SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund
December 31, 2023 (Unaudited)
Principal Amount | Value | |
Foreign Government Bonds — 73.61% | ||
Angola — 1.49% | ||
$265,000 | Angolan Government International Bond, EMTN, 8.00%, 11/26/29(a) | $235,638 |
460,000 | Angolan Government International Bond, 8.25%, 5/9/28(a) | 425,497 |
560,000 | Angolan Government International Bond, 8.75%, 4/14/32(a) | 493,912 |
1,155,047 | ||
Argentina — 1.60% | ||
1,663,816 | Argentine Republic Government International Bond, 3.50%, 7/9/41 | 570,273 |
1,932,095 | Argentine Republic Government International Bond, 3.63%, 7/9/35 | 670,321 |
1,240,594 | ||
Bahrain — 0.43% | ||
400,000 | Bahrain Government International Bond, 6.00%, 9/19/44(a) | 330,222 |
Brazil — 0.79% | ||
585,000 | Brazilian Government International Bond, 6.25%, 3/18/31 | 607,718 |
Chile — 1.96% | ||
583,000 | Chile Government International Bond, 3.10%, 5/7/41 | 443,443 |
490,000 | Chile Government International Bond, 4.00%, 1/31/52 | 403,664 |
675,000 | Chile Government International Bond, 5.33%, 1/5/54 | 672,590 |
1,519,697 | ||
Colombia — 6.36% | ||
735,000 | Colombia Government International Bond, 3.25%, 4/22/32 | 586,604 |
1,020,000 | Colombia Government International Bond, 3.88%, 2/15/61 | 638,706 |
465,000 | Colombia Government International Bond, 4.13%, 5/15/51 | 310,520 |
840,000 | Colombia Government International Bond, 5.00%, 6/15/45 | 653,116 |
445,000 | Colombia Government International Bond, 7.50%, 2/2/34 | 470,734 |
780,000 | Colombia Government International Bond, 8.00%, 4/20/33 | 851,348 |
720,000 | Colombia Government International Bond, 8.00%, 11/14/35 | 788,463 |
540,000 | Colombia Government International Bond, 8.75%, 11/14/53 | 622,918 |
4,922,409 | ||
Costa Rica — 1.17% | ||
200,000 | Costa Rica Government International Bond, 6.55%, 4/3/34(b) | 207,742 |
200,000 | Costa Rica Government International Bond, 6.55%, 4/3/34(a) | 207,742 |
450,000 | Costa Rica Government International Bond, 7.30%, 11/13/54(b) | 489,243 |
904,727 | ||
Dominican Republic — 3.83% | ||
791,000 | Dominican Republic International Bond, 5.50%, 1/27/25(a) | 787,837 |
817,000 | Dominican Republic International Bond, 5.95%, 1/25/27(a) | 821,798 |
150,000 | Dominican Republic International Bond, 6.00%, 7/19/28(a) | 150,403 |
1
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
$435,000 | Dominican Republic International Bond, 7.05%, 2/3/31(a) | $458,600 |
8,350,000(c) | Dominican Republic International Bond, 11.25%, 9/15/35(b) | 154,158 |
32,000,000(c) | Dominican Republic International Bond, 11.25%, 9/15/35(a) | 590,783 |
2,963,579 | ||
Ecuador — 0.59% | ||
1,283,779 | Ecuador Government International Bond, 3.50%, 7/31/35(a) | 455,228 |
Egypt — 2.80% | ||
200,000 | Egypt Government International Bond, 5.25%, 10/6/25(a) | 182,090 |
420,000 | Egypt Government International Bond, 6.59%, 2/21/28(a) | 323,335 |
365,000 | Egypt Government International Bond, EMTN, 7.05%, 1/15/32(a) | 251,179 |
800,000 | Egypt Government International Bond, EMTN, 7.50%, 2/16/61(a) | 469,787 |
1,300,000 | Egypt Government International Bond, 7.90%, 2/21/48(a) | 786,806 |
250,000 | Egypt Government International Bond, 8.70%, 3/1/49(a) | 157,365 |
2,170,562 | ||
El Salvador — 1.03% | ||
466,000 | El Salvador Government International Bond, 6.38%, 1/18/27(a) | 412,276 |
240,000 | El Salvador Government International Bond, 7.63%, 2/1/41(a) | 180,657 |
263,000 | El Salvador Government International Bond, 7.65%, 6/15/35(a) | 205,537 |
798,470 | ||
Guatemala — 1.05% | ||
390,000 | Guatemala Government Bond, 3.70%, 10/7/33(a) | 325,490 |
475,000 | Guatemala Government Bond, 6.60%, 6/13/36(a) | 488,277 |
813,767 | ||
Hungary — 0.75% | ||
860,000 | Hungary Government International Bond, 3.13%, 9/21/51(a) | 582,622 |
Indonesia — 2.24% | ||
955,000 | Indonesia Government International Bond, 3.35%, 3/12/71 | 703,961 |
430,000 | Indonesia Government International Bond, 4.15%, 9/20/27 | 423,880 |
6,000,000,000(d) | Indonesia Treasury Bond, Series FR98, 7.13%, 6/15/38 | 407,498 |
200,000 | Perusahaan Penerbit SBSN Indonesia III, 4.40%, 6/6/27(a) | 199,350 |
1,734,689 | ||
Iraq — 0.57% | ||
472,500 | Iraq International Bond, 5.80%, 1/15/28(a) | 442,732 |
Jordan — 1.01% | ||
400,000 | Jordan Government International Bond, 4.95%, 7/7/25(a) | 392,417 |
440,000 | Jordan Government International Bond, 7.38%, 10/10/47(a) | 391,678 |
784,095 |
2
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
Kenya — 0.25% | ||
$200,000 | Republic of Kenya Government International Bond, 6.88%, 6/24/24(a) | $194,425 |
Lebanon — 0.29% | ||
36,000 | Lebanon Government International Bond, GMTN, 5.80%, 4/14/20(a),(e) | 2,356 |
166,000 | Lebanon Government International Bond, 6.00%, 1/27/23(a),(e) | 10,143 |
85,000 | Lebanon Government International Bond, EMTN, 6.10%, 10/4/22(a),(e) | 5,353 |
261,000 | Lebanon Government International Bond, EMTN, 6.15%, 6/19/20(e) | 15,418 |
1,680,000 | Lebanon Government International Bond, GMTN, 6.38%, 3/9/20(e) | 111,160 |
1,351,000 | Lebanon Government International Bond, EMTN, 8.25%, 4/12/21(a),(e) | 79,889 |
5,000 | Lebanon Government International Bond, 8.25%, 5/17/34(e) | 304 |
224,623 | ||
Macedonia — 0.49% | ||
330,000(f) | North Macedonia Government International Bond, 6.96%, 3/13/27(a) | 381,393 |
Mexico — 2.50% | ||
1,865,000 | Mexico Government International Bond, 3.77%, 5/24/61 | 1,269,636 |
400,000 | Mexico Government International Bond, 5.40%, 2/9/28 | 410,569 |
250,000 | Mexico Government International Bond, 6.34%, 5/4/53 | 255,457 |
1,935,662 | ||
Morocco — 0.53% | ||
400,000 | Morocco Government International Bond, 5.95%, 3/8/28(a) | 410,996 |
Nigeria — 1.82% | ||
650,000 | Nigeria Government International Bond, EMTN, 6.13%, 9/28/28(a) | 577,478 |
200,000 | Nigeria Government International Bond, EMTN, 7.38%, 9/28/33(a) | 171,163 |
440,000 | Nigeria Government International Bond, EMTN, 7.63%, 11/28/47(a) | 351,329 |
344,000 | Nigeria Government International Bond, 7.88%, 2/16/32(a) | 309,613 |
1,409,583 | ||
Oman — 6.34% | ||
200,000 | Oman Government International Bond, 4.75%, 6/15/26(a) | 197,771 |
854,000 | Oman Government International Bond, EMTN, 4.88%, 2/1/25(a) | 848,297 |
1,055,000 | Oman Government International Bond, 6.75%, 10/28/27(a) | 1,115,221 |
3
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
$2,000,000 | Oman Government International Bond, 6.75%, 1/17/48(a) | $2,096,157 |
600,000 | Oman Government International Bond, 7.00%, 1/25/51(a) | 649,101 |
4,906,547 | ||
Pakistan — 1.32% | ||
400,000 | Pakistan Government International Bond, EMTN, 6.00%, 4/8/26(a) | 281,520 |
925,000 | Pakistan Government International Bond, EMTN, 7.38%, 4/8/31(a) | 565,453 |
200,000 | Pakistan Government International Bond, 8.25%, 9/30/25(a) | 170,874 |
1,017,847 | ||
Panama — 2.25% | ||
1,075,000 | Panama Government International Bond, 3.87%, 7/23/60 | 646,131 |
1,620,000 | Panama Government International Bond, 4.50%, 4/1/56 | 1,092,576 |
1,738,707 | ||
Paraguay — 1.34% | ||
645,000 | Paraguay Government International Bond, 5.40%, 3/30/50(a) | 574,456 |
225,000 | Paraguay Government International Bond, 5.85%, 8/21/33(a) | 229,496 |
230,000 | Paraguay Government International Bond, 5.85%, 8/21/33(b) | 234,595 |
1,038,547 | ||
Philippines — 2.65% | ||
835,000 | Philippine Government International Bond, 2.95%, 5/5/45 | 631,421 |
200,000 | Philippine Government International Bond, 5.00%, 7/17/33 | 206,291 |
407,000 | Philippine Government International Bond, 5.17%, 10/13/27 | 415,476 |
520,000 | Philippine Government International Bond, 5.61%, 4/13/33 | 557,265 |
240,000 | ROP Sukuk Trust, 5.05%, 6/6/29(b) | 244,128 |
2,054,581 | ||
Poland — 1.54% | ||
200,000 | Bank Gospodarstwa Krajowego, 5.38%, 5/22/33(b) | 201,785 |
200,000 | Bank Gospodarstwa Krajowego, EMTN, 5.38%, 5/22/33(a) | 201,785 |
390,000 | Republic of Poland Government International Bond, 5.50%, 4/4/53 | 406,699 |
350,000 | Republic of Poland Government International Bond, 5.75%, 11/16/32 | 378,051 |
1,188,320 | ||
Qatar — 1.27% | ||
484,000 | Qatar Government International Bond, 4.40%, 4/16/50(a) | 446,562 |
340,000 | Qatar Government International Bond, 4.82%, 3/14/49(a) | 331,062 |
200,000 | Qatar Government International Bond, 5.10%, 4/23/48(a) | 202,140 |
979,764 | ||
Romania — 3.61% | ||
190,000(f) | Romanian Government International Bond, EMTN, 2.00%, 4/14/33(a) | 156,476 |
545,000(f) | Romanian Government International Bond, 2.63%, 12/2/40(a) | 403,096 |
4
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
1,415,000(f) | Romanian Government International Bond, EMTN, 2.75%, 4/14/41(a) | $1,045,619 |
$230,000 | Romanian Government International Bond, 3.00%, 2/27/27(a) | 213,756 |
477,000(f) | Romanian Government International Bond, EMTN, 3.38%, 2/8/38(a) | 410,953 |
497,000(f) | Romanian Government International Bond, EMTN, 3.38%, 1/28/50(a) | 373,442 |
190,000 | Romanian Government International Bond, 5.25%, 11/25/27(a) | 189,145 |
2,792,487 | ||
Serbia — 1.34% | ||
555,000(f) | Serbia International Bond, EMTN, 2.05%, 9/23/36(a) | 424,029 |
200,000 | Serbia International Bond, 6.25%, 5/26/28(b) | 205,084 |
200,000 | Serbia International Bond, 6.25%, 5/26/28(a) | 205,084 |
200,000 | Serbia International Bond, 6.50%, 9/26/33(a) | 205,692 |
1,039,889 | ||
South Africa — 2.66% | ||
770,000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 723,612 |
715,000 | Republic of South Africa Government International Bond, 5.00%, 10/12/46 | 531,538 |
1,000,000 | Republic of South Africa Government International Bond, 5.38%, 7/24/44 | 800,268 |
2,055,418 | ||
Sri Lanka — 1.00% | ||
280,000 | Sri Lanka Government International Bond, 5.75%, 4/18/24 | 143,323 |
250,000 | Sri Lanka Government International Bond, 6.20%, 5/11/27(a) | 126,938 |
390,000 | Sri Lanka Government International Bond, 6.83%, 7/18/26(a) | 202,118 |
200,000 | Sri Lanka Government International Bond, 6.85%, 3/14/24(a) | 102,077 |
200,000 | Sri Lanka Government International Bond, 7.55%, 3/28/30(a) | 101,165 |
200,000 | Sri Lanka Government International Bond, 7.85%, 3/14/29(a) | 101,312 |
776,933 | ||
Tunisia — 1.24% | ||
594,000(f) | Tunisian Republic, 5.63%, 2/17/24(a) | 632,218 |
400,000 | Tunisian Republic, 5.75%, 1/30/25(a) | 328,676 |
960,894 | ||
Turkey — 4.86% | ||
450,000 | Hazine Mustesarligi Varlik Kiralama AS, 8.51%, 1/14/29(b) | 478,452 |
280,000 | Istanbul Metropolitan Municipality, 10.50%, 12/6/28(b) | 297,973 |
2,085,000 | Turkey Government International Bond, 4.88%, 4/16/43 | 1,526,907 |
1,329,000 | Turkey Government International Bond, 5.75%, 5/11/47 | 1,045,452 |
400,000 | Turkiye Ihracat Kredi Bankasi AS, 9.00%, 1/28/27(b) | 417,438 |
3,766,222 |
5
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
Ukraine — 1.72% | ||
$2,343,000 | Ukraine Government International Bond, 7.38%, 9/25/34(a) | $556,267 |
505,000 | Ukraine Government International Bond, 7.75%, 9/1/28(a) | 142,410 |
1,395,000 | Ukraine Government International Bond, 7.75%, 8/1/41(a) | 629,972 |
1,328,649 | ||
United Arab Emirates — 2.22% | ||
597,000 | Abu Dhabi Government International Bond, EMTN, 2.70%, 9/2/70(a) | 380,209 |
720,000 | Abu Dhabi Government International Bond, 3.13%, 9/30/49(a) | 529,967 |
1,200,000 | Finance Department Government of Sharjah, GMTN, 4.00%, 7/28/50(a) | 804,991 |
1,715,167 | ||
Uruguay — 1.52% | ||
817,599 | Uruguay Government International Bond, 4.98%, 4/20/55 | 799,590 |
14,605,400(g) | Uruguay Government International Bond, 9.75%, 7/20/33 | 379,642 |
1,179,232 | ||
Uzbekistan — 2.15% | ||
430,000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31(a) | 361,934 |
340,000 | Republic of Uzbekistan International Bond, EMTN, 4.75%, 2/20/24(a) | 338,899 |
560,000 | Republic of Uzbekistan International Bond, 7.85%, 10/12/28(b) | 585,722 |
450,000 | Uzbekneftegaz JSC, 4.75%, 11/16/28(a) | 377,330 |
1,663,885 | ||
Venezuela — 0.54% | ||
85,000 | Venezuela Government International Bond, 7.75%, 10/13/19(a),(e) | 11,921 |
73,800 | Venezuela Government International Bond, 8.25%, 10/13/24(a),(e) | 11,587 |
1,720,000 | Venezuela Government International Bond, 11.75%, 10/21/26(a),(e) | 332,494 |
125,000 | Venezuela Government International Bond, 11.95%, 8/5/31(a),(e) | 23,813 |
250,000 | Venezuela Government International Bond, 12.75%, 8/23/22(a),(e) | 41,456 |
421,271 | ||
Zambia — 0.49% | ||
460,000 | Zambia Government International Bond, 5.38%, 9/20/24 | 258,218 |
200,000 | Zambia Government International Bond, 8.97%, 7/30/27(a) | 124,658 |
382,876 | ||
Total Foreign Government Bonds | 56,990,076 | |
(Cost $54,422,621) | ||
Corporate Bonds — 19.49% | ||
Brazil — 0.64% | ||
532,198 | MV24 Capital BV, 6.75%, 6/1/34(a) | 498,666 |
6
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
Chile — 1.92% | ||
$200,000 | Corp. Nacional del Cobre de Chile, 5.13%, 2/2/33(a) | $194,504 |
600,000 | Corp. Nacional del Cobre de Chile, 5.95%, 1/8/34(b) | 609,926 |
200,000 | Corp. Nacional del Cobre de Chile, 6.30%, 9/8/53(a) | 203,463 |
700,000 | Empresa de los Ferrocarriles del Estado, 3.83%, 9/14/61(a) | 481,250 |
1,489,143 | ||
Colombia — 1.65% | ||
95,000 | Ecopetrol SA, 5.88%, 5/28/45 | 74,955 |
550,000 | Ecopetrol SA, 5.88%, 11/2/51 | 418,126 |
380,000 | Ecopetrol SA, 8.63%, 1/19/29 | 406,452 |
350,000 | Ecopetrol SA, 8.88%, 1/13/33 | 380,584 |
1,280,117 | ||
Mexico — 5.20% | ||
12,580,000(h) | America Movil SAB de CV, 9.50%, 1/27/31 | 725,723 |
530,000 | Comision Federal de Electricidad, 4.69%, 5/15/29(a) | 500,227 |
570,000 | Mexico City Airport Trust, 5.50%, 7/31/47(a) | 493,153 |
2,577,000 | Petroleos Mexicanos, 5.63%, 1/23/46 | 1,560,374 |
1,174,000 | Petroleos Mexicanos, 6.35%, 2/12/48 | 744,656 |
4,024,133 | ||
Oman — 2.02% | ||
500,000 | EDO Sukuk Ltd., 5.88%, 9/21/33(b) | 515,028 |
655,000 | OQ SAOC, GMTN, 5.13%, 5/6/28(a) | 649,059 |
400,000 | Oryx Funding Ltd., 5.80%, 2/3/31(a) | 402,060 |
1,566,147 | ||
Paraguay — 0.88% | ||
450,667 | Rutas 2 & 7 Finance Ltd., 1.75%, 9/30/36(a),(i) | 291,198 |
400,000 | Telefonica Celular del Paraguay SA, 5.88%, 4/15/27(a) | 387,759 |
678,957 | ||
Peru — 0.94% | ||
815,000 | InRetail Consumer, 3.25%, 3/22/28(a) | 729,153 |
Qatar — 0.79% | ||
400,000 | Qatar Energy, 3.13%, 7/12/41(a) | 306,281 |
420,000 | Qatar Energy, 3.30%, 7/12/51(a) | 307,747 |
614,028 | ||
Saudi Arabia — 1.14% | ||
440,000 | Greensaif Pipelines Bidco Sarl, 6.13%, 2/23/38(a) | 461,818 |
400,000 | Greensaif Pipelines Bidco Sarl, 6.51%, 2/23/42(a) | 423,037 |
884,855 | ||
South Africa — 0.26% | ||
200,000 | Eskom Holdings SOC Ltd., 7.13%, 2/11/25(a) | 200,111 |
7
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Principal Amount | Value | |
United Arab Emirates — 3.75% | ||
$400,000 | DP World Crescent Ltd., 5.50%, 9/13/33(a) | $408,922 |
730,000 | DP World Salaam, 6.00%, (a),(j),(k) | 729,031 |
431,516 | Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(a) | 375,527 |
943,384 | Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(a) | 782,106 |
200,000 | MDGH GMTN RSC Ltd., 4.38%, 11/22/33(b) | 195,123 |
200,000 | MDGH GMTN RSC Ltd., EMTN, 5.08%, 5/22/53(a) | 197,156 |
200,000 | MDGH GMTN RSC Ltd., 5.50%, 4/28/33(a) | 211,801 |
2,899,666 | ||
Venezuela — 0.30% | ||
173,584 | Petroleos de Venezuela SA, 6.00%, 11/15/26(a),(e) | 19,725 |
260,000 | Petroleos de Venezuela SA, 8.50%, 10/27/20(a),(e) | 208,406 |
228,131 | ||
Total Corporate Bonds | 15,093,107 | |
(Cost $14,930,503) | ||
Municipal Bond — 0.28% | ||
Turkey — 0.28% | ||
200,000 | Istanbul Metropolitan Municipality(a) | 213,704 |
Total Municipal Bond | 213,704 | |
(Cost $195,630) |
Shares | ||
Investment Company — 4.07% | ||
3,151,190 | RBC BlueBay U.S. Goverment Money Market Fund, Institutional Class 1 (l) | 3,151,190 |
Total Investment Company | 3,151,190 | |
(Cost $3,151,190) | ||
Total Investments | $75,448,077 | |
(Cost $72,699,944) — 97.45% | ||
Other assets in excess of liabilities — 2.55% | 1,975,908 | |
NET ASSETS — 100.00% | $77,423,985 |
8
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | 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. |
(c) | Principal amount denoted in Dominican peso. |
(d) | Principal amount denoted in Indonesian rupiah. |
(e) | Issuer filed for bankruptcy and/or is in default of interest payments. |
(f) | Principal amount denoted in Euros. |
(g) | Principal amount denoted in Uruguayan peso. |
(h) | Principal amount denoted in Mexican peso. |
(i) | Zero Coupon Bond. The rate represents the yield at time of purchase. |
(j) | 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. |
(k) | Perpetual security with no stated maturity date. |
(l) | Affiliated investment. |
9
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Foreign currency exchange contracts as of December 31, 2023:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||||||
CLP | 525,593,798 | USD | 563,136 | Citibank N.A. | 1/18/24 | $32,616 | ||||
COP | 438,355,896 | USD | 97,935 | Citibank N.A. | 1/18/24 | 14,692 | ||||
COP | 222,563,999 | USD | 51,135 | Citibank N.A. | 1/18/24 | 6,048 | ||||
COP | 284,541,958 | USD | 65,775 | Citibank N.A. | 1/18/24 | 7,332 | ||||
COP | 1,853,435,850 | USD | 420,810 | Citibank N.A. | 1/18/24 | 55,392 | ||||
COP | 324,518,108 | USD | 74,345 | Citibank N.A. | 1/18/24 | 9,033 | ||||
KRW | 508,911,000 | USD | 390,000 | Citibank N.A. | 1/18/24 | 4,228 | ||||
MYR | 3,374,644 | USD | 730,000 | Barclays Bank Plc | 1/18/24 | 6,422 | ||||
PEN | 2,869,000 | USD | 760,000 | Citibank N.A. | 1/18/24 | 15,079 | ||||
PLN | 1,711,428 | EUR | 370,000 | Citibank N.A. | 1/18/24 | 26,033 | ||||
PLN | 662,161 | EUR | 148,099 | Citibank N.A. | 1/18/24 | 4,610 | ||||
PLN | 1,315,701 | EUR | 300,000 | Citibank N.A. | 1/18/24 | 2,829 | ||||
PLN | 1,000,132 | EUR | 221,901 | Citibank N.A. | 1/18/24 | 8,939 | ||||
THB | 2,488,276 | USD | 68,149 | Citibank N.A. | 1/18/24 | 4,887 | ||||
THB | 2,488,276 | USD | 67,571 | Citibank N.A. | 1/18/24 | 5,466 | ||||
$203,606 | ||||||||||
CZK | 196,533 | EUR | 7,963 | Citibank N.A. | 1/18/24 | $(16) | ||||
EUR | 112,057 | PLN | 492,151 | Citibank N.A. | 1/18/24 | (1,236) | ||||
EUR | 789,790 | PLN | 3,521,136 | Citibank N.A. | 1/18/24 | (22,026) | ||||
EUR | 40,712 | PLN | 185,131 | Citibank N.A. | 1/18/24 | (2,056) | ||||
EUR | 97,440 | PLN | 428,065 | Citibank N.A. | 1/18/24 | (1,103) | ||||
KRW | 438,169,319 | USD | 340,000 | Citibank N.A. | 1/18/24 | (572) | ||||
USD | 261,588 | CLP | 244,748,553 | Citibank N.A. | 1/18/24 | (15,830) | ||||
USD | 56,516 | CLP | 52,701,189 | Citibank N.A. | 1/18/24 | (3,220) | ||||
USD | 171,100 | CLP | 161,774,889 | Citibank N.A. | 1/18/24 | (12,269) | ||||
USD | 80,796 | CLP | 77,321,676 | Citibank N.A. | 1/18/24 | (6,847) | ||||
USD | 743,030 | COP | 3,230,225,045 | Citibank N.A. | 1/18/24 | (86,909) | ||||
USD | 1,160,000 | COP | 4,661,344,000 | Citibank N.A. | 1/18/24 | (37,634) | ||||
USD | 1,526,762 | EUR | 1,400,000 | Citibank N.A. | 1/18/24 | (20,056) | ||||
USD | 438,515 | EUR | 400,000 | Citibank N.A. | 1/18/24 | (3,433) | ||||
USD | 1,919,758 | EUR | 1,801,233 | Citibank N.A. | 1/18/24 | (70,370) | ||||
USD | 206,350 | IDR | 3,182,859,000 | Citibank N.A. | 1/18/24 | (396) | ||||
USD | 214,445 | IDR | 3,374,122,044 | Citibank N.A. | 1/18/24 | (4,724) | ||||
USD | 423,031 | MXN | 7,749,000 | Citibank N.A. | 1/18/24 | (31,708) | ||||
USD | 139,620 | MXN | 2,583,000 | Citibank N.A. | 1/18/24 | (11,960) | ||||
USD | 136,336 | MXN | 2,360,000 | Citibank N.A. | 1/18/24 | (2,157) |
10
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||||||
USD | 34,650 | THB | 1,242,972 | Citibank N.A. | 1/18/24 | $(1,834) | ||||
USD | 105,350 | THB | 3,802,679 | Citibank N.A. | 1/18/24 | (6,268) | ||||
$(342,624) | ||||||||||
Total | $(139,018) |
Financial futures contracts as of December 31, 2023:
Long Position | Number of Contracts | Expiration Date | Value/Unrealized Appreciation | Notional Value | Clearinghouse | ||||||
2 Year U.S. Treasury Note | 14 | March 2024 | $27,648 | USD | $2,882,797 | Morgan Stanley & Co. LLC | |||||
5 Year U.S. Treasury Note | 17 | March 2024 | 39,549 | USD | 1,849,148 | Morgan Stanley & Co. LLC | |||||
Total | $67,197 |
Short Position | Number of Contracts | Expiration Date | Value/Unrealized Depreciation | Notional Value | Clearinghouse | ||||||
10 Year U.S. Ultra Treasury Bond | 8 | March 2024 | $(39,702) | USD | $944,125 | Morgan Stanley & Co. LLC | |||||
30 Year U.S. Ultra Treasury Bond | 7 | March 2024 | (79,639) | USD | 935,156 | Morgan Stanley & Co. LLC | |||||
Total | $(119,341) |
Credit default swaps buy protection as of December 31, 2023:
Fixed Rate | Issuer | Payment Frequency | Counterparty | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Unrealized Depreciation | Value | |||||||||
1.00% | Turkey Government International Bond | Quarterly | Barclays Bank plc | 6/20/24 | USD | 597 | $9,118 | $(11,407) | $(2,289) | ||||||||
1.00% | Markit CDX EM Index Series 38 | Quarterly | Morgan Stanley & Co. LLC | 12/20/27 | EUR | 1,600 | 18,097 | (49,503) | (31,406) |
11
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Fixed Rate | Issuer | Payment Frequency | Counterparty | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Unrealized Depreciation | Value | |||||||||
1.00% | Republic of South Africa Government International Bond | Quarterly | Citibank N.A. | 6/20/24 | USD | 370 | 1,173 | (2,511) | (1,338) | ||||||||
1.00% | Republic of South Africa Government International Bond | Quarterly | Barclays Bank plc | 6/20/24 | USD | 360 | 1,142 | (2,443) | (1,302) | ||||||||
1.00% | Markit CDX EM Index Series 39 | Quarterly | Morgan Stanley & Co. LLC | 6/20/28 | EUR | 1,550 | (15,701) | (19,615) | (35,316) | ||||||||
1.00% | Markit CDX EM Index Series 39 | Quarterly | Morgan Stanley & Co. LLC | 6/20/28 | EUR | 1,550 | (17,507) | (17,809) | (35,316) | ||||||||
1.00% | Turkey Government International Bond | Quarterly | Barclays Bank plc | 6/20/25 | USD | 800 | 17,286 | (15,414) | 1,872 | ||||||||
1.00% | Petroleos Mexicanos | Quarterly | Morgan Stanley & Co. International plc | 12/20/26 | USD | 76 | 8,906 | (2,396) | 6,510 | ||||||||
1.00% | Petroleos Mexicanos | Quarterly | Barclays Bank plc | 12/20/26 | USD | 124 | 14,476 | (3,854) | 10,622 | ||||||||
1.00% | Egypt Government International Bond | Quarterly | Citigroup Global Markets Limited | 12/20/25 | USD | 200 | 49,680 | (17,804) | 31,877 | ||||||||
1.00% | Saudi Government International Bond | Quarterly | Barclays Bank plc | 12/20/28 | USD | 197 | (3,308) | (1,033) | (4,341) | ||||||||
1.00% | Saudi Government International Bond | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 570 | (9,194) | (3,367) | (12,561) | ||||||||
1.00% | Saudi Government International Bond | Quarterly | Barclays Bank plc | 12/20/28 | USD | 183 | (2,952) | (1,081) | (4,033) | ||||||||
1.00% | Saudi Government International Bond | Quarterly | Morgan Stanley & Co. International plc | 12/20/28 | USD | 780 | (16,089) | (1,100) | (17,189) |
12
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Fixed Rate | Issuer | Payment Frequency | Counterparty | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Unrealized Depreciation | Value | |||||||||
1.00% | Turkey Government International Bond | Quarterly | Morgan Stanley & Co. International plc | 6/20/25 | USD | 1,560 | 15,250 | (11,599) | 3,651 | ||||||||
1.00% | Petroleos Mexicanos | Quarterly | Morgan Stanley & Co. International plc | 12/20/26 | USD | 170 | 18,410 | (3,847) | 14,563 | ||||||||
Total | $88,787 | $(164,783) | $(75,996) |
Abbreviations used are defined below: |
CLP - Chilean Peso |
COP - Colombian Peso |
CZK - Czech Koruna |
EMTN - Euro Medium Term Note |
EUR - Euro |
GMTN - Global Medium Term Note |
IDR - Indonesian Rupiah |
KRW - South Korean Won |
MXN - Mexican Peso |
MYR - Malaysian Ringgit |
PEN - Peruvian Nuevo Sol |
PLN - Polish Zloty |
THB - Thai Baht |
USD - United States Dollar |
13
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Emerging Market Debt Fund (cont.)
December 31, 2023 (Unaudited)
Portfolio Diversification (Unaudited)
Industries | Percentage of Net Assets | |
Foreign Government Bonds | 73.61% | |
Energy | 9.85% | |
Industrial | 2.28% | |
Consumer, Non-cyclical | 1.47% | |
Communications | 1.44% | |
Utilities | 1.43% | |
Basic Materials | 1.30% | |
Consumer, Cyclical | 0.94% | |
Financial | 0.78% | |
Municipal Bond | 0.28% | |
Other* | 6.62% | |
100.00% | ||
* Includes cash, Investment Company, interest and dividend receivable, pending trades and Fund share transactions, credit default swaps, financial futures contracts, foreign currency exchange contracts and accrued expenses payable. |
14