SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets Value Equity Fund
December 31, 2023 (Unaudited)
Shares | Value | |
Common Stocks — 97.95% | ||
Brazil — 5.97% | ||
57,900 | Banco do Brasil SA | $660,219 |
411,600 | Cia Brasileira de Aluminio | 432,139 |
40,292 | Cia Brasileira de Aluminio* | 41,473 |
76,000 | Hypera SA | 559,330 |
102,700 | Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 465,127 |
165,800 | Lojas Renner SA | 594,581 |
91,600 | Sao Martinho SA | 552,700 |
172,440 | SLC Agricola SA | 668,091 |
3,973,660 | ||
Chile — 3.36% | ||
78,044 | Antofagasta Plc | 1,668,735 |
9,400 | Sociedad Quimica y Minera de Chile SA, ADR | 566,068 |
2,234,803 | ||
China — 23.30% | ||
284,300 | Alibaba Group Holding Ltd. | 2,738,532 |
71,550 | Baidu, Inc., Class A* | 1,065,087 |
177,398 | Beijing New Building Materials Plc, Class A | 584,493 |
431,000 | China Overseas Land & Investment Ltd. | 760,405 |
990,000 | Chinasoft International Ltd. | 759,909 |
876,000 | CIMC Enric Holdings Ltd. | 792,539 |
1,130,000 | CSPC Pharmaceutical Group Ltd. | 1,051,713 |
4,500 | Daqo New Energy Corp., ADR* | 119,700 |
160,000 | Flat Glass Group Co. Ltd., Class H | 270,066 |
135,000 | Midea Group Co. Ltd., Class A | 1,040,195 |
741,510 | Ping An Bank Co. Ltd., Class A | 981,863 |
271,999 | Ping An Insurance Group Co. of China Ltd., Series H | 1,231,421 |
59,792 | Sieyuan Electric Co. Ltd., Class A | 438,674 |
255,000 | SITC International Holdings Co. Ltd. | 440,138 |
1,151,000 | Topsports International Holdings Ltd.(a) | 897,558 |
23,350 | Trip.com Group Ltd.* | 838,222 |
86,898 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 313,454 |
271,093 | Xinyi Glass Holdings Ltd. | 304,487 |
1,605,200 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 884,247 |
15,512,703 | ||
Egypt — 0.84% | ||
435,604 | Commercial International Bank Egypt SAE, GDR | 557,442 |
Greece — 0.71% | ||
278,692 | Alpha Services and Holdings SA* | 473,399 |
Hong Kong — 0.56% | ||
1,142,000 | Pacific Basin Shipping Ltd. | 375,811 |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets Value Equity Fund (cont.)
December 31, 2023 (Unaudited)
Shares | Value | |
Hungary — 1.27% | ||
18,633 | OTP Bank Nyrt | $848,777 |
India — 10.84% | ||
150,531 | Apollo Tyres Ltd. | 821,098 |
103,145 | Axis Bank Ltd. | 1,365,059 |
197,801 | Hindalco Industries Ltd. | 1,458,984 |
124,206 | KEC International Ltd. | 878,895 |
537,746 | Redington Ltd. | 1,141,687 |
50,633 | Shriram Finance Ltd. | 1,249,002 |
43,450 | UPL Ltd. | 306,442 |
7,221,167 | ||
Indonesia — 1.55% | ||
2,965,400 | Bank Negara Indonesia Persero Tbk PT | 1,034,746 |
Korea — 12.30% | ||
7,164 | DB Insurance Co. Ltd. | 463,963 |
10,637 | E-MART, Inc. | 630,941 |
35,330 | Hana Financial Group, Inc. | 1,185,130 |
13,669 | HL Mando Co. Ltd. | 415,834 |
3,069 | Hyundai Motor Co. | 482,769 |
59,858 | Samsung Electronics Co. Ltd. | 3,633,191 |
12,638 | SK Hynix, Inc. | 1,379,286 |
8,191,114 | ||
Mexico — 2.52% | ||
566,214 | Gentera SAB de CV | 787,251 |
92,900 | Regional SAB de CV | 888,407 |
1,675,658 | ||
Pakistan — 0.66% | ||
1,111,101 | Habib Bank Ltd. | 438,170 |
Peru — 0.85% | ||
3,800 | Credicorp Ltd. | 569,734 |
Philippines — 1.21% | ||
342,520 | BDO Unibank, Inc. | 806,949 |
Russia — 0.00% | ||
2,322,600 | Sistema PJSFC*,(b),(c),(d) | 0 |
893,930 | United Co. RUSAL International PJSC*,(b),(c),(d) | 0 |
0 | ||
Saudi Arabia — 0.95% | ||
61,126 | Saudi National Bank (The) | 630,405 |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets Value Equity Fund (cont.)
December 31, 2023 (Unaudited)
Shares | Value | |
South Africa — 7.22% | ||
1,297,796 | Growthpoint Properties Ltd., REIT | $824,225 |
71,992 | Mr Price Group Ltd. | 617,825 |
142,326 | MTN Group Ltd. | 897,757 |
10,051 | Naspers Ltd., Class N | 1,720,430 |
1,055,786 | Old Mutual Ltd. | 751,345 |
4,811,582 | ||
Taiwan — 16.15% | ||
152,005 | Chailease Holding Co. Ltd. | 955,161 |
47,000 | Globalwafers Co. Ltd. | 896,953 |
105,452 | Innodisk Corp. | 1,069,561 |
27,703 | Lotes Co. Ltd. | 963,329 |
39,000 | MediaTek, Inc. | 1,287,776 |
251,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 4,812,059 |
187,995 | Taiwan Union Technology Corp. | 769,433 |
10,754,272 | ||
Thailand — 1.54% | ||
259,500 | Kasikornbank Public Co. Ltd. | 1,025,142 |
Turkey — 0.78% | ||
108,043 | KOC Holding AS | 518,774 |
United Arab Emirates — 1.02% | ||
466,935 | Aldar Properties PJSC | 679,737 |
United Kingdom — 0.83% | ||
83,103 | Pepco Group NV* | 550,134 |
United States — 2.32% | ||
40,209 | Laureate Education, Inc. | 551,265 |
300,300 | Samsonite International SA*,(a) | 990,757 |
1,542,022 | ||
Vietnam — 1.20% | ||
676,500 | Ho Chi Minh City Development Joint Stock Commercial Bank | 565,639 |
133,250 | Vinhomes JSC*,(a) | 237,075 |
802,714 | ||
Total Common Stocks | 65,228,915 | |
(Cost $66,845,652) | ||
Preferred Stocks — 1.74% | ||
Brazil — 1.11% | ||
76,200 | Centrais Eletricas Brasileiras SA, Class B | 736,964 |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets Value Equity Fund (cont.)
December 31, 2023 (Unaudited)
Shares | Value | |
Colombia — 0.63% | ||
85,120 | Banco Davivienda SA | $421,280 |
Total Preferred Stocks | 1,158,244 | |
(Cost $1,248,563) | ||
Investment Company — 0.32% | ||
212,376 | RBC BlueBay U.S. Goverment Money Market Fund, Institutional Class 1 (e) | 212,376 |
Total Investment Company | 212,376 | |
(Cost $212,376) | ||
Total Investments | $66,599,535 | |
(Cost $68,306,591) — 100.01% | ||
Liabilities in excess of other assets — (0.01)% | (9,058) | |
NET ASSETS — 100.00% | $66,590,477 |
* | Non-income producing security. |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(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) | Restricted security subject to legal or contractual restrictions on resale. |
(e) | Affiliated investment. |
Abbreviations used are defined below: |
ADR - American Depositary Receipt |
GDR - Global Depositary Receipt |
REIT - Real Estate Investment Trust |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Emerging Markets Value Equity Fund (cont.)
December 31, 2023 (Unaudited)
Portfolio Diversification (Unaudited)
Industries | Percentage of Net Assets | |
Financials | 26.86% | |
Information Technology | 26.39% | |
Consumer Discretionary | 18.40% | |
Industrials | 9.16% | |
Materials | 5.87% | |
Real Estate | 3.74% | |
Communication Services | 2.95% | |
Consumer Staples | 2.79% | |
Health Care | 2.42% | |
Utilities | 1.11% | |
Other* | 0.31% | |
100.00% |
* | Includes cash, Investment Company, interest and dividend receivable, pending trades and Fund share transactions, and accrued expenses payable. |
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