# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-23-017630
**Filing Date:** 2023-1
**Character Count:** 33091
**Document Hash:** dec7f17e3a3a3d02e5179fcb23e57812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017630.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001193125-23-017630

**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:** 23563740

**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

### RBC BlueBay Strategic Income Fund (Series ID: S000074160)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231742 | Class A      | RBIAX           |
| C000231743 | Class R6     | RBSRX           |
| C000231744 | Class I      | RBSIX           |

![LOGO](g433658g70a11.jpg)

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| | |
|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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**Investment Objective** 

The Fund seeks to provide total return (capital appreciation and income).

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares of the Fund if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of the RBC Funds. More information about these and other discounts is available from your financial intermediary and under the subheading "Reducing the Initial Sales Charge on Purchases of Class A Shares" on page 99 of the Fund's Prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class R6** |
| &nbsp;&nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) |  |  |  |
| &nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) |  | 3.75% |  |
| &nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a % of offering or sales price, whichever is less)<sup>1</sup> |  |  |  |
| &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 Fees | 0.53% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fees |  | 0.25% |  |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.75% | 0.84% | 0.79% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 1.29% | 1.63% | 1.33% |
| &nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement<sup>3</sup> | (0.65)% | (0.74)% | (0.74)% |
| &nbsp;&nbsp;&nbsp; **Total Annual Fund Operating<br>Expenses after Fee Waiver and/or Expense Reimbursement** | **0.64%** | **0.89%** | **0.59%** |

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| | |
|:---|:---|
| 1 | A 1.00% CDSC is imposed on redemptions of Class A shares made within 12 months of a purchase of $1 million or more of Class A shares on which no front-end sales charge was paid. |

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|:---|:---|
| 2 | Total Annual Fund Operating Expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. |

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| | |
|:---|:---|
| 3 | The Advisor has contractually agreed to waive fees and/or pay operating expenses in order to limit the Fund's total expenses (excluding brokerage and other investment-related costs, interest, taxes, dues, fees and other charges of governments and their agencies, extraordinary expenses such as litigation and indemnification, other expenses not incurred in the ordinary course of the Fund's business and acquired fund fees and expenses) to 0.63% of the Fund's average daily net assets for Class I shares 0.88% for Class A shares and 0.58% for Class R6. This expense limitation agreement is in place until January 31, 2024 and may not be terminated by the Advisor 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. The Advisor is entitled to recoup from the Fund or class the fees and/or operating expenses previously waived or reimbursed for a period of 3 years from the date of such waiver or reimbursement, provided that such recoupment does not cause the Fund's expense ratio  |

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| | |
|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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(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.

***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 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 through the expiration date stated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Class A** | **Class R6** |
|  One Year | $65 | $462 | $60 |
|  Three Years | $345 | $800 | $348 |
|  Five Years | $645 | $1161 | $658 |
|  Ten Years | $1499 | $2175 | $1537 |

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**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 159% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations ("CMOs")), and obligations of U.S. and foreign governments and their agencies.

The Fund is actively managed and is not managed to an index and may invest in securities of any maturity. The Fund will invest primarily in US domestic investment grade bonds, but will be allowed to invest flexibly across sectors, including non US and non investment grade securities. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 30% of its net assets in securities that are non investment grade (high yield/junk bond).

In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use exchange-traded options, bond futures, interest rate swaps, credit default swaps

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| | |
|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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(including buying and selling credit default swaps on individual securities and/or baskets of securities) and currency futures for portfolio positioning and risk management purposes. The Fund's exposure to derivatives will vary.

The Advisor is primarily responsible for managing the Fund's assets. The Advisor uses a bottom up, fundamental process combined with top down risk management tools designed to meet the Fund's investment objective.

The Advisor uses detailed credit analysis to identify investment opportunities while simultaneously seeking to minimize principal losses.

The Advisor incorporates material environmental, social and governance ("ESG") factors as part of the investment process.

The Advisor employs ESG Exclusion / Negative Screening as part of its investment process in managing the Fund. ESG Exclusion / Negative Screening is defined as the exclusion of certain sectors, issuers or practices based on specific ESG considerations determined by the Advisor.

The ESG Exclusion / Negative Screening applied by the Fund's Advisor includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with the UN Global Compact Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Producers of controversial weapons, including, but not limited to, cluster munitions, anti-personnel mines,
chemical and biological weapons and depleted uranium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tobacco producers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain thresholds of involvement in thermal coal mining and power generation.

The Advisor may also facilitate ESG engagement, which is defined by the Advisor as the interactions between the Advisor and current or potential investees (which may be companies and/or other stakeholders of relevance to the investees on ESG issues). The Advisor may undertake ESG engagement to seek to gain insight regarding a company's ESG practices and/or improve a company's ESG disclosure. For example, the Advisor may engage with management of certain companies regarding corporate governance practices as well as what the Advisor deems to be materially important environmental and/or social issues facing a company.

For specific issuer and security types, as well as certain investment exposures, fixed income securities held by the Fund are subject to the Advisor's ESG evaluation. The Advisor's ESG evaluation is part of its wider credit analysis. The Advisor uses in-house ESG research supplemented by external third-party ESG information.

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| | |
|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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**Principal Risks** 

The value of your investment in the Fund will change daily, which means that you could lose money. **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.** 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:

***Interest Rate Risk.*** The Fund's yield and value 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. Municipal securities may be issued on a when-issued or delayed delivery basis, where payment and delivery take place at a future date. The Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

***Credit Spread Risk.*** The Fund's investments may be adversely affected if any of the issuers it is invested in are subject to an actual or perceived (whether by market participants, rating agencies, pricing services or otherwise) deterioration to their credit quality. Any actual or perceived deterioration may lead to an increase in the credit spreads and a decline in price of the issuer's securities.

***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.

***Market Risk.*** The markets in which the Fund invests may go down in value, sometimes sharply and unpredictably. 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. Unexpected volatility or illiquidity could impair the Fund's profitability or result in losses. A Fund's investments may be overweighted from time to time in one or more sectors, which will increase the Fund's exposure to risk of loss from adverse developments affecting those sectors.

***Investment Grade Securities Risk.*** The Fund primarily invests in investment grade rated securities. Investment grade rated securities are assigned credit ratings by ratings agencies on the basis of the creditworthiness or risk of default of a bond issue. Rating agencies review, from time to time, such assigned ratings of the securities and may subsequently downgrade the rating if economic circumstances impact the relevant bond issues.

***Mortgage-Related Securities Risk.*** Mortgage-related securities represent direct or indirect participation in, or are secured by and payable from,

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|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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mortgage loans secured by real property, and include pass-through securities and Collateralized Mortgage Obligations ("CMOs"). Mortgage pass-through securities are securities representing interests in "pools" of mortgages in which payments of both interest and principal on the securities are made monthly, in effect "passing through" monthly payments made by the individual borrowers on the underlying residential mortgage loans. Early repayment of principal on mortgage pass-through securities may expose the Fund to a lower rate of return upon reinvestment of principal. CMOs are hybrid instruments with characteristics of both mortgage-backed bonds and mortgage pass-through securities. CMOs are issued in multiple classes, and each class may have its own interest rate and/or maturity. The value of some classes in which the Fund invests may be more volatile and may be subject to higher risk of non-payment.

Like other fixed-income securities, when interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. Upward trends in interest rates tend to lengthen the average life of mortgage-related securities and also cause the value of outstanding securities to drop. Thus, during periods of rising interest rates, the value of these securities held by the Fund would tend to drop and the portfolio-weighted average life of such securities held by the Fund may tend to lengthen due to this effect. Longer-term securities tend to experience more price volatility.

***Asset-Backed Securities Risk.*** Payments on asset-backed securities depend upon assets held by the issuer and collections of the underlying loans. The value of these securities depends on many factors, including changing interest rates, the availability of information about the pool and its structure, the credit quality of the underlying assets, the market's perception of the servicer of the pool, and any credit enhancement provided. In certain market conditions, asset-backed securities may experience volatile fluctuations in value and periods of illiquidity.

***Prepayment Risk.*** The value of some mortgage-backed and asset-backed securities in which the Fund invests may fall due to unanticipated levels of principal prepayments that can occur when interest rates decline.

***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.

***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

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|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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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.

***High Yield Securities Risk.*** High yield securities, which are non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and have a higher risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity.

***Liquidity Risk.*** The Fund may be subject to the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities (including securities deemed liquid at the time of purchase that subsequently became less liquid) at an advantageous time or price or achieve its desired level of exposure to a certain sector.

***High Portfolio Turnover Risk.*** The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities.

***Valuation Risk.*** The Fund's assets are generally valued based on evaluated prices received from third-party pricing services or from broker-dealers who make markets in the securities and are generally categorized as Level 2 in the fair value hierarchy. As a result, there is the risk that the values at which these investments are sold may be significantly different to the estimated fair values of these investments.

***Derivatives Risk.*** Derivatives and other similar instruments (collectively referred to as "derivatives"), including options contracts, futures contracts, forwards, options on futures contracts and swap agreements (including, but not limited to, credit default swaps and swaps on exchange-traded funds), may be riskier than other types of investments and could result in losses that significantly exceed the Fund's original investment. The performance of derivatives depends largely on the performance of their underlying asset reference, rate, or index; therefore, derivatives often have risks similar to those risks of the underlying asset, reference rate or index, in addition to other risks. However, the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, reference, rate or index. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Over -the -counter ("OTC") derivatives are traded bilaterally between two parties, which exposes the Fund to heightened liquidity risk, valuation risk and counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including the credit risk of the derivative counterparty, compared to other types of investments. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Fund. Certain derivatives are required to be

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|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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exchange traded and/or cleared (which interposes a central clearinghouse to each participant's derivative transaction) and are subject to margin requirements. Exchange trading, central clearing and margin requirements are intended to reduce counterparty credit risk and increase liquidity and transparency, but do not make a derivatives transaction risk-free and may subject the Fund to increased costs. The use of derivatives may not be successful, and certain of the Fund's transactions in derivatives may not perform as expected, which may prevent the Fund from realizing the intended benefits, and could result in a loss to the Fund. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation, as well as liquidity risk. The use of derivatives is also subject to operational risk which refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error, as well as legal risk which refers to the risk of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

***Foreign Risk.* **Foreign securities may be subject to risk of loss because of less foreign government regulation, less public information, different auditing and legal standards and less economic, political, environmental and social stability in these countries. Loss may also result from the imposition of exchange controls, sanctions, trading restrictions, confiscation of assets and property and other government restrictions, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Additionally, foreign securities and dividends and interest payable on those securities may be subject to foreign taxes, including taxes withheld from payments on those securities.

***Sovereign Debt Risk.* **Sovereign debt securities are issued or guaranteed by foreign governmental entities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

***Currency Risk.* **Changes in foreign currency exchange rates will affect the value of the Fund's securities and the price of the Fund's shares. Generally, when the value of the U.S. Dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is

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| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

***Municipal Obligations Risk.* **Municipal obligations include debt obligations issued by or on behalf of states, territories, possessions, or sovereign nations within the territorial boundaries of the United States (including the District of Columbia and Puerto Rico). The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality's financial status may make it difficult for the municipality to make interest and principal payments when due. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. In addition to being downgraded, an insolvent municipality may file for bankruptcy.

***U.S. Government Intervention in Financial Markets Risk.*** Instability in the financial markets has led the U.S. Government to take unprecedented actions to support certain financial institutions and certain segments of the financial markets that experienced extreme volatility. Regulatory organizations may take future legislative or regulatory actions that may affect the operations of the Fund or the Fund's investments. Such actions could limit or preclude the Fund's ability to achieve its investment objective.

***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.

***Limited Operating History Risk.*** The Fund has limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

**Performance Information** 

The bar chart and performance table provide an indication of the risks of an investment in the Fund by showing how the Fund's average annual total returns (before and after taxes) compare with those of two broad-based securities indexes. The returns for Class A and Class R6 shares may be different than the returns of Class I shares shown in the bar chart and performance table because fees and expenses of the classes differ. Past performance (before and after taxes) does not indicate how the Fund will 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.

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|:---|:---|
| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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**Annual Total Returns – Class I** 

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|:---|:---|:---|:---|:---|
| ![LOGO](g433658g04n97.jpg) |  |  |  |  |
| ![LOGO](g433658g04n97.jpg) | **During the periods shown in the chart for Class I<br>Shares of the Fund:** | **During the periods shown in the chart for Class I<br>Shares of the Fund:** | **During the periods shown in the chart for Class I<br>Shares of the Fund:** |  |
| ![LOGO](g433658g04n97.jpg) |  | **Quarter** | **Year** | **Returns** |
| ![LOGO](g433658g04n97.jpg) | Best quarter: | 4Q | 2022 | 2.34% |
| ![LOGO](g433658g04n97.jpg) | Worst quarter: | 2Q | 2022 | (1.90)% |
| ![LOGO](g433658g04n97.jpg) |  |  |  |  |

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**Performance Table** 

The table below shows after-tax returns for Class I shares only. Before-tax returns for Class A shares assume applicable maximum sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as qualified retirement plans. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax benefit for any loss incurred on the sale of the shares. The inception date of the Fund is November 1, 2021.

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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)** |  |
|  | **Past**<br> **Year** | **Since**<br> **Inception** |
|  Class I Return Before Taxes | 0.09% | (0.19)% |
|  Class I Return After Taxes on Distributions | (1.59)% | (1.70)% |
|  Class I Return After Taxes on Distributions and Sale of Shares | 0.38% | (0.60)% |
|  Class A Return Before Taxes | (4.38)% | (4.05)% |
|  Class R6 Return Before Taxes | 0.14% | (0.14)% |
|  ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (reflects no deduction for fees, expenses or taxes) | 1.22% | 1.05% |
|  Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | (13.01)% | (12.89)% |

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| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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**Investment Advisor** 

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

**Portfolio Managers** 

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund's portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;• Andrzej Skiba, Senior Portfolio Manager, of the Advisor, has been a Co-Portfolio Manager of the Fund since its inception.

&nbsp;&nbsp;&nbsp;&nbsp;• Brian Svendahl, Senior Portfolio Manager, of the Advisor, has been a Co-Portfolio Manager of the Fund since its inception.

&nbsp;&nbsp;&nbsp;&nbsp;• Brandon Swensen, Senior Portfolio Manager, of the Advisor, has been a Co-Portfolio Manager of the Fund since its inception.

**Tax Information** 

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or a combination of both, 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 following table provides the Fund's minimum initial and subsequent investment requirements, which may be reduced or modified in some cases.

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| | |
|:---|:---|
| *Minimum Initial Investment:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | $1,000 ($250 IRA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | $1,000,000 ($0 through Qualified Retirement Benefit Plans) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class R6* | $1,000,000 for Institutional Investors<sup>1</sup><br> $0 for Eligible Investors<sup>1</sup> |
| *Minimum Subsequent Investment:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class R6* |  |

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1 For more information about Institutional Investors and Eligible Investors, see "Additional Information about Purchasing and Selling Shares" on page 86 of the Fund's Prospectus.

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| **Fund Summary** | **RBC BlueBay Strategic Income Fund** |

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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.