# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-23-017623
**Filing Date:** 2023-1
**Character Count:** 19366
**Document Hash:** a00f5cdcf6e46cc2d501ed0642ec2f36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017623.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001193125-23-017623

**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:** 23563708

**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 Enterprise Fund (Series ID: S000001811)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004738 | A Shares     | TETAX           |
| C000034084 | I Shares     | TETIX           |

![LOGO](g433658g70a02.jpg)

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

**Investment Objective** 

The Fund seeks long-term growth of capital.

**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 $25,000 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 64 of the Fund's Prospectus.

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
| &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) | 5.75% |  |
| &nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a % of offering or sales price, whichever is less) | None<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 | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fees | 0.25% |  |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.83% | 0.33% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 2.03% | 1.28% |
| &nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement<sup>3</sup> | (0.69)% | (0.19)% |
| &nbsp;&nbsp;&nbsp; **Total Annual Fund Operating<br>Expenses after Fee Waiver and/or Expense Reimbursement** | **1.34%** | **1.09%** |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| 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 1.33% of the Fund's average daily net assets for Class A shares and 1.08% for Class I shares. 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 12 months from the date of such waiver or reimbursement, 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. |

---

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

***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 in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class I** |
|  One Year | $704 | $111 |
|  Three Years | $1112 | $387 |
|  Five Years | $1545 | $684 |
|  Ten Years | $2746 | $1529 |

---

**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 most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund normally invests primarily in common stocks of companies whose market capitalizations at the time of the Fund's initial purchase are below the dollar-weighted median market capitalization of companies in the Russell 2000<sup>®</sup> Index, which are often referred to as "micro-cap" companies. However, the Fund is more broadly authorized to invest in common stocks of small capitalization companies, defined for this purpose as companies whose market capitalizations at the time of initial purchase are at or below the highest capitalization represented in the Russell 2000<sup>®</sup> Index. As of December 31, 2022, the highest capitalization represented in the Russell 2000<sup>®</sup> Index was $7.5 billion. The Fund's benchmark index is the Russell Microcap<sup>®</sup> Index.

The Fund seeks to provide long-term growth of capital while taking a low risk approach to small company investing. The Fund selects stocks of companies that are selling at prices the Advisor believes are attractive in relation to the companies' fundamental financial characteristics and business prospects. The Advisor uses a bottom-up approach to select stocks for the Fund's portfolio with a focus on companies' competitive positions, strong balance sheets, and profit margin improvement potential. The Advisor believes that portfolios of smaller companies with low valuations, long-term attractive business fundamentals, and near-term profitability improvement potential should produce strong absolute and risk-adjusted returns over time.

As part of the investment process, the Advisor takes environmental, social and governance ("ESG") factors into account through an integrated approach

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

within the investment team's fundamental investment analysis framework. ESG factors are considered with respect to many companies in which the Fund may invest in order to identify issuers the Advisor believes will be materially impacted by such factors. ESG factors are some of the many factors considered in making investment decisions. The determinations based on ESG factors may not be conclusive and securities of such issuers may be purchased and retained by the Fund.

**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:

***Equity Market Risk.*** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. The values of equity securities, including common stocks, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

***Micro Company Risk.* **Stocks of micro-cap companies involve greater risk than those of larger companies. These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the prices of micro-cap stocks are generally more volatile, and their markets less liquid, than larger companies. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, which may disproportionately affect their market price. These risks are enhanced for micro-cap securities. Many micro-cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. An investment in the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger companies.

***Small Company Risk.*** Stocks of smaller and less seasoned companies involve greater risks than those of larger companies. These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Smaller companies may be more sensitive to changes in the economy overall. Historically, small company stocks have been more volatile than those of larger companies. As a result, the Fund's net asset value may be subject to rapid and substantial changes.

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

***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.

***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.

**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 how the Fund's average annual total returns (before and after taxes) compare with those of a broad-based securities index. The returns for Class A 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 two classes differ. The bar chart shows the Fund's performance for the past ten calendar years. 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 www.rbcgam.com or by calling 1-800-422-2766.

**RBC Enterprise Fund – Class I** 

**Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![LOGO](g433658g44l66.jpg) |  |  |  |  |
| ![LOGO](g433658g44l66.jpg) | **During the periods shown in <br>the chart for the RBC**<br> **Enterprise Fund – Class I:** | **During the periods shown in <br>the chart for the RBC**<br> **Enterprise Fund – Class I:** | **During the periods shown in <br>the chart for the RBC**<br> **Enterprise Fund – Class I:** |  |
| ![LOGO](g433658g44l66.jpg) |  | **Quarter** | **Year** | **Returns** |
| ![LOGO](g433658g44l66.jpg) | Best quarter: | Q2 | 2020 | 27.07% |
| ![LOGO](g433658g44l66.jpg) | Worst quarter: | Q1 | 2020 | (34.03)% |
| ![LOGO](g433658g44l66.jpg) |  |  |  |  |

---

**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

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

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. Performance shown for periods prior to the inception date of Class A (April 19, 2004) and Class I (September 30, 2004) is based on the performance of a class of shares for a fund that is no longer offered, adjusted to reflect the fees and expenses and any applicable sales charges of the applicable class. The inception date of the Fund and the prior class of shares is December 2, 1983.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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)** | **Average Annual Total Returns (for the periods ended December 31, 2022)** |  |
|  | **Past<br>Year** | **Past 5<br>Years** | **Past 10<br>Years** | **Since<br>Inception** |
|  Class I Before Taxes | (14.86)% | 2.53% | 6.83% | 9.68% |
|  Class I After Taxes on Distributions | (17.61)% | (0.12)% | 4.43% | 7.50% |
|  Class I After Taxes on Distributions<br>and Sale of Shares | (6.82)% | 1.79% | 5.25% | 7.61% |
|  Class A Before Taxes | (19.94)% | 1.08% | 5.94% | 9.25% |
|  Russell Microcap<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | (21.96)% | 3.69% | 8.86% | N/A<sup>1</sup> |

---

1 The since inception return is not provided because the inception date of the Russell Microcap<sup>®</sup> Index was June 30, 2000.

**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;• Lance F. James, Managing Director and Senior Equity Portfolio Manager of the Advisor, was the lead portfolio
manager from 1999 to 2002, a co-manager from 2002 to 2006 and has been the lead portfolio manager of the Fund since 2006.

&nbsp;&nbsp;&nbsp;&nbsp;• Murphy O'Flaherty, Portfolio Manager of the Advisor, has been a co-manager of the Fund since 2021.

**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,

------

---

| | |
|:---|:---|
| **Fund Summary** | **RBC Enterprise Fund** |

---

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.

---

| | |
|:---|:---|
| *Minimum Initial Investment:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | $1,000 ($250 for IRA and $100 for Automatic Monthly Investment Plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | $250,000 ($0 for Qualified Retirement Plans) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class R6* | $250,000 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* |  |

---

1 For more information about Institutional Investors and Eligible Investors, see "Additional Policies about Transactions" on page 46 of the Fund's Prospectus.

**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.