# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001193125-26-029018
**Filing Date:** 2026-1
**Character Count:** 37478
**Document Hash:** 8ecce64edf26c90e6f27bd0b5ee782aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-029018.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-029018

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950

**ORGANIZATION NAME:**
- **EIN:** 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:** 26577096

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-380-1198

**MAIL ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

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

## Series and Classes Contracts Data

### RBC BlueBay Emerging Market Debt Fund (Series ID: S000033479)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000102917 | Class A      | RESAX           |
| C000102918 | Class I      | RBESX           |
| C000176573 | Class R6     | RBERX           |

![](g938375newcov_background.gif)

**RBC Global Asset Management**

**RBC BlueBay Fixed Income** <br> **Funds Summary Prospectus**

January 29, 2026

---

| | |
|:---|:---|
| **RBC BlueBay Emerging Market Debt Fund** | **RBC BlueBay Emerging Market Debt Fund** |
| Class A:  | RESAX |
| Class I:  | RBESX |
| Class R6:  | RBERX |

---

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information and other information about the Fund online at <u>https://dfinview.com/usrbcgam.</u> You can also get this information at no cost by calling 1-800-422-2766 or by sending an email request to rbcgamusinfo@rbc.com. The Fund's current Prospectus and Statement of Additional Information, both dated January 28, 2026, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.*

*As with all mutual funds, the U.S. Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") have not approved or disapproved of the Fund shares described in this Prospectus or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.*

------

**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

**Investment Objective**

The Fund seeks to achieve a high level of total return consisting of income and capital appreciation.

**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 89 of the Fund's Prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your <br> investment)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases <br> (as a % of offering price)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a % of <br> offering or sales price, whichever is less)<sup>1</sup> <br>|  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that <br> you pay each year as a percentage of the value of your <br> investment)<br>|  |  |  |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|  |  |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 45.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>|
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 46.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (45.78)<br> %<br>| &nbsp;&nbsp;&nbsp; (0.17)<br> %<br>| &nbsp;&nbsp;&nbsp; (0.17)<br> %<br>|
| **Total Annual Fund Operating Expenses (After** <br> **Fee Waiver/Expense Reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.04%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.79%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.74%**<br>|

---

<sup>1</sup>

A 1.00% Contingent Deferred Sales Charge ("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.

<sup>2</sup>

The Adviser 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 1.04% of the Fund's average daily net assets for Class A shares, 0.79% for Class I shares and 0.74% for Class R6 shares. This expense limitation agreement is in place until January 31, 2027 and may not be terminated by the Adviser 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 Adviser 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 (after the

------

**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $527 | &nbsp;&nbsp;&nbsp; $6358 | &nbsp;&nbsp;&nbsp; $8332 | &nbsp;&nbsp;&nbsp; $9274 |
| Class I | &nbsp;&nbsp;&nbsp; $81 | &nbsp;&nbsp;&nbsp; $289 | &nbsp;&nbsp;&nbsp; $514 | &nbsp;&nbsp;&nbsp; $1162 |
| Class R6 | &nbsp;&nbsp;&nbsp; $76 | &nbsp;&nbsp;&nbsp; $274 | &nbsp;&nbsp;&nbsp; $488 | &nbsp;&nbsp;&nbsp; $1104 |

---

**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 90% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in fixed income securities and/or investments that have similar economic characteristics as fixed income securities of issuers economically tied to emerging market countries that are considered by the Fund to have the potential to provide a high level of total return. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

The Fund will primarily invest in sovereign debt securities. Sovereign debt securities are securities that are issued or guaranteed by foreign sovereign governments or their agencies, authorities or political subdivisions or instrumentalities, and supranational agencies. The Fund may also invest in debt securities issued or guaranteed by foreign corporations and foreign financial institutions and in loans.

A security is economically tied to an emerging market country if it is issued by a foreign government (or any political subdivision, agency, authority or instrumentality of such government) or corporation and the security is principally traded on the emerging market country's securities markets, or the issuer is headquartered in the emerging market country, 100% of the issuer's assets are within the economies of emerging market countries, or the issuer is 100% secured by assets within the

------

**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

economies of emerging market countries. In determining whether a country is emerging or developed, the Fund may consider (i) classifications by the World Bank, the International Finance Corporation or the United Nations (and its agencies); (ii) classifications by the JPMorgan EMBI Global Diversified index; and (iii) the International Monetary Fund's definition and list of developing and emerging market countries. Currently, emerging market countries include, but are not limited to, countries in Asia (excluding Japan), Africa, Eastern Europe, the Middle East, and Latin America.

The Fund will normally invest in a portfolio of fixed income securities denominated in both the U.S. Dollar and currencies of other developed countries, and in currencies of the local emerging market countries. Currencies of developed countries include: U.S. Dollar, Canadian Dollar, Euro, GB Pound and Japanese Yen. Local currencies can be defined as the currency of the issuer based in emerging market countries worldwide (e.g. Brazil bonds issued in Brazilian Real).

The Fund will invest, either directly or indirectly (e.g. via derivatives such as credit linked notes, interest rate swaps, total return swaps and credit default swaps), in fixed income securities of any rating (i.e. including investment grade and below investment grade (junk bonds)) issued by emerging market issuers or entities domiciled in an emerging market country, as well as in distressed debt securities of issuers from emerging market countries. The Fund may invest in securities of any market capitalization and may from time to time invest a significant amount of its assets in fixed income securities issued by smaller companies. The Fund's investments may be of any maturity.

Derivatives, which are instruments that have a value based on another instrument, interest rate, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, swaps and forwards as tools in the management of portfolio assets. The Fund may use such derivatives through either the creation of long and short positions to hedge various investments, for investment purposes, for risk management and/or in a manner intended to increase income or gain to the Fund.

The Fund may invest in sovereign debt securities which are traded in local markets in local currency, and bonds and notes issued by banks and corporations which are traded in local markets. The Fund takes active exposure to investments in foreign currencies, including the local currencies in the emerging markets countries, both through its investments in such countries as well as through currency derivatives. The Fund will vary its proportion invested in developed country currency instruments and emerging markets currency instruments according to the investment view of the Fund in relation to the relevant instruments. In making this selection, the Fund will consider in particular the credit rating, the currency (in case of emerging market currency instruments only) and the interest rate of such instruments. There is no limit on the number of countries in which the Fund may invest, and the Fund may invest in a number of different countries at any time.

------

**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

The Fund engages in active and frequent trading of its portfolio securities, which results in high portfolio turnover.

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

The Sub-Adviser 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 Sub-Adviser, as applicable.

The ESG Exclusion / Negative Screening applied by the Sub-Adviser includes:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain thresholds of involvement in thermal coal mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain thresholds of involvement in oil sands exploration and production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Party to, or ratification status of, UN conventions and treaties against corruption and torture and punishment

The Sub-Adviser may also facilitate ESG engagement, which is defined by the Sub-Adviser as the interactions between the Sub-Adviser and current or potential investees (which may be companies, sovereign, supranational and agency issuers (SSA) and/or other stakeholders of relevance to the investees on ESG issues). The Sub-Adviser may undertake ESG engagement to seek to gain insight regarding an issuer's ESG practices and/or improve an issuer's ESG disclosure. For example, the Sub-Adviser may engage with certain issuers regarding governance practices as well as what the Sub-Adviser deems to be materially important environmental and/or social issues.

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

**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:

***Emerging Markets Risk.*** The Fund primarily invests in emerging markets. The securities markets of most emerging market countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

government regulation and are not subject to as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in emerging markets countries. These risks are not normally associated with investments in more developed countries.

***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.*** The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

***Investing in the European Union Risk.*** Investments in certain countries in the European Union are susceptible to economic risks associated with high levels of government debt. Adverse regulatory, economic and political events in European Union member states may cause the Fund's investments to decline in value. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the exit by the United Kingdom (UK), would subject its currency and banking system to increased risk. The exit by a member state will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which may adversely affect a Fund's investments. Additionally, the reintroduction of national currencies in one or more Eurozone countries or the abandonment of the Euro as a currency could have major negative effects on the Funds' investments as well as the ability of the Funds' counterparties to fulfill their obligations.

***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 worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also may have a

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

***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. The Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

***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.

***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.

***Investment Grade Securities Risk.*** 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. Investments in the Fund are subject to additional risks associated with municipal securities.

***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.

***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

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

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 subject to exchange trading and/or mandatory clearing (which interposes a central clearinghouse to each participant's derivative transaction). 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.

***Leverage Risk.*** Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage.

***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.

***Loan Risk.*** The Fund may invest in loans including loans that are rated below investment grade or the unrated equivalent. Like other high yield, corporate debt instruments, such loans are subject to an increased risk of default in the payment of principal and interest as well as the other risks described under "Interest Rate Risk," "Issuer/Credit Risk," and "High Yield Securities Risk."

***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.

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

***Custodial Risk.*** The Fund may invest in markets where custodian and/or settlement systems are not fully developed. The assets of the Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby the custodian will have no liability.

***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, tariffs and other trade barriers, 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.

***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.

***Active Management Risk.*** The Fund is actively managed and its performance therefore will reflect in part the Sub-Adviser'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 two indices. The Bloomberg Global Aggregate Bond Index serves as the Fund's regulatory index and provides a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is the Fund's additional index and is more representative of the Fund's investment universe than the regulatory index. The returns for Class A and Class R6 shares will 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.

As of November 1, 2017, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund's performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Fund. Updated information on the Fund's performance can be obtained by visiting www.rbcgam.com or by calling 1-800-422-2766.

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

**Annual Total Returns – Class I Shares**

![](g938375rbesx.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**During the period shown in the chart for the Class I Shares of the Fund:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**During the period shown in the chart for the Class I Shares of the Fund:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**During the period shown in the chart for the Class I Shares of the Fund:** |
|  | **Quarter** | **Returns** |
| &nbsp;&nbsp; Best quarter: | Q2 2020 | 14.87<br> %<br>|
| &nbsp;&nbsp; Worst quarter: | Q1 2020 | (16.44)<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ? | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ? | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ? |

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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 dates of Class I shares, Class A shares and Class R6 shares of the Fund are November 30, 2011, November 27, 2013, and December 27, 2016, respectively. Performance shown for Class R6 and Class A shares prior to their inception dates are based on the performance of Class I shares, adjusted to reflect the respective fees and expenses of Class R6 shares and Class A shares and applicable sales charges.

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns (for the periods ended December 31, 2025)**  | **Average Annual Total Returns (for the periods ended December 31, 2025)**  | **Average Annual Total Returns (for the periods ended December 31, 2025)**  | **Average Annual Total Returns (for the periods ended December 31, 2025)**  | **Average Annual Total Returns (for the periods ended December 31, 2025)**  |
|  | **Past** <br> **Year**<br>| **Past 5** <br> **Years**<br>| **Past 10** <br> **Years**<br>| **Since** <br> **Inception**<br>|
| &nbsp;&nbsp; Class I Before Taxes  | 14.64<br> %<br>| 3.15<br> %<br>| 5.12<br> %<br>| 3.44<br> %<br>|
| &nbsp;&nbsp; Class I After Taxes on Distributions  | 11.99<br> %<br>| 0.66<br> %<br>| 3.11<br> %<br>| 1.80<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class I After Taxes on Distributions <br> and Sale of Shares <br>| 8.58<br> %<br>| 1.23<br> %<br>| 3.05<br> %<br>| 1.91<br> %<br>|
| &nbsp;&nbsp; Class A Before Taxes  | 9.53<br> %<br>| 2.01<br> %<br>| 4.39<br> %<br>| 2.87<br> %<br>|
| &nbsp;&nbsp; Class R6 Before Taxes  | 14.71<br> %<br>| 3.23<br> %<br>| 5.18<br> %<br>| 3.52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses or taxes) <br>| 8.17<br> %<br>| (2.15)<br> %<br>| 1.26<br> %<br>| 0.87<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan EMBI Global Diversified <br> Index (reflects no deduction for <br> fees, expenses or taxes) <br>| 14.30<br> %<br>| 1.78<br> %<br>| 4.40<br> %<br>| 4.59<br> %<br>|

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**Management**

**Investment Adviser**

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

**Investment Sub-Adviser**

RBC Global Asset Management (UK) Limited ("Sub-Adviser" or "RBC GAM UK")

**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;&nbsp;&nbsp;&nbsp;&nbsp;• Polina Kurdyavko, Senior Portfolio Manager of the Sub-Adviser, has been a portfolio manager of the Fund since 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gary Sedgewick, Portfolio Manager of the Sub-Adviser, has been a portfolio manager of the Fund since 2024.

**For important information about "Purchase and Sale of Fund Shares," please turn to "Important Additional Information" on page 39 of the Fund's Prospectus.**

**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.

**For important information about "Payments to Broker-Dealers and Other Financial Intermediaries," please turn to "Important Additional Information" on page 39 of the Fund's Prospectus.**

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**Fund Summary**

**RBC BlueBay Emerging Market Debt Fund**

**Important Additional Information**

**Purchase and Sale of Fund Shares**

You may purchase or redeem (sell) shares of the Funds on any business day by phone (1-800-422-2766), by mail (RBC Funds, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252) or by wire. The following table provides the Funds' minimum initial and subsequent investment requirements, which may be reduced or modified in some cases.

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

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For more information about Institutional Investors and Eligible Investors, see "Additional Information about Purchasing and Selling Shares" on page 77 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 Adviser 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.

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