SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund
December 31, 2021 (Unaudited)
Shares | Value | |
Common Stocks — 95.35% | ||
Communication Services — 1.63% | ||
7,200 | Cumulus Media, Inc., Class A* | $81,000 |
400 | Daily Journal Corp.* | 142,692 |
44,050 | DHI Group, Inc.* | 274,872 |
23,600 | Entravision Communications Corp., Class A | 160,008 |
22,043 | EW Scripps Co. (The), Class A | 426,532 |
868 | Madison Square Garden Entertainment Corp.* | 61,055 |
5,800 | Marcus Corp. (The)* | 103,588 |
119,400 | Point.360(a),(b),(c) | 0 |
12,600 | Saga Communications, Inc., Class A | 302,526 |
39,150 | Salem Media Group, Inc.* | 119,799 |
22,600 | Spok Holdings, Inc. | 210,858 |
18,000 | Townsquare Media, Inc., Class A* | 239,940 |
2,122,870 | ||
Consumer Discretionary — 19.71% | ||
6,400 | American Outdoor Brands, Inc.* | 127,552 |
7,100 | American Public Education, Inc.* | 157,975 |
6,100 | America’s Car-Mart, Inc.* | 624,640 |
21,300 | Anemostat Door Products(a),(b),(c) | 0 |
21,300 | Anemostat, Inc.(a),(b),(c) | 0 |
7,900 | Bassett Furniture Industries, Inc. | 132,483 |
28,600 | Beazer Homes USA, Inc.* | 664,092 |
12,300 | Big 5 Sporting Goods Corp. | 233,823 |
3 | Biglari Holdings, Inc., Class B* | 428 |
3,420 | Bluegreen Vacations Holding Corp.* | 120,042 |
7,930 | Build-A-Bear Workshop, Inc. | 154,794 |
11,450 | Carriage Services, Inc. | 737,838 |
6,000 | Cato Corp. (The), Class A | 102,960 |
8,200 | Century Casinos, Inc.* | 99,876 |
14,423 | Century Communities, Inc. | 1,179,657 |
4,200 | Chuy’s Holdings, Inc.* | 126,504 |
2,900 | Citi Trends, Inc.* | 274,775 |
4,842 | Clarus Corp. | 134,220 |
60,730 | Container Store Group, Inc. (The)* | 606,085 |
2,100 | Cooper-Standard Holdings, Inc.* | 47,061 |
26,200 | Crown Crafts, Inc. | 190,474 |
16,230 | Culp, Inc. | 154,347 |
16,100 | Del Taco Restaurants, Inc. | 200,445 |
29,400 | Delta Apparel, Inc.* | 874,356 |
13,200 | Duluth Holdings, Inc., Class B* | 200,376 |
10,000 | El Pollo Loco Holdings, Inc.* | 141,900 |
8,000 | Escalade, Inc. | 126,320 |
9,900 | Ethan Allen Interiors, Inc. | 260,271 |
4,400 | Flanigan’s Enterprises, Inc.* | 135,831 |
9,000 | Flexsteel Industries, Inc. | 241,740 |
8,000 | Funko, Inc., Class A* | 150,400 |
1
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
2,700 | Genesco, Inc.* | $173,259 |
20,290 | Haverty Furniture Cos., Inc. | 620,265 |
10,400 | hhgregg, Inc.*,(a),(b) | 0 |
2,000 | Hibbett Sports, Inc. | 143,860 |
16,900 | Hooker Furniture Corp. | 393,432 |
1,700 | Hovnanian Enterprises, Inc., Class A* | 216,393 |
20,900 | Jerash Holdings US, Inc. | 135,223 |
6,440 | Johnson Outdoors, Inc., Class A | 603,364 |
23,500 | Kid Brands, Inc.*,(b) | 5 |
32,220 | Lakeland Industries, Inc.* | 699,174 |
9,500 | Lands’ End, Inc.* | 186,485 |
95,270 | Lazare Kaplan International, Inc.(a),(b),(c) | 0 |
7,000 | La-Z-Boy, Inc. | 254,170 |
7,100 | Lazydays Holdings, Inc.* | 152,934 |
13,500 | Legacy Housing Corp.* | 357,345 |
13,200 | Lifetime Brands, Inc. | 210,804 |
21,000 | Lincoln Educational Services Corp.* | 156,870 |
4,700 | Live Ventures, Inc.* | 148,191 |
8,700 | LL Flooring Holdings, Inc.* | 148,509 |
14,000 | M/I Homes, Inc.* | 870,520 |
21,540 | MarineMax, Inc.* | 1,271,721 |
7,500 | McRae Industries, Inc., Class A | 271,200 |
2,285 | Mecklermedia Corp.(a),(b),(c) | 0 |
20,000 | Mestek, Inc.* | 620,000 |
9,600 | Modine Manufacturing Co.* | 96,864 |
7,900 | Motorcar Parts of America, Inc.* | 134,853 |
16,400 | Movado Group, Inc. | 686,012 |
3,500 | Nathan’s Famous, Inc. | 204,365 |
12,400 | Nautilus, Inc.* | 76,012 |
9,500 | Nobility Homes, Inc. | 313,500 |
2,500 | OneWater Marine, Inc., Class A | 152,425 |
41,000 | Orleans Homebuilders, Inc.(a),(b),(c) | 0 |
10,275 | Patrick Industries, Inc. | 829,090 |
3,300 | RCI Hospitality Holdings, Inc. | 257,004 |
20,900 | Rocky Brands, Inc. | 831,820 |
12,000 | Sonic Automotive, Inc., Class A | 593,400 |
12,500 | Standard Motor Products, Inc. | 654,875 |
12,430 | Strattec Security Corp.* | 460,159 |
27,100 | Stride, Inc.* | 903,243 |
30,089 | Superior Group of Cos, Inc. | 660,153 |
32,500 | Superior Industries International, Inc.* | 145,600 |
10,840 | Taylor Morrison Home Corp.* | 378,966 |
24,800 | Tilly’s, Inc., Class A | 399,528 |
8,760 | TravelCenters of America, Inc.* | 452,191 |
12,000 | Tupperware Brands Corp.* | 183,480 |
25,100 | Unifi, Inc.* | 581,065 |
3,900 | Universal Electronics, Inc.* | 158,925 |
30,000 | Universal Travel Group*,(a),(b),(c) | 0 |
24,100 | Vera Bradley, Inc.* | 205,091 |
2
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
17,200 | VOXX International Corp.* | $174,924 |
1,397 | Walking Co. Holdings, Inc. (The)*,(a),(b),(c) | 0 |
11,000 | Weyco Group, Inc. | 263,340 |
25,631,874 | ||
Consumer Staples — 3.89% | ||
7,300 | Alico, Inc. | 270,319 |
3,850 | Andersons, Inc. (The) | 149,034 |
14,615 | Central Garden & Pet Co.* | 769,188 |
2,200 | e.l.f. Beauty, Inc.* | 73,062 |
36 | Hawaiian Macadamia Nut Orchards L.P.* | 82,800 |
12,400 | Ingles Markets, Inc., Class A | 1,070,616 |
20,700 | Lifevantage Corp.* | 130,824 |
10,400 | Natural Alternatives International, Inc.* | 131,456 |
40,800 | Natural Grocers by Vitamin Cottage, Inc. | 581,400 |
8,500 | Nature’s Sunshine Products, Inc. | 157,250 |
19,200 | Oil-Dri Corp. of America | 628,416 |
4,100 | Seneca Foods Corp., Class A* | 196,595 |
23,140 | SpartanNash Co. | 596,086 |
9,600 | Village Super Market, Inc., Class A | 224,544 |
5,061,590 | ||
Energy — 1.93% | ||
5,000 | Adams Resources & Energy, Inc. | 139,050 |
45,500 | Aegean Marine Petroleum Network, Inc.(a),(b),(c) | 0 |
1 | Bristow Group, Inc.* | 32 |
3,700 | Civitas Resources, Inc. | 181,189 |
9,200 | CONSOL Energy, Inc.* | 208,932 |
8,200 | Dorian LPG Ltd. | 104,058 |
11,800 | Evolution Petroleum Corp. | 59,590 |
31,000 | Falcon Minerals Corp. | 150,970 |
7,100 | Global Partners LP | 166,779 |
2,950 | Harvest Natural Resources, Inc.(a),(b),(c) | 0 |
50,600 | North American Construction Group Ltd. | 764,060 |
4,700 | Ranger Oil Corp., Class A* | 126,524 |
4,010 | REX American Resources Corp.* | 384,960 |
8,400 | Solaris Oilfield Infrastructure, Inc., Class A | 55,020 |
23,408 | Southwestern Energy Co.* | 109,081 |
18,880 | W&T Offshore, Inc.* | 60,982 |
2,511,227 | ||
Financials — 36.86% | ||
5,800 | 1st Constitution Bancorp | 149,002 |
4,500 | ACNB Corp. | 140,760 |
6,200 | AFC Gamma, Inc., REIT | 141,112 |
39,150 | Affirmative Insurance Holdings, Inc.(a),(b),(c) | 0 |
8,600 | Amalgamated Financial Corp. | 144,222 |
8,500 | Amerant Bancorp, Inc. | 293,675 |
3,500 | American Business Bank* | 138,215 |
3
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
7,000 | American National Bankshares, Inc. | $263,760 |
6,800 | Ames National Corp. | 166,532 |
5,968 | Apollo Commercial Real Estate Finance, Inc., REIT | 78,539 |
44,976 | Arbor Realty Trust, Inc., REIT | 823,960 |
48,100 | Ares Commercial Real Estate Corp., REIT | 699,374 |
2,200 | Arlington Asset Investment Corp., Class A* | 7,700 |
101 | Ashford, Inc.* | 1,682 |
3,700 | Associated Capital Group, Inc., Class A | 159,100 |
10,100 | Atlantic Capital Bancshares, Inc.* | 290,577 |
32,450 | Banc of California, Inc. | 636,669 |
12,400 | Banco Latinoamericano de Comercio Exterior SA, Class E | 205,840 |
11,900 | Bancorp, Inc. (The)* | 301,189 |
2,600 | Bank First Corp. | 187,824 |
4,542 | Bank of Marin Bancorp | 169,099 |
4,900 | Bank of Princeton (The) | 143,717 |
5,700 | Bank7 Corp. | 131,100 |
13,300 | BankFinancial Corp. | 141,911 |
6,400 | Bankwell Financial Group, Inc. | 210,176 |
4,928 | Banner Corp. | 298,982 |
8,700 | Bar Harbor Bankshares | 251,691 |
5,300 | Baycom Corp.* | 99,428 |
10,000 | BCB Bancorp, Inc. | 154,300 |
100,000 | Beverly Hills Bancorp, Inc.*,(a),(b),(c) | 0 |
13,800 | Blucora, Inc.* | 239,016 |
8,100 | Blue Ridge Bankshares, Inc. | 144,990 |
17,800 | Bridgewater Bancshares, Inc.* | 314,882 |
5,500 | Business First Bancshares, Inc. | 155,705 |
33,600 | California First National Bancorp | 604,800 |
1,500 | Cambridge Bancorp | 140,385 |
5,500 | Capital Bancorp, Inc. | 144,100 |
8,500 | Capital City Bank Group, Inc. | 224,400 |
38,000 | Capitol Bancorp Ltd.(a),(b),(c) | 0 |
9,600 | Capstar Financial Holdings, Inc. | 201,888 |
5,700 | Central Valley Community Bancorp | 118,389 |
6,500 | CF Bankshares, Inc. | 135,590 |
20,497 | Cherry Hill Mortgage Investment Corp., REIT | 169,510 |
7,600 | Citizens & Northern Corp. | 198,512 |
18,850 | Citizens, Inc.* | 100,093 |
11,700 | Civista Bancshares, Inc. | 285,480 |
9,400 | CNB Financial Corp. | 249,100 |
2,800 | Coastal Financial Corp.* | 141,736 |
8,300 | Cohen & Co., Inc. | 122,923 |
101,383 | Consumer Portfolio Services, Inc.* | 1,201,389 |
2,189 | Cowen Inc., Class A | 79,023 |
7,300 | Crescent Capital BDC, Inc. | 128,480 |
500 | Diamond Hill Investment Group, Inc. | 97,115 |
10,448 | Dime Community Bancshares, Inc. | 367,352 |
17,277 | Donegal Group, Inc., Class A | 246,888 |
6,000 | Donnelley Financial Solutions, Inc.* | 282,840 |
4
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
12,446 | Dynex Capital, Inc., REIT | $207,973 |
38,900 | Ellington Residential Mortgage, REIT | 404,171 |
7,600 | Embassy Bancorp, Inc. | 153,368 |
26,680 | Enova International, Inc.* | 1,092,813 |
7,700 | Enterprise Bancorp, Inc. | 345,884 |
5,678 | Enterprise Financial Services Corp. | 267,377 |
4,100 | Equity Bancshares, Inc., Class A | 139,113 |
6,800 | Esquire Financial Holdings, Inc.* | 215,016 |
6,800 | ESSA Bancorp, Inc. | 117,844 |
4,200 | Evans Bancorp, Inc. | 169,260 |
15,400 | Farmers National Banc Corp. | 285,670 |
15,717 | FB Financial Corp. | 688,719 |
10,140 | Federal Agricultural Mortgage Corp., Class C | 1,256,650 |
2,800 | Fidelity D&D Bancorp, Inc. | 165,200 |
7,300 | Financial Institutions, Inc. | 232,140 |
6,500 | First Bancorp, Inc. | 204,100 |
9,800 | First Bank/Hamilton NJ | 142,198 |
7,400 | First Business Financial Services, Inc. | 215,858 |
1,800 | First Capital, Inc. | 71,910 |
6,500 | First Community Bankshares, Inc. | 217,230 |
9,400 | First Financial Corp. | 425,726 |
8,800 | First Financial Northwest, Inc. | 142,296 |
8,700 | First Internet Bancorp | 409,248 |
6,100 | First Merchants Corp. | 255,529 |
9,200 | First of Long Island Corp. (The) | 198,628 |
38,000 | First Place Financial Corp.(a),(b),(c) | 0 |
5,400 | First Savings Financial Group, Inc. | 142,560 |
4,900 | First Western Financial, Inc.* | 148,764 |
8,100 | Flushing Financial Corp. | 196,830 |
8,000 | FS Bancorp, Inc. | 269,040 |
10,000 | FVCBankcorp, Inc.* | 198,100 |
40,528 | Great Ajax Corp., REIT | 533,348 |
7,850 | Guaranty Bancshares, Inc. | 295,003 |
4,500 | Guaranty Federal Bancshares, Inc. | 143,730 |
10,700 | Hanmi Financial Corp. | 253,376 |
11,600 | HBT Financial, Inc. | 217,268 |
5,240 | HCI Group, Inc. | 437,750 |
16,470 | Heritage Insurance Holdings, Inc. | 96,844 |
600 | Hingham Institution for Savings, FOR | 251,928 |
4,700 | Home Bancorp, Inc. | 195,097 |
10,940 | HomeTrust Bancshares, Inc. | 338,921 |
11,100 | Independent Bank Corp. | 264,957 |
8,100 | Investar Holding Corp. | 149,121 |
4,004 | Investors Title Co. | 789,389 |
7,500 | Kansas City Life Insurance Co. | 318,750 |
6,400 | LCNB Corp. | 124,992 |
3,800 | Level One Bancorp, Inc. | 149,872 |
26,400 | Macatawa Bank Corp. | 232,848 |
5
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
5,100 | Malvern Bancorp, Inc.* | $79,917 |
24,300 | Manhattan Bridge Capital, Inc., REIT | 133,650 |
71,200 | Manning & Napier, Inc. | 591,672 |
17,690 | Marlin Business Services Corp. | 411,823 |
4,700 | Mercantile Bank Corp. | 164,641 |
6,500 | Merchants Bancorp | 307,645 |
5,900 | Meridian Corp. | 216,943 |
7,500 | Metrocity Bankshares, Inc. | 206,475 |
6,300 | Metropolitan Bank Holding Corp.* | 671,139 |
5,000 | Mid Penn Bancorp, Inc. | 158,700 |
8,500 | Midland States Bancorp, Inc. | 210,715 |
6,400 | MidWestOne Financial Group, Inc. | 207,168 |
7,000 | MVB Financial Corp. | 290,640 |
6,000 | National Bankshares, Inc. | 217,560 |
2,600 | National Western Life Group, Inc., Class A | 557,544 |
7,100 | Nexpoint Real Estate Finance, Inc., REIT | 136,675 |
11,567 | Nicholas Financial, Inc.* | 136,375 |
6,900 | Northeast Bank | 246,537 |
13,500 | Northeast Community Bancorp, Inc. | 150,255 |
4,700 | Northrim BanCorp, Inc. | 204,262 |
43,470 | Northwest Bancshares, Inc. | 615,535 |
26,710 | OFG Bancorp. | 709,418 |
19,600 | Old Second Bancorp, Inc. | 246,764 |
12,000 | OP Bancorp | 153,120 |
11,900 | Oppenheimer Holdings, Inc., Class A | 551,803 |
4,000 | Orange County Bancorp, Inc. | 168,520 |
15,700 | Orchid Island Capital, Inc., REIT | 70,650 |
9,800 | Orrstown Financial Services, Inc. | 246,960 |
9,000 | Parke Bancorp, Inc. | 191,520 |
15,200 | Partners Bancorp | 148,656 |
6,600 | PCB Bancorp | 144,936 |
13,000 | PCSB Financial Corp. | 247,520 |
5,100 | Peapack-Gladstone Financial Corp. | 180,540 |
4,600 | PennyMac Financial Services, Inc. | 320,988 |
19,968 | Peoples Bancorp, Inc. | 635,182 |
3,800 | Peoples Financial Services Corp. | 200,222 |
2,530 | Piper Sandler Cos. | 451,630 |
41,894 | Premier Financial Corp. | 1,294,943 |
17,100 | Primis Financial Corp. | 257,184 |
5,600 | Private Bancorp of America, Inc.* | 150,920 |
7,700 | Professional Holding Corp., Class A* | 147,532 |
7,600 | Provident Bancorp, Inc. | 141,360 |
14,300 | Provident Financial Holdings, Inc. | 236,665 |
6,920 | Provident Financial Services, Inc. | 167,602 |
6,500 | Randolph Bancorp, Inc. | 155,220 |
12,100 | RBB Bancorp | 317,020 |
15,781 | Ready Capital Corp., REIT | 246,657 |
3,400 | Red River Bancshares, Inc. | 181,900 |
18,860 | Regional Management Corp. | 1,083,696 |
6
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
6,000 | Reliant Bancorp, Inc. | $213,000 |
19,100 | Riverview Bancorp, Inc. | 146,879 |
3,050 | S&T Bancorp, Inc. | 96,136 |
26,200 | Sachem Capital Corp., REIT | 153,008 |
7,300 | Safety Insurance Group, Inc. | 620,719 |
6,000 | SB Financial Group, Inc. | 116,820 |
10,300 | Shore Bancshares, Inc. | 214,755 |
9,600 | Sierra Bancorp | 260,640 |
2,126 | Simmons First National Corp., Class A | 62,887 |
11,200 | SmartFinancial, Inc. | 306,432 |
11,900 | South Plains Financial, Inc. | 330,939 |
5,700 | Southern First Bancshares, Inc.* | 356,193 |
6,400 | Southern Missouri Bancorp, Inc. | 333,888 |
11,400 | Spirit of Texas Bancshares, Inc. | 328,092 |
9,400 | Stewart Information Services Corp. | 749,462 |
5,500 | Summit Financial Group, Inc. | 150,975 |
8,000 | SWK Holdings Corp.* | 157,040 |
6,200 | Territorial Bancorp, Inc. | 156,550 |
6,600 | Timberland Bancorp, Inc. | 182,820 |
18,100 | Trean Insurance Group, Inc.* | 161,271 |
7,100 | TriState Capital Holdings, Inc.* | 214,846 |
7,044 | United Bankshares, Inc. | 255,556 |
19,000 | United Western Bancorp, Inc.(a),(b),(c) | 0 |
5,500 | Unity Bancorp, Inc. | 144,375 |
9,600 | Universal Insurance Holdings, Inc. | 163,200 |
9,300 | Waterstone Financial, Inc. | 203,298 |
9,400 | West BanCorp Inc. | 292,058 |
25,000 | Western New England Bancorp, Inc. | 219,000 |
5,200 | Westwood Holdings Group, Inc. | 88,088 |
47,941,057 | ||
Health Care — 1.57% | ||
30,600 | Adeptus Health, Inc., Class A(a),(b),(c) | 0 |
4,600 | AngioDynamics, Inc.* | 126,868 |
4,300 | Computer Programs and Systems, Inc.* | 125,990 |
11,850 | CryoLife, Inc.* | 241,147 |
9,100 | FONAR Corp.* | 136,318 |
12,300 | Meridian Bioscience, Inc.* | 250,920 |
7,300 | OraSure Technologies, Inc.* | 63,437 |
18,500 | Sharps Compliance Corp.* | 131,905 |
23,000 | Surface Oncology, Inc.* | 109,940 |
24,010 | Triple-S Management Corp.* | 856,677 |
2,043,202 | ||
Industrials — 15.17% | ||
7,100 | Acme United Corp. | 239,270 |
5,680 | Alamo Group, Inc. | 835,982 |
2,924 | Allied Motion Technologies, Inc. | 106,697 |
8,100 | AMREP Corp.* | 123,120 |
7
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
66,000 | ARC Document Solutions, Inc. | $231,000 |
14,200 | BGSF, Inc. | 203,770 |
7,100 | Blue Bird Corp.* | 111,044 |
4,700 | BlueLinx Holdings, Inc.* | 450,072 |
24,450 | CBIZ, Inc.* | 956,484 |
25,074 | CECO Environmental Corp.* | 156,211 |
10,678 | Cenveo, Inc.(a),(b),(c) | 0 |
2,400 | Chicago Rivet & Machine Co. | 63,060 |
8,200 | Commercial Vehicle Group, Inc.* | 66,092 |
26,678 | CompX International, Inc. | 599,455 |
36,000 | Costamare, Inc. | 455,400 |
8,800 | Covenant Logistics Group, Inc.* | 232,584 |
1,700 | CRA International, Inc. | 158,712 |
26,840 | Ducommun, Inc.* | 1,255,307 |
14,800 | Eastern Co. (The) | 372,368 |
4,600 | Encore Wire Corp. | 658,260 |
34,940 | Ennis, Inc. | 682,378 |
1,300 | EnPro Industries, Inc. | 143,091 |
8,790 | Espey Mfg. & Electronics Corp. | 124,905 |
414 | Genco Shipping & Trading Ltd. | 6,624 |
2,880 | Gibraltar Industries, Inc.* | 192,038 |
7,100 | Graham Corp. | 88,324 |
10,610 | Greenbrier Cos., Inc. (The) | 486,893 |
25,700 | Griffon Corp. | 731,936 |
3,400 | Hurco Cos., Inc. | 100,980 |
5,500 | Insteel Industries, Inc. | 218,955 |
11,500 | L B Foster Co., Class A* | 158,125 |
19,300 | Limbach Holdings, Inc.* | 173,700 |
21,400 | LS Starrett Co. (The), Class A* | 200,090 |
56,050 | LSI Industries, Inc. | 384,503 |
34,300 | Marten Transport Ltd. | 588,588 |
9,500 | Mesa Air Group, Inc.* | 53,200 |
22,179 | Miller Industries, Inc. | 740,779 |
16,000 | Mistras Group, Inc.* | 118,880 |
3,500 | National Presto Industries, Inc. | 287,105 |
8,000 | Northwest Pipe Co.* | 254,400 |
2,000 | PAM Transportation Services, Inc.* | 142,020 |
38,300 | Park Aerospace Corp. | 505,560 |
3,700 | Park-Ohio Holdings Corp. | 78,329 |
6,800 | Powell Industries, Inc. | 200,532 |
2,800 | Preformed Line Products Co. | 181,160 |
12,100 | Quanex Building Products Corp. | 299,838 |
26,500 | Quest Resource Holding Corp.* | 183,910 |
30,700 | Radiant Logistics, Inc.* | 223,803 |
13,200 | RCM Technologies, Inc.* | 93,984 |
12,700 | Resources Connection, Inc. | 226,568 |
15,100 | Rush Enterprises, Inc., Class A | 840,164 |
22,000 | Safe Bulkers, Inc.* | 82,940 |
2,900 | Standex International Corp. | 320,914 |
8
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
10,700 | Sterling Construction Co., Inc.* | $281,410 |
24,100 | Textainer Group Holdings Ltd. | 860,611 |
9,600 | Titan Machinery, Inc.* | 323,424 |
17,800 | U.S. Xpress Enterprises, Inc., Class A* | 104,486 |
10,500 | USA Truck, Inc.* | 208,740 |
10,230 | Vectrus, Inc.* | 468,227 |
12,300 | Vidler Water Resouces, Inc.* | 148,584 |
3,000 | VSE Corp. | 182,820 |
20,238 | Willis Lease Finance Corp.* | 761,961 |
19,730,367 | ||
Information Technology — 6.35% | ||
8,800 | AstroNova, Inc.* | 118,800 |
4,700 | Aviat Networks, Inc.* | 150,776 |
16,600 | AXT, Inc.* | 146,246 |
12,400 | Bel Fuse, Inc., Class B | 160,332 |
2,500 | Clearfield, Inc.* | 211,050 |
6,200 | Comtech Telecommunications Corp. | 146,878 |
6,200 | CPI Card Group, Inc.* | 115,010 |
16,130 | CTS Corp. | 592,294 |
3,600 | CyberOptics Corp.* | 167,400 |
22,500 | Digi International, Inc.* | 552,825 |
7,080 | ePlus, Inc.* | 381,470 |
600 | Fabrinet* | 71,082 |
36,400 | Franklin Wireless Corp.* | 159,068 |
22,200 | Immersion Corp.* | 126,762 |
2,300 | Insight Enterprises, Inc.* | 245,180 |
2,900 | JinkoSolar Holding Co. Ltd., ADR* | 133,284 |
25,100 | Kimball Electronics, Inc.* | 546,176 |
8,600 | LGL Group, Inc. (The)* | 98,040 |
15,700 | Methode Electronics, Inc. | 771,969 |
27,200 | NetSol Technologies, Inc.* | 107,168 |
28,900 | Park City Group, Inc.* | 168,198 |
13,550 | PC Connection, Inc. | 584,411 |
28,400 | PCTEL, Inc. | 161,028 |
28,730 | Photronics, Inc.* | 541,561 |
22,800 | Priority Technology Holdings, Inc.* | 161,424 |
11,600 | Richardson Electronics Ltd. | 156,832 |
62,000 | SigmaTron International, Inc.* | 640,460 |
19,640 | Vishay Precision Group, Inc.* | 729,037 |
28,900 | WidePoint Corp.* | 113,577 |
8,258,338 | ||
Materials — 3.37% | ||
39,240 | American Vanguard Corp. | 643,143 |
29,700 | Ampco-Pittsburgh Corp.* | 148,500 |
37,000 | Blue Earth Refineries, Inc.(a),(b),(c) | 0 |
8,000 | Clearwater Paper Corp.* | 293,360 |
14,500 | Core Molding Technologies, Inc.* | 123,395 |
9
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
20,400 | Fortitude Gold Corp. | $135,048 |
10,700 | Friedman Industries, Inc. | 100,366 |
49,190 | FutureFuel Corp. | 375,812 |
8,200 | Hawkins, Inc. | 323,490 |
3,000 | Haynes International, Inc. | 120,990 |
2,600 | Innospec, Inc. | 234,884 |
7,400 | Materion Corp. | 680,356 |
8,000 | Olympic Steel, Inc. | 188,000 |
4,900 | Ryerson Holding Corp. | 127,645 |
7,500 | Tecnoglass, Inc. | 196,425 |
45,800 | Trecora Resources* | 370,064 |
11,500 | Tredegar Corp. | 135,930 |
2,600 | UFP Technologies, Inc.* | 182,676 |
4,380,084 | ||
Real Estate — 3.27% | ||
10,800 | Alpine Income Property Trust, Inc., REIT | 216,432 |
6,820 | BBX Capital, Inc.* | 68,268 |
5,621 | Cedar Realty Trust, Inc., REIT | 141,143 |
4,600 | Community Healthcare Trust, Inc., REIT | 217,442 |
3,425 | CTO Realty Growth, Inc., REIT | 210,364 |
18,200 | Farmland Partners, Inc., REIT | 217,490 |
3,600 | FRP Holdings, Inc.* | 208,080 |
10,242 | Getty Realty Corp., REIT | 328,666 |
8,800 | Global Medical REIT, Inc., REIT | 156,200 |
7,780 | Monmouth Real Estate Investment Corp., REIT | 163,458 |
25,562 | One Liberty Properties, Inc., REIT | 901,827 |
7,200 | RE/MAX Holdings, Inc., Class A | 219,528 |
4,100 | RMR Group, Inc. (The), Class A | 142,188 |
17,400 | RPT Realty, REIT | 232,812 |
12,300 | Urstadt Biddle Properties, Inc., REIT, Class A | 261,990 |
55,310 | Whitestone, REIT | 560,290 |
4,246,178 | ||
Utilities — 1.60% | ||
1,600 | Artesian Resources Corp., Class A | 74,128 |
2,785 | Chesapeake Utilities Corp. | 406,081 |
2,600 | Middlesex Water Co. | 312,780 |
6,700 | RGC Resources, Inc. | 154,167 |
7,400 | SJW Group | 541,680 |
12,756 | Unitil Corp. | 586,649 |
2,075,485 | ||
Total Common Stocks | 124,002,272 | |
(Cost $84,133,773) |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
Shares | Value | |
Exchange Traded Funds — 2.84% | ||
26,450 | iShares Russell Microcap Index Fund | $3,695,859 |
Total Exchange Traded Funds | 3,695,859 | |
(Cost $3,812,522) | ||
Rights/Warrants — 0.02% | ||
444 | Basic Energy Services, Inc., Warrants, Expire 12/23/23*,(b) | 11 |
8,600 | LGL Group, Inc. (The), Warrants, Expire 11/16/25* | 6,690 |
6,100 | Media General, Inc. Rights, Expire 12/31/22*,(a),(b),(c) | 0 |
2,627 | PHI Group, Inc., Warrants, Expire 9/4/22*,(a),(b),(c) | 0 |
1,136 | Whiting Petroleum Corp., Warrants, Expire 12/31/25* | 15,745 |
568 | Whiting Petroleum Corp., Warrants, Expire 12/31/25* | 6,702 |
Total Rights/Warrants | 29,148 | |
(Cost $95,622) |
Principal Amount | ||
Corporate Bonds — 0.00% | ||
Financial — 0.00% | ||
$1,947 | Trenwick America Corp., 0.00%, (a),(b),(c) | 0 |
1,098 | Trenwick America Corp., 0.00%, (a),(b),(c) | 0 |
0 | ||
Total Corporate Bonds | 0 | |
(Cost $0) | ||
Shares | ||
Investment Company — 1.84% | ||
2,391,087 | U.S. Government Money Market Fund, RBC Institutional Class 1(d) | 2,391,087 |
Total Investment Company | 2,391,087 | |
(Cost $2,391,087) | ||
Total Investments | $130,118,366 | |
(Cost $90,433,004) — 100.05% | ||
Liabilities in excess of other assets — (0.05)% | (67,719) | |
NET ASSETS — 100.00% | $130,050,647 |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Microcap Value Fund (cont.)
December 31, 2021 (Unaudited)
* | Non-income producing security. |
(a) | Security delisted or issuer in bankruptcy. |
(b) | The Pricing Committee has fair valued this security under procedures established by the Fund’s Board of Trustees. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliated investment. |
Abbreviations used are defined below: |
ADR - American Depositary Receipt |
FOR - Foreign Ownership Receipt |
REIT - Real Estate Investment Trust |
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