# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-23-049555
**Filing Date:** 2023-3
**Character Count:** 33315
**Document Hash:** 1bb1a3b2900940bf4e82394499f9bbdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049555.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049555

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 23691116

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Emerging Markets ex-China Equity Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 88.13%** | **Common Stocks — 88.13%** |  |
|  **Austria — 0.98%** | **Austria — 0.98%** |  |
| 8587 | Mondi Plc | $146863 |
|  **Brazil — 8.64%** | **Brazil — 8.64%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134700 | B3 SA - Brasil Bolsa Balcao | 337021 |
| 60300 | Banco Bradesco SA | 153841 |
| 200 | MercadoLibre, Inc.\* | 169248 |
| 84200 | Raia Drogasil SA | 378280 |
| 34700 | WEG SA | 253098 |
|  |  | 1291488 |
|  **Chile — 5.81%** | **Chile — 5.81%** |  |
| 34688 | Antofagasta Plc | 647542 |
| 113772 | Falabella SA | 221307 |
|  |  | 868849 |
|  **India — 12.62%** | **India — 12.62%** |  |
| 9200 | Dr. Reddy's Laboratories Ltd., ADR | 476100 |
| 10500 | HDFC Bank Ltd., ADR | 718305 |
| 38500 | Infosys Ltd. | 693385 |
|  |  | 1887790 |
|  **Indonesia — 5.96%** | **Indonesia — 5.96%** |  |
| 2387800 | Avia Avian Tbk PT | 96657 |
| 722000 | Bank Central Asia Tbk PT | 395900 |
| 2969300 | Kalbe Farma Tbk PT | 398619 |
|  |  | 891176 |
|  **Korea — 15.11%** | **Korea — 15.11%** |  |
| 1490 | LEENO Industrial, Inc. | 184119 |
| 2795 | LG Corp. | 173067 |
| 871 | NAVER Corp. | 123875 |
| 14610 | Samsung Electronics Co. Ltd. | 641280 |
| 2063 | Samsung Fire & Marine Insurance Co. Ltd. | 326449 |
| 13155 | Shinhan Financial Group Co. Ltd. | 366229 |
| 7462 | SK Hynix, Inc. | 445213 |
|  |  | 2260232 |
|  **Mexico — 4.24%** | **Mexico — 4.24%** |  |
| 80600 | Bolsa Mexicana de Valores SAB de CV | 156059 |
| 61100 | Fomento Economico Mexicano SAB de CV | 477694 |
|  |  | 633753 |
|  **Peru — 1.00%** | **Peru — 1.00%** |  |
| 1100 | Credicorp Ltd. | 149226 |

---

**1** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

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

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Philippines — 3.31%** | **Philippines — 3.31%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000 | Century Pacific Food, Inc. | $170998 |
| 19980 | SM Investments Corp. | 324033 |
|  |  | 495031 |
|  **South Africa — 3.04%** | **South Africa — 3.04%** |  |
| 30391 | AVI Ltd. | 134625 |
| 13614 | Clicks Group Ltd. | 215180 |
| 14498 | Discovery Ltd.\* | 104869 |
|  |  | 454674 |
|  **Taiwan — 22.96%** | **Taiwan — 22.96%** |  |
| 14000 | Advantech Co. Ltd. | 149904 |
| 60000 | Chroma ATE, Inc. | 352433 |
| 37000 | Delta Electronics, Inc. | 342990 |
| 403000 | E.Sun Financial Holding Co. Ltd. | 314686 |
| 16000 | Giant Manufacturing Co. Ltd. | 104096 |
| 5000 | MediaTek, Inc. | 101095 |
| 90000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1307112 |
| 143000 | Uni-President Enterprises Corp. | 309526 |
| 9000 | Voltronic Power Technology Corp. | 451545 |
|  |  | 3433387 |
|  **Thailand — 1.33%** | **Thailand — 1.33%** |  |
| 46800 | Kasikornbank Public Co. Ltd., NVDR | 198958 |
|  **United Kingdom — 3.13%** | **United Kingdom — 3.13%** |  |
| 9277 | Unilever Plc | 468376 |
|  **Total Common Stocks**<br> (Cost $13,219,757) | **Total Common Stocks**<br> (Cost $13,219,757) | **13179803** |
|  **Exchange Traded Funds — 8.13%** | **Exchange Traded Funds — 8.13%** |  |
|  **United States — 8.13%** | **United States — 8.13%** |  |
| 12238 | iShares India 50 ETF | 517790 |
| 16700 | iShares MSCI India\* | 697058 |
|  |  | 1214848 |
|  **Total Exchange Traded Funds**<br> (Cost $1,230,186) | **Total Exchange Traded Funds**<br> (Cost $1,230,186) | **1214848** |
|  **Total Investments**<br> (Cost $14,449,943) — 96.26% | **Total Investments**<br> (Cost $14,449,943) — 96.26% | $**14394651** |
|  **Other assets in excess of liabilities — 3.74%** | **Other assets in excess of liabilities — 3.74%** | **559990** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**14954641** |

---

------

\* Non-income producing security.

**2** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

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

------

**December 31, 2022 (Unaudited)** 

Abbreviations used are defined below:

ADR - American Depositary Receipt

NVDR - Non-Voting Depository Receipt

Portfolio Diversification (Unaudited)

---

| | |
|:---|:---|
| Industries | Percentage<br>of Net Assets |
|  Information Technology | 28.20% |
|  Financials | 21.54% |
|  Consumer Staples | 14.41% |
|  Industrials | 8.03% |
|  Materials | 5.96% |
|  Health Care | 5.85% |
|  Consumer Discretionary | 3.31% |
|  Communication Services | 0.83% |
|  Other\* | 11.87% |
|  | 100.00% |

---

------

\* Includes cash, interest and dividend receivable, pending trades and Fund share transactions, and accrued expenses payable.

**3** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.17%** | **Common Stocks — 99.17%** |  |
|  **Australia — 6.55%** | **Australia — 6.55%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | BHP Group Ltd. | $387212 |
| 2722 | Macquarie Group Ltd. | 307283 |
| 4016 | Mineral Resources Ltd. | 210665 |
| 3421 | Rio Tinto Plc | 240784 |
| 27977 | Santos Ltd. | 137596 |
|  |  | 1283540 |
|  **China — 4.00%** | **China — 4.00%** |  |
| 79800 | Budweiser Brewing Co. APAC Ltd.(a) | 249455 |
| 134000 | CSPC Pharmaceutical Group Ltd. | 139504 |
| 9300 | Tencent Holdings Ltd. | 394323 |
|  |  | 783282 |
|  **Denmark — 4.47%** | **Denmark — 4.47%** |  |
| 450 | Chr Hansen Holding A/S | 32370 |
| 5020 | Novo Nordisk A/S, Class B | 681794 |
| 3194 | Novozymes A/S, Class B | 162043 |
|  |  | 876207 |
|  **Finland — 2.63%** | **Finland — 2.63%** |  |
| 9858 | Sampo Oyj, Class A | 514878 |
|  **France — 8.22%** | **France — 8.22%** |  |
| 736 | Edenred | 40057 |
| 2071 | EssilorLuxottica SA | 374713 |
| 850 | LVMH Moet Hennessy Louis Vuitton SE | 618539 |
| 2623 | Sanofi | 252927 |
| 5166 | TotalEnergies SE | 324286 |
|  |  | 1610522 |
|  **Hong Kong — 1.75%** | **Hong Kong — 1.75%** |  |
| 31000 | AIA Group Ltd. | 342345 |
|  **Ireland — 1.79%** | **Ireland — 1.79%** |  |
| 569 | Flutter Entertainment Plc\* | 77033 |
| 3669 | Ryanair Holdings Plc\* | 274295 |
|  |  | 351328 |
|  **Japan — 19.40%** | **Japan — 19.40%** |  |
| 8200 | Ajinomoto Co., Inc. | 250619 |
| 11000 | Daiichi Sankyo Co. Ltd. | 354054 |
| 7700 | Hitachi Ltd. | 387435 |
| 1700 | Hoya Corp. | 162824 |
| 23000 | Inpex Corp. | 247145 |
| 900 | Keyence Corp. | 349420 |
| 124000 | Mitsubishi UFJ Financial Group, Inc. | 832464 |
| 7000 | Recruit Holdings Co. Ltd. | 219114 |

---

**4** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2700 | Sony Group Corp. | $205798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 | Tokio Marine Holdings, Inc. | 794681 |
|  |  | 3803554 |
|  **Netherlands — 8.88%** | **Netherlands — 8.88%** |  |
| 109 | Adyen NV\*,(a) | 151319 |
| 815 | ASML Holding NV | 444380 |
| 4861 | Heineken NV | 457869 |
| 41166 | ING Groep NV | 501450 |
| 4548 | NN Group NV | 185978 |
|  |  | 1740996 |
|  **Norway — 2.88%** | **Norway — 2.88%** |  |
| 9377 | Aker BP ASA | 291464 |
| 10696 | DNB Bank ASA | 211248 |
| 3705 | Nordic Semiconductor ASA\* | 62104 |
|  |  | 564816 |
|  **Spain — 1.00%** | **Spain — 1.00%** |  |
| 3785 | Amadeus IT Group SA\* | 196357 |
|  **Sweden — 3.01%** | **Sweden — 3.01%** |  |
| 12182 | Assa Abloy AB, Class B | 262026 |
| 14804 | Atlas Copco AB, Class A | 175403 |
| 14566 | Hexagon AB, Class B | 152726 |
|  |  | 590155 |
|  **Switzerland — 2.58%** | **Switzerland — 2.58%** |  |
| 593 | Sika AG | 142559 |
| 19508 | UBS Group AG | 362580 |
|  |  | 505139 |
|  **Taiwan — 2.81%** | **Taiwan — 2.81%** |  |
| 38000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 551892 |
|  **United Kingdom — 19.82%** | **United Kingdom — 19.82%** |  |
| 7229 | Ashtead Group Plc | 410642 |
| 56670 | Barratt Developments Plc | 270673 |
| 6217 | British American Tobacco Plc | 245933 |
| 5948 | DCC Plc | 292475 |
| 13650 | Diageo Plc | 597486 |
| 7553 | Experian Plc | 255807 |
| 6914 | Fevertree Drinks Plc | 85995 |
| 1585 | Linde Plc | 516648 |
| 5942 | London Stock Exchange Group Plc | 510544 |
| 13927 | RELX Plc | 385793 |

---

**5** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Equity Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822 | Sage Group Plc (The) | $61430 |
| 47886 | Schroders Plc | 251617 |
|  |  | 3885043 |
|  **United States — 9.38%** | **United States — 9.38%** |  |
| 2950 | CSL Ltd. | 575233 |
| 3798 | Nestle SA | 438705 |
| 1625 | Roche Holding AG | 510636 |
| 2244 | Schneider Electric SE | 315135 |
|  |  | 1839709 |
|  **Total Common Stocks**<br> (Cost $19,744,688) | **Total Common Stocks**<br> (Cost $19,744,688) | **19439763** |
|  **Total Investments**<br> (Cost $19,744,688) — 99.17% | **Total Investments**<br> (Cost $19,744,688) — 99.17% | $**19439763** |
|  **Other assets in excess of liabilities — 0.83%** | **Other assets in excess of liabilities — 0.83%** | **162639** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**19602402** |

---

------

\* Non-income producing security.

(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.

Portfolio Diversification (Unaudited)

---

| | |
|:---|:---|
| Industries | Percentage<br>of Net Assets |
|  Financials | 24.56% |
|  Health Care | 15.57% |
|  Industrials | 15.19% |
|  Consumer Staples | 11.87% |
|  Information Technology | 10.25% |
|  Materials | 8.63% |
|  Consumer Discretionary | 5.98% |
|  Energy | 5.11% |
|  Communication Services | 2.01% |
|  Other\* | 0.83% |
|  | 100.00% |

---

------

\* Includes cash, interest and dividend receivable, pending trades and Fund share transactions, and accrued expenses payable.

**6** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 98.44%** | **Common Stocks — 98.44%** |  |
|  **Australia — 5.83%** | **Australia — 5.83%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 | Altium Ltd. | $126992 |
| 8250 | OZ Minerals Ltd. | 155506 |
|  |  | 282498 |
|  **Belgium — 3.21%** | **Belgium — 3.21%** |  |
| 23 | Lotus Bakeries NV | 155754 |
|  **China — 2.56%** | **China — 2.56%** |  |
| 120000 | China Overseas Property Holdings Ltd. | 124317 |
|  **Denmark — 5.07%** | **Denmark — 5.07%** |  |
| 985 | Chr Hansen Holding A/S | 70854 |
| 3321 | Topdanmark AS | 174766 |
|  |  | 245620 |
|  **Egypt — 1.31%** | **Egypt — 1.31%** |  |
| 4029 | Energean Plc | 63299 |
|  **France — 3.61%** | **France — 3.61%** |  |
| 644 | Gaztransport Et Technigaz SA | 68825 |
| 629 | Remy Cointreau SA | 106058 |
|  |  | 174883 |
|  **Iceland — 3.15%** | **Iceland — 3.15%** |  |
| 19996 | Marel HF(a) | 68868 |
| 17315 | Ossur HF\* | 83856 |
|  |  | 152724 |
|  **Indonesia — 2.23%** | **Indonesia — 2.23%** |  |
| 1527500 | Sarana Menara Nusantara Tbk PT | 107982 |
|  **Ireland — 2.01%** | **Ireland — 2.01%** |  |
| 2974 | Keywords Studios Plc | 97596 |
|  **Japan — 17.95%** | **Japan — 17.95%** |  |
| 1500 | As One Corp. | 65531 |
| 4300 | BayCurrent Consulting, Inc. | 133859 |
| 4100 | Milbon Co. Ltd. | 177369 |
| 4500 | Miura Co. Ltd. | 103196 |
| 29800 | Morningstar Japan KK | 102379 |
| 7800 | Nihon M&A Center Holdings, Inc. | 95977 |
| 2500 | Organo Corp. | 55489 |
| 4600 | Rakus Co. Ltd. | 55131 |
| 3200 | SMS Co. Ltd. | 80943 |
|  |  | 869874 |

---

**7** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Korea — 1.78%** | **Korea — 1.78%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | AfreecaTV Co. Ltd. | $86344 |
|  **Norway — 5.28%** | **Norway — 5.28%** |  |
| 2787 | Aker BP ASA | 86628 |
| 4936 | Nordic Semiconductor ASA\* | 82738 |
| 8790 | Veidekke ASA | 86476 |
|  |  | 255842 |
|  **Philippines — 3.61%** | **Philippines — 3.61%** |  |
| 675400 | D&L Industries, Inc. | 95797 |
| 22020 | International Container Terminal Services, Inc. | 79030 |
|  |  | 174827 |
|  **Spain — 2.67%** | **Spain — 2.67%** |  |
| 3342 | Laboratorios Farmaceuticos Rovi SA | 129166 |
|  **Sweden — 7.32%** | **Sweden — 7.32%** |  |
| 1727 | MIPS AB | 71387 |
| 4919 | Sdiptech AB, Class B\* | 106978 |
| 10356 | Sweco AB, Class B | 99308 |
| 3677 | Thule Group AB(a) | 77017 |
|  |  | 354690 |
|  **Taiwan — 6.16%** | **Taiwan — 6.16%** |  |
| 21000 | Chailease Holding Co. Ltd. | 147949 |
| 3000 | Voltronic Power Technology Corp. | 150515 |
|  |  | 298464 |
|  **Thailand — 4.50%** | **Thailand — 4.50%** |  |
| 1700 | Fabrinet\* | 217974 |
|  **United Kingdom — 20.19%** | **United Kingdom — 20.19%** |  |
| 5300 | Abcam Plc\* | 82468 |
| 13043 | Auto Trader Group Plc(a) | 81223 |
| 17960 | Barratt Developments Plc | 85782 |
| 3022 | Cranswick Plc | 112049 |
| 2843 | Dechra Pharmaceuticals Plc | 89611 |
| 4727 | Fevertree Drinks Plc | 58794 |
| 12016 | GB Group Plc | 45152 |
| 17622 | Howden Joinery Group Plc | 118991 |
| 41696 | Ibstock Plc(a) | 77947 |
| 5638 | Liontrust Asset Management Plc | 76023 |

---

**8** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC International Small Cap Equity Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10439 | Rightmove Plc | $64580 |
| 5990 | Softcat Plc | 85896 |
|  |  | 978516 |
|  **Total Common Stocks**<br> (Cost $4,903,517) | **Total Common Stocks**<br> (Cost $4,903,517) | **4770370** |
|  **Total Investments**<br> (Cost $4,903,517) — 98.44% | **Total Investments**<br> (Cost $4,903,517) — 98.44% | $**4770370** |
|  **Other assets in excess of liabilities — 1.56%** | **Other assets in excess of liabilities — 1.56%** | **75760** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**4846130** |

---

------

\* Non-income producing security.

(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.

Portfolio Diversification (Unaudited)

---

| | |
|:---|:---|
| Industries | Percentage<br>of Net Assets |
|  Industrials | 24.34% |
|  Information Technology | 14.68% |
|  Consumer Staples | 12.59% |
|  Financials | 10.34% |
|  Health Care | 9.30% |
|  Materials | 8.26% |
|  Communication Services | 7.02% |
|  Consumer Discretionary | 4.83% |
|  Energy | 4.51% |
|  Real Estate | 2.57% |
|  Other\* | 1.56% |
|  | 100.00% |

---

------

\* Includes cash, interest and dividend receivable, pending trades and Fund share transactions, and accrued expenses payable.

**9**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** RBC Emerging Markets ex-China Equity Fund

- **b. EDGAR series identifier (if any):** S000079191

- **c. LEI of Series:** 549300GRESE8LU40LN97

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14960092.72

**Total Liabilities:** $5451.50

**Net Assets:** $14954641.22

**Cash Not Reported:** $524409.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240114 |  |  | -0.30%               |
| Class ID C000240115 |  |  | -0.30%               |
| Class ID C000240113 |  |  | -0.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $-55291.23                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clicks Group Ltd               | Clicks Group Ltd                          | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     13614 | NS      | $215180.71    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                              | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      5000 | NS      | $101094.69    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Falabella SA                   | Falabella SA                              | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | EC               | CORP              | CL        |    113772 | NS      | $221307.16    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                    | Infosys Ltd                               | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     38500 | NS      | $693385.00    | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                             | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |      1100 | NS      | $149226.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Cor | Voltronic Power Technology Corp           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      9000 | NS      | $451545.39    | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares India 50 ETF           | iShares India 50 ETF                      | CUSIP: 464289529<br>LEI: 549300U1Z4I3HD2JAY15 | Long             | EC               | RF                | US        |     12238 | NS      | $517789.78    | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                         | WEG SA                                    | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     34700 | NS      | $253098.54    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantech Co Ltd               | Advantech Co Ltd                          | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |     14000 | NS      | $149904.21    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     90000 | NS      | $1307111.70   | 8.74%             |  |  |  | No            |                  2 | On Loan: No      |
| LEENO Industrial Inc           | LEENO Industrial Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1490 | NS      | $184119.47    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| E.Sun Financial Holding Co Ltd | E.Sun Financial Holding Co Ltd            | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |    403000 | NS      | $314686.23    | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      7462 | NS      | $445213.15    | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Avia Avian Tbk PT              | Avia Avian Tbk PT                         | CUSIP: 000000000<br>LEI: 2549006YBXNWWWTP2773 | Long             | EC               | CORP              | ID        |   2387800 | NS      | $96657.42     | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Fire & Marine Insuranc | Samsung Fire & Marine Insurance Co Ltd    | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      2063 | NS      | $326449.32    | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV      | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     61100 | NS      | $477694.04    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                | Antofagasta PLC                           | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | CL        |     34688 | NS      | $647541.96    | 4.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Ltd                  | Discovery Ltd                             | CUSIP: 000000000<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |     14498 | NS      | $104869.00    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Century Pacific Food Inc       | Century Pacific Food Inc                  | CUSIP: 000000000<br>LEI: 254900NFV7QTJB821G52 | Long             | EC               | CORP              | PH        |    369000 | NS      | $170998.48    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Reddy's Laboratories Ltd    | Dr Reddy's Laboratories Ltd               | CUSIP: 256135203<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |      9200 | NS      | $476100.00    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kasikornbank PCL               | Kasikornbank PCL                          | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |     46800 | NS      | $198958.49    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     14610 | NS      | $641280.29    | 4.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd            | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     13155 | NS      | $366228.48    | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao               | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    134700 | NS      | $337021.07    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Investments Corp            | SM Investments Corp                       | CUSIP: 000000000<br>LEI: 254900YB8UATFP21AF80 | Long             | EC               | CORP              | PH        |     19980 | NS      | $324032.56    | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Giant Manufacturing Co Ltd     | Giant Manufacturing Co Ltd                | CUSIP: 000000000<br>LEI: 549300M7TYVF50B2GY12 | Long             | EC               | CORP              | TW        |     16000 | NS      | $104096.37    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| AVI Ltd                        | AVI Ltd                                   | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     30391 | NS      | $134624.86    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     10500 | NS      | $718305.00    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                     | NAVER Corp                                | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       871 | NS      | $123874.54    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Kalbe Farma Tbk PT             | Kalbe Farma Tbk PT                        | CUSIP: 000000000<br>LEI: 529900PRQI8S32HOE387 | Long             | EC               | CORP              | ID        |   2969300 | NS      | $398618.44    | 2.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President Enterprises Corp | Uni-President Enterprises Corp            | CUSIP: 000000000<br>LEI: 254900DAXBDMVEXU5959 | Long             | EC               | CORP              | TW        |    143000 | NS      | $309525.75    | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA               | Raia Drogasil SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     84200 | NS      | $378280.03    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                        | LG Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2795 | NS      | $173066.79    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                      | Mondi PLC                                 | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |      8587 | NS      | $146862.77    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI India ETF         | iShares MSCI India ETF                    | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |     16700 | NS      | $697058.00    | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       200 | NS      | $169248.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc          | Delta Electronics Inc                     | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     37000 | NS      | $342989.63    | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                 | Chroma ATE Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     60000 | NS      | $352432.66    | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana de Valores SAB  | Bolsa Mexicana de Valores SAB de CV       | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |     80600 | NS      | $156058.71    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                  | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    722000 | NS      | $395900.22    | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                         | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |     60300 | NS      | $153840.81    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      9277 | NS      | $468375.70    | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** RBC Funds Trust

**Signature:** Kathy Hegna

**Name of Signer:** Kathy Hegna

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