# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-23-017646
**Filing Date:** 2023-1
**Character Count:** 19020
**Document Hash:** bcc41083a0efca6ded307768c9601018
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017646.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001193125-23-017646

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-111986
- **FILM NUMBER:** 23563826

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-313-1341

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAMARACK FUNDS TRUST
- **DATE OF NAME CHANGE:** 20031212

## Series and Classes Contracts Data

### U.S. Government Money Market Fund (Series ID: S000001806)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000004729 | RBC Institutional Class 1 | TUGXX           |
| C000071257 | RBC Institutional Class 2 | TIMXX           |
| C000071260 | RBC Investor Class        | TUIXX           |

![LOGO](g433658g70a12.jpg)

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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**Investment Objective** 

The Fund is a money market fund that seeks to achieve as high a level of current income obtainable from investments in short-term securities as is consistent with prudent investment management, the preservation of capital and the maintenance of liquidity.

**Fees and Expenses of the Fund** 

This table describes fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

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| | | | |
|:---|:---|:---|:---|
|  | **RBC**<br> **Institutional**<br> **Class 1** | **RBC**<br> **Institutional**<br> **Class 2** | **RBC**<br> **Investor**<br> **Class** |
| &nbsp;&nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |  |  |  |
| &nbsp;&nbsp;&nbsp; Management Fee | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fee |  | 0.15% | 1.00% |
| &nbsp;&nbsp;&nbsp; Other Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fee | 0.05% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.02% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp; Total Other Expenses | 0.07% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 0.17% | 0.27% | 1.12% |
| &nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement | 0.00% | 0.00% | (0.12)%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp; **Total Annual Fund Operating<br>Expenses after Fee Waiver and/or Expense Reimbursement** | **0.17%** | **0.27%** | **1.00%** |

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| | |
|:---|:---|
| 1 | RBC Capital Markets, LLC ("RBC Capital Markets") has contractually agreed to waive distribution and service fees and/or reimburse the Fund in order to limit the Fund's total expenses of each class (excluding brokerage and other investment-related costs, interest, taxes, extraordinary expenses such as litigation and indemnification, other expenses not incurred in the ordinary course of the Fund's business and fees and acquired fund fees and expense) to 1.00% of the Fund's average daily net assets for Investor Class shares. This expense limitation agreement is in place until January 31, 2024 and may not be terminated by RBC Capital Markets prior to that date. The expense limitation agreement may be revised or terminated by the Fund's board of trustees if the board consents to a revision or termination as being in the best interests of the Fund. RBC Capital Markets is entitled to recoup from the Fund or class the distribution or servicing fees previously waived or reduced and other payments previously remitted by RBC Capital Markets to the Fund or class for a period of 12 months from the date of such waiver, reimbursement or payment, provided that such recoupment does not cause the Fund's expense ratio (after the repayment is taken into account) to exceed the lesser of: (i) the Fund's expense limitation at the time of the waiver or reimbursement and (ii) the Fund's expense limitation at the time of recoupment. |

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***Example:*** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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and that the Fund's operating expenses remain the same. The costs for the Fund reflect the net expenses of the Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  RBC Institutional Class 1 | $17 | $55 | $96 | $217 |
|  RBC Institutional Class 2 | $28 | $87 | $152 | $343 |
|  RBC Investor Class | $102 | $344 | $605 | $1352 |

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**Principal Investment Strategies** 

The Fund invests at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. For purposes of this policy, "Government securities" means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be U.S. Government securities for purposes of its investment policy. The Fund intends to be a "Government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the 1940 Act. Shareholders will be given at least 60 days' advance notice of any change to the 99.5% policy.

The Fund Board does not currently intend to impose liquidity fees or redemption gates on Fund redemptions. Please note, however, that the Board reserves the ability to subject the Fund to a liquidity fee and/or redemption gate in the future, after providing prior notice to shareholders.

The Fund invests only in eligible securities as defined by Rule 2a-7 of the 1940 Act that present minimal credit risks. Each investment by the Fund must mature (or be deemed by Rule 2a-7 to mature) within 397 days of the date of investment. The Fund maintains a dollar-weighted average portfolio maturity of 60 days or less and a dollar-weighted average life (portfolio maturity measured without reference to provisions that otherwise permit the maturity of certain adjustable rate securities to be deemed to be "shortened" to their next interest rate reset date) of 120 days or less. Immediately after any investment by the Fund in a security (other than a U.S. Government security), the Fund may not have more than 5% of its assets invested in securities of the issuer, except for certain temporary investments.

**Principal Risks** 

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. **An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.** The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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By itself, the Fund is not a balanced investment program. There is no guarantee that the Fund will meet its goal. The principal risks of investing in the Fund include:

***U.S. Government Obligations Risk.*** Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises (such as Fannie Mae and Freddie Mac) have historically involved little risk of loss of principal if held to maturity. However, the maximum potential liability of the issuers of some of these securities may greatly exceed their current resources and no assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law.

***Variable Rate Demand Note Risk.*** The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of the instruments, and the Fund could suffer a loss if the issuer defaults during periods in which the Fund is not entitled to exercise its demand rights.

***Interest Rate Risk.*** The Fund's yield will fluctuate as the general level of interest rates change. During periods when interest rates are low, the Fund's yield may also be low. When interest rates increase, securities held by the Fund will generally decline in value. Interest rate changes are influenced by a number of factors including government policy, inflation expectations, and supply and demand. The Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

***LIBOR Discontinuance or Unavailability Risk.*** The London Interbank Offered Rate ("LIBOR") is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that LIBOR will either cease to be provided by any administrator, or no longer be representative (i) immediately after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR settings and (ii) immediately after June 30, 2023 for the remaining U.S. Dollar LIBOR settings. As of January 1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the one-, three- and six- month Sterling LIBOR settings has continued on the basis of a changed methodology (known as "synthetic LIBOR"), this rate has been designated by the FCA as unrepresentative of the underlying market it seeks to measure and is solely available for use in legacy transactions and will cease immediately after the final publication on March 31, 2023. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. As a result, it is possible that LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund's portfolio.

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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***Net Asset Value Risk.*** There is no assurance that the Fund will meet its investment objective of maintaining a net asset value ("NAV") of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund's affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.

***Liquidity Risk.*** Significant redemptions by large investors in the Fund could have a material adverse effect on the Fund's other shareholders or on the ability of the Fund to continue to operate. The NAV could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.

***Market Risk.*** The success of the Fund's investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments held by the Fund. Unexpected volatility or illiquidity could impair the Fund's profitability or result in losses.

***Issuer/Credit Risk.*** There is a possibility that issuers of securities in which the Fund may invest may default on the payment of interest or principal on the securities when due, which could cause the Fund to lose money.

***Reinvestment Risk.*** Reinvestment risk is the risk that a fixed income security's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original security. Call risk is a type of reinvestment risk. It is the possibility that during periods of falling interest rates, issuers may call securities with higher coupon or interest rates before maturity. If a security is called, the Fund may have to reinvest the proceeds at lower interest rates resulting in a decline in the Fund's income.

***Active Management Risk.*** The Fund is actively managed and its performance therefore will reflect in part the Advisor's ability to make investment decisions that are suited to achieve the Fund's investment objective. The Fund's emphasis on credit quality and stability could also cause it to underperform other money market funds, particularly those that take greater maturity and credit risks.

**Performance Information** 

The bar chart and performance table provide an indication of the risks of an investment in the Fund by showing changes in performance from year to year and by showing the Fund's average annual returns for the past 1, 5 and 10 years. The bar chart shows the Fund's performance for the past ten calendar years. Past performance does not indicate how the Fund will

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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perform in the future. Updated information on the Fund's performance can be obtained by visiting <u>www.rbcgam.com</u> or by calling 1-800-422-2766.

For the Fund's current seven-day yield, call 1-800-422-2766.

**U.S. Government Money Market Fund – RBC Institutional Class 1** 

**Annual Total Returns**![LOGO](g433658g25v45.jpg)

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| | | | |
|:---|:---|:---|:---|
| **During the periods shown in the<br>chart for the U.S. Government<br>Money Market Fund:** | **During the periods shown in the<br>chart for the U.S. Government<br>Money Market Fund:** | **During the periods shown in the<br>chart for the U.S. Government<br>Money Market Fund:** |  |
|  | **Quarter** | **Year** | **Returns** |
| Best quarter: | Q4 | 2022 | 0.83% |
| Worst quarter: | Q3 | 2015 | 0.00% |

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| | | | |
|:---|:---|:---|:---|
|  **Average Annual Total Returns (for the periods ended December 31, 2022)** | **Average Annual Total Returns (for the periods ended December 31, 2022)** | **Average Annual Total Returns (for the periods ended December 31, 2022)** |  |
|  | **Past**<br> **Year** | **Past 5**<br> **Years** | **Past 10**<br> **Years** |
|  RBC Institutional Class 1 | 1.43% | 1.13% | 0.67% |
|  RBC Institutional Class 2 | 1.31% | 1.04% | 0.61% |
|  RBC Investor | 0.86% | 0.63% | 0.32% |

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**Investment Advisor** 

RBC Global Asset Management (U.S.) Inc.

**Tax Information** 

The Fund's distributions generally are taxable to you as ordinary income, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, in which case you may be taxed later upon withdrawal of your investment from such arrangement.

**Important Additional Information** 

**Purchase and Sale of Fund Shares** 

You may purchase or redeem (sell) shares of the Fund by phone (1-800-422-2766), by mail (RBC Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701) or by wire. The table below provides the Fund's minimum initial and subsequent investment requirements.

Shares of RBC Investor Class are only offered to investors who are clients of RBC Wealth Management, RBC Clearing & Custody or RBC Capital Markets and participate in the cash sweep program. For information concerning the purchase and sale of this share class, contact your financial institution or

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| | |
|:---|:---|
| **Fund Summary** | **U.S. Government Money Market Fund** |

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financial consultant. Shares of RBC Institutional Class 1 and RBC Institutional Class 2 may be purchased and sold directly from the Fund through its transfer agent.

The following table provides minimum initial and subsequent investment information for the different classes of shares of the Fund. The minimums may be reduced or waived in some cases.

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| | |
|:---|:---|
| *Minimum Initial Investment:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Institutional Class 1* | $10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Institutional Class 2* | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Investor Class* | None (used in RBC cash sweep programs) |
| *Minimum Subsequent Investment:* | There are generally no minimums for additional investments in the Fund; however, there is a $50 minimum for subsequent investments in the Automatic Investment Plan for RBC Institutional Class 1 and RBC Institutional Class 2 shares. |

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**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or the Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.