# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-23-049563
**Filing Date:** 2023-3
**Character Count:** 95631
**Document Hash:** 885d53e43a6dfc799898a48b2e67e81f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049563.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 23691123

**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 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           |

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Foreign Government Bonds — 76.73%** | **Foreign Government Bonds — 76.73%** |  |
|  **Angola — 1.36%** | **Angola — 1.36%** |  |
| $260000 | Angolan Government International Bond, 8.25%, 5/9/28(a) | $236754 |
| 280000 | Angolan Government International Bond, 8.75%, 4/14/32(a) | 242498 |
|  |  | 479252 |
|  **Argentina — 3.03%** | **Argentina — 3.03%** |  |
| 205137 | Argentine Republic Government International Bond, 1.00%, 7/9/29 | 54519 |
| 827095 | Argentine Republic Government International Bond, 1.50%, 7/9/35 | 211202 |
| 2360816 | Argentine Republic Government International Bond, 3.50%, 7/9/41 | 658196 |
| 420000 | Provincia de Buenos Aires/Government Bonds, EMTN, 5.25%, 9/1/37(a) | 146034 |
|  |  | 1069951 |
|  **Armenia — 0.57%** | **Armenia — 0.57%** |  |
| 200000 | Republic of Armenia International Bond, 7.15%, 3/26/25(a) | 202274 |
|  **Bahrain — 0.44%** | **Bahrain — 0.44%** |  |
| 200000 | Bahrain Government International Bond, 6.00%, 9/19/44(a) | 155731 |
|  **Brazil — 0.46%** | **Brazil — 0.46%** |  |
| 235000 | Brazilian Government International Bond, 4.75%, 1/14/50 | 164360 |
|  **Chile — 2.95%** | **Chile — 2.95%** |  |
| 200000 | Chile Government International Bond, 2.75%, 1/31/27 | 184057 |
| 508000 | Chile Government International Bond, 3.10%, 5/7/41 | 365672 |
| 200000 | Chile Government International Bond, 4.00%, 1/31/52 | 154594 |
| 400000 | Chile Government International Bond, 4.34%, 3/7/42 | 337686 |
|  |  | 1042009 |
|  **Colombia — 3.49%** | **Colombia — 3.49%** |  |
| 410000 | Colombia Government International Bond, 3.25%, 4/22/32 | 298392 |
| 200000 | Colombia Government International Bond, 3.88%, 2/15/61 | 111733 |
| 460000 | Colombia Government International Bond, 5.00%, 6/15/45 | 312502 |
| 510000 | Colombia Government International Bond, 8.00%, 4/20/33 | 511710 |
|  |  | 1234337 |
|  **Dominican Republic — 2.70%** | **Dominican Republic — 2.70%** |  |
| 556000 | Dominican Republic International Bond, 5.50%, 1/27/25(a) | 552499 |
| 545000 | Dominican Republic International Bond, 5.88%, 1/30/60(a) | 400312 |
|  |  | 952811 |
|  **Ecuador — 2.48%** | **Ecuador — 2.48%** |  |
| 1897441 | Ecuador Government International Bond, 2.50%, 7/31/35(a) | 875747 |

---

**1** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Egypt — 1.59%** | **Egypt — 1.59%** |  |
| $400000 | Egypt Government International Bond, EMTN, 7.50%, 2/16/61(a) | $246966 |
| 500000 | Egypt Government International Bond, 7.90%, 2/21/48(a) | 316032 |
|  |  | 562998 |
|  **El Salvador — 0.86%** | **El Salvador — 0.86%** |  |
| 298000 | El Salvador Government International Bond, 6.38%, 1/18/27(a) | 131365 |
| 215000 | El Salvador Government International Bond, 7.65%, 6/15/35(a) | 85879 |
| 89000 | El Salvador Government International Bond, 7.75%, 1/24/23(a) | 85948 |
|  |  | 303192 |
|  **Georgia — 0.51%** | **Georgia — 0.51%** |  |
| 200000 | Georgia Government International Bond, 2.75%, 4/22/26(a) | 180187 |
|  **Ghana — 0.65%** | **Ghana — 0.65%** |  |
| 420000 | Ghana Government International Bond, 7.75%, 4/7/29(a) | 154480 |
| 215000 | Ghana Government International Bond, 8.95%, 3/26/51(a) | 76354 |
|  |  | 230834 |
|  **Guatemala — 1.69%** | **Guatemala — 1.69%** |  |
| 490000 | Guatemala Government Bond, 3.70%, 10/7/33(a) | 404927 |
| 200000 | Guatemala Government Bond, 4.50%, 5/3/26(a) | 192230 |
|  |  | 597157 |
|  **Hungary — 1.38%** | **Hungary — 1.38%** |  |
| 440000 | Hungary Government International Bond, 3.13%, 9/21/51(a) | 264769 |
|  210,000(b) | Hungary Government International Bond, 5.00%, 2/22/27(a) | 223151 |
|  |  | 487920 |
|  **Indonesia — 2.83%** | **Indonesia — 2.83%** |  |
|  250,000(b) | Indonesia Government International Bond, 1.30%, 3/23/34 | 191397 |
| 600000 | Indonesia Government International Bond, 3.35%, 3/12/71 | 401438 |
| 270000 | Perusahaan Penerbit SBSN Indonesia III, 3.80%, 6/23/50(a) | 209209 |
| 200000 | Perusahaan Penerbit SBSN Indonesia III, 4.70%, 6/6/32(a) | 197320 |
|  |  | 999364 |
|  **Iraq — 1.77%** | **Iraq — 1.77%** |  |
| 250938 | Iraq International Bond, 5.80%, 1/15/28(a) | 230978 |
| 400000 | Iraq International Bond, 6.75%, 3/9/23(a) | 394472 |
|  |  | 625450 |
|  **Jordan — 0.49%** | **Jordan — 0.49%** |  |
| 200000 | Jordan Government International Bond, 7.38%, 10/10/47(a) | 171913 |
|  **Kazakhstan — 1.01%** | **Kazakhstan — 1.01%** |  |
| 400000 | Kazakhstan Government International Bond, 4.88%, 10/14/44(a) | 356646 |

---

**2** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Lebanon — 0.28%** | **Lebanon — 0.28%** |  |
| $36000 | Lebanon Government International Bond, GMTN, 5.80%, 4/14/20(a),(c) | $2120 |
| 166000 | Lebanon Government International Bond, 6.00%, 1/27/23(a),(c) | 9521 |
| 85000 | Lebanon Government International Bond, EMTN, 6.10%, 10/4/22(a),(c) | 4906 |
| 261000 | Lebanon Government International Bond, EMTN, 6.15%, 6/19/20(c) | 11699 |
| 930000 | Lebanon Government International Bond, GMTN, 6.38%, 3/9/20(c) | 50721 |
| 366000 | Lebanon Government International Bond, EMTN, 8.25%, 4/12/21(a),(c) | 19788 |
| 5000 | Lebanon Government International Bond, 8.25%, 5/17/34(c) | 302 |
|  |  | 99057 |
|  **Mexico — 3.29%** | **Mexico — 3.29%** |  |
| 1000000 | Mexico Government International Bond, 3.77%, 5/24/61 | 635422 |
| 200000 | Mexico Government International Bond, GMTN, 4.13%, 1/21/26 | 195031 |
| 200000 | Mexico Government International Bond, 4.40%, 2/12/52 | 147393 |
| 200000 | Mexico Government International Bond, 4.88%, 5/19/33 | 183863 |
|  |  | 1161709 |
|  **Nigeria — 2.96%** | **Nigeria — 2.96%** |  |
| 500000 | Nigeria Government International Bond, EMTN, 6.13%, 9/28/28(a) | 386175 |
| 200000 | Nigeria Government International Bond, EMTN, 7.38%, 9/28/33(a) | 142270 |
| 220000 | Nigeria Government International Bond, EMTN, 7.63%, 11/28/47(a) | 141170 |
| 500000 | Nigeria Government International Bond, 7.88%, 2/16/32(a) | 377597 |
|  |  | 1047212 |
|  **Oman — 7.38%** | **Oman — 7.38%** |  |
| 200000 | Oman Government International Bond, 4.75%, 6/15/26(a) | 193144 |
| 200000 | Oman Government International Bond, EMTN, 4.88%, 2/1/25(a) | 196271 |
| 200000 | Oman Government International Bond, EMTN, 6.00%, 8/1/29(a) | 200502 |
| 465000 | Oman Government International Bond, 6.75%, 10/28/27(a) | 481651 |
| 1015000 | Oman Government International Bond, 6.75%, 1/17/48(a) | 949945 |
| 200000 | Oman Government International Bond, 7.00%, 1/25/51(a) | 193130 |
| 400000 | Oman Sovereign Sukuk Co., 4.40%, 6/1/24(a) | 392996 |
|  |  | 2607639 |
|  **Pakistan — 0.70%** | **Pakistan — 0.70%** |  |
| 200000 | Pakistan Government International Bond, EMTN, 6.00%, 4/8/26(a) | 80787 |

---

**3** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $200000 | Pakistan Government International Bond, EMTN, 7.38%, 4/8/31(a) | $70979 |
| 200000 | Pakistan Government International Bond, 8.25%, 9/30/25(a) | 96806 |
|  |  | 248572 |
|  **Panama — 1.92%** | **Panama — 1.92%** |  |
| 615000 | Panama Government International Bond, 3.87%, 7/23/60 | 395852 |
| 280000 | Panama Government International Bond, 6.40%, 2/14/35 | 284262 |
|  |  | 680114 |
|  **Paraguay — 2.30%** | **Paraguay — 2.30%** |  |
| 700000 | Paraguay Government International Bond, 2.74%, 1/29/33(a) | 549087 |
| 305000 | Paraguay Government International Bond, 5.40%, 3/30/50(a) | 263913 |
|  |  | 813000 |
|  **Philippines — 1.47%** | **Philippines — 1.47%** |  |
| 400000 | Philippine Government International Bond, 2.95%, 5/5/45 | 288552 |
| 220000 | Philippine Government International Bond, 5.61%, 4/13/33 | 232634 |
|  |  | 521186 |
|  **Poland — 0.60%** | **Poland — 0.60%** |  |
| 200000 | Republic of Poland Government International Bond, 5.75%, 11/16/32 | 212636 |
|  **Qatar — 2.87%** | **Qatar — 2.87%** |  |
| 315000 | Qatar Government International Bond, 3.38%, 3/14/24(a) | 308516 |
| 315000 | Qatar Government International Bond, 3.88%, 4/23/23(a) | 313426 |
| 429000 | Qatar Government International Bond, 4.40%, 4/16/50(a) | 391732 |
|  |  | 1013674 |
|  **Romania — 2.16%** | **Romania — 2.16%** |  |
|  80,000(b) | Romanian Government International Bond, EMTN, 2.00%, 4/14/33(a) | 54799 |
|  220,000(b) | Romanian Government International Bond, 2.63%, 12/2/40(a) | 131015 |
|  435,000(b) | Romanian Government International Bond, EMTN, 2.75%, 4/14/41(a) | 260459 |
|  252,000(b) | Romanian Government International Bond, EMTN, 3.38%, 2/8/38(a) | 182148 |
|  217,000(b) | Romanian Government International Bond, EMTN, 3.38%, 1/28/50(a) | 133549 |
|  |  | 761970 |
|  **Serbia — 0.49%** | **Serbia — 0.49%** |  |
|  285,000(b) | Serbia International Bond, EMTN, 2.05%, 9/23/36(a) | 172056 |
|  **South Africa — 2.74%** | **South Africa — 2.74%** |  |
| 400000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 356902 |

---

**4** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $400000 | Republic of South Africa Government International Bond, 5.00%, 10/12/46 | $280633 |
| 200000 | Republic of South Africa Government International Bond, 5.38%, 7/24/44 | 150997 |
| 200000 | Republic of South Africa Government International Bond, 5.88%, 4/20/32 | 180791 |
|  |  | 969323 |
|  **Sri Lanka — 0.34%** | **Sri Lanka — 0.34%** |  |
| 390000 | Sri Lanka Government International Bond, 6.83%, 7/18/26(a) | 120388 |
|  **Tunisia — 1.55%** | **Tunisia — 1.55%** |  |
| 200000 | Banque Centrale de Tunisie International Bond, 6.75%, 10/31/23(a) | 178701 |
|  444,000(b) | Tunisian Republic, 5.63%, 2/17/24(a) | 369590 |
|  |  | 548291 |
|  **Turkey — 5.49%** | **Turkey — 5.49%** |  |
| 810000 | Turkey Government International Bond, 4.88%, 4/16/43 | 527444 |
| 965000 | Turkey Government International Bond, 5.75%, 5/11/47 | 657213 |
| 730000 | Turkey Government International Bond, 9.88%, 1/15/28 | 755948 |
|  |  | 1940605 |
|  **Ukraine — 1.13%** | **Ukraine — 1.13%** |  |
| 320000 | Ukraine Government International Bond, (N/A + 0.000%), 0.00%, 8/1/41(a),(d),(e) | 93144 |
| 1193000 | Ukraine Government International Bond, 7.38%, 9/25/34(a) | 219930 |
| 175000 | Ukraine Government International Bond, 7.75%, 9/1/26(a) | 37450 |
| 230000 | Ukraine Government International Bond, 7.75%, 9/1/28(a) | 47514 |
|  |  | 398038 |
|  **United Arab Emirates — 4.29%** | **United Arab Emirates — 4.29%** |  |
| 635000 | Abu Dhabi Government International Bond, 2.13%, 9/30/24(a) | 607596 |
| 277000 | Abu Dhabi Government International Bond, EMTN, 2.70%, 9/2/70(a) | 172248 |
| 360000 | Abu Dhabi Government International Bond, 3.13%, 9/30/49(a) | 267136 |
| 715000 | Finance Department Government of Sharjah, GMTN, 4.00%, 7/28/50(a) | 469428 |
|  |  | 1516408 |
|  **Uruguay — 1.48%** | **Uruguay — 1.48%** |  |
| 547599 | Uruguay Government International Bond, 4.98%, 4/20/55 | 523891 |
|  **Uzbekistan — 2.36%** | **Uzbekistan — 2.36%** |  |
| 200000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31(a) | 164087 |

---

**5** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $340000 | Republic of Uzbekistan International Bond, EMTN, 4.75%, 2/20/24(a) | $332167 |
| 425000 | Uzbekneftegaz JSC, 4.75%, 11/16/28(a) | 338882 |
|  |  | 835136 |
|  **Venezuela — 0.07%** | **Venezuela — 0.07%** |  |
| 85000 | Venezuela Government International Bond, 7.75%, 10/13/19(a),(c) | 6375 |
| 73800 | Venezuela Government International Bond, 8.25%, 10/13/24(a),(c) | 5904 |
| 170000 | Venezuela Government International Bond, 11.75%, 10/21/26(a),(c) | 13600 |
|  |  | 25879 |
|  **Zambia — 0.60%** | **Zambia — 0.60%** |  |
| 505000 | Zambia Government International Bond, 5.38%, 9/23/23(a) | 210352 |
|  **Total Foreign Government Bonds**<br> (Cost $30,424,375) | **Total Foreign Government Bonds**<br> (Cost $30,424,375) | **27119269** |
|  **Corporate Bonds — 16.65%** | **Corporate Bonds — 16.65%** |  |
|  **Argentina — 1.54%** | **Argentina — 1.54%** |  |
| 109375 | YPF SA, 8.50%, 3/23/25(a) | 99630 |
| 210000 | YPF SA, 8.50%, 7/28/25(a) | 176505 |
| 177800 | YPF SA, 8.75%, 4/4/24(a) | 168810 |
| 105000 | YPF SA, 9.00%, 2/12/26(a) | 100538 |
|  |  | 545483 |
|  **Brazil — 0.89%** | **Brazil — 0.89%** |  |
| 342600 | MV24 Capital BV, 6.75%, 6/1/34(a) | 314352 |
|  **Chile — 0.49%** | **Chile — 0.49%** |  |
| 250000 | Empresa de los Ferrocarriles del Estado, 3.83%, 9/14/61(a) | 174531 |
|  **Colombia — 1.00%** | **Colombia — 1.00%** |  |
| 230000 | Ecopetrol SA, 5.88%, 5/28/45 | 160695 |
| 285000 | Ecopetrol SA, 5.88%, 11/2/51 | 192002 |
|  |  | 352697 |
|  **Mexico — 4.91%** | **Mexico — 4.91%** |  |
| 280000 | Comision Federal de Electricidad, 4.69%, 5/15/29(a) | 247597 |
| 490000 | Mexico City Airport Trust, 5.50%, 7/31/47(a) | 376565 |
| 1045000 | Petroleos Mexicanos, 5.63%, 1/23/46 | 607406 |
| 414000 | Petroleos Mexicanos, 6.35%, 2/12/48 | 253491 |
| 265000 | Petroleos Mexicanos, GMTN, 8.75%, 6/2/29 | 248880 |
|  |  | 1733939 |

---

**6** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  **Oman — 1.28%** | **Oman — 1.28%** |  |
| $275000 | OQ SAOC, GMTN, 5.13%, 5/6/28(a) | $261274 |
| 200000 | Oryx Funding Ltd., 5.80%, 2/3/31(a) | 190714 |
|  |  | 451988 |
|  **Paraguay — 0.88%** | **Paraguay — 0.88%** |  |
| 186667 | Rutas 2 and 7 Finance Ltd., 0.00%, 9/30/36(a),(f) | 116418 |
| 200000 | Telefonica Celular del Paraguay SA, 5.88%, 4/15/27(a) | 194070 |
|  |  | 310488 |
|  **Peru — 0.97%** | **Peru — 0.97%** |  |
| 400000 | InRetail Consumer, 3.25%, 3/22/28(a) | 343709 |
|  **Qatar — 0.89%** | **Qatar — 0.89%** |  |
| 200000 | Qatar Energy, 3.13%, 7/12/41(a) | 153303 |
| 220000 | Qatar Energy, 3.30%, 7/12/51(a) | 161717 |
|  |  | 315020 |
|  **United Arab Emirates — 3.63%** | **United Arab Emirates — 3.63%** |  |
| 300000 | DP World Salaam, 6.00%, (a),(g),(h) | 296601 |
| 425344 | Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(a) | 362073 |
| 513227 | Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(a) | 413521 |
| 200000 | MDGH GMTN RSC Ltd., 5.50%, 4/28/33(a) | 211578 |
|  |  | 1283773 |
|  **Venezuela — 0.17%** | **Venezuela — 0.17%** |  |
| 173584 | Petroleos de Venezuela SA, 6.00%, 11/15/26(a),(c) | 8245 |
| 260000 | Petroleos de Venezuela SA, 8.50%, 10/27/20(a),(c) | 49790 |
|  |  | 58035 |
|  **Total Corporate Bonds**<br> (Cost $6,624,258) | **Total Corporate Bonds**<br> (Cost $6,624,258) | **5884015** |
| **Shares** |  |  |
|  **Municipal Bond — 0.55%** | **Municipal Bond — 0.55%** |  |
|  **Turkey — 0.55%** | **Turkey — 0.55%** |  |
| 200000 | Istanbul Metropolitan Municipality(a) | 195162 |
|  **Total Municipal Bond**<br> (Cost $194,588) | **Total Municipal Bond**<br> (Cost $194,588) | **195162** |
| **Contracts** |  |  |
|  **Put Option Purchased — 0.00%** | **Put Option Purchased — 0.00%** |  |
| 30000 | USD CALL VERSUS EUR PUT, Notional Amount EUR 300 |  |
|  **Total Put Option Purchased**<br> (Cost $3,127) | **Total Put Option Purchased**<br> (Cost $3,127) | **0** |

---

**7** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Investment Company — 1.68%** | **Investment Company — 1.68%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593125 | U.S. Government Money Market Fund, RBC Institutional Class 1 (i) | $593125 |
|  **Total Investment Company**<br> (Cost $593,125) | **Total Investment Company**<br> (Cost $593,125) | **593125** |
|  **Total Investments**<br> (Cost $37,839,473) — 95.61% | **Total Investments**<br> (Cost $37,839,473) — 95.61% | $**33791571** |
|  **Other assets in excess of liabilities — 4.39%** | **Other assets in excess of liabilities — 4.39%** | **1551642** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**35343213** |

---

------

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

(b) Principal amount denoted in Euros.

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

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

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

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

(g) 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.

(h) Perpetual security with no stated maturity date.

(i) Affiliated investment.

**8** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

**Foreign currency exchange contracts as of December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Value/Unrealized<br>Appreciation<br>(Depreciation)** |
| CZK | 1052012 | EUR | 42921 | Citibank N.A. | 1/19/23 | $483 |
| CZK | 1965129 | EUR | 80177 | Citibank N.A. | 1/19/23 | 901 |
| EUR | 47777 | USD | 50000 | Citibank N.A. | 1/19/23 | 1214 |
| HUF | 19019388 | EUR | 44607 | Citibank N.A. | 1/19/23 | 2863 |
| HUF | 19645084 | EUR | 45843 | Citibank N.A. | 1/19/23 | 3205 |
| HUF | 56585045 | EUR | 131997 | Citibank N.A. | 1/19/23 | 9283 |
| HUF | 19019388 | EUR | 44483 | Citibank N.A. | 1/19/23 | 2996 |
| HUF | 16698321 | EUR | 38953 | Citibank N.A. | 1/19/23 | 2739 |
| THB | 6724349 | USD | 178353 | Citibank N.A. | 1/19/23 | 16212 |
| THB | 1964361 | USD | 53112 | Citibank N.A. | 1/19/23 | 3725 |
| THB | 1416244 | USD | 38464 | Citibank N.A. | 1/19/23 | 2514 |
| THB | 1176067 | USD | 31867 | Citibank N.A. | 1/19/23 | 2162 |
| TRY | 1645666 | USD | 84661 | HSBC Bank Plc | 1/19/23 | 1924 |
| USD | 312741 | PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17249497 | Citibank N.A. | 1/19/23 | 3015 |
| USD | 47259 | PHP | 2603623 | Citibank N.A. | 1/19/23 | 509 |
| ZAR | 9350000 | USD | 539582 | Citibank N.A. | 1/19/23 | 9690 |
|  |  |  |  |  |  | $63435 |
| EUR | 239449 | CZK | 5965505 | Citibank N.A. | 1/19/23 | $(6962) |
| THB | 7240674 | USD | 210000 | Citibank N.A. | 1/19/23 | (495) |
| USD | 95869 | EUR | 90000 | Citibank N.A. | 1/19/23 | (607) |
| USD | 175200 | EUR | 169531 | Citibank N.A. | 1/19/23 | (6529) |
| USD | 208158 | EUR | 200000 | Citibank N.A. | 1/19/23 | (6234) |
| USD | 90583 | EUR | 85000 | Citibank N.A. | 1/19/23 | (533) |
| USD | 128840 | EUR | 125000 | Citibank N.A. | 1/19/23 | (5155) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045051 | EUR | 1056677 | Citibank N.A. | 1/19/23 | (87660) |
| USD | 165856 | EUR | 160000 | Citibank N.A. | 1/19/23 | (5657) |
| USD | 410716 | EUR | 417790 | Citibank N.A. | 1/19/23 | (37136) |
| USD | 507888 | ZAR | 9210000 | Citibank N.A. | 1/19/23 | (33159) |
| USD | 72340 | EUR | 70000 | Citibank N.A | 1/19/23 | (2696) |
| USD | 81766 | TRY | 1645666 | HSBC Bank Plc | 1/19/23 | (4819) |
|  |  |  |  |  |  | $(197642) |
| **Total** |  |  |  |  |  | $(134207) |

---

**9** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

**Financial futures contracts as of December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | **Number of<br>Contracts** | **Expiration<br>Date** | **Value/Unrealized<br>Appreciation** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Clearinghouse** |
|  10 Year Euro-Bund | 5 | March 2023 | $47548 | EUR $| 711475 | Morgan Stanley & Co. LLC |
|  10 Year U.S. Ultra Treasury Bond | 5 | March 2023 | 15399 | USD | 591406 | Morgan Stanley & Co. LLC |
|  30 Year U.S. Ultra Treasury Bond | 2 | March 2023 | 2738 | USD | 268625 | Morgan Stanley & Co. LLC |
|  5 Year Euro-Bobl | 5 | March 2023 | 20541 | EUR | 619523 | Morgan Stanley & Co. LLC |
|  **Total** |  |  | $86226 |  |  |  |

---

**Credit default swaps buy protection as of December 31, 2022:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed**<br> **Rate** | **Issuer** | **Payment<br>Frequency** | **Counterparty** | **Expiration**<br> **Date** | **Notional**<br>**Amount**<br>**(000)** | **Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Value** |
| 1.00% | Turkey Government International Bond | Quarterly | Citigroup Global Markets Ltd | 12/20/23 | USD841 | $17597 | $2262 | $19859 |
| 1.00% | Turkey Government International Bond | Quarterly | Barclays Bank plc | 12/20/23 | USD195 | 7606 | (3002) | 4605 |
| 1.00% | Turkey Government International Bond | Quarterly | Barclays Bank plc | 12/20/23 | USD700 | 37894 | (21364) | 16529 |
| 1.00% | Turkey Government International Bond | Quarterly | Citibank N.A. | 12/20/23 | USD150 | 5822 | (2280) | 3542 |
| 1.00% | ICE - CDX EM S38 DEC-27 | Quarterly | Morgan Stanley & Co. LLC | 12/20/27 | USD162 | 14793 | (5386) | 9406 |
| 1.00% | ICE - CDX EM S38 DEC-27 | Quarterly | Morgan Stanley & Co. LLC | 12/20/27 | USD968 | 88849 | (32643) | 56207 |
| **Total** |  |  |  |  |  | $172561 | $(62413) | $110148 |

---

**10** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Emerging Market Debt Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

Abbreviations used are defined below:

Bobl - German Bundesobligationen

CZK - Czech Koruna

EMTN - Euro Medium Term Note

EUR - Euro

GMTN - Global Medium Term Note

HUF - Hungarian Forint

PHP - Philippine Peso

THB - Thai Baht

TRY - Turkish Lira

USD - United States Dollar

ZAR - South African Rand

Portfolio Diversification (Unaudited)

---

| | |
|:---|:---|
| Industries | Percentage<br>of Net Assets |
|  Foreign Government Bonds | 76.73% |
|  Energy | 9.67% |
|  Industrial | 2.78% |
|  Utilities | 1.24% |
|  Consumer, Cyclical | 0.97% |
|  Consumer, Non-cyclical | 0.84% |
|  Financial | 0.60% |
|  Communications | 0.55% |
|  Government | 0.55% |
|  Other\* | 6.07% |
|  | 100.00% |

---

\* Includes cash, Investment Company, interest and dividend receivable, pending trades and Fund share transactions, credit default swaps, financial futures contracts, options, foreign currency exchange contracts and accrued expenses payable.

**11**

## 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 BlueBay Emerging Market Debt Fund

- **b. EDGAR series identifier (if any):** S000033479

- **c. LEI of Series:** 5493007OQRSXC5HIC148

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $35659688.77

**Total Liabilities:** $316419.80

**Net Assets:** $35343268.97

**Cash Not Reported:** $429196.56

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00362213 | **1-Year:** 0.03153191 | **5-Year:** 0.16207749 | **10-Year:** 0.97900022 | **30-Year:** 0.98921293

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00436239 | **1-Year:** 0.04414386 | **5-Year:** 0.28421270 | **10-Year:** 0.90041231 | **30-Year:** 0.29922798

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102917 | 0.59%                | 8.49%                | 0.53%                |
| Class ID C000176573 | 0.61%                | 8.75%                | 0.45%                |
| Class ID C000102918 | 0.60%                | 8.64%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-427051.46              | $543582.88                                 |
| Month 2  | $-112178.99              | $2847020.21                                |
| Month 3  | $-127581.50              | $49951.32                                  |

**Designated Index Information**

- **Index Name:** JPM EMBI Global Diversified Index

- **Index Identifier:** JPGCCOMP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| REPUBLIC OF SOUTH AFRICA                    | Republic of South Africa Government International Bond | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    400000 | PA      | $280633.32    | 0.79%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     85000 | PA      | $4906.13      | 0.01%             | 2022-10-04      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | CDS CDX.EM.38.V1                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $9406.48      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                       | Guatemala Government Bond                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $192230.40    | 0.54%             | 2026-05-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    435000 | PA      | $260458.81    | 0.74%             | 2041-04-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ORYX FUNDING LTD                            | Oryx Funding Ltd                                       | CUSIP: 000000000<br>LEI: 549300S728CF0BBRC295 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $190713.50    | 0.54%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    220000 | PA      | $131014.57    | 0.37%             | 2040-12-02      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                          | Ukraine Government International Bond                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1193000 | PA      | $219929.55    | 0.62%             | 2034-09-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                     | El Salvador Government International Bond              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    215000 | PA      | $85878.68     | 0.24%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                           | Ghana Government International Bond                    | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    420000 | PA      | $154480.20    | 0.44%             | 2029-04-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/HUF FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9282.71      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                        | Colombia Government International Bond                 | CUSIP: 195325CU7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    460000 | PA      | $312502.43    | 0.88%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $193143.76    | 0.55%             | 2026-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | PHP/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3014.74      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                       | Venezuela Government International Bond                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     85000 | PA      | $6375.00      | 0.02%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                       | Argentine Republic Government International Bond       | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    205137 | PA      | $54519.06     | 0.15%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CZK/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $901.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPRESA DE LOS FERROCARR                    | Empresa de los Ferrocarriles del Estado                | CUSIP: 000000000<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | CORP              | CL        |    250000 | PA      | $174531.25    | 0.49%             | 2061-09-14      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU                    | Istanbul Metropolitan Municipality                     | CUSIP: 000000000<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $195162.50    | 0.55%             | 2027-04-12      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                          | Turkey Government International Bond                   | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    965000 | PA      | $657212.57    | 1.86%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                   | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $183862.80    | 0.52%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | Eurex 5 Year Euro BOBL                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -5 | NC      | $20541.35     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DP WORLD SALAAM                             | DP World Salaam                                        | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $296600.64    | 0.84%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CZK/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6962.03     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-607.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                          | Republic of Poland Government International Bond       | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $212636.26    | 0.60%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                         | Petroleos Mexicanos                                    | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    265000 | PA      | $248879.97    | 0.70%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                    | Provincia de Buenos Aires/Government Bonds             | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    420000 | PA      | $146034.00    | 0.41%             | 2037-09-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                   | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $635421.80    | 1.80%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5657.24     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV                             | MV24 Capital BV                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    342600 | PA      | $314352.63    | 0.89%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                       | Argentine Republic Government International Bond       | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2360816 | PA      | $658195.50    | 1.86%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                     | El Salvador Government International Bond              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    298000 | PA      | $131364.78    | 0.37%             | 2027-01-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | ZAR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-33158.49    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                        | YPF SA                                                 | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    105000 | PA      | $100537.50    | 0.28%             | 2026-02-12      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |   1015000 | PA      | $949945.30    | 2.69%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                         | Petroleos Mexicanos                                    | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1045000 | PA      | $607406.25    | 1.72%             | 2046-01-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                               | USD/TRY FORWARD                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1923.91      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                          | Panama Government International Bond                   | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    280000 | PA      | $284261.99    | 0.80%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    366000 | PA      | $19787.53     | 0.06%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                      | Galaxy Pipeline Assets Bidco Ltd                       | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    513227 | PA      | $413520.94    | 1.17%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                       | Venezuela Government International Bond                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    170000 | PA      | $13600.00     | 0.04%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                     | Pakistan Government International Bond                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $96806.00     | 0.27%             | 2025-09-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | HUF/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2862.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $200502.32    | 0.57%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF IRAQ                            | Iraq International Bond                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |    250938 | PA      | $230978.56    | 0.65%             | 2028-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                     | Pakistan Government International Bond                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $80787.50     | 0.23%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                     | Pakistan Government International Bond                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $70978.80     | 0.20%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2696.37     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                           | MDGH GMTN RSC Ltd                                      | CUSIP: 000000000<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $211577.58    | 0.60%             | 2033-04-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RUTAS 2 AND 7 FINANCE                       | Rutas 2 and 7 Finance Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    186667 | PA      | $116417.78    | 0.33%             | 2036-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                        | Abu Dhabi Government International Bond                | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    277000 | PA      | $172248.30    | 0.49%             | 2070-09-02      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/THB FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2161.51      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    261000 | PA      | $11699.33     | 0.03%             | 2020-06-19      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                         | Ecuador Government International Bond                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1897441 | PA      | $875747.20    | 2.48%             | 2035-07-31      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                         | Nigeria Government International Bond                  | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    500000 | PA      | $377596.90    | 1.07%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                    | Perusahaan Penerbit SBSN Indonesia III                 | CUSIP: 71567RAV8<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $197320.18    | 0.56%             | 2032-06-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF IRAQ                            | Iraq International Bond                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |    400000 | PA      | $394471.84    | 1.12%             | 2023-03-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                      | Brazilian Government International Bond                | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    235000 | PA      | $164360.18    | 0.47%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     80000 | PA      | $54798.92     | 0.16%             | 2033-04-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                    | QatarEnergy Trading LLC                                | CUSIP: 000000000<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $153303.00    | 0.43%             | 2041-07-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | PHP/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $508.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/THB FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2514.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                          | Ukraine Government International Bond                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    230000 | PA      | $47514.16     | 0.13%             | 2028-09-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                          | Zambia Government International Bond                   | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    505000 | PA      | $210352.20    | 0.60%             | 2022-09-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                           | Chile Government International Bond                    | CUSIP: 168863DW5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $154594.30    | 0.44%             | 2052-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/CZK FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $483.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -5 | NC      | $47547.48     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association              | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6529.30     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                         | Nigeria Government International Bond                  | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $142270.00    | 0.40%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                    | Republic of South Africa Government International Bond | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    400000 | PA      | $356902.04    | 1.01%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                        | Colombia Government International Bond                 | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    510000 | PA      | $511710.18    | 1.45%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INRETAIL CONSUMER                           | InRetail Consumer                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    400000 | PA      | $343708.76    | 0.97%             | 2028-03-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| OMAN SOVEREIGN SUKUK                        | Oman Sovereign Sukuk Co                                | CUSIP: 000000000<br>LEI: 549300KM6RUZQLK8LU36 | Long             | DBT              | NUSS              | OM        |    400000 | PA      | $392996.00    | 1.11%             | 2024-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                          | Dominican Republic International Bond                  | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    545000 | PA      | $400312.26    | 1.13%             | 2060-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                              | Qatar Government International Bond                    | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    315000 | PA      | $308516.17    | 0.87%             | 2024-03-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                              | Qatar Government International Bond                    | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    315000 | PA      | $313425.66    | 0.89%             | 2023-04-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                           | Jordan Government International Bond                   | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $171912.58    | 0.49%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                          | Ukraine Government International Bond                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    320000 | PA      | $93144.00     | 0.26%             | 2041-08-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                       | Sri Lanka Government International Bond                | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |    390000 | PA      | $120388.13    | 0.34%             | 2026-07-18      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $196270.58    | 0.56%             | 2025-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                         | Petroleos Mexicanos                                    | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    414000 | PA      | $253490.92    | 0.72%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                    | Petroleos de Venezuela SA                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    260000 | PA      | $49790.00     | 0.14%             | 2020-10-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | CDS CDX.EM.38.V1                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $56206.64     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     36000 | PA      | $2119.95      | 0.01%             | 2020-04-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                         | Nigeria Government International Bond                  | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    220000 | PA      | $141169.82    | 0.40%             | 2047-11-28      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                          | Serbia International Bond                              | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    285000 | PA      | $172055.50    | 0.49%             | 2036-09-23      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-533.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | HUF/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2739.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                      | Galaxy Pipeline Assets Bidco Ltd                       | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    425344 | PA      | $362073.48    | 1.02%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                       | Finance Department Government of Sharjah               | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |    715000 | PA      | $469427.89    | 1.33%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                        | Paraguay Government International Bond                 | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    305000 | PA      | $263912.93    | 0.75%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                        | YPF SA                                                 | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    109375 | PA      | $99630.38     | 0.28%             | 2025-03-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1214.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/ZAR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9689.70      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA TREASURY BOND                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -2 | NC      | $2738.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF VENEZUELA                       | Venezuela Government International Bond                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     73800 | PA      | $5904.00      | 0.02%             | 2024-10-13      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                          | Bahrain Government International Bond                  | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $155731.00    | 0.44%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US Government Money Market Fund             | US Government Money Market Fund                        | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |    589206 | NS      | $589206.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $193129.58    | 0.55%             | 2051-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                     | OQ SAOC                                                | CUSIP: 000000000<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | CORP              | OM        |    275000 | PA      | $261274.28    | 0.74%             | 2028-05-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                           | USD CALL VERSUS EUR PUT                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | GB        |     30000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-37136.43    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                   | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $147393.34    | 0.42%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      5000 | PA      | $302.07       | 0.00%             | 2034-05-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                           | Chile Government International Bond                    | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $184057.54    | 0.52%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                           | CDS REPUBLIC OF TURKEY                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $16529.32     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                        | Colombia Government International Bond                 | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    410000 | PA      | $298391.44    | 0.84%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                       | Guatemala Government Bond                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    490000 | PA      | $404926.98    | 1.15%             | 2033-10-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | THB/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $16212.49     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                       | Indonesia Government International Bond                | CUSIP: 455780CX2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    600000 | PA      | $401437.98    | 1.14%             | 2071-03-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | THB/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-494.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                     | Hungary Government International Bond                  | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    210000 | PA      | $223151.25    | 0.63%             | 2027-02-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC                           | Tunisian Republic                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TN        |    444000 | PA      | $369589.60    | 1.05%             | 2024-02-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                          | Angolan Government International Bond                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    260000 | PA      | $236753.84    | 0.67%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                    | Petroleos de Venezuela SA                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    173584 | PA      | $8245.24      | 0.02%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                           | Ghana Government International Bond                    | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    215000 | PA      | $76354.15     | 0.22%             | 2051-03-26      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    252000 | PA      | $182148.56    | 0.52%             | 2038-02-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS LIMITED            | CDS GOVERNMENT OF TURKEY                               | CUSIP: 000000000<br>LEI: XKZZ2JZF41MRHTR1V493 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $19858.79     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ JSC                           | Uzbekneftegaz JSC                                      | CUSIP: 000000000<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |    425000 | PA      | $338881.53    | 0.96%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                          | Angolan Government International Bond                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    280000 | PA      | $242497.98    | 0.69%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                    | Uruguay Government International Bond                  | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    547599 | PA      | $523890.70    | 1.48%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                     | Philippine Government International Bond               | CUSIP: 718286CH8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    400000 | PA      | $288552.32    | 0.82%             | 2045-05-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                          | Ukraine Government International Bond                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    175000 | PA      | $37450.00     | 0.11%             | 2026-09-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $15398.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI GOVT INT'L                        | Abu Dhabi Government International Bond                | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    635000 | PA      | $607595.94    | 1.72%             | 2024-09-30      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                       | Indonesia Government International Bond                | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $191396.67    | 0.54%             | 2034-03-23      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                          | Dominican Republic International Bond                  | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    556000 | PA      | $552498.59    | 1.56%             | 2025-01-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                        | Colombia Government International Bond                 | CUSIP: 195325DX0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $111733.06    | 0.32%             | 2061-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GEORGIA                         | Georgia Government International Bond                  | CUSIP: 000000000<br>LEI: 2138007T8RLEVDMLQ257 | Long             | DBT              | NUSS              | GE        |    200000 | PA      | $180186.92    | 0.51%             | 2026-04-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                     | Philippine Government International Bond               | CUSIP: 718286CT2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    220000 | PA      | $232633.96    | 0.66%             | 2033-04-13      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                    | Perusahaan Penerbit SBSN Indonesia III                 | CUSIP: 71567RAQ9<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    270000 | PA      | $209209.45    | 0.59%             | 2050-06-23      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                          | Turkey Government International Bond                   | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    730000 | PA      | $755948.36    | 2.14%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                      | Oman Government International Bond                     | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    465000 | PA      | $481651.46    | 1.36%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                      | Egypt Government International Bond                    | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    500000 | PA      | $316032.50    | 0.89%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                          | Panama Government International Bond                   | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    615000 | PA      | $395852.44    | 1.12%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5154.49     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                      | Republic of Uzbekistan International Bond              | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    340000 | PA      | $332167.25    | 0.94%             | 2024-02-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                   | CUSIP: 91086QBG2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $195030.84    | 0.55%             | 2026-01-21      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                      | Kazakhstan Government International Bond               | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    400000 | PA      | $356646.40    | 1.01%             | 2044-10-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                | Ecopetrol SA                                           | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    285000 | PA      | $192002.28    | 0.54%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                      | Egypt Government International Bond                    | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    400000 | PA      | $246965.76    | 0.70%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                | Ecopetrol SA                                           | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    230000 | PA      | $160694.42    | 0.45%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                       | Argentine Republic Government International Bond       | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    827095 | PA      | $211202.43    | 0.60%             | 2035-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                        | YPF SA                                                 | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    177800 | PA      | $168809.99    | 0.48%             | 2024-04-04      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC                           | Tunisian Republic                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TN        |    200000 | PA      | $178701.22    | 0.51%             | 2023-10-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                           | Chile Government International Bond                    | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    400000 | PA      | $337685.72    | 0.96%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                      | Republic of Uzbekistan International Bond              | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    200000 | PA      | $164086.76    | 0.46%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                          | Turkey Government International Bond                   | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    810000 | PA      | $527443.65    | 1.49%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                        | Abu Dhabi Government International Bond                | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    360000 | PA      | $267136.24    | 0.76%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6233.59     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    930000 | PA      | $50720.71     | 0.14%             | 2020-03-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                         | Nigeria Government International Bond                  | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    500000 | PA      | $386175.00    | 1.09%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | USD/THB FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3725.45      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | HUF/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2996.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF QATAR                              | Qatar Government International Bond                    | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    429000 | PA      | $391731.95    | 1.11%             | 2050-04-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | CDS REPUBLIC OF TURKEY                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $3542.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                         | Republic of Armenia International Bond                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    200000 | PA      | $202274.38    | 0.57%             | 2025-03-26      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/HUF FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3205.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                           | Chile Government International Bond                    | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    508000 | PA      | $365671.76    | 1.03%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TELFON CELUAR DEL PARAGU                    | Telefonica Celular del Paraguay SA                     | CUSIP: 000000000<br>LEI: 254900R8A8IKGF4THL54 | Long             | DBT              | CORP              | PY        |    200000 | PA      | $194070.00    | 0.55%             | 2027-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                     | El Salvador Government International Bond              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     89000 | PA      | $85948.04     | 0.24%             | 2023-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                     | Hungary Government International Bond                  | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    440000 | PA      | $264768.55    | 0.75%             | 2051-09-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                    | Republic of South Africa Government International Bond | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $180791.06    | 0.51%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                      | Mexico City Airport Trust                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    490000 | PA      | $376565.00    | 1.07%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-87660.14    | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                        | YPF SA                                                 | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    210000 | PA      | $176505.00    | 0.50%             | 2025-07-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                    | QatarEnergy Trading LLC                                | CUSIP: 000000000<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    220000 | PA      | $161717.29    | 0.46%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                               | TRY/USD FORWARD                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4818.59     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                           | Lebanon Government International Bond                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    166000 | PA      | $9520.93      | 0.03%             | 2023-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                    | Republic of South Africa Government International Bond | CUSIP: 836205AS3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $150996.62    | 0.43%             | 2044-07-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                        | Paraguay Government International Bond                 | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    700000 | PA      | $549086.51    | 1.55%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                    | Comision Federal de Electricidad                       | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    280000 | PA      | $247596.80    | 0.70%             | 2029-05-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    217000 | PA      | $133549.09    | 0.38%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                           | CDS TURKEY                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $4604.60      | 0.01%             |  |  |  | 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.