SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets ex-China Equity Fund
December 31, 2023 (Unaudited)
| Shares | Value | |
| Common Stocks — 99.68% | ||
| Austria — 1.06% | ||
| 21,600 | Mondi Plc | $426,530 |
| Brazil — 9.47% | ||
| 313,600 | B3 SA - Brasil Bolsa Balcao | 939,328 |
| 163,800 | Banco Bradesco SA | 515,247 |
| 405 | MercadoLibre, Inc.* | 636,474 |
| 196,276 | Raia Drogasil SA | 1,187,935 |
| 69,100 | WEG SA | 525,050 |
| 3,804,034 | ||
| Chile — 3.80% | ||
| 71,435 | Antofagasta Plc | 1,527,421 |
| India — 23.39% | ||
| 30,110 | Axis Bank Ltd. | 398,487 |
| 146,608 | Devyani International Ltd.* | 341,020 |
| 15,200 | Dr. Reddy’s Laboratories Ltd., ADR | 1,057,616 |
| 121,158 | HDFC Bank Ltd. | 2,480,834 |
| 69,090 | Hindalco Industries Ltd. | 509,609 |
| 49,812 | Mahindra & Mahindra Ltd. | 1,034,525 |
| 127,259 | Marico Ltd. | 838,540 |
| 40,803 | Phoenix Mills Ltd. (The) | 1,099,918 |
| 24,461 | Tata Consultancy Services Ltd. | 1,114,049 |
| 39,413 | Tata Consumer Products Ltd. | 514,486 |
| 9,389,084 | ||
| Indonesia — 4.32% | ||
| 3,971,500 | Avia Avian Tbk PT | 128,963 |
| 1,342,600 | Bank Central Asia Tbk PT | 819,925 |
| 5,594,400 | Kalbe Farma Tbk PT | 585,192 |
| 785,700 | Telkom Indonesia Persero Tbk PT | 201,568 |
| 1,735,648 | ||
| Korea — 17.27% | ||
| 3,449 | LEENO Industrial, Inc. | 539,786 |
| 4,113 | LG Corp. | 273,326 |
| 2,235 | NAVER Corp.* | 386,700 |
| 37,313 | Samsung Electronics Co. Ltd. | 2,264,781 |
| 4,807 | Samsung Fire & Marine Insurance Co. Ltd. | 979,361 |
| 30,250 | Shinhan Financial Group Co. Ltd. | 937,859 |
| 14,211 | SK Hynix, Inc. | 1,550,960 |
| 6,932,773 | ||
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets ex-China Equity Fund (cont.)
December 31, 2023 (Unaudited)
| Shares | Value | |
| Mexico — 5.07% | ||
| 258,600 | Bolsa Mexicana de Valores SAB de CV | $534,683 |
| 115,200 | Fomento Economico Mexicano SAB de CV | 1,502,396 |
| 2,037,079 | ||
| Peru — 1.05% | ||
| 2,800 | Credicorp Ltd. | 419,804 |
| Philippines — 2.95% | ||
| 729,600 | Century Pacific Food, Inc. | 407,591 |
| 49,240 | SM Investments Corp. | 775,055 |
| 1,182,646 | ||
| Poland — 0.60% | ||
| 2,059 | Dino Polska SA*,(a) | 241,079 |
| South Africa — 3.22% | ||
| 59,984 | AVI Ltd. | 268,222 |
| 35,080 | Clicks Group Ltd. | 628,731 |
| 50,516 | Discovery Ltd. | 394,419 |
| 1,291,372 | ||
| Taiwan — 23.84% | ||
| 37,295 | Advantech Co. Ltd. | 451,322 |
| 130,000 | Chroma ATE, Inc. | 900,057 |
| 64,000 | Delta Electronics, Inc. | 652,700 |
| 1,033,343 | E.Sun Financial Holding Co. Ltd. | 868,138 |
| 41,000 | Giant Manufacturing Co. Ltd. | 245,499 |
| 20,000 | MediaTek, Inc. | 660,398 |
| 195,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,738,453 |
| 342,000 | Uni-President Enterprises Corp. | 829,737 |
| 22,000 | Voltronic Power Technology Corp. | 1,223,482 |
| 9,569,786 | ||
| Thailand — 1.06% | ||
| 108,200 | Kasikornbank Public Co. Ltd., NVDR | 427,439 |
| United Kingdom — 2.58% | ||
| 21,372 | Unilever Plc | 1,034,640 |
| Total Common Stocks | 40,019,335 | |
| (Cost $34,100,794) | ||
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets ex-China Equity Fund (cont.)
December 31, 2023 (Unaudited)
| Shares | Value | |
| Preferred Stocks — 0.03% | ||
| Korea — 0.03% | ||
| 256 | Samsung Electronics Co. Ltd. | $12,336 |
| Total Preferred Stocks | 12,336 | |
| (Cost $11,635) | ||
| Investment Company — 0.22% | ||
| 88,863 | RBC BlueBay U.S. Goverment Money Market Fund, Institutional Class 1 (b) | 88,863 |
| Total Investment Company | 88,863 | |
| (Cost $88,863) | ||
| Total Investments | $40,120,534 | |
| (Cost $34,201,292) — 99.93% | ||
| Other assets in excess of liabilities — 0.07% | 30,065 | |
| NET ASSETS — 100.00% | $40,150,599 | |
| * | Non-income producing security. |
| (a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | Affiliated investment. |
| Abbreviations used are defined below: |
| ADR - American Depositary Receipt |
| NVDR - Non-Voting Depository Receipt |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets ex-China Equity Fund (cont.)
December 31, 2023 (Unaudited)
Portfolio Diversification (Unaudited)
| Industries | Percentage of Net Assets | |
| Information Technology | 29.61% | |
| Financials | 24.19% | |
| Consumer Staples | 18.58% | |
| Industrials | 6.97% | |
| Materials | 6.45% | |
| Consumer Discretionary | 5.62% | |
| Health Care | 4.09% | |
| Real Estate | 2.74% | |
| Communication Services | 1.46% | |
| Other* | 0.29% | |
| 100.00% |
| * | Includes cash, Investment Company, interest and dividend receivable, pending trades and Fund share transactions, and accrued expenses payable. |
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