SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Small Cap Value Fund
December 31, 2023 (Unaudited)
| Shares | Value | |
| Common Stocks — 96.58% | ||
| Communication Services — 2.20% | ||
| 4,130 | Nexstar Media Group, Inc. | $647,377 |
| Consumer Discretionary — 14.77% | ||
| 8,980 | Cheesecake Factory, Inc. (The) | 314,390 |
| 11,010 | Dana, Inc. | 160,856 |
| 9,410 | Genesco, Inc.* | 331,326 |
| 16,010 | G-III Apparel Group Ltd.* | 544,020 |
| 2,670 | Group 1 Automotive, Inc. | 813,656 |
| 2,450 | Malibu Boats, Inc., Class A* | 134,309 |
| 3,410 | Oxford Industries, Inc. | 341,000 |
| 5,820 | Patrick Industries, Inc. | 584,037 |
| 7,655 | Steven Madden Ltd. | 321,510 |
| 14,850 | Taylor Morrison Home Corp.* | 792,247 |
| 4,337,351 | ||
| Consumer Staples — 2.73% | ||
| 3,730 | John B Sanfilippo & Son, Inc. | 384,339 |
| 4,250 | MGP Ingredients, Inc. | 418,710 |
| 803,049 | ||
| Energy — 8.74% | ||
| 18,800 | Delek US Holdings, Inc. | 485,040 |
| 30,010 | Magnolia Oil & Gas Corp., Class A | 638,913 |
| 14,400 | Matador Resources Co. | 818,784 |
| 17,140 | Par Pacific Holdings, Inc.* | 623,382 |
| 2,566,119 | ||
| Financials — 24.22% | ||
| 2,420 | American Financial Group, Inc. | 287,714 |
| 3,160 | AMERISAFE, Inc. | 147,825 |
| 13,360 | Brookline Bancorp, Inc. | 145,758 |
| 15,020 | Columbia Banking System, Inc. | 400,734 |
| 39,422 | Compass Diversified Holdings | 885,024 |
| 9,100 | Independent Bank Group, Inc. | 463,008 |
| 17,187 | Mercantile Bank Corp. | 694,011 |
| 7,655 | Pacific Premier Bancorp, Inc. | 222,837 |
| 7,580 | Pinnacle Financial Partners, Inc. | 661,127 |
| 4,940 | Preferred Bank/Los Angeles, CA | 360,867 |
| 4,200 | Reinsurance Group of America, Inc. | 679,476 |
| 14,080 | Seacoast Banking Corp. of Florida | 400,717 |
| 3,290 | Stewart Information Services Corp. | 193,287 |
| 5,680 | Stock Yards Bancorp, Inc. | 292,463 |
| 7,590 | TriCo Bancshares | 326,142 |
| 7,790 | United Community Banks, Inc. | 227,935 |
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Small Cap Value Fund (cont.)
December 31, 2023 (Unaudited)
| Shares | Value | |
| 13,440 | Veritex Holdings, Inc. | $312,749 |
| 8,920 | WSFS Financial Corp. | 409,696 |
| 7,111,370 | ||
| Health Care — 4.60% | ||
| 8,060 | Globus Medical, Inc., Class A* | 429,518 |
| 5,570 | Lantheus Holdings, Inc.* | 345,340 |
| 48,520 | MiMedx Group, Inc.* | 425,520 |
| 4,000 | Omnicell, Inc.* | 150,520 |
| 1,350,898 | ||
| Industrials — 17.41% | ||
| 105,458 | ACCO Brands Corp. | 641,185 |
| 6,060 | Arcosa, Inc. | 500,798 |
| 4,725 | Atkore, Inc.* | 756,000 |
| 5,900 | Barrett Business Services, Inc. | 683,220 |
| 18,750 | Columbus McKinnon Corp. | 731,625 |
| 13,296 | Ducommun, Inc.* | 692,190 |
| 11,798 | Greenbrier Cos., Inc. (The) | 521,236 |
| 15,350 | Insteel Industries, Inc. | 587,751 |
| 5,114,005 | ||
| Information Technology — 5.91% | ||
| 6,240 | MKS Instruments, Inc. | 641,909 |
| 5,783 | Model N, Inc.* | 155,736 |
| 3,640 | Onto Innovation, Inc.* | 556,556 |
| 1,340 | Super Micro Computer, Inc.* | 380,908 |
| 1,735,109 | ||
| Materials — 5.48% | ||
| 15,179 | Koppers Holdings, Inc. | 777,468 |
| 3,200 | Materion Corp. | 416,416 |
| 1,480 | Reliance Steel & Aluminum Co. | 413,927 |
| 1,607,811 | ||
| Real Estate — 8.85% | ||
| 13,379 | Community Healthcare Trust, Inc., REIT | 356,417 |
| 5,730 | CubeSmart, REIT | 265,585 |
| 41,300 | DiamondRock Hospitality Co., REIT | 387,807 |
| 2,370 | EastGroup Properties, Inc., REIT | 434,990 |
| 3,654 | National Storage Affiliates Trust, REIT | 151,531 |
| 35,200 | RLJ Lodging Trust, REIT | 412,544 |
| 11,310 | STAG Industrial, Inc., REIT | 444,031 |
| 9,581 | UMH Properties, Inc., REIT | 146,781 |
| 2,599,686 | ||
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC Small Cap Value Fund (cont.)
December 31, 2023 (Unaudited)
| Shares | Value | |
| Utilities — 1.67% | ||
| 7,750 | Southwest Gas Holdings, Inc. | $490,963 |
| Total Common Stocks | 28,363,738 | |
| (Cost $24,966,890) | ||
| Exchange Traded Funds — 2.19% | ||
| 370 | iShares Russell 2000 Value ETF | 57,472 |
| 6,550 | SPDR S&P Biotech ETF | 584,849 |
| Total Exchange Traded Funds | 642,321 | |
| (Cost $624,316) | ||
| Investment Company — 0.96% | ||
| 282,715 | RBC BlueBay U.S. Goverment Money Market Fund, Institutional Class 1(a) | 282,715 |
| Total Investment Company | 282,715 | |
| (Cost $282,715) | ||
| Total Investments | $29,288,774 | |
| (Cost $25,873,921) — 99.73% | ||
| Other assets in excess of liabilities — 0.27% | 78,586 | |
| NET ASSETS — 100.00% | $29,367,360 | |
| * | Non-income producing security. |
| (a) | Affiliated investment. |
| Abbreviations used are defined below: |
| REIT - Real Estate Investment Trust |
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