NPORT-EX 2 RCTM330RBC123123.htm
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund 
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
Corporate Bonds — 62.95%  
Basic Materials — 1.24%  
$500,000 FMC Corp., 5.15%, 5/18/26 $499,477
100,000 International Flavors & Fragrances, Inc., 1.23%, 10/1/25(a) 92,558
100,000 Nutrien Ltd., 5.90%, 11/7/24 100,265
100,000 Nutrien Ltd., 5.95%, 11/7/25 101,822
    794,122
Communications — 0.84%  
300,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 4.50%, 2/1/24 299,562
250,000 Rogers Communications, Inc., 2.95%, 3/15/25 242,972
    542,534
Consumer, Cyclical — 5.80%  
200,000 7-Eleven, Inc., 0.80%, 2/10/24(a) 198,895
365,000 Aptiv Plc / Aptiv Corp., 2.40%, 2/18/25 352,997
175,000 Brunswick Corp., 0.85%, 8/18/24 169,326
500,000 Daimler Truck Finance North America LLC, 5.15%, 1/16/26(a) 501,506
300,000 Daimler Truck Finance North America LLC, 5.20%, 1/17/25(a) 299,868
275,000 Daimler Truck Finance North America LLC, (SOFR RATE + 1.000%), 6.36%, 4/5/24(a),(b) 275,202
500,000 Ford Motor Credit Co. LLC, 3.66%, 9/8/24 491,436
165,000 General Motors Financial Co., Inc., 4.00%, 1/15/25 162,301
265,000 General Motors Financial Co., Inc., (SOFR RATE + 1.040%), 6.45%, 2/26/27(b) 260,514
250,000 Volkswagen Group of America Finance LLC, 3.95%, 6/6/25(a) 245,113
500,000 Volkswagen Group of America Finance LLC, 6.00%, 11/16/26(a) 512,175
250,000 Warnermedia Holdings, Inc., 6.41%, 3/15/26 250,194
    3,719,527
Consumer, Non-cyclical — 8.10%  
375,000 Amgen, Inc., 5.15%, 3/2/28 383,427
182,000 Becton Dickinson & Co., 3.36%, 6/6/24 180,176
475,000 CVS Health Corp., 5.00%, 2/20/26 477,117
200,000 Elevance Health, Inc., 4.90%, 2/8/26 199,698
250,000 EMD Finance LLC, 3.25%, 3/19/25(a) 244,057
475,000 GE HealthCare Technologies, Inc., 5.55%, 11/15/24 475,287
550,000 GE HealthCare Technologies, Inc., 5.60%, 11/15/25 554,852
225,000 Global Payments, Inc., 1.50%, 11/15/24 216,801
525,000 Haleon UK Capital Plc, 3.13%, 3/24/25 512,651
525,000 HCA, Inc., 5.20%, 6/1/28 530,204
350,000 HCA, Inc., 5.38%, 2/1/25 349,856
250,000 Health Care Service Corp. A Mutual Legal Reserve Co., 1.50%, 6/1/25(a) 237,433
200,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 1/15/27 184,089
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$400,000 JDE Peet’s NV, 0.80%, 9/24/24(a) $384,794
275,000 Revvity, Inc., 0.85%, 9/15/24 265,608
    5,196,050
Energy — 5.17%  
100,000 Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/26 93,542
450,000 Columbia Pipelines Holding Co. LLC, 6.06%, 8/15/26(a) 460,540
400,000 Continental Resources, Inc., 2.27%, 11/15/26(a) 368,271
500,000 Enbridge, Inc., 2.50%, 1/15/25 485,093
250,000 Energy Transfer LP, 4.50%, 4/15/24 248,972
500,000 Enterprise Products Operating LLC, 5.05%, 1/10/26 504,858
200,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 197,902
125,000 Kinder Morgan, Inc., 1.75%, 11/15/26 115,011
250,000 Kinder Morgan, Inc., 4.30%, 6/1/25 247,071
600,000 TransCanada PipeLines Ltd., 6.20%, 3/9/26 599,897
    3,321,157
Financial — 29.21%  
300,000 AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 1/16/24 299,903
1,000,000 American Express Co., 6.34%, 10/30/26(c) 1,020,124
500,000 American Tower Corp., REIT, 5.00%, 2/15/24 499,356
250,000 Athene Global Funding, 1.61%, 6/29/26(a) 226,353
125,000 Athene Global Funding, 1.73%, 10/2/26(a) 112,674
250,000 Bank of America Corp., 5.08%, 1/20/27(c) 249,559
510,000 Barclays Plc, 5.30%, 8/9/26(c) 508,088
235,000 Capital One Financial Corp., 2.64%, 3/3/26(c) 225,201
390,000 Charles Schwab Corp. (The), (SOFR Index + 1.050%), 6.47%, 3/3/27(b) 384,955
170,000 Citigroup, Inc., 1.28%, 11/3/25(c) 163,591
115,000 Citigroup, Inc., 4.14%, 5/24/25(c) 114,318
350,000 Citigroup, Inc., (SOFR RATE + 0.770%), 6.19%, 6/9/27(b) 344,756
480,000 Comerica Bank, 2.50%, 7/23/24 469,500
275,000 Crown Castle, Inc., REIT, 1.35%, 7/15/25 259,670
475,000 Deutsche Bank AG, 4.16%, 5/13/25 468,514
200,000 DNB Bank ASA, 1.54%, 5/25/27(a),(c) 182,413
425,000 Fifth Third Bank NA, 5.85%, 10/27/25(c) 424,188
300,000 GA Global Funding Trust, 2.25%, 1/6/27(a) 272,728
220,000 Goldman Sachs Group, Inc. (The), 1.76%, 1/24/25(c) 219,142
450,000 Goldman Sachs Group, Inc. (The), 5.80%, 8/10/26(c) 454,608
150,000 Goldman Sachs Group, Inc. (The), (SOFR RATE + 0.486%), 5.86%, 10/21/24(b),(c) 149,648
200,000 HSBC Holdings Plc, 0.98%, 5/24/25(c) 196,028
382,000 Huntington Bancshares, Inc., 2.63%, 8/6/24 374,602
455,000 Huntington National Bank (The), 5.70%, 11/18/25(c) 451,445
430,000 JPMorgan Chase & Co., 3.85%, 6/14/25(c) 426,430
1,000,000 JPMorgan Chase & Co., 6.07%, 10/22/27(c) 1,028,887
425,000 KeyBank NA, 4.15%, 8/8/25 412,407
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$510,000 Lloyds Banking Group Plc, 4.72%, 8/11/26(c) $503,363
265,000 LPL Holdings, Inc., 6.75%, 11/17/28 282,205
425,000 Manufacturers & Traders Trust Co., 4.65%, 1/27/26 415,982
675,000 Mitsubishi UFJ Financial Group, Inc., 5.06%, 9/12/25(c) 672,510
650,000 Mitsubishi UFJ Financial Group, Inc., 5.72%, 2/20/26(c) 652,733
150,000 Morgan Stanley, MTN, 1.16%, 10/21/25(c) 144,428
355,000 Morgan Stanley, 3.62%, 4/17/25(c) 352,848
465,000 Morgan Stanley, 5.05%, 1/28/27(c) 465,393
425,000 Nasdaq, Inc., 5.65%, 6/28/25 429,083
350,000 Nomura Holdings, Inc., 5.10%, 7/3/25 347,818
1,000,000 PNC Financial Services Group, Inc. (The), 6.62%, 10/20/27(c) 1,037,779
250,000 Realty Income Corp., REIT, 4.60%, 2/6/24 249,603
300,000 Santander Holdings USA, Inc., 4.26%, 6/9/25(c) 296,129
250,000 Societe Generale SA, (SOFR RATE + 1.050%), 6.43%, 1/21/26(a),(b) 248,897
750,000 Truist Bank, 1.50%, 3/10/25 716,487
500,000 Truist Financial Corp., MTN, 7.16%, 10/30/29(c) 539,550
600,000 UBS Group AG, 4.49%, 5/12/26(a),(c) 591,081
110,000 VICI Properties LP, REIT, 4.38%, 5/15/25 108,163
420,000 Wells Fargo & Co., GMTN, 3.53%, 3/24/28(c) 400,828
360,000 Wells Fargo & Co., GMTN, 3.91%, 4/25/26(c) 353,022
    18,746,990
Industrial — 2.00%  
200,000 Boeing Co. (The), 1.43%, 2/4/24 199,196
150,000 Boeing Co. (The), 2.20%, 2/4/26 141,748
300,000 CNH Industrial Capital LLC, 1.45%, 7/15/26 275,432
425,000 Teledyne Technologies, Inc., 0.95%, 4/1/24 420,035
250,000 Trane Technologies Financing Ltd., 3.55%, 11/1/24 245,374
    1,281,785
Technology — 5.95%  
1,000,000 Hewlett Packard Enterprise Co., 6.10%, 4/1/26 1,001,164
260,000 Kyndryl Holdings, Inc., 2.05%, 10/15/26 236,862
375,000 Microchip Technology, Inc., 0.97%, 2/15/24 372,757
100,000 Microchip Technology, Inc., 0.98%, 9/1/24 96,834
525,000 Micron Technology, Inc., 5.38%, 4/15/28 534,480
100,000 NXP BV / NXP Funding LLC / NXP USA, Inc., 2.70%, 5/1/25 96,362
295,000 Oracle Corp., 5.80%, 11/10/25 299,831
300,000 Qorvo, Inc., 1.75%, 12/15/24 287,677
225,000 Roper Technologies, Inc., 2.35%, 9/15/24 220,036
23,000 Take-Two Interactive Software, Inc., 3.30%, 3/28/24 22,855
200,000 TSMC Arizona Corp., 1.75%, 10/25/26 184,562
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$250,000 VMware LLC, 1.00%, 8/15/24 $242,759
225,000 Western Digital Corp., 4.75%, 2/15/26 220,583
    3,816,762
Utilities — 4.64%  
275,000 Ameren Corp., 1.95%, 3/15/27 252,046
100,000 American Electric Power Co., Inc., 2.03%, 3/15/24 99,113
250,000 CenterPoint Energy, Inc., (TBA), 1.45%, 6/1/26 230,238
280,000 Emera US Finance LP, 0.83%, 6/15/24 273,825
500,000 Evergy, Inc., 2.45%, 9/15/24 488,553
335,000 Eversource Energy, 4.20%, 6/27/24 332,544
250,000 Fells Point Funding Trust, 3.05%, 1/31/27(a) 235,733
260,000 NextEra Energy Capital Holdings, Inc., 5.75%, 9/1/25 262,727
190,000 Southern Co. (The), 4.48%, 8/1/24 188,325
300,000 System Energy Resources, Inc., 6.00%, 4/15/28 306,412
310,000 Vistra Operations Co. LLC, 5.13%, 5/13/25(a) 307,509
    2,977,025
     
Total Corporate Bonds 40,395,952
(Cost $40,783,687)  
Asset Backed Securities — 20.70%  
322,585 ACM Auto Trust, Series 2023-2A, Class A, 7.97%, 6/20/30(a) 323,670
955,000 AmeriCredit Automobile Receivables Trust, Series 2019-3, Class D, 2.58%, 9/18/25 948,166
315,000 AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.21%, 12/18/26 294,457
175,000 CarMax Auto Owner Trust, Series 2020-1, Class C, 2.34%, 11/17/25 173,626
506,000 CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 5/17/27 504,032
230,000 CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94%, 12/15/26 217,316
100,000 CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, 7/15/27 92,265
96,262 Carvana Auto Receivables Trust, Series 2021-N1, Class D, 1.50%, 1/10/28 90,625
369,477 Carvana Auto Receivables Trust, Series 2021-N3, Class D, 1.58%, 6/12/28 352,313
391,268 Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28 375,056
470,000 Dell Equipment Finance Trust, Series 2021-2, Class D, 1.21%, 6/22/27(a) 464,218
500,000 Dell Equipment Finance Trust, Series 2023-2, Class D, 6.74%, 7/23/29(a) 503,815
400,000 Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45%, 1/16/29 383,671
566,000 Drive Auto Receivables Trust, Series 2021-2, Class D, 1.39%, 3/15/29 532,994
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$750,000 Exeter Automobile Receivables Trust, 6.69%, 6/15/29 $756,193
810,000 Exeter Automobile Receivables Trust, Series 2019-3A, Class E, 4.00%, 8/17/26(a) 803,608
116,892 Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 9/15/25(a) 115,711
330,000 Exeter Automobile Receivables Trust, Series 2022-1A, Class D, 3.02%, 6/15/28 314,872
300,000 Exeter Automobile Receivables Trust, Series 2022-5A, Class B, 5.97%, 3/15/27 299,686
550,000 Exeter Automobile Receivables Trust, Series 2023-2A, Class D, 6.32%, 8/15/29 549,455
365,000 Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68%, 4/16/29 367,797
1,000,000 GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 992,382
159,043 MVW LLC, Series 2021-2A, Class B, 1.83%, 5/20/39(a) 142,793
342,620 Santander Drive Auto Receivables Trust, Series 2021-1, Class D, 1.13%, 11/16/26 333,838
400,000 Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, 7/15/27 384,950
500,000 Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33%, 9/15/27 477,639
200,000 Santander Drive Auto Receivables Trust, Series 2021-4, Class D, 1.67%, 10/15/27 188,323
260,000 Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, 11/15/30 260,520
562,000 Santander Revolving Auto Loan Trust, Series 2019-A, Class D, 3.45%, 1/26/32(a) 543,873
410,389 Sunnova Helios II Issuer LLC, Series 2019-AA, Class A, 3.75%, 6/20/46(a) 374,165
500,000 Tesla Auto Lease Trust, Series 2021-A, Class D, 1.34%, 3/20/25(a) 498,610
425,000 Tesla Auto Lease Trust, Series 2021-B, Class D, 1.32%, 9/22/25(a) 410,996
216,455 VSE VOI Mortgage LLC, Series 2018-A, Class C, 4.02%, 2/20/36(a) 212,170
     
Total Asset Backed Securities 13,283,805
(Cost $13,575,502)  
Collateralized Mortgage Obligations — 8.88%  
210,000 BX Commercial Mortgage Trust, Series 2021-21M, Class D, (Term SOFR 1M + 1.540%), 6.90%, 10/15/36(a),(b) 200,487
215,031 BX Commercial Mortgage Trust, Series 2021-XL2, Class D, (Term SOFR 1M + 1.511%), 6.87%, 10/15/38(a),(b) 208,816
300,000 BX Commercial Mortgage Trust, Series 2022-CSMO, Class C, (Term SOFR 1M + 3.889%), 9.25%, 6/15/27(a),(b) 300,282
239,643 BX Trust, Series 2022-IND, Class D, (Term SOFR 1M + 2.839%), 8.20%, 4/15/37(a),(b) 235,904
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$158,691 Connecticut Avenue Securities Trust, (SOFR30A + 2.000%), 7.34%, 3/25/42(a),(b) $160,143
207,000 Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, (SOFR30A + 1.900%), 7.24%, 12/25/41(a),(b) 205,834
250,000 Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, (SOFR30A + 3.500%), 8.84%, 3/25/42(a),(b) 257,863
110,000 Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, (SOFR30A + 3.100%), 8.44%, 3/25/42(a),(b) 112,139
366,000 Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (SOFR30A + 3.550%), 8.89%, 5/25/43(a),(b) 388,863
277,000 Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (SOFR30A + 3.100%), 8.44%, 6/25/43(a),(b) 285,751
150,000 Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2, (SOFR30A + 2.700%), 8.04%, 7/25/43(a),(b) 151,845
500,000 Ellington Financial Mortgage Trust, Series 2019-2, Class M1, 3.47%, 11/25/59(a),(d) 447,369
109,103 Freddie Mac STACR REMIC Trust, (SOFR30A + 2.100%), 7.44%, 3/25/43(a),(b) 110,067
460,000 Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class M1B, (SOFR30A + 2.400%), 7.74%, 2/25/42(a),(b) 461,259
163,010 Freddie Mac STACR REMIC Trust, Series 2022-DNA3, Class M1A, (SOFR30A + 2.000%), 7.34%, 4/25/42(a),(b) 164,123
484,004 Freddie Mac STACR REMIC Trust, Series 2023-HQA1, Class M1A, (SOFR30A + 2.000%), 7.34%, 5/25/43(a),(b) 483,999
650,000 Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2023-HQA2, Class M1B, (SOFR30A + 3.350%), 8.69%, 6/25/43(a),(b) 669,738
400,000 SMRT, Series 2022-MINI, Class D, (Term SOFR 1M + 1.950%), 7.31%, 1/15/39(a),(b) 380,527
500,000 Vista Point Securitization Trust, Series 2020-1, Class M1, 4.15%, 3/25/65(a),(d) 472,917
     
Total Collateralized Mortgage Obligations 5,697,926
(Cost $5,758,778)  
U.S. Government Agency Backed Mortgages — 0.43%  
Fannie Mae — 0.43%  
265,326 Pool #CB7160, 6.50%, 9/1/53 273,903
1,444 Series 2001-70, Class OF, (SOFR30A + 1.064%), 6.40%, 10/25/31(b) 1,458
1,160 Series 2009-87, Class FX, (SOFR30A + 0.864%), 6.20%, 11/25/39(b) 1,163
    276,524
Freddie Mac — 0.00%  
1,176 Series 2448, Class FT, (SOFR30A + 1.114%), 6.45%, 3/15/32(b) 1,188
6
SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Principal
Amount 		  Value
$1,287 Series 2488, Class FQ, (SOFR30A + 1.114%), 6.45%, 3/15/32(b) $1,303
211 Series 3770, Class FP, (SOFR30A + 0.614%), 5.95%, 11/15/40(b) 212
    2,703
     
Total U.S. Government Agency Backed Mortgages 279,227
(Cost $276,287)  
     
    
Shares    
Investment Company — 5.82%  
3,737,595 RBC BlueBay U.S. Goverment Money Market Fund,
Institutional Class 1(e) 		3,737,595
     
Total Investment Company 3,737,595
(Cost $3,737,595)  
     
Total Investments $63,394,505
(Cost $64,131,849) — 98.78%  
Other assets in excess of liabilities — 1.22% 781,377
NET ASSETS — 100.00% $64,175,882
(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) Floating rate note. Rate shown is as of report date.
(c) 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.
(d) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(e) Affiliated investment.
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   44   March 2024   $95,807   USD $9,060,219   Barclays Capital Group
Total           $95,807          
    
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SCHEDULE OF PORTFOLIO INVESTMENTS
RBC BlueBay Short Duration Fixed Income Fund  (cont.)
December 31, 2023 (Unaudited)
Abbreviations used are defined below:
GMTN - Global Medium Term Note
MTN - Medium Term Note
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate
SOFR30A - Secured Overnight Financing Rate 30 Day Average
TBA - To-be-announced
USD - United States Dollar
8