **Panama — 1.6%** |  |
| 1255000 | Panama Government International Bond, 4.50%, 4/1/56 | 925656 |
| 1240000 | Panama Government International Bond, 6.85%, 3/28/54 | 1276995 |
|  |  | 2202651 |
|  **Paraguay — 1.1%** | **Paraguay — 1.1%** |  |
| 860000 | Paraguay Government International Bond, 5.40%, 3/30/50(a) | 765200 |
| 235000 | Paraguay Government International Bond, 5.85%, 8/21/33(a) | 241974 |
| 230000 | Paraguay Government International Bond, 6.00%, 2/9/36(a) | 238601 |
| 290000 | Paraguay Government International Bond, 6.65%, 3/4/55(a) | 300959 |
|  |  | 1546734 |
|  **Peru — 0.4%** |  |  |
| 585000 | Peruvian Government International Bond, 5.88%, 8/8/54 | 562676 |
|  **Philippines — 1.4%** | **Philippines — 1.4%** |  |
|  650,000(c) | Philippine Government International Bond, 1.20%, 4/28/33 | 616358 |
| 835000 | Philippine Government International Bond, 2.95%, 5/5/45 | 558697 |
| 710000 | Philippine Government International Bond, 5.60%, 5/14/49 | 685549 |
|  |  | 1860604 |
|  **Romania — 5.0%** | **Romania — 5.0%** |  |
|  925,000(c) | Romanian Government International Bond, 4.63%, 3/4/33(b) | 1000853 |
|  250,000(c) | Romanian Government International Bond, Series REGs, 5.13%, 9/24/31(a) | 286813 |
|  570,000(c) | Romanian Government International Bond, 5.38%, 6/7/33(a) | 642080 |
| 1384000 | Romanian Government International Bond, 5.75%, 3/24/35(a) | 1306785 |
| 630000 | Romanian Government International Bond, 5.75%, 7/4/36(b) | 584056 |
|  890,000(c) | Romanian Government International Bond, 6.13%, 10/7/37(a) | 997975 |
| 390000 | Romanian Government International Bond, 6.38%, 1/30/34(a) | 387570 |
|  615,000(c) | Romanian Government International Bond, 6.50%, 10/7/45(a) | 679019 |
| 570000 | Romanian Government International Bond, 6.63%, 5/16/36(a) | 565335 |
| 350000 | Romanian Government International Bond, 7.50%, 2/10/37(a) | 369109 |
|  |  | 6819595 |

---

#### 5

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Senegal — 0.2%** | **Senegal — 0.2%** |  |
| $530000 | Senegal Government International Bond, 6.25%, 5/23/33(a) | $280336 |
|  **Serbia — 0.6%** | **Serbia — 0.6%** |  |
| 250000 | Serbia International Bond, 6.00%, 6/12/34(a) | 250410 |
| 400000 | Serbia International Bond, 6.25%, 5/26/28(a) | 407729 |
| 200000 | Serbia International Bond, 6.50%, 9/26/33(a) | 208492 |
|  |  | 866631 |
|  **South Africa — 4.5%** | **South Africa — 4.5%** |  |
|  18,060,000(i) | Republic of South Africa Government Bond, Series 2037, 8.50%, 1/31/37 | 997368 |
| 915000 | Republic of South Africa Government International Bond, 5.00%, 10/12/46 | 658272 |
| 1000000 | Republic of South Africa Government International Bond, 5.38%, 7/24/44 | 776739 |
| 1275000 | Republic of South Africa Government International Bond, 6.13%, 12/11/37(a) | 1181827 |
| 1290000 | Republic of South Africa Government International Bond, 7.10%, 11/19/36(a) | 1317867 |
| 915000 | Republic of South Africa Government International Bond, 7.25%, 12/11/55(a) | 835552 |
| 200000 | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | 184724 |
| 200000 | Republic of South Africa Government International Bond, 7.95%, 11/19/54(a) | 198217 |
|  |  | 6150566 |
|  **Sri Lanka — 1.4%** | **Sri Lanka — 1.4%** |  |
| 265000 | Sri Lanka Government International Bond, 3.10%, 1/15/30(a) | 243359 |
| 630000 | Sri Lanka Government International Bond, 3.35%, 3/15/33(a) | 525219 |
| 350000 | Sri Lanka Government International Bond, 3.60%, 6/15/35(a) | 263653 |
| 240000 | Sri Lanka Government International Bond, 3.60%, 5/15/36(a) | 212251 |
| 490000 | Sri Lanka Government International Bond, 3.60%, 2/15/38(a) | 436285 |
| 284700 | Sri Lanka Government International Bond, 4.00%, 4/15/28(a) | 271061 |
|  |  | 1951828 |
|  **Suriname — 0.8%** | **Suriname — 0.8%** |  |
| 400000 | Suriname Government International Bond, 7.70%, 11/6/30(a) | 404269 |
| 200000 | Suriname Government International Bond, 8.50%, 11/6/35(b) | 206748 |
| 475000 | Suriname Government International Bond, 8.50%, 11/6/35(a) | 491028 |
|  |  | 1102045 |
|  **Tunisia — 0.6%** | **Tunisia — 0.6%** |  |
|  690,000(c) | Banque Centrale de Tunisie International Bond, 6.38%, 7/15/26(a) | 794223 |
|  **Turkey — 4.2%** | **Turkey — 4.2%** |  |
| 480000 | Istanbul Metropolitan Municipality, 10.50%, 12/6/28(a) | 513729 |

---

#### 6

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  719,000(c) | Turkiye Government International Bond, 5.15%, 3/10/34 | $801178 |
| $990000 | Turkiye Government International Bond, 6.30%, 3/14/33 | 937201 |
| 1045000 | Turkiye Government International Bond, 6.95%, 9/16/35 | 1001679 |
| 506000 | Turkiye Government International Bond, Series 7Y, 7.13%, 2/12/32 | 506632 |
| 2040000 | Turkiye Government International Bond, 7.25%, 5/29/32 | 2045005 |
|  |  | 5805424 |
|  **Ukraine — 1.0%** | **Ukraine — 1.0%** |  |
| 590000 | Ukraine Government International Bond, 4.00%, 2/1/32(a) | 425978 |
| 845396 | Ukraine Government International Bond, 4.50%, 2/1/34(a) | 453023 |
| 234604 | Ukraine Government International Bond, 4.50%, 2/1/35(a) | 123265 |
| 568000 | Ukraine Government International Bond, 4.50%, 2/1/36(a) | 292091 |
|  |  | 1294357 |
|  **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |  |
| 599000 | Finance Department Government of Sharjah, GMTN, 4.00%, 7/28/50(a) | 371833 |
|  **Uruguay — 1.6%** | **Uruguay — 1.6%** |  |
| 1147599 | Uruguay Government International Bond, 4.98%, 4/20/55 | 1014010 |
| 1120000 | Uruguay Government International Bond, 5.44%, 2/14/37 | 1143313 |
|  |  | 2157323 |
|  **Uzbekistan — 0.9%** | **Uzbekistan — 0.9%** |  |
| 430000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31(a) | 387342 |
| 257000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32(a) | 266954 |
| 650000 | Uzbekneftegaz JSC, 4.75%, 11/16/28(a) | 621278 |
|  |  | 1275574 |
|  **Venezuela — 2.6%** | **Venezuela — 2.6%** |  |
| 2554000 | Venezuela Government International Bond, 6.00%, 12/9/20(a),(h) | 972498 |
| 921000 | Venezuela Government International Bond, 7.65%, 4/21/25(a),(h) | 384833 |
| 2806000 | Venezuela Government International Bond, 7.75%, 10/13/19(a),(h) | 1136160 |
| 245000 | Venezuela Government International Bond, 8.25%, 10/13/24(a),(h) | 104185 |
| 1271000 | Venezuela Government International Bond, 11.75%, 10/21/26(a),(h) | 647611 |
| 125000 | Venezuela Government International Bond, 11.95%, 8/5/31(a),(h) | 63631 |
| 375000 | Venezuela Government International Bond, 12.75%, 8/23/22(a),(h) | 188240 |
|  |  | 3497158 |

---

#### 7

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Zambia — 0.1%** | **Zambia — 0.1%** |  |
| $280000 | Zambia Government International Bond, 0.50%, 12/31/53(a) | $182772 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **102090368** |
|  (Cost $98,952,425) | (Cost $98,952,425) |  |
|  **Corporate Bonds — 16.1%** | **Corporate Bonds — 16.1%** |  |
|  **Angola — 0.3%** | **Angola — 0.3%** |  |
| 475000 | Sonangol Finance Ltd., 10.00%, 1/29/31(b) | 472141 |
|  **Chile — 1.2%** | **Chile — 1.2%** |  |
| 200000 | Corp. Nacional del Cobre de Chile, 5.13%, 2/2/33(a) | 197894 |
| 800000 | Corp. Nacional del Cobre de Chile, 5.95%, 1/8/34(a) | 817459 |
| 400000 | Corp. Nacional del Cobre de Chile, 6.30%, 9/8/53(a) | 400003 |
| 200000 | Empresa Nacional del Petroleo, 5.95%, 7/30/34(a) | 201811 |
|  |  | 1617167 |
|  **Colombia — 0.9%** | **Colombia — 0.9%** |  |
| 765000 | Ecopetrol SA, 4.63%, 11/2/31 | 677530 |
| 565000 | Ecopetrol SA, 8.88%, 1/13/33 | 594622 |
|  |  | 1272152 |
|  **El Salvador — 0.1%** | **El Salvador — 0.1%** |  |
| 152000 | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 1/24/33(a) | 156412 |
|  **Indonesia — 0.5%** | **Indonesia — 0.5%** |  |
| 324000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.75%, 2/3/31(b) | 315483 |
| 342000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.45%, 2/3/36(b) | 328030 |
|  |  | 643513 |
|  **Jamaica — 0.4%** | **Jamaica — 0.4%** |  |
| 555000 | Montego Bay Airport Revenue Finance Ltd., 6.60%, 6/15/35(a) | 534287 |
|  **Malaysia — 0.8%** | **Malaysia — 0.8%** |  |
| 1070000 | Petronas Capital Ltd., 5.85%, 4/3/55(a) | 1092781 |
|  **Mexico — 5.5%** | **Mexico — 5.5%** |  |
|  12,580,000(j) | America Movil SAB de CV, 9.50%, 1/27/31 | 702867 |
| 309000 | Comision Federal de Electricidad, 6.05%, 1/28/34(b) | 299288 |
| 325000 | Comision Federal de Electricidad, 6.45%, 1/24/35(a) | 323218 |
| 200000 | Comision Federal de Electricidad, 6.50%, 1/28/51(b) | 192919 |
| 366488 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41(a) | 366683 |
| 990000 | Mexico City Airport Trust, 5.50%, 7/31/47(a) | 820401 |
| 1386000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 1324361 |

---

#### 8

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $1375000 | Petroleos Mexicanos, GMTN, 6.75%, 9/21/47 | $1095157 |
| 2854000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 2472991 |
|  |  | 7597885 |
|  **Oman — 1.3%** | **Oman — 1.3%** |  |
| 515000 | EDO Sukuk Ltd., 5.66%, 7/3/31(a) | 525522 |
| 500000 | EDO Sukuk Ltd., 5.88%, 9/21/33(a) | 517939 |
| 690000 | OQ SAOC, GMTN, 5.13%, 5/6/28(a) | 687554 |
|  |  | 1731015 |
|  **Paraguay — 0.3%** | **Paraguay — 0.3%** |  |
| 539000 | Rutas 2 & 7 Finance Ltd., 0.00%, 9/30/36(a),(f) | 409147 |
|  **Peru — 0.4%** | **Peru — 0.4%** |  |
|  500,000(k) | Credicorp Capital Sociedad Titulizadora SA, 9.70%, 3/5/45(b) | 149714 |
|  1,190,000(k) | Credicorp Capital Sociedad Titulizadora SA, 10.10%, 12/15/43(a),(b) | 364176 |
|  |  | 513890 |
|  **Poland — 0.3%** | **Poland — 0.3%** |  |
| 440000 | ORLEN SA, 6.00%, 1/30/35(a) | 448550 |
|  **Saudi Arabia — 1.4%** | **Saudi Arabia — 1.4%** |  |
| 1105000 | Greensaif Pipelines Bidco Sarl, 6.10%, 8/23/42(a) | 1098775 |
| 440000 | Greensaif Pipelines Bidco Sarl, 6.13%, 2/23/38(a) | 445472 |
| 400000 | Greensaif Pipelines Bidco Sarl, 6.51%, 2/23/42(a) | 414048 |
|  |  | 1958295 |
|  **Turkey — 0.2%** | **Turkey — 0.2%** |  |
| 250000 | Turkiye Varlik Fonu Yonetimi AS, 7.75%, 9/10/35(a) | 245246 |
|  **United Arab Emirates — 2.1%** | **United Arab Emirates — 2.1%** |  |
| 930000 | Abu Dhabi Developmental Holding Co. PJSC, 5.25%, 10/2/54(a) | 819169 |
| 917000 | Adnoc Murban Rsc Ltd., 5.13%, 9/11/54(a) | 787309 |
| 335214 | Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(a) | 296792 |
| 1197812 | Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(a) | 968894 |
|  |  | 2872164 |
|  **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |  |
| 250000 | Navoi Mining & Metallurgical Combinat, 6.70%, 10/17/28(a) | 254461 |
|  **Venezuela — 0.2%** | **Venezuela — 0.2%** |  |
| 260000 | Petroleos de Venezuela SA, 8.50%, 10/27/20(a),(h) | 267532 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **22086638** |
|  (Cost $21,945,850) | (Cost $21,945,850) |  |

---

#### 9

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Contracts** |  | **Value** |
|  **Put Option Purchased — 0.1%** | **Put Option Purchased — 0.1%** |  |
| 25 | NIFTY 50 INDEX, Strike Price USD 24,000.00, Expires 06/30/26, Notional Amount $1,200,000 | $85063 |
| 3 | S&P 500 INDEX, Strike Price USD 6,600.00, Expires 03/31/26, Notional Amount $1,980,000 | 24240 |
| 8163265 | USD CALL VERSUS EUR PUT, Strike Price USD 1.1200, Expires 04/16/26, Notional Amount EUR 9,142,857 | 6538 |
|  **Total Put Option Purchased** | **Total Put Option Purchased** | **115841** |
|  (Cost $53,994) | (Cost $53,994) |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amount</u>**  |  |  |
|  **Municipal Bond — 0.2%** | **Municipal Bond — 0.2%** |  |
|  **Turkey — 0.2%** | **Turkey — 0.2%** |  |
| $200000 | Istanbul Metropolitan Municipality, 10.75%, 4/12/27(a) | 207931 |
|  **Total Municipal Bond** | **Total Municipal Bond** | **207931** |
|  (Cost $198,448) | (Cost $198,448) |  |
| **Shares** |  |  |
|  **Investment Company — 5.8%** | **Investment Company — 5.8%** |  |
| 7980432 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (l) | 7980432 |
|  **Total Investment Company** | **Total Investment Company** | **7980432** |
|  (Cost $7,980,432) | (Cost $7,980,432) |  |
|  **Total Investments** | **Total Investments** | $**132481210** |
|  (Cost $129,131,149)(m) — 96.8% | (Cost $129,131,149)(m) — 96.8% |  |
|  **Other assets in excess of liabilities — 3.2%** | **Other assets in excess of liabilities — 3.2%** | **4357226** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**136838436** |

---

#### 10

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)
(a) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

(c) Principal amount denoted in Euros.

(d) Principal amount denoted in Colombian Peso.

(e) Principal amount denoted in Dominican peso.

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

(g) Principal amount denoted in Kazakhstani tenge.

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

(i) Principal amount denoted in South African Rand.

(j) Principal amount denoted in Mexican peso.

(k) Principal amount denoted in Peruvian sol.

(l) Affiliated investment.

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

#### 11

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Foreign currency exchange contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement**<br> **Date** | **Value/Unrealized**<br>**Appreciation**<br> **(Depreciation)** |
| COP | 2263830215 | USD | 589327 | Citibank N.A. | 4/22/26 | $22984 |
| COP | 3241922742 | USD | 846212 | Citibank N.A. | 4/22/26 | 30649 |
| DOP | 17415760 | USD | 287864 | Citibank N.A. | 4/6/26 | 342 |
| TRY | 31820040 | USD | 690000 | Citibank N.A. | 4/22/26 | 4976 |
| USD | 291599 | DOP | 17415761 | Citibank N.A. | 4/6/26 | 3393 |
| USD | 1390000 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258701990 | Citibank N.A. | 4/22/26 | 30500 |
| USD | 2400468 | EUR | 2040000 | Citibank N.A. | 4/22/26 | 39901 |
| USD | 5007679 | EUR | 4299264 | Citibank N.A. | 4/22/26 | 32825 |
| USD | 4654333 | EUR | 3995725 | Citibank N.A. | 4/22/26 | 30716 |
| USD | 860891 | EUR | 735000 | Citibank N.A. | 4/22/26 | 10392 |
| USD | 305507 | EUR | 260000 | Citibank N.A. | 4/22/26 | 4650 |
| USD | 849302 | EUR | 716525 | Citibank N.A. | 4/22/26 | 20182 |
| USD | 2520000 | EUR | 2167285 | Citibank N.A. | 4/22/26 | 12146 |
| USD | 908753 | INR | 83573483 | Citibank N.A. | 4/22/26 | 23400 |
| USD | 1231247 | INR | 113410148 | Citibank N.A. | 4/22/26 | 29813 |
| USD | 610000 | KRW | 891618700 | Citibank N.A. | 4/22/26 | 19789 |
| USD | 1868120 | PEN | 6294445 | Citibank N.A. | 4/22/26 | 61528 |
| USD | 1017249 | ZAR | 16803802 | Citibank N.A. | 4/22/26 | 25920 |
|  |  |  |  |  |  | $404106 |
| CLP | 1236738719 | USD | 1395852 | Citibank N.A. | 4/22/26 | $(60074) |
| EUR | 360000 | USD | 432333 | Citibank N.A. | 4/22/26 | (15762) |
| EUR | 300000 | USD | 350483 | Citibank N.A. | 4/22/26 | (3341) |
| EUR | 16000 | USD | 18947 | Citibank N.A. | 4/22/26 | (433) |
| INR | 65954000 | USD | 700000 | Citibank N.A. | 4/22/26 | (1303) |
| KRW | 886201600 | USD | 604205 | Citibank N.A. | 4/22/26 | (17579) |
| MXN | 595000 | USD | 34442 | Citibank N.A. | 4/22/26 | (1306) |
| PEN | 1404074 | USD | 418627 | Citibank N.A. | 4/22/26 | (15638) |
| PEN | 3022873 | USD | 901373 | Citibank N.A. | 4/22/26 | (33767) |
| USD | 844837 | COP | 3241922742 | Citibank N.A. | 4/22/26 | (32024) |
| USD | 655163 | COP | 2530373926 | Citibank N.A. | 4/22/26 | (29242) |
| USD | 1382661 | COP | 5204680355 | Citibank N.A. | 4/22/26 | (25079) |
| USD | 286821 | DOP | 17415760 | Citibank N.A. | 4/22/26 | (394) |
| USD | 517613 | KZT | 272792512 | Citibank N.A. | 4/22/26 | (49048) |
| USD | 611679 | MXN | 10996578 | Citibank N.A. | 4/22/26 | (736) |
| USD | 690000 | TRY | 31660995 | Citibank N.A. | 4/22/26 | (1502) |
| ZAR | 767550 | USD | 47724 | Citibank N.A. | 4/22/26 | (2443) |
|  |  |  |  |  |  | $(289671) |
| **Total** |  |  |  |  |  | $114435 |

---

#### 12

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Options written as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contracts** | **Put Options** | **Notional Amount** | **Notional Amount** | **Value** |
| 3 | S&P 500 INDEX, Strike Price USD 6,200.00, Expires 03/31/26, Notional Amount $(1860000) | USD | (1860000) | $(15) |
| **Total (Premiums received $(13156))** | **Total (Premiums received $(13156))** |  |  | $(15) |

---

#### Financial futures contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | **Number of<br>Contracts** | **Expiration** <br>**Date** | **Value/Unrealized**<br>**Depreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 7 | June 2026 | $(17402) | USD | $794609 | Morgan Stanley & Co.<br>LLC |
|  2 Year U.S. Treasury Note | 29 | June 2026 | (41958) | USD | 6015914 | Morgan Stanley & Co.<br>LLC |
|  30 Year U.S. Ultra Treasury Bond | 7 | June 2026 | (28341) | USD | 815938 | Morgan Stanley & Co.<br>LLC |
|  **Total** |  |  | $(87701) |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of**<br>**Contracts** | **Expiration** <br>**Date** | **Value/Unrealized**<br>**Appreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 20 | June 2026 | $58463 | EUR | $2898641 | Morgan Stanley & Co.<br>LLC |
|  **Total** |  |  | $58463 |  |  |  |

---

#### Credit default swaps buy protection as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br>**party** | **Expiration<br>Date** | **Notional<br>Amount<br> (000)**  | **Notional<br>Amount<br> (000)**  | **Premium<br>Paid/<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Value** |
|  5.00% | Argentina Government<br>International Bond | Quarterly | Barclays Bank<br>plc | 6/20/31 | USD | 403 | $21394 | $(986) | $20408 |
|  1.00% | Markit CDX EM Index<br>Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 1275 | 53580 | (246) | 53334 |
|  1.00% | Markit CDX EM Index<br>Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 320 | 12874 | 511 | 13385 |
|  1.00% | Markit CDX EM Index<br>Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 1073 | 46524 | (1640) | 44884 |

---

#### 13

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br>Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br>**party** | **Expiration<br>Date** | **Notional<br>Amount<br> (000)**  | **Notional<br>Amount<br> (000)**  | **Premium<br>Paid/<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Value** |
|  1.00% | Markit CDX EM Index<br>Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 2098 | $100651 | $(12890) | $87761 |
|  1.00% | Markit CDX EM Index<br>Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 2216 | 101936 | (9239) | 92697 |
|  1.00% | Markit CDX IG Index<br>Series 46 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | USD | 7940 | (126947) | (12751) | (139698) |
|  1.00% | Markit ITRAXX MAIN<br>Index Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | EUR | 2047 | (35378) | 2126 | (33252) |
|  1.00% | Markit ITRAXX MAIN<br>Index Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | EUR | 2246 | (39322) | 2838 | (36484) |
|  1.00% | Markit ITRAXX MAIN<br>Index Series 45 | Quarterly | Morgan Stanley<br>& Co. LLC | 6/20/31 | EUR | 2247 | (39024) | 2523 | (36501) |
|  1.00% | Saudi Government<br>International Bond | Quarterly | Barclays Bank<br>plc | 6/20/31 | USD | 9860 | (47183) | (22008) | (69191) |
|  **Total** |  |  |  |  |  |  | $49105 | $(51762) | $(2657) |

---

#### 14

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

#### March 31, 2026 (Unaudited)
Abbreviations used are defined below:

CLP - Chilean Peso

COP - Colombian Peso

DOP - Dominican peso

EMTN - Euro Medium Term Note

EUR - Euro

FOR - Foreign Ownership Receipt

GMTN - Global Medium Term Note

INR - Indian Rupee

KRW - South Korean Won

KZT - Kazakhstani Tenge

MTN - Medium Term Note

MXN - Mexican Peso

PEN - Peruvian Nuevo Sol

TRY - Turkish Lira

USD - United States Dollar

ZAR - South African Rand

#### See Notes to the Financial Statements.

#### 15

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Corporate Bonds — 94.4%** | **Corporate Bonds — 94.4%** |  |
|  **Australia — 0.4%** | **Australia — 0.4%** |  |
| $5691000 | Mineral Resources Ltd., 9.25%, 10/1/28(a) | $5898605 |
| 220972 | Quintis Australia Pty Ltd., PIK, 7.50%, 10/1/26(a),(b),(c) | 17457 |
| 143548 | Quintis Australia Pty Ltd., PIK, 12.00%, 10/1/28(a),(b),(c) |  |
|  |  | 5916062 |
|  **Canada — 3.2%** | **Canada — 3.2%** |  |
| 15803000 | 1011778 BC ULC / New Red Finance, Inc., 4.38%, 1/15/28(a) | 15590422 |
| 3740000 | Garda World Security Corp., 8.38%, 11/15/32(a) | 3752695 |
| 7473000 | New Gold, Inc., 6.88%, 4/1/32(a) | 7723084 |
| 7474000 | NOVA Chemicals Corp., 4.25%, 5/15/29(a) | 7273820 |
| 14855000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, 9.50%, 5/15/30(a) | 12966946 |
|  |  | 47306967 |
|  **France — 1.5%** | **France — 1.5%** |  |
| 7487000 | Forvia SE, 6.75%, 9/15/33(a) | 7304688 |
| 5655000 | Iliad Holding SASU, 7.00%, 10/15/28(a) | 5689507 |
| 8002000 | Societe Generale SA, 8.50%, (a),(d),(e) | 8541863 |
|  |  | 21536058 |
|  **Germany — 0.9%** | **Germany — 0.9%** |  |
| 14325000 | ZF North America Capital, Inc., 7.50%, 3/24/31(a) | 14054530 |
|  **Italy — 0.6%** | **Italy — 0.6%** |  |
| 8422000 | Fibercop SpA, Series 2033, 6.38%, 11/15/33(a) | 8300122 |
|  **Jamaica — 0.6%** | **Jamaica — 0.6%** |  |
| 8228000 | Digicel International Finance Ltd. / Difl US LLC, 8.63%, 8/1/32(a) | 8327682 |
|  **Japan — 1.6%** | **Japan — 1.6%** |  |
| 7232000 | Kioxia Holdings Corp., 6.25%, 7/24/30(a) | 7357270 |
| 6198000 | Kioxia Holdings Corp., 6.63%, 7/24/33(a) | 6352814 |
| 4897000 | Rakuten Group, Inc., 9.75%, 4/15/29(a) | 5222321 |
| 4702000 | Rakuten Group, Inc., 11.25%, 2/15/27(a) | 4866332 |
|  |  | 23798737 |
|  **Mexico — 0.7%** | **Mexico — 0.7%** |  |
| 4180000 | Banco Mercantil del Norte SA, 8.38%, (a),(d),(e) | 4306922 |
| 6146000 | Banco Mercantil del Norte SA, 8.75%, (a),(d),(e) | 6438965 |
|  |  | 10745887 |
|  **Netherlands — 1.1%** | **Netherlands — 1.1%** |  |
| 13747000 | Sunrise FinCo I BV, 4.88%, 7/15/31(a) | 13036817 |
| 3588000 | Ziggo Bond Co. BV, 5.13%, 2/28/30(a) | 3072977 |
|  |  | 16109794 |

---

#### 16

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Spain — 0.8%** | **Spain — 0.8%** |  |
| $11292000 | Banco Bilbao Vizcaya Argentaria SA, 7.75%, (d),(e) | $11549457 |
|  **United Kingdom — 3.7%** | **United Kingdom — 3.7%** |  |
| 5625000 | Ardonagh Finco Ltd., 7.75%, 2/15/31(a) | 5682525 |
| 7034000 | Barclays Plc, 8.00%, (d),(e) | 7253480 |
| 6508000 | Barclays Plc, 9.63%, (d),(e) | 7101801 |
| 7184000 | Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29(a) | 7545545 |
| 9306000 | Virgin Media Finance Plc, 5.00%, 7/15/30(a) | 7632060 |
| 11407000 | Vmed O2 UK Financing I Plc, 4.75%, 7/15/31(a) | 9813329 |
| 3404000 | Vmed O2 UK Financing I Plc, 7.75%, 4/15/32(a) | 3263771 |
| 6282000 | Vodafone Group Plc, 4.13%, 6/4/81(d) | 5743634 |
|  |  | 54036145 |
|  **United States — 79.3%** | **United States — 79.3%** |  |
| 11529000 | 1261229 BC Ltd., 10.00%, 4/15/32(a) | 11734548 |
| 5171000 | Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(a) | 4878248 |
| 8413000 | Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/6/30(a) | 8415410 |
| 4809000 | Acushnet Co., 5.63%, 12/1/33(a) | 4797342 |
| 6352000 | Advance Auto Parts, Inc., 7.38%, 8/1/33(a) | 6419022 |
| 9800000 | Allied Universal Holdco LLC, 7.88%, 2/15/31(a) | 10107721 |
| 8173000 | Ally Financial, Inc., Series B, 4.70%, (d),(e) | 8093229 |
| 5768000 | Ally Financial, Inc., 6.65%, 1/17/40(d) | 5562725 |
| 4877000 | AMC Networks, Inc., 10.50%, 7/15/32(a) | 4813949 |
| 7088000 | American Airlines, Inc., 7.25%, 2/15/28(a) | 7133813 |
| 10579000 | American Axle & Manufacturing, Inc., 7.75%, 10/15/33(a) | 10300360 |
| 6069119 | American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(a) | 5953593 |
| 8233000 | American National Group, Inc., 7.00%, 12/1/55(d) | 7774346 |
| 11407000 | AmeriGas Partners LP / AmeriGas Finance Corp., 9.38%, 6/1/28(a) | 11706858 |
| 8825000 | AmeriGas Partners LP / AmeriGas Finance Corp., 9.50%, 6/1/30(a) | 9352061 |
| 8441000 | AmeriTex HoldCo Intermediate LLC, 7.63%, 8/15/33(a) | 8705897 |
| 11373167 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 4/15/30(a) | 11398252 |
| 8375000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, 7.88%, 11/1/29(a) | 7569203 |
| 7446000 | APLD ComputeCo 2 LLC, 6.75%, 3/15/31(a) | 7403772 |
| 12622000 | APLD ComputeCo LLC, 9.25%, 12/15/30(a) | 13005701 |
| 5185000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.88%, 8/1/33(a) | 5005095 |
| 3604000 | Asurion LLC/ Asurion Co.-Issuer, Inc., 8.00%, 12/31/32(a) | 3741628 |
| 8578000 | Asurion LLC/ Asurion Co.-Issuer, Inc., 8.38%, 2/1/34(a) | 8355191 |
| 9327000 | Atkore, Inc., 4.25%, 6/1/31(a) | 8753175 |
| 6104000 | Avantor Funding, Inc., 3.88%, 11/1/29(a) | 5726939 |
| 8302000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(a) | 8292817 |

---

#### 17

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $8138000 | Axalta Coating Systems LLC, 3.38%, 2/15/29(a) | $7692285 |
| 7749860 | Beach Acquisition Bidco LLC, PIK, 10.00%, 7/15/33(a) | 8238226 |
| 5032000 | Black Pearl Compute LLC, 6.13%, 2/15/31(a) | 5124125 |
| 2235000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 7/15/29(a) | 2306316 |
| 3005000 | Brandywine Operating Partnership LP, REIT, 8.88%, 4/12/29 | 3052178 |
| 5988000 | Bread Financial Holdings, Inc., 8.38%, 6/15/35(a),(d) | 6053098 |
| 8103000 | California Resources Corp., 7.00%, 1/15/34(a) | 8152051 |
| 7582000 | Carnival Corp., 5.13%, 5/1/29(a) | 7524161 |
| 16441000 | Carriage Services, Inc., 4.25%, 5/15/29(a) | 15620538 |
| 9003000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(a) | 8539173 |
| 6794000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28(a) | 6731442 |
| 2390000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/27(a) | 2390435 |
| 15861000 | CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36(a) | 15781533 |
| 3539000 | CHS/Community Health Systems, Inc., 9.75%, 1/15/34(a) | 3668147 |
| 11000000 | CHS/Community Health Systems, Inc., 10.88%, 1/15/32(a) | 11817859 |
| 7386000 | Citigroup, Inc., 6.63%, (d),(e) | 7385319 |
| 5415000 | Clearway Energy Operating LLC, 4.75%, 3/15/28(a) | 5350148 |
| 5460000 | Clearway Energy Operating LLC, 5.75%, 1/15/34(a) | 5378266 |
| 8389000 | Cleveland-Cliffs, Inc., 7.38%, 5/1/33(a) | 8209736 |
| 8100000 | Cloud Software Group, Inc., 6.50%, 3/31/29(a) | 7881936 |
| 6870000 | Cloud Software Group, Inc., 8.25%, 6/30/32(a) | 6528952 |
| 4148000 | Cloud Software Group, Inc., 9.00%, 9/30/29(a) | 4001877 |
| 11242716 | CMG Media Corp., 8.88%, 6/18/29(a) | 9704628 |
| 7649000 | Columbus McKinnon Corp., 7.13%, 2/1/33(a) | 7633258 |
| 9595000 | Commercial Metals Co., 5.75%, 11/15/33(a) | 9513328 |
| 10996000 | Comstock Resources, Inc., 6.75%, 3/1/29(a) | 10847651 |
| 854000 | CoreWeave, Inc., 9.00%, 2/1/31(a) | 812220 |
| 4743000 | CoreWeave, Inc., 9.25%, 6/1/30(a) | 4612958 |
| 7830000 | CrossCountry Intermediate HoldCo LLC, 6.50%, 10/1/30(a) | 7463527 |
| 2000000 | CrossCountry Intermediate HoldCo LLC, 6.75%, 12/1/32(a) | 1883601 |
| 4829000 | CSC Holdings LLC, 11.25%, 5/15/28(a) | 3956809 |
| 4674000 | Cyprium Corp. / Cyprium Holdings Luxembourg Sarl, 6.13%, 4/15/31(a) | 4621258 |
| 4157000 | Cyprium Corp. / Cyprium Holdings Luxembourg Sarl, 6.38%, 4/15/34(a) | 4039428 |
| 3306000 | Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/28(a) | 3219311 |
| 3669000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 6/30/33(a) | 3697083 |
| 4760000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 3/15/29(a) | 4926629 |
| 7255000 | Directv Financing LLC, 8.88%, 2/1/30(a) | 7232760 |
| 1594000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 2/15/31(a) | 1627408 |

---

#### 18

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $1903000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27(a) | $1897266 |
| 3150000 | Discovery Communications LLC, 3.95%, 3/20/28 | 3086074 |
| 6065000 | Discovery Communications LLC, 5.00%, 9/20/37 | 4385569 |
| 3881000 | Discovery Global Holdings, Inc., 4.28%, 3/15/32 | 3436009 |
| 10442000 | Discovery Global Holdings, Inc., 5.05%, 3/15/42 | 6966254 |
| 12193000 | Element Solutions, Inc., 3.88%, 9/1/28(a) | 11867123 |
| 5194000 | Energizer Holdings, Inc., 6.00%, 9/15/33(a) | 4868503 |
| 5164000 | EW Scripps Co. (The), 9.88%, 8/15/30(a) | 5019744 |
| 5676000 | Focus Financial Partners LLC, 6.75%, 9/15/31(a) | 5646293 |
| 9261000 | Ford Motor Credit Co. LLC, 2.70%, 8/10/26 | 9192319 |
| 6166000 | Forestar Group, Inc., 5.00%, 3/1/28(a) | 6095144 |
| 9157000 | Freedom Mortgage Holdings LLC, 7.88%, 4/1/33(a) | 8589414 |
| 6291000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(a) | 6379051 |
| 9197000 | Frontier Communications Holdings LLC, 5.00%, 5/1/28(a) | 9198197 |
| 4465000 | Gen Digital, Inc., 6.75%, 9/30/27(a) | 4485606 |
| 11589000 | General Motors Financial Co., Inc., Series A, 5.75%, (d),(e) | 11309894 |
| 4901000 | Global Medical Response, Inc., 7.38%, 10/1/32(a) | 5088998 |
| 6386000 | Gray Media, Inc., 10.50%, 7/15/29(a) | 6796768 |
| 6002000 | Griffon Corp., 5.75%, 3/1/28 | 5970403 |
| 4370000 | HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56(d) | 4351383 |
| 5291000 | HA Sustainable Infrastructure Capital, Inc., 8.00%, 6/1/56(d) | 5465646 |
| 2651000 | Herc Holdings, Inc., 7.00%, 6/15/30(a) | 2720471 |
| 6657000 | Hilton Domestic Operating Co., Inc., 3.75%, 5/1/29(a) | 6384701 |
| 4725000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 1/15/32(a) | 4675936 |
| 5761000 | Howard Midstream Energy Partners LLC, 6.63%, 1/15/34(a) | 5772499 |
| 7491000 | Huntington Bancshares, Inc., Series K, 6.25%, (d),(e) | 7359917 |
| 9903000 | Industrial F&B Investments III, Inc., 7.75%, 2/11/33(a) | 10003699 |
| 5166000 | Infinity Natural Resources LLC, 7.63%, 4/1/31(a) | 5193943 |
| 11166000 | Iron Mountain, Inc., REIT, 4.88%, 9/15/27(a) | 11147129 |
| 7970000 | Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 8/15/28(a) | 7437209 |
| 4803000 | K Hovnanian Enterprises, Inc., 8.00%, 4/1/31(a) | 4762629 |
| 5492000 | K Hovnanian Enterprises, Inc., 8.38%, 10/1/33(a) | 5430494 |
| 6869000 | Kodiak Gas Services LLC, 5.88%, 4/1/31(a) | 6898021 |
| 7773000 | Kodiak Gas Services LLC, 6.50%, 10/1/33(a) | 7839455 |
| 10260000 | Kraken Oil & Gas Partners LLC, 7.63%, 8/15/29(a) | 10425056 |
| 5218000 | LBM Acquisition LLC, 9.50%, 6/15/31(a) | 4539917 |
| 5951000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29(a) | 5556850 |
| 14151618 | Level 3 Financing, Inc., 6.88%, 6/30/33(a) | 14410124 |
| 4349000 | LifePoint Health, Inc., 9.88%, 8/15/30(a) | 4606584 |
| 9419000 | LifePoint Health, Inc., 11.00%, 10/15/30(a) | 10141630 |
| 8122000 | Lightning Power LLC, 7.25%, 8/15/32(a) | 8461256 |
| 7158000 | Long Ridge Energy LLC, 8.75%, 2/15/32(a) | 7507106 |
| 5189000 | Macy's Retail Holdings LLC, 6.13%, 3/15/32(a) | 5108309 |
| 4032000 | Macy's Retail Holdings LLC, 7.38%, 8/1/33(a) | 4123337 |
| 1935000 | Marriott Ownership Resorts, Inc., 4.75%, 1/15/28 | 1904649 |
| 6466000 | Marriott Ownership Resorts, Inc., 6.50%, 10/1/33(a) | 6148155 |

---

#### 19

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $7709000 | McAfee Corp., 7.38%, 2/15/30(a) | $6359247 |
| 5559000 | McGraw-Hill Education, Inc., 5.75%, 8/1/28(a) | 5499143 |
| 3670000 | McGraw-Hill Education, Inc., 7.38%, 9/1/31(a) | 3748617 |
| 12608000 | Medline Borrower LP, 3.88%, 4/1/29(a) | 12202169 |
| 4931000 | Men's Wearhouse LLC (The), 9.00%, 2/1/31(a) | 5015638 |
| 9858000 | MGM Resorts International, 4.75%, 10/15/28 | 9698488 |
| 10964000 | Michaels Cos., Inc. (The), 8.50%, 3/15/33(a) | 10676637 |
| 5929000 | Millrose Properties, Inc., REIT, 6.25%, 9/15/32(a) | 5829259 |
| 5315000 | NCL Corp. Ltd., 5.88%, 1/15/31(a) | 5162978 |
| 3641000 | Neptune Bidco US, Inc., 9.29%, 4/15/29(a) | 3654461 |
| 2288000 | Neptune Bidco US, Inc., 9.50%, 2/15/33(a) | 2228591 |
| 5787000 | NESCO Holdings II, Inc., 5.50%, 4/15/29(a) | 5663038 |
| 8781000 | Nexstar Media, Inc., 6.50%, 9/15/33(a) | 8848927 |
| 5486000 | Nexstar Media, Inc., 7.25%, 4/15/34(a) | 5497955 |
| 16793000 | Nissan Motor Acceptance Co. LLC, 1.85%, 9/16/26(a) | 16503282 |
| 2325000 | Nissan Motor Acceptance Co. LLC, 2.75%, 3/9/28(a) | 2172152 |
| 7703000 | OneMain Finance Corp., 3.50%, 1/15/27 | 7567316 |
| 8622000 | Osaic Holdings, Inc., 6.75%, 8/1/32(a) | 8611792 |
| 5433000 | Pagaya US Holdings Co. LLC, 8.88%, 8/1/30(a) | 3901298 |
| 3768000 | Paramount Global, 2.90%, 1/15/27 | 3703819 |
| 11672000 | Paramount Global, 6.38%, 3/30/62(d) | 8541250 |
| 5910000 | Penn Entertainment, Inc., 6.75%, 4/1/31(a) | 5741865 |
| 7700000 | Planet Financial Group LLC, 10.50%, 12/15/29(a) | 7388204 |
| 3299000 | Post Holdings, Inc., 6.25%, 10/15/34(a) | 3230051 |
| 9858000 | PRA Group, Inc., 8.88%, 1/31/30(a) | 9963192 |
| 4930000 | Prairie Acquiror LP, 9.00%, 8/1/29(a) | 5097505 |
| 5212000 | Raven Acquisition Holdings LLC, 6.88%, 11/15/31(a) | 5051765 |
| 8990000 | Reworld Holding Corp., 4.88%, 12/1/29(a) | 8440734 |
| 4402000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(a) | 4350184 |
| 7436000 | Rocket Software, Inc., 9.00%, 11/28/28(a) | 7424883 |
| 8124000 | SBA Communications Corp., REIT, 3.88%, 2/15/27 | 8042402 |
| 6435000 | Scripps Escrow II, Inc., 3.88%, 1/15/29(a) | 5949718 |
| 7356000 | Sinclair Television Group, Inc., 8.13%, 2/15/33(a) | 7497010 |
| 11157000 | Sirius XM Radio LLC, 4.00%, 7/15/28(a) | 10781873 |
| 5779000 | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 1/15/32(a) | 5788510 |
| 5219000 | SM Energy Co., 6.63%, 4/15/34(a) | 5216181 |
| 3690000 | SM Energy Co., 6.75%, 8/1/29(a) | 3748209 |
| 6870000 | SM Energy Co., 7.00%, 8/1/32(a) | 7013915 |
| 7094000 | SM Energy Co., 9.63%, 6/15/33(a) | 7850455 |
| 11701000 | Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(a) | 11617312 |
| 4282000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/29(a) | 3722719 |
| 10299000 | Standard Industries, Inc., 4.75%, 1/15/28(a) | 10194153 |
| 4682000 | Sunoco LP, 4.50%, 10/1/29(a) | 4540843 |
| 11441000 | Sunoco LP, 7.88%, (a),(d),(e) | 11659220 |
| 14737000 | SV RNO Property Owner 1 LLC, 5.88%, 3/1/31(a) | 14603927 |

---

#### 20

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $4778000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 2/15/29(a) | $4910928 |
| 5714000 | Tenet Healthcare Corp., 4.63%, 6/15/28 | 5665678 |
| 8845000 | United Airlines Holdings, Inc., 4.88%, 3/1/29 | 8678659 |
| 7887000 | United Airlines, Inc., 4.63%, 4/15/29(a) | 7731641 |
| 9206000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, REIT, 8.63%, 6/15/32(a) | 9528523 |
| 6415000 | Venture Global LNG, Inc., 9.00%, (a),(d),(e) | 6385927 |
| 4415000 | Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(a) | 4602985 |
| 6960000 | VoltaGrid LLC, 7.38%, 11/1/30(a) | 7181804 |
| 8898000 | Voyager Parent LLC, 9.25%, 7/1/32(a) | 9264833 |
| 11038000 | WESCO Distribution, Inc., 7.25%, 6/15/28(a) | 11100692 |
| 7374000 | White Cap Supply Holdings LLC, 7.38%, 11/15/30(a) | 7157528 |
| 5639000 | William Carter Co. (The), 7.38%, 2/15/31(a) | 5757062 |
| 4916000 | Wyndham Hotels & Resorts, Inc., 5.63%, 3/1/33(a) | 4836833 |
| 5116000 | XPLR Infrastructure Operating Partners LP, 7.75%, 4/15/34(a) | 5283175 |
| 5277000 | XPLR Infrastructure Operating Partners LP, 8.38%, 1/15/31(a) | 5566763 |
| 3957000 | XPLR Infrastructure Operating Partners LP, 8.63%, 3/15/33(a) | 4183803 |
|  |  | 1170713008 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **1392394449** |
|  (Cost $1,406,989,895) | (Cost $1,406,989,895) |  |
|  **U.S. Treasury Obligations — 1.5%** | **U.S. Treasury Obligations — 1.5%** |  |
|  **United States — 1.5%** | **United States — 1.5%** |  |
| 22851100 | U.S. Treasury Notes, 3.50%, 2/28/31 | 22408360 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **22408360** |
|  (Cost $22,659,654) | (Cost $22,659,654) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |  |
|  **United States — 0.5%** | **United States — 0.5%** |  |
| 296725 | Citigroup, Inc., Series II(e),\* | 7314271 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** | **7314271** |
|  (Cost $7,431,145) | (Cost $7,431,145) |  |
|  **Common Stocks — 0.00%** | **Common Stocks — 0.00%** |  |
|  **United Kingdom — 0.00%** | **United Kingdom — 0.00%** |  |
| 12023 | AVTCAP WARR(f),\* | 2865 |
|  **United States — 0.00%** | **United States — 0.00%** |  |
| 70137 | Quintis Ltd.(b),(c),\* | 0 |
|  **Total Common Stocks** | **Total Common Stocks** | **2865** |
|  (Cost $2) | (Cost $2) |  |

---

#### 21

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay High Yield Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Rights/Warrants — 0.00%** | **Rights/Warrants — 0.00%** |  |
|  **Mexico — 0.00%** | **Mexico — 0.00%** |  |
| 3026 | Urbi Desarrollos Urbanos SAB de CV Warrants, Expire 12/31/49(b),(c),(f),\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  **Total Rights/Warrants** | **Total Rights/Warrants** | **0** |
|  (Cost $0) | (Cost $0) |  |
|  **Investment Company — 2.4%** | **Investment Company — 2.4%** |  |
| 35809101 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (g) | 35809101 |
|  **Total Investment Company** | **Total Investment Company** | **35809101** |
|  (Cost $35,809,101) | (Cost $35,809,101) |  |
|  **Total Investments** | **Total Investments** | $**1457929046** |
|  (Cost $1,472,889,797)(h) — 98.8% | (Cost $1,472,889,797)(h) — 98.8% |  |
|  **Other assets in excess of liabilities — 1.2%** | **Other assets in excess of liabilities — 1.2%** | **18222980** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**1476152026** |

---

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

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

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

(d) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

(e) Perpetual security with no stated maturity date.

(f) Security delisted or issuer in bankruptcy.

(g) Affiliated investment.

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

\* Non-income producing security.

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 22

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Corporate Bonds — 51.8%** | **Corporate Bonds — 51.8%** |  |
|  **Bermuda — 0.3%** | **Bermuda — 0.3%** |  |
| $278000 | Triton Container International Ltd. / TAL International Container Corp., 5.15%, 2/15/33 | $272170 |
|  **Brazil — 0.3%** |  |  |
| 285000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(a) | 287569 |
|  **Canada — 2.2%** | **Canada — 2.2%** |  |
| 253000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | 255843 |
| 314000 | Brookfield Infrastructure Finance ULC, 6.75%, 3/15/55(b) | 311734 |
| 300000 | Canadian Imperial Bank of Commerce, 6.50%, 7/28/86(b) | 291734 |
| 330000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(a) | 338883 |
| 330000 | CI Financial Corp., 7.50%, 5/30/29(a) | 345688 |
| 170000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34 | 168894 |
| 205000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54 | 195188 |
|  |  | 1907964 |
|  **Chile — 0.3%** | **Chile — 0.3%** |  |
| 210000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(a) | 220599 |
|  **Colombia — 0.5%** | **Colombia — 0.5%** |  |
| 200000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/30(a) | 182403 |
| 200000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/32(a) | 202356 |
|  |  | 384759 |
|  **France — 0.9%** | **France — 0.9%** |  |
| 250000 | BPCE SA, 6.29%, 1/14/36(a),(b) | 261597 |
| 316000 | BPCE SA, 6.35%, 1/13/47(a),(b) | 303374 |
| 210000 | Societe Generale SA, 8.13%, (a),(b),(c) | 215999 |
|  |  | 780970 |
|  **Germany — 0.6%** | **Germany — 0.6%** |  |
|  200,000(d) | Commerzbank AG, EMTN, 7.88%, (b),(c),(e) | 250857 |
|  200,000(d) | Deutsche Bank AG, 6.75%, (b),(c),(e) | 234348 |
|  |  | 485205 |
|  **Italy — 0.3%** | **Italy — 0.3%** |  |
|  200,000(d) | Intesa Sanpaolo SpA, 7.00%, (b),(c),(e) | 242037 |
|  **Japan — 0.7%** | **Japan — 0.7%** |  |
| 616000 | Kioxia Holdings Corp., 6.63%, 7/24/33(a) | 631387 |
|  **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |  |
| 250000 | Breakwater Energy Holdings Sarl, 9.25%, 11/15/30(a) | 264297 |

---

#### 23

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Mexico — 0.4%** | **Mexico — 0.4%** |  |
| $197160 | CFE Fibra E, REIT, 5.88%, 9/23/40(a) | $191232 |
| 200000 | FIBRA Prologis, REIT, 5.63%, 1/14/38(a) | 190759 |
|  |  | 381991 |
|  **Spain — 0.2%** | **Spain — 0.2%** |  |
| 200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.03%, 3/14/28(f) | 201183 |
|  **Switzerland — 1.0%** | **Switzerland — 1.0%** |  |
| 598000 | Julius Baer Group Ltd., 3.63%, (b),(c),(e) | 545701 |
| 293000 | UBS Group AG, 7.00%, (a),(b),(c) | 285189 |
|  |  | 830890 |
|  **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |  |
| 420000 | DAE Funding LLC, 4.95%, 1/15/33(a) | 398345 |
|  **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |  |
| 369000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(b) | 388312 |
| 430000 | Macquarie Airfinance Holdings Ltd., 5.20%, 3/27/28(a) | 431811 |
| 201000 | Standard Life Plc, 8.50%, (b),(c),(e) | 209576 |
|  |  | 1029699 |
|  **United States — 42.1%** | **United States — 42.1%** |  |
| 240000 | Ally Financial, Inc., Series B, 4.70%, (b),(c) | 237658 |
| 350000 | Ally Financial, Inc., Series C, 4.70%, (b),(c) | 323440 |
|  307,000(d) | Alphabet, Inc., 4.38%, 11/6/64 | 334265 |
| 490000 | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B, 5.65%, 11/11/34 | 488398 |
| 232000 | American National Group, Inc., 6.00%, 7/15/35 | 225900 |
| 335000 | American National Group, Inc., 7.00%, 12/1/55(b) | 316337 |
| 262000 | APA Corp., 6.75%, 2/15/55 | 263235 |
| 259000 | Athene Holding Ltd., 6.63%, 5/19/55 | 249293 |
| 320000 | Atlas Warehouse Lending Co. LP, 4.63%, 11/15/28(a) | 315269 |
| 500000 | Atlas Warehouse Lending Co. LP, 5.25%, 1/15/33(a) | 484377 |
| 334000 | Belrose Funding Trust II, 6.79%, 5/15/55(a) | 333290 |
| 239000 | BGC Group, Inc., 6.15%, 4/2/30 | 243085 |
| 260000 | BGC Group, Inc., 6.60%, 6/10/29 | 267991 |
| 274000 | BGC Group, Inc., 8.00%, 5/25/28 | 288719 |
| 510000 | BW Real Estate, Inc., 9.50%, (a),(b),(c) | 510390 |
| 393000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | 229658 |
| 346000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | 310412 |
| 190000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | 158818 |
| 283000 | Citadel Finance LLC, 4.75%, 2/14/29(a) | 277257 |
| 500000 | Citadel Finance LLC, 5.15%, 2/14/31(a) | 488499 |

---

#### 24

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  360,000(d) | Citigroup, Inc., 4.11%, 4/29/36(b) | $413669 |
| $369000 | Citigroup, Inc., 6.63%, (b),(c) | 368966 |
| 420000 | Citizens Financial Group, Inc., 5.30%, 1/29/36(b) | 416353 |
| 450000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(b) | 462701 |
| 523000 | Constellation Global Funding, 4.85%, 10/22/30(a) | 512337 |
| 80000 | Coty Inc/HFC Prestige Products, Inc./HFC Prestige International US LLC, 5.60%, 1/15/31(a) | 77371 |
| 285000 | Discovery Communications LLC, 5.00%, 9/20/37 | 206082 |
| 300000 | Energy Transfer LP, 6.30%, 1/15/56 | 295916 |
| 337000 | Energy Transfer LP, 6.50%, 2/15/56(b) | 332532 |
| 262000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 6.94%, 11/1/66(f) | 257414 |
| 198000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 6.90%, 8/16/77(g) | 197208 |
| 295000 | Essent Group Ltd., 6.25%, 7/1/29 | 304930 |
| 217000 | Expand Energy Corp., 5.88%, 2/1/29(a) | 217023 |
| 434000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | 411187 |
| 209000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | 212857 |
| 500000 | Fedex Freight Holding Co., Inc., 4.30%, 3/15/29(a) | 493960 |
| 246000 | Fidelity National Information Services, Inc., 4.45%, 3/10/28 | 245283 |
| 223000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 6.99%, (c),(g) | 221348 |
| 510000 | First Citizens BancShares, Inc., 5.60%, 9/5/35(b) | 498620 |
| 380000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(b) | 370968 |
| 176000 | Flex Intermediate Holdco LLC, 4.32%, 12/30/39(a) | 147258 |
| 310000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 5.68%, 3/20/28(f) | 312483 |
| 230000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(a) | 234231 |
| 200000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(a) | 202824 |
| 434000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(a) | 452195 |
| 400000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | 418341 |
| 252000 | GA Global Funding Trust, 5.50%, 4/1/32(a) | 249400 |
| 340000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(c) | 331812 |
| 453000 | Global Atlantic Fin Co., 7.25%, 3/1/56(a),(b) | 427273 |
| 390000 | Global Atlantic Fin Co., 7.95%, 6/15/33(a) | 418969 |
| 350000 | Global Payments, Inc., 5.55%, 11/15/35 | 336548 |
| 221000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | 217148 |
| 781000 | Goldman Sachs Group, Inc. (The), 5.07%, 1/21/37(b) | 764701 |
| 130000 | Grand River Funding Trust I, 6.31%, 2/15/36(a) | 131141 |
| 375000 | HA Sustainable Infrastructure Capital, Inc., 6.00%, 3/15/36 | 363246 |
| 441000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | 452541 |
| 254000 | HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56(b) | 252918 |
| 272000 | HA Sustainable Infrastructure Capital, Inc., 8.00%, 6/1/56(b) | 280978 |
| 223000 | Hawaiian Electric Co., Inc., 6.00%, 10/1/33(a) | 222644 |
| 200000 | Hess Midstream Operations LP, 5.88%, 3/1/28(a) | 201567 |
| 614000 | Hess Midstream Operations LP, 6.50%, 6/1/29(a) | 627429 |
| 260000 | Huntington Bancshares, Inc., 5.61%, 1/28/41(b) | 253846 |
| 176000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(b) | 179114 |

---

#### 25

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $434000 | Huntington Bancshares, Inc., Series K, 6.25%, (b),(c) | $426406 |
| 250000 | Hyundai Capital America, 4.75%, 4/6/29(a) | 249825 |
| 256000 | Icon Investments Six DAC, 5.81%, 5/8/27 | 257231 |
| 283000 | Intel Corp., 3.20%, 8/12/61 | 157865 |
| 210000 | Intel Corp., 5.60%, 2/21/54 | 192500 |
| 230000 | Intel Corp., 5.70%, 2/10/53 | 211611 |
| 360000 | Jefferies Financial Group, Inc., 6.20%, 4/14/34 | 366836 |
| 254000 | JH North America Holdings, Inc., 6.13%, 7/31/32(a) | 253651 |
|  380,000(d) | Liberty Mutual Group, Inc., 3.88%, 9/26/35(a) | 421185 |
| 116000 | Liberty Utilities Co., 5.87%, 1/31/34(a) | 120039 |
| 337000 | LPL Holdings, Inc., 5.75%, 6/15/35 | 335472 |
| 187000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(b) | 185420 |
| 440000 | Medline Borrower LP, 3.88%, 4/1/29(a) | 425837 |
| 400000 | Meta Platforms, Inc., 5.63%, 11/15/55 | 374678 |
| 430000 | Morgan Stanley, 5.07%, 1/30/37(b) | 421156 |
| 509000 | National Health Investors, Inc., REIT, 5.35%, 2/1/33 | 499666 |
| 190000 | Nissan Motor Acceptance Co. LLC, (SOFR Index + 2.050%), 5.70%, 9/13/27(a),(f) | 188511 |
| 419000 | Old National Bancorp, 5.77%, 2/15/36(b) | 417429 |
| 240000 | Oracle Corp., 4.55%, 2/4/29 | 236917 |
| 460000 | Oracle Corp., 5.70%, 2/4/36 | 442251 |
| 476000 | Oracle Corp., 6.10%, 9/26/65 | 394536 |
| 439000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | 456930 |
| 199000 | Paramount Global, 6.25%, 2/28/57(b) | 134365 |
| 209000 | Paramount Global, 6.38%, 3/30/62(b) | 152940 |
| 170000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | 166582 |
| 297000 | PG&E Corp., 6.85%, 9/15/56(b) | 292515 |
| 387000 | PG&E Corp., 7.38%, 3/15/55(b) | 389177 |
| 225000 | Pilgrim's Pride Corp., 3.50%, 3/1/32 | 204257 |
| 480000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02%, (c),(g) | 478116 |
|  154,000(d) | Realty Income Corp., REIT, 3.88%, 6/20/35 | 170520 |
| 340000 | Reinsurance Group of America, Inc., 6.38%, 9/15/56(b) | 329026 |
| 285000 | Royal Caribbean Cruises Ltd., 5.25%, 2/27/38 | 270980 |
| 280000 | Spire, Inc., 6.25%, 6/1/56(b) | 276322 |
| 247000 | Symetra Life Insurance Co., 6.55%, 10/1/55(a) | 248406 |
| 200000 | Synchrony Financial, 5.02%, 7/29/29(b) | 199742 |
| 670000 | Texas Capital Bancshares, Inc., 5.30%, 2/27/32(b) | 660921 |
| 517000 | TPG Operating Group II LP, 4.88%, 5/15/31 | 506975 |
| 340000 | TXNM Energy, Inc., 7.00%, 7/31/56(a),(b) | 338429 |
| 433000 | Vertiv Group Corp., 4.13%, 11/15/28(a) | 425037 |
| 290000 | Vertiv Holdings Co., 5.80%, 3/15/56 | 278501 |
| 170000 | Vertiv Holdings Co., 5.95%, 3/15/66 | 162695 |
| 254000 | VSP Optical Group, Inc., 5.45%, 12/1/35(a) | 248865 |
| 464000 | Webster Financial Corp., 5.78%, 9/11/35(b) | 470863 |
| 388000 | Western Alliance Bank, 6.54%, 11/15/35(b) | 379996 |
| 240000 | Whistler Pipeline LLC, 5.95%, 9/30/34(a) | 245793 |
|  192,000(d) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | 209801 |

---

#### 26

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $393000 | WULF Compute LLC, 7.75%, 10/15/30(a) | $415291 |
| 300000 | Zions Bancorp NA, 3.25%, 10/29/29 | 278023 |
| 250000 | Zions Bancorp NA, 4.70%, 8/18/28(b) | 248866 |
| 250000 | Zions Bancorp NA, 6.82%, 11/19/35(b) | 256859 |
|  |  | 35817438 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **44136503** |
|  (Cost $44,621,122) | (Cost $44,621,122) |  |
|  **U.S. Government Agency Backed Mortgages — 22.1%** | **U.S. Government Agency Backed Mortgages — 22.1%** |  |
|  **United States — 22.1%** | **United States — 22.1%** |  |
| 675000 | Fannie Mae, (TBA), 4.00%, 4/1/56 | 636663 |
| 1925000 | Fannie Mae, (TBA), 3.00%, 4/1/56 | 1692393 |
| 1175000 | Fannie Mae, (TBA), 3.50%, 4/1/56 | 1076738 |
| 3325000 | Fannie Mae, (TBA), 2.50%, 4/1/56 | 2796544 |
| 4550000 | Fannie Mae, (TBA), 2.00%, 4/1/56 | 3661940 |
| 835924 | Fannie Mae, Pool #BT8271, 4.00%, 7/1/52 | 791413 |
| 184749 | Fannie Mae, Pool #CB4766, 5.00%, 9/1/52 | 184262 |
| 474930 | Fannie Mae, Pool #CB4768, 5.00%, 9/1/52 | 473734 |
| 168701 | Fannie Mae, Pool #BT7932, 5.50%, 10/1/52 | 172605 |
| 304097 | Fannie Mae, Pool #CB5344, 6.50%, 12/1/52 | 320087 |
| 76755 | Fannie Mae, Pool #CB4969, 5.50%, 10/1/52 | 78526 |
| 1200000 | Fannie Mae, (TBA), 6.00%, 4/1/56 | 1222716 |
| 425266 | Fannie Mae, Pool #CB7160, 6.50%, 9/1/53 | 442668 |
| 983726 | Fannie Mae, Pool #CB9720, 5.50%, 12/1/54 | 995958 |
| 623479 | Fannie Mae, Pool #CC0947, 6.50%, 8/1/55 | 650420 |
| 802402 | Fannie Mae, Pool #CC1572, 5.50%, 11/1/55 | 812189 |
| 778664 | Fannie Mae, Pool #CC1573, 6.00%, 11/1/55 | 801407 |
| 751390 | Fannie Mae, Pool #CC1898, 5.00%, 2/1/56 | 750676 |
| 756615 | Fannie Mae, Pool #CC1900, 5.50%, 1/1/56 | 772588 |
| 370461 | Freddie Mac, Pool #RA7718, 4.50%, 7/1/52 | 359039 |
| 112268 | Freddie Mac, Pool #QF4133, 6.00%, 11/1/52 | 117584 |
|  |  | 18810150 |
|  **Total U.S. Government Agency Backed Mortgages** | **Total U.S. Government Agency Backed Mortgages** | **18810150** |
|  (Cost $19,006,822) | (Cost $19,006,822) |  |
|  **Asset Backed Securities — 8.0%** | **Asset Backed Securities — 8.0%** |  |
|  **Cayman Islands — 1.8%** | **Cayman Islands — 1.8%** |  |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 6.68%, 4/20/31(a),(f) | 498750 |
| 500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 6.78%, 4/22/31(a),(f) | 486950 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 6.67%, 7/15/31(a),(f) | 498900 |
|  |  | 1484600 |
|  **United States — 6.2%** | **United States — 6.2%** |  |
| 326000 | Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 8/25/55(a) | 311440 |

---

#### 27

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $433000 | DataBank Issuer II LLC, Series 2025-1A, Class A2, 5.18%, 9/27/55(a) | $421085 |
| 428000 | Kinetic ABS Issuer LLC, Series 2026-1A, Class B, 5.56%, 2/25/56(a) | 426760 |
| 863000 | MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55(a) | 861058 |
| 199320 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | 200273 |
| 80479 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) | 76696 |
| 691000 | Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55(a) | 681657 |
| 430000 | QTS Issuer ABS I LLC, Series 2025-1A, Class B, 5.93%, 5/25/55(a) | 419038 |
| 473000 | Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, 5.00%, 3/27/56(a) | 457475 |
| 320000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, 3/25/55(a) | 308878 |
| 310000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 305454 |
| 530000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(a) | 540972 |
| 300000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(a) | 303259 |
|  |  | 5314045 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **6798645** |
|  (Cost $6,859,401) | (Cost $6,859,401) |  |
|  **U.S. Treasury Obligations — 7.7%** | **U.S. Treasury Obligations — 7.7%** |  |
|  **United States — 7.7%** | **United States — 7.7%** |  |
| 1693000 | U.S. Treasury Notes, 3.38%, 11/30/27 | 1680633 |
| 1684000 | U.S. Treasury Notes, 3.50%, 10/31/27 | 1675251 |
| 2640000 | U.S. Treasury Notes, 4.00%, 11/15/35 | 2575237 |
| 647000 | U.S. Treasury Notes, 4.13%, 2/15/36 | 636891 |
|  |  | 6568012 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **6568012** |
|  (Cost $6,597,453) | (Cost $6,597,453) |  |
|  **Collateralized Mortgage Obligations — 7.3%** | **Collateralized Mortgage Obligations — 7.3%** |  |
|  **United States — 7.3%** | **United States — 7.3%** |  |
| 141205 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(a) | 141388 |
| 307317 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(a) | 309252 |
| 238287 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | 240036 |
| 462093 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(a) | 461043 |
| 612080 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a),(h) | 611992 |
| 496592 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) | 497717 |
| 250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 4.94%, 10/15/36(a),(f) | 247268 |

---

#### 28

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $377911 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 0.00%, 8/25/55(a),(h) | $379022 |
| 110194 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(a),(h) | 105000 |
| 279297 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) | 280000 |
| 299162 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | 300719 |
| 283253 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(a) | 283253 |
| 218832 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(a) | 220187 |
| 213210 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 213501 |
| 591920 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM5, Class A1, 5.07%, 8/25/65(a),(h) | 589369 |
| 352978 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(a) | 353619 |
| 201632 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 201179 |
| 202921 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(a) | 202880 |
| 264168 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 266622 |
| 267975 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(a) | 268440 |
|  |  | 6172487 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **6172487** |
|  (Cost $6,191,953) | (Cost $6,191,953) |  |
|  **Bank Loans — 5.5%** | **Bank Loans — 5.5%** |  |
|  **United States — 5.5%** | **United States — 5.5%** |  |
| 484000 | Allison Transmission, Inc., (Term SOFR 1M + 1.750%), 5.40%, 1/2/33(f) | 485210 |
| 493750 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 1.750%), 5.42%, 10/15/31(f) | 490457 |
| 363434 | Atkore International, Inc., (Term SOFR 1M + 2.000%), 5.67%, 9/29/32(f) | 363434 |
| 581638 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.43%, 6/24/30(f) | 582231 |
| 430100 | Charter Communications Operating LLC, (Term SOFR 3M + 2.000%), 5.66%, 12/7/30(f) | 429493 |
| 431628 | Citadel Securities LP, (Term SOFR 3M + 2.000%), 5.70%, 10/31/31(f) | 431870 |
| 410850 | Hilcorp Energy I LP, (Term SOFR 1M + 1.750%), 5.43%, 2/11/30(f) | 410336 |
| 400000 | Hilton Worldwide Finance LLC, (Term SOFR 1M + 1.750%), 5.43%, 11/8/30(f) | 400500 |
| 568800 | Solstice Advanced Materials, Inc., (Term SOFR 3M + 1.750%), 5.42%, 10/29/32(f) | 571172 |
| 495009 | Terex Corp., (Term SOFR 1M + 1.750%), 5.42%, 10/8/31(f) | 495321 |
|  |  | 4660024 |
|  **Total Bank Loans** | **Total Bank Loans** | **4660024** |
|  (Cost $4,647,774) | (Cost $4,647,774) |  |

---

#### 29

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Foreign Government Bonds — 2.9%** | **Foreign Government Bonds — 2.9%** |  |
|  **Ecuador — 0.3%** | **Ecuador — 0.3%** |  |
| $283000 | Ecuador Government International Bond, 9.25%, 1/29/39(a) | $277162 |
|  **Japan — 2.1%** | **Japan — 2.1%** |  |
|  301,050,000(i) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 760004 |
|  10,000,000(i) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 | 42713 |
|  78,650,000(i) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 | 360203 |
|  84,200,000(i) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | 402237 |
|  41,500,000(i) | Japan Government Thirty Year Bond, Series 87, 2.80%, 6/20/55 | 221408 |
|  |  | 1786565 |
|  **Mexico — 0.5%** | **Mexico — 0.5%** |  |
| 450000 | Mexico Government International Bond, 5.63%, 2/9/34 | 440799 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **2504526** |
|  (Cost $3,143,512) | (Cost $3,143,512) |  |

---

---

| | | |
|:---|:---|:---|
| **Contracts** |  | |
|  **Call Option Purchased — 0.1%** | **Call Option Purchased — 0.1%** |  |
| 167 | US 10YR NOTE FUT, Strike Price USD 112.5, Expires 05/22/26, Notional Amount $1,878,750,000 | 73062 |
|  **Total Call Option Purchased** | **Total Call Option Purchased** | **73062** |
|  (Cost $73,154) | (Cost $73,154) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  **Investment Company — 8.1%** | **Investment Company — 8.1%** |  |
| 6929519 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (j) | 6929519 |
|  **Total Investment Company** | **Total Investment Company** | **6929519** |
|  (Cost $6,929,519) | (Cost $6,929,519) |  |
|  **Total Investments** | **Total Investments** | $**96652928** |
|  (Cost $98,070,710)(k) — 113.5% | (Cost $98,070,710)(k) — 113.5% |  |
|  **Liabilities in excess of other assets — (13.5)%** | **Liabilities in excess of other assets — (13.5)%** | **(11494670)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**85158258** |

---

#### 30

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

(c) Perpetual security with no stated maturity date.

(d) Principal amount denoted in Euros.

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

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

(g) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2026.

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

(i) Principal amount denoted in Japanese Yen.

(j) Affiliated investment.

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

#### 31

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Foreign currency exchange contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement**<br>**Date** | **Value/Unrealized**<br> **Appreciation**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
| EUR | 2149866 | GBP | 1870000 | Citibank N.A. | 4/22/26 | $12638 |
| EUR | 714531 | SEK | 7654616 | Citibank N.A. | 4/22/26 | 17241 |
| JPY | 66370227 | USD | 417028 | Citibank N.A. | 4/22/26 | 2086 |
| NOK | 13064513 | EUR | 1109788 | Citibank N.A. | 4/22/26 | 64929 |
| USD | 1258698 | EUR | 1078473 | Citibank N.A. | 4/22/26 | 10753 |
| USD | 1567827 | EUR | 1342703 | Citibank N.A. | 4/22/26 | 14131 |
| USD | 4074759 | GBP | 3041282 | Citibank N.A. | 4/22/26 | 49437 |
| USD | 1433379 | GBP | 1050000 | Citibank N.A. | 4/22/26 | 43640 |
| USD | 2221609 | JPY | 348454206 | Citibank N.A. | 4/22/26 | 21194 |
|  |  |  |  |  |  | $236049 |
| AUD | 1358897 | USD | 959791 | Citibank N.A. | 4/22/26 | $(22477) |
| EUR | 710000 | NOK | 8175121 | Citibank N.A. | 4/22/26 | (22636) |
| EUR | 400000 | NOK | 4501360 | Citibank N.A. | 4/22/26 | (1978) |
| EUR | 736866 | USD | 860000 | Citibank N.A. | 4/22/26 | (7343) |
| EUR | 300000 | USD | 349838 | Citibank N.A. | 4/22/26 | (2696) |
| GBP | 314394 | EUR | 360000 | Citibank N.A. | 4/22/26 | (450) |
| GBP | 1628812 | USD | 2216907 | Citibank N.A. | 4/22/26 | (61074) |
| GBP | 630000 | USD | 859482 | Citibank N.A. | 4/22/26 | (25639) |
| GBP | 520000 | USD | 695733 | Citibank N.A. | 4/22/26 | (7481) |
| SEK | 7432320 | EUR | 700000 | Citibank N.A. | 4/22/26 | (23937) |
| USD | 909199 | AUD | 1358897 | Citibank N.A. | 4/22/26 | (28114) |
|  |  |  |  |  |  | $(203825)  |
| Total |  |  |  |  |  | $32224 |

---

#### Options written as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Call Options** | **Notional Amount** | **Value** |
| 167 | US 10YR NOTE FUT, Strike Price USD 113.5, Expires 05/22/26 | USD (1895450000) | $(41750) |

---

#### 32

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Financial futures contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position**  | **Number of**<br>**Contracts** | **Expiration** <br>**Date** | **Value/Unrealized<br>Appreciation<br>(Depreciation)** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 15 | June 2026 | $(41023) | EUR | $2173980 | Morgan Stanley & Co. LLC |
|  10 Year U.S. Treasury Note | 24 | June 2026 | 789 | USD | 2665125 | Morgan Stanley & Co. LLC |
|  2 Year U.S. Treasury Note | 3 | June 2026 | (1294) | USD | 622336 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Treasury Bond | 46 | June 2026 | (69151) | USD | 5238250 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 40 | June 2026 | (8504) | USD | 4662500 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $(119183) |  |  |  |
| **Short Position**  | **Number of<br>Contracts** | **Expiration**<br>**Date** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 33 | June 2026 | $(21215) | USD | $3746016 | Morgan Stanley & Co. LLC |
|  30 Year Euro-Buxl | 3 | June 2026 | 8792 | EUR | 382332 | Morgan Stanley & Co. LLC |
|  5 Year Euro-Bobl | 2 | June 2026 | 5870 | EUR | 266840 | Morgan Stanley & Co. LLC |
|  5 Year U.S. Treasury Note | 6 | June 2026 | (589) | USD | 649078 | Morgan Stanley & Co. LLC |
|  EURO-OAT FUTURE | 27 | June 2026 | 94058 | EUR | 3704072 | Morgan Stanley & Co. LLC |
|  EURO-SCHATZ FUT | 3 | June 2026 | 4088 | EUR | 366693 | Morgan Stanley & Co. LLC |
|  JPN 10Y BOND(OSE) | 4 | June 2026 | 23979 | JPY | 3284333 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $114983 |  |  |  |

---

#### Interest rate swaps as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Float** <br> **Rate** | **Pay**<br>**Receive** | **Pay**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freq**  | **Counter-**<br>**party** | **Exp.<br>Date** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 1.51% | JPY-BCAPLDN | Pay | Yearly | Morgan Stanley &Co. LLC | 10/10/35 | JPY300,000 | $0 | $90457 | $90457 |

---

#### 33

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Float** <br> **Rate** | **Pay**<br>**Receive** | **Pay**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freq**  | **Counter-**<br>**party** | **Exp.<br>Date** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 12.80% | BRL-BCAPLDN | Receive | Yearly | Morgan Stanley &<br>Co. LLC | 1/2/31 | BRL 10,080 | $0 | $(78490) | $(78490) |
| 13.71% | BRL-BCSANT | Pay | Yearly | Morgan Stanley &<br>Co. LLC | 1/2/31 | BRL 1,915 | $0 | $(323) | $(323) |
| 13.72% | BRL-MLLDN | Pay | Yearly | Morgan Stanley &<br>Co. LLC | 1/2/31 | BRL 1,359 | $0 | $(348) | $(348) |
|  |  |  |  |  |  |  | $0 | $(79161) | $(79161) |
| **Total** |  |  |  |  |  |  | $0 | $11296 | $11296 |

---

#### Credit default swaps buy protection as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br> **Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value** |
|  1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 11706 | $(191104) | $(14855) | $(205958) |
|  1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 13006 | (209240) | (19590) | (228831) |
|  1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 7804 | (127310) | (9996) | (137306) |
|  1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 6000 | (96036) | (9529) | (105565) |
|  1.00% | Paramount Global | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 830 | 16461 | 53202 | 69663 |
|  **Total** |  |  |  |  |  |  | $(607229) | $(768) | $(607997) |

---

#### 34

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Core Plus Bond Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Credit default swaps sell protection as of March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br> **Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **ICS%** | **Notional<br>Amount**<br> (000) | **Notional<br>Amount**<br> (000) | **Premium<br>Paid/<br>(Received)** | **Unreal.**<br> **App.**<br> **(Dep.)** | **Value** |
|  1.00% | Oracle Corp. | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | 1.81 | USD | 420 | $(9531) | $(3852) | $(13383) |
|  1.00% | Lincoln National Corp. | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | 1.70 | USD | 870 | (30815) | 5425 | (25390) |
|  Total |  |  |  |  |  |  |  | $(40346) | $1573 | $(38773) |

---

Abbreviations used are defined below:

AUD - Australian Dollar

Bobl - German Bundesobligationen

BRL - Brazilian Real

EMTN - Euro Medium Term Note

EUR - Euro

GBP - United Kingdom Pound Sterling

ICS - Implied Credit Spread

JPY - Japanese Yen

MTN - Medium Term Note

NOK - Norwegian Krone

OAT - Obligations Assimilables du Trésor

REIT - Real Estate Investment Trust

SEK - Swedish Krona

SOFR - Secured Overnight Financing Rate

TBA - To-be-announced

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 35

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Corporate Bonds — 56.1%** | **Corporate Bonds — 56.1%** |  |
|  **Bermuda — 0.3%** | **Bermuda — 0.3%** |  |
| $277000 | Triton Container International Ltd. / TAL International Container Corp., 5.15%, 2/15/33 | $271191 |
|  **Brazil — 0.4%** | **Brazil — 0.4%** |  |
| 325000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(a) | 327929 |
|  **Canada — 2.8%** | **Canada — 2.8%** |  |
| 307000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | 310451 |
| 386000 | Brookfield Infrastructure Finance ULC, 6.75%, 3/15/55(b) | 383214 |
| 300000 | Canadian Imperial Bank of Commerce, 6.50%, 7/28/86(b) | 291734 |
| 400000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(a) | 410767 |
| 460000 | CI Financial Corp., 7.50%, 5/30/29(a) | 481869 |
| 195000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34 | 193731 |
| 260000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54 | 247555 |
|  |  | 2319321 |
|  **Chile — 0.6%** | **Chile — 0.6%** |  |
| 480000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(a) | 504226 |
|  **Colombia — 0.5%** | **Colombia — 0.5%** |  |
| 206000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/30(a) | 187875 |
| 206000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/32(a) | 208426 |
|  |  | 396301 |
|  **France — 1.0%** | **France — 1.0%** |  |
| 250000 | BPCE SA, 6.29%, 1/14/36(a),(b) | 261597 |
| 317000 | BPCE SA, 6.35%, 1/13/47(a),(b) | 304335 |
| 250000 | Societe Generale SA, 8.13%, (a),(b),(c) | 257141 |
|  |  | 823073 |
|  **Germany — 0.6%** | **Germany — 0.6%** |  |
|  200,000(d) | Commerzbank AG, EMTN, 7.88%, (b),(c),(e) | 250857 |
|  200,000(d) | Deutsche Bank AG, 6.75%, (b),(c),(e) | 234348 |
|  |  | 485205 |
|  **Italy — 0.3%** | **Italy — 0.3%** |  |
|  217,000(d) | Intesa Sanpaolo SpA, 7.00%, (b),(c),(e) | 262610 |
|  **Japan — 0.7%** | **Japan — 0.7%** |  |
| 608000 | Kioxia Holdings Corp., 6.63%, 7/24/33(a) | 623187 |
|  **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |  |
| 250000 | Breakwater Energy Holdings Sarl, 9.25%, 11/15/30(a) | 264297 |

---

#### 36

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Mexico — 0.5%** | **Mexico — 0.5%** |  |
| $197160 | CFE Fibra E, REIT, 5.88%, 9/23/40(a) | $191232 |
| 200000 | FIBRA Prologis, REIT, 5.63%, 1/14/38(a) | 190759 |
|  |  | 381991 |
|  **Spain — 0.2%** | **Spain — 0.2%** |  |
| 200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.03%, 3/14/28(f) | 201183 |
|  **Switzerland — 1.0%** | **Switzerland — 1.0%** |  |
| 592000 | Julius Baer Group Ltd., 3.63%, (b),(c),(e) | 540226 |
| 287000 | UBS Group AG, 7.00%, (a),(b),(c) | 279349 |
|  |  | 819575 |
|  **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |  |
| 420000 | DAE Funding LLC, 4.95%, 1/15/33(a) | 398345 |
|  **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |  |
| 470000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(b) | 494598 |
| 249000 | Standard Life Plc, 8.50%, (b),(c),(e) | 259624 |
|  |  | 754222 |
|  **United States — 45.5%** | **United States — 45.5%** |  |
| 260000 | Ally Financial, Inc., Series B, 4.70%, (b),(c) | 257462 |
| 506000 | Ally Financial, Inc., Series C, 4.70%, (b),(c) | 467602 |
|  318,000(d) | Alphabet, Inc., 4.38%, 11/6/64 | 346242 |
| 510000 | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B, 5.65%, 11/11/34 | 508332 |
| 514000 | American National Group, Inc., 6.00%, 7/15/35 | 500485 |
| 395000 | American National Group, Inc., 7.00%, 12/1/55(b) | 372995 |
| 313000 | APA Corp., 6.75%, 2/15/55 | 314475 |
| 253000 | Athene Holding Ltd., 6.63%, 5/19/55 | 243518 |
| 330000 | Atlas Warehouse Lending Co. LP, 4.63%, 11/15/28(a) | 325121 |
| 500000 | Atlas Warehouse Lending Co. LP, 5.25%, 1/15/33(a) | 484377 |
| 416000 | Belrose Funding Trust II, 6.79%, 5/15/55(a) | 415115 |
| 240000 | BGC Group, Inc., 6.15%, 4/2/30 | 244102 |
| 370000 | BGC Group, Inc., 6.60%, 6/10/29 | 381372 |
| 199000 | BGC Group, Inc., 8.00%, 5/25/28 | 209690 |
| 600000 | BW Real Estate, Inc., 9.50%, (a),(b),(c) | 600459 |
| 230000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | 134405 |
| 453000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | 406407 |
| 240000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | 200613 |
| 278000 | Citadel Finance LLC, 4.75%, 2/14/29(a) | 272358 |
| 500000 | Citadel Finance LLC, 5.15%, 2/14/31(a) | 488499 |
|  460,000(d) | Citigroup, Inc., 4.11%, 4/29/36(b) | 528577 |

---

#### 37

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $369000 | Citigroup, Inc., 6.63%, (b),(c) | $368966 |
| 420000 | Citizens Financial Group, Inc., 5.30%, 1/29/36(b) | 416353 |
| 570000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(b) | 586088 |
| 504000 | Constellation Global Funding, 4.85%, 10/22/30(a) | 493725 |
| 88000 | Coty Inc/HFC Prestige Products, Inc./HFC Prestige International US LLC, 5.60%, 1/15/31(a) | 85108 |
| 290000 | Discovery Communications LLC, 5.00%, 9/20/37 | 209697 |
| 300000 | Energy Transfer LP, 6.30%, 1/15/56 | 295916 |
| 410000 | Energy Transfer LP, 6.50%, 2/15/56(b) | 404564 |
| 332000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 6.94%, 11/1/66(f) | 326189 |
| 280000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 6.90%, 8/16/77(g) | 278880 |
| 222000 | Essent Group Ltd., 6.25%, 7/1/29 | 229473 |
| 263000 | Expand Energy Corp., 5.88%, 2/1/29(a) | 263027 |
| 405000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | 383711 |
| 346000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | 352385 |
| 480000 | Fedex Freight Holding Co., Inc., 4.30%, 3/15/29(a) | 474202 |
| 241000 | Fidelity National Information Services, Inc., 4.45%, 3/10/28 | 240297 |
| 227000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 6.99%, (c),(g) | 225318 |
| 596000 | First Citizens BancShares, Inc., 5.60%, 9/5/35(b) | 582701 |
| 460000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(b) | 449067 |
| 219000 | Flex Intermediate Holdco LLC, 4.32%, 12/30/39(a) | 183236 |
| 380000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 5.68%, 3/20/28(f) | 383043 |
| 300000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(a) | 305519 |
| 200000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(a) | 202824 |
| 530000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(a) | 552220 |
| 200000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | 209171 |
| 246000 | GA Global Funding Trust, 5.50%, 4/1/32(a) | 243462 |
| 410000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(c) | 400126 |
| 443000 | Global Atlantic Fin Co., 7.25%, 3/1/56(a),(b) | 417841 |
| 381000 | Global Atlantic Fin Co., 7.95%, 6/15/33(a) | 409301 |
| 370000 | Global Payments, Inc., 5.55%, 11/15/35 | 355780 |
| 284000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | 279049 |
| 755000 | Goldman Sachs Group, Inc. (The), 5.07%, 1/21/37(b) | 739244 |
| 130000 | Grand River Funding Trust I, 6.31%, 2/15/36(a) | 131141 |
| 559000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | 573629 |
| 249000 | HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56(b) | 247939 |
| 282000 | HA Sustainable Infrastructure Capital, Inc., 8.00%, 6/1/56(b) | 291308 |
| 249000 | Hawaiian Electric Co., Inc., 6.00%, 10/1/33(a) | 248603 |
| 281000 | Hess Midstream Operations LP, 5.88%, 3/1/28(a) | 283202 |
| 649000 | Hess Midstream Operations LP, 6.50%, 6/1/29(a) | 663194 |
| 260000 | Huntington Bancshares, Inc., 5.61%, 1/28/41(b) | 253846 |
| 275000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(b) | 279866 |
| 431000 | Huntington Bancshares, Inc., Series K, 6.25%, (b),(c) | 423458 |
| 250000 | Hyundai Capital America, 4.75%, 4/6/29(a) | 249825 |

---

#### 38

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $283000 | Intel Corp., 3.20%, 8/12/61 | $157866 |
| 207000 | Intel Corp., 5.60%, 2/21/54 | 189750 |
| 250000 | Intel Corp., 5.70%, 2/10/53 | 230012 |
| 389000 | Jefferies Financial Group, Inc., 6.20%, 4/14/34 | 396386 |
| 252000 | JH North America Holdings, Inc., 6.13%, 7/31/32(a) | 251653 |
|  420,000(d) | Liberty Mutual Group, Inc., 3.88%, 9/26/35(a) | 465520 |
| 146000 | Liberty Utilities Co., 5.87%, 1/31/34(a) | 151084 |
| 433000 | LPL Holdings, Inc., 5.75%, 6/15/35 | 431037 |
| 236000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(b) | 234006 |
| 430000 | Medline Borrower LP, 3.88%, 4/1/29(a) | 416159 |
| 410000 | Meta Platforms, Inc., 5.63%, 11/15/55 | 384045 |
| 420000 | Morgan Stanley, 5.07%, 1/30/37(b) | 411362 |
| 565000 | National Health Investors, Inc., REIT, 5.35%, 2/1/33 | 554639 |
| 240000 | Nissan Motor Acceptance Co. LLC, (SOFR Index + 2.050%), 5.70%, 9/13/27(a),(f) | 238119 |
| 419000 | Old National Bancorp, 5.77%, 2/15/36(b) | 417429 |
| 240000 | Oracle Corp., 4.55%, 2/4/29 | 236917 |
| 460000 | Oracle Corp., 5.70%, 2/4/36 | 442251 |
| 474000 | Oracle Corp., 6.10%, 9/26/65 | 392878 |
| 518000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | 539157 |
| 242000 | Paramount Global, 6.25%, 2/28/57(b) | 163399 |
| 336000 | Paramount Global, 6.38%, 3/30/62(b) | 245876 |
| 230000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | 225375 |
| 291000 | PG&E Corp., 6.85%, 9/15/56(b) | 286605 |
| 460000 | PG&E Corp., 7.38%, 3/15/55(b) | 462588 |
| 714000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02%, (c),(g) | 711197 |
|  197,000(d) | Realty Income Corp., REIT, 3.88%, 6/20/35 | 218133 |
| 330000 | Reinsurance Group of America, Inc., 6.38%, 9/15/56(b) | 319348 |
| 279000 | Royal Caribbean Cruises Ltd., 5.25%, 2/27/38 | 265276 |
| 290000 | Spire, Inc., 6.25%, 6/1/56(b) | 286191 |
| 274000 | Symetra Life Insurance Co., 6.55%, 10/1/55(a) | 275559 |
| 240000 | Synchrony Financial, 5.02%, 7/29/29(b) | 239691 |
| 660000 | Texas Capital Bancshares, Inc., 5.30%, 2/27/32(b) | 651056 |
| 506000 | TPG Operating Group II LP, 4.88%, 5/15/31 | 496188 |
| 340000 | TXNM Energy, Inc., 7.00%, 7/31/56(a),(b) | 338429 |
| 424000 | Vertiv Group Corp., 4.13%, 11/15/28(a) | 416202 |
| 280000 | Vertiv Holdings Co., 5.80%, 3/15/56 | 268898 |
| 170000 | Vertiv Holdings Co., 5.95%, 3/15/66 | 162695 |
| 249000 | VSP Optical Group, Inc., 5.45%, 12/1/35(a) | 243966 |
| 536000 | Webster Financial Corp., 5.78%, 9/11/35(b) | 543928 |
| 396000 | Western Alliance Bank, 6.54%, 11/15/35(b) | 387831 |
| 225000 | Whistler Pipeline LLC, 5.95%, 9/30/34(a) | 230431 |
|  213,000(d) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | 232748 |
| 428000 | WULF Compute LLC, 7.75%, 10/15/30(a) | 452277 |
| 290000 | Zions Bancorp NA, 3.25%, 10/29/29 | 268756 |

---

#### 39

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $250000 | Zions Bancorp NA, 4.70%, 8/18/28(b) | $248866 |
| 250000 | Zions Bancorp NA, 6.82%, 11/19/35(b) | 256859 |
|  |  | 38133338 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **46965994** |
|  (Cost $47,414,454) | (Cost $47,414,454) |  |
|  **Asset Backed Securities — 10.1%** | **Asset Backed Securities — 10.1%** |  |
|  **Cayman Islands — 1.8%** | **Cayman Islands — 1.8%** |  |
| 500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 6.68%, 4/20/31(a),(f) | 498750 |
| 500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 6.78%, 4/22/31(a),(f) | 486950 |
| 500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 6.67%, 7/15/31(a),(f) | 498900 |
|  |  | 1484600 |
|  **United States — 8.3%** | **United States — 8.3%** |  |
| 317000 | Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 8/25/55(a) | 302842 |
| 560000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(a) | 539276 |
| 427000 | DataBank Issuer II LLC, Series 2025-1A, Class A2, 5.18%, 9/27/55(a) | 415250 |
| 175000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(a) | 176335 |
| 225000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(a) | 227559 |
| 300000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31(a) | 302915 |
| 423000 | Kinetic ABS Issuer LLC, Series 2026-1A, Class B, 5.56%, 2/25/56(a) | 421775 |
| 864000 | MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55(a) | 862056 |
| 245827 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | 247003 |
| 80479 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) | 76696 |
| 692000 | Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55(a) | 682643 |
| 420000 | QTS Issuer ABS I LLC, Series 2025-1A, Class B, 5.93%, 5/25/55(a) | 409293 |
| 462000 | Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, 5.00%, 3/27/56(a) | 446836 |
| 320000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, 3/25/55(a) | 308878 |
| 330000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 325161 |

---

#### 40

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $800000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(a) | $816562 |
| 400000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(a) | 404345 |
|  |  | 6965425 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **8450025** |
|  (Cost $8,486,992) | (Cost $8,486,992) |  |
|  **Collateralized Mortgage Obligations — 9.6%** | **Collateralized Mortgage Obligations — 9.6%** |  |
|  **United States — 9.6%** | **United States — 9.6%** |  |
| 135403 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(a) | 135578 |
| 274670 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 5.36%, 7/25/44(a),(f) | 274498 |
| 125000 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (SOFR30A + 1.800%), 5.46%, 1/25/44(a),(f) | 125571 |
| 275000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 5.46%, 2/25/44(a),(f) | 275083 |
| 210000 | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2, (SOFR30A + 2.500%), 6.16%, 10/25/43(a),(f) | 213116 |
| 88000 | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, (SOFR30A + 3.100%), 6.76%, 3/25/42(a),(f) | 89582 |
| 307317 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(a) | 309252 |
| 242619 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | 244400 |
| 85373 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.11%, 10/25/44(a),(f) | 85356 |
| 100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 5.36%, 5/25/44(a),(f) | 99830 |
| 139565 | Freddie Mac STACR REMIC Trust, Series 2023-HQA1, Class M1A, (SOFR30A + 2.000%), 5.66%, 5/25/43(a),(f) | 140237 |
| 57742 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 5.76%, 3/25/43(a),(f) | 58312 |
| 462093 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(a) | 461043 |
| 765100 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a),(h) | 764990 |
| 626846 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) | 628266 |
| 250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 4.94%, 10/15/36(a),(f) | 247268 |
| 511291 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 0.00%, 8/25/55(a),(h) | 512794 |
| 110194 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(a),(h) | 105000 |
| 353228 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) | 354117 |
| 336558 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | 338309 |
| 283253 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(a) | 283253 |
| 221468 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(a) | 222840 |
| 213210 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | 213501 |
| 582814 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM5, Class A1, 5.07%, 8/25/65(a),(h) | 580302 |

---

#### 41

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $352978 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(a) | $353619 |
| 204871 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | 204411 |
| 202921 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(a) | 202880 |
| 264168 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | 266622 |
| 267975 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(a) | 268441 |
|  |  | 8058471 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **8058471** |
|  (Cost $8,070,622) | (Cost $8,070,622) |  |
|  **Bank Loans — 6.6%** | **Bank Loans — 6.6%** |  |
|  **United States — 6.6%** | **United States — 6.6%** |  |
| 516000 | Allison Transmission, Inc., (Term SOFR 1M + 1.750%), 5.40%, 1/2/33(f) | 517290 |
| 493750 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 1.750%), 5.42%, 10/15/31(f) | 490457 |
| 409331 | Atkore International, Inc., (Term SOFR 1M + 2.000%), 5.67%, 9/29/32(f) | 409332 |
| 674956 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.43%, 6/24/30(f) | 675645 |
| 547400 | Charter Communications Operating LLC, (Term SOFR 3M + 2.000%), 5.66%, 12/7/30(f) | 546628 |
| 559209 | Citadel Securities LP, (Term SOFR 3M + 2.000%), 5.70%, 10/31/31(f) | 559522 |
| 579150 | Hilcorp Energy I LP, (Term SOFR 1M + 1.750%), 5.43%, 2/11/30(f) | 578426 |
| 600000 | Hilton Worldwide Finance LLC, (Term SOFR 1M + 1.750%), 5.43%, 11/8/30(f) | 600750 |
| 631200 | Solstice Advanced Materials, Inc., (Term SOFR 3M + 1.750%), 5.42%, 10/29/32(f) | 633832 |
| 495009 | Terex Corp., (Term SOFR 1M + 1.750%), 5.42%, 10/8/31(f) | 495321 |
|  |  | 5507203 |
|  **Total Bank Loans** | **Total Bank Loans** | **5507203** |
|  (Cost $5,492,189) | (Cost $5,492,189) |  |
|  **U.S. Treasury Obligations — 3.9%** | **U.S. Treasury Obligations — 3.9%** |  |
|  **United States — 3.9%** | **United States — 3.9%** |  |
| 1670000 | U.S. Treasury Notes, 3.38%, 11/30/27 | 1657801 |
| 1661000 | U.S. Treasury Notes, 3.50%, 10/31/27 | 1652371 |
|  |  | 3310172 |
|  **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **3310172** |
|  (Cost $3,310,313) | (Cost $3,310,313) |  |

---

#### 42

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Foreign Government Bonds — 3.5%** | **Foreign Government Bonds — 3.5%** | **Foreign Government Bonds — 3.5%** |
|  **Ecuador — 0.3%** | **Ecuador — 0.3%** | **Ecuador — 0.3%** |
| $282000 | Ecuador Government International Bond, 9.25%, 1/29/39(a) | $276183 |
|  **Japan — 2.7%** | **Japan — 2.7%** | **Japan — 2.7%** |
|  403,300,000(i) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | 1018135 |
|  12,250,000(i) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 | 52323 |
|  97,100,000(i) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 | 444701 |
|  106,800,000(i) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | 510200 |
|  40,850,000(i) | Japan Government Thirty Year Bond, Series 87, 2.80%, 6/20/55 | 217940 |
|  |  | 2243299 |
|  **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| 450000 | Mexico Government International Bond, 5.63%, 2/9/34 | 440799 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **2960281** |
|  (Cost $3,771,899) | (Cost $3,771,899) |  |
| **Contracts** |  |  |
|  **Call Option Purchased — 0.1%** | **Call Option Purchased — 0.1%** |  |
| 165 | US 10YR NOTE FUT, Strike Price USD 112.5, Expires 05/22/26, Notional Amount $1,856,250,000 | 72187 |
|  **Total Call Option Purchased** | **Total Call Option Purchased** | **72187** |
|  (Cost $72,278) | (Cost $72,278) |  |
| **Shares** |  |  |
|  **Investment Company — 9.2%** | **Investment Company — 9.2%** |  |
| 7713046 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (j) | 7713046 |
|  **Total Investment Company** | **Total Investment Company** | **7713046** |
|  (Cost $7,713,046) | (Cost $7,713,046) |  |
|  **Total Investments** | **Total Investments** | $**83037379** |
|  (Cost $84,331,793)(k) — 99.1% | (Cost $84,331,793)(k) — 99.1% |  |
|  **Other assets in excess of liabilities — 0.9%** | **Other assets in excess of liabilities — 0.9%** | **722570** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**83759949** |

---

#### 43

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

(c) Perpetual security with no stated maturity date.

(d) Principal amount denoted in Euros.

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

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

(g) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2026.

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

(i) Principal amount denoted in Japanese Yen.

(j) Affiliated investment.

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

#### 44

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Foreign currency exchange contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement**<br>**Date** | **Value/Unrealized**<br> **Appreciation**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
| EUR | 2138370 | GBP | 1860000 | Citibank N.A. | 4/22/26 | $&nbsp;&nbsp;&nbsp;&nbsp;12571 |
| EUR | 714531 | SEK | 7654617 | Citibank N.A. | 4/22/26 | 17241 |
| JPY | 66370227 | USD | 417028 | Citibank N.A. | 4/22/26 | 2086 |
| NOK | 16152488 | EUR | 1372101 | Citibank N.A. | 4/22/26 | 80276 |
| USD | 1422705 | EUR | 1218997 | Citibank N.A. | 4/22/26 | 12153 |
| USD | 1772113 | EUR | 1517656 | Citibank N.A. | 4/22/26 | 15972 |
| USD | 4051584 | GBP | 3023983 | Citibank N.A. | 4/22/26 | 49158 |
| USD | 1436280 | GBP | 1050000 | Citibank N.A. | 4/22/26 | 46541 |
| USD | 2997342 | JPY | 470126108 | Citibank N.A. | 4/22/26 | 28595 |
|  |  |  |  |  |  | $264593 |
| AUD | 724603 | USD | 514939 | Citibank N.A. | 4/22/26 | $(15137) |
| AUD | 809437 | USD | 571459 | Citibank N.A. | 4/22/26 | (13142) |
| EUR | 710000 | NOK | 8175121 | Citibank N.A. | 4/22/26 | (22636) |
| EUR | 670000 | NOK | 7539778 | Citibank N.A. | 4/22/26 | (3313) |
| EUR | 728298 | USD | 850000 | Citibank N.A. | 4/22/26 | (7257) |
| EUR | 500000 | USD | 582325 | Citibank N.A. | 4/22/26 | (3754) |
| GBP | 305661 | EUR | 350000 | Citibank N.A. | 4/22/26 | (438) |
| GBP | 621501 | USD | 850000 | Citibank N.A. | 4/22/26 | (27406) |
| GBP | 620000 | USD | 845840 | Citibank N.A. | 4/22/26 | (25232) |
| GBP | 1500000 | USD | 2004843 | Citibank N.A. | 4/22/26 | (19501) |
| SEK | 7432320 | EUR | 700000 | Citibank N.A. | 4/22/26 | (23937) |
| USD | 1026382 | AUD | 1534040 | Citibank N.A. | 4/22/26 | (31738) |
|  |  |  |  |  |  | $(193491) |
| **Total** |  |  |  |  |  | $71102 |

---

#### Options written as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Call Options** | **Notional Amount** | **Value** |
| 165 | US 10YR NOTE FUT, Strike Price USD 113.5, Expires 05/22/26 | USD (1872750000) | $(41250) |

---

#### 45

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Financial futures contracts as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position**  | **Number of**<br>**Contracts** | **Expiration** <br>**Date** | **Value/Unrealized<br>Appreciation<br>(Depreciation)** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 13 | June 2026 | $(35597) | EUR | $1884116 | Morgan Stanley &<br>Co. LLC |
|  10 Year U.S. Treasury Note | 42 | June 2026 | 9480 | USD | 4663969 | Morgan Stanley &<br>Co. LLC |
|  2 Year U.S. Treasury Note | 21 | June 2026 | (16118) | USD | 4356352 | Morgan Stanley &<br>Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 8 | June 2026 | 528 | USD | 932500 | Morgan Stanley &<br>Co. LLC |
|  Total |  |  | $(41707) |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position**  | **Number of<br>Contracts** | **Expiration** <br>**Date** | **Value/Unrealized<br>Appreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year U.S. Ultra Treasury Bond | 128 | June 2026 | $46142 | USD | $14530001 | Morgan Stanley &<br>Co. LLC |
|  30 Year Euro-Buxl | 2 | June 2026 | 5685 | EUR | 254888 | Morgan Stanley &<br>Co. LLC |
|  30 Year U.S. Treasury Bond | 47 | June 2026 | 72988 | USD | 5352125 | Morgan Stanley &<br>Co. LLC |
|  5 Year Euro-Bobl | 2 | June 2026 | 5870 | EUR | 266840 | Morgan Stanley &<br>Co. LLC |
|  5 Year U.S. Treasury Note | 181 | June 2026 | 82236 | USD | 19580524 | Morgan Stanley &<br>Co. LLC |
|  EURO-OAT FUTURE | 28 | June 2026 | 99962 | EUR | 3841259 | Morgan Stanley &<br>Co. LLC |
|  EURO-SCHATZ FUT | 3 | June 2026 | 4088 | EUR | 366693 | Morgan Stanley &<br>Co. LLC |
|  JPN 10Y BOND(OSE) | 6 | June 2026 | 38090 | JPY | 4926499 | Morgan Stanley &<br>Co. LLC |
|  **Total** |  |  | $355061 |  |  |  |

---

#### Interest rate swaps as of March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Float** <br> **Rate** | **Pay**<br>**Receive** | **Pay**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freq**  | **Counter-**<br>**party** | **Exp.<br>Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 1.51% | JPY-BCAPLDN | Pay | Yearly | Morgan Stanley<br>& Co. LLC | 10/10/35 | JPY | 326000 | $0 | $98296 | $98296 |
| 12.80% | BRL-BCAPLDN | Receive | Yearly | Morgan Stanley<br>& Co. LLC | 1/2/31 | BRL | 10080 | $0 | $(78490) | $(78490) |

---

#### 46

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Float** <br> **Rate** | **Pay**<br>**Receive** | **Pay**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freq**  | **Counter-**<br>**party** | **Exp.<br>Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unreal**<br>**App**<br>**(Dep)** | **Value** |
| 13.71% | BRL-BCSANT | Pay | Yearly | Morgan Stanley<br>&Co. LLC | 1/2/31 | BRL | 1915 | $0 | $(323) | $(323) |
| 13.72% | BRL-MLLDN | Pay | Yearly | Morgan Stanley<br>&Co. LLC | 1/2/31 | BRL | 1359 | $0 | $(348) | $(348) |
|  |  |  |  |  |  |  |  | $0 | $(79161) | $(79161) |
| **Total** |  |  |  |  |  |  |  | $0 | $19135 | $19135 |

---

#### Credit default swaps buy protection as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br>**Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration**<br>**Date** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Premium**<br>**Paid/**<br>**(Received)** | **Unrealized**<br>**Appreciation<br>(Depreciation)** | **Value** |
| 1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 23020 | $(375808) | $(29212) | $(405020) |
| 1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 25578 | (411498) | (38528) | (450026) |
| 1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 15347 | (250362) | (19657) | (270019) |
| 1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 12000 | (192073) | (19058) | (211131) |
| 1.00% | Paramount Global | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 830 | 16461 | 53202 | 69663 |
| **Total** |  |  |  |  |  |  | $(1213280) | $(53253) | $(1266533) |

---

#### 47

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SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

#### March 31, 2026 (Unaudited)

#### Credit default swaps sell protection as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br> **Rate** | **Issuer** | **Payment<br>Frequency** | **Counter-**<br> **party** | **Expiration<br>Date** | **ICS%** | **Notional<br>Amount<br>(000)** | **Premium**<br> **Paid/**<br> (Received) | **Unreal.**<br> **App.**<br> **(Dep.)** | **Value** |
| 1.00% | Oracle Corp. | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | 1.81 | USD 420 | $(9531) | $(3852) | $(13383) |
| 1.00% | Lincoln National Corp. | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | 1.70 | USD 850 | (30106) | 5300 | (24806) |
| **Total** |  |  |  |  |  |  | $(39637) | $1448 | $(38189) |

---

Abbreviations used are defined below:

AUD - Australian Dollar

Bobl - German Bundesobligationen

BRL - Brazilian Real

EMTN - Euro Medium Term Note

EUR - Euro

GBP - United Kingdom Pound Sterling

ICS - Implied Credit Spread

JPY - Japanese Yen

MTN - Medium Term Note

NOK - Norwegian Krone

OAT - Obligations Assimilables du Trésor

REIT - Real Estate Investment Trust

SEK - Swedish Krona

SOFR - Secured Overnight Financing Rate

SOFR30A - Secured Overnight Financing Rate 30 Day Average

USD - United States Dollar

#### See Notes to the Financial Statements.

#### 48

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Credit Opportunities Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
|  **Corporate Bonds — 36.4%** | **Corporate Bonds — 36.4%** |  |
|  **Canada — 1.1%** | **Canada — 1.1%** |  |
| $161000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | $162810 |
| 186000 | Garda World Security Corp., 8.38%, 11/15/32(a) | 186631 |
| 182000 | South Bow Canadian Infrastructure Holdings Ltd., 7.63%, 3/1/55(b) | 186587 |
|  |  | 536028 |
|  **France — 0.3%** | **France — 0.3%** |  |
| 172000 | Altice France SA, 6.88%, 7/15/32(a) | 163011 |
|  **Germany — 0.8%** | **Germany — 0.8%** |  |
| 252000 | Cerdia Finanz GmbH, 9.38%, 10/3/31(a) | 250741 |
| 150000 | ZF North America Capital, Inc., 7.50%, 3/24/31(a) | 147168 |
|  |  | 397909 |
|  **Japan — 0.4%** | **Japan — 0.4%** |  |
| 200000 | Rakuten Group, Inc., 9.75%, 4/15/29(c) | 213287 |
|  **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |  |
| 250000 | Breakwater Energy Holdings Sarl, 9.25%, 11/15/30(c) | 264297 |
|  **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |  |
| 200000 | Ardonagh Finco Ltd., 7.75%, 2/15/31(a) | 202045 |
| 200000 | Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29(a) | 210065 |
| 200000 | Vmed O2 UK Financing I Plc, 7.75%, 4/15/32(a) | 191761 |
|  |  | 603871 |
|  **United States — 32.1%** | **United States — 32.1%** |  |
| 200000 | 1261229 BC Ltd., 10.00%, 4/15/32(a) | 203566 |
| 162000 | Advance Auto Parts, Inc., 7.38%, 8/1/33(a) | 163709 |
| 166000 | Ally Financial, Inc., Series B, 4.70%, (b),(d) | 164380 |
| 164000 | AMC Networks, Inc., 10.50%, 7/15/32(a) | 161881 |
| 254000 | American Axle & Manufacturing, Inc., 7.75%, 10/15/33(a) | 247310 |
| 198000 | American National Group, Inc., 7.00%, 12/1/55(b) | 186970 |
| 177000 | AmeriGas Partners LP / AmeriGas Finance Corp., 9.50%, 6/1/30(a) | 187571 |
| 160000 | AmeriTex HoldCo Intermediate LLC, 7.63%, 8/15/33(a) | 165021 |
| 175000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, 7.88%, 11/1/29(a) | 158163 |
| 252000 | APLD ComputeCo 2 LLC, 6.75%, 3/15/31(a) | 250571 |
| 241000 | APLD ComputeCo LLC, 9.25%, 12/15/30(a) | 248326 |
| 240000 | Asurion LLC/ Asurion Co.-Issuer, Inc., 8.00%, 12/31/32(a) | 249165 |
| 193000 | Asurion LLC/ Asurion Co.-Issuer, Inc., 8.38%, 2/1/34(a) | 187987 |
| 233000 | Beach Acquisition Bidco LLC, PIK, 10.00%, 7/15/33(a) | 247683 |
| 162000 | Black Pearl Compute LLC, 6.13%, 2/15/31(a) | 164966 |
| 184000 | Bread Financial Holdings, Inc., 8.38%, 6/15/35(a),(b) | 186000 |

---

#### 49

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Credit Opportunities Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $187000 | CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 9/1/29(a) | $187745 |
| 336000 | CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 2/1/36(a) | 334317 |
| 189000 | Chemours Co. (The), 7.88%, 3/15/34(a) | 188936 |
| 240000 | CHS/Community Health Systems, Inc., 9.75%, 1/15/34(a) | 248758 |
| 175000 | CHS/Community Health Systems, Inc., 10.88%, 1/15/32(a) | 188011 |
| 164000 | Citigroup, Inc., 6.63%, (b),(d) | 163985 |
| 168000 | Cloud Software Group, Inc., 8.25%, 6/30/32(a) | 159660 |
| 175000 | Cloud Software Group, Inc., 9.00%, 9/30/29(a) | 168835 |
| 188000 | CMG Media Corp., 8.88%, 6/18/29(a) | 162280 |
| 254000 | Comstock Resources, Inc., 6.75%, 3/1/29(a) | 251115 |
| 171000 | CoreWeave, Inc., 9.00%, 2/1/31(a) | 162634 |
| 168000 | CoreWeave, Inc., 9.25%, 6/1/30(a) | 163394 |
| 194000 | CrossCountry Intermediate HoldCo LLC, 6.50%, 10/1/30(a) | 184920 |
| 195000 | CrossCountry Intermediate HoldCo LLC, 6.75%, 12/1/32(a) | 183651 |
| 247000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 6/30/33(a) | 248891 |
| 127000 | Dentsply Sirona, Inc., 8.38%, 9/12/55(b) | 123745 |
| 166000 | Directv Financing LLC, 8.88%, 2/1/30(a) | 165491 |
| 163000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 2/15/31(a) | 166416 |
| 279000 | Discovery Global Holdings, Inc., 5.05%, 3/15/42 | 186132 |
| 165000 | Emera US Finance LLC, Series B, 6.85%, 10/1/56(b) | 165219 |
| 191000 | EW Scripps Co. (The), 9.88%, 8/15/30(a) | 185664 |
| 132000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | 125061 |
| 247000 | Flash Compute LLC, 7.25%, 12/31/30(a) | 249142 |
| 253000 | Freedom Mortgage Holdings LLC, 8.38%, 4/1/32(a) | 249079 |
| 162000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(a) | 164267 |
| 167000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(d) | 162978 |
| 265000 | Global Atlantic Fin Co., 7.25%, 3/1/56(a),(b) | 249950 |
| 153000 | Global Atlantic Fin Co., 7.95%, 6/15/33(a) | 164365 |
| 234000 | Gray Media, Inc., 10.50%, 7/15/29(a) | 249052 |
| 252000 | HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56(b) | 250927 |
| 185000 | Industrial F&B Investments III, Inc., 7.75%, 2/11/33(a) | 186881 |
| 187000 | Infinity Natural Resources LLC, 7.63%, 4/1/31(a) | 188012 |
| 201000 | Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 8/15/28(a) | 187563 |
| 165000 | K Hovnanian Enterprises, Inc., 8.00%, 4/1/31(a) | 163613 |
| 186000 | Kraken Oil & Gas Partners LLC, 7.63%, 8/15/29(a) | 188992 |
| 236000 | LifePoint Health, Inc., 9.88%, 8/15/30(a) | 249978 |
| 122000 | LifePoint Health, Inc., 10.00%, 6/1/32(a) | 124709 |
| 237000 | Long Ridge Energy LLC, 8.75%, 2/15/32(a) | 248559 |
| 160000 | Men's Wearhouse LLC (The), 9.00%, 2/1/31(a) | 162746 |
| 194000 | Michaels Cos., Inc. (The), 8.50%, 3/15/33(a) | 188915 |
| 129000 | Neptune Bidco US, Inc., 9.50%, 2/15/33(a) | 125650 |
| 169000 | Osaic Holdings, Inc., 8.00%, 8/1/33(a) | 166870 |
| 172000 | PacifiCorp, 7.13%, 8/15/56(b) | 162744 |
| 200000 | Pagaya US Holdings Co. LLC, 8.88%, 8/1/30(a) | 143615 |

---

#### 50

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Credit Opportunities Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $238000 | Paramount Global, 6.38%, 3/30/62(b) | $&nbsp;&nbsp;&nbsp;&nbsp;174162 |
| 253000 | PG&E Corp., 6.85%, 9/15/56(b) | 249179 |
| 165000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.02%, (d),(e) | 164352 |
| 260000 | Planet Financial Group LLC, 10.50%, 12/15/29(a) | 249472 |
| 246000 | PRA Group, Inc., 8.88%, 1/31/30(a) | 248625 |
| 251000 | Rocket Software, Inc., 9.00%, 11/28/28(a) | 250625 |
| 146000 | Sinclair Television Group, Inc., 5.50%, 3/1/30(a) | 126279 |
| 189000 | SM Energy Co., 6.63%, 4/15/34(a) | 188898 |
| 185000 | SM Energy Co., 7.00%, 8/1/32(a) | 188875 |
| 257000 | Snap, Inc., 6.88%, 3/1/33(a) | 243260 |
| 245000 | Sunoco LP, 7.88%, (a),(b),(d) | 249673 |
| 253000 | SV RNO Property Owner 1 LLC, 5.88%, 3/1/31(a) | 250716 |
| 162000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 3/15/34(a) | 162665 |
| 237000 | Transocean International Ltd., 8.50%, 5/15/31(a) | 248980 |
| 165000 | TXNM Energy, Inc., 7.00%, 7/31/56(a),(b) | 164238 |
| 192000 | Venture Global LNG, Inc., 9.00%, (a),(b),(d) | 191130 |
| 242000 | VoltaGrid LLC, 7.38%, 11/1/30(a) | 249712 |
| 239000 | Voyager Parent LLC, 9.25%, 7/1/32(a) | 248853 |
| 184000 | William Carter Co. (The), 7.38%, 2/15/31(a) | 187852 |
| 178000 | WULF Compute LLC, 7.75%, 10/15/30(a) | 188096 |
| 159000 | XPLR Infrastructure Operating Partners LP, 7.75%, 4/15/34(a) | 164196 |
| 156000 | XPLR Infrastructure Operating Partners LP, 8.63%, 3/15/33(a) | 164941 |
|  |  | 16071515 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **18249918** |
|  (Cost $18,130,294) | (Cost $18,130,294) |  |
|  **Collateralized Mortgage Obligations — 8.3%** | **Collateralized Mortgage Obligations — 8.3%** |  |
|  **United States — 8.3%** | **United States — 8.3%** |  |
| 1000000 | Elmwood CLO VI Ltd., Series 2020-3A, Class D1RR, (Term SOFR 3M + 3.100%), 6.77%, 7/18/37(a),(f) | 981500 |
| 1500000 | Mountain View CLO XVI Ltd., Series 2022-1A, Class D1RR, (Term SOFR 3M + 3.690%), 7.36%, 3/15/38(a),(f) | 1473300 |
| 500000 | Santander Mortgage Asset Receivable Trust, Series 2025-WAG, Class C, 6.58%, 11/1/42(a) | 502188 |
| 455000 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class M1, 6.83%, 2/1/65(a) | 461807 |
| 750000 | WCORE Commercial Mortgage Trust, Series 2024-CORE, Class D, (Term SOFR 1M + 2.940%), 6.61%, 11/15/41(a),(f) | 749355 |
|  |  | 4168150 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **4168150** |
|  (Cost $4,193,657) | (Cost $4,193,657) |  |
|  **Asset Backed Securities — 1.5%** | **Asset Backed Securities — 1.5%** |  |
|  **United States — 1.5%** | **United States — 1.5%** |  |
| 250000 | Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 8/25/55(a) | 238834 |

---

#### 51

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Credit Opportunities Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value** |
| $250000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, 3/25/55(a) | $241311 |
| 250000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | 246334 |
|  |  | 726479 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **726479** |
|  (Cost $728,584) | (Cost $728,584) |  |
| **Shares** |  |  |
|  **Investment Company — 63.0%** | **Investment Company — 63.0%** |  |
| 31551251 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (g) | 31551251 |
|  **Total Investment Company** | **Total Investment Company** | **31551251** |
|  (Cost $31,551,251) | (Cost $31,551,251) |  |
|  **Total Investments** | **Total Investments** | $**54695798** |
|  (Cost $54,603,786)(h) — 109.2% | (Cost $54,603,786)(h) — 109.2% |  |
|  **Liabilities in excess of other assets — (9.2)%** | **Liabilities in excess of other assets — (9.2)%** | **(4597490)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**50098308** |

---

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

(b) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

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

(d) Perpetual security with no stated maturity date.

(e) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2026.

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

(g) Affiliated investment.

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

Abbreviations used are defined below:

SOFR – Secured Overnight Financing Rate

#### See Notes to the Financial Statements.

#### 52

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

#### March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
|  **Assets:** |  |  |  |
|  Investments in securities, at value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $121,150,717, $1,437,080,696 and $91,141,191, respectively) | $124500778 | $1422119945 | $89723409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,980,432, $35,809,101 and $6,929,519, respectively) | 7980432 | 35809101 | 6929519 |
|  Cash | 69811 |  | 981142 |
|  Cash at broker for financial futures contracts | 409666 |  | 529131 |
|  Segregated cash for swap contracts | 583031 | 4020427 | 1617000 |
|  Cash at broker for forward foreign currency exchange contracts | 670000 |  | 320000 |
|  Foreign currency, at value (cost $464,880, $57,774 and $803,179, respectively) | 464733 | 60536 | 799598 |
|  Interest and dividend receivable | 2046025 | 22710478 | 874247 |
|  Receivable from advisor | 19937 | 210304 | 26204 |
|  Receivable for capital shares issued | 8704 | 1930871 |  |
|  Receivable for investments sold | 260868 | 3210798 | 2561614 |
|  Receivable for investments sold on a delayed delivery basis |  |  | 7507373 |
|  Credit default swaps at value (premiums paid $336,959, $0 and $16,461, respectively) | 312469 |  | 69663 |
|  Unrealized appreciation on futures contracts | 58463 |  | 137576 |
|  Unrealized appreciation on interest rate swaps contracts |  |  | 90457 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 404106 |  | 236049 |
|  Prepaid expenses and other assets | 85447 | 176168 | 92056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 137874470 | 1490248628 | 112495038 |
|  **Liabilities:** |  |  |  |
|  Cash overdraft |  | 2594561 |  |
|  Payable for capital shares redeemed | 11569 | 409321 |  |
|  Payable for investments purchased | 165489 | 4775965 | 5326344 |
|  Payable for investments purchased on a delayed delivery basis |  | 5486000 | 20691754 |
|  Credit default swaps at value (premiums received $287,854, $0 and $664,036, respectively) | 315126 |  | 716433 |
|  Unrealized depreciation on interest rate swaps contracts |  |  | 79161 |
|  Written Options at value (premiums received $(13156), $0 and $(39053), respectively) | 15 |  | 41750 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 289671 |  | 203825 |
|  Unrealized depreciation on futures contracts | 87701 |  | 141776 |
|  Accrued expenses and other payables: |  |  |  |

---

#### 53

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
|  Investment advisory fees | $74483 | $677534 | $24596 |
|  Accounting fees | 24446 | 50579 | 25081 |
|  Audit fees | 28806 | 21877 | 28887 |
|  Professional fees | 7605 | 7605 | 7605 |
|  Trustees' fees | 533 |  | 28 |
|  Distribution fees |  | 1273 | 32685 |
|  Shareholder reports | 14928 | 9962 | 10959 |
|  Transfer agent fees | 7206 | 61925 | 57 |
|  Other | 8456 |  | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1036034 | 14096602 | 27336780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $136838436 | $1476152026 | $85158258 |
|  **Net Assets Consists of:** |  |  |  |
|  Capital | $136903495 | $1503208464 | $90417123 |
|  Accumulated earnings | (65059) | (27056438) | (5258865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $136838436 | $1476152026 | $85158258 |
|  **Net Assets** |  |  |  |
|  Class A | $11025 | $5371664 | $6092919 |
|  Class I | 67831810 | 1095389353 | 68206276 |
|  Class R6 | 68995601 | 375391009 | 10859063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $136838436 | $1476152026 | $85158258 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |  |
|  Class A | 1277 | 553772 | 678503 |
|  Class I | 7674382 | 111509900 | 7588132 |
|  Class R6 | 7747646 | 38159790 | 1208309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 15423305 | 150223462 | 9474944 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |  |
|  Class A | $8.64 | $9.70 | $8.98 |
|  Class I | $8.84 | $9.82 | $8.99 |
|  Class R6 | $8.91 | $9.84 | $8.99 |
|  **Maximum Offering Price Per Share:** |  |  |  |
|  Class A | $9.02 | $10.13 | $9.33 |
|  Maximum Sales Charge - Class A | 4.25% | 4.25% | 3.75% |

---

#### See Notes to the Financial Statements.

#### 54

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |<br>**RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  **Assets:** |  |  |
|  Investments in securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $76,618,747 and $23,052,535, respectively) | $75324333 | $23144547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,713,046 and $31,551,251, respectively) | 7713046 | 31551251 |
|  Cash | 387875 | 166576 |
|  Cash at broker for financial futures contracts | 384195 |  |
|  Segregated cash for swap contracts | 2435502 |  |
|  Cash at broker for forward foreign currency exchange contracts | 130000 |  |
|  Foreign currency, at value (cost $1,070,622 and $0, respectively) | 1065424 |  |
|  Interest and dividend receivable | 861996 | 366611 |
|  Receivable from advisor | 25677 | 813 |
|  Receivable for capital shares issued | 36618 |  |
|  Receivable for investments sold | 2815129 |  |
|  Receivable for investments sold on a delayed delivery basis | 7507373 |  |
|  Credit default swaps at value (premiums paid $16,461 and $0, respectively) | 69663 |  |
|  Unrealized appreciation on futures contracts | 365069 |  |
|  Unrealized appreciation on interest rate swaps contracts | 98296 |  |
|  Unrealized appreciation on forward foreign currency exchange contracts | 264593 |  |
|  Prepaid expenses and other assets | 90377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 99575166 | 55229798 |
|  **Liabilities:** |  |  |
|  Payable for capital shares redeemed | 1153 |  |
|  Payable for investments purchased | 4415535 | 5129895 |
|  Payable for investments purchased on a delayed delivery basis | 9497900 |  |
|  Credit default swaps at value (premiums received $1,269,378 and $0, respectively) | 1374385 |  |
|  Unrealized depreciation on interest rate swaps contracts | 79161 |  |
|  Written Options at value (premiums received $(38585) and $0, respectively) | 41250 |  |
|  Unrealized depreciation on forward foreign currency exchange contracts | 193491 |  |
|  Unrealized depreciation on futures contracts | 51715 |  |
|  Accrued expenses and other payables: |  |  |
|  Investment advisory fees | 36783 | 753 |
|  Accounting fees | 25106 | 186 |
|  Audit fees | 28889 | 277 |
|  Professional fees | 7605 | 28 |
|  Trustees' fees | 396 | 7 |
|  Distribution fees | 40724 | 2 |
|  Custodian fees |  | 68 |
|  Shareholder reports | 10588 | 163 |

---

#### 55

------

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |<br>**RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Transfer agent fees | $4069 | $30 |
|  Other | 6467 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 15815217 | 5131490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $83759949 | $50098308 |
|  **Net Assets Consists of:** |  |  |
|  Capital | $83215132 | $50000000 |
|  Accumulated earnings | 544817 | 98308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $83759949 | $50098308 |
|  **Net Assets** |  |  |
|  Class A | $7351993 | $250490 |
|  Class I | 63428468 | 49597326 |
|  Class R6 | 12979488 | 250492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $83759949 | $50098308 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |  |
|  Class A | 730876 | 25000 |
|  Class I | 6298556 | 4950000 |
|  Class R6 | 1288901 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8318333 | 5000000 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |  |
|  Class A | $10.06 | $10.02 |
|  Class I | $10.07 | $10.02 |
|  Class R6 | $10.07 | $10.02 |
|  **Maximum Offering Price Per Share:** |  |  |
|  Class A | $10.45 | $10.46 |
|  Maximum Sales Charge - Class A | 3.75% | 4.25% |

---

#### See Notes to the Financial Statements.

#### 56

------

FINANCIAL STATEMENTS

Statements of Operations

#### For the Six Months Ended March 31, 2026
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4854246 | $40239446 | $2110968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 40115 | 687431 | 47114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 4894361 | 40926877 | 2158082 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 443256 | 3249698 | 143802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 12 | 7091 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 39763 | 66293 | 40177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 26506 | 26506 | 26506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 38101 | 45412 | 41451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1658 | 2762 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2256 | 24240 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 17547 | 17872 | 14756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 20292 | 58382 | 15939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 1788 | 4001 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 15612 | 660211 | 12223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 1775 | 1467 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 3084 | 21072 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2531 | 2531 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 3626 | 9736 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 617807 | 4197274 | 316207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (98284) | (866267) | (128781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 519523 | 3331007 | 187426 |
|  **Net Investment Income** | 4374838 | 37595870 | 1970656 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |  |
|  Net realized gains/(losses) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 2921658 | (453848) | 464676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (121797) |  | (14952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts |  |  | 300565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 20000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9615) |  | (308917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (516730) | (3113939) | 242731 |
|  Net realized gains/(losses) | 2293516 | (3567787) | 684103 |
|  Net change in unrealized appreciation/ (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (3331430) | (34746918) | (2289728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (15437) | (1240) | (60193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | 122138 |  | (94949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 13141 |  | (2697) |

---

#### 57

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended March 31, 2026
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $17325 | $— | $4233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 111464 |  | (47391) |
|  Net unrealized losses | (3082799) | (34748158) | (2490725) |
|  Change in net assets resulting from operations | $3585555 | $(720075) | $164034 |

---

#### See Notes to the Financial Statements.

#### 58

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |<br>**RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund(a)** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $2235630 | $3992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 63247 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 2298877 | 7078 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 220404 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 9187 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 41110 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 26506 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 41287 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 958 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 15311 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 15841 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 2307 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 13047 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 1766 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 1944 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2531 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 3321 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 397178 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (132018) | (813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 265160 | 782 |
|  **Net Investment Income** | 2033717 | 6296 |
|  **Realized/Unrealized Gains/(Losses):** |  |  |
|  Net realized gains/(losses) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 430012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (41358) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | 383653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 59659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 337043 |  |
|  Net realized gains | 1169009 |  |
|  Net change in unrealized appreciation/ (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (2551863) | 92012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (79992) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts | (86145) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | (2665) |  |

---

#### 59

------

FINANCIAL STATEMENTS

Statements of Operations (cont.)

#### For the Six Months Ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |<br>**RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund(a)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $245887 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (114162) |  |
|  Net unrealized gains/(losses) | (2588940) | 92012 |
|  Net realized/unrealized gains/(losses) | (1419931) | 92012 |
|  Change in net assets resulting from operations | $613786 | $98308 |

---

(a) For the period from March 30, 2026 (commencement of operations) to March 31, 2026.

#### See Notes to the Financial Statements.

#### 60

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **RBC BlueBay**<br>**Emerging Market**<br>**Debt Fund** |
|  | **For the**<br>**Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4374838 | $7949963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments, foreign currency, written options, futures contracts and swap contracts transactions | 2293516 | 1136435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, foreign currency, written options, futures contracts and swap contracts | (3082799) | 2102099 |
|  Change in net assets resulting from operations | 3585555 | 11188497 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (219) | (454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1670875) | (3199138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1794215) | (3964612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (3465309) | (7164204) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 9831917 | 20948133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 3430644 | 7053572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (7260584) | (17071245) |
|  Change in net assets resulting from capital transactions | 6001977 | 10930460 |
|  Net increase in net assets | 6122223 | 14954753 |
|  **Net Assets:** |  |  |
|  Beginning of period | 130716213 | 115761460 |
|  End of period | $136838436 | $130716213 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1092467 | 2480833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 384149 | 834780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (806704) | (2002049) |
|  Change in shares resulting from capital transactions | 669912 | 1313564 |

---

#### See Notes to the Financial Statements.

#### 61

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** | **RBC BlueBay**<br>**High Yield**<br>**Bond Fund** |
|  | **For the**<br>**Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $37595870 | $56345782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments, foreign currency and swap contracts transactions | (3567787) | 3892701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (34748158) | 1023696 |
|  Change in net assets resulting from operations | (720075) | 61262179 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (183678) | (430619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (35003776) | (54010446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (53352) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (35240806) | (54441065) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1131298504 | 335252000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 31751159 | 48142804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (551507616) | (218863135) |
|  Change in net assets resulting from capital transactions | 611542047 | 164531669 |
|  Net increase in net assets | 575581166 | 171352783 |
|  **Net Assets:** |  |  |
|  Beginning of period | 900570860 | 729218077 |
|  End of period | $1476152026 | $900570860 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 113455467 | 33887217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3181550 | 4877089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (55607405) | (22291635) |
|  Change in shares resulting from capital transactions | 61029612 | 16472671 |

---

#### See Notes to the Financial Statements.

#### 62

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** | **RBC BlueBay**<br>**Core Plus**<br>**Bond Fund** |
|  | **For the**<br>**Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1970656 | $3188854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) from investments, foreign currency, written options, futures contracts and swap contracts transactions | 684103 | (616168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, foreign currency, written options, futures contracts and swap contracts | (2490725) | 456610 |
|  Change in net assets resulting from operations | 164034 | 3029296 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (162153) | (268737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1850959) | (2271056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (316665) | (517565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2329777) | (3057358) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 12516390 | 19134368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2292146 | 3042003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1086823) | (9170203) |
|  Change in net assets resulting from capital transactions | 13721713 | 13006168 |
|  Net increase in net assets | 11555970 | 12978106 |
|  **Net Assets:** |  |  |
|  Beginning of period | 73602288 | 60624182 |
|  End of period | $85158258 | $73602288 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1363916 | 2123545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 251207 | 338669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (118994) | (1037483) |
|  Change in shares resulting from capital transactions | 1496129 | 1424731 |

---

#### See Notes to the Financial Statements.

#### 63

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** | **RBC BlueBay**<br>**Strategic**<br>**Income Fund** |
|  | **For the<br>Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2033717 | $3684657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments, foreign currency, written options, futures contracts and swap contracts transactions | 1169009 | 393825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, foreign currency, written options, futures contracts and swap contracts | (2588940) | 478406 |
|  Change in net assets resulting from operations | 613786 | 4556888 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (226573) | (310499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1970782) | (2692862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (407283) | (632958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (2604638) | (3636319) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 6121130 | 33534876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2568756 | 3627440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4186705) | (17448083) |
|  Change in net assets resulting from capital transactions | 4503181 | 19714233 |
|  Net increase in net assets | 2512329 | 20634802 |
|  **Net Assets:** |  |  |
|  Beginning of period | 81247620 | 60612818 |
|  End of period | $83759949 | $81247620 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 600866 | 3312760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 253512 | 358484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (411746) | (1729720) |
|  Change in shares resulting from capital transactions | 442632 | 1941524 |
|  **See Notes to the Financial Statements.** |  |  |

---

#### 64

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **RBC BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  | **For the**<br>**Period Ended<br>March 31, 2026(a)<br>(Unaudited)** |
|  **From Investment Activities** |  |
|  Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 92012 |
|  Change in net assets resulting from operations | 98308 |
|  **Capital Transactions: (Note 6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |
|  Change in net assets resulting from capital transactions | 50000000 |
|  Net increase in net assets | 50098308 |
|  **Net Assets:** |  |
|  Beginning of period |  |
|  End of period | $50098308 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |
|  Change in shares resulting from capital transactions | 5000000 |

---

(a) For the period from March 30, 2026 (commencement of operations) to March 31, 2026.

#### See Notes to the Financial Statements.

#### 65

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Emerging Market Debt Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.63 | 0.27 | (0.04) | 0.23 | (0.22) |  | (0.22) | $8.64 |
|  Year Ended 9/30/25 | 8.39 | 0.52 | 0.20 | 0.72 | (0.45) | (0.03) | (0.48) | 8.63 |
|  Year Ended 9/30/24 | 7.53 | 0.54 | 0.87 | 1.41 | (0.55) |  | (0.55) | 8.39 |
|  Year Ended 9/30/23 | 7.03 | 0.54 | 0.45 | 0.99 | (0.49) |  | (0.49) | 7.53 |
|  Year Ended 9/30/22 | 9.77 | 0.48 | (2.70) | (2.22) | (0.52) |  | (0.52) | 7.03 |
|  Year Ended 9/30/21 | 9.78 | 0.45 | 0.04(b) | 0.49 | (0.50) |  | (0.50) | 9.77 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.83 | 0.29 | (0.05) | 0.24 | (0.23) |  | (0.23) | $8.84 |
|  Year Ended 9/30/25 | 8.58 | 0.55 | 0.21 | 0.76 | (0.48) | (0.03) | (0.51) | 8.83 |
|  Year Ended 9/30/24 | 7.68 | 0.58 | 0.89 | 1.47 | (0.57) |  | (0.57) | 8.58 |
|  Year Ended 9/30/23 | 7.17 | 0.57 | 0.45 | 1.02 | (0.51) |  | (0.51) | 7.68 |
|  Year Ended 9/30/22 | 9.89 | 0.50 | (2.73) | (2.23) | (0.49) |  | (0.49) | 7.17 |
|  Year Ended 9/30/21 | 9.90 | 0.48 | 0.03(b) | 0.51 | (0.52) |  | (0.52) | 9.89 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $8.89 | 0.29 | (0.04) | 0.25 | (0.23) |  | (0.23) | $8.91 |
|  Year Ended 9/30/25 | 8.64 | 0.56 | 0.20 | 0.76 | (0.48) | (0.03) | (0.51) | 8.89 |
|  Year Ended 9/30/24 | 7.72 | 0.58 | 0.91 | 1.49 | (0.57) |  | (0.57) | 8.64 |
|  Year Ended 9/30/23 | 7.20 | 0.58 | 0.45 | 1.03 | (0.51) |  | (0.51) | 7.72 |
|  Year Ended 9/30/22 | 9.94 | 0.51 | (2.76) | (2.25) | (0.49) |  | (0.49) | 7.20 |
|  Year Ended 9/30/21 | 9.94 | 0.49 | 0.04(b) | 0.53 | (0.53) |  | (0.53) | 9.94 |

---

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

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

#### 66

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Emerging Market Debt Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br><br>**Total**<br>**Return(a)(b)** |<br>**Net Assets,**<br>**End of**<br>**Period (000's)** |<br>**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** |<br>**Ratio of**<br>**Expenses to**<br>**Average Net**<br>**Assets\*** |<br>**Portfolio**<br>**Turnover**<br>**Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 2.66%(c) | $11 | 1.03%(d) | 6.19%(d) | 40.38%(d) | 38% |
|  Year Ended 9/30/25 | 9.09% | 8 | 1.04% | 6.32% | 46.82% | 90% |
|  Year Ended 9/30/24 | 19.47% | 8 | 1.04% | 6.83% | 24.70% | 70% |
|  Year Ended 9/30/23 | 14.12% | 17 | 1.04% | 7.09% | 15.47% | 85% |
|  Year Ended 9/30/22 | (23.47)% | 25 | 1.04% | 5.67% | 17.51% | 98% |
|  Year Ended 9/30/21 | 5.06% | 15 | 1.04% | 4.52% | 43.25% | 181% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 2.73%(c) | $67832 | 0.79%(d) | 6.39%(d) | 0.93%(d) | 38% |
|  Year Ended 9/30/25 | 9.30% | 62081 | 0.78% | 6.56% | 0.96% | 90% |
|  Year Ended 9/30/24 | 19.92% | 49259 | 0.79% | 7.09% | 1.18% | 70% |
|  Year Ended 9/30/23 | 14.42% | 38909 | 0.79% | 7.38% | 1.55% | 85% |
|  Year Ended 9/30/22 | (23.27)% | 30173 | 0.79% | 5.82% | 1.65% | 98% |
|  Year Ended 9/30/21 | 5.28% | 28667 | 0.79% | 4.76% | 1.72% | 181% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 2.84%(c) | $68996 | 0.74%(d) | 6.44%(d) | 0.88%(d) | 38% |
|  Year Ended 9/30/25 | 9.28% | 68627 | 0.73% | 6.61% | 0.91% | 90% |
|  Year Ended 9/30/24 | 20.10% | 66495 | 0.74% | 7.04% | 1.09% | 70% |
|  Year Ended 9/30/23 | 14.54% | 11 | 0.74% | 7.43% | 32.92% | 85% |
|  Year Ended 9/30/22 | (23.27)% | 10 | 0.74% | 5.77% | 31.35% | 98% |
|  Year Ended 9/30/21 | 5.35% | 13 | 0.74% | 4.82% | 28.96% | 181% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%.The impact of the voluntary waivers for each period was less than 0.01% except for the year ended September 30, 2025, for Class I and Class R6, where the impact was 0.01%. 

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

(a) Excludes sales charge.

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

(c) Not annualized.

#### 67

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Emerging Market Debt Fund

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

(d) Annualized.

#### See Notes to the Financial Statements.
   

#### 68

------

FINANCIAL HIGHLIGHTS

RBC BlueBay High Yield Bond Fund

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Redemption<br>Fees** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  | | |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $9.98 | 0.30 | (0.27) |  | 0.03 | (0.31) |  | (0.31) | $9.70 |
|  Year Ended 9/30/25 | 9.92 | 0.64 | 0.06 |  | 0.70 | (0.64) |  | (0.64) | 9.98 |
|  Year Ended 9/30/24 | 9.28 | 0.65 | 0.66 |  | 1.31 | (0.67) |  | (0.67) | 9.92 |
|  Year Ended 9/30/23 | 8.98 | 0.57 | 0.31 |  | 0.88 | (0.58) |  | (0.58) | 9.28 |
|  Year Ended 9/30/22 | 10.89 | 0.47 | (1.94) |  | (1.47) | (0.44) |  | (0.44) | 8.98 |
|  Year Ended 9/30/21 | 10.56 | 0.47 | 0.52 | —(b) | 0.99 | (0.52) | (0.14) | (0.66) | 10.89 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26<br>(Unaudited) | $10.10 | 0.32 | (0.27) |  | 0.05 | (0.33) |  | (0.33) | $9.82 |
|  Year Ended 9/30/25 | 10.03 | 0.68 | 0.05 |  | 0.73 | (0.66) |  | (0.66) | 10.10 |
|  Year Ended 9/30/24 | 9.38 | 0.68 | 0.66 |  | 1.34 | (0.69) |  | (0.69) | 10.03 |
|  Year Ended 9/30/23 | 9.07 | 0.61 | 0.30 |  | 0.91 | (0.60) |  | (0.60) | 9.38 |
|  Year Ended 9/30/22 | 10.98 | 0.48 | (1.95) |  | (1.47) | (0.44) |  | (0.44) | 9.07 |
|  Year Ended 9/30/21 | 10.64 | 0.50 | 0.53 | —(b) | 1.03 | (0.55) | (0.14) | (0.69) | 10.98 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Period Ended 3/31/26<br>(Unaudited)(c) | $9.99 | 0.18 | (0.18) |  |  | (0.15) |  | (0.15) | $9.84 |

---

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

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

(c) For the period from December 15, 2025 (commencement of operations) to March 31, 2026.

#### 69

------

FINANCIAL HIGHLIGHTS

RBC BlueBay High Yield Bond Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br><br>**Total**<br>**Return(a)(b)** |<br>**Net Assets,**<br>**End of**<br>**Period (000's)** |<br>**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** |<br>**Ratio of**<br>**Expenses to**<br>**Average Net**<br>**Assets\*** |<br>**Portfolio**<br>**Turnover**<br>**Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.32 %(c) | $5372 | 0.81 %(d) | 6.11 %(d) | 0.99 %(d) | 64% |
|  Year Ended 9/30/25 | 7.35% | 5985 | 0.81% | 6.58% | 1.08% | 107% |
|  Year Ended 9/30/24 | 14.60% | 7181 | 0.82% | 6.79% | 0.97% | 111% |
|  Year Ended 9/30/23 | 10.06% | 3580 | 0.81% | 6.18% | 1.14% | 72% |
|  Year Ended 9/30/22 | (12.74)% | 2983 | 0.82% | 4.45% | 1.16% | 75% |
|  Year Ended 9/30/21 | 9.60% | 3727 | 0.82% | 4.32% | 1.18% | 100% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.44 %(c) | $1095389 | 0.56 %(d) | 6.35 %(d) | 0.71 %(d) | 64% |
|  Year Ended 9/30/25 | 7.64% | 894585 | 0.56% | 6.84% | 0.75% | 107% |
|  Year Ended 9/30/24 | 14.82% | 722037 | 0.57% | 7.05% | 0.77% | 111% |
|  Year Ended 9/30/23 | 10.34% | 452775 | 0.56% | 6.46% | 0.81% | 72% |
|  Year Ended 9/30/22 | (12.57)% | 277697 | 0.57% | 4.76% | 0.82% | 75% |
|  Year Ended 9/30/21 | 9.89% | 244644 | 0.57% | 4.57% | 0.87% | 100% |
|  **Class R6** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(e) | 0.00 %(c)(f) | $375391 | 0.48 %(d) | 6.76 %(d) | 0.64 %(d) | 64% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01% except for the periods ended September 30, 2023, September 30, 2025 and March 31, 2026, when the Fund's net expense ratio would increase by an amount of 0.01%. 

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

(a) Excludes sales charge.

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

(c) Not annualized.

(d) Annualized.

(e) For the period from December 15, 2025 (commencement of operations) to March 31, 2026.

#### 70

------

FINANCIAL HIGHLIGHTS

RBC BlueBay High Yield Bond Fund

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

(f) Less than 0.01%.

#### See Notes to the Financial Statements.

#### 71

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond Fund

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $9.22 | 0.21 | (0.20) | 0.01 | (0.25) | (0.25) | $8.98 |
|  Year Ended 9/30/25 | 9.24 | 0.44 | (0.03) | 0.41 | (0.43) | (0.43) | 9.22 |
|  Year Ended 9/30/24 | 8.37 | 0.45 | 0.85 | 1.30 | (0.43) | (0.43) | 9.24 |
|  Year Ended 9/30/23 | 8.24 | 0.38 | (0.05) | 0.33 | (0.20) | (0.20) | 8.37 |
|  Period Ended 9/30/22(b) | 10.00 | 0.18 | (1.79) | (1.61) | (0.15) | (0.15) | 8.24 |
|  **Class I** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $9.23 | 0.22 | (0.19) | 0.03 | (0.27) | (0.27) | $8.99 |
|  Year Ended 9/30/25 | 9.25 | 0.46 | (0.03) | 0.43 | (0.45) | (0.45) | 9.23 |
|  Year Ended 9/30/24 | 8.38 | 0.47 | 0.85 | 1.32 | (0.45) | (0.45) | 9.25 |
|  Year Ended 9/30/23 | 8.24 | 0.40 | (0.04) | 0.36 | (0.22) | (0.22) | 8.38 |
|  Period Ended 9/30/22(b) | 10.00 | 0.20 | (1.79) | (1.59) | (0.17) | (0.17) | 8.24 |
|  **Class R6** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $9.22 | 0.22 | (0.18) | 0.04 | (0.27) | (0.27) | $8.99 |
|  Year Ended 9/30/25 | 9.25 | 0.47 | (0.04) | 0.43 | (0.46) | (0.46) | 9.22 |
|  Year Ended 9/30/24 | 8.38 | 0.47 | 0.85 | 1.32 | (0.45) | (0.45) | 9.25 |
|  Year Ended 9/30/23 | 8.24 | 0.40 | (0.04) | 0.36 | (0.22) | (0.22) | 8.38 |
|  Period Ended 9/30/22(b) | 10.00 | 0.20 | (1.79) | (1.59) | (0.17) | (0.17) | 8.24 |

---

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

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

#### 72

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of<br>Period (000's)** | **Ratio of**<br>**Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br>**Net Investment<br>Income (Loss)<br>to Average**<br>**Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | **Portfolio**<br>**Turnover<br>Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.14%(c) | $6093 | 0.69%(d) | 4.55%(d) | 1.04%(d) | 421% |
|  Year Ended 9/30/25 | 4.65% | 5701 | 0.69% | 4.91% | 1.14% | 842% |
|  Year Ended 9/30/24 | 16.03% | 5637 | 0.69% | 5.11% | 1.38% | 910% |
|  Year Ended 9/30/23 | 4.11% | 4358 | 0.70% | 4.46% | 1.34% | 750% |
|  Period Ended 9/30/22(e) | (16.32)%(c) | 4188 | 0.70%(d) | 2.09%(d) | 1.51%(d) | 254% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.26%(c) | $68206 | 0.44%(d) | 4.81%(d) | 0.75%(d) | 421% |
|  Year Ended 9/30/25 | 4.90% | 57101 | 0.44% | 5.17% | 0.85% | 842% |
|  Year Ended 9/30/24 | 16.31% | 44728 | 0.44% | 5.36% | 1.07% | 910% |
|  Year Ended 9/30/23 | 4.34% | 30653 | 0.45% | 4.71% | 1.02% | 750% |
|  Period Ended 9/30/22(e) | (16.06)%(c) | 29381 | 0.45%(d) | 2.34%(d) | 1.15%(d) | 254% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.40%(c) | $10859 | 0.39%(d) | 4.85%(d) | 0.74%(d) | 421% |
|  Year Ended 9/30/25 | 4.85% | 10800 | 0.39% | 5.21% | 0.86% | 842% |
|  Year Ended 9/30/24 | 16.37% | 10259 | 0.39% | 5.41% | 1.09% | 910% |
|  Year Ended 9/30/23 | 4.39% | 8766 | 0.40% | 4.76% | 1.05% | 750% |
|  Period Ended 9/30/22(e) | (16.03)%(c) | 8399 | 0.40%(d) | 2.39%(d) | 1.19%(d) | 254% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%. except for the six months ended March 31, 2026 and the periods ended September 30, 2024 and September 30, 2025, when the Fund's net expense ratio would increase by an amount of 0.01%. 

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

(a) Excludes sales charge.

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

#### 73

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FINANCIAL HIGHLIGHTS

RBC BlueBay Core Plus Bond Fund

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

(c) Not annualized.

(d) Annualized.

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

#### See Notes to the Financial Statements.

#### 74

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Strategic Income Fund

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $10.31 | 0.24 | (0.18) | 0.06 | (0.31) |  | (0.31) | $10.06 |
|  Year Ended 9/30/25 | 10.21 | 0.47 | 0.13 | 0.60 | (0.47) | (0.03) | (0.50) | 10.31 |
|  Year Ended 9/30/24 | 9.95 | 0.49 | 0.52 | 1.01 | (0.47) | (0.28) | (0.75) | 10.21 |
|  Year Ended 9/30/23 | 9.60 | 0.41 | 0.36 | 0.77 | (0.23) | (0.19) | (0.42) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.17 | (0.44) | (0.27) | (0.13) |  | (0.13) | 9.60 |
|  **Class I** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $10.32 | 0.25 | (0.18) | 0.07 | (0.32) |  | (0.32) | $10.07 |
|  Year Ended 9/30/25 | 10.21 | 0.50 | 0.13 | 0.63 | (0.49) | (0.03) | (0.52) | 10.32 |
|  Year Ended 9/30/24 | 9.95 | 0.52 | 0.51 | 1.03 | (0.49) | (0.28) | (0.77) | 10.21 |
|  Year Ended 9/30/23 | 9.61 | 0.43 | 0.36 | 0.79 | (0.26) | (0.19) | (0.45) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.19 | (0.43) | (0.24) | (0.15) |  | (0.15) | 9.61 |
|  **Class R6** |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $10.32 | 0.25 | (0.17) | 0.08 | (0.33) |  | (0.33) | $10.07 |
|  Year Ended 9/30/25 | 10.21 | 0.50 | 0.14 | 0.64 | (0.50) | (0.03) | (0.53) | 10.32 |
|  Year Ended 9/30/24 | 9.95 | 0.52 | 0.52 | 1.04 | (0.50) | (0.28) | (0.78) | 10.21 |
|  Year Ended 9/30/23 | 9.61 | 0.44 | 0.35 | 0.79 | (0.26) | (0.19) | (0.45) | 9.95 |
|  Period Ended 9/30/22(b) | 10.00 | 0.19 | (0.42) | (0.23) | (0.16) |  | (0.16) | 9.61 |

---

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

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

#### 75

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FINANCIAL HIGHLIGHTS

RBC BlueBay Strategic Income Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of<br>Period (000's)** | **Ratio of**<br>**Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br>**Net Investment<br>Income (Loss)<br>to Average**<br>**Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | **Portfolio**<br>**Turnover<br>Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.64%(c) | $7352 | 0.87%(d) | 4.66%(d) | 1.20%(d) | 385% |
|  Year Ended 9/30/25 | 6.09% | 7081 | 0.87% | 4.67% | 1.27% | 806% |
|  Year Ended 9/30/24 | 10.77% | 5924 | 0.87% | 4.96% | 1.46% | 890% |
|  Year Ended 9/30/23 | 8.33% | 5269 | 0.88% | 4.24% | 1.42% | 712% |
|  Period Ended 9/30/22(e) | (2.70)%(c) | 4867 | 0.88%(d) | 1.85%(d) | 1.62%(d) | 159% |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.72%(c) | $63428 | 0.62%(d) | 4.90%(d) | 0.93%(d) | 385% |
|  Year Ended 9/30/25 | 6.45% | 61405 | 0.62% | 4.91% | 0.95% | 806% |
|  Year Ended 9/30/24 | 11.02% | 42857 | 0.62% | 5.21% | 1.16% | 890% |
|  Year Ended 9/30/23 | 8.48% | 37057 | 0.63% | 4.49% | 1.11% | 712% |
|  Period Ended 9/30/22(e) | (2.50)%(c) | 34146 | 0.63%(d) | 2.10%(d) | 1.28%(d) | 159% |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 0.74%(c) | $12979 | 0.57%(d) | 4.95%(d) | 0.92%(d) | 385% |
|  Year Ended 9/30/25 | 6.51% | 12762 | 0.57% | 4.97% | 0.95% | 806% |
|  Year Ended 9/30/24 | 11.08% | 11832 | 0.57% | 5.26% | 1.18% | 890% |
|  Year Ended 9/30/23 | 8.54% | 10598 | 0.58% | 4.54% | 1.13% | 712% |
|  Period Ended 9/30/22(e) | (2.46)%(c) | 9760 | 0.58%(d) | 2.15%(d) | 1.32%(d) | 159% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated. The impact of the voluntary waivers for each period was less than 0.01%, except for the six months ended March 31, 2026 and the periods ended September 30, 2024 and September 30, 2025, when the Fund's net expense ratio would increase by an amount of 0.01%. 

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

(a) Excludes sales charge.

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

#### 76

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Strategic Income Fund

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

(c) Not annualized.

(d) Annualized.

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

#### See Notes to the Financial Statements.

#### 77

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Credit Opportunities Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment**<br>**Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(b) | $10.00 | —(c) | 0.02 | 0.02 |  | $10.02 |
|  **Class I** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(b) | $10.00 | —(c) | 0.02 | 0.02 |  | $10.02 |
|  **Class R6** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(b) | $10.00 | —(c) | 0.02 | 0.02 |  | $10.02 |

---

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

(b) For the period from March 30, 2026 (commencement of operations) to March 31, 2026.

(c) Less than $0.01 per share.

#### 78

------

FINANCIAL HIGHLIGHTS

RBC BlueBay Credit Opportunities Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total<br>Return(a)(b)** | **Net Assets,<br>End of<br>Period (000's)** | **Ratio of**<br>**Net Expenses<br>to Average<br>Net Assets** | **Ratio of**<br>**Net Investment<br>Income (Loss)<br>to Average**<br>**Net Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** | **Portfolio**<br>**Turnover<br>Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(c) | 0.20%(d) | $250 | 0.82%(e) | 4.34%(e) | 2.82%(e) | —% |
|  **Class I** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(c) | 0.20%(d) | $49597 | 0.57%(e) | 4.59%(e) | 1.15%(e) | —% |
|  **Class R6** |  |  |  |  |  |  |
|  Period Ended 3/31/26 (Unaudited)(c) | 0.20%(d) | $250 | 0.49%(e) | 4.67%(e) | 2.57%(e) | —% |

---

\* 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.

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

(a) Excludes sales charge.

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

(c) For the period from March 30, 2026 (commencement of operations) to March 31, 2026.

(d) Not annualized.

(e) Annualized.

#### See Notes to the Financial Statements.

#### 79

------

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 18 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). This report includes the following five investment portfolios (each a "Fund" and collectively, the "Funds"):

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

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

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

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

- RBC BlueBay Credit Opportunities Fund ("Credit Opportunities Fund")

Each Fund offers three share classes: Class A, Class R6 and Class I shares. Class A shares are offered with a maximum front-end sales charge of 4.25% for Emerging Market Debt Fund, High Yield Bond Fund and the Credit Opportunities Fund and 3.75% for Core Plus Bond Fund and Strategic Income Fund and a 1.00% contingent deferred sales charge ("CDSC") for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class I shares and Class R6 shares (intended for investors meeting certain investment minimum thresholds) are not subject to either a front-end sales charge or a CDSC.

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

2. Significant Accounting Policies

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

#### Segment Reporting:
Each Fund has 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.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not

#### 80

------

NOTES TO FINANCIAL STATEMENTS

specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. The Funds may participate in "rolling transactions" in which a Fund does not take delivery of the TBA securities, and this may result in a higher portfolio turnover rate.

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

#### Security Valuation:
The Board has approved pricing and valuation procedures of the Advisor for determining the fair value of each Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Equity securities are generally valued on the basis of prices furnished by third-party pricing services approved by the Board. Equity securities listed on one or more exchanges shall be valued at the last available quoted sale price on the primary trading exchange as of the regularly scheduled closing time of the exchange and are categorized as Level 1 in the fair value hierarchy. (See "Fair Value Measurements" below for additional information). An equity security not listed on an exchange but listed on NASDAQ shall be valued at the NASDAQ official closing price and is also categorized as Level 1. If there was no sale on the primary exchange on the day the net asset value is calculated or a NASDAQ official closing price is not available, the most recent bid quotation generally will be used and such securities will generally be categorized as Level 2. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

Fixed income securities, including to-be-announced ("TBA") commitments and municipal bonds, are generally valued based on evaluated prices received from third-party pricing services or from broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account multiple appropriate factors such as institutional-size trading in similar groups of securities, market spreads, interest rates, and fundamental security analytical data including yield, quality, coupon rate, maturity and type of issue.

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

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

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

#### 81

------

NOTES TO FINANCIAL STATEMENTS

or obligation under the derivative contract, as measured by the fair market value of the contract, is included in the Fund's net assets. These swap contracts are categorized as Level 2 in the fair valuation hierarchy.

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

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Funds' securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Funds' Advisor, Co-Administrator and Sub-Advisor, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Funds' pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence the market in which the investments are traded. These securities are either categorized as Level 2 or 3 in the fair value hierarchy, depending on the relevant inputs used.

When the Funds utilize fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

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.

#### 82

------

NOTES TO FINANCIAL STATEMENTS

#### Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. There were no material level 3 transfers as these funds hold level 3 securities. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

#### 83

------

NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Funds' investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | **Total** |
|  **Emerging Market Debt Fund** |  |  |  |  |
| **Assets:**  | | |  | |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | $102090368 | $— | $102090368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 22086638 |  | 22086638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 7980432 |  |  | 7980432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 207931 |  | 207931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Put Option Purchased | 24240 | 91601 |  | 115841 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 404106 |  | 404106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 58463 |  |  | 58463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | 312469 |  | 312469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $8063135 | $125193113 | $— | $133256248 |
| **Liabilities:**  |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Written - Put | $(15) | $— | $— | $(15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (87701) |  |  | (87701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | (289671) |  | (289671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (315126) |  | (315126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(87716) | $(604797) | $— | $(692513) |

---

#### 84

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | **Total** |
|  **High Yield Bond Fund** |  |  |  |  |
| **Assets:**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $5898605 | $17457 | $5916062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 47306967 |  | 47306967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 21536058 |  | 21536058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14054530 |  | 14054530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 8300122 |  | 8300122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 8327682 |  | 8327682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 23798737 |  | 23798737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 10745887 |  | 10745887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 16109794 |  | 16109794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 11549457 |  | 11549457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 54036145 |  | 54036145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 1170713008 |  | 1170713008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 35809101 |  |  | 35809101 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 22408360 |  | 22408360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 7314271 |  |  | 7314271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2865 |  | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $43123372 | $1414788217 | $17457 | $1457929046 |

---

#### 85

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Core Plus Bond Fund** |  |  |  |  |
| **Assets:**  | | |  | |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $44136503 | $— | $44136503 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Backed Mortgages |  | 18810150 |  | 18810150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 6929519 |  |  | 6929519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 6798645 |  | 6798645 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 6568012 |  | 6568012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 6172487 |  | 6172487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 4660024 |  | 4660024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 2504526 |  | 2504526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Call Option Purchased | 73062 |  |  | 73062 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 236049 |  | 236049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 137576 |  |  | 137576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | 69663 |  | 69663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 90457 |  | 90457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $7140157 | $90046516 | $— | $97186673 |
| Liabilities: |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Written - Call | $(41750) | $— | $— | $(41750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (141776) |  |  | (141776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | (203825) |  | (203825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (716433) |  | (716433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | (79161) |  | (79161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(183526) | $(999419) | $— | $(1182945) |

---

#### 86

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Strategic Income Fund** |  |  |  |  |
| Assets: |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $46965994 | $— | $46965994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 8450025 |  | 8450025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 8058471 |  | 8058471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 7713046 |  |  | 7713046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 5507203 |  | 5507203 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 3310172 |  | 3310172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 2960281 |  | 2960281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Call Option Purchased | 72187 |  |  | 72187 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | 264593 |  | 264593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 365069 |  |  | 365069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | 69663 |  | 69663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 98296 |  | 98296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $8150302 | $75684698 | $— | $83835000 |
| Liabilities: |  |  |  |  |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Written - Call | $(41250) | $— | $— | $(41250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (51715) |  |  | (51715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange contracts - forward contracts |  | (193491) |  | (193491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps |  | (1374385) |  | (1374385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | (79161) |  | (79161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $(92965) | $(1647037) | $— | $(1740002) |

---

#### 87

------

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** |
|  **Credit Opportunities Fund** |  |  |  |  |
| Assets: |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | $31551251 | $— | $— | $31551251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 18249918 |  | 18249918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations |  | 4168150 |  | 4168150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 726479 |  | 726479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $31551251 | $23144547 | $— | $54695798 |

---

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

---

| | |
|:---|:---|
|  | **BlueBay**<br>**High Yield<br>Bond Fund** |
|  | **Corporate Bonds** |
|  Balance as of 9/30/25(value) | $17457 |
|  Sale/Disposition | (3000) |
|  Amortization | 1252 |
|  Realized gain (loss) | (282831) |
|  Change in unrealized appreciation (depreciation) | 284579 |
|  Balance as of 3/31/26(value) | $17457 |

---

The Funds' assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The significant unobservable inputs used include assumptions regarding the particular security's cash flow profile and potential defaults that may not be generally observable for the security. The Corporate Bonds in High Yield Bond Fund were fair valued using discounted cash flows. Significant changes in any of these assumptions may result in a lower or higher fair value measurement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fund** | **Fair Value**<br>**at<br>March 31,**<br>**2026** | **Valuation<br>Technique(s)** | **Unobservable<br>Input** | **Range (Weighted** <br>**Average)** |
|  Corporate Bonds (Australia) | High Yield <br> Bond Fund | $17457 | Discounted<br>Cash Flow | Discount Rate of<br>Cash Flows | 30% |
|  |  |  |  | Liquidity<br>Discount | 10% |

---

#### Foreign Currency Transactions:
The values of foreign securities, foreign currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using current exchange rates each business day. Fluctuations in the value of foreign currency holdings and other assets and liabilities resulting from movements in currency exchange rates are recorded as unrealized foreign currency gains or losses. The effects of changes in foreign currency exchange rates on investments in securities are not segregated from the effects of changes in market prices of those securities on the Statements of Operations. Such fluctuations are included with the net change in unrealized appreciation/depreciation on investment transactions. However, for tax purposes, the effects of fluctuations in foreign currency exchange rates

#### 88

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NOTES TO FINANCIAL STATEMENTS

when determining the realized gain or loss upon the sale or maturity of foreign currency denominated debt obligations are segregated pursuant to U.S. Federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for both financial reporting and income tax reporting purposes.

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

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

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

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

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

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

As of March 31, 2026, Core Plus Bond Fund and Strategic Income Fund held bank loans.

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

#### 89

------

NOTES TO FINANCIAL STATEMENTS

Liabilities.

For the period ended March 31, 2026, the total in-kind payments received by the High Yield Bond Fund and Credit Opportunities Fund with respect to PIKs constituted less than 5% of the Fund's total income and, therefore, such payments were not disclosed as a separate line item on the Statement of Operations.

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

#### Derivatives:
The Funds may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities as tools in the management of portfolio assets. A Fund may use such derivatives through either the creation of long or short positions to hedge various investments, for investment purposes, for risk management and/or to increase income or gain to the Fund. Derivatives allow a Fund to increase or decrease its risk exposure more quickly and efficiently than other types of instruments. Derivatives may be riskier than other types of investments and could result in losses that significantly exceed a Fund's original investment. Derivatives are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives may not be successful, resulting in losses to a Fund, and the cost of such strategies may reduce the Fund's returns.

Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Funds, in which case any losses on the holdings being hedged may not be reduced and may be increased. There can be no assurance that a Fund's hedging strategy will reduce risk or that hedging transactions will be available or cost effective. The Funds are subject to interest rate risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

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

#### Financial Futures Contracts:
The Funds may enter into futures contracts in an effort to manage the duration of the portfolio and hedge against certain market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.

The Funds entered into U.S. Treasury Bond futures, Japanese treasury bond futures, Euro Dollar futures, Euro-OAT futures and Euro Bund futures, during the period ended March 31, 2026.

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, 2026.

#### 90

------

NOTES TO FINANCIAL STATEMENTS

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

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

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

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

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

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

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

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

#### Swap Agreements:
The Funds may enter into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into interest rate, credit default and other swap agreements as of March 31, 2026.

Interest rate swap agreements generally involve the agreement by a Fund to pay a counterparty a fixed

#### 91

------

NOTES TO FINANCIAL STATEMENTS

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

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

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

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

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

#### 92

------

NOTES TO FINANCIAL STATEMENTS

Investments under the captions "Interest rate swaps", "Total return swaps", "Inflation swaps" and "Credit default swaps".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** | **Fair Values of Derivative Financial Instrument as of March 31, 2026<sup>(1)</sup>** |
| **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | **BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Credit Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps, at value | $312469 | $— | $69663 | $69663 | $— |
|  Equity Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (purchased options) | 109303 |  |  |  |  |
|  Interest Rate Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (purchased options) |  |  | 73062 | 72187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps contracts, at value |  |  | 90457 | 98296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 58463 |  | 137576 | 365069 |  |
|  Foreign currency exchange risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (purchased options) | 6538 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 404106 |  | 236049 | 264593 |  |
|  Total | $890879 | $— | $606807 | $869808 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **BlueBay**<br>**Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Credit Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps, at value | $315126 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;716433 | $1374385 | $— |
|  Equity Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value | 15 |  |  |  |  |
|  Interest Rate Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on interest rate swaps contracts |  |  | 79161 | 79161 |  |

---

#### 93

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **BlueBay**<br>**Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | $87701 | $— | $141776 | $51715 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value |  |  | 41750 | 41250 |  |
|  Foreign currency exchange risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 289671 |  | 203825 | 193491 |  |
|  Total | $692513 | $— | $1182945 | $1740002 | $— |

---

The effect of derivative instruments on the Statement of Operations during the period ended March 31, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative**<br> **Instruments**<br> **Categorized by**<br> **Risk Exposure** | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay<br>Core Plus<br>Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities<br>Fund** |
|  Net realized Gain/(Loss) From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps | $(516730) | $(3113939) | $25607 | $63588 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(2)</sup>  | (30816) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 20000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  |  | 217124 | 273455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | (9615) |  | (308917) | 59659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  |  | 300565 | 383653 |  |
|  Total | $(537161) | $(3113939) | $234379 | $780355 | $— |

---

#### 94

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative**<br> **Instruments**<br> **Categorized by Risk**<br> **Exposure** | **BlueBay**<br>**Emerging Market**<br>**Debt Fund** | **BlueBay**<br>**High Yield**<br>**Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income<br>Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Net Change in Unrealized |  |  |  |  |  |
|  Appreciation From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swaps | $111464 | $— | $6369 | $(39740) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(3)</sup>  | 78883 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 13141 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(3)</sup>  |  |  | (92) | (91) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  |  | (53760) | (74422) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial futures contracts | 17325 |  | 4233 | 245887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  | (2697) | (2665) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange risk: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>(3)</sup>  | (7376) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 122138 |  | (94949) | (86145) |  |
|  Total | $335575 | $— | $(140896) | $42824 | $— |

---

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

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

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

For the period ended March 31, 2026, the average volume of derivative activities based on ending quarterly outstanding amounts are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay<br>High Yield<br>Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Futures long position (contracts) | 43 | – | 177 | 123 |  |
|  Futures short position (contracts) | 26 | – | 60 | 370 |  |
|  Forward foreign currency exchange contracts purchased (U.S. dollar amounts) | $22791038 | $– | $11855818 | $13253823 | $<sub></sub>— |

---

#### 95

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlueBay<br>Emerging Market<br>Debt Fund** | **BlueBay<br>High Yield<br>Bond Fund** | **BlueBay**<br>**Core Plus**<br>**Bond Fund** | **BlueBay**<br>**Strategic**<br>**Income Fund** | **BlueBay**<br>**Credit**<br>**Opportunities**<br>**Fund** |
|  Forward foreign currency exchange contracts sold (U.S. dollar amounts) | $5572054 | $— | $4614144 | $4921860 | $— |
|  Forward foreign currency exchange contracts Purchased in non-U.S. dollars (U.S. dollar equivalent) |  |  | 5813114 | 6574210 |  |
|  Purchased options (Cost $) | 26997 |  | 36577 | 36139 |  |
|  Written Options (Premium received $) | 6578 |  | 19526 | 19293 |  |
|  Interest rate swaps (Notional Amount in U.S. Dollars) |  |  | 10766559 | 11278792 |  |
|  Credit default swaps (Notional Amount in U.S. Dollars) | 23380804 | 7000000 | 32381000 | 64447500 |  |

---

#### Counterparty Credit Risk:
Derivatives may also expose a Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations). To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. A Fund's maximum risk of loss from counterparty credit risk on over-the-counter ("OTC") derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds.

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

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

#### 96

------

NOTES TO FINANCIAL STATEMENTS

With exchange-traded purchased options and futures and centrally cleared swaps, the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

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

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

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash due to broker for options contracts, cash at broker for financial futures contracts and segregated cash and foreign currency for options contracts and swap contracts and cash received as payable to broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Portfolio Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of a Fund and any additional required collateral is delivered to/pledged by a Fund on the next business day. Typically, a Fund and its counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

#### 97

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Market Debt Fund** | | | | |
|  |<br>**Barclays Bank Plc** |<br>**Citibank N.A.** |<br>**Morgan Stanley &<br>Co. LLC** |<br>**Total** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $404106 | $— | $404106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 20408 |  | 292061 | 312469 |
|  Total Assets | 20408 | 404106 | 292061 | 716575 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 289671 |  | 289671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 69191 |  | 245935 | 315126 |
|  Total Liabilities | 69191 | 289671 | 245935 | 604797 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | (48783) | 114435 | 46126 | 111778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  |  | (114435) | (46126) | (160561) |
|  **Net Amount<sup>3</sup>**  | $(48783) | $— | $— | $(48783) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Core Plus Bond Fund** | | | |
|  |<br>**Citibank N.A.** |<br>**Morgan Stanley &<br>Co. LLC** |<br>**Total** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $236049 | $— | $236049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 160120 | 160120 |
|  Total Assets | 236049 | 160120 | 396169 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 203825 |  | 203825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 795594 | 795594 |
|  Total Liabilities | 203825 | 795594 | 999419 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | 32224 | (635474) | (603250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  | (32224) | 635474 | 603250 |
|  **Net Amount<sup>3</sup>**  | $— | $— | $— |

---

#### 98

------

NOTES TO FINANCIAL STATEMENTS

#### Strategic Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Citibank N.A.** | **Morgan<br>Stanley & Co.<br>LLC** | **Total** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $264593 | $— | $264593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 167959 | 167959 |
|  Total Assets | 264593 | 167959 | 432552 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 193491 |  | 193491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 1453546 | 1453546 |
|  Total Liabilities | 193491 | 1453546 | 1647037 |
|  **Total Financial and Derivative Net Assets<sup>1</sup>**  | 71102 | (1285587) | (1214485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateral (Received) Pledged<sup>2</sup>  | (71102) | 1285587 | 1214485 |
|  **Net Amount<sup>3</sup>**  | $— | $— | $— |

---

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

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

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

#### Affiliated Investments:
The Funds invest in another Fund of the Trust (an "Affiliated Fund"), U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Funds from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Funds in the Affiliated Fund.

As the affiliated investment is a money market fund in which shares are issued and redeemed at $1.00 per share, the number of shares purchased and sold equal the dollar amount shown as purchased and sold, and no gain or loss was realized on the sale of shares of the affiliated money market fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value<br>September 30, 2025** | **Purchases** | **Sales** | **Value<br>March 31, 2026** | **Dividends** |
| Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1 |  |  |  |  |  |
|  Emerging Market Debt Fund | $3324940 | $37036857 | $(32381365) | $7980432 | $40115 |
|  High Yield Bond Fund | 32929624 | 746972747 | (744093270) | 35809101 | 687431 |
|  Core Plus Bond Fund | 6698566 | 65059137 | (64828184) | 6929519 | 47114 |
|  Strategic Income Fund | 3197573 | 56368918 | (51853445) | 7713046 | 63247 |
|  Credit Opportunities Fund |  | 31551251 |  | 31551251 | 3086 |

---

#### 99

------

NOTES TO FINANCIAL STATEMENTS

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income net of non-reclaimable withholding taxes is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.

#### Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon each Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

#### Indemnifications:
Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including the Funds' servicing agreements, that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

#### Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared and paid monthly. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent, they are reclassified within a Fund's capital accounts based on their federal tax basis treatment. Permanent differences include reclassification of foreign currency from capital to ordinary, currency treatment for the accrual of certain foreign denominated swaps and early termination on such swaps, and reclassification of foreign currency options from capital to currency.

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into an investment advisory agreement with RBC GAM-US under which RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
|  | **Annual Rate** |
|  Emerging Market Debt Fund | 0.65% |
|  High Yield Bond Fund | 0.55% |
|  Core Plus Bond Fund | 0.35% |
|  Strategic Income Fund | 0.53% |
|  Credit Opportunities Fund | 0.55% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of the Funds to the following levels pursuant to an expense limitation agreement.

#### 100

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** | **Class R6<br>Annual Rate** |
|  Emerging Market Debt Fund | 1.04% | 0.79% | 0.74% |
|  High Yield Bond Fund | 0.82% | 0.57% | 0.49% |
|  Core Plus Bond Fund | 0.70% | 0.45% | 0.40% |
|  Strategic Income Fund | 0.88% | 0.63% | 0.58% |
|  Credit Opportunities Fund | 0.82% | 0.57% | 0.49% |

---

This expense limitation agreement is in place until January 31, 2027 (January 31, 2028, for Credit Opportunities 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FYE 9/30/23** | **FYE 9/30/24** | **FYE 9/30/25** | **FYE 9/30/26** | **Total** |
|  Emerging Market Debt Fund | $158333 | $280376 | $213019 | $96541 | $748269 |
|  High Yield Bond Fund | 446114 | 1207628 | 1503629 | 835312 | 3992683 |
|  Core Plus Bond Fund | 132173 | 315983 | 253454 | 126658 | 828268 |
|  Strategic Income Fund | 129555 | 312892 | 252078 | 129223 | 823748 |
|  Credit Opportunities Fund | N/A | N/A | N/A | 813 | 813 |

---

There was no recoupment of expense reimbursement/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment

RBC GAM-US may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice, and expenses waived under such program are not subject to recoupment.

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Funds pay to RBC GAM-US indirectly through its investment in an affiliated money market fund. For the period ended March 31, 2026, the amount waived was $1,743, $30,955, $2,123, $2,795 and $0 for the Emerging Market Debt Fund, High Yield Bond Fund, Core Plus Bond Fund, Strategic Income Fund and Credit Opportunities Fund respectively, and is included in expenses waived/reimbursed by Advisory in the Statement of Operations.

Emerging Market Debt Fund and High Yield Bond Fund are sub-advised by RBC GAM-UK, a wholly-owned subsidiary of Royal Bank of Canada, which is also the parent company of the Advisor. The Sub-Advisor is paid by the Advisor out of the advisory fee paid by the Funds to the Advisor.

RBC GAM-US serves as co-administrator to the Funds. BNY Mellon serves as co-administrator and fund accounting agent. Services provided under the administrative services agreement include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services agreement, RBC GAM-US does not receive a fee for its role as co-administrator. BNY Mellon receives a fee for its services payable by the Funds based in part on the Funds' average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The Trust currently pays each of the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $110,000. The Board Chairperson and Audit Committee Chairperson each receive an additional

#### 101

------

NOTES TO FINANCIAL STATEMENTS

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, 2026, each Fund's net assets, the shares (if any) of each Fund held by the Advisor, and the percent of total net assets represented by the Advisor's investment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Assets** | **Shares held<br>by Advisor** | **% of Fund<br>Net Assets** |
|  Emerging Market Debt Fund | $136838436 | 1731 | 0.0% |
|  High Yield Bond Fund | $1476152026 | 110426 | 0.1% |
|  Core Plus Bond Fund | $85158258 | 5969352 | 63.0% |
|  Strategic Income Fund | $83759949 | 6254226 | 75.2% |
|  Credit Opportunities Fund | $50098308 | 5000000 | 100.0% |

---

4. Fund Distribution:

Each of the Funds that offers Class A shares has adopted a Master Distribution 12b-1 Plan (the "Plan") in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits each Fund to make payments for, or to reimburse the Distributor for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I and Class R6. The following chart shows the current Plan fee rate for Class A.

---

| | | |
|:---|:---|:---|
|  | **Class A** |  |
|  12b-1 Plan Fee | 0.25 | % \* |

---

\* Under the 12b-1 plan, the maximum fee rate for Class A shares is 0.50%. Currently the Board has approved an annual limit of 0.25%.

Plan fees are based on average daily net assets of Class A. Up to 0.25% of each Plan fee may be designated as a service fee, as defined by the applicable rules of the Financial Industry Regulatory Authority. The Distributor, subject to applicable legal requirements, may waive the Plan fee voluntarily, in whole or in part. For the period ended March 31, 2026, 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 March 31, 2026.

For the period ended March 31, 2026, the Distributor received commissions of $12,685 for front-end sales charges of Class A shares of the Funds, of which $11,485 was paid to affiliated broker-dealers.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases<br>(Excl. U.S. Gov't)** | **Sales<br>(Excl. U.S. Gov't)** | **Purchases<br>of U.S. Gov't.** | **Sales<br>of U.S. Gov't.** |
|  Emerging Market Debt Fund | $49959419 | $48811294 | $— | $— |
|  High Yield Bond Fund | 1127687182 | 568991311 | 152699902 | 129834672 |
|  Core Plus Bond Fund | 287005722 | 280996149 | 90548920 | 80373380 |
|  Strategic Income Fund | 288446973 | 288763578 | 9982883 | 6810000 |
|  Credit Opportunities Fund | 23052426 |  |  |  |

---

#### 102

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NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions:

The Trust is authorized to issue an unlimited number of shares of beneficial interest ("shares outstanding") without par value. Transactions in capital stock of the Funds are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Market Debt Fund** | **Emerging Market Debt Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |
|  | **For the**<br>**Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30,<br>2025** | **For the**<br>**Six Months<br>Ended<br>March 31,**<br>**2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30,<br>2025** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $2599 | $100 | $551406 | $417893 |
|  Distributions reinvested | 219 | 454 | 183678 | 430619 |
|  Cost of shares redeemed | (106) | (3) | (1186514) | (2027147) |
|  Change in Class A | $2712 | $551 | $(451430) | $(1178635) |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $9013681 | $19102501 | $735327882 | $334834107 |
|  Distributions reinvested | 1636210 | 3088506 | 31514129 | 47712185 |
|  Cost of shares redeemed | (4901985) | (11385690) | (533299042) | (216835988) |
|  Change in Class I | $5747906 | $10805317 | $233542969 | $165710304 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $815637 | $1845532 | $395419216 | $— |
|  Distributions reinvested | 1794215 | 3964612 | 53352 |  |
|  Cost of shares redeemed | (2358493) | (5685552) | (17022060) |  |
|  Change in Class R6 | $251359 | $124592 | $378450508 | $— |
| Change in net assets resulting from capital transactions | $6001977 | $10930460 | $611542047 | $164531669 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 290 | 12 | 55680 | 42745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 25 | 55 | 18618 | 44123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (12) |  | (120451) | (211096) |
|  Change in Class A | 303 | 67 | (46153) | (124228) |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1002519 | 2263504 | 73520860 | 33844472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 183916 | 366773 | 3157594 | 4832966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (545739) | (1337680) | (53762479) | (22080539) |
|  Change in Class I | 640696 | 1292597 | 22915975 | 16596899 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 89658 | 217317 | 39878927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 200208 | 467952 | 5338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (260953) | (664369) | (1724475) |  |
|  Change in Class R6 | 28913 | 20900 | 38159790 |  |
| Change in shares resulting from capital transactions | 669912 | 1313564 | 61029612 | 16472671 |

---

#### 103

------

NOTES TO FINANCIAL STATEMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **For the**<br>**Six Months**<br>**Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**September 30,**<br>**2025** | **For the**<br>**Six Months**<br>**Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**September 30,**<br>**2025** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
|  Proceeds from shares issued | $518276 | $1222009 | $578946 | $1700579 |
|  Distributions reinvested | 162153 | 268737 | 222768 | 310339 |
|  Cost of shares redeemed | (133619) | (1405074) | (351234) | (928154) |
|  Change in Class A | $546810 | $85672 | $450480 | $1082764 |
|  **Class I** |  |  |  |  |
|  Proceeds from shares issued | $11950614 | $17875469 | $5423653 | $31669546 |
|  Distributions reinvested | 1813328 | 2255701 | 1938705 | 2684143 |
|  Cost of shares redeemed | (930996) | (7765129) | (3835471) | (16519929) |
|  Change in Class I | $12832946 | $12366041 | $3526887 | $17833760 |
|  **Class R6** |  |  |  |  |
|  Proceeds from shares issued | $47500 | $36890 | $118531 | $164751 |
|  Distributions reinvested | 316665 | 517565 | 407283 | 632958 |
|  Cost of shares redeemed | (22208) |  |  |  |
|  Change in Class R6 | $341957 | $554455 | $525814 | $797709 |
|  Change in net assets resulting from capital transactions | $13721713 | $13006168 | $4503181 | $19714233 |
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 56884 | 136598 | 56736 | 167928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 17786 | 29946 | 21997 | 30682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (14691) | (157819) | (34663) | (92125) |
|  Change in Class A | 59979 | 8725 | 44070 | 106485 |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1301818 | 1982797 | 532497 | 3128600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 198709 | 251092 | 191310 | 265231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (101873) | (879664) | (377083) | (1637595) |
|  Change in Class I | 1398654 | 1354225 | 346724 | 1756236 |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 5214 | 4150 | 11633 | 16232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 34712 | 57631 | 40205 | 62571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2430) |  |  |  |
|  Change in Class R6 | 37496 | 61781 | 51838 | 78803 |
| Change in shares resulting from capital transactions | 1496129 | 1424731 | 442632 | 1941524 |

---

#### 104

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NOTES TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Credit Opportunities Fund** |
|  | **For the**<br>**Period Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)(a)** |
|  **CAPITAL TRANSACTIONS:** |  |
|  **Class A** |  |
|  Proceeds from shares issued | $250000 |
|  Change in Class A | $250000 |
|  **Class I** |  |
|  Proceeds from shares issued | $49500000 |
|  Change in Class I | $49500000 |
|  **Class R6** |  |
|  Proceeds from shares issued | $250000 |
|  Change in Class R6 | $250000 |
|  Change in net assets resulting from capital transactions | $50000000 |
|  **SHARE TRANSACTIONS:** |  |
|  **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 25000 |
|  Change in Class A | 25000 |
|  **Class I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 4950000 |
|  Change in Class I | 4950000 |
|  **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 25000 |
|  Change in Class R6 | 25000 |
| Change in shares resulting from capital transactions | 5000000 |

---

(a) For the period from March 30, 2026 (commencement of operations) to March 31, 2026.

7. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

#### 105

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NOTES TO FINANCIAL STATEMENTS

As of March 31, 2026, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost Of<br>Investments** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Emerging Market Debt Fund | $129588999 | $5502435 | $(2610224) | $2892211 |
|  High Yield Bond Fund | 1474364271 | 8469938 | (24905163) | (16435225) |
|  Core Plus Bond Fund | 98072221 | 460882 | (1880175) | (1419293) |
|  Strategic Income Fund | 84334080 | 552668 | (1849369) | (1296701) |
|  Credit Opportunities Fund | 54603786 | 127876 | (35864) | 92012 |

---

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

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  | **Ordinary<br>Income** | **Net Long Term<br>Capital Gains** | **Total Taxable<br>Distributions** | **Total<br>Distributions<br>Paid** |
|  Emerging Market Debt Fund | $7113173 | $51031 | $7164204 | $7164204 |
|  High Yield Bond Fund | 54441065 |  | 54441065 | 54441065 |
|  Core Plus Bond Fund | 3057358 |  | 3057358 | 3057358 |
|  Strategic Income Fund | 3636319 |  | 3636319 | 3636319 |

---

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2026.

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

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

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Emerging Market Debt Fund had deferred qualified late-year ordinary losses of $2,546,675 which will be treated as arising on the first business day of the fiscal year ending September 30, 2025.

8. Market Timing:

The Trust strongly discourages attempts at market timing by Fund shareholders. Prior to June 11, 2021, each Fund charged a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase. In addition, the Trust may limit the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee was deducted from the redemption proceeds and retained by the Fund, not by the Advisor. This redemption fee was not charged in cases where, for example, the redemption resulted from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. The Trust also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Fund's prospectus contains a full description of the Trust's policies on market timing and/or excessive trading. The redemption fee is recorded as a credit to capital and is included in the capital transactions on the Statements of Changes in Net Assets.

#### 106

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NOTES TO FINANCIAL STATEMENTS

9. Commitments:

High Yield Bond Fund may invest in floating rate loan interests. In connection with these investments, High Yield Bond Fund may also enter into bridge loan commitments ("commitments"). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of March 31, 2026, High Yield Bond Fund had no outstanding commitments. In connection with these commitments, High Yield Bond Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

10. Line of Credit

The Funds (other than Credit Opportunities Fund) are participants in a single uncommitted, unsecured $80,000,000 line of credit with The Bank of New York Mellon, the Funds' custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of June 12, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since each Fund participates in the line of credit, there is no assurance that an individual fund will have access to all or any part of the $80,000,000 at any particular time. During the period ended March 31, 2026, none of the Funds borrowed under the line of credit.

11. Significant Risks

#### Shareholder concentration risk:
As of March 31, 2026, the following Funds had broker-dealer omnibus accounts which each owned more than 10% of a Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
|  Emerging Market Debt Fund | 1 | 18.5% |
|  High Yield Bond Fund | 2 | 41.3% |
|  Core Plus Bond Fund | 2 | 24.8% |

---

In addition, one unaffiliated shareholder owned 13.5% of the Emerging Market Debt Fund as of March 31, 2026. 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

#### 107

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NOTES TO FINANCIAL STATEMENTS

by a Fund will generally decline in value. Interest rate changes are influenced by a number of factors including government policy, inflation expectations, and supply and demand. Municipal securities may be issued on a when-issued or delayed delivery basis, where payment and delivery take place at a future date. A Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

#### Credit Spread Risk:
A Fund's investments may be adversely affected if any of the issuers it is invested in are subject to an actual or perceived (whether by market participants, rating agencies, pricing services or otherwise) deterioration to their credit quality. Any actual or perceived deterioration may lead to an increase in the credit spreads and a decline in price of the issuer's securities.

#### Currency Risk:
Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. Dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investment denominated in that currency. Currency markets generally are not as regulated as securities markets.

The Funds may be exposed to currency exchange risk where the assets and income are denominated in foreign currencies. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and relative merits of investment in different countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates can also be affected unpredictably by intervention (or failure to intervene) by governments or central banks, or by currency controls or political developments. Such events may prevent or restrict a Fund's ability to enter into foreign currency transactions, force a Fund to exit a foreign currency transaction at a disadvantageous time or price, or result in penalties for the Fund, any of which may result in a loss to the Fund.

12. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 108

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

#### Information Regarding the Approval of Investment Advisory
In March 2026, the RBC Funds Board of Trustees determined to approve an investment advisory agreement with the Advisor (the "Agreement") for the RBC BlueBay Credit Opportunities Fund (the "Fund").

As part of their review of the Agreement, the Trustees requested, received and considered information regarding the advisory services expected to be performed by the Advisor; the staffing and qualifications of the personnel expected to be responsible for operating and managing the Fund; and the proposed fee and anticipated expenses expected to be incurred by the Fund. In connection with their deliberations, the independent Trustees were advised by independent legal counsel with regard to the materials and their responsibilities under relevant laws and regulations.

The Trustees met with representatives from the Advisor's senior management team, as well as the senior investment professionals expected to be responsible for managing the Fund, to discuss the information as well as the Advisor's ongoing management of the Trust and how that would extend to the Fund. The Trustees reviewed the nature, quality, and extent of the services expected to be provided to the Fund by the Advisor. The Trustees considered the significant experience of the Advisor and the investment professionals with regard to credit and credit-related instruments but noted that the Advisor did not currently manage client accounts with the same investment objective and strategies as the Fund, such that there was no comparable performance data for the Trustees to consider.

In considering the nature and quality of services expected to be to be provided by the Advisor, the Trustees were informed with respect to the Advisor's research and analysis capabilities and the extensive portfolio management experience of the Advisor's staff as well as their respective operational and compliance structure and systems and financial strength. The Trustees reviewed the Fund's proposed investment advisory fees and reviewed comparative fee and expense information for similarly situated funds.

The Trustees reviewed projected profitability data for the Advisor and considered information regarding other benefits the Advisor and its affiliates expected to derive from their relationships with the Fund.

Based upon their review, the Trustees determined that the proposed advisory fee to be payable to the Advisor was fair and reasonable in light of the nature and quality of services expected to be provided under all the circumstances and were within the range of what might have been negotiated at arms' length. The Trustees concluded that it was in the interests of the Fund its future shareholders for the Trustees to approve the Agreement. In arriving at their collective decision to approve the Agreement, the Trustees did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of itself.

#### 109

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RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

**Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2026.

#### 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](g480820dsp178.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council<sup>®</sup> certified paper. This product is made of material from well-managed FSC<sup>®</sup>-certified forests, recycled materials, and other controlled sources. The Forest Stewardship Council<sup>®</sup> promotes environmentally appropriate, socially beneficial, and economically viable management of the world's forests.

RBCF-BB SAR 03-26

------

![LOGO](g480820g17m01.jpg)

Financial Statements and Other Important Information For the six months ended March 31, 2026 RBC SMID Cap Growth Fund

------

---

| | | |
|:---|:---|:---|
|  | RBC Funds | RBC Funds |
| **Table of** | [Schedule of Portfolio Investments](#fin3480820_1) | 1 |
| **Contents** | [Financial Statements](#fin3480820_2) |  |
|  | [- Statement of Assets and Liabilities](#fin3480820_3) | 4 |
|  | [- Statement of Operations](#fin3480820_4) | 6 |
|  | [- Statements of Changes in Net Assets](#fin3480820_5) | 7 |
|  | [Financial Highlights](#fin3480820_6) | 8 |
|  | [Notes to Financial Statements](#fin3480820_7) | 11 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund

#### March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |  |  |
|  **Communication Services — 1.6%** | **Communication Services — 1.6%** |  |  |
| 9537 | Nexstar Media Group, Inc. | $| 1724576 |
|  **Consumer Discretionary — 13.4%** | **Consumer Discretionary — 13.4%** |  |  |
| 7440 | Boot Barn Holdings, Inc.\* |  | 1088918 |
| 9180 | Burlington Stores, Inc.\* |  | 2986988 |
| 14320 | Cava Group, Inc.\* |  | 1158488 |
| 10520 | Dorman Products, Inc.\* |  | 1097867 |
| 5776 | Installed Building Products, Inc. |  | 1531506 |
| 6328 | LCI Industries |  | 778218 |
| 48390 | Life Time Group Holdings, Inc.\* |  | 1303627 |
| 25780 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 2372791 |
| 15940 | Planet Fitness, Inc., Class A\* |  | 1185617 |
| 8040 | Texas Roadhouse, Inc. |  | 1327726 |
|  |  |  | 14831746 |
|  **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** |  |  |
| 17200 | Chefs' Warehouse, Inc. (The)\* |  | 1022540 |
| 21781 | Performance Food Group Co.\* |  | 1865760 |
|  |  |  | 2888300 |
|  **Energy — 3.4%** | **Energy — 3.4%** | **Energy — 3.4%** | **Energy — 3.4%** |
| 55290 | TechnipFMC Plc |  | 3822198 |
|  **Financials — 9.0%** | **Financials — 9.0%** |  |  |
| 35060 | Baldwin Insurance Group, Inc. (The)\* |  | 769216 |
| 10146 | FirstCash Holdings, Inc. |  | 1907448 |
| 7472 | Jack Henry & Associates, Inc. |  | 1180875 |
| 2297 | Kinsale Capital Group, Inc. |  | 784793 |
| 14310 | Shift4 Payments, Inc., Class A\* |  | 625776 |
| 28560 | Stifel Financial Corp. |  | 2111155 |
| 8893 | WEX, Inc.\* |  | 1360985 |
| 8960 | Wintrust Financial Corp. |  | 1244903 |
|  |  |  | 9985151 |
|  **Health Care — 17.7%** | **Health Care — 17.7%** |  |  |
| 86360 | ADMA Biologics, Inc.\* |  | 778104 |
| 135890 | Alphatec Holdings, Inc.\* |  | 1478483 |
| 26480 | Bio-Techne Corp. |  | 1383845 |
| 6220 | Charles River Laboratories International, Inc.\* |  | 1072950 |
| 30977 | Haemonetics Corp.\* |  | 1745864 |
| 13644 | HealthEquity, Inc.\* |  | 1140229 |
| 18710 | Integer Holdings Corp.\* |  | 1646480 |
| 3350 | Medpace Holdings, Inc.\* |  | 1608636 |
| 29508 | Merit Medical Systems, Inc.\* |  | 2033986 |
| 28640 | RadNet, Inc.\* |  | 1600690 |
| 13610 | Repligen Corp.\* |  | 1603530 |

---

#### 1

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 70650 | Stevanato Group SpA | $971438 |
| 4630 | UFP Technologies, Inc.\* | 896368 |
| 48620 | Vericel Corp.\* | 1564105 |
|  |  | 19524708 |
|  **Industrials — 27.8%** | **Industrials — 27.8%** |  |
| 10890 | AAR Corp.\* | 1192019 |
| 9150 | AGCO Corp. | 1060210 |
| 6063 | Applied Industrial Technologies, Inc. | 1608635 |
| 4520 | CACI International, Inc., Class A\* | 2458292 |
| 18000 | CBIZ, Inc.\* | 483300 |
| 2970 | CSW Industrials, Inc. | 773923 |
| 5210 | Dycom Industries, Inc.\* | 1765252 |
| 8160 | EnPro Industries, Inc. | 2045304 |
| 10430 | Esab Corp. | 1008164 |
| 52805 | ExlService Holdings, Inc.\* | 1607912 |
| 33590 | GXO Logistics, Inc.\* | 1741642 |
| 13262 | ICF International, Inc. | 865876 |
| 12950 | JBT Marel Corp. | 1655917 |
| 5077 | Landstar System, Inc. | 813894 |
| 28474 | Mercury Systems, Inc.\* | 2076039 |
| 4050 | MYR Group, Inc.\* | 1143396 |
| 7180 | Paylocity Holding Corp.\* | 775727 |
| 5360 | RBC Bearings, Inc.\* | 2911123 |
| 56090 | Tetra Tech, Inc. | 1689431 |
| 8459 | Woodward, Inc. | 3027645 |
|  |  | 30703701 |
|  **Information Technology — 17.7%** | **Information Technology — 17.7%** |  |
| 61780 | Alkami Technology, Inc.\* | 968093 |
| 4880 | Appfolio, Inc., Class A\* | 770162 |
| 7393 | Badger Meter, Inc. | 1126324 |
| 66300 | Cellebrite DI Ltd.\* | 913614 |
| 47540 | Clearwater Analytics Holdings, Inc., Class A\* | 1124321 |
| 18740 | Descartes Systems Group, Inc. (The)\* | 1341034 |
| 29380 | Dynatrace, Inc.\* | 1086472 |
| 17328 | ePlus, Inc. | 1303932 |
| 4198 | Littelfuse, Inc. | 1424591 |
| 7023 | Manhattan Associates, Inc.\* | 934902 |
| 44690 | Mirion Technologies, Inc.\* | 830787 |
| 8556 | Novanta, Inc.\* | 1010549 |
| 14040 | Onto Innovation, Inc.\* | 2879183 |
| 4140 | OSI Systems, Inc.\* | 1099211 |
| 10340 | Silicon Laboratories, Inc.\* | 2152271 |
| 11152 | SPS Commerce, Inc.\* | 620832 |
|  |  | 19586278 |
|  **Materials — 3.0%** | **Materials — 3.0%** |  |
| 9105 | AptarGroup, Inc. | 1147412 |

---

#### 2

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC SMID Cap Growth Fund (cont.)

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 5578 | Balchem Corp. | $945360 |
| 8000 | Hawkins, Inc. | 1228800 |
|  |  | 3321572 |
|  **Real Estate — 1.2%** | **Real Estate — 1.2%** |  |
| 10444 | Lamar Advertising Co., REIT, Class A | 1322837 |
|  **Total Common Stocks** | **Total Common Stocks** | **107711067** |
|  (Cost $98,183,758) | (Cost $98,183,758) |  |
|  **Investment Company — 2.7%** | **Investment Company — 2.7%** |  |
| 2954892 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(a) | 2954892 |
|  **Total Investment Company** | **Total Investment Company** | **2954892** |
|  (Cost $2,954,892) | (Cost $2,954,892) |  |
|  **Total Investments** | **Total Investments** | $**110665959** |
|  (Cost $101,138,650)(b) — 100.1% | (Cost $101,138,650)(b) — 100.1% |  |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(159998)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**110505961** |

---

\* Non-income producing security.

(a) Affiliated investment.

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

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

#### See Notes to the Financial Statements.

#### 3

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

#### March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **RBC SMID Cap<br>Growth Fund** |
|  **Assets:** |  |
|  Investments in securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $98,183,758) | $107711067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,954,892) | 2954892 |
|  Interest and dividend receivable | 10972 |
|  Receivable from advisor | 20399 |
|  Receivable for capital shares issued | 33855 |
|  Prepaid expenses and other assets | 53290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 110784475 |
|  **Liabilities:** |  |
|  Professional fees payable | 7605 |
|  Distributions payable | 2505 |
|  Payable for capital shares redeemed | 32115 |
|  Accrued expenses and other payables: |  |
|  Investment advisory fees | 66079 |
|  Accounting fees | 15310 |
|  Audit fees | 23876 |
|  Trustees' fees | 1420 |
|  Distribution fees | 90325 |
|  Shareholder reports | 23513 |
|  Transfer agent fees | 11793 |
|  Other | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 278514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $110505961 |
|  **Net Assets Consists of:** |  |
|  Capital | $95083826 |
|  Accumulated earnings | 15422135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $110505961 |

---

#### 4

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (cont.)

#### March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **RBC SMID Cap<br>Growth Fund** |
|  **Net Assets** |  |
|  Class A | $15157948 |
|  Class I | 78415174 |
|  Class R6 | 16932839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $110505961 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |
|  Class A | 1413496 |
|  Class I | 5583411 |
|  Class R6 | 1196570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8193477 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |
|  Class A | $10.72 |
|  Class I | $14.04 |
|  Class R6 | $14.15 |
|  **Maximum Offering Price Per Share:** |  |
|  Class A | $11.37 |
|  Maximum Sales Charge - Class A | 5.75% |

---

#### See Notes to the Financial Statements.

#### 5

------

FINANCIAL STATEMENTS

Statement of Operations

#### For the Six Months Ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **RBC SMID Cap<br>Growth Fund** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - unaffiliated | $287769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income - affiliated | 33221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 320990 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 431082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 21510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 17807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 25927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 12004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class I | 72334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class R6 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 641585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor | (121026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 520559 |
|  **Net Investment Loss** | (199569) |
|  **Realized/Unrealized Gains/(Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investment transactions | 8199463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (10878965) |
|  Net realized/unrealized losses | (2679502) |
|  Change in net assets resulting from operations | $(2879071) |

---

#### See Notes to the Financial Statements.

#### 6

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC SMID Cap**<br>**Growth Fund** | **RBC SMID Cap**<br>**Growth Fund** |
|  | **For the<br>Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(199569) | $(474073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments and foreign currency | 8199463 | 8302812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (10878965) | (18392885) |
|  Change in net assets resulting from operations | (2879071) | (10564146) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1618549) | (386624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (6472167) | (1642883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1318312) | (206824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (9409028) | (2236331) |
|  **Capital Transactions: (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 7618408 | 28055569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 8162091 | 2038815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (21275467) | (59385918) |
|  Change in net assets resulting from capital transactions | (5494968) | (29291534) |
|  Net decrease in net assets | (17783067) | (42092011) |
|  **Net Assets:** |  |  |
|  Beginning of period | 128289028 | 170381039 |
|  End of period | $110505961 | $128289028 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 501310 | 1818173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 577898 | 132851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1434296) | (3997109) |
|  Change in shares resulting from capital transactions | (355088) | (2046085) |

---

#### See Notes to the Financial Statements.

#### 7

------

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

RBC SMID Cap Growth Fund

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Loss(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Redemption<br>Fees** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $12.17 | (0.03) | (0.27) |  | (0.30) |  | (1.15) | (1.15) | $10.72 |
|  Year Ended 9/30/25 | 13.13 | (0.07) | (0.68) |  | (0.75) |  | (0.21) | (0.21) | 12.17 |
|  Year Ended 9/30/24 | 11.21 | (0.05) | 2.28 |  | 2.23 |  | (0.31) | (0.31) | 13.13 |
|  Year Ended 9/30/23 | 10.77 | (0.04) | 1.52 |  | 1.48 |  | (1.04) | (1.04) | 11.21 |
|  Year Ended 9/30/22 | 16.98 | (0.07) | (1.90) |  | (1.97) |  | (4.24) | (4.24) | 10.77 |
|  Year Ended 9/30/21 | 12.60 | (0.09) | 4.93 | —(b) | 4.84 |  | (0.46) | (0.46) | 16.98 |
|  **Class I** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $15.58 | (0.02) | (0.37) |  | (0.39) |  | (1.15) | (1.15) | $14.04 |
|  Year Ended 9/30/25 | 16.71 | (0.04) | (0.88) |  | (0.92) |  | (0.21) | (0.21) | 15.58 |
|  Year Ended 9/30/24 | 14.14 | (0.03) | 2.91 |  | 2.88 |  | (0.31) | (0.31) | 16.71 |
|  Year Ended 9/30/23 | 13.31 | (0.02) | 1.89 |  | 1.87 |  | (1.04) | (1.04) | 14.14 |
|  Year Ended 9/30/22 | 19.98 | (0.04) | (2.39) |  | (2.43) |  | (4.24) | (4.24) | 13.31 |
|  Year Ended 9/30/21 | 14.73 | (0.05) | 5.76 | —(b) | 5.71 |  | (0.46) | (0.46) | 19.98 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $15.68 | (0.02) | (0.36) |  | (0.38) |  | (1.15) | (1.15) | $14.15 |
|  Year Ended 9/30/25 | 16.81 | (0.04) | (0.88) |  | (0.92) |  | (0.21) | (0.21) | 15.68 |
|  Year Ended 9/30/24 | 14.22 | (0.02) | 2.92 |  | 2.90 |  | (0.31) | (0.31) | 16.81 |
|  Year Ended 9/30/23 | 13.38 | (0.02) | 1.90 |  | 1.88 |  | (1.04) | (1.04) | 14.22 |
|  Year Ended 9/30/22 | 20.04 | (0.04) | (2.38) |  | (2.42) |  | (4.24) | (4.24) | 13.38 |
|  Year Ended 9/30/21 | 14.76 | (0.05) | 5.79 |  | 5.74 |  | (0.46) | (0.46) | 20.04 |

---

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

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

#### 8

------

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

RBC SMID Cap Growth Fund

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total**<br>**Return(a)(b)** | **Net Assets,**<br>**End of**<br>**Period (000's)** | **Ratio of**<br>**Net Expenses**<br>**to Average**<br>**Net Assets** | **Ratio of**<br>**Net Investment**<br>**Income (Loss)**<br>**to Average**<br>**Net Assets** | **Ratio of**<br>**Expenses to**<br>**Average Net**<br>**Assets\*** | **Portfolio**<br>**Turnover**<br>**Rate\*\*** |
|  **Class A** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | (3.03)%(c) | $15158 | 1.07 %(d) | (0.55)%(d) | 1.26 %(d) | 11% |
|  Year Ended 9/30/25 | (5.75)% | 17830 | 1.07% | (0.53)% | 1.23% | 23% |
|  Year Ended 9/30/24 | 20.21% | 24706 | 1.07% | (0.41)% | 1.28% | 16% |
|  Year Ended 9/30/23 | 14.23% | 13321 | 1.07% | (0.38)% | 1.25% | 19% |
|  Year Ended 9/30/22 | (16.50)% | 11259 | 1.07% | (0.52)% | 1.27% | 25% |
|  Year Ended 9/30/21 | 38.95% | 14318 | 1.07% | (0.54)% | 1.26% | 28 %(e) |
|  **Class I** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | (2.94)%(c) | $78415 | 0.82 %(d) | (0.30)%(d) | 1.03 %(d) | 11% |
|  Year Ended 9/30/25 | (5.53)% | 92729 | 0.82% | (0.28)% | 0.98% | 23% |
|  Year Ended 9/30/24 | 20.62% | 128958 | 0.82% | (0.16)% | 1.04% | 16% |
|  Year Ended 9/30/23 | 14.45% | 87116 | 0.82% | (0.13)% | 1.05% | 19% |
|  Year Ended 9/30/22 | (16.30)% | 66994 | 0.82% | (0.27)% | 1.04% | 25% |
|  Year Ended 9/30/21 | 39.23% | 81239 | 0.82% | (0.29)% | 0.99% | 28 %(e) |
|  **Class R6** |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | (2.85)%(c) | $16933 | 0.77 %(d) | (0.24)%(d) | 0.89 %(d) | 11% |
|  Year Ended 9/30/25 | (5.50)% | 17730 | 0.77% | (0.23)% | 0.86% | 23% |
|  Year Ended 9/30/24 | 20.65% | 16717 | 0.77% | (0.11)% | 0.93% | 16% |
|  Year Ended 9/30/23 | 14.54% | 9443 | 0.77% | (0.14)% | 0.98% | 19% |
|  Year Ended 9/30/22 | (16.24)% | 17 | 0.77% | (0.23)% | 18.45% | 25% |
|  Year Ended 9/30/21 | 39.36% | 21 | 0.77% | (0.25)% | 19.28% | 28 %(e) |

---

\* 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.

#### 9

------

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

RBC SMID Cap Growth Fund

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

(c) Not annualized.

(d) Annualized.

(e) Portfolio turnover rate excludes in-kind transactions.

#### See Notes to the Financial Statements.

#### 10

------

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

March 31, 2026 (Unaudited)

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 18 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This report includes the RBC SMID Cap Growth Fund ("Fund").

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

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

2. Significant Accounting Policies

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

#### Segment Reporting:
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standards impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and assess its potential future cash flows through improved segment disclosures.

The Advisor's Executive Committee and Fund Management collectively act as the chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

#### Security Valuation:
The Board has approved pricing and valuation procedures of the Advisor for determining the fair value of the Fund's investments. Fair value of a security is considered to be the price that a fund might reasonably expect to receive upon its current sale in an orderly transaction between market participants.

Equity securities are generally valued on the basis of prices furnished by third-party pricing services approved by the Board. Equity securities listed on one or more exchanges shall be valued at the last available quoted sale price on the primary trading exchange as of the regularly scheduled closing time of the exchange and are categorized as Level 1 in the fair value hierarchy. (See "Fair Value Measurements" below for additional information). An equity security not listed on an exchange but

#### 11

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

listed on NASDAQ shall be valued at the NASDAQ official closing price and is also categorized as Level 1. If there was no sale on the primary exchange on the day the net asset value is calculated or a NASDAQ official closing price is not available, the most recent bid quotation generally will be used and such securities will generally be categorized as Level 2. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

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

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Fund's securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Fund's Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Fund's pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

The Advisor has procedures to determine the fair value of a security when a price is not available from a pricing service or broker- dealer or the Advisor has determined that a price provided by a pricing service or broker-dealer does not approximate fair value. Fair valuation may also be used when a significant valuation event affecting the value of a security or market sector is determined to have occurred between the time when a security's market closes and the time the Fund's net asset value is calculated. The fair value of the security will be determined in good faith by the Advisor in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence the market in which the investments are traded. These securities are either categorized as Level 2 or 3 in the fair value hierarchy, depending on the relevant inputs used.

When the Fund utilizes fair valuation methods that use significant unobservable inputs to determine a security's value, such securities will be categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Fund's policy is intended to result in a calculation of a Fund's net asset value that fairly reflects security values as of the time of pricing, the Fund cannot guarantee that values determined by the Advisor or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if they were to dispose of it as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

The Advisor employs various methods for calibrating the valuation approach related to securities categorized within Level 2 and Level 3 of the fair value hierarchy. These methods may include regular due diligence of the Fund's pricing vendors, a regular review of key inputs and assumptions, transaction back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing and stale prices and large movements in market value, and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reported to the Valuation Committee and Board.

#### 12

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

#### Foreign Taxes:
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities as Current tax payable.

#### Fair Value Measurements:
The Fund discloses the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Inputs used in determining fair value of an investment may include, but are not limited to, price information, volatility statistics, credit and market data, and other factors, all of which may be either observable or unobservable. Inputs can vary among investments and will be impacted by the investment type and volume of activity for the particular security or similar securities in the market. Investments in the Level 2 category are generally supported by transactions and quoted prices from dealers participating in the market for those investments. Investments may be included in the Level 3 category due to a lack of market activity or transparency. Internal valuation models may also be used as a pricing source for Level 3 investments. Internal valuation models may rely on one or more unobservable inputs, such as estimated cash flows, financial statement analysis and discount rates.

The summary of inputs used to determine the fair value of the Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1<br>Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **<u>Assets:</u>**  |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  SMID Cap Growth Fund | $110665959 (a) | $— | $— | $110665959 |

---

(a) The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Portfolio Investments.

#### Affiliated Investments:
The Fund invests in another Fund of the Trust (an "Affiliated Fund"), RBC BlueBay U.S. Government Money Market Fund- Institutional Class 1, as a cash sweep vehicle. The income earned by the Fund from the Affiliated Fund for the period is disclosed in the Statement of Operations. The table below details the transactions of the Fund in the Affiliated Fund. As the affiliated investment is a money market fund in which shares are issued and redeemed at $1.00 per share, the number of shares

#### 13

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

purchased and sold equal the dollar amount shown as purchased and sold, and no gain or loss was realized on the sale of shares of the money market fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value<br>September 30, 2025** | **Purchases** | **Sales** | **Value<br>March 31, 2026** | **Dividends** |
|  **Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1** | **Investments in RBC BlueBay U.S. Government Money Market Fund—Institutional Class 1** |  |  |  |  |
|  SMID Cap Growth Fund | $1168249 | $19148194 | $(17361551) | $2954892 | $33221 |

---

#### Investment Transactions and Income:
Investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Realized gains and losses from investment transactions and the net change in unrealized appreciation/(depreciation) relating to movements in foreign currency exchange rates are reported as realized gains and losses on foreign currency transactions and net change in unrealized appreciation/(depreciation) on foreign currency, respectively, in the Statement of Operations.

#### Expense, Investment Income and Gain/Loss Allocation:
The Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon the Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within the Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within the Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

#### Indemnifications:
Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of their duties to the Fund. Additionally, in the normal course of business, the Fund enter into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

#### Real Estate Investment Trusts:
The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Distributions received from a REIT in excess of its income are recorded as a return of capital and a reduction to the cost basis of the REIT.

#### Distributions to Shareholders:
The Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends and capital gain distributions for the Fund are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g., net operating loss, redesignation of distributions, basis adjustments on investments in

#### 14

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

passive foreign investment companies (PFICs) and partnerships), they are reclassified within a Fund's capital accounts 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 the Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires the Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of the Fund as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Daily Net Assets of Fund** | **Annual Rate** |
|  SMID Cap Growth Fund | All Net Assets | 0.70% |

---

RBC GAM-US has contractually agreed to waive fees and/or make payments in order to keep total operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) of the Fund to the following levels pursuant to an expense limitation agreement.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A<br>Annual Rate** | **Class I<br>Annual Rate** | **Class R6<br>Annual Rate** |
|  SMID Cap Growth Fund | 1.07% | 0.82% | 0.77% |

---

This expense limitation agreement is in place until January 31, 2027, and may not be terminated by RBC GAM-US prior to that date. The agreement shall continue for additional one-year terms unless terminated or revised by the Board at any time or by RBC GAM-US at the expiration of any one-year period. The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous 12 months, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid. At March 31, 2026, the amount subject to possible recoupment under the expense limitation agreement was $214,955.

There was no recoupment of expense reimbursements/waivers during the year. Amounts from years prior to those shown are no longer subject to recoupment.

RBC GAM-US may also voluntarily waive and/or reimburse operating expenses of the Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice, and expenses waived under such program are not subject to recoupment.

RBC GAM-US voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to RBC GAM-US indirectly through its investment in an affiliated money market fund. For the six months ended March 31, 2026, the amount waived was $1,485 for the SMID Cap Growth Fund, and is included in expenses waived/reimbursed by Advisor in the Statement of Operations.

RBC GAM-US serves as co-administrator to the Fund. The Bank of New York Mellon ("BNY") serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Fund, maintenance of their records and the preparation of reports. Under the terms of the administrative services agreement, RBC GAM-US does not receive an administrative services fee. BNY receives a fee for its services payable by the Fund based in part on the Fund's average net assets. BNY's fee is included with "Accounting fees" in the Statement of Operations.

Certain officers and trustees of the Trust are affiliated with the Advisor or the Co-Administrator. Such Officers and Trustees receive no compensation from the Fund for serving in their respective roles.

The Trust currently pays each of the independent trustees (trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $110,000. 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

#### 15

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

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, 2026, the Fund's net assets, the shares of the Fund held by the Advisor, and the percent of total net assets represented by the Advisor's investments in the Fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Assets** | **Shares held<br>by Advisor** | **% of Fund<br>Net Assets** |
|  SMID Cap Growth Fund | $110505961 | 48003 | 0.6% |

---

4. Fund Distribution:

The Fund has adopted a Master Distribution (12b-1) Plan (the "Plan") with respect to Class A, in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits the Fund to make payments for, or to reimburse the Distributor for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I and Class R6. The following chart shows the current Plan fee rate for Class A.

---

| | |
|:---|:---|
|  | **Class A** |
|  12b-1 Plan Fee | 0.25%\* |

---

\* Under the 12b-1 plan, the maximum fee rate for Class A shares is 0.50%. Currently the Board has approved an annual limit of 0.25%.

Plan fees are based on average daily net assets of Class A. Up to 0.25% of each Plan fee may be designated as a service fee, as defined by the applicable rules of the Financial Industry Regulatory Authority. The Distributor, subject to applicable legal requirements, may waive the Plan fee voluntarily, in whole or in part. For the period ended March 31, 2026, there were no fees waived by the Distributor.

The Distributor did not receive any CDSC fees from Class A shares of the Fund during the period ended March 31, 2026.

For the period ended March 31, 2026, the Distributor received commissions of $366 from front-end sales charges of Class A shares of the Fund, of which $126 was paid to affiliated broker-dealers, and the remainder was either paid to unaffiliated broker-dealers or retained by the Distributor.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  SMID Cap Growth Fund | $13837236 | $31098594 |

---

Within the guidelines established by the Fund to always seek best execution when entering into portfolio transactions, the Fund participated in a "commission recapture" program until January 13, 2023, under which brokerage transactions were directed to Cowen and Company, LLC and its correspondent brokers. A portion of the commissions paid under this program were reimbursed to the Fund and recorded as net realized gains from investment transactions in the financial statements.

#### 16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Fund are summarized below:

---

| | | |
|:---|:---|:---|
|  | **SMID Cap Growth Fund** | **SMID Cap Growth Fund** |
|  | **For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited)** | **For the Year<br>Ended<br>September 30,<br>2025** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Proceeds from shares issued | $149827 | $956528 |
|  Distributions reinvested | 1588922 | 376194 |
|  Cost of shares redeemed | (2397274) | (6373729) |
|  Change in Class A | $(658525) | $(5041007) |
|  **Class I** |  |  |
|  Proceeds from shares issued | $5757894 | $22796860 |
|  Distributions reinvested | 6402557 | 1633316 |
|  Cost of shares redeemed | (18012022) | (50635329) |
|  Change in Class I | $(5851571) | $(26205153) |
|  **Class R6** |  |  |
|  Proceeds from shares issued | $1710687 | $4302181 |
|  Distributions reinvested | 170612 | 29305 |
|  Cost of shares redeemed | (866171) | (2376860) |
|  Change in Class R6 | $1015128 | $1954626 |
|  Change in net assets resulting from capital transactions | $(5494968) | $(29291534) |
|  **SHARE TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 12753 | 75521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 138891 | 29786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (203045) | (521493) |
|  Change in Class A | (51401) | (416186) |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 377544 | 1461595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 427693 | 101260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1174978) | (3328773) |
|  Change in Class I | (369741) | (1765918) |
|  **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 111013 | 281057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 11314 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (56273) | (146843) |
|  Change in Class R6 | 66054 | 136019 |
|  Change in shares resulting from capital transactions | (355088) | (2046085) |

---

#### 17

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

7. Federal Income Taxes:

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of the Fund.

Fund Management has analyzed the Fund's tax positions taken or expected to be taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of March 31, 2026, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost Of<br>Investments** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  SMID Cap Growth Fund | $101567785 | $20825929 | $(11727755) | $9098174 |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, Passive Foreign Investment Companies (PFICs) mark to market adjustment, and cumulative partnership basis adjustment.

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  | **Ordinary<br>Income** | **Net Long Term<br>Capital Gains** | **Total Taxable<br>Distributions** | **Total<br>Distributions<br>Paid** |
|  SMID Cap Growth Fund | $— | $2236331 | $2236331 | $2236331 |

---

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2026.

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The SMID Cap Growth Fund had deferred qualified late-year ordinary losses of $324,208 which will be treated as arising on the first business day of the fiscal year ending September 30, 2026.

8. Market Timing:

The Trust strongly discourages attempts at market timing by Fund shareholders. Prior to June 11, 2021, the Fund charged a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase. In addition, the Trust may limit the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee was deducted from the redemption proceeds and retained by the Fund, not by the Advisor. This redemption fee was not charged in cases where, for example, the redemption resulted from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. The Trust also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Fund's prospectus contains a full description of the Trust's policies on market timing and/or excessive trading. The redemption fee is recorded as a credit to capital and is included in the capital transactions on the Statements of Changes in Net Assets.

9. Soft Dollars:

Soft dollar arrangements and commission sharing arrangements (CSAs) are arrangements under which RBC GAM-US directs client brokerage transactions to a broker-dealer and obtains other products and services, such as research, in addition to trade execution. Federal securities laws permit a fund advisor

#### 18

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

to incur commission charges on behalf of a fund that are higher than another broker-dealer would have charged if the advisor believes the charges are reasonable in relation to the brokerage and research services received. RBC GAM-US has a fiduciary duty to the shareholders of the Fund to seek the best execution for all of the Fund's securities transactions. Fund Management believes that using soft dollars to purchase brokerage and research services may, in certain cases, be in a Fund's best interest. During the period ended March 31, 2026, the Fund used soft dollar and commission sharing arrangements. Fund Management continues to closely monitor its current use of soft dollars, in addition to regulatory developments in this area for any possible impact on Fund policies.

10. Line of Credit

The Fund is a participant in an uncommitted, secured $500,000,000 line of credit with U.S. Bank, N.A. (the "Bank"), the Fund's custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of July 25, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since multiple funds within the Trust participate in this line of credit, there is no assurance that an individual fund will have access to all or any part of the $500,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at March 31, 2026.There were no borrowings made by the Fund under the line of credit during the period ended March 31, 2026.

11. Significant Risks

#### Shareholder concentration risk:
As of March 31, 2026, the Fund had broker-dealer omnibus accounts which each owned more than 10% of the Fund's outstanding shares as shown below:

---

| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
|  SMID Cap Growth Fund | 2 | 75.9% |

---

Significant transactions by these shareholders may impact the Fund's performance.

#### Market risk
One or more markets in which a Fund invests may go down in value, sometimes sharply and unpredictably, and the value of a Fund's portfolio securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease, epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. In addition, tariffs, trade restrictions, economic sanctions, export controls, or retaliatory measures, or the threat or potential of one or more such events and developments may be an ongoing source of instability, potentially resulting in significant currency fluctuations, or have other adverse effects on international markets, international trade agreements, or other existing cross-border cooperation arrangements. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations.

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,

#### 19

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

to determine the overall value of its net assets, and to sell holdings as needed to meet shareholder redemptions. As of March 31, 2026, none of the Fund's investments were in violation of such sanctions.

#### Industry and sector focus risk
At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its shares' values may fluctuate in response to events affecting that industry or sector.

12. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Fund and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

#### 20

------

RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

**Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2026.

#### 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](g480820dsp202.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council<sup>®</sup> certified paper. This product is made of material from well-managed FSC<sup>®</sup>-certified forests, recycled materials, and other controlled sources. The Forest Stewardship Council<sup>®</sup> promotes environmentally appropriate, socially beneficial, and economically viable management of the world's forests.

RBCF-EQ SAR 03-26

------

![LOGO](g480820g20m03.jpg)

RBC Global Asset Management Financial Statements and Other Important Information For the six months ended March 31, 2026 RBC Bluebay U.S. Government Money Market Fund

------

---

| | | |
|:---|:---|:---|
|  |  |  |
|  | <br> RBC Funds |  |
| Table of | [Schedule of Portfolio Investments](#fin4480820_1) | 1 |
| Contents | [Financial Statements](#fin4480820_7) |  |
|  | [- Statement of Assets and Liabilities](#fin4480820_2) | 12 |
|  | [- Statement of Operations](#fin4480820_3) | 14 |
|  | [- Statements of Changes in Net Assets](#fin4480820_4) | 15 |
|  | [Financial Highlights](#fin4480820_5) | 16 |
|  | [Notes to Financial Statements](#fin4480820_6) | 19 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund

#### March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| **U.S. Government Agency Obligations — 26.0%** | **U.S. Government Agency Obligations — 26.0%** |  |
| **Federal Home Loan Bank Discount Notes — 0.5%** | **Federal Home Loan Bank Discount Notes — 0.5%** |  |
| $100000000 | 3.68%, 7/17/26(a),(b) | $98938917 |
| **Fannie Mae — 1.9%** | **Fannie Mae — 1.9%** |  |
| 40000000 | (SOFR RATE + 0.080%), 3.71%, 1/7/28(c) | 40000000 |
| 32000000 | (SOFR RATE + 0.090%), 3.72%, 2/2/28(c) | 32000000 |
| 36000000 | (SOFR RATE + 0.085%), 3.72%, 3/6/28(c) | 36000000 |
| 48000000 | (SOFR RATE + 0.120%), 3.75%, 7/29/26(c) | 48000000 |
| 124000000 | (SOFR RATE + 0.135%), 3.77%, 8/21/26(c) | 124000000 |
| 68000000 | (SOFR RATE + 0.140%), 3.77%, 9/11/26(c) | 68000000 |
| 33000000 | (SOFR RATE + 0.140%), 3.77%, 12/11/26(c) | 33000000 |
|  |  | 381000000 |
| **Fannie Mae Discount Notes — 1.0%** | **Fannie Mae Discount Notes — 1.0%** |  |
| 100000000 | 3.56%, 5/1/26(a) | 99706250 |
| 100000000 | 3.57%, 6/5/26(a) | 99365347 |
|  |  | 199071597 |
| **Federal Farm Credit — 5.3%** | **Federal Farm Credit — 5.3%** |  |
| 40000000 | 3.63%, 10/7/26 | 39998786 |
| 20000000 | (SOFR RATE + 0.075%), 3.71%, 11/5/27(c) | 20000000 |
| 40000000 | (SOFR RATE + 0.085%), 3.72%, 1/21/28(c) | 40000000 |
| 10000000 | (SOFR RATE + 0.090%), 3.72%, 2/2/28(c) | 10000000 |
| 10000000 | (SOFR RATE + 0.090%), 3.72%, 2/9/28(c) | 10000000 |
| 20000000 | (SOFR RATE + 0.090%), 3.72%, 2/11/28(c) | 20000000 |
| 5000000 | (SOFR RATE + 0.090%), 3.72%, 2/17/28(c) | 5000000 |
| 50000000 | (SOFR RATE + 0.085%), 3.72%, 2/23/28(c) | 50000000 |
| 25000000 | (SOFR RATE + 0.100%), 3.73%, 6/29/27(c) | 25000000 |
| 35000000 | (SOFR RATE + 0.110%), 3.74%, 8/5/27(c) | 35000000 |
| 50000000 | (SOFR RATE + 0.120%), 3.75%, 8/4/27(c) | 50000000 |
| 40000000 | (SOFR RATE + 0.120%), 3.75%, 8/11/27(c) | 40000000 |
| 100000000 | (SOFR RATE + 0.125%), 3.76%, 4/16/27(c) | 100000000 |
| 75000000 | (SOFR RATE + 0.130%), 3.76%, 4/23/27(c) | 75000000 |
| 90000000 | (SOFR RATE + 0.130%), 3.76%, 10/15/27(c) | 90000000 |
| 100000000 | (SOFR RATE + 0.125%), 3.76%, 11/3/27(c) | 100000000 |
| 100000000 | (SOFR RATE + 0.135%), 3.77%, 8/19/26(c) | 100000000 |
| 37000000 | (SOFR RATE + 0.140%), 3.77%, 9/3/26(c) | 37000000 |
| 30000000 | (SOFR RATE + 0.140%), 3.77%, 9/4/26(c) | 30000000 |
| 10000000 | (SOFR RATE + 0.140%), 3.77%, 9/9/26(c) | 10000000 |
| 40000000 | (SOFR RATE + 0.140%), 3.77%, 9/25/26(c) | 40000000 |
| 60000000 | (SOFR RATE + 0.140%), 3.77%, 12/30/26(c) | 60000000 |
| 50000000 | (SOFR RATE + 0.240%), 3.87%, 7/19/27(c) | 50079155 |
| 10000000 | (SOFR RATE + 0.270%), 3.90%, 11/24/26(c) | 10007403 |
|  |  | 1047085344 |
| **Federal Home Loan Banks — 12.5%** | **Federal Home Loan Banks — 12.5%** |  |
| 24985000 | 1.88%, 9/11/26 | 24794743 |

---

**1**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $| 100000000 | 3.57%, 6/8/26(a) | $99336056 |
|  | 200000000 | 3.58%, 4/10/26(a) | 199822750 |
|  | 100000000 | 3.59%, 9/4/26(a) | 98476833 |
|  | 100000000 | 3.60%, 7/10/26(a) | 99016667 |
|  | 135150000 | 3.61%, 8/5/26(a) | 133473126 |
|  | 117250000 | 3.61%, 8/26/26(a) | 115555151 |
|  | 58945000 | 3.63%, 9/4/26 | 58937032 |
|  | 115000000 | 3.64%, 5/6/26(a) | 114596382 |
|  | 140000000 | 3.64%, 5/27/26(a) | 139215564 |
|  | 100000000 | 3.65%, 5/22/26(a) | 99487592 |
|  | 115000000 | 3.65%, 6/3/26(a) | 114274896 |
|  | 100000000 | 3.67%, 4/8/26(a) | 99929417 |
|  | 55000000 | 3.67%, 6/24/26(a) | 54532867 |
|  | 45909000 | 3.67%, 7/15/26(a) | 45422939 |
|  | 50000000 | 3.67%, 7/22/26(a) | 49435333 |
|  | 100000000 | 3.68%, 7/24/26(a) | 98847333 |
|  | 65000000 | 3.69%, 9/11/26(a) | 63933142 |
|  | 20000000 | (SOFR RATE + 0.080%), 3.71%, 1/7/28(c) | 20000000 |
|  | 50000000 | (SOFR RATE + 0.080%), 3.71%, 1/20/28(c) | 50000000 |
|  | 50000000 | (SOFR RATE + 0.090%), 3.72%, 2/9/28(c) | 50000000 |
|  | 50000000 | (SOFR RATE + 0.100%), 3.73%, 10/23/26(c) | 50000000 |
|  | 100000000 | (SOFR RATE + 0.100%), 3.73%, 6/30/27(c) | 100000000 |
|  | 100000000 | (SOFR RATE + 0.110%), 3.74%, 7/15/27(c) | 100000000 |
|  | 100000000 | (SOFR RATE + 0.125%), 3.76%, 10/22/27(c) | 100000000 |
|  | 200000000 | (SOFR RATE + 0.145%), 3.78%, 9/25/26(c) | 200000000 |
|  | 150000000 | 3.82%, 4/9/26 | 149999949 |
|  |  |  | 2529087772 |
| **Federal Home Loan Mortgage Corp. — 0.5%** | **Federal Home Loan Mortgage Corp. — 0.5%** | **Federal Home Loan Mortgage Corp. — 0.5%** |  |
|  | 100000000 | (SOFR RATE + 0.140%), 3.77%, 10/14/27(c) | 100000000 |
| **Freddie Mac — 2.0%** | **Freddie Mac — 2.0%** | **Freddie Mac — 2.0%** |  |
|  | 50000000 | (SOFR RATE + 0.095%), MTN, 3.73%, 6/16/27(c) | 49993360 |
|  | 100000000 | (SOFR RATE + 0.120%), MTN, 3.75%, 8/11/27(c) | 100000000 |
|  | 100000000 | (SOFR RATE + 0.125%), MTN, 3.76%, 8/25/27(c) | 100000000 |
|  | 100000000 | (SOFR RATE + 0.130%), 3.76%, 9/2/27(c) | 100000000 |
|  | 63000000 | (SOFR RATE + 0.140%), 3.77%, 9/4/26(c) | 63000000 |
|  |  |  | 412993360 |
| **Freddie Mac Discount Notes — 0.5%** | **Freddie Mac Discount Notes — 0.5%** | **Freddie Mac Discount Notes — 0.5%** |  |
|  | 100000000 | 3.60%, 7/2/26(a) | 99092778 |
| **U.S. International Development Finance Corp. — 1.8%** | **U.S. International Development Finance Corp. — 1.8%** | **U.S. International Development Finance Corp. — 1.8%** |  |
|  | 4472000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.66%, 5/15/30(c) | 4472000 |
|  | 5064103 | (US Treasury Bill Yield 3-Month + 0.000%), 3.66%, 10/15/32(c) | 5064103 |
|  | 2948718 | (US Treasury Bill Yield 3-Month + 0.000%), 3.66%, 11/15/33(c) | 2948718 |
|  | 6346154 | (US Treasury Bill Yield 3-Month + 0.000%), 3.66%, 6/15/34(c) | 6346154 |
|  | 10885000 | 3.77%, 10/23/26(a) | 11064886 |

---

 **2**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $3646439 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | $3646439 |
| 2166667 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 2166667 |
| 1875001 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 1875001 |
| 1350000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 1350000 |
| 1158333 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 1158333 |
| 1100000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 1100000 |
| 833334 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/20/27(c) | 833334 |
| 4232143 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 9/20/27(c) | 4232143 |
| 2727273 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/15/28(c) | 2727273 |
| 1819091 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/15/28(c) | 1819091 |
| 38079167 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 9/20/32(c) | 38079167 |
| 7586576 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/15/34(c) | 7586576 |
| 5086475 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 6/15/34(c) | 5086475 |
| 21639436 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 21639436 |
| 20712032 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 20712032 |
| 11592555 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 11592555 |
| 11399346 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 11399346 |
| 8110924 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 8110924 |
| 5274427 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(c) | 5274427 |
| 3477767 | (US Treasury Bill Yield 3-Month + 0.000%), 3.82%, 7/7/40(a),(c) | 3477767 |
| 9388679 | (US Treasury Bill Yield 3-Month + 0.000%), 3.83%, 1/15/30(c) | 9388679 |
| 1320000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 9/15/26(c) | 1320000 |
| 1026923 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 12/15/26(c) | 1026923 |
| 9195742 | 3.84%, 1/17/27(a) | 9265360 |
| 4650000 | 3.84%, 1/17/27(a) | 4685204 |
| 5833333 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 1/20/27(c) | 5833333 |
| 17629615 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 6/20/28(c) | 17629615 |
| 4125000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 11/15/28(c) | 4125000 |
| 6930000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 8/15/29(c) | 6930000 |
| 3500000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 8/15/29(c) | 3500000 |
| 25200000 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 3/15/30(c) | 25200000 |
| 6861111 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 10/15/30(c) | 6861111 |
| 2365746 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 12/15/33(c) | 2365746 |
| 12604875 | (US Treasury Bill Yield 3-Month + 0.000%), 3.84%, 11/20/37(c) | 12604875 |
| 833334 | (US Treasury Bill Yield 3-Month + 0.000%), 3.85%, 9/15/26(c) | 833334 |
| 15469000 | 3.89%, 1/24/27(a) | 15577581 |
| 33490000 | MTN, 4.09%, 8/16/27(a) | 34338199 |
| 5900000 | MTN, 4.18%, 4/23/26(a) | 6131571 |
| 9500000 | MTN, 4.20%, 7/1/26(a) | 9799759 |
| 19750000 | MTN, 4.23%, 7/24/26(a) | 20325027 |
| 12360000 | MTN, 4.25%, 7/17/26(a) | 12731684 |

---

**3**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $| 15000000 | &nbsp;&nbsp; MTN, 4.26%, 7/17/26(a) | $15452154 |
|  | 10000000 | &nbsp;&nbsp; MTN, 4.33%, 6/21/26(a) | 10334143 |
|  |  |  | 420022145 |
| **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **5287291913** |
| (Cost $5,287,291,913) | (Cost $5,287,291,913) | (Cost $5,287,291,913) |  |
| **U.S. Treasury Obligations — 25.0%** | **U.S. Treasury Obligations — 25.0%** | **U.S. Treasury Obligations — 25.0%** |  |
| **U.S. Treasury Bills — 10.3%** | **U.S. Treasury Bills — 10.3%** | **U.S. Treasury Bills — 10.3%** |  |
|  | 135000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.63%, 6/2/26(b) | 134165093 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.63%, 6/11/26(b) | 124113486 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.63%, 6/16/26(b) | 124053958 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.63%, 7/7/26(b) | 123790868 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.64%, 4/21/26(b) | 124748611 |
|  | 200000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.64%, 5/12/26(b) | 199175217 |
|  | 135000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.64%, 6/9/26(b) | 134070570 |
|  | 200000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.65%, 4/7/26(b) | 199878917 |
|  | 200000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.65%, 4/28/26(b) | 199455875 |
|  | 200000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.65%, 5/5/26(b) | 199313672 |
|  | 260000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.67%, 4/23/26(b) | 259422728 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 3.68%, 7/28/26(b) | 123511684 |
|  | 125000000 | &nbsp;&nbsp; U.S. Treasury Bill- When Issued, 4.00%, 4/16/26(b) | 124799557 |
|  |  |  | 2070500236 |
| **U.S. Treasury Floating Rate Notes — 1.7%** | **U.S. Treasury Floating Rate Notes — 1.7%** | **U.S. Treasury Floating Rate Notes — 1.7%** |  |
|  | 50000000 | &nbsp;&nbsp; (3 mo. U.S. Treasury Money Market Yield + 0.099%), 3.75%, 1/31/28(c) | 49995417 |
|  | 300000000 | &nbsp;&nbsp; (3 mo. U.S. Treasury Money Market Yield + 0.159%), 3.81%, 7/31/27(c) | 299876216 |
|  |  |  | 349871633 |
| **U.S. Treasury Notes — 13.0%** | **U.S. Treasury Notes — 13.0%** | **U.S. Treasury Notes — 13.0%** |  |
|  | 100000000 | &nbsp;&nbsp; 0.75%, 4/30/26 | 99729077 |
|  | 50000000 | &nbsp;&nbsp; 0.88%, 6/30/26 | 49598938 |
|  | 50000000 | &nbsp;&nbsp; 1.13%, 2/28/27 | 48947049 |
|  | 100000000 | &nbsp;&nbsp; 1.25%, 11/30/26 | 98450971 |
|  | 100000000 | &nbsp;&nbsp; 1.50%, 1/31/27 | 98335223 |
|  | 60000000 | &nbsp;&nbsp; 1.63%, 5/15/26 | 59815292 |
|  | 50000000 | &nbsp;&nbsp; 1.88%, 7/31/26 | 49658376 |
|  | 50000000 | &nbsp;&nbsp; 2.50%, 3/31/27 | 49476024 |
|  | 125000000 | &nbsp;&nbsp; 3.63%, 5/15/26 | 124939906 |
|  | 100000000 | &nbsp;&nbsp; 3.75%, 4/15/26 | 99988890 |
|  | 200000000 | &nbsp;&nbsp; 3.75%, 8/31/26 | 199935084 |
|  | 75000000 | &nbsp;&nbsp; 3.88%, 3/31/27 | 75215594 |
|  | 100000000 | &nbsp;&nbsp; 4.13%, 6/15/26 | 99995419 |
|  | 100000000 | &nbsp;&nbsp; 4.13%, 10/31/26 | 100258397 |
|  | 100000000 | &nbsp;&nbsp; 4.13%, 1/31/27 | 100461912 |
|  | 50000000 | &nbsp;&nbsp; 4.13%, 2/15/27 | 50251746 |

---

 **4**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $| 200000000 | &nbsp;&nbsp; 4.13%, 2/28/27 | $201004323 |
|  | 100000000 | &nbsp;&nbsp; 4.25%, 11/30/26 | 100401404 |
|  | 100000000 | &nbsp;&nbsp; 4.25%, 12/31/26 | 100444235 |
|  | 100000000 | &nbsp;&nbsp; 4.25%, 3/15/27 | 100682093 |
|  | 100000000 | &nbsp;&nbsp; 4.38%, 7/31/26 | 100128464 |
|  | 50000000 | &nbsp;&nbsp; 4.38%, 8/15/26 | 50050424 |
|  | 100000000 | &nbsp;&nbsp; 4.50%, 4/15/27 | 100774766 |
|  | 100000000 | &nbsp;&nbsp; 4.63%, 6/30/26 | 100111432 |
|  | 100000000 | &nbsp;&nbsp; 4.63%, 9/15/26 | 100320918 |
|  | 100000000 | &nbsp;&nbsp; 4.63%, 10/15/26 | 100516737 |
|  | 100000000 | &nbsp;&nbsp; 4.88%, 4/30/26 | 100066704 |
|  | 100000000 | &nbsp;&nbsp; 4.88%, 5/31/26 | 100136936 |
|  |  |  | 2659696334 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | **5080068203** |
| (Cost $5,080,068,203) | (Cost $5,080,068,203) | (Cost $5,080,068,203) |  |
| **Repurchase Agreements — 48.2%** | **Repurchase Agreements — 48.2%** | **Repurchase Agreements — 48.2%** |  |
|  | 550000000 | &nbsp;&nbsp; Bank of America, National Association, dated 3/31/26; due 4/1/26 at 3.65% with maturity value of $550,055,764 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 7/15/26 to 1/15/34 at rates ranging from 0.13% to 1.75%, aggregate original par and fair value of $424,632,000 and $561,000,030, respectively) | 550000000 |
|  | 550000000 | &nbsp;&nbsp; Bank of America, National Association, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $550,055,917 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 6/1/26 to 3/1/56 at rates ranging from 1.50% to 7.50%, aggregate original par and fair value of $1,096,711,120 and $561,000,001, respectively) | 550000000 |
|  | 100000000 | &nbsp;&nbsp; Bank of America, National Association, dated 3/31/26; due 4/1/26 at 3.60% with maturity value of $100,010,000 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 1/31/28 to 8/15/43 at rates ranging from 0.00% to 4.63%, aggregate original par and fair value of $102,241,800 and $102,000,003, respectively) | 100000000 |
|  |  | &nbsp;&nbsp; **Total Value of Bank of America, National Association,<br>(collateral value of $1,224,000,034)** | 1200000000 |
|  | 175000000 | &nbsp;&nbsp; Bank of Montreal, dated 3/31/26; due 4/1/26 at 3.64% with maturity value of $175,017,694 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 9/15/27 to 9/30/30 at rates ranging from 3.38% to 3.63%, aggregate original par and fair value of $180,066,200 and $178,500,034, respectively) | 175000000 |
|  |  | &nbsp;&nbsp; **Total Value of Bank of Montreal,<br>(collateral value of $178,500,034)** | 175000000 |

---

**5**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $50000000 | &nbsp;&nbsp; Barclays Bank Plc, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $50,005,083 (fully collateralized by U.S. Treasury security with maturity date of 7/31/29 at a rate 4.00%, original par and fair value of $50,497,100 and $51,000,018, respectively) | $50000000 |
|  | &nbsp;&nbsp; **Total Value of Barclays Bank Plc,<br>(collateral value of $51,000,018)** | 50000000 |
| 400000000 | &nbsp;&nbsp; BNP Paribas Securities Corp., dated 3/31/26; due 4/1/26 at 3.65% with maturity value of $400,040,556 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 7/31/26 to 2/15/55 at rates ranging from 0.00% to 4.63%, aggregate original par and fair value of $493,172,698 and $408,000,016, respectively) | 400000000 |
| 250000000 | &nbsp;&nbsp; BNP Paribas Securities Corp., dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $250,025,417 (fully collateralized by Fannie Mae, Federal Farm Credit Bank, Freddie Mac and U.S. Treasury securities with maturity dates ranging from 6/30/26 to 3/1/56 at rates ranging from 0.00% to 7.50%, aggregate original par and fair value of $433,997,714 and $255,000,091, respectively) | 250000000 |
| 200000000 | &nbsp;&nbsp; BNP Paribas Securities Corp., dated 3/31/26; due 4/2/26 at 3.62% with maturity value of $200,120,667 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 6/2/26 to 11/15/53 at rates ranging from 0.00% to 6.63%, aggregate original par and fair value of $229,308,331 and $204,000,044, respectively) | 200000000 |
|  | &nbsp;&nbsp; **Total Value of BNP Paribas Securities Corp.,<br>(collateral value of $867,000,151)** | 850000000 |
| 350000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $350,035,583 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 1/31/31 to 3/31/31 at rates ranging from 1.13% to 5.38%, aggregate original par and fair value of $358,546,000 and $357,000,037, respectively) | 350000000 |
| 350000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $350,035,583 (fully collateralized by Fannie Mae, Freddie Mac, Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 4/15/26 to 1/20/76 at rates ranging from 0.00% to 9.95%, aggregate original par and fair value of $1,776,899,798 and $357,000,005, respectively) | 350000000 |
| 200000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/2/26 at 3.64% with maturity value of $200,121,333 (fully collateralized by Fannie Mae, Federal Farm Credit Bank, Federal Home Loan Bank, Freddie Mac and U.S. Treasury securities with maturity dates ranging from 5/8/26 to 2/15/56 at rates ranging from 0.00% to 4.75%, aggregate original par and fair value of $210,877,427 and $204,000,083, respectively) | 200000000 |

---

 **6**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/1/26 at 3.67% with maturity value of $100,010,194 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/31/26 to 2/28/33 at rates ranging from 3.75% to 4.88%, aggregate original par and fair value of $103,282,400 and $102,000,041, respectively) | $100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/6/26 at 3.68% with maturity value of $100,930,222 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/31/26 to 7/15/26 at rates ranging from 0.13% to 4.88%, aggregate original par and fair value of $74,634,400 and $102,000,057, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 4/23/26 at 3.70% with maturity value of $100,935,278 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/31/26 to 7/15/26 at rates ranging from 0.13% to 4.88%, aggregate original par and fair value of $74,634,400 and $102,000,057, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 6/3/26 at 3.70% with maturity value of $101,233,333 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 12/31/27 to 2/28/33 at rates ranging from 3.75% to 3.88%, aggregate original par and fair value of $101,866,200 and $102,000,089, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 5/22/26 at 3.71% with maturity value of $101,195,444 (fully collateralized by Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 11/15/28 to 8/20/42 at rates ranging from 2.00% to 6.00%, aggregate original par and fair value of $1,755,069,372 and $102,000,070, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Citigroup Global Markets, Inc., dated 3/31/26; due 6/18/26 at 3.72% with maturity value of $100,961,000 (fully collateralized by Fannie Mae, Federal Farm Credit Bank, Federal Home Loan Bank, Freddie Mac, Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 4/22/26 to 5/15/53 at rates ranging from 0.00% to 8.38%, aggregate original par and fair value of $2,106,207,321 and $102,000,000, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Citigroup Global Markets, Inc.,<br>(collateral value of $1,530,000,439)** | 1500000000 |
| 500000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $500,050,833 (fully collateralized by Fannie Mae, Freddie Mac, Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 10/31/27 to 4/1/56 at rates ranging from 1.50% to 7.50%, aggregate original par and fair value of $773,048,725 and $510,000,000, respectively) | 500000000 |

---

**7**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $200000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 3/31/26; due 4/1/26 at 3.62% with maturity value of $200,020,111 (fully collateralized by Fannie Mae, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 4/1/36 to 3/20/66 at rates ranging from 2.00% to 7.00%, aggregate original par and fair value of $431,848,650 and $204,000,000, respectively) | $200000000 |
| 150000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $150,015,250 (fully collateralized by Fannie Mae, Federal Farm Credit Bank, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 4/1/29 to 11/20/65 at rates ranging from 2.00% to 7.50%, aggregate original par and fair value of $160,687,966 and $153,000,002, respectively) | 150000000 |
| 120000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 3/31/26; due 4/1/26 at 3.65% with maturity value of $120,012,167 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 5/1/44 to 3/1/56 at rates ranging from 1.50% to 7.00%, aggregate original par and fair value of $187,352,659 and $122,400,000, respectively) | 120000000 |
| 67000000 | &nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $67,006,812 (fully collateralized by Fannie Mae, Freddie Mac, Ginnie Mae and U.S. Treasury securities with maturity dates ranging from 1/15/27 to 4/20/65 at rates ranging from 0.38% to 7.00%, aggregate original par and fair value of $85,789,438 and $68,340,000, respectively) | 67000000 |
|  | &nbsp;&nbsp; **Total Value of Credit Agricole Corporate and Investment Bank,<br>(collateral value of $1,057,740,002)** | 1037000000 |
| 625000000 | &nbsp;&nbsp; Deutsche Bank Securities, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $625,063,542 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 2/29/28 to 8/15/31 at rates ranging from 1.25% to 4.25%, aggregate original par and fair value of $670,214,400 and $637,500,033, respectively) | 625000000 |
| 220000000 | &nbsp;&nbsp; Deutsche Bank Securities, dated 3/31/26; due 4/1/26 at 3.67% with maturity value of $220,022,428 (fully collateralized by Fannie Mae, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 2/20/50 to 9/1/62 at rates ranging from 2.00% to 6.50%, aggregate original par and fair value of $279,240,174 and $224,400,001, respectively) | 220000000 |
| 200000000 | &nbsp;&nbsp; Deutsche Bank Securities, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $200,020,333 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 11/15/41 to 8/15/55 at rates ranging from 1.63% to 4.75%, aggregate original par and fair value of $274,682,900 and $204,000,053, respectively) | 200000000 |
|  | &nbsp;&nbsp; **Total Value of Deutsche Bank Securities,<br>(collateral value of $1,065,900,087)** | 1045000000 |

---

 **8**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $300000000 | &nbsp;&nbsp; Fixed Income Clearing Corporation, dated 3/31/26; due 4/1/26 at 3.60% with maturity value of $300,030,000 (fully collateralized by U.S. Treasury security with maturity date of 6/30/27 at a rate 0.50%, original par and fair value of $318,519,100 and 306,000,191, respectively) | $300000000 |
| 150000000 | &nbsp;&nbsp; Fixed Income Clearing Corporation, dated 3/31/26; due 4/1/26 at 3.66% with maturity value of $150,030,500 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 1/31/32 to 2/15/32 at rates ranging from 1.88% to 4.38%, original par and fair value of $156,104,000 and 153,000,137, respectively) | 150000000 |
|  | &nbsp;&nbsp; **Total Value of Fixed Income Clearing Corporation,<br>(collateral value of $459,000,328)** | 450000000 |
| 300000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 3/31/26; due 4/1/26 at 3.64% with maturity value of $300,030,333 (fully collateralized by Fannie Mae, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 5/15/29 to 12/20/64 at rates ranging from 3.00% to 7.00%, aggregate original par and fair value of $569,280,377 and $306,000,000, respectively) | 300000000 |
| 225000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 3/31/26; due 4/1/26 at 3.00% with maturity value of $225,018,750 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 2/15/36 to 2/15/42 at rates ranging from 0.00% to 3.13%, aggregate original par and fair value of $281,020,597 and $229,500,046, respectively) | 225000000 |
| 225000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 3/31/26; due 4/1/26 at 3.50% with maturity value of $225,021,875 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 7/31/28 to 5/15/50 at rates ranging from 0.63% to 1.25%, aggregate original par and fair value of $288,428,900 and $229,500,057, respectively) | 225000000 |
| 200000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 3/31/26; due 4/2/26 at 3.63% with maturity value of $200,121,000 (fully collateralized by Fannie Mae, Freddie Mac and Ginnie Mae securities with maturity dates ranging from 5/1/28 to 4/1/56 at rates ranging from 2.00% to 7.00%, aggregate original par and fair value of $283,963,885 and $204,000,000, respectively) | 200000000 |
| 125000000 | &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 3/31/26; due 4/1/26 at 3.50% with maturity value of $125,012,153 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 10/31/26 to 2/15/56 at rates ranging from 0.00% to 4.75%, aggregate original par and fair value of $133,574,262 and $127,500,074, respectively) | 125000000 |
|  | &nbsp;&nbsp; **Total Value of Goldman Sachs & Co. LLC,<br>(collateral value of $1,096,500,177)** | 1075000000 |

---

**9**

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Amount** |  | **Value** |
| $500000000 | &nbsp;&nbsp; TD Securities (USA), dated 3/31/26; due 4/1/26 at 3.67% with maturity value of $500,050,972 (fully collateralized by U.S. Treasury securities with maturity dates ranging from 5/15/26 to 8/15/55 at a rate 0.00%, aggregate original par and fair value of $1,349,559,670 and $510,000,020, respectively) | $500000000 |
| 200000000 | &nbsp;&nbsp; TD Securities (USA), dated 3/31/26; due 4/2/26 at 3.64% with maturity value of $200,121,333 (fully collateralized by Freddie Mac and Ginnie Mae securities with maturity dates ranging from 7/20/52 to 3/20/56 at rates ranging from 4.50% to 7.50%, aggregate original par and fair value of $232,344,306 and $204,000,001, respectively) | 200000000 |
|  | &nbsp;&nbsp; **Total Value of TD Securities (USA),<br>(collateral value of $714,000,021)** | 700000000 |
| 1000000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 4/1/26 at 3.67% with maturity value of $1,000,101,944 (fully collateralized by Ginnie Mae security with maturity date of 5/20/52 at a rate 4.00%, original par and fair value of $1,476,919,619 and $1,020,000,000, respectively) | 1000000000 |
| 300000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 4/2/26 at 3.65% with maturity value of $300,182,500 (fully collateralized by Fannie Mae securities with maturity dates ranging from 3/1/28 to 3/1/56 at rates ranging from 1.50% to 7.00%, aggregate original par and fair value of $398,313,134 and $306,000,000, respectively) | 300000000 |
| 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 5/1/26 at 3.70% with maturity value of $100,945,556 (fully collateralized by Fannie Mae security with maturity date of 8/1/55 at a rate 6.00%, original par and fair value of $120,903,271 and $102,000,000, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 4/2/26 at 3.70% with maturity value of $100,647,500 (fully collateralized by Fannie Mae securities with maturity dates ranging from 9/1/37 to 10/1/55 at rates ranging from 2.50% to 6.50%, aggregate original par and fair value of $120,021,324 and $102,000,000, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 6/5/26 at 3.70% with maturity value of $100,945,556 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 9/24/26 to 11/15/30 at rates ranging from 0.75% to 6.63%, aggregate original par and fair value of $91,069,000 and $102,000,080, respectively) | 100000000 |
| 100000000 | &nbsp;&nbsp; Wells Fargo Securities LLC, dated 3/31/26; due 6/15/26 at 3.70% with maturity value of $100,925,000 (fully collateralized by Fannie Mae, Federal Home Loan Bank and Freddie Mac securities with maturity dates ranging from 7/26/27 to 7/15/36 at rates ranging from 0.00% to 7.25%, aggregate original par and fair value of $101,630,000 and $102,003,472, respectively) | 100000000 |
|  | &nbsp;&nbsp; **Total Value of Wells Fargo Securities LLC,<br>(collateral value of $1,734,003,552)** | 1700000000 |

---

 **10**<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay U.S. Government Money Market Fund (cont.)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Value** |
|  **Total Repurchase Agreements** | **9782000000** |
|  (Cost $9,782,000,000) |  |
|  **Total Investments** | $**20149360116** |
|  (Cost $20,149,360,116)(d) — 99.2% |  |
|  **Other assets in excess of liabilities — 0.8%** | **166509194** |
|  **NET ASSETS — 100.0%** | $**20315869310** |

---

(a) The rate represents effective yield at the time of purchase.

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

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

(d) Tax cost of securities is equal to book cost of securities.

Abbreviations used are defined below:

MTN - Medium Term Note

SOFR - Secured Overnight Financing Rate

#### See Notes to the Financial Statements.
**11**

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

#### March 31, 2026 (Unaudited)
**RBC BlueBay U.S. Government<br>Money Market Fund**<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments, at value (cost $10,367,360,116) | $10367360116 |
|  Repurchase agreements, at value (cost $9,782,000,000) | 9782000000 |
|  Cash | 120671202 |
|  Interest and dividend receivable | 49074493 |
|  Receivable for capital shares issued | 33757407 |
|  Prepaid expenses and other assets | 123371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 20352986589 |
|  **Liabilities:** |  |
|  Distributions payable | 24856922 |
|  Payable for capital shares redeemed | 8729130 |
|  Accrued expenses and other payables: |  |
|  Investment advisory fees | 1790709 |
|  Accounting fees | 508515 |
|  Professional fees | 7606 |
|  Distribution fees | 857116 |
|  Custodian fees | 36922 |
|  Shareholder reports | 68800 |
|  Transfer agent fees | 31518 |
|  Other | 230041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 37117279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $20315869310 |
|  **Net Assets Consists of:** |  |
|  Capital | $20316080769 |
|  Accumulated earnings | (211459) |
|  Net Assets | $20315869310 |

---

 **12**<br>

------

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (cont.)

**RBC BlueBay U.S. Government**<br> **Money Market Fund**<br>

---

| | |
|:---|:---|
|  **Net Assets** |  |
|  Class A | $1584612413.0 |
|  Institutional Class 1 | 14783328108.0 |
|  Institutional Class 2 | 3567364610.0 |
|  Investor Class | 380564179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $20315869310.0 |
|  **Shares Outstanding (Unlimited number of shares authorized, no par value):** |  |
|  Class A | 1584587488.0 |
|  Institutional Class 1 | 14783593956.0 |
|  Institutional Class 2 | 3567312522.0 |
|  Investor Class | 380607517.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 20316101483.0 |
|  **Net Asset Values and Redemption Prices Per Share:** |  |
|  Class A | $1.0 |
|  Institutional Class 1 | $1.0 |
|  Institutional Class 2 | $1.0 |
|  Investor Class | $1.0 |

---

#### See Notes to the Financial Statements.
**13**

------

FINANCIAL STATEMENTS

Statement of Operations

---

| | |
|:---|:---|
| For the Six Months Ended March 31, 2026 (Unaudited) |  |
|  | **RBC BlueBay U.S. Government Money Market Fund** |

---

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $395099749 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10170374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Class A | 556008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Institutional Class 2 | 2714848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees–Investor Class | 1904756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees | 544280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 128843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 206859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registrations and filing fees | 181931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 303052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Class A | 39421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Institutional Class 1 | 682339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Institutional Class 2 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees–Investor Class | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 399137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees | 142924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver/reimbursement | 18020616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses waived/reimbursed by: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributor - Class Specific | (230184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17790432 |
|  **Net Investment Income** | 377309317 |
|  **Realized/Unrealized Gains/(Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investment transactions | 118068 |
|  Change in net assets resulting from operations | $377427385 |

---

 **14**<br>

------

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay U.S. Government**<br>**Money Market Fund** | **RBC BlueBay U.S. Government**<br>**Money Market Fund** |
|  | **For the**<br>**Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **For the**<br>**Year Ended<br>September 30, 2025** |
|  **From Investment Activities** |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $377309317 | $639956177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments | 118068 | 14342 |
|  Change in net assets resulting from operations | 377427385 | 639970519 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (20127806) | (10414060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class 1 | (286370213) | (460809488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class 2 | (65348452) | (155214336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (5486184) | (13506030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from shareholder distributions | (377332655) | (639943914) |
|  **Capital Transactions: (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 82512918684 | 127014417027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 224775415 | 415791966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (80902166543) | (124430298727) |
|  Change in net assets resulting from capital transactions | 1835527556 | 2999910266 |
|  Net increase in net assets | 1835622286 | 2999936871 |
|  **Net Assets:** |  |  |
|  Beginning of period | 18480247024 | 15480310153 |
|  End of period | $20315869310 | $18480247024 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 82512918684 | 127014417027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 224774485 | 415778692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (80902166543) | (124430298727) |
|  Change in shares resulting from capital transactions | 1835526626 | 2999896992 |

---

**15**

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market Fund

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | |
|  |<br>**Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income(a)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Activities** | **Net<br>Investment<br>Income** | **Total<br>Distributions** |<br>**Net Asset<br>Value, End<br>of Period** |
|  **Class A** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $1.00 | 0.02 | —(b) | 0.02 | (0.02) | (0.02) | $1.00 |
|  Year Ended 9/30/25 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Period Ended 9/30/23(c) | 1.00 | 0.02 | —(b) | 0.02 | (0.02) | (0.02) | 1.00 |
|  **Institutional Class 1** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $1.00 | 0.02 | —(b) | 0.02 | (0.02) | (0.02) | $1.00 |
|  Year Ended 9/30/25 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.05 | (0.01) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |
|  **Institutional Class 2** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $1.00 | 0.02 | —(b) | 0.02 | (0.02) | (0.02) | $1.00 |
|  Year Ended 9/30/25 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.05 | —(b) | 0.05 | (0.05) | (0.05) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |
|  **Investor Class** |  |  |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | $1.00 | 0.01 | —(b) | 0.01 | (0.01) | (0.01) | $1.00 |
|  Year Ended 9/30/25 | 1.00 | 0.03 | —(b) | 0.03 | (0.03) | (0.03) | 1.00 |
|  Year Ended 9/30/24 | 1.00 | 0.04 | —(b) | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/23 | 1.00 | 0.03 | 0.01 | 0.04 | (0.04) | (0.04) | 1.00 |
|  Year Ended 9/30/22 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |
|  Year Ended 9/30/21 | 1.00 | —(b) | —(b) | —(b) | —(b) | —(b) | 1.00 |

---

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

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

(c) For the period from June 8, 2023, (commencement of operations) through September 30, 2023.

 **16**<br>

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market Fund

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |<br>**Total<br>Return** | **Net Assets,<br>End of Period<br>(millions)** | **Ratio of<br>Net Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average Net<br>Assets** | **Ratio of<br>Expenses to<br>Average Net<br>Assets\*** |
|  **Class A** |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 1.84%(a) | $1585 | 0.23%(b) | 3.62%(b) | 0.23%(b) |
|  Year Ended 9/30/25 | 4.31% | 758 | 0.23% | 4.12% | 0.23% |
|  Year Ended 9/30/24 | 5.26% | 8 | 0.25%(c) | 5.06% | 0.34% |
|  Period Ended 9/30/23(d) | 1.58%(a) |  | 0.25%(b)(c) | 4.94%(b) | 5.53%(b) |
|  **Institutional Class 1** |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 1.89%(a) | $14783 | 0.13%(b) | 3.76%(b) | 0.13%(b) |
|  Year Ended 9/30/25 | 4.43% | 13602 | 0.12% | 4.33% | 0.12% |
|  Year Ended 9/30/24 | 5.39% | 11701 | 0.14% | 5.25% | 0.14% |
|  Year Ended 9/30/23 | 4.54% | 8244 | 0.13%(e) | 4.74% | 0.17% |
|  Year Ended 9/30/22 | 0.60% | 2724 | 0.07%(e) | 0.29% | 0.17% |
|  Year Ended 9/30/21 | 0.02% | 11201 | 0.09%(e) | 0.02% | 0.17% |
|  **Institutional Class 2** |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 1.82%(a) | $3567 | 0.27%(b) | 3.61%(b) | 0.27%(b) |
|  Year Ended 9/30/25 | 4.28% | 3737 | 0.27% | 4.19% | 0.27% |
|  Year Ended 9/30/24 | 5.24% | 3383 | 0.27% | 5.12% | 0.27% |
|  Year Ended 9/30/23 | 4.39% | 3705 | 0.28% | 4.36% | 0.28% |
|  Year Ended 9/30/22 | 0.52% | 2967 | 0.15%(f) | 0.43% | 0.27% |
|  Year Ended 9/30/21 | 0.02% | 3935 | 0.09%(f) | 0.02% | 0.27% |
|  **Investor Class** |  |  |  |  |  |
|  Six Months Ended 3/31/26 (Unaudited) | 1.45%(a) | $381 | 1.00%(b) | 2.88%(b) | 1.12%(b) |
|  Year Ended 9/30/25 | 3.52% | 383 | 1.00% | 3.47% | 1.12% |
|  Year Ended 9/30/24 | 4.49% | 389 | 1.00% | 4.40% | 1.12% |
|  Year Ended 9/30/23 | 3.64% | 1403 | 1.00% | 3.38% | 1.13% |
|  Year Ended 9/30/22 | 0.25% | 3012 | 0.36%(g) | 0.18% | 1.12% |
|  Year Ended 9/30/21 | 0.02% | 5218 | 0.08%(g) | 0.02% | 1.12% |

---

\* During the period, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

**17**

------

FINANCIAL HIGHLIGHTS

RBC BlueBay U.S. Government Money Market Fund

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

(a) Not annualized.

(b) Annualized.

(c) During the periods ended September 30, 2024 and September 30, 2023, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.01% and 5.19%, if such voluntary waivers were excluded for the period ended September 30, 2024 and for the period ended September 30, 2023. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

(d) For the period from June 8, 2023, (commencement of operations) through September 30, 2023.

(e) During the periods ended September 30, 2023, September 30, 2022 and September 30, 2021, the Advisor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.03%, 0.09% and 0.08%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2023, September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

(f) During the periods ended September 30, 2022 and September 30, 2021, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.11% and 0.18%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

(g) During the periods ended September 30, 2022 and September 30, 2021, the Advisor and/or Distributor voluntarily waived a portion of its fees. The Fund's net expense ratio would increase by an amount of 0.65% and 0.92%, respectively, if such voluntary waivers were excluded for the periods ended September 30, 2022 and September 30, 2021. See Note 3 – Agreements and Other Transactions with Affiliates and Note 4 – Fund Distribution for more information.

 **18**<br>

------

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

1. Organization:

RBC Funds Trust (the "Trust") is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003 and currently consists of 18 portfolios. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the "Board"). Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This report includes the RBC BlueBay U.S. Government Money Market Fund ("Fund").

The Fund offers four share classes: Class A, Institutional Class 1, Institutional Class 2 and Investor Class.

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

2. Significant Accounting Policies

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

#### Segment Reporting:
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standards impacted financial statement disclosures only and did not affect the Fund financial position or results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and assess its potential future cash flows through improved segment disclosures.

The Advisor's Executive Committee and Fund Management collectively act as the chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund financial statements.

#### Security Valuation:
The Fund has elected to use the amortized cost method to value its securities (other than other investment companies) pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended, which the Board believes approximates fair market value. The amortized cost method involves valuing a security initially at its cost, and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are categorized as Level 2 in the fair value hierarchy (see "Fair Value Measurements" below for additional information). If amortized cost no longer approximates fair value due to credit or other impairments of an issuer, the Fund will determine the fair value of its securities by using pricing and valuation procedures approved by the Board. Investments in open-end investment companies (mutual funds) are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

**19**

------

NOTES TO FINANCIAL STATEMENTS

The Board has designated the Advisor with the responsibility for implementing the pricing and valuation procedures, including responsibility for determining the fair value of the Fund's securities or other assets and liabilities, and has established a Pricing Committee to assist in carrying out supervisory functions related to such responsibilities. The Pricing Committee includes representatives of the Fund's Advisor, and Co-Administrator, including personnel from accounting and operations, trading, risk management and compliance. The Pricing Committee meets at least quarterly to review and approve Fund valuation matters, including a review of the Fund's pricing activity and operations, fair value measurements, pricing vendors, policies and procedures, and related controls. At least a quorum of the Pricing Committee shall meet more frequently, as needed, to consider and approve time-sensitive fair valuation matters. The Pricing Committee provides periodic reports to the Valuation, Portfolio Management and Performance Committee ("Valuation Committee") of the Board regarding pricing and valuation matters. Members of the Pricing Committee meet with the Valuation Committee and the Board at each of their regularly scheduled meetings to discuss valuation matters and actions taken during the period.

In accordance with Rule 2a-7, the fair values of the securities held in the Fund are determined at least once per week using evaluated prices supplied by third-party pricing vendors approved by the Board. The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity and type of issue. These security values are then compared to the securities' amortized cost. If a security price is not available from a pricing service or broker-dealer, or the Advisor determines that a price provided by a pricing service or broker-dealer does not approximate fair value for purposes of this comparison, the security's fair value will be determined in good faith by the Pricing Committee in accordance with procedures and methodologies approved by the Board. General factors used in determining the fair value of securities include, but are not limited to, fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; trading in similar securities; any restrictions on disposition of the security; and an evaluation of the forces that influence the market in which the investments are traded.

#### Fair Value Measurements:
The Funds disclose the fair value of their investments in a hierarchy that categorizes investments based on the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Significant inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Observable inputs may include quoted prices for similar securities, interest rates, spreads, prepayment spreads, etc.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

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.

 **20**<br>

------

NOTES TO FINANCIAL STATEMENTS

The summary of inputs used to determine the fair value of the Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1<br> Quoted Prices** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  RBC BlueBay U.S. Government Money Market Fund | $— | 20149360116 | $— | 20149360116 |

---

#### Repurchase Agreements:
The Fund may enter into repurchase agreements with counterparties whom the Advisor has deemed creditworthy, including primary dealers that report to the Federal Reserve Bank of New York or other large U.S. commercial banks or broker-dealers. These repurchase agreements are subject to the seller's agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates.

Securities pledged by the dealers as collateral for repurchase agreements are held by a custodian bank until maturity of the repurchase agreement. The Fund has procedures to monitor additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the market value of the repurchase agreement in the event of a default.

Master Repurchase Agreements ("MRA") permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. Details of the counterparties and collateral for repurchase agreements are shown on the Schedule of Portfolio Investments.

#### Credit Enhancement:
Certain obligations held by the Fund have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements and third party insurance.

#### Investment Transactions and Income:
Investment transactions are accounted for on the date the security is bought or sold ("trade date"). Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

#### Expense, Investment Income and Gain/Loss Allocation:
The Fund pays the expenses that are directly related to its operations, such as custodian fees or advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds in the Trust either proportionately based upon the Fund's relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within the Fund are charged expenses specific to that class, such as distribution fees, sub-transfer agent fees, shareholder servicing fees and transfer agent fees. Within the Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion

**21**

------

NOTES TO FINANCIAL STATEMENTS

of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

#### Distributions to Shareholders:
The Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total redemption of shares in an account. Capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from US GAAP. These "book/tax" differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g. paydowns), they are reclassified within the Fund's capital accounts based on their federal tax basis treatment.

#### When-Issued Transactions:
The Fund may engage in when-issued transactions. The Fund records when-issued securities on the trade date and maintains sufficient liquidity so that cash will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are valued daily beginning on trade date and begin earning interest on the settlement date. As of March 31, 2026, the Fund held when-issued securities and details are included in the Schedules of Portfolio Investments.

#### Indemnifications:
Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund has not had prior claims or losses pursuant to these contracts.

3. Agreements and Other Transactions with Affiliates:

The Trust has entered into an investment advisory agreement with RBC GAM-US under which RBC GAM-US manages the Fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires the Fund to pay RBC GAM-US a monthly fee based upon average daily net assets. Under the terms of the agreement, RBC GAM-US is entitled to receive fees based on a percentage of the average daily net assets of the fund as follows:

---

| | |
|:---|:---|
|  | **Annual Rate** |
|  RBC BlueBay U.S. Government Money Market Fund | 0.10% |

---

Institutional Class 1 of the Fund may pay an annual shareholder services administration fee of up to 0.05% of the average daily net assets attributable to Institutional Class 1 shares that is used to reimburse or compensate a servicing agent (or pay the Advisor, which the Advisor will use to reimburse or compensate a servicing agent) for its efforts and expenses incurred in connection with servicing shareholder accounts. This shareholder services administration fee is not paid pursuant to Rule 12b-1.

RBC GAM-US has contractually agreed to waive fees and/or reimburse expenses under an expense limitation agreement in order to maintain the net annual Fund operating expenses (excluding certain fees such as interest, taxes and acquired fund fees and expenses) at 0.20% for Institutional Class 1 and, effective October 1, 2025, at 0.25% for Class A until January 31, 2027. During the period ended March 31, 2026, there were no fees waived under this agreement.

RBC GAM-US serves as co-administrator to the Fund. BNY Mellon serves as co-administrator and fund accounting agent. Services provided under the administrative services agreement include providing day-to-day administration of matters related to the Fund, maintenance of the records and the preparation of reports. Under the terms of the administrative services agreement, RBC GAM-US does not receive an administration services fee. BNY Mellon receives a fee for its services payable by the

 **22**<br>

------

NOTES TO FINANCIAL STATEMENTS

Fund based in part on the Fund's average net assets. BNY Mellon's fee is included with "Accounting fees" in the Statement of Operations.

Certain Officers and Trustees of the Trust are affiliated with the Advisor. Such Officers and Trustees receive no compensation from the Fund for serving in their respective roles.

The Trust currently pays each of the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the Advisor, either Co-Administrator or Distributor) an annual retainer of $110,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other Trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, independent Trustees receive a quarterly meeting fee of $6,500 for each in-person Board meeting attended, a meeting fee of $1,500 for each telephonic or special board meeting attended, a $1,500 fee for each Board committee meeting attended, and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. These amounts are included in the Statement of Operations in "Trustees' fees".

The Advisor has invested in and, as of March 31, 2026, owns 53,327,604 shares of the Fund, representing 0.3% of total Fund net assets.

4. Fund Distribution:

The Fund has adopted a Shareholder Account and Distribution Services (12b-1) Plan (the "Plan") with respect to Class A, Institutional Class 2 and Investor Class, in which Quasar Distributors LLC (the "Distributor") acts as the Fund's distributor. The Plan permits the Fund to make payments for or to reimburse the Distributor or others, including RBC Capital Markets, LLC, monthly for distribution-related costs and expenses of marketing shares of each share class covered under the Plan, and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Institutional Class 2** | **Investor Class** |
|  12b-1 Plan Fee | 0.10% | 0.15% | 1.00% |

---

Plan fees are based on average daily net assets of the applicable class. Up to 0.25% of each Plan fee may be designated as a service fee, as defined by the applicable rules of the Financial Industry Regulatory Authority.

Pursuant to a shareholder account and distribution services agreement between the Distributor and RBC Capital Markets, LLC, the Distributor has agreed to compensate RBC Capital Markets, LLC for certain shareholder account servicing support provided to the Fund. RBC Capital Markets, LLC has agreed to waive fees and/or reimburse expenses in order to maintain the net annual Fund operating expenses for each class listed below to the following amounts:

---

| | |
|:---|:---|
| **Share Class** | **Operating Expense Limit** |
|  Institutional Class 2 | 0.30% |
|  Investor Class | 1.00% |

---

This expense limitation agreement is in place until January 31, 2027. The Fund will carry forward, for a period not to exceed 12 months from the date on which a waiver or reimbursement is made by RBC Capital Markets, LLC, any expenses in excess of the expense limitation and repay RBC Capital Markets, LLC such amounts, provided the Fund is able to effect such repayment and remain in compliance with the expense limitation. At March 31, 2026, the amount subject to possible recoupment under the expense limitation agreement is $468,697.

RBC Capital Markets, LLC and/or the Advisor may voluntarily waive and/or reimburse additional Fund operating expenses at any time, such as to maintain a minimum yield in the fund. Any such voluntary program may be modified or discontinued at any time without notice.

**23**

------

NOTES TO FINANCIAL STATEMENTS

For the period ended March 31, 2026, the following distribution fees were waived either contractually or voluntarily:

---

| | |
|:---|:---|
| **Share Class** | **Distribution Fees Waived** |
|  Investor Class | $230184 |

---

5. Capital Share Transactions

The number of shares sold, reinvested and redeemed correspond to the net proceeds from sale of shares, reinvestments of dividends and cost of shares redeemed, respectively, since shares are issued, reinvested and redeemed at $1.00 per share.

Transactions for the period were as follows:

---

| | | |
|:---|:---|:---|
|  | **RBC BlueBay U.S. Government Money Market Fund** | **RBC BlueBay U.S. Government Money Market Fund** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **March 31, 2026**<br>**(Unaudited)** | **For the**<br> **Year Ended**<br>**September 30, 2025** |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  **Class A** |  |  |
|  Proceeds from shares issued | $1589381077 | $1080845246 |
|  Distributions reinvested | 20127712 | 10414109 |
|  Cost of shares redeemed | (782713405) | (341052137) |
|  Change in Class A | $826795384 | $750207218 |
|  **Institutional Class 1** |  |  |
|  Proceeds from shares issued | $77986618351 | $118599286565 |
|  Distributions reinvested | 133813044 | 236657518 |
|  Cost of shares redeemed | (76939319020) | (116934513125) |
|  Change in Institutional Class 1 | $1181112375 | $1901430958 |
|  **Institutional Class 2** |  |  |
|  Proceeds from shares issued | $2783792117 | $6908075030 |
|  Distributions reinvested | 65348474 | 155214307 |
|  Cost of shares redeemed | (3019115794) | (6709479411) |
|  Change in Institutional Class 2 | $(169975203) | $353809926 |
|  **Investor Class** |  |  |
|  Proceeds from shares issued | $153127139 | $426210186 |
|  Distributions reinvested | 5486185 | 13506032 |
|  Cost of shares redeemed | (161018324) | (445254054) |
|  Change in Investor Class | $(2405000) | $(5537836) |
|  Change in net assets resulting from capital transactions | $1835527556 | $2999910266 |

---

6. Federal Income Taxes:

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of the Fund.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial

 **24**<br>

------

NOTES TO FINANCIAL STATEMENTS

statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** | **Distributions Paid From** |
|  | **Ordinary<br>Income** | **Total Taxable<br>Distributions** | **Total<br>Distributions<br>Paid** |
|  RBC BlueBay U.S. Government Money Market Fund | $636404257 | $636404257 | $636404257 |

---

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

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2026.

As of March 31, 2026, the Fund does not have any capital loss carryforward.

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund did not have any Post-October Capital Losses or Late-Year Ordinary Losses for the year ending

September 30, 2025.

7. Line of Credit

The Fund, along with other Funds within the Trust, participates in an uncommitted, secured $500,000,000 line of credit with U.S. Bank, N.A. (the "Bank"), the Funds' custodian, to be used to fund shareholder redemption requests and for other short-term temporary or emergency general business purposes. The line of credit has a scheduled termination date of July 25, 2026. Interest is charged on borrowings under this line of credit at the Bank's prime lending rate per annum. Since 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, 2026 and there were no borrowings made by the Fund during the period.

8. Significant Risks

#### Shareholder concentration risk:
As of March 31, 2026, affiliated broker-dealer omnibus accounts in aggregate owned 30.0% of the Fund's outstanding shares. In addition, an unaffiliated broker-dealer omnibus account owned 13.7% of the Fund's outstanding shares. Significant transactions by these shareholders may impact the Fund's performance.

#### Market risk:
One or more markets in which a Fund invests may go down in value, sometimes sharply and unpredictably, and the value of a Fund's portfolio securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease (such as COVID-19, avian influenza or H1N1/09), epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the

**25**

------

NOTES TO FINANCIAL STATEMENTS

performance of a Fund. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations.

#### Interest Rate Risk:
The Fund's yield will fluctuate as the general level of interest rates change. During periods when interest rates are low, the Fund's yield may also be low. When interest rates increase, securities held by the Fund will generally decline in value. Interest rate changes are influenced by a number of factors including government policy, inflation expectations, and supply and demand. The Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

9. Subsequent Events:

Fund Management has evaluated the impact of all subsequent events on the Fund and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements other than as described below.

The RBC Funds Trust filed with the Securities and Exchange Commission a post-effective amendment to its registration statement to create a new share class for the Fund. The new share class, Institutional Class 3, is expected to become effective and commence operations on June 23, 2026.

 **26**<br>

------

**27**

------

RBC Funds

PO Box 219252

Kansas City, MO 64121-9252

800-422-2766

www.rbcgam.com

**Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund's portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2026.

#### 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](g480820dsp233.jpg)

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council<sup>®</sup> certified paper. This product is made of material from well-managed FSC<sup>®</sup>-certified forests, recycled materials, and other controlled sources. The Forest Stewardship Council<sup>®</sup> promotes environmentally appropriate, socially beneficial, and economically viable management of the world's forests.

RBCF-MM SAR 03-26

------

#### 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.
Each 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.** <br>

Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

------

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](d480820dex99a3.htm) [Certifications of Principal Executive Officer and Principal Financial Officer.](d480820dex99a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d480820dex99b.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d480820dex99b.htm) 

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2026

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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2026

---

| | |
|:---|:---|
| 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2026

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.(A)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, David Eikenberg, certify that:

1. I have reviewed this report on Form N-CSR of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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 4, 2026</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;&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;&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;&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;&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;&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;&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 4, 2026</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>June 4, 2026</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>June 4, 2026</u> | <u>/s/ Kathleen A. Hegna</u> |
|  | Kathleen A. Hegna, Treasurer and Chief Financial |
|  | Officer |
|  | (principal financial officer) |

---