# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0000940400-26-007491
**Filing Date:** 2026-2
**Character Count:** 151201
**Document Hash:** 276c02530a4ad3c9d3601fc79503dbc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007491.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007491

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 26675518

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Corporate Bonds — 54.0%** | **Corporate Bonds — 54.0%** |  |
| **Australia — 0.4%** | **Australia — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$321000 | Macquarie Bank Ltd., 5.64%, 8/13/36(a),(b) | &nbsp;&nbsp;&nbsp;$325582 |
| **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;380000 | Raizen Fuels Finance SA, 6.70%, 2/25/37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309122 |
| &nbsp;&nbsp;&nbsp;&nbsp;325000 | Sitios Latinoamerica SAB de CV, 6.00%, 11/25/29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336567 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | Suzano Netherlands BV, 5.50%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922800 |
| **Canada — 3.5%** | **Canada — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;307000 | AltaGas Ltd., 7.20%, 10/15/54(a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317713 |
| &nbsp;&nbsp;&nbsp;&nbsp;386000 | Brookfield Infrastructure Finance ULC, 6.75%, 3/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388877 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Capital Power US Holdings, Inc., 6.19%, 6/1/35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419053 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | CI Financial Corp., 7.50%, 5/30/29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489533 |
| &nbsp;&nbsp;&nbsp;&nbsp;784000 | NOVA Chemicals Corp., 7.00%, 12/1/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835319 |
| &nbsp;&nbsp;&nbsp;&nbsp;195000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197059 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | South Bow USA Infrastructure Holdings LLC, 6.18%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250369 |
|  |  | &nbsp;&nbsp;&nbsp;2897923 |
| **Chile — 0.6%** | **Chile — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;480000 | Corp. Nacional del Cobre de Chile, 6.44%, 1/26/36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519264 |
| **Colombia — 0.5%** | **Colombia — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;206000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191566 |
| &nbsp;&nbsp;&nbsp;&nbsp;206000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404490 |
| **France — 1.0%** | **France — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | BPCE SA, 6.29%, 1/14/36(a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266922 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | Societe Generale SA, Series REGs, 5.38%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268092 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Societe Generale SA, 8.13%, (a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797885 |
| **Germany — 0.6%** | **Germany — 0.6%** |  |
| &nbsp;&nbsp;200,000(e) | Commerzbank AG, EMTN, 7.88%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264472 |
| &nbsp;&nbsp;200,000(e) | Deutsche Bank AG, 6.75%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509512 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;191000 | Avolon Holdings Funding Ltd., 3.25%, 2/15/27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188835 |
| **Italy — 0.3%** | **Italy — 0.3%** |  |
| &nbsp;&nbsp;217,000(e) | Intesa Sanpaolo SpA, 7.00%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275743 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Japan — 0.4%** | **Japan — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$385000 | Nissan Motor Co. Ltd., 4.81%, 9/17/30(a) | &nbsp;&nbsp;&nbsp;$363166 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Breakwater Energy Holdings Sarl, 9.25%, 11/15/30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258856 |
| **Mexico — 0.2%** | **Mexico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;198334 | CFE Fibra E, REIT, 5.88%, 9/23/40(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197647 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;413000 | ING Groep NV, 7.00%, (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430389 |
| **Spain — 0.5%** | **Spain — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Banco Santander SA, (SOFR RATE + 1.380%), 5.11%, 3/14/28(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201420 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Repsol E&P Capital Markets US LLC, 5.98%, 9/16/35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405548 |
| **Switzerland — 1.0%** | **Switzerland — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;827000 | UBS Group AG, 7.00%, (a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843137 |
| **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;470000 | Fidelis Insurance Holdings Ltd., 7.75%, 6/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508750 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Harbour Energy Plc, 6.33%, 4/1/35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233051 |
| &nbsp;&nbsp;&nbsp;&nbsp;249000 | Phoenix Group Holdings Plc, 8.50%, (b),(c),(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265953 |
|  |  | &nbsp;&nbsp;&nbsp;1007754 |
| **United States — 41.7%** | **United States — 41.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | Ally Financial, Inc., Series B, 4.70%, (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256775 |
| &nbsp;&nbsp;&nbsp;&nbsp;506000 | Ally Financial, Inc., Series C, 4.70%, (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480503 |
| &nbsp;&nbsp;318,000(e) | Alphabet, Inc., 4.38%, 11/6/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356311 |
| &nbsp;&nbsp;&nbsp;&nbsp;370000 | Alphabet, Inc., 4.70%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370235 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | Alphabet, Inc., 5.70%, 11/15/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492709 |
| &nbsp;&nbsp;&nbsp;&nbsp;510000 | American Airlines Group, Inc. Pass-Through Trust, Series 2025-1, B, 5.65%, 11/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513904 |
| &nbsp;&nbsp;&nbsp;&nbsp;514000 | American National Group, Inc., 6.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521188 |
| &nbsp;&nbsp;&nbsp;&nbsp;395000 | American National Group, Inc., 7.00%, 12/1/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396248 |
| &nbsp;&nbsp;&nbsp;&nbsp;313000 | APA Corp., 6.75%, 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312464 |
| &nbsp;&nbsp;&nbsp;&nbsp;401000 | Aptiv Swiss Holdings Ltd., 4.15%, 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308616 |
| &nbsp;&nbsp;&nbsp;&nbsp;226000 | Athene Holding Ltd., 6.63%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230304 |
| &nbsp;&nbsp;&nbsp;&nbsp;330000 | Atlas Warehouse Lending Co. LP, 4.63%, 11/15/28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331112 |
| &nbsp;&nbsp;280,000(e) | Avery Dennison Corp., 4.00%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330408 |
| &nbsp;&nbsp;&nbsp;&nbsp;416000 | Belrose Funding Trust II, 6.79%, 5/15/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431942 |
| &nbsp;&nbsp;&nbsp;&nbsp;320000 | BGC Group, Inc., 6.15%, 4/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331417 |
| &nbsp;&nbsp;&nbsp;&nbsp;370000 | BGC Group, Inc., 6.60%, 6/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386132 |
| &nbsp;&nbsp;&nbsp;&nbsp;199000 | BGC Group, Inc., 8.00%, 5/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212553 |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | BW Real Estate, Inc., 9.50%, (a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614130 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;$230000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 4/1/61 | $137093 |
| &nbsp;&nbsp;&nbsp;&nbsp;331000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;248881 |
| &nbsp;&nbsp;&nbsp;&nbsp;453000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/38 | &nbsp;&nbsp;&nbsp;417031 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48 | &nbsp;&nbsp;&nbsp;206168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.70%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;88328 |
| &nbsp;&nbsp;&nbsp;&nbsp;220000 | Citadel LP, 6.00%, 1/23/30(a) | &nbsp;&nbsp;&nbsp;229799 |
| &nbsp;&nbsp;460,000(e) | Citigroup, Inc., 4.11%, 4/29/36(b) | &nbsp;&nbsp;&nbsp;549311 |
| &nbsp;&nbsp;&nbsp;&nbsp;220000 | Citigroup, Inc., 5.17%, 9/11/36(b) | &nbsp;&nbsp;&nbsp;222307 |
| &nbsp;&nbsp;&nbsp;&nbsp;369000 | Citigroup, Inc., 6.63%, (b),(c) | &nbsp;&nbsp;&nbsp;374074 |
| &nbsp;&nbsp;&nbsp;&nbsp;570000 | Citizens Financial Group, Inc., 5.72%, 7/23/32(b) | &nbsp;&nbsp;&nbsp;598284 |
| &nbsp;&nbsp;&nbsp;&nbsp;170000 | CNO Financial Group, Inc., 6.45%, 6/15/34 | &nbsp;&nbsp;&nbsp;179863 |
| &nbsp;&nbsp;&nbsp;&nbsp;630000 | Coty Inc/HFC Prestige Products, Inc./HFC Prestige International US LLC, 5.60%, 1/15/31(a) | &nbsp;&nbsp;&nbsp;635354 |
| &nbsp;&nbsp;&nbsp;&nbsp;361000 | Dentsply Sirona, Inc., 8.38%, 9/12/55(b) | &nbsp;&nbsp;&nbsp;338291 |
| &nbsp;&nbsp;&nbsp;&nbsp;290000 | Discovery Communications LLC, 5.00%, 9/20/37 | &nbsp;&nbsp;&nbsp;232182 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | Energy Transfer LP, 6.50%, 2/15/56(b) | &nbsp;&nbsp;&nbsp;408836 |
| &nbsp;&nbsp;&nbsp;&nbsp;332000 | Energy Transfer LP, (Term SOFR 3M + 3.279%), 7.13%, 11/1/66(f) | &nbsp;&nbsp;&nbsp;332790 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | Enterprise Products Operating LLC, Series D, (Term SOFR 3M + 3.248%), 7.10%, 8/16/77(g) | &nbsp;&nbsp;&nbsp;279098 |
| &nbsp;&nbsp;&nbsp;&nbsp;222000 | Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;231838 |
| &nbsp;&nbsp;&nbsp;&nbsp;263000 | Expand Energy Corp., 5.88%, 2/1/29(a) | &nbsp;&nbsp;&nbsp;263356 |
| &nbsp;&nbsp;&nbsp;&nbsp;405000 | F&G Annuities & Life, Inc., 6.25%, 10/4/34 | &nbsp;&nbsp;&nbsp;412184 |
| &nbsp;&nbsp;&nbsp;&nbsp;346000 | F&G Annuities & Life, Inc., 7.40%, 1/13/28 | &nbsp;&nbsp;&nbsp;362281 |
| &nbsp;&nbsp;&nbsp;&nbsp;227000 | Fifth Third Bancorp, Series H, (Term SOFR 3M + 3.295%), 6.97%, (c),(g) | &nbsp;&nbsp;&nbsp;227281 |
| &nbsp;&nbsp;&nbsp;&nbsp;596000 | First Citizens BancShares, Inc., 5.60%, 9/5/35(b) | &nbsp;&nbsp;&nbsp;595315 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | First Citizens BancShares, Inc., 6.25%, 3/12/40(b) | &nbsp;&nbsp;&nbsp;469154 |
| &nbsp;&nbsp;&nbsp;&nbsp;219000 | Flex Intermediate Holdco LLC, 4.32%, 12/30/39(a) | &nbsp;&nbsp;&nbsp;185517 |
| &nbsp;&nbsp;&nbsp;&nbsp;380000 | Ford Motor Credit Co. LLC, (SOFR RATE + 2.030%), 5.76%, 3/20/28(f) | &nbsp;&nbsp;&nbsp;382086 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | Fortitude Group Holdings LLC, 6.25%, 4/1/30(a) | &nbsp;&nbsp;&nbsp;312430 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Foundry JV Holdco LLC, 5.88%, 1/25/34(a) | &nbsp;&nbsp;&nbsp;411382 |
| &nbsp;&nbsp;&nbsp;&nbsp;530000 | Foundry JV Holdco LLC, 6.30%, 1/25/39(a) | &nbsp;&nbsp;&nbsp;559385 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | &nbsp;&nbsp;&nbsp;213124 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | General Motors Financial Co., Inc., 4.20%, 10/27/28 | &nbsp;&nbsp;&nbsp;410672 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | General Motors Financial Co., Inc., Series A, 5.75%, (b),(c) | &nbsp;&nbsp;&nbsp;405737 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | Global Atlantic Fin Co., 6.75%, 3/15/54(a) | &nbsp;&nbsp;&nbsp;265876 |
| &nbsp;&nbsp;&nbsp;&nbsp;389000 | Global Atlantic Fin Co., 7.25%, 3/1/56(a),(b) | &nbsp;&nbsp;&nbsp;391161 |
| &nbsp;&nbsp;189,000(e) | Global Payments, Inc., 4.88%, 3/17/31 | &nbsp;&nbsp;&nbsp;231231 |
| &nbsp;&nbsp;&nbsp;&nbsp;370000 | Global Payments, Inc., 5.55%, 11/15/35 | &nbsp;&nbsp;&nbsp;367995 |
| &nbsp;&nbsp;&nbsp;&nbsp;284000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.63%, 9/15/34 | &nbsp;&nbsp;&nbsp;288046 |
| &nbsp;&nbsp;&nbsp;&nbsp;358000 | GLP Capital LP / GLP Financing II, Inc., REIT, 5.75%, 11/1/37 | &nbsp;&nbsp;&nbsp;356007 |
| &nbsp;&nbsp;&nbsp;&nbsp;559000 | HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/35 | &nbsp;&nbsp;&nbsp;585048 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;$282000 | HA Sustainable Infrastructure Capital, Inc., 8.00%, 6/1/56(b) | &nbsp;&nbsp;&nbsp;&nbsp;$294119 |
| &nbsp;&nbsp;&nbsp;&nbsp;249000 | Hawaiian Electric Co., Inc., 6.00%, 10/1/33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252167 |
| &nbsp;&nbsp;&nbsp;&nbsp;281000 | Hess Midstream Operations LP, 5.88%, 3/1/28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286253 |
| &nbsp;&nbsp;&nbsp;&nbsp;649000 | Hess Midstream Operations LP, 6.50%, 6/1/29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671710 |
| &nbsp;&nbsp;&nbsp;&nbsp;275000 | Huntington Bancshares, Inc., 6.14%, 11/18/39(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286754 |
| &nbsp;&nbsp;&nbsp;&nbsp;283000 | Intel Corp., 3.20%, 8/12/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161976 |
| &nbsp;&nbsp;&nbsp;&nbsp;207000 | Intel Corp., 5.60%, 2/21/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191303 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Intel Corp., 5.70%, 2/10/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233081 |
| &nbsp;&nbsp;&nbsp;&nbsp;389000 | Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410700 |
| &nbsp;&nbsp;&nbsp;&nbsp;396000 | JH North America Holdings, Inc., 6.13%, 7/31/32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406276 |
| &nbsp;&nbsp;&nbsp;&nbsp;274000 | Kilroy Realty LP, REIT, 5.88%, 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275333 |
| &nbsp;&nbsp;420,000(e) | Liberty Mutual Group, Inc., 3.88%, 9/26/35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485219 |
| &nbsp;&nbsp;&nbsp;&nbsp;247000 | Liberty Utilities Co., 5.87%, 1/31/34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260072 |
| &nbsp;&nbsp;&nbsp;&nbsp;433000 | LPL Holdings, Inc., 5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445753 |
| &nbsp;&nbsp;&nbsp;&nbsp;236000 | M&T Bank Corp., MTN, 5.39%, 1/16/36(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239796 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Meta Platforms, Inc., 4.88%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229824 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | Meta Platforms, Inc., 5.63%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394180 |
| &nbsp;&nbsp;&nbsp;&nbsp;565000 | National Health Investors, Inc., REIT, 5.35%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564064 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Nissan Motor Acceptance Co. LLC, MTN, (SOFR Index + 2.050%), 5.77%, 9/13/27(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238159 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | Northwest Natural Holding Co., 7.00%, 9/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312026 |
| &nbsp;&nbsp;&nbsp;&nbsp;647000 | Oracle Corp., 6.10%, 9/26/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571292 |
| &nbsp;&nbsp;&nbsp;&nbsp;518000 | Pacific Gas and Electric Co., 6.75%, 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551486 |
| &nbsp;&nbsp;&nbsp;&nbsp;242000 | Paramount Global, 6.25%, 2/28/57(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218557 |
| &nbsp;&nbsp;&nbsp;&nbsp;336000 | Paramount Global, 6.38%, 3/30/62(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314203 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Patterson-UTI Energy, Inc., 3.95%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227455 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | PG&E Corp., 7.38%, 3/15/55(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479119 |
| &nbsp;&nbsp;&nbsp;&nbsp;714000 | Plains All American Pipeline LP, Series B, (Term SOFR 3M + 4.372%), 8.22%, (c),(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714750 |
| &nbsp;&nbsp;197,000(e) | Realty Income Corp., REIT, 3.88%, 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228636 |
| &nbsp;&nbsp;&nbsp;&nbsp;255000 | Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259629 |
| &nbsp;&nbsp;&nbsp;&nbsp;290000 | Spire, Inc., 6.25%, 6/1/56(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287948 |
| &nbsp;&nbsp;&nbsp;&nbsp;374000 | Symetra Life Insurance Co., 6.55%, 10/1/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388579 |
| &nbsp;&nbsp;&nbsp;&nbsp;240000 | Synchrony Financial, 5.02%, 7/29/29(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242962 |
| &nbsp;&nbsp;&nbsp;&nbsp;340000 | TXNM Energy, Inc., 7.00%, 7/31/56(a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338926 |
| &nbsp;&nbsp;&nbsp;&nbsp;733000 | VSP Optical Group, Inc., 5.45%, 12/1/35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738226 |
| &nbsp;&nbsp;&nbsp;&nbsp;536000 | Webster Financial Corp., 5.78%, 9/11/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535826 |
| &nbsp;&nbsp;&nbsp;&nbsp;396000 | Western Alliance Bank, 6.54%, 11/15/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397690 |
| &nbsp;&nbsp;&nbsp;&nbsp;110000 | Whistler Pipeline LLC, 5.70%, 9/30/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114180 |
| &nbsp;&nbsp;&nbsp;&nbsp;225000 | Whistler Pipeline LLC, 5.95%, 9/30/34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231778 |
| &nbsp;&nbsp;213,000(e) | WP Carey, Inc., REIT, 3.70%, 11/19/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242297 |
| &nbsp;&nbsp;&nbsp;&nbsp;428000 | WULF Compute LLC, 7.75%, 10/15/30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440879 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Zions Bancorp NA, 4.70%, 8/18/28(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250248 |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Zions Bancorp NA, 6.82%, 11/19/35(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265797 |
|  |  | &nbsp;&nbsp;&nbsp;34960975 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;**45309506** |
| (Cost $44,562,103) | (Cost $44,562,103) |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Collateralized Mortgage Obligations — 11.7%** | **Collateralized Mortgage Obligations — 11.7%** |  |
| **United States — 11.7%** | **United States — 11.7%** |  |
| $143953 | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A3, 7.01%, 6/25/63(a) | $144642 |
| &nbsp;&nbsp;287000 | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2, (SOFR30A + 1.700%), 5.57%, 7/25/44(a),(f) | &nbsp;&nbsp;&nbsp;288165 |
| &nbsp;&nbsp;125000 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (SOFR30A + 1.800%), 5.67%, 1/25/44(a),(f) | &nbsp;&nbsp;&nbsp;125297 |
| &nbsp;&nbsp;275000 | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (SOFR30A + 1.800%), 5.67%, 2/25/44(a),(f) | &nbsp;&nbsp;&nbsp;276448 |
| &nbsp;&nbsp;210000 | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2, (SOFR30A + 2.500%), 6.37%, 10/25/43(a),(f) | &nbsp;&nbsp;&nbsp;213918 |
| &nbsp;&nbsp;&nbsp;&nbsp;88000 | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, (SOFR30A + 3.100%), 6.97%, 3/25/42(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;89970 |
| &nbsp;&nbsp;355225 | Cross Mortgage Trust, Series 2024-H2, Class A2, 6.42%, 4/25/69(a) | &nbsp;&nbsp;&nbsp;358705 |
| &nbsp;&nbsp;284155 | Cross Mortgage Trust, Series 2023-H2, Class A1A, 7.14%, 11/25/68(a) | &nbsp;&nbsp;&nbsp;287524 |
| &nbsp;&nbsp;165000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class M2, (SOFR30A + 1.450%), 5.32%, 10/25/44(a),(f) | &nbsp;&nbsp;&nbsp;164896 |
| &nbsp;&nbsp;100000 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M2, (SOFR30A + 1.700%), 5.57%, 5/25/44(a),(f) | &nbsp;&nbsp;&nbsp;100305 |
| &nbsp;&nbsp;160833 | Freddie Mac STACR REMIC Trust, Series 2023-HQA1, Class M1A, (SOFR30A + 2.000%), 5.87%, 5/25/43(a),(f) | &nbsp;&nbsp;&nbsp;162004 |
| &nbsp;&nbsp;&nbsp;&nbsp;62917 | Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class M1A, (SOFR30A + 2.100%), 5.97%, 3/25/43(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;63580 |
| &nbsp;&nbsp;492823 | GCAT Trust, Series 2023-NQM2, Class A3, 6.60%, 11/25/67(a) | &nbsp;&nbsp;&nbsp;491738 |
| &nbsp;&nbsp;830583 | HOMES Trust, Series 2025-NQM4, Class A1, 5.22%, 8/25/70(a) | &nbsp;&nbsp;&nbsp;833905 |
| &nbsp;&nbsp;692623 | HOMES Trust, Series 2025-AFC2, Class A1A, 5.47%, 6/25/60(a) | &nbsp;&nbsp;&nbsp;697948 |
| &nbsp;&nbsp;250000 | HONO Mortgage Trust, Series 2021-LULU, Class A, (Term SOFR 1M + 1.264%), 5.02%, 10/15/36(a),(f) | &nbsp;&nbsp;&nbsp;246927 |
| &nbsp;&nbsp;535629 | JP Morgan Mortgage Trust, Series 2025-VIS1, Class A1, 0.00%, 8/25/55(a),(h) | &nbsp;&nbsp;&nbsp;541415 |
| &nbsp;&nbsp;125801 | MFA Trust, Series 2020-NQM3, Class A3, 1.63%, 1/26/65(a),(h) | &nbsp;&nbsp;&nbsp;120032 |
| &nbsp;&nbsp;384690 | OBX Trust, Series 2025-NQM11, Class A1, 5.42%, 5/25/65(a) | &nbsp;&nbsp;&nbsp;387949 |
| &nbsp;&nbsp;371397 | OBX Trust, Series 2025-NQM3, Class A1, 5.65%, 12/1/64(a) | &nbsp;&nbsp;&nbsp;375270 |
| &nbsp;&nbsp;296087 | OBX Trust, Series 2023-NQM3, Class A1, 5.95%, 2/25/63(a) | &nbsp;&nbsp;&nbsp;296063 |
| &nbsp;&nbsp;235114 | OBX Trust, Series 2023-NQM10, Class A2, 6.92%, 10/25/63(a) | &nbsp;&nbsp;&nbsp;236725 |
| &nbsp;&nbsp;233693 | OBX Trust, Series 2023-NQM6, Class A3, 6.98%, 7/25/63(a) | &nbsp;&nbsp;&nbsp;234811 |
| &nbsp;&nbsp;820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class C, (Term SOFR 1M + 2.092%), 5.84%, 2/15/42(a),(f) | &nbsp;&nbsp;&nbsp;810861 |
| &nbsp;&nbsp;820000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (Term SOFR 1M + 2.641%), 6.39%, 2/15/42(a),(f) | &nbsp;&nbsp;&nbsp;810362 |
| &nbsp;&nbsp;396112 | Verus Securitization Trust, Series 2024-8, Class A2, 5.62%, 10/25/69(a) | &nbsp;&nbsp;&nbsp;397985 |
| &nbsp;&nbsp;229634 | Verus Securitization Trust, Series 2023-4, Class A1, 5.81%, 5/25/68(a) | &nbsp;&nbsp;&nbsp;229731 |
| &nbsp;&nbsp;224507 | Verus Securitization Trust, Series 2023-5, Class A2, 6.76%, 6/25/68(a) | &nbsp;&nbsp;&nbsp;225262 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| $296075 | Verus Securitization Trust, Series 2024-3, Class A3, 6.85%, 4/25/69(a) | &nbsp;&nbsp;&nbsp;$299483 |
| &nbsp;&nbsp;288052 | Verus Securitization Trust, Series 2023-INV2, Class A3, 7.08%, 8/25/68(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289656 |
|  |  | &nbsp;&nbsp;&nbsp;9801577 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;**9801577** |
| (Cost $9,798,116) | (Cost $9,798,116) |  |
| **Asset Backed Securities — 8.1%** | **Asset Backed Securities — 8.1%** |  |
| **Cayman Islands — 1.8%** | **Cayman Islands — 1.8%** |  |
| &nbsp;&nbsp;500000 | Crown Point CLO IV Ltd., Series 2018-4A, Class D, (Term SOFR 3M + 3.012%), 6.90%, 4/20/31(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498850 |
| &nbsp;&nbsp;500000 | Northwoods Capital XVII Ltd., Series 2018-17A, Class D, (Term SOFR 3M + 3.112%), 6.97%, 4/22/31(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494900 |
| &nbsp;&nbsp;500000 | Shackleton-R CLO Ltd., Series 2015-7RA, Class DRR, (Term SOFR 3M + 3.000%), 6.91%, 7/15/31(a),(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498900 |
|  |  | &nbsp;&nbsp;&nbsp;1492650 |
| **United States — 6.3%** | **United States — 6.3%** |  |
| &nbsp;&nbsp;560000 | Centersquare Issuer LLC, Series 2024-1A, Class B, 5.60%, 10/26/54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542267 |
| &nbsp;&nbsp;175000 | Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176802 |
| &nbsp;&nbsp;225000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228409 |
| &nbsp;&nbsp;500000 | Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502285 |
| &nbsp;&nbsp;300000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303566 |
| &nbsp;&nbsp;864000 | MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, 12/20/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864208 |
| &nbsp;&nbsp;293177 | MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295753 |
| &nbsp;&nbsp;&nbsp;&nbsp;88603 | MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84424 |
| &nbsp;&nbsp;692000 | Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/6/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688721 |
| &nbsp;&nbsp;104486 | SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104554 |
| &nbsp;&nbsp;330000 | Switch ABS Issuer LLC, Series 2024-2A, Class B, 6.20%, 6/25/54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332326 |
| &nbsp;&nbsp;800000 | Uniti Fiber Abs Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818826 |
| &nbsp;&nbsp;400000 | Zayo Issuer LLC, Series 2025-1A, Class B, 6.09%, 3/20/55(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406858 |
|  |  | &nbsp;&nbsp;&nbsp;5348999 |
| **Total Asset Backed Securities** | **Total Asset Backed Securities** | &nbsp;&nbsp;&nbsp;**6841649** |
| (Cost $6,802,929) | (Cost $6,802,929) |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Bank Loans — 7.9%** | **Bank Loans — 7.9%** |  |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1103256 | Flutter Entertainment Plc, (Term SOFR 3M + 2.000%), 5.67%, 6/4/32(f) | $1103256 |
| **United States — 6.6%** | **United States — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516000 | Allison Transmission, Inc., TBA, 0.00%, 1/2/33(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | AS Mileage Plan IP Ltd., (Term SOFR 3M + 1.750%), 5.63%, 10/15/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410360 | Atkore International, Inc., (Term SOFR 1M + 2.000%), 5.72%, 9/29/32(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676665 | Avolon TLB Borrower 1 US LLC, (Term SOFR 1M + 1.750%), 5.48%, 6/24/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548800 | Charter Communications Operating LLC, (Term SOFR 3M + 2.000%), 5.99%, 12/7/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560625 | Citadel Securities LP, (Term SOFR 3M + 2.000%), 5.67%, 10/31/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580613 | Hilcorp Energy I LP, (Term SOFR 1M + 2.000%), 5.74%, 2/11/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Hilton Worldwide Finance LLC, (Term SOFR 1M + 1.750%), 5.48%, 11/8/30(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631200 | Solstice Advanced Materials, Inc., (Term SOFR 3M + 1.750%), 5.59%, 10/29/32(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496256 | Terex Corp., (Term SOFR 1M + 1.750%), 5.47%, 10/8/31(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498241 |
|  |  | &nbsp;&nbsp;&nbsp;5535402 |
| **Total Bank Loans** | **Total Bank Loans** | &nbsp;&nbsp;&nbsp;**6638658** |
| (Cost $6,600,795) | (Cost $6,600,795) |  |
| **Foreign Government Bonds — 6.2%** | **Foreign Government Bonds — 6.2%** |  |
| **Australia — 1.1%** | **Australia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,405,000(i) | Australia Government Bond, Series 162, 1.75%, 6/21/51(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752,000(i) | Australia Government Bond, Series 169, 4.75%, 6/21/54(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946665 |
| **Ecuador — 0.7%** | **Ecuador — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | Amazon Conservation DAC, 6.03%, 1/16/42(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549062 |
| **Japan — 2.9%** | **Japan — 2.9%** |  |
| &nbsp;&nbsp;403,300,000(j) | Japan Government Forty Year Bond, Series 13, 0.50%, 3/20/60 | &nbsp;&nbsp;&nbsp;1110568 |
| &nbsp;&nbsp;&nbsp;&nbsp;12,250,000(j) | Japan Government Thirty Year Bond, Series 82, 1.80%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55830 |
| &nbsp;&nbsp;&nbsp;&nbsp;97,100,000(j) | Japan Government Thirty Year Bond, Series 84, 2.10%, 9/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475415 |
| &nbsp;&nbsp;106,800,000(j) | Japan Government Thirty Year Bond, Series 85, 2.30%, 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547344 |
| &nbsp;&nbsp;&nbsp;&nbsp;40,850,000(j) | Japan Government Thirty Year Bond, Series 87, 2.80%, 6/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233665 |
|  |  | &nbsp;&nbsp;&nbsp;2422822 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **United Kingdom — 1.5%** | **United Kingdom — 1.5%** |  |
| &nbsp;&nbsp;945,074(k) | United Kingdom Gilt, 0.88%, 1/31/46(d) | &nbsp;&nbsp;&nbsp;$601041 |
| &nbsp;&nbsp;580,000(k) | United Kingdom Gilt, 4.38%, 7/31/54(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686164 |
|  |  | &nbsp;&nbsp;&nbsp;1287205 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;**5205754** |
| (Cost $5,798,043) | (Cost $5,798,043) |  |
| **U.S. Treasury Obligations — 3.9%** | **U.S. Treasury Obligations — 3.9%** |  |
| **United States — 3.9%** | **United States — 3.9%** |  |
| $1652000 | U.S. Treasury Notes, 3.75%, 4/15/28 | &nbsp;&nbsp;&nbsp;1660647 |
| &nbsp;&nbsp;&nbsp;1637000 | U.S. Treasury Notes, 3.88%, 7/31/27 | &nbsp;&nbsp;&nbsp;1646592 |
|  |  | &nbsp;&nbsp;&nbsp;3307239 |
| **Total U.S. Treasury Obligations** | **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;**3307239** |
| (Cost $3,308,575) | (Cost $3,308,575) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Investment Company — 4.8%** | **Investment Company — 4.8%** |  |
| 4025409 | RBC BlueBay U.S. Government Money Market Fund,<br> Institutional Class 1 (l) | &nbsp;&nbsp;&nbsp;&nbsp;4025409 |
| **Total Investment Company** | **Total Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp;**4025409** |
| (Cost $4,025,409) | (Cost $4,025,409) |  |
| **Total Investments** | **Total Investments** | **$81129792** |
| (Cost $80,895,970) — 96.6% | (Cost $80,895,970) — 96.6% |  |
| **Other assets in excess of liabilities — 3.4%** | **Other assets in excess of liabilities — 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**2825921** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **$83955713** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

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

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

(c) Perpetual security with no stated maturity date.

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

(e) Principal amount denoted in Euros.

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

(g) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on December 31, 2025.

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

(i) Principal amount denoted in Australian dollar.

(j) Principal amount denoted in Japanese Yen.

(k) Principal amount denoted in British Pounds.

(l) Affiliated investment.

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

#### Foreign currency exchange contracts as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570554 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6102 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;1019047 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1160000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8933 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1684500 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1431852 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443967 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;68890941 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;3010814 | &nbsp;&nbsp;JPY | 439204251 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;201408 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513791 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;79183194 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;59418000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19928 |
|  |  |  |  |  |  | &nbsp;&nbsp;$246993 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;2053355 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1794958 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;$(3828) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;1370000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1612733 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1031) |
| JPY | 120663270 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8167) |
| JPY | &nbsp;&nbsp;59001800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404552 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;(27142) |
| NOK | &nbsp;&nbsp;16152488 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1370731 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;(10020) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1010839 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;1534040 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;(13029) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573819 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8483) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106079 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2152) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1108864 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942800 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700271 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3816) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199344 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117526 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694787 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7365) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534214 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4951) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994592 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741659 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5099) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1636712 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1230000 | Citibank N.A. | 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;(21220) |
|  |  |  |  |  |  | $(117340) |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;$129653 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

#### Financial futures contracts as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Position** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Clearinghouse** |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp;61 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$(7765) | &nbsp;&nbsp;USD | &nbsp;&nbsp;$6858688 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp;24 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010937 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 3 Month SONIA Index Futures | &nbsp;&nbsp;62 | &nbsp;&nbsp;March 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3472) | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;20197481 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| Long Gilt Future | &nbsp;&nbsp;15 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6812) | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847433 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| **Total** |  |  | &nbsp;&nbsp;$(15453) |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Position** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Notional<br> Value** | &nbsp;&nbsp;**Clearinghouse** |
| 10 Year Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;$19615 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;$2098884 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 10 Year U.S. Ultra Treasury Bond | &nbsp;&nbsp;127 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30386 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14606985 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 30 Year Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258826 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 30 Year U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27776 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5432906 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 30 Year U.S. Ultra Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 5 Year Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546045 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp;135 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11442 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14756133 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| EURO-SCHATZ FUT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376499 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| JPN 10Y BOND(OSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42436 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071885 | &nbsp;&nbsp;Morgan Stanley & Co. LLC |
| **Total** |  |  | &nbsp;&nbsp;$130797 |  |  |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

#### Interest rate swaps as of December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Float<br> Rate** | **Pay<br> Receive** | **Pay<br> Freq** | **Counter-<br> party** | **Exp.<br> Date** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unreal<br> App** | **Value** |
| 1.51% | JPY-<br> BCAPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 10/10/35 | JPY 326,000 | $0 | $60095 | $60095 |
| 1.57% | JPY-<br> BCAPLDN | Pay | Yearly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | 11/21/35 | JPY 126,206 | $0 | $20835 | $20835 |
|  |  |  |  |  |  |  | $0 | $80930 | $80930 |
| **Total** |  |  |  |  |  |  | $0 | $80930 | $80930 |

---

#### Credit default swaps buy protection as of December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Issuer** | **Payment<br> Frequency** | **Counter-<br> party** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Value** |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 24800 | &nbsp;&nbsp;&nbsp;$(537090) | $(32053) | &nbsp;&nbsp;&nbsp;$(569142) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | &nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp;(215862) | &nbsp;&nbsp;(11794) | &nbsp;&nbsp;&nbsp;&nbsp;(227657) |
| 1.00% | Markit CDX IG Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | 14880 | &nbsp;&nbsp;&nbsp;&nbsp;(322528) | &nbsp;&nbsp;(18958) | &nbsp;&nbsp;&nbsp;&nbsp;(341486) |
| 1.00% | Paramount Global | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17311 | &nbsp;&nbsp;&nbsp;&nbsp;12181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29492 |
| **Total** |  |  |  |  |  |  | $(1058169) | $(50624) | $(1108793) |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC BlueBay Strategic Income Fund (cont.)

------

December 31, 2025 (Unaudited)

#### Credit default swaps sell protection as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed<br> Rate** | **Issuer** | **Payment<br> Frequency** | **Counter-<br> party** | **Expiration<br> Date** | **ICS%** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Premium<br> Paid/<br> (Received)** | **Unreal.<br> App.** | **Value** |
| 1.00% | Oracle Corp.\* | Quarterly | Morgan Stanley & Co. LLC | 12/20/30 | 1.48 | USD | 420 | $(10023) | $1958 | $(8064) |
| **Total** |  |  |  |  |  |  |  | $(10023) | $1958 | $(8064) |

---

\* Credit Rating of the issuer or the underlying security is BBB, provided by Fitch Ratings

---

| |
|:---|
| Abbreviations used are defined below: |
| AUD - Australian Dollar |
| Bobl - German Bundesobligationen |
| CAD - Canadian Dollar |
| EMTN - Euro Medium Term Note |
| EUR - Euro |
| GBP - United Kingdom Pound Sterling |
| ICS - Implied Credit Spread |
| JPY - Japanese Yen |
| MTN - Medium Term Note |
| NOK - Norwegian Krone |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| SOFR30A - Secured Overnight Financing Rate 30 Day Average |
| TBA - To-be-announced |
| USD - United States Dollar |

---

## 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:** 250 Nicollet Mall

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55401

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

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

- **a. Name of Series:** RBC BlueBay Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000074160

- **c. LEI of Series:** 549300JWSMKAQJ0L2M34

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $88654117.71

**Total Liabilities:** $4732005.55

**Net Assets:** $83922112.16

**Cash Not Reported:** $683003.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2084.00000000 | **1-Year:** 3535.36000000 | **5-Year:** 8595.16000000 | **10-Year:** 11932.62000000 | **30-Year:** 4656.99000000

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

- **3-Month:** 331.27000000 | **1-Year:** 10043.69000000 | **5-Year:** 15833.26000000 | **10-Year:** 787.93000000 | **30-Year:** 73.64000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231742 | 0.02%                | 0.17%                | 0.74%                |
| Class ID C000231743 | 0.15%                | 0.20%                | 0.69%                |
| Class ID C000231744 | 0.04%                | 0.20%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $98981.06                | $-382063.14                                |
| Month 2  | $147839.18               | $-257810.69                                |
| Month 3  | $203029.64               | $-377742.01                                |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US Aggregate Index

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | ULTRA U.S. TREASURY BOND                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-175.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-341485.43   | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                      | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    281000 | PA      | $286252.62    | 0.34%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                       | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    284000 | PA      | $288046.07    | 0.34%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                              | Zions Bancorp NA                                                                | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265796.55    | 0.32%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                  | Alphabet Inc                                                                    | CUSIP: 02079KBB2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492709.14    | 0.59%             | 2075-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                        | Northwoods Capital XVII Ltd                                                     | CUSIP: 66860PAG9<br>LEI: 549300VSNJNLNM3KF997 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $494900.00    | 0.59%             | 2031-04-22      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                              | Zions Bancorp NA                                                                | CUSIP: 98971DAD2<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250247.76    | 0.30%             | 2028-08-18      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| VSP OPTICAL GROUP INC                         | VSP Optical Group Inc                                                           | CUSIP: 91836LAA0<br>LEI: 549300PHX8USLM2BT742 | Long             | DBT              | CORP              | US        |    733000 | PA      | $738225.99    | 0.88%             | 2035-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                         | Foundry JV Holdco LLC                                                           | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213124.25    | 0.25%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BELROSE FUNDING TRUST II                      | Belrose Funding Trust II                                                        | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $431942.47    | 0.51%             | 2055-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                  | Dell Equipment Finance Trust 2023-2                                             | CUSIP: 24703GAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502285.40    | 0.60%             | 2029-07-23      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        61 | NC      | $-7765.65     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating LLC          | CHARTER COMMUNICATIONS OPER                                                     | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    548800 | PA      | $548114.00    | 0.65%             | 2030-12-07      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                      | Fortitude Group Holdings LLC                                                    | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312430.34    | 0.37%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1637000 | PA      | $1646591.80   | 1.96%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    453000 | PA      | $417031.44    | 0.50%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                              | Societe Generale SA                                                             | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $262870.91    | 0.31%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Atkore International Inc                      | ATKORE INTERNATIONAL INC                                                        | CUSIP: 04765BAK8<br>LEI: 549300G7TKUUPGRV2D81 | Long             | LON              | CORP              | US        |    411388 | PA      | $412931.05    | 0.49%             | 2032-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                    | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    413000 | PA      | $430388.85    | 0.51%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                     | Spire Inc                                                                       | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    290000 | PA      | $287948.51    | 0.34%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                           | Freddie Mac STACR REMIC Trust 2023-HQA1                                         | CUSIP: 35564KX79<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | CORP              | US        |    160833 | PA      | $162004.16    | 0.19%             | 2043-05-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                  | UBS Group AG                                                                    | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    827000 | PA      | $843137.16    | 1.00%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BUND                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -14 | NC      | $19614.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                            | Banco Santander SA                                                              | CUSIP: 05964HBC8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $201419.92    | 0.24%             | 2028-03-14      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                           | United Kingdom Gilt                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    580000 | PA      | $686163.89    | 0.82%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                         | Australia Government Bond                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    752000 | PA      | $467138.91    | 0.56%             | 2054-06-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA                          | Sitios Latinoamerica SAB de CV                                                  | CUSIP: 82983PAA1<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $336567.43    | 0.40%             | 2029-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                        | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAG5<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    282000 | PA      | $294119.45    | 0.35%             | 2056-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAC9<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    296075 | PA      | $299482.69    | 0.36%             | 2069-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                           | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    580612 | PA      | $580978.29    | 0.69%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                              | Paramount Global                                                                | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    336000 | PA      | $314202.76    | 0.37%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                     | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    460000 | PA      | $479118.59    | 0.57%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                      | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBQ6<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    420000 | PA      | $485219.43    | 0.58%             | 2035-09-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $32.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (40 YEAR ISSUE)                         | Japan Government Forty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 403300000 | PA      | $1110567.86   | 1.32%             | 2060-03-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| TXNM ENERGY INC                               | TXNM Energy Inc                                                                 | CUSIP: 69349HAJ6<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | DBT              | CORP              | US        |    340000 | PA      | $338925.63    | 0.40%             | 2056-07-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Solstice Advanced Materials Inc               | SOLSTICE ADVANCED MATERIALS INC                                                 | CUSIP: 83443PAC9<br>LEI: 2138004GZ4H9TW6HK435 | Long             | LON              | CORP              | US        |    631200 | PA      | $633964.66    | 0.76%             | 2032-10-29      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| APA CORP                                      | APA Corp                                                                        | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    313000 | PA      | $312463.91    | 0.37%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                              | Paramount Global                                                                | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    242000 | PA      | $218556.58    | 0.26%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2023-NQM3 Trust                                                             | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296087 | PA      | $296062.75    | 0.35%             | 2063-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL HOLDI                       | Northwest Natural Holding Co                                                    | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312026.27    | 0.37%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2023-INV2                                            | CUSIP: 92540BAC3<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |    288052 | PA      | $289656.10    | 0.35%             | 2068-08-25      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                               | Zayo Issuer LLC                                                                 | CUSIP: 98919WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406858.01    | 0.48%             | 2055-03-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                           | United Kingdom Gilt                                                             | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    945074 | PA      | $601040.68    | 0.72%             | 2046-01-31      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-8167.49     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MMP Capital                                   | MMP Capital 2025-A LLC                                                          | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    293177 | PA      | $295752.67    | 0.35%             | 2031-12-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                        | Repsol E&P Capital Markets US LLC                                               | CUSIP: 76026AAC1<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204128.36    | 0.24%             | 2035-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2023-4                                               | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |    229634 | PA      | $229731.03    | 0.27%             | 2068-05-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                | Commerzbank AG                                                                  | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $264472.16    | 0.32%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                            | Meta Platforms Inc                                                              | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229823.66    | 0.27%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                            | Macquarie Bank Ltd                                                              | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    321000 | PA      | $325581.92    | 0.39%             | 2036-08-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                         | Australia Government Bond                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   1405000 | PA      | $479526.04    | 0.57%             | 2051-06-21      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                | BRAVO Residential Funding Trust 2023-NQM5                                       | CUSIP: 10569UAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143953 | PA      | $144641.74    | 0.17%             | 2063-06-25      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAB7<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    235114 | PA      | $236725.11    | 0.28%             | 2063-10-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                        | Switch ABS Issuer LLC                                                           | CUSIP: 871044AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $332326.46    | 0.40%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-227656.95   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     92000 | PA      | $88327.52     | 0.11%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                             | TEREX CORP                                                                      | CUSIP: 88078FBQ0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |    496256 | PA      | $498241.26    | 0.59%             | 2031-10-08      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                           | Intesa Sanpaolo SpA                                                             | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    217000 | PA      | $275743.44    | 0.33%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                    | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125801 | PA      | $120032.39    | 0.14%             | 2065-01-26      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                          | Cross 2023-H2 Mortgage Trust                                                    | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    284155 | PA      | $287524.46    | 0.34%             | 2068-11-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                      | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    396000 | PA      | $406275.76    | 0.48%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                      | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $412183.76    | 0.49%             | 2034-10-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G80<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    380000 | PA      | $382085.53    | 0.46%             | 2028-03-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANK                         | Western Alliance Bank                                                           | CUSIP: 95758BCL1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |    396000 | PA      | $397689.95    | 0.47%             | 2035-11-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                              | Hawaiian Electric Co Inc                                                        | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    249000 | PA      | $252167.06    | 0.30%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-270.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                         | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411382.47    | 0.49%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                            | Ally Financial Inc                                                              | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    506000 | PA      | $480503.17    | 0.57%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SUZANO NETHERLANDS BV                         | Suzano Netherlands BV                                                           | CUSIP: 86960YAA0<br>LEI: 9845009ZB9F5D6DB3602 | Long             | DBT              | CORP              | NL        |    280000 | PA      | $277111.27    | 0.33%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $245039.70    | 0.29%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                           | Fifth Third Bancorp                                                             | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    227000 | PA      | $227280.67    | 0.27%             | N/A             | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                  | Alphabet Inc                                                                    | CUSIP: 02079KBG1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    318000 | PA      | $356310.64    | 0.42%             | 2064-11-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                       | Centersquare Issuer LLC                                                         | CUSIP: 15201EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $542267.07    | 0.65%             | 2054-10-26      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AVOLON TLB BORROWER 1 US                      | AVOLON TLB BORROWER 1 US                                                        | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |    678374 | PA      | $681962.36    | 0.81%             | 2030-06-24      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                         | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    560625 | PA      | $563360.70    | 0.67%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                         | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    275000 | PA      | $286753.80    | 0.34%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7289.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                           | Freddie Mac STACR REMIC Trust 2024-DNA3                                         | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $164895.76    | 0.20%             | 2044-10-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC                      | Patterson-UTI Energy Inc                                                        | CUSIP: 703481AB7<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    230000 | PA      | $227455.21    | 0.27%             | 2028-02-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                            | Realty Income Corp                                                              | CUSIP: 756109CV4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    197000 | PA      | $228636.47    | 0.27%             | 2035-06-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                            | Ally Financial Inc                                                              | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $256774.59    | 0.31%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                              | Societe Generale SA                                                             | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    280000 | PA      | $268092.08    | 0.32%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                          | Cross 2024-H2 Mortgage Trust                                                    | CUSIP: 22757BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355225 | PA      | $358705.24    | 0.43%             | 2069-04-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                      | Hess Midstream Operations LP                                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    649000 | PA      | $671710.29    | 0.80%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                      | Enterprise Products Operating LLC                                               | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    280000 | PA      | $279098.51    | 0.33%             | 2077-08-16      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                       | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    395000 | PA      | $396248.01    | 0.47%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $810860.62    | 0.97%             | 2042-02-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-116.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                      | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $362280.61    | 0.43%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $810361.48    | 0.97%             | 2042-02-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2025-NQM11 Trust                                                            | CUSIP: 67449BAA1<br>LEI: 254900KNWDG7C03UTA13 | Long             | ABS-MBS          | CORP              | US        |    384690 | PA      | $387949.04    | 0.46%             | 2065-05-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                           | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    370000 | PA      | $367994.64    | 0.44%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                      | Plains All American Pipeline LP                                                 | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    714000 | PA      | $714750.45    | 0.85%             | N/A             | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                             | CI Financial Corp                                                               | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $489533.36    | 0.58%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                         | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 106800000 | PA      | $547343.99    | 0.65%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                        | Global Atlantic Fin Co                                                          | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    389000 | PA      | $391160.77    | 0.47%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                                | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1652000 | PA      | $1660647.19   | 1.98%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                              | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    433000 | PA      | $445752.67    | 0.53%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/CAD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-8483.33     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                 | BGC Group Inc                                                                   | CUSIP: 05555LAD3<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    320000 | PA      | $331416.77    | 0.39%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES CO                          | Liberty Utilities Co                                                            | CUSIP: 531542AB4<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |    247000 | PA      | $260072.04    | 0.31%             | 2034-01-31      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                           | Crown Point CLO IV Ltd                                                          | CUSIP: 22845XAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498850.00    | 0.59%             | 2031-04-20      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                       | CNO Financial Group Inc                                                         | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179863.06    | 0.21%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                         | Whistler Pipeline LLC                                                           | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    225000 | PA      | $231778.25    | 0.28%             | 2034-09-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                              | WULF Compute LLC                                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    428000 | PA      | $440878.77    | 0.53%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                              | Connecticut Avenue Securities Trust 2024-R05                                    | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    287000 | PA      | $288164.83    | 0.34%             | 2044-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                       | Jefferies Financial Group Inc                                                   | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    389000 | PA      | $410699.72    | 0.49%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRA FIN ULC                      | Brookfield Infrastructure Finance ULC                                           | CUSIP: 11276BAA7<br>LEI: 984500CDDWC47U7DBA74 | Long             | DBT              | CORP              | CA        |    386000 | PA      | $388876.82    | 0.46%             | 2055-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                           | Global Payments Inc                                                             | CUSIP: 37940XAS1<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    189000 | PA      | $231230.56    | 0.28%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | GBP/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3827.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BOBL                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -4 | NC      | $-944.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                         | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  40850000 | PA      | $233664.88    | 0.28%             | 2055-06-20      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                      | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $419053.13    | 0.50%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| BREAKWATER ENRGY HOLD                         | Breakwater Energy Holdings Sarl                                                 | CUSIP: 10637BAA3<br>LEI: 984500969HAFA937F390 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $258855.63    | 0.31%             | 2030-11-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                               | MVW 2021-2 LLC                                                                  | CUSIP: 55400KAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88602 | PA      | $84423.78     | 0.10%             | 2039-05-20      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                      | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    191000 | PA      | $188835.49    | 0.23%             | 2027-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                              | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    410000 | PA      | $408835.82    | 0.49%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                   | Oracle Corp                                                                     | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    647000 | PA      | $571291.71    | 0.68%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SYMETRA LIFE INSURANCE                        | Symetra Life Insurance Co                                                       | CUSIP: 87151KAA7<br>LEI: 2CKADF5K7JYB5EG0VY36 | Long             | DBT              | CORP              | US        |    374000 | PA      | $388579.01    | 0.46%             | 2055-10-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                      | HILTON DOMESTIC OPERATING CO INC                                                | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    600000 | PA      | $603384.00    | 0.72%             | 2030-11-08      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                           | Synchrony Financial                                                             | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242962.28    | 0.29%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS ORACLE CORP                                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-8064.43     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                       | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAJ4<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238159.17    | 0.28%             | 2027-09-13      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                | HOMES 2025-NQM4 Trust                                                           | CUSIP: 403958AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830583 | PA      | $833904.91    | 0.99%             | 2070-08-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                        | Global Atlantic Fin Co                                                          | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    260000 | PA      | $265875.76    | 0.32%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                          | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AF9<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    330000 | PA      | $331111.77    | 0.39%             | 2028-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2025-NQM3 Trust                                                             | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |    371397 | PA      | $375270.37    | 0.45%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                  | Alphabet Inc                                                                    | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    370000 | PA      | $370235.51    | 0.44%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                      | Discovery Communications LLC                                                    | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    290000 | PA      | $232181.66    | 0.28%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                       | American National Group Inc                                                     | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    514000 | PA      | $521187.61    | 0.62%             | 2035-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2023-5                                               | CUSIP: 924934AB8<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    224507 | PA      | $225262.22    | 0.27%             | 2068-06-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company  | FLUTTER FINANCING BV                                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |   1103256 | PA      | $1103256.00   | 1.31%             | 2032-06-04      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                            | JAPAN 10Y BOND(OSE)                                                             | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |        -6 | NC      | $42435.83     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBOUR ENERGY PLC                            | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $233051.35    | 0.28%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                      | JP Morgan Mortgage Trust 2025-VIS1                                              | CUSIP: 46659BAC6<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |    535629 | PA      | $541415.39    | 0.65%             | 2055-08-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                   | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    369000 | PA      | $374074.50    | 0.45%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                         | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  12250000 | PA      | $55830.23     | 0.07%             | 2054-03-20      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                      | First Citizens BancShares Inc/NC                                                | CUSIP: 319626AA5<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    596000 | PA      | $595315.04    | 0.71%             | 2035-09-05      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                    | Intel Corp                                                                      | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233081.15    | 0.28%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                           | Freddie Mac STACR REMIC Trust 2024-DNA2                                         | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100304.93    | 0.12%             | 2044-05-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                   | CUSIP: 000000000<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    460000 | PA      | $549311.46    | 0.65%             | 2036-04-29      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                 | BGC Group Inc                                                                   | CUSIP: 088929AC8<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    199000 | PA      | $212553.52    | 0.25%             | 2028-05-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                | HOMES 2025-AFC2 Trust                                                           | CUSIP: 43761YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    692622 | PA      | $697947.59    | 0.83%             | 2060-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7364.80     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| As Mileage Plan Ip Ltd.                       | AS MILEAGE PLAN IP LTD                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    495000 | PA      | $497064.15    | 0.59%             | 2031-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                    | Intel Corp                                                                      | CUSIP: 458140BX7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    283000 | PA      | $161976.03    | 0.19%             | 2061-08-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                    | Citadel LP                                                                      | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    220000 | PA      | $229798.99    | 0.27%             | 2030-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                 | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    410000 | PA      | $410671.83    | 0.49%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                            | Athene Holding Ltd                                                              | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    226000 | PA      | $230304.45    | 0.27%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 25-1B PTT                        | American Airlines 2025-1 Class B Pass Through Trust                             | CUSIP: 02377PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $513903.58    | 0.61%             | 2034-11-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                      | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    195000 | PA      | $197058.60    | 0.23%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                              | Kilroy Realty LP                                                                | CUSIP: 49427RAT9<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    274000 | PA      | $275332.74    | 0.33%             | 2035-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RBC BlueBay U.S. Government Money Market Fund | RBC BlueBay U.S. Government Money Market Fund                                   | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |   3876470 | NS      | $3876470.41   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                      | First Citizens BancShares Inc/NC                                                | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    460000 | PA      | $469153.92    | 0.56%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BUXL 30Y BND                                                               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -2 | NC      | $671.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    332000 | PA      | $332790.00    | 0.40%             | 2066-11-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                         | Whistler Pipeline LLC                                                           | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114179.87    | 0.14%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2024-8                                               | CUSIP: 92540PAB4<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    396112 | PA      | $397984.90    | 0.47%             | 2069-10-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    331000 | PA      | $248880.75    | 0.30%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $201407.64    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/CAD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6102.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-SCHATZ                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -3 | NC      | $-408.93      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-13028.63    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2152.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4951.07     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS PARA (100)                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $29491.76     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        18 | NC      | $2699.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | EUR/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8932.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US LONG BOND(CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -47 | NC      | $27776.57     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-27142.32    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3336.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -135 | NC      | $11441.57     | 0.01%             |  |  |  | No            |                  1 | 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        |      -124 | NC      | $30203.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3816.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                            | LONG GILT                                                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        15 | NC      | $-6811.65     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-569142.38   | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-21219.56    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                            | 3MTH SONIA                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        62 | NC      | $-3471.79     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $20835.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | IRS JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              | CORP              | US        |         1 | NC      | $60094.95     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON CONSERVATION DAC                       | Amazon Conservation DAC                                                         | CUSIP: 02315JAA2<br>LEI: 635400VMJ6EGNYN3YK31 | Long             | DBT              | NUSS              | IE        |    530000 | PA      | $549062.16    | 0.65%             | 2042-01-16      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SA                       | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA                 | CUSIP: 29280LAA1<br>LEI: 2549002TO75PYMY3VY07 | Long             | DBT              | CORP              | ES        |    206000 | PA      | $191566.35    | 0.23%             | 2030-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                            | Meta Platforms Inc                                                              | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    410000 | PA      | $394180.24    | 0.47%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                           | Freddie Mac STACR REMIC Trust 2023-DNA1                                         | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |     62917 | PA      | $63580.41     | 0.08%             | 2043-03-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                  | Dell Equipment Finance Trust 2024-2                                             | CUSIP: 24704EAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $176802.06    | 0.21%             | 2031-02-24      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                   | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBK3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    480000 | PA      | $519263.49    | 0.62%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5099.19     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                               | Nissan Motor Co Ltd                                                             | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    385000 | PA      | $363165.66    | 0.43%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                       | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    255000 | PA      | $259628.87    | 0.31%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTH INVESTOR                      | National Health Investors Inc                                                   | CUSIP: 63633DAG9<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              | CORP              | US        |    565000 | PA      | $564063.79    | 0.67%             | 2033-02-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAJ2<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    692000 | PA      | $688720.47    | 0.82%             | 2055-12-06      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                              | Connecticut Avenue Securities Trust 2022-R04                                    | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88000 | PA      | $89970.14     | 0.11%             | 2042-03-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| GCAT                                          | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    492823 | PA      | $491737.91    | 0.59%             | 2067-11-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                   | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222307.28    | 0.26%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BW REAL ESTATE INC                            | BW Real Estate Inc                                                              | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $614130.33    | 0.73%             | N/A             | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP                        | Webster Financial Corp                                                          | CUSIP: 947890AK5<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |    536000 | PA      | $535826.23    | 0.64%             | 2035-09-11      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD                              | Essent Group Ltd                                                                | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |    222000 | PA      | $231838.29    | 0.28%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $19927.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                              | Connecticut Avenue Securities Trust 2024-R01                                    | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $125296.87    | 0.15%             | 2044-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                      | Citizens Financial Group Inc                                                    | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    570000 | PA      | $598283.88    | 0.71%             | 2032-07-23      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                            | Expand Energy Corp                                                              | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    263000 | PA      | $263355.90    | 0.31%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CFE FIBRA E                                   | CFE Fibra E                                                                     | CUSIP: 125276AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    198334 | PA      | $197647.32    | 0.24%             | 2040-09-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                      | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250368.61    | 0.30%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                       | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    358000 | PA      | $356007.50    | 0.42%             | 2037-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                        | Pacific Gas and Electric Co                                                     | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    518000 | PA      | $551486.36    | 0.66%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                              | Connecticut Avenue Securities Trust 2023-R08                                    | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $213917.78    | 0.25%             | 2043-10-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD LTD                         | Fidelis Insurance Holdings Ltd                                                  | CUSIP: 31575FAC0<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |    470000 | PA      | $508749.66    | 0.61%             | 2055-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                      | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $635353.82    | 0.76%             | 2031-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-648.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                         | Japan Government Thirty Year Bond                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  97100000 | PA      | $475414.95    | 0.57%             | 2054-09-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                          | Raizen Fuels Finance SA                                                         | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    380000 | PA      | $309121.47    | 0.37%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                           | HONO 2021-LULU Mortgage Trust                                                   | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $246927.13    | 0.29%             | 2036-10-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                           | NOVA Chemicals Corp                                                             | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    784000 | PA      | $835318.63    | 1.00%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                 | BGC Group Inc                                                                   | CUSIP: 05555LAB7<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    370000 | PA      | $386132.10    | 0.46%             | 2029-06-10      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| AVERY DENNISON CORP                           | Avery Dennison Corp                                                             | CUSIP: 000000000<br>LEI: 549300PW7VPFCYKLIV37 | Long             | DBT              | CORP              | US        |    280000 | PA      | $330408.19    | 0.39%             | 2035-09-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                   | AltaGas Ltd                                                                     | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |    307000 | PA      | $317713.47    | 0.38%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                      | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 00217GAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    401000 | PA      | $308615.63    | 0.37%             | 2052-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                          | M&T Bank Corp                                                                   | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    236000 | PA      | $239796.07    | 0.29%             | 2036-01-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                         | Foundry JV Holdco LLC                                                           | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    530000 | PA      | $559385.38    | 0.67%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1030.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JBD9<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    864000 | PA      | $864207.94    | 1.03%             | 2055-12-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                       | BPCE SA                                                                         | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $266921.70    | 0.32%             | 2036-01-14      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                      | ALLISON TRANSMISSION INC                                                        | CUSIP: 01973KAJ5<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | LON              | CORP              | US        |    516000 | PA      | $518151.72    | 0.62%             | 2032-11-05      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $137092.90    | 0.16%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                            | Shackleton 2015-VII-R CLO Ltd                                                   | CUSIP: 81883AAY5<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498900.00    | 0.59%             | 2031-07-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2023-NQM6 Trust                                                             | CUSIP: 67117VAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233693 | PA      | $234810.62    | 0.28%             | 2063-07-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                           | Phoenix Group Holdings PLC                                                      | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    249000 | PA      | $265953.30    | 0.32%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                    | Intel Corp                                                                      | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    207000 | PA      | $191303.10    | 0.23%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                  | Dell Equipment Finance Trust 2024-1                                             | CUSIP: 24702GAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $228408.90    | 0.27%             | 2030-09-23      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                         | HPEFS Equipment Trust 2024-1                                                    | CUSIP: 403963AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303565.88    | 0.36%             | 2031-11-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                | EUR/NOK FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10019.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                      | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAB5<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    219000 | PA      | $185516.94    | 0.22%             | 2039-12-30      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| W P CAREY INC                                 | WP Carey Inc                                                                    | CUSIP: 000000000<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    213000 | PA      | $242297.23    | 0.29%             | 2034-11-19      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                        | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    559000 | PA      | $585047.58    | 0.70%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SAU                      | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU                | CUSIP: 29281MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |    206000 | PA      | $212923.77    | 0.25%             | 2032-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                 | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    410000 | PA      | $405737.11    | 0.48%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Uniti Fiber ABS Issuer LLC                    | Uniti Fiber Abs Issuer LLC                                                      | CUSIP: 91326EAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $818826.35    | 0.98%             | 2055-04-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                   | SBNA Auto Receivables Trust 2025-SF1                                            | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104486 | PA      | $104554.24    | 0.12%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $206168.52    | 0.25%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                           | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    361000 | PA      | $338290.80    | 0.40%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                              | Connecticut Avenue Securities Trust 2024-R02                                    | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $276448.15    | 0.33%             | 2044-02-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**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.