RBC Funds Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21475

RBC Funds Trust

(Exact name of registrant as specified in charter)

100 South Fifth Street, Suite 2300

Minneapolis, MN 55402-1240

(Address of principal executive offices) (Zip code)

Lee Greenhalgh, Esq.

RBC Plaza

60 South Sixth Street

Minneapolis, MN 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 313-1341

Date of fiscal year end: September 30

Date of reporting period: March 31, 2010

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Semi-Annual Report

For the period ended March 31, 2010

RBC Mid Cap Growth Fund

RBC Enterprise Fund

RBC Small Cap Core Fund

RBC Microcap Value Fund

RBC Mid Cap Value Fund

	RBC Funds
About Your Semi-Annual Report
	This semi-annual report includes detailed information about your Fund including financial statements, performance, and a complete list of its holdings.
	The RBC Funds compare their performance against various Russell equity indices. Each of these indices is a widely recognized measure of return for the underlying category of securities. However, the indices are unmanaged, do not include fees, and cannot be invested in directly.
	We hope the financial information presented will help you evaluate your investment in the RBC Funds. We also encourage you to read your Funds’ prospectus for further detail as to your Funds’ investment policies and risk profile. RBC Funds prospectuses and performance information subsequent to the date of this report are available on our website at www.rbcgam.us.
	A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-422-2766; (ii) on the Fund’s website at www.rbcgam.us; and (iii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.
	Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) on the Fund’s website at www.rbcgam.us; and (ii) on the Commission’s website at http://www.sec.gov.
	A schedule of each Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
Table of Contents
	Letter from the CIO of Equities	1
	Equity Portfolio Managers	3
	Performance Summary	5
	RBC Mid Cap Growth Fund	9
	RBC Enterprise Fund	10
	RBC Small Cap Core Fund	11
	RBC Microcap Value Fund	12
	RBC Mid Cap Value Fund	13
	Schedules of Portfolio Investments	14
	Financial Statements
	- Statements of Assets and Liabilities	36
	- Statements of Operations	38
	- Statements of Changes in Net Assets	39
	Financial Highlights	44
	Notes to Financial Statements	54
	Share Class Information	65
	Supplemental Information	66
	Approval of Investment Advisory Fees	68

LETTER FROM THE CIO OF EQUITIES

A Strong Year Continues

In retrospect, 2009 will be recorded in the history books as a remarkable year. In the span of 12 months, the stock market experienced both the depths of the credit-crisis-driven decline and the relief of a surprisingly strong-though still incomplete recovery.

The broad market S&P 500 Index returned 26.5% for the 2009 calendar year, its best showing since 2003. Investors who had the fortitude to maintain their long-term strategies were able to regain a sizable portion of what they had lost during the downturn, although they had to endure a nerve testing ride along the way.

The upward trend for U.S. equity markets continued in a volatile fashion for the first three months of 2010. For the quarter, the S&P 500 rose 5.4%. Early January saw the benchmark rise 3.2% to January 19th. From there to February 8th, the market declined 8%, as worries about China slowing down, and about Greece defaulting on its debt, weighed upon investors.

Subsequently strong economic data across the world, and a belief that the Greek situation would be worked out, helped fuel a rally of 11% from February 8th to the end of the first quarter.

Going Forward

As has been the case for more than a year, investors remain inclined toward skepticism over the health and longevity of the current economic recovery. To a certain extent, such doubts are normal at this relatively youthful point in the business cycle. However, current levels of concern are somewhat higher than have been observed at previous similar cyclical junctures, suggesting that the severity of the 2008-09 recessions continues to exact a toll on sentiment. Such distrust is perfectly natural and reflects the severe beatings taken by stock market investors back in 2000-02 and more recently in 2007-09 when such allegedly once in a lifetime hits became a twice in a decade phenomenon.

The actual economic outlook is biased toward a continued strengthening of economic growth. It is therefore likely that accumulating evidence of economic strength may erode investor skepticism regarding the robustness of the recovery, potentially producing a continuation of the rally in cyclical assets. Investors should also be prepared for some positive surprises illuminating the near-universal gloom surrounding fiscal prospects.

Currently, many investors are worried about a potential economic slowdown and stock market correction once the inventory re-stocking phase has finished. These concerns appear to be centered on the simple observation that sensitive cyclical indicators, such as the Purchasing Managers Index new order series, have often been highly correlated with stock market returns. But the data looking out over the next few quarters should provide proof to investors that the approximately 70% rebound in equities is appropriate given the likely earnings trend. As we have highlighted in the past, equity markets do trade with quarterly earnings and earnings have a strong relationship with industrial activity. Given that credit conditions generally lead industrial activity by nine months, one can feel reasonably good about the balance of the year in terms of economic data.

As far as equities are concerned, stronger-than-expected growth should bolster confidence in the durability of the current expansion. Although equities appear to be fairly valued on this year’s earnings, it is harder to make that statement about longer forward valuations, in particular with developed markets. These longer forward valuations are definitively cheap. The discount

1

LETTER FROM THE CIO OF EQUITIES

	for longer forward equity valuations is larger than usual, suggesting a higher-than-normal level of skepticism regarding the persistence and durability of this business cycle. This discount can be thought of as a barometer of confidence in the longer-term outlook for corporate profits and economic growth. Understandably, strong growth boosts confidence in the longer run economic outlook and reduces the discount placed on longer forward valuations.
	Stay the Course
	Once the details of the financial crisis have faded, history will show that it created an opportunity for equity investors to profit from a strong year of returns. 2008, one of the worst years ever for stocks was followed by 2009- one of the best. A potent reminder of how important it is to stay invested, even through very challenging times. Many equity investors suffered steep losses in the extended downturn that started in October 2007, and they have yet to regain all the ground lost. The S&P 500 Index’s 69.4% return from its bottom on March 6, 2009 through March 31, 2010 has allowed many investors to recoup losses in stocks. Investors who had faith in the market’s ability to recover kept their money at work instead of abandoning their long-term strategy. Those investors should be better off today than 12 months ago.
	Many pieces for the potential continuation of the equity rally are in place. An unscientific reading of the press reveals a great deal of disbelief that the rally can continue. In addition, individuals, at least based on mutual fund data, have not yet returned to the stock market. Manufacturing and capital spending surveys around the world are showing a high degree of strength. The leg of the economy that needs to follow a rebound in manufacturing, consumer spending, may be turning as the employment report for March showed significant job growth.
	However, based on what moved the market in the first quarter, much will depend upon economic growth and risks to sovereign debt outside of the U.S. While the picture on growth is constructive, the picture on debt is less so. That risk bears watching. So the way forward will not be without ups and downs. While the long-term path of equity markets has been upward, the journey has frequently been interrupted by bear market declines-sometimes substantial ones. As long as stock markets exist, there will be exhilarating rallies and harrowing sell-offs. That is why it is so important to consider your portfolio asset allocation carefully. And once a strategy is in place, check in regularly to ensure that the portfolio is still appropriate.
Gordon Telfer Chief Investment Officer, Equity Products
	Gordon Telfer
	RBC Funds Chief Investment Officer
	Equity Products
	Past performance is not a guarantee of future results.
	Opinions expressed are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.
	Mutual fund investing involves risk. Principal loss is possible.
	The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

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EQUITY PORTFOLIO MANAGERS

RBC Global Asset Management (U.S.) Inc. (“RBC GAM (US)”) (formerly known as Voyageur Asset Management, Inc.), serves as the investment advisor to the RBC Funds. RBC GAM (US) employs a team approach to the management of the RBC Equity Funds, with no individual team member being solely responsible for the investment decisions.
Gordon Telfer
Chief Investment Officer, Equity Products, Managing Director, Head of
Growth Equities US.	Gordon Telfer
Gordon Telfer is Chief Investment Officer, Equity Products and is responsible for directing RBC GAM (US)’s U.S. equities research efforts. He joined RBC GAM (US) in 2003 from Alliance Capital Management where he was a senior portfolio manager and a member of Alliance’s Investment Policy Group. Prior to Alliance, he worked for Scudder Kemper Investments as senior vice president and global strategist and spokesperson for Scudder Kemper’s U.S. and International Portfolio Management Group. Gordon began his career in the investment industry in 1986 at Murray Johnstone International in portfolio management. He has spoken at numerous regional and national conferences on portfolio management and been a guest on CNBC. A native of Glasglow, Scotland, Gordon received his Stock Exchange Diploma from the Herriott Watt University, Edinburgh, Scotland
Lance F. James
Managing Director, Senior Portfolio Manager	Lance F. James
Lance James is responsible for portfolio management of the RBC Small Cap Core Fund, RBC Enterprise Fund, and RBC Microcap Value Fund. He is also co-manager of RBC Mid Cap Value Fund. Prior to joining RBC GAM (US) in 2006, Lance was an equity analyst and portfolio manager for OFI Institutional and Babson Capital Management, affiliated companies of Mass Mutual Life Insurance Company. During his tenure he served as head of the firm’s small/mid cap value investment team. Prior to joining Babson Capital in 1986, Lance worked at Rockwell International Corporation, EBF Associates of Boston and Hewitt Associates. Lance began his career in the investment industry in 1980. He received an AB in Economics from Princeton University and an MBA in Finance from the Wharton School of Business at the University of Pennsylvania.
George Prince
Portfolio Manager, Senior Equity Analyst	George Prince
George Prince serves as the co-portfolio manager for the RBC Enterprise Fund. George also provides research support for the RBC Small Cap Core Fund. He joined RBC GAM (US) in 2006 from Eagle Asset Management, where he was a senior equity analyst. Prior to his experience at Eagle Asset Management, George was an analyst at Babson Capital Management. George also has a great deal of entrepreneurial experience and founded SignStorey, a leader in place-based digital communications in retail stores and co-founded Cutting Edge Inc., a global CAD-CAM technology company. George has over 12 years of investment industry experience. He received a BA from Yale University.

3

	EQUITY PORTFOLIO MANAGERS
	Kenneth A. Tyszko, CPA, CFA
Kenneth A. Tyszko	Vice President, Senior Portfolio Manager
	Ken Tyszko is responsible for portfolio management of the RBC Mid Cap Growth Fund. He joined RBC GAM (US) in 2001 from Oberweis Asset Management Inc., where he served as a portfolio manager. From 1996 to 1999, he managed small cap growth assets for ABN AMRO Asset Management (USA) Inc. and ABN AMRO Incorporated. Before working at ABN AMRO, Ken was a portfolio manager with Sears Investment Management Co. (SIMCO). His background also includes experience at Main Hurdman, an international accounting and consulting firm. Ken began his career in the investment industry in 1984. He received a BS in Accountancy from the University of Illinois. Ken is both a CFA charterholder and a Certified Public Accountant. He is a member of the Illinois CPA Society, the CFA Society of Chicago and the CFA Institute. Ken has been a guest on Bloomberg Television and WebFN.
	Stephen E. Kylander
Stephen E. Kylander	Vice President, Senior Portfolio Manager
	Steve Kylander is responsible for portfolio management of the RBC Mid Cap Value Fund. Prior to joining RBC GAM (US) in 2006, he was a portfolio manager and research analyst for Babson Capital Management. Steve’s previous experience also includes strategy consulting, mergers and acquisitions work and investment banking for L.E.K. Consulting, The Yarmouth Group, and First Boston Corporation. He began working in the investment industry in 1986. Steve earned a BA from Dartmouth College and an MBA from Harvard Business School.

4

PERFORMANCE SUMMARY

Average Annual Total Returns as of March 31, 2010 (Unaudited)

RBC Mid Cap Growth Fund (a)

	1 Year		3 Year		5 Year		10 Year		Since Inception(b)		Net Expense Ratio(1)(2)		Gross Expense Ratio(1)(2)
Class A
- Including Maximum Sales Charge of 5.75%	36.56	%	(6.04	)%	0.10	%	1.58	%	9.80	%
- At Net Asset Value	44.94	%	(4.16	)%	1.29	%	2.18	%	10.14	%	1.35	%	1.88	%
Class C (c)
- Including Contingent Deferred Sales Charge of 1.00%	42.69	%	(4.90	)%	0.52	%	1.42	%	9.32	%
- At Net Asset Value	43.69	%	(4.90	)%	0.52	%	1.42	%	9.32	%	2.10	%	2.38	%
Class I	45.34	%	(3.90	)%	1.57	%	2.45	%	10.47	%	1.10	%	1.38	%
Class R (c)	44.51	%	(4.38	)%	1.06	%	1.94	%	9.87	%	1.59	%	1.86	%
Class S (d)	45.34	%	(3.93	)%	1.57	%	2.45	%	10.47	%	1.10	%	1.38	%
Russell Midcap Growth Index*	63.00	%	(2.04	)%	4.27	%	(1.69	)%	9.86	%

RBC Enterprise Fund (e)

	1 Year		3 Year		5 Year		10 Year		Since Inception(f)		Net Expense Ratio(1)(2)		Gross Expense Ratio(1)(2)
Class A (g)
- Including Maximum Sales Charge of 5.75%	49.21	%	(10.29	)%	(1.48	)%	6.81	%	9.85	%
- At Net Asset Value	58.35	%	(8.50	)%	(0.31	)%	7.45	%	10.10	%	1.33	%	2.01	%
Class C (g)
- Including Contingent Deferred Sales Charge of 1.00%	56.16	%	(9.16	)%	(1.05	)%	6.65	%	9.28	%
- At Net Asset Value	57.16	%	(9.16	)%	(1.05	)%	6.65	%	9.28	%	2.08	%	2.50	%
Class I (h)	58.68	%	(8.28	)%	(0.06	)%	7.72	%	10.37	%	1.08	%	1.50	%
Class R (g)	57.98	%	(8.70	)%	(0.55	)%	7.18	%	9.82	%	1.57	%	1.98	%
Class S	58.86	%	(8.26	)%	(0.06	)%	7.72	%	10.37	%	1.08	%	1.51	%
Russell 2000 Index*	62.76	%	(3.99	)%	3.36	%	3.68	%	8.71	%

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Performance shown reflects contractual fee waivers, without such fee waivers total returns would be reduced. Performance information does not reflect the 2% fee on shares redeemed or exchanged within 30 days of purchase. If such redemption fee was included, performance would be reduced. For performance data current to the most recent month-end go to www.rbcgam.us. Please see footnotes on page 7.

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PERFORMANCE SUMMARY

RBC Small Cap Core Fund (i)

	1 Year		3 Year		5 Year		10 Year		Since Inception(j)		Net Expense Ratio(1)(2)		Gross Expense Ratio(1)(2)
Class A (g)
- Including Maximum Sales Charge of 5.75%	64.92	%	(5.45	)%	1.74	%	6.18	%	9.26	%
- At Net Asset Value	75.00	%	(3.56	)%	2.95	%	6.81	%	9.61	%	1.55	%	2.65	%
Class C (g)
- Including Contingent Deferred Sales Charge of 1.00%	72.84	%	(4.17	)%	2.27	%	6.05	%	8.81	%
- At Net Asset Value	73.84	%	(4.17	)%	2.27	%	6.05	%	8.81	%	2.30	%	3.16	%
Class R (g)	74.68	%	(3.67	)%	2.78	%	6.58	%	9.35	%	1.79	%	2.65	%
Class S	75.42	%	(3.21	)%	3.28	%	7.11	%	9.90	%	1.30	%	2.16	%
Russell 2000 Index*	62.76	%	(3.99	)%	3.36	%	3.68	%	9.10	%

RBC Microcap Value Fund (k)

	1 Year		3 Year		5 Year		10 Year		Since Inception(l)		Net Expense Ratio(1)(2)		Gross Expense Ratio(1)(2)
Class A (g)
- Including Maximum Sales Charge of 5.75%	60.22	%	(10.12	)%	(0.50	)%	6.74	%	8.14	%
- At Net Asset Value	69.93	%	(8.32	)%	0.69	%	7.37	%	8.42	%	1.32	%	1.87	%
Class C (g)
- Including Contingent Deferred Sales Charge of 1.00%	67.68	%	(9.00	)%	(0.05	)%	6.57	%	7.62	%
- At Net Asset Value	68.68	%	(9.00	)%	(0.05	)%	6.57	%	7.62	%	2.07	%	2.37	%
Class R (g)	69.55	%	(8.54	)%	0.44	%	7.10	%	8.15	%	1.56	%	1.88	%
Class S	70.35	%	(8.09	)%	0.94	%	7.64	%	8.69	%	1.07	%	1.37	%
Russell 2000 Value Index*	65.07	%	(5.71	)%	2.75	%	8.90	%	9.76	%

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Performance shown reflects contractual fee waivers, without such fee waivers total returns would be reduced. Performance information does not reflect the 2% fee on shares redeemed or exchanged within 30 days of purchase. If such redemption fee was included, performance would be reduced. For performance data current to the most recent month-end go to www.rbcgam.us. Please see footnotes on page 7.

6

PERFORMANCE SUMMARY

RBC Mid Cap Value Fund

	Since Inception(m)		Net Expense Ratio(1)(2)		Gross Expense Ratio(1)(2)
Class I
- At Net Asset Value	7.60	%	0.90	%	3.54	%
Russell MidCap Value Index*	9.61	%

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Performance shown reflects contractual fee waivers, without such fee waivers total returns would be reduced. Performance information does not reflect the 2% fee on shares redeemed or exchanged within 30 days of purchase. If such redemption fee was included, performance would be reduced. For performance data current to the most recent month-end go to www.rbcgam.us. Please see footnotes below.

(1) The Funds’ expenses reflect the most recent fiscal year-end (September 30, 2009). For the RBC Mid Cap Value Fund, the expenses reflected are from the Fund’s current prospectus.

(2) The Adviser has contractually agreed to waive fees and/or make payments in order to keep total operating expenses of the Fund to the levels listed under net expense ratio until January 31, 2011.

* Each of the comparative indices is a widely recognized market value weighted measure of the return of securities, but do not include sales fees or operating expenses. You cannot invest directly in indices. (a) The performance in the table for the period from June 1, 1994 to April 19, 2004 reflects the performance of RBC Mid Cap Equity Fund, the predecessor to RBC Mid Cap Growth Fund. The performance of the Fund also includes the performance of a common trust fund (“CTF”) account advised by RBC GAM (US) (including its predecessor) and managed the same as the Fund in all material respects for the period from December 31, 1990 to June 1, 1994, as adjusted to reflect the full contractual rate of expenses associated with the Fund at its inception. The CTF account was not registered with the SEC under the 1940 Act and therefore was not subject to the investment restrictions imposed by law on registered mutual funds. If the CTF account had been registered, the CTF account’s performance may have been adversely affected. Fund performance reflects applicable fee waivers/expense reimbursements (which, if excluded, would cause performance to be lower).

(b) The since inception date (commencement of operations) of the Fund is December 31, 1990.

(c) The inception date for Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class A Shares of the Fund, adjusted to reflect the fees and expenses of Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class C Shares).

(d) The inception date for Class S Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class I Shares of the Fund, adjusted to reflect the fees and expenses of Class S Shares.

(e) The performance in the table for the period from December 2, 1983 to April 19, 2004 reflects the performance of Babson Enterprise Fund, the predecessor to RBC Enterprise Fund. Fund performance reflects applicable fee waivers/expense reimbursements (which, if excluded, would cause performance to be lower).

(f) The since inception date (commencement of operations) of the Fund is December 2, 1983. The performance of the index since inception of the Fund is calculated from November 30, 1983.

(g) The inception date for Class A, Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class A, Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class A and Class C Shares).

7

PERFORMANCE SUMMARY

(h) The inception date for Class I Shares of the Fund is September 30, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class I Shares, as applicable.

(i) The performance in the table for the period from August 5, 1991 to April 19, 2004 reflects the performance of Babson Enterprise Fund II, the predecessor to RBC Small Cap Core Fund. Fund performance reflects applicable fee waivers/expense reimbursements (which, if excluded, would cause performance to be lower).

(j) The since inception date (commencement of operations) of the Fund is August 5, 1991. The performance of the index since inception of the Fund is calculated from July 31, 1991.

(k) The performance in the table for the period from September 10, 1987 to April 19, 2004 reflects the performance of Shadow Stock Fund, the predecessor to RBC Microcap Value Fund. Fund performance reflects applicable fee waivers/expense reimbursements (which, if excluded, would cause performance to be lower).

(l) The since inception date (commencement of operations) of the Fund is September 10, 1987. The performance of the index since inception of the Fund is calculated from August 31, 1987.

(m) The since inception date (commencement of operations) of the Fund is December 31, 2009. The performance of the index since inception of the Fund is calculated from December 31, 2009.

The Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Index is an unmanaged index that measures the performance of approximately 2,000 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership.

The Russell Midcap Value Index is an unmanaged, market-weighted total return index that tracks the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth rates.

8

	FUND STATISTICS (UNAUDITED) RBC Mid Cap Growth Fund
Investment Objective	Long-term capital appreciation.
Benchmark	Russell Midcap Growth Index
Asset Allocation (as of 3/31/10) (% of fund’s investments) & Top Five Industries (as of 3/31/10) (% of fund’s net assets)				Top Five Industries
				Health Care	24.08	%
				Information Technology	22.77	%
				Industrials	16.67	%
				Consumer Discretionary	13.64	%
				Financials	7.34	%
Top Ten Holdings (as of 3/31/10) (% of fund’s net assets)	F5 Networks, Inc.	2.47	%	LKQ Corp.	1.88	%
	Catalyst Health Solutions, Inc.	2.30	%	Tractor Supply Co.	1.85	%
	Riverbed Technology, Inc.	2.21	%	Edwards Lifesciences Corp.	1.84	%
	Ross Stores, Inc.	2.00	%	Fossil, Inc.	1.83	%
	Akamai Technologies, Inc.	1.94	%	Henry Schein, Inc.	1.81	%
	*  A listing of all portfolio holdings can be found beginning on page 15.
Growth of $10,000 Initial Investment Over 10 Years	The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class S shares. The performance of the Fund for the period from March 31, 2000 to April 19, 2004 reflects the performance of RBC Mid Cap Equity Fund, the predecessor to RBC Mid Cap Growth Fund. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.

9

FUND STATISTICS (UNAUDITED)

RBC Enterprise Fund

Long-term growth of capital.						Investment Objective
Russell 2000 Index						Benchmark
			Top Five Industries			Asset Allocation (as of 3/31/10) (% of fund’s investments) & Top Five Industries (as of 3/31/10) (% of fund’s net assets)
			Information Technology	27.30	%
			Industrials	20.59	%
			Consumer Discretionary	17.16	%
			Health Care	9.44	%
			Financials	9.15	%
Spectrum Control, Inc.	4.54	%	Columbus McKinnon Corp.	3.18	%	Top Ten Holdings (as of 3/31/10) (% of fund’s net assets)
Universal Electronics, Inc.	4.13	%	Universal Stainless & Alloy	3.10	%
Steinway Musical Instruments	3.81	%	Sonic Solutions, Inc.	3.00	%
LaBarge, Inc.	3.53	%	NIC, Inc.	2.82	%
AZZ, Inc.	3.24	%	EMS Technologies, Inc.	2.47	%
*  A listing of all portfolio holdings can be found beginning on page 18.
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class S shares. The performance of the Fund for the period from March 31, 2000 to April 19, 2004 reflects the performance of Babson Enterprise Fund, the predecessor to RBC Enterprise Fund. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.						Growth of $10,000 Initial Investment Over 10 Years

10

	FUND STATISTICS (UNAUDITED) RBC Small Cap Core Fund
Investment Objective	Long-term growth of capital and income.
Benchmark	Russell 1000 Value Index
Asset Allocation (as of 3/31/10) (% of fund’s investments) & Top Five Industries (as of 3/31/10) (% of fund’s net assets)				Top Five Industries
				Industrials	23.27	%
				Information Technology	19.10	%
				Consumer Discretionary	14.60	%
				Health Care	11.77	%
				Financials	11.15	%
Top Ten Holdings (as of 3/31/10) (% of fund’s net assets)	PSS World Medical, Inc.	2.98	%	Steinway Musical Instruments	2.41	%
	Gardner Denver, Inc.	2.96	%	Casual Male Retail Group, Inc.	2.34	%
	AZZ, Inc.	2.57	%	Ares Capital Corp.	2.30	%
	True Religion Apparel, Inc.	2.54	%	Universal Electronics, Inc.	2.29	%
	Spectrum Control, Inc.	2.46	%	Xyratex Ltd.	2.28	%
	*  A listing of all portfolio holdings can be found beginning on page 21.
Growth of $10,000 Initial Investment Over 10 Years	The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class S shares. The performance of the Fund for the period from March 31, 2000 to April 19, 2004 reflects the performance of Babson Enterprise Fund II, the predecessor to RBC Small Cap Core Fund. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.

11

FUND STATISTICS (UNAUDITED)

RBC Microcap Value Fund

Long-term growth of capital.						Investment Objective
Russell 2000 Value Index						Benchmark
			Top Five Industries			Asset Allocation (as of 3/31/10) (% of fund’s investments) & Top Five Industries (as of 3/31/10) (% of fund’s net assets)
			Consumer Discretionary	20.77	%
			Industrials	20.54	%
			Financials	19.20	%
			Information Technology	12.49	%
			Health Care	5.74	%
Consolidated Graphics, Inc.	0.75	%	PAM Transportation Services, Inc.	0.59	%	Top Ten Holdings (as of 3/31/10) (% of fund’s net assets)
Integrated Silicon Solution, Inc.	0.64	%	Celadon Group, Inc.	0.57	%
Systemax, Inc.	0.61	%	Elizabeth Arden, Inc.	0.55	%
Buckeye Technologies, Inc.	0.60	%	Perry Ellis International, Inc.	0.53	%
American Equity Investment Life Holding Co.	0.59	%	Kforce, Inc.	0.53	%
*  A listing of all portfolio holdings can be found beginning on page 24.
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class S shares. The performance of the Fund for the period from March 31, 2000 to April 19, 2004 reflects the performance of Shadow Stock Fund, the predecessor to RBC Microcap Value Fund. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.						Growth of $10,000 Initial Investment Over 10 Years

12

	FUND STATISTICS (UNAUDITED) RBC Mid Cap Value Fund
Investment Objective	Long-term capital appreciation.
Benchmark	Russell Midcap Value Index
Asset Allocation (as of 03/31/10) (% of fund’s investments) & Top Five Industries (as of 03/31/10) (% of fund’s net assets)				Top Five Industries
				Financials	18.88	%
				Materials	17.44	%
				Information Technology	15.28	%
				Industrials	14.02	%
				Consumer Discretionary	9.75	%
Top Ten Holdings (as of 03/31/10) (% of fund’s net assets)	Harris Corp.	4.29	%	Owens-Illinois, Inc.	2.25	%
	Crown Holdings, Inc.	3.82	%	Reinsurance Group of America, Inc.	2.22	%
	Pactiv Corp.	3.66	%	First Horizon National Corp.	2.20	%
	Kohl’s Corp.	2.45	%	FMC Corp.	2.19	%
	CACI International, Inc., Class A	2.43	%
	Comtech Telecommunications Corp.	2.32	%
	*  A listing of all portfolio holdings can be found beginning on page 34.
Growth of $10,000 Initial Investment Since Inception (12/30/09)	The graph reflects an initial investment of $10,000 over the period from December 30,2009 to March 31, 2010 and is based on Class I shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

13

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund

March 31, 2010 (Unaudited)

Shares			Value
Common Stocks — 96.27%
Consumer Discretionary — 13.64%
	10,400	Capella Education Co.*	$	965,536
	29,400	Fossil, Inc.*		1,109,556
	20,100	Guess?, Inc.		944,298
	56,160	LKQ Corp.*		1,140,048
	12,200	Panera Bread Co., Class A*		933,178
	22,700	Ross Stores, Inc.		1,213,769
	19,350	Tractor Supply Co.		1,123,267
	20,100	WMS Industries, Inc.*		842,994
				8,272,646
Consumer Staples — 3.65%
	10,100	Church & Dwight Co., Inc.		676,195
	10,400	Ralcorp Holdings, Inc.*		704,912
	29,700	United Natural Foods, Inc.*		835,461
				2,216,568
Energy — 5.08%
	15,100	Dril-Quip, Inc.*		918,684
	12,390	Oceaneering International, Inc.*		786,641
	17,400	Oil States International, Inc.*		788,916
	13,900	Unit Corp.*		587,692
				3,081,933
Financials — 7.34%
	16,500	Eaton Vance Corp.		553,410
	18,300	Federated Investors, Inc., Class B		482,754
	33,200	HCC Insurance Holdings, Inc.		916,320
	16,500	Investment Technology Group, Inc.*		275,385
	28,800	Knight Capital Group, Inc., Class A*		439,200
	34,100	Raymond James Financial, Inc.		911,834
	39,300	Tower Group, Inc.		871,281
				4,450,184
Health Care — 24.08%
	55,100	Bruker Corp.*		807,215
	33,700	Catalyst Health Solutions, Inc.*		1,394,506
	10,400	Cerner Corp.*		884,624
	12,200	Charles River Laboratories International, Inc.*		479,582
	11,300	Edwards Lifesciences Corp.*		1,117,344
	13,000	Gen-Probe, Inc.*		650,000
	18,600	Henry Schein, Inc.*		1,095,540
	14,800	IDEXX Laboratories, Inc.*		851,740
	15,600	Integra LifeSciences Holdings Corp.*		683,748
	7,800	Laboratory Corp of America Holdings*		590,538
	18,300	Meridian Bioscience, Inc.		372,771

14

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	6,900	Mettler-Toledo International, Inc.*	$	753,480
	16,900	MWI Veterinary Supply, Inc.*		682,760
	14,800	NuVasive, Inc.*		668,960
	19,200	Parexel International Corp.*		447,552
	11,300	Perrigo Co.		663,536
	21,800	Pharmaceutical Product Development, Inc.		517,750
	10,400	Varian Medical Systems, Inc.*		575,432
	12,200	Waters Corp.*		823,988
	13,000	West Pharmaceutical Services, Inc.		545,350
				14,606,416
Industrials — 16.67%
	10,400	Alliant Techsystems, Inc.*		845,520
	22,700	AMETEK, Inc.		941,142
	16,520	Donaldson Co., Inc.		745,382
	10,380	Expeditors International of Washington, Inc.		383,230
	6,900	Flowserve Corp.		760,863
	11,740	Huron Consulting Group, Inc.*		238,322
	12,200	Jacobs Engineering Group, Inc.*		551,318
	13,000	Landstar System, Inc.		545,740
	18,300	MSC Industrial Direct Co., Class A		928,176
	15,490	Roper Industries, Inc.		895,942
	14,000	Stericycle, Inc.*		763,000
	13,000	Teledyne Technologies, Inc.*		536,510
	15,700	Towers Watson & Co., Class A		745,750
	15,600	Waste Connections, Inc.*		529,776
	21,800	Woodward Governor Co.		697,164
				10,107,835
Information Technology — 22.77%
	37,500	Akamai Technologies, Inc.*		1,177,875
	32,800	Altera Corp.		797,368
	15,820	ANSYS, Inc.*		682,475
	27,810	Autodesk, Inc.*		818,170
	14,800	Comtech Telecommunications Corp.*		473,452
	47,700	Cybersource Corp.*		841,428
	14,840	Dolby Laboratories, Inc., Class A*		870,663
	24,400	F5 Networks, Inc.*		1,500,844
	18,300	Global Payments, Inc.		833,565
	30,700	Logitech International SA*		501,638
	10,400	Mantech International Corp., Class A*		507,832
	19,850	Microchip Technology, Inc.		558,976
	26,100	MICROS Systems, Inc.*		858,168
	18,300	National Instruments Corp.		610,305
	18,300	Open Text Corp.*		868,701
	47,200	Riverbed Technology, Inc.*		1,340,480

15

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	25,300	Synopsys, Inc.*	$	565,961
				13,807,901
Materials — 3.04%
	13,900	AptarGroup, Inc.		546,965
	12,200	Reliance Steel & Aluminum Co.		600,606
	13,000	Sigma-Aldrich Corp.		697,580
				1,845,151
Total Common Stocks (Cost $50,095,593)				58,388,634
Investment Company — 4.15%
	2,518,330	JPMorgan Prime Money Market Fund		2,518,330
Total Investment Company (Cost $2,518,330)				2,518,330
Total Investments (Cost $52,613,923)(a) — 100.42%			$	60,906,964
Liabilities in excess of other assets — (0.42)%				(252,578	)
NET ASSETS — 100.00%			$	60,654,386

* Non-income producing security.

(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

See notes to financial statements.

16

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund

March 31, 2010 (Unaudited)

Shares			Value
Common Stocks — 97.00%
Consumer Discretionary — 17.16%
	441,378	Benihana, Inc., Class A*	$	2,868,957
	160,250	Cache, Inc.*		882,977
	854,973	Casual Male Retail Group, Inc.*		3,295,921
	90,000	CKE Restaurants, Inc.		996,300
	13,100	Delta Apparel, Inc.*		204,360
	93,630	Mac-Gray Corp.*		1,057,083
	221,191	Movado Group, Inc.*		2,495,034
	143,300	RG Barry Corp.		1,461,660
	292,956	Steinway Musical Instruments*		5,516,361
	27,150	Tefron Ltd.*		103,442
	267,700	Universal Electronics, Inc.*		5,980,418
				24,862,513
				��
Energy — 2.25%
	27,200	Goodrich Petroleum Corp.*		425,408
	28,000	Gulf Island Fabrication, Inc.		609,000
	56,400	Gulfport Energy Corp.*		633,936
	19,954	OYO Geospace Corp.*		954,001
	54,300	Tesco Corp.*		633,681
				3,256,026
Financials — 9.15%
	301,300	Asta Funding, Inc.		2,121,152
	51,900	Boston Private Financial Holdings, Inc.		382,503
	91,059	CoBiz Financial, Inc.		567,298
	175,000	Compass Diversified Holdings		2,670,500
	65,000	Cypress Sharpridge Investments, Inc. REIT		869,700
	68,800	Firstcity Financial Corp.*		481,600
	32,000	LaSalle Hotel Properties REIT		745,600
	34,626	Mercantile Bank Corp.		136,080
	95,389	MetroCorp Bancshares, Inc.*		281,397
	100,700	National Interstate Corp.		2,085,497
	60,374	Northrim BanCorp, Inc.		1,031,188
	108,900	SWS Group, Inc.		1,255,617
	50,000	Washington Banking Co.		629,500
				13,257,632
Health Care — 9.44%
	92,000	Exactech, Inc.		1,929,240
	15,832	HMS Holdings Corp.*		807,274
	134,800	Kensey Nash Corp.*		3,179,932
	36,900	Landauer, Inc.		2,406,618
	51,200	LHC Group, Inc.*		1,716,736
	102,700	Meridian Bioscience, Inc.		2,091,999
	66,500	Symmetry Medical, Inc.*		667,660

17

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	50,800	US Physical Therapy, Inc.*	$	883,920
				13,683,379
Industrials — 20.59%
	41,656	Allied Defense Group, Inc. (The)*		300,340
	138,700	AZZ, Inc.		4,694,995
	613,000	C&D Technologies, Inc.*		980,800
	290,225	Columbus McKinnon Corp.*		4,605,871
	175,000	Eagle Bulk Shipping, Inc.*		929,250
	69,200	Ennis, Inc.		1,125,884
	26,900	Hurco Cos, Inc.*		452,727
	462,894	LaBarge, Inc.*		5,114,979
	157,300	NN, Inc.*		865,150
	214,952	North American Galvanizing & Coating, Inc.*		1,195,133
	400,000	OceanFreight, Inc.*		300,800
	31,200	Old Dominion Freight Line, Inc.*		1,041,768
	135,600	Orion Marine Group, Inc.*		2,447,580
	337,639	PGT, Inc.*		611,126
	48,073	Powell Industries, Inc.*		1,563,814
	129,578	Standard Parking Corp.*		2,127,671
	22,100	Sun Hydraulics Corp.		574,158
	125,000	TBS International PLC*		912,500
				29,844,546
Information Technology — 27.30%
	197,182	Aspen Technology, Inc.*		2,021,116
	100,000	Computer Task Group, Inc.*		725,000
	98,577	Comtech Telecommunications Corp.*		3,153,478
	418,502	DivX, Inc.*		2,996,474
	215,200	EMS Technologies, Inc.*		3,572,320
	124,000	Interactive Intelligence, Inc.*		2,317,560
	524,238	Lionbridge Technologies, Inc.*		1,902,984
	519,500	NIC, Inc.*		4,088,465
	27,900	NU Horizons Electronics Corp.*		89,559
	144,087	SkillSoft PLC - ADR*		1,486,978
	463,411	Sonic Solutions, Inc.*		4,342,161
	562,810	Spectrum Control, Inc.*		6,579,249
	70,000	StarTek, Inc.*		486,500
	129,300	Tyler Technologies, Inc.*		2,423,082
	200,000	Xyratex Ltd.*		3,386,000
				39,570,926
Materials — 8.46%
	467,116	Intertape Polymer Group, Inc.*		1,546,154
	97,000	Koppers Holdings, Inc.		2,747,040
	194,600	Landec Corp.*		1,290,198
	257,500	Omnova Solutions, Inc.*		2,021,375
	187,088	Universal Stainless & Alloy*		4,488,241

18

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	453,300	US Concrete, Inc.*	$	172,254
				12,265,262
Utilities — 2.65%
	107,400	Central Vermont Public Service Corp.		2,166,258
	71,800	Unitil Corp.		1,669,350
				3,835,608
Total Common Stocks (Cost $128,877,821)				140,575,892
Exchange Traded Fund — 1.54%
	85,000	SPDR KBW Regional Banking		2,228,700
Total Exchange Traded Fund (Cost $2,108,292)				2,228,700
Investment Company — 1.61%
	2,335,005	JPMorgan Prime Money Market Fund		2,335,005
Total Investment Company (Cost $2,335,005)				2,335,005
Total Investments (Cost $133,321,118)(a) — 100.15%			$	145,139,597
Liabilities in excess of other assets — (0.15)%				(215,535	)
NET ASSETS — 100.00%			$	144,924,062

* Non-income producing security.

(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to financial statements.

19

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund

March 31, 2010 (Unaudited)

Shares			Value
Common Stocks — 96.57%
Consumer Discretionary — 14.60%
	67,719	Benihana, Inc., Class A*	$	440,174
	296,800	Casual Male Retail Group, Inc.*		1,144,164
	25,300	Dress Barn, Inc.*		661,848
	9,800	Drew Industries, Inc.*		215,796
	5,600	Jo-Ann Stores, Inc.*		235,088
	43,000	Movado Group, Inc.*		485,040
	62,707	Steinway Musical Instruments*		1,180,773
	8,500	Steven Madden Ltd.*		414,800
	40,900	True Religion Apparel, Inc.*		1,241,724
	50,198	Universal Electronics, Inc.*		1,121,423
				7,140,830
Consumer Staples — 3.89%
	20,400	Alberto-Culver Co.		533,460
	31,600	Nash Finch Co.		1,063,340
	34,300	Sally Beauty Holdings, Inc.*		305,956
				1,902,756
Energy — 4.59%
	2,500	CARBO Ceramics, Inc.		155,850
	1,100	Core Laboratories NV		143,880
	30,200	Georesources, Inc.*		461,154
	16,300	Tesco Corp.*		190,221
	20,700	Willbros Group, Inc.*		248,607
	39,200	World Fuel Services Corp.		1,044,288
				2,244,000
Financials — 11.15%
	34,100	Amerisafe, Inc.*		558,217
	75,700	Ares Capital Corp.		1,123,388
	55,027	Asta Funding, Inc.		387,390
	70,900	Compass Diversified Holdings		1,081,934
	19,900	Cypress Sharpridge Investments, Inc. REIT		266,262
	27,325	Delphi Financial Group, Inc., Class A		687,497
	10,200	LaSalle Hotel Properties REIT		237,660
	8,500	ProAssurance Corp.*		497,590
	23,500	SeaBright Insurance Holdings, Inc.		258,735
	23,700	SWS Group, Inc.		273,261
	4,072	Trico Bancshares		81,033
				5,452,967
Health Care — 11.77%
	14,800	Amedisys, Inc.*		817,256
	12,000	Emergency Medical Services Corp., Class A*		678,600
	22,500	Invacare Corp.		597,150
	11,700	Kinetic Concepts, Inc.*		559,377

20

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	17,800	Meridian Bioscience, Inc.	$	362,586
	61,975	PSS World Medical, Inc.*		1,457,032
	34,500	Symmetry Medical, Inc.*		346,380
	22,300	West Pharmaceutical Services, Inc.		935,485
				5,753,866
Industrials — 23.27%
	89,600	ACCO Brands Corp.*		686,336
	2,800	American Science & Engineering, Inc.		209,776
	17,900	Atlas Air Worldwide Holdings, Inc.*		949,595
	37,100	AZZ, Inc.		1,255,835
	202,500	C&D Technologies, Inc.*		324,000
	15,700	Chart Industries, Inc.*		314,000
	61,200	Columbus McKinnon Corp.*		971,244
	18,700	Forward Air Corp.		491,810
	32,900	Gardner Denver, Inc.		1,448,916
	26,700	II-VI, Inc.*		903,528
	43,600	Insteel Industries, Inc.		466,084
	80,200	Interface, Inc., Class A		928,716
	34,000	Knoll, Inc.		382,500
	13,900	LB Foster Co., Class A*		401,571
	15,400	Old Dominion Freight Line, Inc.*		514,206
	11,578	Powell Industries, Inc.*		376,632
	5,500	Sun Hydraulics Corp.		142,890
	14,500	Wabtec Corp.		610,740
				11,378,379
Information Technology — 19.10%
	43,900	ADC Telecommunications, Inc.*		320,909
	58,500	Aspen Technology, Inc.*		599,625
	21,100	Comtech Telecommunications Corp.*		674,989
	123,324	DivX, Inc.*		883,000
	36,300	EMS Technologies, Inc.*		602,580
	20,200	InterDigital, Inc.*		562,772
	78,200	NIC, Inc.		615,434
	54,200	Skyworks Solutions, Inc.*		845,520
	111,542	Sonic Solutions, Inc.*		1,045,148
	102,945	Spectrum Control, Inc.*		1,203,427
	30,900	STEC, Inc.*		370,182
	26,700	Tyler Technologies, Inc.*		500,358
	65,900	Xyratex Ltd.*		1,115,687
				9,339,631
Materials — 5.25%
	59,900	Intertape Polymer Group, Inc.*		198,269
	26,900	Koppers Holdings, Inc.		761,808
	20,500	Rockwood Holdings, Inc.*		545,710

21

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	44,351	Universal Stainless & Alloy*	$	1,063,981
				2,569,768
Telecommunication Services — 0.92%
	54,700	Premiere Global Services, Inc.*		451,822
Utilities — 2.03%
	11,900	Energen Corp.		553,707
	13,900	Unisource Energy Corp.		437,016
				990,723
Total Common Stocks (Cost $35,643,550)				47,224,742
Investment Company — 4.06%
	1,982,933	JPMorgan Prime Money Market Fund		1,982,933
Total Investment Company (Cost $1,982,933)				1,982,933
Total Investments (Cost $37,626,483)(a) — 100.63%			$	49,207,675
Liabilities in excess of other assets — (0.63)%				(305,751	)
NET ASSETS — 100.00%			$	48,901,924

* Non-income producing security.

(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to financial statements.

22

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund

March 31, 2010 (Unaudited)

Shares			Value
Common Stocks — 94.09%
Consumer Discretionary — 20.77%
	96,000	Adams Golf, Inc.*	$	313,920
	2,800	Allen Organ Co.(a)(b)		0
	29,800	Ambassadors International, Inc.*		15,496
	27,500	America’s Car-Mart, Inc.*		663,300
	53,000	Arctic Cat, Inc.*		575,050
	50,000	Asbury Automotive Group, Inc.*		665,000
	86,000	Audiovox Corp., Class A*		669,080
	90,000	Bakers Footwear Group, Inc.*		207,900
	69,000	Benihana, Inc., Class A*		448,500
	69,000	Bluegreen Corp.*		225,630
	46,000	Books-A-Million, Inc.		333,040
	15,127	Bowl America, Inc., Class A		196,651
	43,000	Brookfield Homes Corp.*		375,820
	72,000	Build-A-Bear Workshop, Inc.*		512,640
	44,000	Carriage Services, Inc.*		201,960
	45,000	Cobra Electronics Corp.*		112,950
	21,000	Core-Mark Holding Co., Inc.*		642,810
	99,000	Craftmade International, Inc.*		495,000
	32,000	CSS Industries, Inc.		643,200
	42,000	Delta Apparel, Inc.*		655,200
	56,000	Dixie Group, Inc.*		277,200
	36,000	Dorman Products, Inc.*		683,640
	17,500	Duckwall-ALCO Stores, Inc.*		253,575
	84,000	Emmis Communications Corp., Class A*		95,760
	21,000	Entercom Communications Corp., Class A*		249,690
	56,000	Finish Line, Inc. (The), Class A		913,920
	56,000	Flexsteel Industries		761,040
	57,000	Fred’s, Inc., Class A		682,860
	31,000	Gaiam, Inc., Class A		257,300
	85,000	Golfsmith International Holdings, Inc.*		342,550
	22,000	Group 1 Automotive, Inc.*		700,920
	26,000	Hampshire Group Ltd.*		109,200
	89,000	Hastings Entertainment, Inc.*		392,490
	27,000	Helen of Troy Ltd.*		703,620
	31,000	Hooker Furniture Corp.		498,480
	50,000	HOT Topic, Inc.*		325,000
	65,000	Isle of Capri Casinos, Inc.*		505,700
	15,000	J Alexander’s Corp.*		62,700
	52,000	Jakks Pacific, Inc.*		678,600
	29,000	Johnson Outdoors, Inc., Class A*		329,150
	11,000	Jos. A. Bank Clothiers, Inc.*		601,150
	82,000	Journal Communications, Inc., Class A*		344,400
	58,310	Lakeland Industries, Inc.*		495,635
	22,000	Landry’s Restaurants, Inc.*		394,240
	95,270	Lazare Kaplan International, Inc.*(b)		238,175

23

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	70,000	La-Z-Boy, Inc.*	$	877,800
	31,000	Lifetime Brands, Inc.*		365,800
	25,000	Lithia Motors, Inc., Class A*		160,000
	91,000	Luby’s, Inc.*		358,540
	36,000	Mac-Gray Corp.		406,440
	28,000	Marcus Corp.		363,720
	43,000	MarineMax, Inc.*		462,680
	64,000	McCormick & Schmick’s Seafood Restaurants, Inc.*		644,480
	7,500	McRae Industries, Inc., Class A		79,725
	26,000	Media General, Inc., Class A*		215,540
	31,000	Meritage Homes Corp.*		651,000
	21,300	Mestek, Inc.*		166,140
	39,000	Modine Manufacturing Co.*		438,360
	82,000	Morton’s Restaurant Group, Inc.*		501,020
	59,400	Movado Group, Inc.*		670,032
	18,300	Nobel Learning Communities, Inc.*		143,472
	10,300	Nobility Homes, Inc.		100,837
	32,000	O’Charleys, Inc.*		286,080
	41,000	Orleans Homebuilders, Inc.*		5,740
	42,350	Perry Ellis International, Inc.*		959,227
	135,000	Point.360*		195,750
	90,600	Radio One, Inc., Class D*		276,330
	34,000	RC2 Corp.*		508,980
	56,000	Red Lion Hotels Corp.*		404,320
	37,550	Rex Stores Corp.*		608,310
	40,000	Rocky Brands, Inc.*		381,600
	85,000	Ruby Tuesday, Inc.*		898,450
	20,000	Saga Communications, Inc., Class A*		449,600
	45,150	Salem Communications Corp., Class A*		161,637
	90,000	Shiloh Industries, Inc.*		508,500
	49,000	Stage Stores, Inc.		754,110
	75,000	Standard Motor Products, Inc.*		744,000
	44,000	Stein Mart, Inc.*		397,320
	26,000	Steinway Musical Instruments*		489,580
	103,000	Stewart Enterprises, Inc., Class A		643,750
	16,000	Stoneridge, Inc.*		158,240
	17,000	Strattec Security Corp.*		345,440
	30,000	Superior Industries International, Inc.		482,400
	43,000	Syms Corp.*		428,280
	51,000	Systemax, Inc.		1,108,740
	150,000	Trans World Entertainment Corp.*		270,000
	50,000	Tuesday Morning Corp.*		329,500
	22,000	Walking Co. Holdings, Inc. (The)*		50,600
	13,400	Weyco Group, Inc.		315,168
				37,617,380
Consumer Staples — 3.49%
	19,600	Andersons, Inc. (The)		656,208

24

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	80,000	Central Garden and Pet Co.*	$	789,600
	36,000	Chiquita Brands International, Inc.*		566,280
	55,000	Elizabeth Arden, Inc.*		990,000
	52,000	Ingles Markets, Inc., Class A		781,560
	143,000	ML Macadamia Orchards LP*		343,200
	10,000	Nash Finch Co.		336,500
	69,000	Omega Protein Corp.*		396,750
	54,000	Prestige Brands Holdings, Inc.*		486,000
	22,000	Spartan Stores, Inc.		317,240
	91,000	Tasty Baking Co.		657,020
				6,320,358
Energy — 3.50%
	119,000	Aventine Renewable Energy Holdings, Inc.*(a)(b)		0
	44,000	Bronco Drilling Co., Inc.*		206,800
	36,000	Calumet Specialty Products Partners LP		750,600
	31,000	Constellation Energy Partners LLC		108,500
	16,966	Enbridge Energy Management LLC*		866,114
	19,000	EV Energy Partner LP		606,480
	98,000	Harvest Natural Resources, Inc.*		737,940
	47,000	Knightsbridge Tankers Ltd.		796,180
	9,000	Lufkin Industries, Inc.		712,350
	106,000	Newpark Resources, Inc.*		556,500
	14,600	PHI, Inc.*		323,828
	20,000	PHI, Inc., Non voting*		423,600
	110,300	Trico Marine Services, Inc.*		255,896
	78,570	VeraSun Energy Corp.*		951
				6,345,739
Financials — 19.20%
	70,000	21st Century Holding Co.		285,600
	40,000	Affirmative Insurance Holdings, Inc.*		188,000
	100,000	American Equity Investment Life Holding Co.		1,065,000
	75,000	American Independence Corp.*		468,750
	19,000	American Safety Insurance Holdings Ltd.*		315,210
	68,864	Ameris Bancorp		621,838
	92,000	Asta Funding, Inc.		647,680
	21,000	Baldwin & Lyons, Inc., Class B		505,890
	14,500	Bancinsurance Corp.*		76,850
	70,600	Bancorp, Inc.*		628,340
	65,600	Banner Corp.		251,904
	100,000	Beverly Hills Bancorp, Inc.*		3,000
	50,000	California First National Bancorp		667,500
	21,000	Camco Financial Corp.		61,740
	5,200	Capital Southwest Corp.		472,576
	38,000	Capitol Bancorp Ltd.*		91,960
	44,000	Central Pacific Financial Corp.*		73,920

25

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	25,000	Citizens South Banking Corp.	$	154,000
	48,150	Citizens, Inc.*		332,716
	133,000	Consumer Portfolio Services*		297,920
	41,037	Crawford & Co., Class B*		167,021
	43,777	Donegal Group, Inc., Class A		635,204
	12,444	Donegal Group, Inc., Class B		204,828
	75,040	Dynex Capital, Inc. REIT		675,360
	31,000	EMC Insurance Group, Inc.		698,120
	34,300	First Defiance Financial Corp.		347,116
	11,000	First Financial Corp.		318,560
	45,400	First Financial Holdings, Inc.		683,724
	58,000	First Industrial Realty Trust, Inc. REIT*		450,080
	54,000	First Merchants Corp.		375,840
	47,200	First Pactrust Bancorp, Inc.		366,744
	38,000	First Place Financial Corp.*		151,620
	42,000	First State Bancorp*		23,100
	25,000	Firstcity Financial Corp.*		175,000
	66,000	Flagstar Bancorp, Inc.*		39,600
	45,660	FNB Corp.		370,303
	45,000	FNB United Corp.		54,450
	25,500	FPIC Insurance Group, Inc.*		691,305
	62,000	Franklin Bank Corp.*		310
	109,000	Fremont General Corp.*		105,730
	2,250	FRMO Corp.*		5,625
	45,000	Gladstone Investment Corp.		269,100
	50,400	Green Bankshares, Inc.		411,264
	108,000	Guaranty Bancorp*		171,720
	36,850	Hampton Roads Bankshares, Inc.		57,486
	21,180	Harleysville National Corp.		141,906
	63,528	Hercules Technology Growth Capital, Inc.		672,761
	38,000	HF Financial Corp.		383,800
	36,000	Independence Holding Co.		341,640
	13,000	Indiana Community Bancorp		118,950
	13,000	Infinity Property & Casualty Corp.		590,720
	31,000	Intervest Bancshares Corp., Class A		122,450
	8,300	Investors Title Co.		282,864
	24,000	Jefferson Bancshares, Inc.		109,680
	17,000	Kansas City Life Insurance Co.		536,860
	56,930	LaBranche & Co., Inc.*		299,452
	11,000	LSB Corp.		136,400
	53,000	Marlin Business Services Corp.*		537,950
	23,294	Mass Financial Corp., Class A*		216,168
	108,000	MCG Capital Corp.*		562,680
	113,750	Meadowbrook Insurance Group, Inc.		898,625
	62,000	Medallion Financial Corp.		493,520
	43,000	Mercer Insurance Group, Inc.		774,000
	136,000	MicroFinancial, Inc.		524,960
	52,100	MutualFirst Financial, Inc.		346,465

26

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	5,300	National Security Group, Inc.	$	64,501
	5,100	National Western Life Insurance Co., Class A		940,185
	17,400	Navigators Group, Inc.*		684,342
	43,000	NGP Capital Resources Co.		366,360
	44,000	Nicholas Financial, Inc.*		333,080
	16,000	NYMAGIC, Inc.		339,680
	67,400	Old Second Bancorp, Inc.		444,166
	18,000	Pacific Mercantile Bancorp*		49,500
	19,000	Parkway Properties, Inc. REIT		356,820
	29,000	Peoples Bancorp, Inc.		477,920
	65,000	PMA Capital Corp., Class A*		399,100
	37,900	PMC Commercial Trust REIT		277,428
	40,000	Presidential Life Corp.		398,800
	58,705	Prospect Capital Corp.		713,266
	19,000	Provident Financial Holdings, Inc.		66,120
	89,000	Reis, Inc.*		508,190
	49,000	Resource America, Inc., Class A		235,200
	17,000	Safety Insurance Group, Inc.		640,390
	50,000	Sanders Morris Harris Group, Inc.		309,500
	42,000	SeaBright Insurance Holdings, Inc.		462,420
	21,000	Simmons First National Corp., Class A		578,970
	32,000	Southern Community Financial Corp.		71,040
	52,300	Southwest Bancorp, Inc.		432,521
	2,999	Stifel Financial Corp.*		161,196
	75,600	Sun Bancorp, Inc.*		297,864
	46,500	SWS Group, Inc.		536,145
	54,000	TierOne Corp.*		17,280
	27,440	Tower Group, Inc.		608,345
	68,000	Unico American Corp.		652,800
	99,716	United Community Financial Corp.*		150,571
	19,000	United Western Bancorp, Inc.		29,070
	29,000	Winthrop Realty Trust REIT		349,160
	4,600	Ziegler Cos., Inc. (The)*		73,600
				34,776,985
Health Care — 5.74%
	19,000	Air Methods Corp.*		646,000
	54,000	Albany Molecular Research, Inc.*		450,900
	128,000	Allied Healthcare International, Inc.*		348,160
	11,000	American Shared Hospital Services*		31,240
	46,000	Angiodynamics, Inc.*		718,520
	77,000	BioScrip, Inc.*		614,460
	45,000	Cantel Medical Corp.		893,250
	67,000	Cardiac Science Corp.*		125,290
	26,000	Conmed Corp.*		619,060
	46,000	Cross Country Healthcare, Inc.*		465,060
	27,970	Hanger Orthopedic Group, Inc.*		508,495

27

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	82,000	HealthTronics, Inc.*	$	293,560
	20,313	IntegraMed America, Inc.*		178,958
	28,000	Invacare Corp.		743,120
	7,100	Kewaunee Scientific Corp.		99,435
	30,000	Lannett Co., Inc.*		127,500
	31,000	Medcath Corp.*		324,570
	19,000	Mediware Information Systems*		170,240
	51,000	MedQuist, Inc.*		398,310
	56,800	National Dentex Corp.*		553,800
	41,000	PharMerica Corp.*		747,020
	22,000	RehabCare Group, Inc.*		599,940
	62,000	Res-Care, Inc.*		743,380
				10,400,268
Industrials — 20.54%
	50,839	Aceto Corp.		307,067
	24,000	Alamo Group, Inc.		479,760
	125,000	Allied Motion Technologies, Inc.*		450,000
	34,000	Altra Holdings, Inc.*		466,820
	13,000	Amrep Corp.*		188,890
	32,000	ATC Technology Corp.*		549,120
	34,000	Beacon Roofing Supply, Inc.*		650,420
	27,800	Cascade Corp.		895,438
	74,000	Celadon Group, Inc.*		1,031,560
	93,525	Cenveo, Inc.*		809,926
	2,800	Chicago Rivet & Machine Co.		42,700
	23,400	CIRCOR International, Inc.		777,114
	40,000	Compx International, Inc.		359,600
	33,000	Consolidated Graphics, Inc.*		1,366,530
	35,000	Cornell Cos., Inc.*		640,850
	29,000	Ducommun, Inc.		609,290
	63,000	Eagle Bulk Shipping, Inc.*		334,530
	14,700	Eastern Co. (The)		199,038
	11,880	Ecology and Environment, Inc., Class A		166,558
	35,000	Encore Wire Corp.		728,000
	49,000	Ennis, Inc.		797,230
	20,000	EnPro Industries, Inc.*		581,600
	39,000	Espey Manufacturing & Electronics Corp.		781,950
	62,000	Excel Maritime Carriers Ltd.*		373,860
	79,000	Frozen Food Express Industries*		308,100
	21,000	G&K Services, Inc., Class A		543,480
	55,000	Gibraltar Industries, Inc.*		693,550
	47,000	Griffon Corp.*		585,620
	25,750	Hardinge, Inc.		231,750
	43,000	Herley Industries, Inc.*		630,380
	31,000	Insituform Technologies, Inc., Class A*		824,910
	28,350	International Shipholding Corp.		833,206
	26,000	Jinpan International Ltd.		540,800

28

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	12,000	Key Technology, Inc.*	$	165,000
	63,000	Kforce, Inc.*		958,230
	18,857	KHD Humboldt Wedag International AG		161,732
	55,000	Kimball International, Inc., Class B		382,250
	37,000	Ladish Co., Inc.*		745,920
	64,000	LECG Corp.*		190,720
	38,000	LS Starrett Co., Class A		393,300
	51,750	LSI Industries, Inc.		352,935
	66,000	Lydall, Inc.*		518,100
	58,000	Mair Holdings Escrow Shares(a)(b)		0
	26,875	Marten Transport Ltd.*		529,706
	72,000	Mesa Air Group, Inc.*		7,560
	36,117	Met-Pro Corp.		353,947
	59,000	Miller Industries, Inc.		733,370
	63,000	NN, Inc.*		346,500
	18,800	Northwest Pipe Co.*		410,780
	106,000	On Assignment, Inc.*		755,780
	78,600	PAM Transportation Services, Inc.*		1,076,820
	62,000	Paragon Shipping, Inc., Class A		288,920
	43,160	Patrick Industries, Inc.*		125,164
	99,000	RCM Technologies, Inc.*		311,850
	34,100	Robbins & Myers, Inc.		812,262
	55,500	Rush Enterprises, Inc., Class A*		733,155
	21,000	School Specialty, Inc.*		476,910
	78,000	SFN Group, Inc.*		624,780
	13,800	SL Industries, Inc.*		124,890
	32,000	Standex International Corp.		824,640
	41,000	Superior Uniform Group, Inc.		389,500
	68,115	Supreme Industries, Inc., Class A*		179,824
	10,269	Sykes Enterprises, Inc.*		234,544
	34,000	Tredegar Corp.		580,720
	11,000	Trex Co., Inc.*		234,190
	21,000	United Capital Corp.*		498,120
	17,000	Universal Forest Products, Inc.		654,840
	28,000	USA Truck, Inc.*		452,480
	38,000	Vitran Corp., Inc.*		459,800
	58,200	Volt Information Sciences, Inc.*		594,222
	102,000	WCA Waste Corp.*		519,180
	125,000	Willdan Group, Inc.*		271,250
	60,000	Willis Lease Finance Corp.*		946,800
				37,200,338
Information Technology — 12.49%
	115,000	Acorn Energy, Inc.*		680,800
	55,000	Actel Corp.*		761,750
	41,000	Agilysys, Inc.		457,970
	53,000	Anaren, Inc.*		754,720
	53,300	Bell Microproducts, Inc.*		372,034

29

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

	Shares		Value
	14,000	Black Box Corp.	$	430,640
	77,000	Ciber, Inc.*		287,980
	115,000	Comarco, Inc.*		349,600
	23,000	Communications Systems, Inc.		297,390
	20,582	DG FastChannel, Inc.*		657,595
	75,000	Digi International, Inc.*		798,000
	74,598	Dynamics Research Corp.*		840,720
	85,000	Edgewater Technology, Inc.*		272,000
	131,000	EF Johnson Technologies, Inc.*		122,131
	46,000	Electro Rent Corp.		603,980
	39,000	Electro Scientific Industries, Inc.*		499,590
	39,400	ePlus, Inc.*		691,470
	64,000	GSI Group, Inc.*		126,720
	24,000	GTSI Corp.*		133,200
	47,000	InfoGROUP, Inc.*		366,600
	32,000	Infospace, Inc.*		353,600
	57,000	Insight Enterprises, Inc.*		818,520
	24,000	Integral Systems, Inc.*		231,120
	110,375	Integrated Silicon Solution, Inc.*		1,164,456
	48,000	Keynote Systems, Inc.		546,720
	21,000	Magal Security Systems Ltd.*		81,480
	35,000	Measurement Specialties, Inc.*		514,850
	94,000	Methode Electronics, Inc.		930,600
	50,000	Newport Corp.*		625,000
	60,000	NU Horizons Electronics Corp.*		192,600
	45,000	Oplink Communications, Inc.*		834,300
	40,000	Opnet Technologies, Inc.		644,800
	123,000	Optical Cable Corp.*		410,820
	82,000	PC Connection, Inc.*		508,400
	90,000	Perceptron, Inc.*		391,500
	140,000	Performance Technologies, Inc.*		372,400
	37,930	Photronics, Inc.*		193,064
	28,000	Retalix Ltd.*		393,680
	47,000	Richardson Electronics Ltd.		373,650
	29,000	Rudolph Technologies, Inc.*		248,530
	70,000	Sigmatron International, Inc.*		375,200
	20,000	SYNNEX Corp.*		591,200
	70,560	TechTeam Global, Inc.*		477,691
	21,000	Tessco Technologies, Inc.		493,710
	30,000	Ulticom, Inc.		277,500
	90,000	WebMediaBrands, Inc.*		89,100
	97,000	White Electronic Designs Corp.*		679,000
	100,000	WPCS International, Inc.*		309,000
				22,627,381
Materials — 4.94%
	70,200	American Pacific Corp.*		478,764

30

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

	Shares		Value
	37,000	Blue Earth Refineries, Inc.*	$	40,330
	83,000	Buckeye Technologies, Inc.*		1,085,640
	18,000	Friedman Industries		102,960
	29,000	Hawkins, Inc.		701,800
	50,000	Headwaters, Inc.*		229,500
	63,000	Innospec, Inc.		715,680
	110,400	North American Palladium Ltd.*		450,432
	23,000	Olympic Steel, Inc.		750,950
	38,000	Penford Corp.*		389,500
	65,000	PolyOne Corp.*		665,600
	29,000	Schulman (A), Inc.		709,630
	3,000	Schweitzer-Mauduit International, Inc.		142,680
	45,000	Spartech Corp.*		526,500
	10,000	Stepan Co.		558,900
	66,000	Terra Nova Royalty Corp.*		867,900
	16,000	Universal Stainless & Alloy*		383,840
	88,610	US Concrete, Inc.*		33,672
	3,200	Vulcan International Corp.		113,600
				8,947,878
Telecommunication Services — 0.40%
	41,000	SureWest Communications*		352,190
	30,000	USA Mobility, Inc.*		380,100
				732,290
Utilities — 3.02%
	9,000	American States Water Co.		312,300
	4,054	California Water Service Group		152,471
	29,000	Central Vermont Public Service Corp.		584,930
	13,000	CH Energy Group, Inc.		530,920
	21,990	Chesapeake Utilities Corp.		655,302
	23,500	Connecticut Water Service, Inc.		546,845
	9,000	Delta Natural Gas Co., Inc.		267,120
	38,600	Empire District Electric Co. (The)		695,572
	4,900	Maine & Maritimes Corp.		215,110
	30,400	Middlesex Water Co.		518,320
	6,500	RGC Resources, Inc.		206,635
	15,800	SJW Corp.		401,636
	16,476	Unitil Corp.		383,067
				5,470,228
Total Common Stocks (Cost $201,435,567)				170,438,845

31

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares				Value
Preferred Stock — 0.42%
		2,899	Inverness Medical Innovations, Inc.*	$	766,786
Total Preferred Stock (Cost $488,120)					766,786
Exchange Traded Funds — 3.27%
		134,700	iShares Russell Microcap Index Fund		5,782,671
		13,400	PowerShares Zacks Micro Cap Portfolio		143,916
Total Exchange Traded Funds (Cost $5,906,716)					5,926,587
Principal Amount
Corporate Bonds — 0.00%
	$	1,947	Trenwick America Corp.*(a)(b)	$	0
		1,578	Trenwick America Corp.*(a)(b)		0
Total Corporate Bonds (Cost $0)					0
Shares
Investment Company — 2.35%
		4,249,398	JPMorgan Prime Money Market Fund		4,249,398
Total Investment Company (Cost $4,249,398)					4,249,398
Total Investments (Cost $212,079,801)(c) — 100.13%				$	181,381,616
Liabilities in excess of other assets — (0.13)%					(233,262	)
NET ASSETS — 100.00%				$	181,148,354

* Non-income producing security.

(a) Security delisted or issuer in bankruptcy.

(b) Fair valued security under procedures established by the Fund’s Board of Trustees.

(c) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to financial statements.

32

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund

March 31, 2010 (Unaudited)

Shares			Value
Common Stocks — 96.10%
Consumer Discretionary — 9.75%
	600	American Eagle Outfitters, Inc.	$	11,112
	1,050	Dress Barn, Inc.*		27,468
	730	Kohl’s Corp.*		39,989
	3,280	Service Corp. International		30,110
	860	True Religion Apparel, Inc.*		26,110
	300	VF Corp.		24,045
				158,834
Consumer Staples — 1.72%
	540	BJ’s Wholesale Club, Inc.*		19,974
	890	Sally Beauty Holdings, Inc.*		7,939
				27,913
Energy — 7.91%
	400	Berry Petroleum Co., Class A		11,264
	330	Cameron International Corp.*		14,144
	850	Dresser-Rand Group, Inc.*		26,707
	960	Forest Oil Corp.*		24,787
	1,750	Key Energy Services, Inc.*		16,713
	250	Peabody Energy Corp.		11,425
	310	Ultra Petroleum Corp.*		14,455
	350	World Fuel Services Corp.		9,324
				128,819
Financials — 18.88%
	570	Ameriprise Financial, Inc.		25,855
	160	Apollo Investment Corp.		2,037
	100	Arch Capital Group Ltd.*		7,625
	2,140	Ares Capital Corp.		31,758
	380	Delphi Financial Group, Inc., Class A		9,561
	2,557	First Horizon National Corp.*		35,922
	870	HCC Insurance Holdings, Inc.		24,012
	4,030	KKR Financial Holdings LLC REIT		33,086
	2,200	MFA Financial Inc., REIT		16,192
	780	New York Community Bancorp, Inc.		12,901
	1,310	People’s United Financial, Inc.		20,488
	350	Principal Financial Group, Inc.		10,223
	520	ProAssurance Corp.*		30,441
	690	Reinsurance Group of America, Inc.		36,239
	430	WR Berkley Corp.		11,219
				307,559
Health Care — 7.65%
	580	Amedisys, Inc.*		32,028
	850	AmerisourceBergen Corp.		24,582
	320	DaVita, Inc.*		20,288
	420	Forest Laboratories, Inc.*		13,171

33

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	990	Omnicare, Inc.	$	28,007
	1,150	Tenet Healthcare Corp.*		6,578
				124,654
Industrials — 14.02%
	270	Actuant Corp., Class A		5,278
	610	Fluor Corp.		28,371
	600	FTI Consulting, Inc.*		23,592
	740	Gardner Denver, Inc.		32,590
	290	Harsco Corp.		9,263
	360	JB Hunt Transport Services, Inc.		12,917
	200	Kaydon Corp.		7,520
	150	Manpower, Inc.		8,568
	550	Navistar International Corp.*		24,601
	400	Old Dominion Freight Line, Inc.*		13,356
	1,150	Republic Services, Inc.		33,373
	90	SPX Corp.		5,969
	140	Teledyne Technologies, Inc.*		5,778
	350	Terex Corp.*		7,948
	400	Werner Enterprises, Inc.		9,268
				228,392
Information Technology — 15.28%
	810	CACI International, Inc., Class A*		39,569
	440	CommScope, Inc.*		12,329
	1,180	Comtech Telecommunications Corp.*		37,748
	2,280	Fairchild Semiconductor International, Inc.*		24,282
	1,470	Harris Corp.		69,810
	1,170	InterDigital, Inc.*		32,596
	2,090	Skyworks Solutions, Inc.*		32,604
				248,938
Materials — 17.44%
	220	Air Products & Chemicals, Inc.		16,269
	530	Celanese Corp., Class A		16,880
	2,310	Crown Holdings, Inc.*		62,278
	184	Cytec Industries, Inc.		8,600
	590	FMC Corp.		35,719
	750	International Paper Co.		18,458
	1,030	Owens-Illinois, Inc.*		36,606
	2,370	Pactiv Corp.*		59,677
	370	Reliance Steel & Aluminum Co.		18,215
	250	Rock-Tenn Co., Class A		11,392
				284,094
Utilities — 3.45%
	680	EQT Corp.		27,880
	810	NRG Energy, Inc.*		16,929

34

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund (cont.)

March 31, 2010 (Unaudited)

Shares			Value
	360	Unisource Energy Corp.	$	11,318
				56,127
Total Common Stocks (Cost $1,478,071)				1,565,330
Investment Company — 1.74%
	28,354	JPMorgan Prime Money Market Fund		28,354
Total Investment Company (Cost $28,354)				28,354
Total Investments (Cost $1,506,425)(a) — 97.84%			$	1,593,684
Other assets in excess of liabilities — 2.16%				35,244
NET ASSETS — 100.00%			$	1,628,928

* Non-income producing security.

(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to financial statements.

35

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2010 (Unaudited)

	RBC Mid Cap Growth Fund			RBC Enterprise Fund			RBC Small Cap Core Fund			RBC Microcap Value Fund			RBC Mid Cap Value Fund
Assets:
Investments, at value (cost $52,613,923, $133,321,118, $37,626,483, $212,079,801 and $1,506,425, respectively)	$	60,906,964		$	145,139,597		$	49,207,675		$	181,381,616		$	1,593,684
Interest and dividends receivable		14,430			64,172			13,517			136,069			798
Receivable from advisor		—			—			—			—			17,235
Receivable for capital shares issued		115,015			4,587			2,761			54,098			—
Receivable for investments sold		—			58,988			58,371			—			23,550
Prepaid expenses		52,850			48,101			45,558			42,679			52,250
Total Assets		61,089,259			145,315,445			49,327,882			181,614,462			1,687,517
Liabilities:
Payable for capital shares redeemed		4,477			46,678			665			246,001			—
Payable for investments purchased		347,457			192,552			369,392			—			9,763
Accrued expenses and other payables:
Investment advisory fees		13,264			73,905			25,266			99,866			—
Administration fees		3,808			9,223			3,072			11,182			102
Audit fees		12,521			12,499			12,409			12,584			10,280
Trustees’ fees		211			393			55			542			150
Distribution fees		12,355			3,337			756			7,434			—
Shareholder reports		5,249			10,490			2,977			14,928			—
Transfer agent fees		35,187			40,207			9,800			66,336			38,294
Other		344			2,099			1,566			7,235			—
Total Liabilities		434,873			391,383			425,958			466,108			58,589
Net Assets	$	60,654,386		$	144,924,062		$	48,901,924		$	181,148,354		$	1,628,928
Net Assets Consist Of:
Capital	$	59,828,569		$	163,432,135		$	42,556,436		$	234,169,398		$	1,515,000
Undistributed net investment income (loss)		(207,378	)		(57,953	)		(60,800	)		104,630			151
Accumulated net realized gains (losses) from investment transactions		(7,259,846	)		(30,268,599	)		(5,174,905	)		(22,427,489	)		26,518
Net unrealized appreciation (depreciation) on investments		8,293,041			11,818,479			11,581,193			(30,698,185	)		87,259
Net Assets	$	60,654,386		$	144,924,062		$	48,901,924		$	181,148,354		$	1,628,928
Net Assets:
Class A	$	21,667,762		$	2,749,547		$	502,375		$	7,749,887			N/A
Class I		37,140,002			26,113,583			N/A			N/A		$	1,628,928
Class C		62,225			662,723			160,800			1,040,607			N/A
Class R		22,439			41,459			38,871			434,233			N/A
Class S		1,761,958			115,356,750			48,199,878			171,923,627			N/A
Total	$	60,654,386		$	144,924,062		$	48,901,924		$	181,148,354		$	1,628,928

36

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

	RBC Mid Cap Growth Fund			RBC Enterprise Fund			RBC Small Cap Core Fund			RBC Microcap Value Fund			RBC Mid Cap Value Fund
Shares Outstanding (Unlimited number of shares authorized, no par value):
Class A		2,132,790			193,327			25,813			522,494			N/A
Class I		3,501,796			1,808,062			N/A			N/A			151,438
Class C		6,432			49,510			8,737			73,197			N/A
Class R		2,244			2,973			2,027			29,535			N/A
Class S		166,086			7,990,906			2,429,002			11,583,668			N/A
Total		5,809,348			10,044,778			2,465,579			12,208,894			151,438
Net Asset Values and Redemption Prices per Share:
Class A(a)	$	10.16		$	14.22		$	19.46		$	14.83			N/A
Class I	$	10.61		$	14.44			N/A			N/A		$	10.76
Class C(b)	$	9.67		$	13.39		$	18.41	(c)	$	14.22			N/A
Class R	$	10.00		$	13.95		$	19.18		$	14.70			N/A
Class S	$	10.61		$	14.44		$	19.84		$	14.84			N/A
Maximum Offering Price Per Share:
Class A	$	10.78		$	15.09		$	20.65		$	15.73		$	10.76
Maximum Sales Charge - Class A		5.75	%		5.75	%		5.75	%		5.75	%		N/A

(a) For Class A shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase (only applicable on purchases of $1 million or more on which no initial sales charge was paid). Such reduction is not reflected in the net asset value and the redemption price per share.

(b) For Class C shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase. Such reduction is not reflected in the net asset value and the redemption price per share.

(c) Net asset value is calculated using unrounded net assets of $160,800.21 divided by the unrounded shares outstanding of 8,736.755.

See notes to financial statements.

37

FINANCIAL STATEMENTS

Statements of Operations

For the Period Ended March 31, 2010 (Unaudited)

	RBC Mid Cap Growth Fund			RBC Enterprise Fund			RBC Small Cap Core Fund			RBC Microcap Value Fund			RBC Mid Cap Value Fund(a)
Investment Income:
Dividend income	$	147,932		$	704,844		$	222,253		$	1,123,725		$	3,604
Foreign tax withholding		—			—			(47	)		—			—
Total Investment Income		147,932			704,844			222,206			1,123,725			3,604
Expenses:
Investment advisory fees		210,021			704,356			269,534			741,244			2,686
Distribution fees - Class A		24,871			3,737			727			9,631			—
Distribution fees - Class C		355			3,488			912			5,258			—
Distribution fees - Class R		51			97			77			594			—
Accounting fees		13,965			15,963			13,547			16,583			6,207
Administration fees		22,502			52,464			16,228			61,770			288
Audit fees		10,769			10,977			10,733			11,067			10,280
Custodian fees		2,042			3,099			2,006			1,952			764
Insurance fees		2,974			2,974			2,974			2,974			—
Legal fees		3,998			2,178			556			4,860			5,660
Registration and filing fees		34,426			38,187			33,437			31,234			2,699
Shareholder reports		5,613			13,932			4,525			16,100			1,867
Transfer agent fees		126,772			183,989			60,269			224,251			38,304
Trustees’ fees		590			1,300			349			1,587			156
Other fees		4,482			5,373			4,553			13,319			972
Total expenses before fee waiver/reimbursement		463,431			1,042,114			420,427			1,142,424			69,883
Expenses waived/reimbursed by:
Adviser		(108,121	)		(279,317	)		(137,421	)		(245,685	)		(66,430	)
Net Expenses		355,310			762,797			283,006			896,739			3,453
Net Investment Income (Loss)		(207,378	)		(57,953	)		(60,800	)		226,986			151
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions		8,030,235			(11,775,191	)		(208,056	)		2,452,201			26,518
Net change in unrealized appreciation/depreciation on investments		(136,918	)		20,520,344			6,195,392			17,493,445			87,259
Net realized/unrealized gains from investments		7,893,317			8,745,153			5,987,336			19,945,646			113,777
Change in net assets resulting from operations	$	7,685,939		$	8,687,200		$	5,926,536		$	20,172,632		$	113,928

(a) For the period from December 31, 2009 (commencement of operations) to March 31, 2010.

See notes to the financial statements.

38

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	RBC Mid Cap Growth Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment loss	$	(207,378	)	$	(182,103	)
Net realized gains (losses) from investment transactions		8,030,235			(15,263,614	)
Net change in unrealized appreciation/depreciation on investments		(136,918	)		3,937,456
Change in net assets resulting from operations		7,685,939			(11,508,261	)
Distributions to Class A Shareholders:
From net realized gains		—			(203,081	)
Distributions to Class I Shareholders:
From net realized gains		—			(480,353	)
Distributions to Class C Shareholders:
From net realized gains		—			(1,093	)
Distributions to Class R Shareholders:
From net realized gains		—			(77	)
Distributions to Class S Shareholders:
From net realized gains		—			(11,879	)
Change in net assets resulting from shareholder distributions		—			(696,483	)
Capital Transactions:
Proceeds from shares issued		2,969,273			12,364,104
Distributions reinvested		—			693,108
Cost of shares redeemed		(11,136,753	)		(27,830,725	)
Change in net assets resulting from capital transactions		(8,167,480	)		(14,773,513	)
Net decrease in net assets		(481,541	)		(26,978,257	)
Net Assets:
Beginning of period		61,135,927			88,114,184
End of period	$	60,654,386		$	61,135,927
Undistributed net investment loss	$	(207,378	)	$	—
Share Transactions:
Issued		301,079			1,594,665
Reinvested		—			98,610
Redeemed		(1,174,869	)		(3,436,006	)
Change in shares resulting from capital transactions		(873,790	)		(1,742,731	)

See notes to financial statements.

39

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	RBC Enterprise Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(57,953	)	$	84,024
Net realized losses from investment transactions		(11,775,191	)		(18,529,991	)
Net change in unrealized appreciation/depreciation on investments		20,520,344			(6,733,915	)
Change in net assets resulting from operations		8,687,200			(25,179,882	)
Distributions to Class A Shareholders:
From net realized gains		—			(495,155	)
Distributions to Class I Shareholders:
From net realized gains		—			(2,634,071	)
Distributions to Class C Shareholders:
From net realized gains		—			(107,763	)
Distributions to Class R Shareholders:
From net realized gains		—			(3,157	)
Distributions to Class S Shareholders:
From net realized gains		—			(14,038,037	)
Change in net assets resulting from shareholder distributions		—			(17,278,183	)
Capital Transactions:
Proceeds from shares issued		1,411,193			6,901,058
Distributions reinvested		—			16,492,996
Cost of shares redeemed		(11,866,223	)		(31,818,174	)
Change in net assets resulting from capital transactions		(10,455,030	)		(8,424,120	)
Net decrease in net assets		(1,767,830	)		(50,882,185	)
Net Assets:
Beginning of period		146,691,892			197,574,077
End of period	$	144,924,062		$	146,691,892
Undistributed net investment loss	$	(57,953	)	$	—
Share Transactions:
Issued		104,407			601,047
Reinvested		—			1,609,996
Redeemed		(884,823	)		(2,933,405	)
Change in shares resulting from capital transactions		(780,416	)		(722,362	)

See notes to financial statements.

40

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	RBC Small Cap Core Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(60,800	)	$	10,473
Net realized losses from investment transactions		(208,056	)		(4,927,057	)
Net change in unrealized appreciation/depreciation on investments		6,195,392			1,249,455
Change in net assets resulting from operations		5,926,536			(3,667,129	)
Distributions to Class A Shareholders:
From net realized gains		—			(74,015	)
Distributions to Class I Shareholders:
From net realized gains		—			(7,995	)
Distributions to Class C Shareholders:
From net realized gains		—			(36,301	)
Distributions to Class R Shareholders:
From net realized gains		—			(1,085	)
Distributions to Class S Shareholders:
From net realized gains		—			(4,126,465	)
Change in net assets resulting from shareholder distributions		—			(4,245,861	)
Capital Transactions:
Proceeds from shares issued		4,537,020			2,327,325
Distributions reinvested		—			4,099,727
Cost of shares redeemed		(2,746,470	)		(4,760,895	)
Change in net assets resulting from capital transactions		1,790,550			1,666,157
Net increase (decrease) in net assets		7,717,086			(6,246,833	)
Net Assets:
Beginning of period		41,184,838			47,431,671
End of period	$	48,901,924		$	41,184,838
Undistributed net investment loss	$	(60,800	)	$	—
Share Transactions:
Issued		242,636			188,844
Reinvested		—			319,064
Redeemed		(152,178	)		(335,315	)
Change in shares resulting from capital transactions		90,458			172,593

See notes to financial statements.

41

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	RBC Microcap Value Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	226,986		$	1,219,652
Net realized gains (losses) from investment transactions		2,452,201			(25,066,826	)
Net change in unrealized appreciation/depreciation on investments		17,493,445			(21,689,800	)
Change in net assets resulting from operations		20,172,632			(45,536,974	)
Distributions to Class A Shareholders:
From net investment income		(11,456	)		(28,683	)
From net realized gains		—			(856,790	)
Distributions to Class C Shareholders:
From net realized gains		—			(100,150	)
Distributions to Class R Shareholders:
From net investment income		—			(643	)
From net realized gains		—			(34,563	)
Distributions to Class S Shareholders:
From net investment income		(675,364	)		(1,244,104	)
From net realized gains		—			(12,830,897	)
Change in net assets resulting from shareholder distributions		(686,820	)		(15,095,830	)
Capital Transactions:
Proceeds from shares issued		18,070,827			63,361,145
Distributions reinvested		655,145			14,287,787
Cost of shares redeemed		(29,097,455	)		(127,965,205	)
Change in net assets resulting from capital transactions		(10,371,483	)		(50,316,273	)
Net increase (decrease) in net assets		9,114,329			(110,949,077	)
Net Assets:
Beginning of period		172,034,025			282,983,102
End of period	$	181,148,354		$	172,034,025
Undistributed net investment income	$	104,630		$	564,464
Share Transactions:
Issued		1,274,451			6,040,956
Reinvested		49,595			1,445,020
Redeemed		(2,166,720	)		(11,627,188	)
Change in shares resulting from capital transactions		(842,674	)		(4,141,212	)

See notes to financial statements.

42

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	RBC Mid Cap Value Fund
	For the Period Ended March 31, 2010(a)
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	151
Net realized gains from investment transactions		26,518
Net change in unrealized appreciation/depreciation on investments		87,259
Change in net assets resulting from operations		113,928
Capital Transactions:
Proceeds from shares issued		1,515,000
Change in net assets resulting from capital transactions		1,515,000
Net increase in net assets		1,628,928
Net Assets:
Beginning of period		—
End of period	$	1,628,928
Undistributed net investment income	$	151
Share Transactions:
Issued		151,438
Change in shares resulting from capital transactions		151,438

(a) For the period from December 31, 2009 (commencement of operations) to March 31, 2010.

See notes to financial statements.

43

FINANCIAL HIGHLIGHTS

RBC Mid Cap Growth Fund

(Selected data for a share outstanding throughout the years indicated)

	Net Asset  Value, Beginning of Period		Investment Activities								Distributions				Net Asset Value, End of Period
			Net Investment Loss		Net Realized and Unrealized Gains (Losses) on Investments		Redemption Fees		Total from Investment Activities		Net Realized Gains		Total Distributions
Class A
Six Months Ended March 31, 2010 (Unaudited)	$	8.89	(0.04	)(a)	1.31		(b	)	1.27		—		—		$	10.16
Year Ended September 30, 2009		10.18	(0.04	)(a)	(1.17	)	(b	)	(1.21	)	(0.08	)	(0.08	)		8.89
Year Ended September 30, 2008		13.90	(0.09	)(a)	(2.52	)	(b	)	(2.61	)	(1.11	)	(1.11	)		10.18
Year Ended September 30, 2007		12.47	(0.10	)(a)	1.88		(b	)	1.78		(0.35	)	(0.35	)		13.90
Year Ended September 30, 2006		11.71	(0.08	)(a)	1.07		(b	)	0.99		(0.23	)	(0.23	)		12.47
Year Ended September 30, 2005		11.57	(0.14	)	1.86		(b	)	1.72		(1.58	)	(1.58	)		11.71
Class I
Six Months Ended March 31, 2010 (Unaudited)	$	9.27	(0.03	)(a)	1.37		(b	)	1.34		—		—		$	10.61
Year Ended September 30, 2009		10.58	(0.02	)(a)	(1.21	)	(b	)	(1.23	)	(0.08	)	(0.08	)		9.27
Year Ended September 30, 2008		14.36	(0.06	)(a)	(2.61	)	(b	)	(2.67	)	(1.11	)	(1.11	)		10.58
Year Ended September 30, 2007		12.85	(0.07	)(a)	1.93		(b	)	1.86		(0.35	)	(0.35	)		14.36
Year Ended September 30, 2006		12.03	(0.05	)(a)	1.10		(b	)	1.05		(0.23	)	(0.23	)		12.85
Year Ended September 30, 2005		11.81	(0.04	)	1.84		(b	)	1.80		(1.58	)	(1.58	)		12.03
Class C
Six Months Ended March 31, 2010 (Unaudited)	$	8.50	(0.07	)(a)	1.24		(b	)	1.17		—		—		$	9.67
Year Ended September 30, 2009		9.81	(0.09	)(a)	(1.14	)	(b	)	(1.23	)	(0.08	)	(0.08	)		8.50
Year Ended September 30, 2008		13.53	(0.18	)(a)	(2.43	)	(b	)	(2.61	)	(1.11	)	(1.11	)		9.81
Year Ended September 30, 2007		12.24	(0.19	)(a)	1.83		(b	)	1.64		(0.35	)	(0.35	)		13.53
Year Ended September 30, 2006		11.59	(0.17	)(a)	1.05		(b	)	0.88		(0.23	)	(0.23	)		12.24
Year Ended September 30, 2005		11.53	(0.11	)	1.75		(b	)	1.64		(1.58	)	(1.58	)		11.59
Class R
Six Months Ended March 31, 2010 (Unaudited)	$	8.76	(0.05	)(a)	1.29		(b	)	1.24		—		—		$	10.00
Year Ended September 30, 2009		10.05	(0.06	)(a)	(1.15	)	(b	)	(1.21	)	(0.08	)	(0.08	)		8.76
Year Ended September 30, 2008		13.77	(0.12	)(a)	(2.49	)	(b	)	(2.61	)	(1.11	)	(1.11	)		10.05
Year Ended September 30, 2007		12.39	(0.13	)(a)	1.86		(b	)	1.73		(0.35	)	(0.35	)		13.77
Year Ended September 30, 2006		11.67	(0.12	)(a)	1.07		(b	)	0.95		(0.23	)	(0.23	)		12.39
Year Ended September 30, 2005		11.55	(0.30	)	2.00		(b	)	1.70		(1.58	)	(1.58	)		11.67
Class S
Six Months Ended March 31, 2010 (Unaudited)	$	9.28	(0.03	)(a)	1.36		(b	)	1.33		—		—		$	10.61
Year Ended September 30, 2009		10.59	(0.02	)(a)	(1.21	)	(b	)	(1.23	)	(0.08	)	(0.08	)		9.28
Year Ended September 30, 2008		14.38	(0.06	)(a)	(2.62	)	(b	)	(2.68	)	(1.11	)	(1.11	)		10.59
Year Ended September 30, 2007		12.86	(0.07	)(a)	1.94		(b	)	1.87		(0.35	)	(0.35	)		14.38
Year Ended September 30, 2006		12.03	(0.05	)(a)	1.11		(b	)	1.06		(0.23	)	(0.23	)		12.86
Year Ended September 30, 2005		11.81	(0.02	)	1.82		(b	)	1.80		(1.58	)	(1.58	)		12.03

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

See notes to financial statements.

44

FINANCIAL STATEMENTS

RBC Mid Cap Growth Fund (cont.)

(Selected data for a share outstanding throughout the years indicated)

	Total Return*		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Loss to Average Net Assets		Ratio of Expenses to Average Net Assets**		Portfolio Turnover Rate***
Class A
Six Months Ended March 31, 2010 (Unaudited)	14.29	%(c)	$	21,668	1.35	%(d)	(0.85	%)(d)	1.71	%(d)	84	%
Year Ended September 30, 2009	(11.61	%)		19,421	1.35	%	(0.47	%)	1.88	%	62	%
Year Ended September 30, 2008	(20.14	%)		25,483	1.32	%	(0.74	%)	1.68	%	46	%
Year Ended September 30, 2007	14.52	%		33,887	1.35	%	(0.78	%)	1.72	%	31	%
Year Ended September 30, 2006	8.52	%		43,803	1.35	%	(0.66	%)	1.73	%	23	%
Year Ended September 30, 2005	15.62	%		45,359	1.32	%	(0.80	%)	1.75	%	22	%
Class I
Six Months Ended March 31, 2010 (Unaudited)	14.46	%(c)	$	37,140	1.10	%(d)	(0.61	%)(d)	1.46	%(d)	84	%
Year Ended September 30, 2009	(11.36	%)		40,098	1.10	%	(0.21	%)	1.38	%	62	%
Year Ended September 30, 2008	(19.95	%)		60,998	1.07	%	(0.48	%)	1.19	%	46	%
Year Ended September 30, 2007	14.89	%		75,721	1.10	%	(0.53	%)	1.21	%	31	%
Year Ended September 30, 2006	8.71	%		72,866	1.10	%	(0.41	%)	1.23	%	23	%
Year Ended September 30, 2005	16.02	%		62,652	1.07	%	(0.54	%)	1.25	%	22	%
Class C
Six Months Ended March 31, 2010 (Unaudited)	13.77	%(c)	$	62	2.09	%(d)	(1.61	%)(d)	2.45	%(d)	84	%
Year Ended September 30, 2009	(12.26	%)		98	2.10	%	(1.21	%)	2.38	%	62	%
Year Ended September 30, 2008	(20.72	%)		129	2.07	%	(1.52	%)	2.16	%	46	%
Year Ended September 30, 2007	13.73	%		1,265	2.10	%	(1.52	%)	2.23	%	31	%
Year Ended September 30, 2006	7.56	%		2,054	2.10	%	(1.40	%)	2.22	%	23	%
Year Ended September 30, 2005	14.91	%		370	2.09	%	(1.53	%)	2.28	%	22	%
Class R
Six Months Ended March 31, 2010 (Unaudited)	14.16	%(c)	$	22	1.59	%(d)	(1.09	%)(d)	1.95	%(d)	84	%
Year Ended September 30, 2009	(11.76	%)		20	1.59	%	(0.73	%)	1.86	%	62	%
Year Ended September 30, 2008	(20.34	%)		9	1.57	%	(0.99	%)	1.69	%	46	%
Year Ended September 30, 2007	14.30	%		12	1.60	%	(1.03	%)	1.70	%	31	%
Year Ended September 30, 2006	8.12	%		10	1.60	%	(0.95	%)	1.73	%	23	%
Year Ended September 30, 2005	15.47	%		32	1.57	%	(1.04	%)	1.76	%	22	%
Class S
Six Months Ended March 31, 2010 (Unaudited)	14.33	%(c)	$	1,762	1.10	%(d)	(0.60	%)(d)	1.47	%(d)	84	%
Year Ended September 30, 2009	(11.35	%)		1,501	1.10	%	(0.22	%)	1.38	%	62	%
Year Ended September 30, 2008	(19.94	%)		1,495	1.06	%	(0.49	%)	1.18	%	46	%
Year Ended September 30, 2007	14.88	%		1,878	1.10	%	(0.53	%)	1.21	%	31	%
Year Ended September 30, 2006	8.79	%		1,870	1.10	%	(0.41	%)	1.23	%	23	%
Year Ended September 30, 2005	16.02	%		1,515	1.08	%	(0.52	%)	1.27	%	22	%

* Excludes sales charge.

** During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

*** Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

(c) Not annualized.

(d) Annualized.

See notes to financial statements.

45

FINANCIAL HIGHLIGHTS

RBC Enterprise Fund

(Selected data for a share outstanding throughout the years indicated)

	Net Asset  Value, Beginning of Period		Investment Activities								Distributions						Net Asset Value, End of Period
			Net Investment Income/(Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Redemption Fees		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions
Class A
Six Months Ended March 31, 2010 (Unaudited)	$	13.37	(0.02	)(a)	0.87		(b	)	0.85		—		—		—		$	14.22
Year Ended September 30, 2009		16.95	(0.02	)(a)	(1.98	)	(b	)	(2.00	)	—		(1.58	)	(1.58	)		13.37
Year Ended September 30, 2008		25.86	(0.08	)(a)	(5.31	)	(b	)	(5.39	)	(0.02	)	(3.50	)	(3.52	)		16.95
Year Ended September 30, 2007		25.12	0.03	(a)	2.95		(b	)	2.98		—		(2.24	)	(2.24	)		25.86
Year Ended September 30, 2006		26.46	(0.04	)(a)	1.80		(b	)	1.76		—		(3.10	)	(3.10	)		25.12
Year Ended September 30, 2005		23.81	(0.06	)	3.66		(b	)	3.60		—		(0.95	)	(0.95	)		26.46
Class I
Six Months Ended March 31, 2010 (Unaudited)	$	13.57	(a	)(b)	0.87		(b	)	0.87		—		—		—		$	14.44
Year Ended September 30, 2009		17.13	0.01	(a)	(1.99	)	(b	)	(1.98	)	—		(1.58	)	(1.58	)		13.57
Year Ended September 30, 2008		26.10	(0.04	)(a)	(5.34	)	(b	)	(5.38	)	(0.09	)	(3.50	)	(3.59	)		17.13
Year Ended September 30, 2007		25.31	0.09	(a)	2.96		(b	)	3.05		(0.02	)	(2.24	)	(2.26	)		26.10
Year Ended September 30, 2006		26.57	0.02	(a)	1.82		(b	)	1.84		—		(3.10	)	(3.10	)		25.31
Year Ended September 30, 2005		23.85	(0.02	)	3.69		(b	)	3.67		—		(0.95	)	(0.95	)		26.57
Class C
Six Months Ended March 31, 2010 (Unaudited)	$	12.64	(0.07	)(a)	0.82		(b	)	0.75		—		—		—		$	13.39
Year Ended September 30, 2009		16.25	(0.10	)(a)	(1.93	)	(b	)	(2.03	)	—		(1.58	)	(1.58	)		12.64
Year Ended September 30, 2008		25.09	(0.22	)(a)	(5.12	)	(b	)	(5.34	)	—		(3.50	)	(3.50	)		16.25
Year Ended September 30, 2007		24.62	(0.16	)(a)	2.87		(b	)	2.71		—		(2.24	)	(2.24	)		25.09
Year Ended September 30, 2006		26.17	(0.21	)(a)	1.76		(b	)	1.55		—		(3.10	)	(3.10	)		24.62
Year Ended September 30, 2005		23.74	(0.15	)	3.53		(b	)	3.38		—		(0.95	)	(0.95	)		26.17
Class R
Six Months Ended March 31, 2010 (Unaudited)	$	13.13	(0.04	)(a)	0.86		(b	)	0.82		—		—		—		$	13.95
Year Ended September 30, 2009		16.72	(0.06	)(a)	(1.95	)	(b	)	(2.01	)	—		(1.58	)	(1.58	)		13.13
Year Ended September 30, 2008		25.59	(0.13	)(a)	(5.24	)	(b	)	(5.37	)	—		(3.50	)	(3.50	)		16.72
Year Ended September 30, 2007		24.95	(0.04	)(a)	2.92		(b	)	2.88		—		(2.24	)	(2.24	)		25.59
Year Ended September 30, 2006		26.35	(0.11	)(a)	1.81		(b	)	1.70		—		(3.10	)	(3.10	)		24.95
Year Ended September 30, 2005		23.78	(0.12	)	3.64		(b	)	3.52		—		(0.95	)	(0.95	)		26.35
Class S
Six Months Ended March 31, 2010 (Unaudited)	$	13.56	(a	)(b)	0.88		(b	)	0.88		—		—		—		$	14.44
Year Ended September 30, 2009		17.12	0.01	(a)	(1.99	)	(b	)	(1.98	)	—		(1.58	)	(1.58	)		13.56
Year Ended September 30, 2008		26.09	(0.04	)(a)	(5.34	)	(b	)	(5.38	)	(0.09	)	(3.50	)	(3.59	)		17.12
Year Ended September 30, 2007		25.30	0.09	(a)	2.96		(b	)	3.05		(0.02	)	(2.24	)	(2.26	)		26.09
Year Ended September 30, 2006		26.56	0.02	(a)	1.82		(b	)	1.84		—		(3.10	)	(3.10	)		25.30
Year Ended September 30, 2005		23.85	(0.02	)	3.68		(b	)	3.66		—		(0.95	)	(0.95	)		26.56

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

See notes to financial statements.

46

FINANCIAL HIGHLIGHTS

RBC Enterprise Fund (cont.)

(Selected data for a share outstanding throughout the years indicated)

	Total Return*		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets	��	Ratio of Expenses to Average Net Assets**		Portfolio Turnover Rate***
Class A
Six Months Ended March 31, 2010 (Unaudited)	6.36	%(c)	$	2,750	1.33	%(d)	(0.32	%)(d)	1.73	%(d)	11	%
Year Ended September 30, 2009	(8.83	%)		3,320	1.33	%	(0.15	%)	2.01	%	20	%
Year Ended September 30, 2008	(23.07	%)		6,398	1.33	%	(0.43	%)	1.80	%	23	%
Year Ended September 30, 2007	12.40	%		18,933	1.33	%	0.09	%	1.80	%	22	%
Year Ended September 30, 2006	7.72	%		17,586	1.33	%	(1.17	%)	1.77	%	27	%
Year Ended September 30, 2005	15.34	%		12,856	1.33	%	(0.29	%)	1.88	%	33	%
Class I
Six Months Ended March 31, 2010 (Unaudited)	6.41	%(c)	$	26,114	1.08	%(d)	(0.07	%)(d)	1.48	%(d)	11	%
Year Ended September 30, 2009	(8.60	%)		25,543	1.08	%	0.06	%	1.50	%	20	%
Year Ended September 30, 2008	(22.82	%)		29,388	1.08	%	(0.19	%)	1.31	%	23	%
Year Ended September 30, 2007	12.62	%		43,096	1.08	%	0.35	%	1.30	%	22	%
Year Ended September 30, 2006	8.02	%		34,478	1.08	%	0.08	%	1.27	%	27	%
Year Ended September 30, 2005	15.61	%		29,554	1.08	%	(0.08	%)	1.36	%	33	%
Class C
Six Months Ended March 31, 2010 (Unaudited)	5.93	%(c)	$	663	2.08	%(d)	(1.08	%)(d)	2.48	%(d)	11	%
Year Ended September 30, 2009	(9.47	%)		778	2.08	%	(0.92	%)	2.50	%	20	%
Year Ended September 30, 2008	(23.61	%)		1,269	2.08	%	(1.19	%)	2.30	%	23	%
Year Ended September 30, 2007	11.50	%		2,356	2.08	%	(0.66	%)	2.30	%	22	%
Year Ended September 30, 2006	6.93	%		2,366	2.08	%	(0.86	%)	2.26	%	27	%
Year Ended September 30, 2005	14.43	%		801	2.08	%	(1.01	%)	2.39	%	33	%
Class R
Six Months Ended March 31, 2010 (Unaudited)	6.25	%(c)	$	41	1.57	%(d)	(0.57	%)(d)	1.97	%(d)	11	%
Year Ended September 30, 2009	(9.04	%)		42	1.57	%	(0.51	%)	1.98	%	20	%
Year Ended September 30, 2008	(23.23	%)		41	1.57	%	(0.70	%)	1.81	%	23	%
Year Ended September 30, 2007	12.06	%		53	1.58	%	(0.18	%)	1.80	%	22	%
Year Ended September 30, 2006	7.50	%		52	1.58	%	(0.44	%)	1.77	%	27	%
Year Ended September 30, 2005	15.01	%		59	1.58	%	(0.54	%)	1.88	%	33	%
Class S
Six Months Ended March 31, 2010 (Unaudited)	6.49	%(c)	$	115,357	1.08	%(d)	(0.07	%)(d)	1.48	%(d)	11	%
Year Ended September 30, 2009	(8.60	%)		117,009	1.08	%	0.08	%	1.51	%	20	%
Year Ended September 30, 2008	(22.83	%)		160,478	1.08	%	(0.19	%)	1.31	%	23	%
Year Ended September 30, 2007	12.62	%		281,867	1.08	%	0.33	%	1.30	%	22	%
Year Ended September 30, 2006	8.02	%		304,960	1.08	%	0.06	%	1.27	%	27	%
Year Ended September 30, 2005	15.57	%		327,641	1.08	%	(0.08	%)	1.36	%	33	%

* Excludes sales charge.

** During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

*** Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

(c) Not annualized.

(d) Annualized.

See notes to financial statements.

47

FINANCIAL HIGHLIGHTS

RBC Small Cap Core Fund

(Selected data for a share outstanding throughout the years indicated)

	Net Asset  Value, Beginning of Period		Investment Activities								Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)		Net Realized and Unrealized  Gains (Losses) on Investments		Redemption Fees		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions
Class A
Six Months Ended March 31, 2010 (Unaudited)	$	17.04	(0.05	)(a)	2.47		(b	)	2.42		—		—		—		$	19.46
Year Ended September 30, 2009		21.27	(0.03	)(a)	(2.17	)	(b	)	(2.20	)	—		(2.03	)	(2.03	)		17.04
Year Ended September 30, 2008		31.72	(0.17	)(a)	(4.79	)	(b	)	(4.96	)	—		(5.49	)	(5.49	)		21.27
Year Ended September 30, 2007		31.74	0.16	(a)	3.34		(b	)	3.50		(0.11	)	(3.41	)	(3.52	)		31.72
Year Ended September 30, 2006		32.96	(0.15	)(a)	4.03		(b	)	3.88		—		(5.10	)	(5.10	)		31.74
Year Ended September 30, 2005		32.59	(0.24	)	3.10		(b	)	2.86		—		(2.49	)	(2.49	)		32.96
Class C
Six Months Ended March 31, 2010 (Unaudited)	$	16.18	(0.11	)(a)	2.34		(b	)	2.23		—		—		—		$	18.41
Year Ended September 30, 2009		20.47	(0.13	)(a)	(2.13	)	(b	)	(2.26	)	—		(2.03	)	(2.03	)		16.18
Year Ended September 30, 2008		30.86	(0.34	)(a)	(4.56	)	(b	)	(4.90	)	—		(5.49	)	(5.49	)		20.47
Year Ended September 30, 2007		31.08	(0.12	)(a)	3.31		(b	)	3.19		—		(3.41	)	(3.41	)		30.86
Year Ended September 30, 2006		32.59	(0.38	)(a)	3.97		(b	)	3.59		—		(5.10	)	(5.10	)		31.08
Year Ended September 30, 2005		32.47	(0.24	)	2.85		(b	)	2.61		—		(2.49	)	(2.49	)		32.59
Class R
Six Months Ended March 31, 2010 (Unaudited)	$	16.81	(0.07	)(a)	2.44		(b	)	2.37		—		—		—		$	19.18
Year Ended September 30, 2009		21.06	(0.08	)(a)	(2.14	)	(b	)	(2.22	)	—		(2.03	)	(2.03	)		16.81
Year Ended September 30, 2008		31.44	(0.23	)(a)	(4.66	)	(b	)	(4.89	)	—		(5.49	)	(5.49	)		21.06
Year Ended September 30, 2007		31.50	0.07	(a)	3.32		(b	)	3.39		(0.04	)	(3.41	)	(3.45	)		31.44
Year Ended September 30, 2006		32.81	(0.23	)(a)	4.02		(b	)	3.79		—		(5.10	)	(5.10	)		31.50
Year Ended September 30, 2005		32.54	(0.28	)	3.04		(b	)	2.76		—		(2.49	)	(2.49	)		32.81
Class S
Six Months Ended March 31, 2010 (Unaudited)	$	17.35	(0.02	)(a)	2.51		(b	)	2.49		—		—		—		$	19.84
Year Ended September 30, 2009		21.55	0.01	(a)	(2.18	)	(b	)	(2.17	)	—		(2.03	)	(2.03	)		17.35
Year Ended September 30, 2008		31.94	(0.11	)(a)	(4.75	)	(b	)	(4.86	)	(0.04	)	(5.49	)	(5.53	)		21.55
Year Ended September 30, 2007		31.95	0.23	(a)	3.36		(b	)	3.59		(0.19	)	(3.41	)	(3.60	)		31.94
Year Ended September 30, 2006		33.06	(0.07	)(a)	4.06		(b	)	3.99		—		(5.10	)	(5.10	)		31.95
Year Ended September 30, 2005		32.62	(0.19	)	3.12		(b	)	2.93		—		(2.49	)	(2.49	)		33.06

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

See notes to financial statements.

48

FINANCIAL HIGHLIGHTS

RBC Small Cap Core Fund (cont.)

(Selected data for a share outstanding throughout the years indicated)

	Total Return*		Ratios/Supplemental Data								Portfolio Turnover Rate***
			Net Assets, End of Period (000’s)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets**
Class A
Six Months Ended March 31, 2010 (Unaudited)	14.20	%(c)	$	502	1.54	%(d)	(0.54	%)(d)	2.18	%(d)	14	%
Year Ended September 30, 2009	(7.07	%)		656	1.55	%	(0.20	%)	2.65	%	47	%
Year Ended September 30, 2008	(17.15	%)		1,046	1.54	%	(0.71	%)	2.27	%	47	%
Year Ended September 30, 2007	11.86	%		1,401	1.55	%	0.49	%	2.13	%	44	%
Year Ended September 30, 2006	13.85	%		2,382	1.55	%	(0.49	%)	2.15	%	35	%
Year Ended September 30, 2005	8.67	%		2,793	1.55	%	(0.77	%)	2.13	%	33	%
Class C
Six Months Ended March 31, 2010 (Unaudited)	13.78	%(c)	$	161	2.28	%(d)	(1.32	%)(d)	2.91	%(d)	14	%
Year Ended September 30, 2009	(7.70	%)		297	2.30	%	(0.96	%)	3.16	%	47	%
Year Ended September 30, 2008	(17.52	%)		384	2.29	%	(1.47	%)	2.76	%	47	%
Year Ended September 30, 2007	11.01	%		570	2.30	%	(0.41	%)	2.62	%	44	%
Year Ended September 30, 2006	13.01	%		366	2.30	%	(1.24	%)	2.65	%	35	%
Year Ended September 30, 2005	7.89	%		473	2.30	%	(1.47	%)	2.64	%	33	%
Class R
Six Months Ended March 31, 2010 (Unaudited)	14.10	%(c)	$	39	1.80	%(d)	(0.77	%)(d)	2.43	%(d)	14	%
Year Ended September 30, 2009	(7.25	%)		26	1.79	%	(0.56	%)	2.65	%	47	%
Year Ended September 30, 2008	(17.07	%)		11	1.79	%	(0.96	%)	2.26	%	47	%
Year Ended September 30, 2007	11.52	%		16	1.80	%	0.21	%	2.12	%	44	%
Year Ended September 30, 2006	13.61	%		15	1.80	%	(0.73	%)	2.15	%	35	%
Year Ended September 30, 2005	8.36	%		18	1.80	%	(1.01	%)	2.15	%	33	%
Class S
Six Months Ended March 31, 2010 (Unaudited)	14.35	%(c)	$	48,200	1.30	%(d)	(0.27	%)(d)	1.94	%(d)	14	%
Year Ended September 30, 2009	(6.81	%)		40,205	1.30	%	0.04	%	2.16	%	47	%
Year Ended September 30, 2008	(16.68	%)		45,905	1.29	%	(0.46	%)	1.76	%	47	%
Year Ended September 30, 2007	12.10	%		65,771	1.30	%	0.70	%	1.62	%	44	%
Year Ended September 30, 2006	14.18	%		64,750	1.30	%	(0.22	%)	1.65	%	35	%
Year Ended September 30, 2005	8.89	%		68,071	1.30	%	(0.53	%)	1.63	%	33	%

* Excludes sales charge.

** During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

*** Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

(c) Not annualized.

(d) Annualized.

See notes to financial statements.

49

FINANCIAL HIGHLIGHTS

RBC Microcap Value Fund

(Selected data for a share outstanding throughout the years indicated)

	Net Asset  Value, Beginning of Period		Investment Activities								Distributions						Net Asset Value, End of Period
			Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Redemption Fees		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions
Class A
Six Months Ended March 31, 2010 (Unaudited)	$	13.15	(a	)(b)	1.70		(b	)	1.70		(0.02	)	—		(0.02	)	$	14.83
Year Ended September 30, 2009		16.38	0.05	(a)	(2.30	)	(b	)	(2.25	)	(0.03	)	(0.95	)	(0.98	)		13.15
Year Ended September 30, 2008		22.34	0.05	(a)	(4.49	)	(b	)	(4.44	)	(0.02	)	(1.50	)	(1.52	)		16.38
Year Ended September 30, 2007		22.17	0.03	(a)	1.68		(b	)	1.71		—		(1.54	)	(1.54	)		22.34
Year Ended September 30, 2006		21.52	0.00	(a)	2.53		(b	)	2.53		(0.04	)	(1.84	)	(1.88	)		22.17
Year Ended September 30, 2005		18.83	0.07		3.57		(b	)	3.64		(0.15	)	(0.80	)	(0.95	)		21.52
Class C
Six Months Ended March 31, 2010 (Unaudited)	$	12.64	(0.04	)(a)	1.62		(b	)	1.58		—		—		—		$	14.22
Year Ended September 30, 2009		15.86	(0.03	)(a)	(2.24	)	(b	)	(2.27	)	—		(0.95	)	(0.95	)		12.64
Year Ended September 30, 2008		21.82	(0.08	)(a)	(4.38	)	(b	)	(4.46	)	—		(1.50	)	(1.50	)		15.86
Year Ended September 30, 2007		21.84	(0.13	)(a)	1.65		(b	)	1.52		—		(1.54	)	(1.54	)		21.82
Year Ended September 30, 2006		21.33	(0.16	)(a)	2.51		(b	)	2.35		—		(1.84	)	(1.84	)		21.84
Year Ended September 30, 2005		18.77	(0.08	)	3.54		(b	)	3.46		(0.10	)	(0.80	)	(0.90	)		21.33
Class R
Six Months Ended March 31, 2010 (Unaudited)	$	13.03	(0.03	)(a)	1.70		(b	)	1.67		—		—		—		$	14.70
Year Ended September 30, 2009		16.26	0.04	(a)	(2.30	)	(b	)	(2.26	)	(0.02	)	(0.95	)	(0.97	)		13.03
Year Ended September 30, 2008		22.21	0.01	(a)	(4.46	)	(b	)	(4.45	)	—		(1.50	)	(1.50	)		16.26
Year Ended September 30, 2007		22.11	(0.02	)(a)	1.66		(b	)	1.64		—		(1.54	)	(1.54	)		22.21
Year Ended September 30, 2006		21.47	(0.06	)(a)	2.54		(b	)	2.48		—		(1.84	)	(1.84	)		22.11
Year Ended September 30, 2005		18.81	(0.03	)	3.60		(b	)	3.57		(0.11	)	(0.80	)	(0.91	)		21.47
Class S
Six Months Ended March 31, 2010 (Unaudited)	$	13.19	0.02	(a)	1.69		(b	)	1.71		(0.06	)	—		(0.06	)	$	14.84
Year Ended September 30, 2009		16.47	0.08	(a)	(2.32	)	(b	)	(2.24	)	(0.09	)	(0.95	)	(1.04	)		13.19
Year Ended September 30, 2008		22.47	0.10	(a)	(4.52	)	(b	)	(4.42	)	(0.08	)	(1.50	)	(1.58	)		16.47
Year Ended September 30, 2007		22.27	0.09	(a)	1.68		(b	)	1.77		(0.03	)	(1.54	)	(1.57	)		22.47
Year Ended September 30, 2006		21.59	0.05	(a)	2.55		(b	)	2.60		(0.08	)	(1.84	)	(1.92	)		22.27
Year Ended September 30, 2005		18.86	0.04		3.65		(b	)	3.69		(0.16	)	(0.80	)	(0.96	)		21.59

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

See notes to financial statements.

50

FINANCIAL HIGHLIGHTS

RBC Microcap Value Fund (cont.)

(Selected data for a share outstanding throughout the years indicated)

	Total Return*		Ratios/Supplemental Data
			Net Assets, End of Period (000’s)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets**		Portfolio Turnover Rate***
Class A
Six Months Ended March 31, 2010 (Unaudited)	12.95	%(c)	$	7,750	1.32	%(d)	0.05	%(d)	1.62	%(d)	3	%
Year Ended September 30, 2009	(11.74	%)		8,358	1.32	%	0.50	%	1.87	%	17	%
Year Ended September 30, 2008	(20.74	%)		19,641	1.31	%	0.29	%	1.74	%	18	%
Year Ended September 30, 2007	7.68	%		43,004	1.32	%	0.14	%	1.78	%	17	%
Year Ended September 30, 2006	12.67	%		29,186	1.33	%	0.01	%	1.74	%	20	%
Year Ended September 30, 2005	19.62	%		10,328	1.33	%	(0.04	%)	1.73	%	8	%
Class C
Six Months Ended March 31, 2010 (Unaudited)	12.50	%(c)	$	1,041	2.07	%(d)	(0.70	%)(d)	2.37	%(d)	3	%
Year Ended September 30, 2009	(12.36	%)		1,124	2.07	%	(0.25	%)	2.37	%	17	%
Year Ended September 30, 2008	(21.34	%)		1,723	2.06	%	(0.45	%)	2.23	%	18	%
Year Ended September 30, 2007	6.89	%		3,981	2.07	%	(0.60	%)	2.28	%	17	%
Year Ended September 30, 2006	11.86	%		2,073	2.08	%	(0.73	%)	2.25	%	20	%
Year Ended September 30, 2005	18.72	%		506	2.08	%	(0.77	%)	2.22	%	8	%
Class R
Six Months Ended March 31, 2010 (Unaudited)	12.82	%(c)	$	434	1.58	%(d)	(0.42	%)(d)	1.88	%(d)	3	%
Year Ended September 30, 2009	(11.95	%)		87	1.56	%	0.38	%	1.88	%	17	%
Year Ended September 30, 2008	(20.93	%)		578	1.57	%	0.06	%	1.77	%	18	%
Year Ended September 30, 2007	7.42	%		532	1.57	%	(0.08	%)	1.78	%	17	%
Year Ended September 30, 2006	12.42	%		164	1.59	%	(0.27	%)	1.73	%	20	%
Year Ended September 30, 2005	19.27	%		143	1.57	%	(0.27	%)	1.72	%	8	%
Class S
Six Months Ended March 31, 2010 (Unaudited)	13.01	%(c)	$	171,924	1.07	%(d)	0.29	%(d)	1.37	%(d)	3	%
Year Ended September 30, 2009	(11.47	%)		162,465	1.07	%	0.76	%	1.37	%	17	%
Year Ended September 30, 2008	(20.53	%)		261,041	1.07	%	0.56	%	1.26	%	18	%
Year Ended September 30, 2007	7.95	%		318,947	1.07	%	0.39	%	1.27	%	17	%
Year Ended September 30, 2006	12.97	%		261,594	1.09	%	0.24	%	1.23	%	20	%
Year Ended September 30, 2005	19.89	%		232,912	1.07	%	0.23	%	1.22	%	8	%

* Excludes sales charge.

** During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

*** Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

(c) Not annualized.

(d) Annualized.

See notes to financial statements.

51

FINANCIAL HIGHLIGHTS

RBC Mid Cap Value Fund

(Selected data for a share outstanding throughout the years indicated)

Net Asset Value, Beginning of Period

Investment Activities

Distributions

Net Asset Value, End of Period

Net Investment Income/(Loss)

Net Realized and Unrealized Gains (Losses) on Investments

Redemption Fees

Total from Investment Activities

Net Investment Income

Net Realized Gains

Total Distributions

Class I

Period Ended March 31, 2010 (Unaudited)(a)

$

10.00

(b

)(c)

0.76

(c

)

0.76

—

—

—

$

10.76

(a) For the period from December 31, 2009 (commencement of operations) to March 31, 2010.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Less than $0.01 or $(0.01) per share.

See notes to financial statements.

52

FINANCIAL HIGHLIGHTS

RBC Mid Cap Value Fund (cont.)

(Selected data for a share outstanding throughout the years indicated)

Total Return*

Ratios/Supplemental Data

Net Assets, End of Period (000’s)

Ratio of Net Expenses to Average Net Assets

Ratio of Net Investment Income (Loss) to Average Net Assets

Ratio of Expenses to Average Net Assets**

Portfolio Turnover Rate***

Class I

Period Ended March 31, 2010 (Unaudited)(a)

8.69

%(d)

$

1,629

0.90

%(e)

0.04

%(e)

18.21

%(e)

73

%

* Excludes sales charge.

** During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

*** Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

(a) For the period from December 31, 2009 (commencement of operations) to March 31, 2010.

(d) Not annualized.

(e) Annualized.

See notes to financial statements.

53

NOTES TO FINANCIAL STATEMENTS

March 31, 2010

1.Organization

RBC Funds Trust (“the Trust”) is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003. Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This semi-annual report includes the following five investment portfolios (“Funds”):

- RBC Mid Cap Growth Fund (“Mid Cap Growth Fund”)

- RBC Enterprise Fund (“Enterprise Fund”)

- RBC Small Cap Core Fund (“Small Cap Core Fund”)

- RBC Microcap Value Fund (“Microcap Value Fund”)

- RBC Mid Cap Value Fund (“Mid Cap Value Fund”)

The Mid Cap Growth and Enterprise Funds offer five share classes: Class A, Class C, Class R, Class I and Class S shares. The Small Cap Core and Microcap Value Funds offer four share classes: Class A, Class C, Class R and Class S shares. The Mid Cap Value Fund offers Class I shares. Class A shares are offered with a 5.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class C shares are offered at net asset value (i.e. no front-end sales charge), but are subject to a CDSC of 1.00% for redemptions within 12 months of purchase. Class R shares (available to certain 401(k) and other employer-sponsored retirement plans), Class I shares (intended for investors meeting certain investment minimum thresholds) and Class S shares are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. (“RBC GAM (US)”) (formerly known as Voyageur Asset Management Inc.) acts as the investment advisor for the Funds. The officers of the Trust (“Fund Management”) are also employees of RBC GAM (US) or its affiliates or of PNC Global Investment Servicing (U.S.) Inc. (“PNC”).

2. Significant Accounting Policies

Summarized below are the significant accounting policies of the Funds. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund Management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange.

Security Valuation:

Equity securities are generally valued on the basis of prices furnished by pricing services approved by the Trust’s Board of Trustees (the “Board”). Equity securities traded on one or more U.S. exchanges shall be valued at the last available quoted sale price on the primary trading exchange as of the valuation time. Valuation time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time). If there was no sale on the primary exchange on the day the net asset value is calculated, the most recent bid quotation generally will be used. In cases where neither closing prices nor bid prices are available, or where those prices do not accurately reflect the value of the security, a security will be valued in accordance with the Funds’ approved pricing and valuation procedures to determine a security’s fair value. These procedures are also used to determine the fair value of a security if a significant event occurs that materially affects the value of the security. Investments in open-end investment companies are valued at net asset value. Short-term securities with less than 60 days to maturity at time of purchase are valued at amortized cost.

54

NOTES TO FINANCIAL STATEMENTS

Fair Value Measurements:

Various input levels are used in determining the fair value of investments which are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active.

• Level 3 - Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair value of the Fund’s investments as of March 31, 2010 is as follows:

Funds	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Investments in Securities
Mid Cap Growth Fund	$	60,906,964	(a)	$	—		$	—	$	60,906,964
Enterprise Fund		145,139,597	(a)		—			—		145,139,597
Small Cap Core Fund		49,207,675	(a)		—			—		49,207,675
Microcap Value Fund		181,143,441	(a)		238,175	(b)		—		181,381,616
Mid Cap Value Fund		1,593,684	(a)		—			—		1,593,684

(a) The breakdown of the Fund’s investments into major categories is disclosed in the Schedules of Portfolio Investments.

(b) Represents a security held in the consumer discretionary category of the Schedule of Portfolio Investments.

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Microcap Value  Fund (Common Stocks-Energy)
Balance as of 09/30/09 (value)	$	—
Transfers in		34,510
Change in unrealized (depreciation) *		(34,510	)
Balance as of 3/31/10 (value)	$	—

* Net change in unrealized appreciation/(depreciation) in level 3 securities still held at March 31, 2010.

The Funds did not have any liabilities that were measured at fair value on a recurring basis at March 31, 2010.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “Improving Disclosures about Fair Value Measurements” that requires additional disclosures regarding fair value measurements. Certain required disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, and other required disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact it will have on its financial statement disclosures.

55

NOTES TO FINANCIAL STATEMENTS

Repurchase Agreements:

The Funds may enter into repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks (as measured by domestic deposits) who are deemed creditworthy under guidelines approved by the Board. These repurchase agreements are subject to the seller’s agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Funds plus interest negotiated on the basis of current short-term rates.

Securities pledged as collateral for repurchase agreements are held by U.S. Bank N.A. the Funds’ custodian bank until maturity of the repurchase agreement. The Funds have procedures to secure additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the repurchase agreement in the event of a default. There were no Repurchase Agreements held at March 31, 2010.

Investment Transactions and Income:

Investment transactions are recorded on one business day after trade date, except on the last day of each fiscal quarter end, when they are recorded on trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the cost of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.

Expense, Investment Income and Gain/Loss Allocation:

Each Fund pays the expenses that are directly related to its operations, such as custodian fees or adviser fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds either proportionately based upon each Fund’s relative net assets or using another reasonable basis such as equally across all Funds, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.

Real Estate Investment Trusts:

The Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Distributions to Shareholders:

Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends and capital gains on each Fund are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g., net operating loss, foreign currency transactions, distribution redesignations and prior year spillbacks), they are reclassified within a Fund’s capital accounts based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights.

56

NOTES TO FINANCIAL STATEMENTS

3. Agreements and Other Transactions with Affiliates

The Trust has entered into investment advisory agreements with RBC GAM (US) under which RBC GAM (US) manages each Fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreements require each Fund to pay RBC GAM (US) a monthly fee based upon average daily net assets. Under the terms of the advisory contracts, RBC GAM (US) is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:

	Average Daily Net Assets of Fund	Annual Rate
Mid Cap Growth Fund	All Net Assets	0.70	%
Enterprise Fund	Up to $30 million	1.40	%
	Over $30 million	0.90	%
Small Cap Core Fund	Up to $30 million	1.40	%
	Over $30 million	0.90	%
Microcap Value Fund	All Net Assets	0.90	%
Mid Cap Value Fund	All Net Assets	0.70	%

RBC GAM (US) has contractually agreed to waive fees and/or make payments in order to keep total operating expenses of the Class S shares of each Fund and Class I shares of each Fund (except Small Cap Core Fund and Microcap Value Fund, which do not offer Class I shares) to the following levels. This expense limitation agreement is in place until January 31, 2011.

	Annual Rate
Mid Cap Growth Fund	1.10	%
Enterprise Fund	1.08	%
Small Cap Core Fund	1.30	%
Microcap Value Fund	1.07	%
Mid Cap Value Fund	0.90	%

Classes A, C, and R vary from these limits only by the addition of class-specific 12b-1 fees. Each Fund will carry forward, for a period not to exceed 12 months from the date on which a waiver or reimbursement is made by RBC GAM (US), any expenses in excess of the expense limitation and repay RBC GAM (US) such amounts, provided the Fund is able to effect such repayment and remain in compliance with the expense limitation stated above. At March 31, 2010, the amounts subject to possible recoupment under the expense limitation agreement are $189,775, $517,119, $285,158, $419,623 and $66,430 for Mid Cap Growth Fund, Enterprise Fund, Small Cap Core Fund, Microcap Value Fund and Mid Cap Value Fund respectively.

RBC GAM (US) may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice.

RBC GAM (US) serves as co-administrator to the Funds. PNC serves as co-administrator and fund accounting agent. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, RBC GAM (US) receives from each Fund a fee, payable monthly, at the annual rate of 0.075% of each Fund’s average daily net assets. PNC receives a fee for its services payable by the Funds based on the Funds’ average net assets. RBC GAM (US)’s fee is listed as “Administration fees” in the Statements of Operations. PNC’s fee is included with “Accounting fees” in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the adviser or the administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The RBC Funds currently pay the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the adviser, administrator or distributor) an annual retainer of $30,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $5,000 for each in-person Board meeting attended, a meeting fee of $1,000 for each telephonic or Special Board meeting attended, and a $1,000 fee for each Board committee meeting attended and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings.

57

NOTES TO FINANCIAL STATEMENTS

4. Fund Distribution

Each of the Funds has adopted a Master Distribution 12b-1 Plan (the “Plan”) in which Tamarack Distributors Inc. (through February 15, 2010), and Quasar Distributors LLC (effective February 16, 2010) (the “Distributor”) acts as the Funds’ distributor. Tamarack Distributors, Inc. was an affiliate of RBC GAM (US). Quasar Distributors LLC is unaffiliated. The Plan permits each Fund to make payments for or to reimburse the Distributor monthly for distribution-related costs and expenses of marketing shares of each share class covered under the Plan; and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class.

	Class A		Class C		Class R
12b-1 Plan Fee	0.25	%	1.00	%	0.50	%

Plan fees are based on average daily net assets of the applicable class. Up to 0.25% of each Plan fee may be designated as a Service Fee, as defined by the applicable rules of the Financial Industry Regulatory Authority. The Distributor, subject to applicable legal requirements, may waive a Plan fee voluntarily, in whole or in part.

For the six months ended March 31, 2010, Tamarack Distributors, Inc. received commissions of $557 from front-end sales charges of Class A shares of the Funds, of which $180 was paid to affiliated broker-dealers, and Quasar Distributors LLC received commissions of $327 from front-end sales charges of Class A shares of the Funds, of which $130 was paid to affiliated broker-dealers, and the remainder was either paid to unaffiliated broker-dealers or retained by the Distributors.

Quasar Distributors LLC also received $12 from CDSC fees from Class C shares of the Funds. The Distributors received no CDSC fees from Class A shares of the Funds during the six months ended March 31, 2010.

5. Securities Transactions

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the six months ended March 31, 2010 were as follows:

	Purchases		Sales
Mid Cap Growth Fund	$	48,940,940	$	58,389,508
Enterprise Fund		14,824,668		24,695,937
Small Cap Core Fund		7,554,817		5,607,979
Microcap Value Fund		5,623,251		16,315,015
Mid Cap Value Fund		2,272,137		820,507

Within the guidelines established by the Funds to always seek best execution when entering into portfolio transactions, certain of the Funds use directed brokerage transactions through LJR Recapture Services (“LJR”) and its correspondent brokers. A portion of the commissions paid for portfolio transactions under this program are reimbursed to the Funds and are recorded as net realized gains from investment transactions in the financial statements.

58

NOTES TO FINANCIAL STATEMENTS

6. Capital Share Transactions

The Trust is authorized to issue an unlimited number of shares of beneficial interest (“shares outstanding”) without par value. Transactions in shares of the Funds are summarized on the following pages:

	Mid Cap Growth Fund						Enterprise Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	475,687		$	1,124,337		$	61,001		$	129,212
Distributions reinvested		—			200,982			—			447,890
Cost of shares redeemed		(925,229	)		(3,925,430	)		(795,298	)		(2,033,733	)
Change in Class A	$	(449,542	)	$	(2,600,111	)	$	(734,297	)	$	(1,456,631	)
Class I
Proceeds from shares issued	$	2,444,853		$	10,903,862		$	1,046,968		$	2,115,474
Distributions reinvested		—			479,097			—			2,634,071
Cost of shares redeemed		(10,161,496	)		(23,718,249	)		(2,039,578	)		(3,145,900	)
Change in Class I	$	(7,716,643	)	$	(12,335,290	)	$	(992,610	)	$	1,603,645
Class C
Proceeds from shares issued	$	—		$	999		$	2,467		$	73,450
Distributions reinvested		—			1,093			—			104,090
Cost of shares redeemed		(44,116	)		(15,169	)		(151,475	)		(393,832	)
Change in Class C	$	(44,116	)	$	(13,077	)	$	(149,008	)	$	(216,292	)
Class R
Proceeds from shares issued	$	85		$	11,802		$	434		$	13,878
Distributions reinvested		—			77			—			694
Cost of shares redeemed		(1	)		(3,271	)		(2,981	)		(10,625	)
Change in Class R	$	84		$	8,608		$	(2,547	)	$	3,947
Class S
Proceeds from shares issued	$	48,647		$	323,104		$	300,323		$	4,569,044
Distributions reinvested					11,859			—			13,306,251
Cost of shares redeemed		(5,910	)		(168,606	)		(8,876,891	)		(26,234,084	)
Change in Class S	$	42,737		$	166,357		$	(8,576,568	)	$	(8,358,789	)
Change in net assets resulting from capital transactions	$	(8,167,480	)	$	(14,773,513	)	$	(10,455,030	)	$	(8,424,120	)
SHARE TRANSACTIONS:
Class A
Issued		49,535			157,679			4,544			10,991
Reinvested		—			29,383			—			44,214
Redeemed		(100,370	)		(507,416	)		(59,472	)		(184,327	)
Change in Class A		(50,835	)		(320,354	)		(54,928	)		(129,122	)
Class I
Issued		246,619			1,396,055			77,530			193,198
Reinvested		—			67,384			—			256,732
Redeemed		(1,068,836	)		(2,906,050	)		(152,437	)		(282,883	)
Change in Class I		(822,217	)		(1,442,611	)		(74,907	)		167,047

59

NOTES TO FINANCIAL STATEMENTS

	Mid Cap Growth Fund						Enterprise Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)						(Unaudited)
(cont)
Class C
Issued		—			151			199			7,560
Reinvested		—			166			—			10,809
Redeemed		(5,044	)		(1,965	)		(12,256	)		(34,862	)
Change in Class C		(5,044	)		(1,648	)		(12,057	)		(16,493	)
Class R
Issued		9			1,757			34			1,576
Reinvested		—			11			—			70
Redeemed		—			(461	)		(225	)		(940	)
Change in Class R		9			1,307			(191	)		706
Class S
Issued		4,916			39,023			22,100			387,721
Reinvested					1,666			—			1,298,171
Redeemed		(619	)		(20,114	)		(660,433	)		(2,430,392	)
Change in Class S		4,297			20,575			(638,333	)		(744,500	)
Change in shares resulting from capital transactions		(873,790	)		(1,742,731	)		(780,416	)		(722,362	)
	Small Cap Core Fund						Microcap Value Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,706		$	90,664		$	154,883		$	905,750
Distributions reinvested		—			69,291			8,407			629,432
Cost of shares redeemed		(234,854	)		(314,173	)		(1,667,977	)		(7,457,672	)
Change in Class A	$	(222,148	)	$	(154,218	)	$	(1,504,687	)	$	(5,922,490	)
Class I
Proceeds from shares issued	$	—		$	12,932		$	—		$	—
Distributions reinvested		—			7,995			—			—
Cost of shares redeemed		—			(62,528	)		—			—
Change in Class I	$	—		$	(41,601	)	$	—		$	—
Class C
Proceeds from shares issued	$	—		$	18,057		$	27,149		$	61,996
Distributions reinvested		—			36,301			—			88,784
Cost of shares redeemed		(160,974	)		(65,101	)		(227,574	)		(355,759	)
Change in Class C	$	(160,974	)	$	(10,743	)	$	(200,425	)	$	(204,979	)
Class R
Proceeds from shares issued	$	9,719		$	12,880		$	313,934		$	136,538
Distributions reinvested		—			358			—			35,127
Cost of shares redeemed		(1,033	)		(2,080	)		(7,221	)		(514,658	)
Change in Class R	$	8,686		$	11,158		$	306,713		$	(342,993	)

60

NOTES TO FINANCIAL STATEMENTS

	Small Cap Core Fund						Microcap Value Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009			For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)						(Unaudited)
(cont)
Class S
Proceeds from shares issued	$	4,514,595		$	2,192,792		$	17,574,861		$	62,256,861
Distributions reinvested		—			3,985,782			646,738			13,534,444
Cost of shares redeemed		(2,349,609	)		(4,317,013	)		(27,194,683	)		(119,637,116	)
Change in Class S	$	2,164,986		$	1,861,561		$	(8,973,084	)	$	(43,845,811	)
Change in net assets resulting from capital transactions	$	1,790,550		$	1,666,157		$	(10,371,483	)	$	(50,316,273	)
SHARE TRANSACTIONS:
Class A
Issued		732			6,602			11,664			86,004
Reinvested		—			5,473			636			63,644
Redeemed		(13,423	)		(22,761	)		(125,138	)		(713,282	)
Change in Class A		(12,691	)		(10,686	)		(112,838	)		(563,634	)
Class I
Issued		—			928			—			—
Reinvested		—			622			—			—
Redeemed		—			(5,497	)		—			—
Change in Class I		—			(3,947	)		—			—
Class C
Issued		—			1,421			2,023			5,751
Reinvested		—			3,005			—			9,297
Redeemed		(9,649	)		(4,793	)		(17,760	)		(34,791	)
Change in Class C		(9,649	)		(367	)		(15,737	)		(19,743	)
Class R
Issued		536			1,194			23,369			13,272
Reinvested		—			28			—			3,581
Redeemed		(62	)		(205	)		(539	)		(45,703	)
Change in Class R		474			1,017			22,830			(28,850	)
Class S
Issued		241,369			178,699			1,237,396			5,935,929
Reinvested		—			309,936			48,958			1,368,498
Redeemed		(129,045	)		(302,059	)		(2,023,283	)		(10,833,412	)
Change in Class S		112,324			186,576			(736,929	)		(3,528,985	)
Change in shares resulting from capital transactions		90,458			172,593			(842,674	)		(4,141,212	)

61

NOTES TO FINANCIAL STATEMENTS

	Mid Cap Value Fund
	For the Period Ended March 31, 2010(a)
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	1,515,000
Distributions reinvested		—
Cost of shares redeemed		—
Change in net assets resulting from capital transactions	$	1,515,000
SHARE TRANSACTIONS:
Class I
Issued		151,438
Redeemed		—
Change in shares resulting from capital transactions		151,438

(a) For the period from December 31, 2009 (commencement of operations) to March 31, 2010.

7. Federal Income Taxes

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of March 31, 2010, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) which have been adjusted to reflect wash sales for each Fund were as follows:

	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid Cap Growth Fund	$	53,101,433	$	9,710,097	$	(1,904,566	)	$	7,805,531
Enterprise Fund		134,491,429		34,782,296		(24,134,127	)		10,648,169
Small Cap Core Fund		38,214,840		14,326,856		(3,334,020	)		10,992,836
Microcap Value Fund		212,139,956		32,260,941		(63,019,281	)		(30,758,340	)
Mid Cap Value Fund		1,516,134		98,613		(21,063	)		77,550

62

NOTES TO FINANCIAL STATEMENTS

The tax character of distributions during the fiscal year ended September 30, 2009 was as follows:

	Distributions Paid From
	Ordinary Income		Net Long Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
Mid Cap Growth Fund	$	—	$	696,483	$	696,483	$	696,483
Enterprise Fund		—		17,278,183		17,278,183		17,278,183
Small Cap Core Fund		—		4,245,861		4,245,861		4,245,861
Microcap Value Fund		1,990,394		13,105,436		15,095,830		15,095,830

The tax basis of components of accumulated earnings/(losses) and tax character of distributions are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2010.

As of September 30, 2009, the Funds had capital loss carryforwards for federal income tax purposes as follows:

	Capital Loss Carryforward		Expires
Mid Cap Growth Fund	$	1,284,433	2017
Enterprise Fund		81,333	2017
Small Cap Core Fund		547,840	2017
Microcap Value Fund		1,092,919	2017

8. Market Timing

The Trust strongly discourages attempts at market timing by Fund shareholders. Each Fund charges a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase, in addition to limiting the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee is deducted from the redemption proceeds and retained by the Fund, not by the Adviser. This redemption fee is not charged in cases where, for example, the redemption results from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. The Trust also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Funds’ prospectus contains a full description of the Trust’s policies on market timing and/or excessive trading. The redemption fee is recorded as a credit to capital and is included in the capital transactions on the statement of changes in net assets.

During the six months ended March 31, 2010, the redemption fees collected by each Fund were as follows:

	Redemption Fees
Mid Cap Growth Fund	$	448
Enterprise Fund		12
Microcap Value Fund		83

9. Soft Dollars

The term soft dollars generally refers to arrangements in which services other than trade execution are received from a broker-dealer. Federal securities laws permit a fund advisor to incur commission charges on behalf of a Fund that are higher than another broker dealer would have charged if the advisor believes the charges are reasonable in relation to the brokerage and research services received. RBC GAM (US) has a fiduciary duty to the shareholders of the Funds to seek the best execution price for all of the Funds’ securities transactions. Fund management believes that using soft dollars to purchase brokerage and research services may, in certain cases, be in a Fund’s best interest. As of March 31, 2010, certain of the Funds used soft dollar arrangements on a limited basis. Fund management continues to closely monitor its current use of soft dollars, in addition to regulatory developments in this area for any possible impact on Fund policies.

63

NOTES TO FINANCIAL STATEMENTS

10. Subsequent Events

Management has evaluated the impact of subsequent events of the Funds and has determined that there are no subsequent events that require recognition or disclosure in the financial statements.

64

SHARE CLASS INFORMATION (UNAUDITED)

The RBC Equity Funds offer up to five share classes. These five share classes are the A, C, R, I, and S classes.

Class A

Class A shares are available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class A shares of the Funds are currently subject to a maximum up-front sales charge of 5.75% and a 1.00% CDSC for redemption within 12 months of a $1 million or greater purchase. Class A shares currently include a 0.25% (25 bps) annual 12b-1 service and distribution fee. Class A shares have a higher up-front sales charge (load) than Class C shares, but a lower annual expense ratio.

Class C

Class C shares are also available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class C shares redeemed within 12 months of purchase are subject to a CDSC of 1.00%. (No CDSC will be charged on shares acquired through reinvestment of dividends or capital gains.) C Class shares expenses include a 1.00% (100 bps) annual 12b-1 service and distribution fee. Class C shares have a lower up-front sales charge (load) than Class A shares, but due to the higher service and distribution fee, have higher annual expenses than A Class shares.

Class R

Class R shares are available for purchase through employer-sponsored or 401(k) retirement plans for which omnibus or program-level accounts are held on the books of the Funds. Class R shares have no up-front sales charge (load), but are subject to a 0.50% (50 bps) 12b-1 service and distribution fee. Class R shares currently have annual expenses between Class A and Class C share expenses.

Class S

Class S shares are available to investors purchasing shares directly through the Fund or its agent, BFDS, or through certain fee-based programs of broker-dealers or registered investment advisors. This share class does not have an up-front sales charge (load) or a 12b-1 service and distribution fee.

Class I

Class I shares are available in the Mid Cap Growth, Enterprise and Mid Cap Value Funds. This share class is intended for investors meeting certain minimum investment thresholds. This share class does not have an up-front sales charge (load) or a 12b-1 service and distribution fee.

For an investor purchasing RBC Funds shares through a financial services intermediary, the question as to which share class, A or C, is the better choice is dependent on many factors, including the amount to be invested and the length of time an investor anticipates holding the shares. An investor should consult with his or her financial advisor about his or her personal financial situation to determine which share class is the best choice for his or her individual situation.

65

SUPPLEMENTAL INFORMATION (UNAUDITED)

Shareholder Expense Examples

As a shareholder of the RBC Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) and (2) ongoing costs, including management fees; 12b-1 distribution and service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the RBC Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2009 through March 31, 2010.

Actual Expenses and Performance

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Mid Cap Growth Fund	Class A	$	1,000.00	$	1,142.90	$	7.21	1.35	%
	Class I		1,000.00		1,144.60		5.88	1.10	%
	Class C		1,000.00		1,137.70		11.14	2.09	%
	Class R		1,000.00		1,141.60		8.49	1.59	%
	Class S		1,000.00		1,143.30		5.88	1.10	%
Enterprise Fund	Class A		1,000.00		1,063.60		6.84	1.33	%
	Class I		1,000.00		1,064.10		5.56	1.08	%
	Class C		1,000.00		1,059.30		10.68	2.08	%
	Class R		1,000.00		1,062.50		8.07	1.57	%
	Class S		1,000.00		1,064.90		5.56	1.08	%
Small Cap Core Fund	Class A		1,000.00		1,142.00		8.22	1.54	%
	Class C		1,000.00		1,137.80		12.15	2.28	%
	Class R		1,000.00		1,141.00		9.61	1.80	%
	Class S		1,000.00		1,143.50		6.95	1.30	%
Microcap Value Fund	Class A		1,000.00		1,129.50		7.01	1.32	%
	Class C		1,000.00		1,125.00		10.97	2.07	%
	Class R		1,000.00		1,128.20		8.38	1.58	%
	Class S		1,000.00		1,130.10		5.68	1.07	%
Mid Cap Value Fund**	Class I		1,000.00		1,076.00		2.33	0.90	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/365 (to reflect one-half year period).

** For the period from December 31, 2009 (date of inception) to March 31, 2010

66

SUPPLEMENTAL INFORMATION (UNAUDITED)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each RBC Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Mid Cap Growth Fund	Class A	$	1,000.00	$	1,018.20	$	6.79	1.35	%
	Class I		1,000.00		1,019.45		5.54	1.10	%
	Class C		1,000.00		1,014.51		10.50	2.09	%
	Class R		1,000.00		1,017.00		8.00	1.59	%
	Class S		1,000.00		1,019.45		5.54	1.10	%
Enterprise Fund	Class A		1,000.00		1,018.30		6.69	1.33	%
	Class I		1,000.00		1,019.55		5.44	1.08	%
	Class C		1,000.00		1,014.56		10.45	2.08	%
	Class R		1,000.00		1,017.10		7.90	1.57	%
	Class S		1,000.00		1,019.55		5.44	1.08	%
Small Cap Core Fund	Class A		1,000.00		1,017.25		7.75	1.54	%
	Class C		1,000.00		1,013.56		11.45	2.28	%
	Class R		1,000.00		1,015.96		9.05	1.80	%
	Class S		1,000.00		1,018.45		6.54	1.30	%
Microcap Value Fund	Class A		1,000.00		1,018.35		6.64	1.32	%
	Class C		1,000.00		1,014.61		10.40	2.07	%
	Class R		1,000.00		1,017.05		7.95	1.58	%
	Class S		1,000.00		1,019.60		5.39	1.07	%
Mid Cap Value Fund**	Class I		1,000.00		1,010.22		2.26	0.90	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/365 (to reflect one-half year period).

** For the period from December 31, 2009 (date of inception) to March 31, 2010

67

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)

Information for RBC Mid Cap Value Fund Shareholders Regarding Approval of Investment Advisory Agreement

In December, 2009, the Board of Trustees of RBC Funds Trust (the “Trust”) approved the investment advisory agreement (“Agreement”) between the Trust and the Advisor for the new RBC Mid Cap Value Fund for an initial period of one year.

As part of their consideration of the Agreement, the Trustees requested and considered information regarding the investment strategy of the Fund, the advisory services to be performed by the Advisor, the staffing, qualifications and experience of the personnel responsible for operating and managing the Fund, and the Fund’s fees and expenses. The Trustees met with representatives from the Advisor’s senior management team to discuss the new Fund, and also met with senior investment professionals, to discuss the information and the Advisor’s proposed management of the Fund. The Trustees also reviewed information regarding the portfolio managers’ historical management of other investment advisory clients accounts in a substantially similar investment strategy as compared to the performance of applicable benchmarks. The Trustees considered information regarding other benefits the Advisor and its affiliates derived from its relationship with the Fund. In connection with their deliberations, the independent Trustees were advised by their own independent legal counsel with regard to the materials and their responsibilities under relevant laws and regulations.

In considering the quality of the services to be performed for the Fund by the Advisor, the Trustees discussed the research capabilities and fundamental analysis to be performed for the Fund, and recognized the expertise and experience of the portfolio management team that would manage the Fund. The Trustees were also satisfied with the capabilities of the Advisor’s staff, its compliance structure and systems and financial strength. Finally, the Trustees considered the manner in which the Fund will fit within the fund group’s other fund offerings and the strategic initiatives of the fund group.

With regard to the Fund’s advisory fee and expenses, the Trustees compared the advisory fee to be payable to the Advisor with comparative fee and expense information for similarly situated funds prepared by a third party consultant. The Trustees also considered the Advisor’s proposal to implement a fee waiver and expense limitation arrangement in order to maintain total expenses at a specified level.

Based upon their review, the Trustees determined that the advisory fee proposed to be payable to the Advisor was fair and reasonable in light of the nature and quality of services provided under all of the circumstances, and was within the range of what might have been negotiated at arms’ length. The Trustees concluded that it is in the interest of the Fund and its shareholders for the Trustees to approve the Agreement and expense limitation arrangement for the Fund. In arriving at their decision to approve the Agreement, the Trustees did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves

68

RBC Funds

P.O. Box 701

Milwaukee, WI 53201-0701

800-422-2766

www.rbcgam.us

Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2010.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

RBC Global Asset Management, Inc. serves as investment adviser for the RBC Funds. RBC Funds are distributed by Quasar Distributors LLC.

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council certified paper. FSC certification ensures that the paper used in this report contains fiber from well-managed and responsibly harvested forests that meet strict environmental and socioeconomic standards.
	RBCF-EQ SAR 03-10

Semi-Annual Report

For the period ended March 31, 2010

Prime Money Market Fund

U.S. Government Money Market Fund

Tax-Free Money Market Fund

	RBC Funds
About Your Semi-Annual Report
	This semi-annual report includes detailed information about your Fund including financial statements, performance, and a complete list of holdings.
	We hope the financial information presented will help you evaluate your investment in the RBC Funds. We also encourage you to read your Fund’s prospectus for further detail as to your Fund’s investment policies and risk profile. RBC Funds prospectuses and additional performance information are available on our website at www.rbcgam.us.
	A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-422-2766; (ii) on the Fund’s website at www.rbcgam.us; and (iii) on the Securities and Exchange Commission’s (“Commission”) website at http://www.sec.gov.
	Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) on the Fund’s website at www.rbcgam.us; and (ii) on the Commission’s website at http://www.sec.gov.
	A schedule of each Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
Table of Contents
	Letter from the CIO of Fixed Income	1
	Money Market Portfolio Managers	3
	Performance Summary	5
	Schedules of Portfolio Investments	7
	Financial Statements
	- Statements of Assets and Liabilities	42
	- Statements of Operations	44
	- Statements of Changes in Net Assets	45
	Financial Highlights	49
	Notes to Financial Statements	52
	Supplemental Information	59

LETTER FROM THE CIO OF FIXED INCOME

RBC Funds enjoyed another solid period of providing solutions for our shareholders. We understand the important role our funds play in helping you to build and achieve your financial goals. From a financial perspective, we are pleased to report that all of our Funds continued to perform as expected during the first six months of our fiscal year. In some instances, we performed beyond our expectations. The RBC U.S. Government Money Market Fund earned two awards from Crane Research and iMoney Net for outstanding performance for the calendar year ending 2009.

The RBC U.S. Government Money Market Fund – Institutional Class 1 shares received the 2009 iMoneyNet Money Fund Report™ Award for Institutional Government Fund Performance (out of 340 funds) and the 2009 Money Fund Intelligence Award winner for Institutional Government Performance (out of 110 funds) for the 12-month period ended 12/31/09.

More important than being recognized with annual awards, we are proud of the long term performance we have provided for our shareholders and we are very pleased with the performance of our Prime, Government and Tax-Free Funds throughout the recent market crisis.

Although economic activity has shown signs of sustainable improvement, we remain concerned that growth will remain below potential until the housing market and employment picture materially improve. We remain wary to judge independently the health prospects for the US economy given the large amounts of stimulus still working their way through the system. We continue to believe that the most likely scenario for the US economy in 2010-2011 is a ‘half-speed’ recovery. Our forecast remains cautious as we feel that an accelerating economy will depend on final demand as opposed to government stimulus and inventory accumulation. Inflation remains well under control and is not a significant concern presently. Treasury note and bond issuance has been very heavy, and is likely to continue so, which could result in increased market volatility in the months ahead.

The Treasury yield curve remains solidly anchored in the short end. The U.S. Federal Reserve (“the Fed”), has clearly signaled its intention to keep the Fed Funds rate at an exceptionally low level for an extended period of time. The slope of the Treasury yield curve remains very positive and may become more so as we believe the Fed is on hold for the balance of 2010, helping the banks achieve profitability and re-build their capital base. It is becoming apparent that the Fed is nearing an inflection point in its conduct of monetary policy. Nascent signs of tightening have appeared, including an increase in the Fed discount rate from .5% to .75%, and termination of special liquidity facilities in place since 2008. Both are designed to push lenders back into the private credit markets. Still under consideration is how to most effectively unwind the Fed’s quantitative easing activities by reversing the recently ended $1.7 trillion acquisition of Treasury and mortgage backed securities. Financial regulatory reform appears increasingly likely to get passed in some form, and it should. It would be troubling if Rule 2a-7 (the rule that governs the operations of money market funds) regulatory changes were the only material reform to follow this great recession. That said, the market remains anxious to understand the nature and impact of proposed reforms as they are debated in Washington D.C.

1

LETTER FROM THE CIO OF FIXED INCOME

	Finally, newly enacted revisions to Rule 2a-7 will begin to be implemented in the coming quarter. Two important areas we will be working on in the quarter ahead will be formally instituting know your customer procedures as well as regular stress testing for our money market funds. The RBC Money Market Funds have always managed to tighter weighted average maturity and quality restrictions than those which were historically required. As always, we will remain steadfast in our goal of principal preservation of our shareholders assets while striving to provide the necessary liquidity and income generation they deserve and expect. Thank you for your continued confidence and trust in the RBC Funds.
John Huber Chief Investment Officer Fixed Income	Sincerely,
	John M. Huber, CFA Chief Investment Officer, Fixed Income RBC Funds
	Past performance is not a guarantee of future results.
	Opinions expressed are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.
	An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them. These risks are more fully described in the prospectus.
	The 2009 iMoneyNet Money Fund Report™ Award is based on the fund’s total return for the 12 months ending December 31, 2009. Return figures are tracked daily, weekly, and monthly by iMoneyNet’s editors and statisticians. The Government Institutional fund universe consisted of 340 unrestricted funds that had assets of at least $100 million for the year ended December 31, 2009. Winners were chosen in each of six fund categories: Institutional Government, Prime and National and Retail Government, Prime and National.
	The 2009 Money Fund Intelligence Award Award is based on the fund’s total return for the 12 months ending December 31, 2009. Return figures are tracked daily, weekly, and monthly by Crane Data LLC editors and statisticians. The Government Institutional fund universe consisted of 110 funds for the year ended December 31, 2009. Winners were chosen in the following categories: Government Institutional , Prime Institutional, Government Retail, and Prime Retail for 1-year, 5-year and 10-year total returns.

2

MONEY MARKET PORTFOLIO MANAGERS

RBC Global Asset Management (U.S.) Inc. (“RBC GAM (US)”), serves as the investment advisor to the RBC Funds. RBC GAM (US) employs a team approach to the management of each of the Money Market Funds, with no individual team member being solely responsible for the investment decisions. Each Fund’s management team has access to RBC GAM (US)’s investment research and other money management resources.
John M. Huber, CFA
Senior Managing Director, Chief Investment Officer — Fixed Income	John M. Huber, CFA
John Huber directs RBC GAM (US)’s fixed income group. John joined RBC GAM (US) in 2004 from Galliard Capital Management where he was a principal and senior portfolio manager, responsible for the firm’s total return fixed income effort. Prior to working for Galliard, John was a portfolio manager for Norwest Investment Management where he began his career in 1990. John received a BA from the University of Iowa and an MBA in Finance from the University of Minnesota, Carlson School of Management. He acts as an advisor to the Carlson Funds Enterprise for the University of Minnesota. John is a CFA charterholder and a member of the CFA Society of Minnesota. He also serves on the Board of the YMCA of Metropolitan Minneapolis.
Raye C. Kanzenbach, CFA
Senior Managing Director, Senior Portfolio Manager	Raye C. Kanzenbach, CFA
Raye Kanzenbach is an active member of the Credit Team and serves as primary portfolio manager for the Tax-Free Money Market Fund. He has extensive experience working with taxable and tax-exempt municipal fixed income securities. Prior to his experience at RBC GAM (US), Raye was employed at First Bank where he managed the municipal and money market trust funds. Raye also supervised the municipal and corporate credit analysis areas for the Trust Department and First Bank’s investment portfolio. Prior to First Bank, Raye was employed as an investment officer with the St. Paul Companies. Raye began his career in the investment industry in 1973 and joined RBC GAM (US) in 1983. He received a BA in Economics from Lawrence University and an MBA in Finance from the University of Michigan. Raye is a CFA charterholder and member of the CFA Society of Minnesota.
Scott Cabalka
Vice President, Client Service Portfolio Manager	Scott Cabalka
Scott Cabalka is a portfolio manager on RBC GAM (US)’s Institutional Portfolio Management Team overseeing portfolio strategy and investment activity for clients. Scott has particular expertise managing short duration mandates, and he co-manages the Money Market Funds. Before joining RBC GAM (US) in 1993, he was an account executive with Merrill Lynch, where he focused on short-term investment strategies for institutional investors. Scott began his career in the investment industry in 1980. He received a BS and an MBA in Finance from the University of Minnesota Carlson School of Management.

3

MONEY MARKET PORTFOLIO MANAGERS

	Brandon T. Swensen, CFA
Brandon T. Swensen	Vice President, Portfolio Manager
	Brandon Swensen is a portfolio manager on the Spread Management Team and leads the firm’s trading activity in short duration investment services. Brandon also has specific research responsibilities for finance companies, automobile, auto asset backed securities and asset backed commercial paper. He joined RBC GAM (US) in 2000 and has held several key roles including senior structured product analyst and credit analyst in the fixed income group. Brandon began his career in the investment industry in 1998. He received a BS in Finance from St. Cloud State University and an MBA in Finance from the University of St. Thomas. Brandon is a CFA charterholder and member of the CFA Society of Minnesota.

4

PERFORMANCE SUMMARY

Each of the RBC Money Market Funds was managed to preserve principal. This means that the share price of each fund held steady at $1.00. A consistent share price of $1.00 is expected for a money market mutual fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. These risks are more fully described in the prospectus. Investment Objective

	Total Return for the Six Months Ended March 31, 2010		SEC 7-Day Annualized Yield (1)
			March 31, 2010 (Unaudited)		September 30, 2009
Prime Money Market Fund*
RBC Institutional Class 1	0.09	%	0.14	%	0.34	%
RBC Institutional Class 2	0.05	%	0.04	%	0.24	%
RBC Investor Class	0.01	%	0.01	%	0.01	%
RBC Reserve Class	0.01	%	0.01	%	0.01	%
RBC Select Class	0.01	%	0.01	%	0.01	%
U.S. Government Money Market Fund*
RBC Institutional Class 1	0.05	%	0.09	%	0.12	%
RBC Institutional Class 2	0.01	%	0.01	%	0.02	%
RBC Investor Class	0.01	%	0.01	%	0.01	%
RBC Reserve Class	0.01	%	0.01	%	0.01	%
RBC Select Class	0.01	%	0.01	%	0.01	%
Tax-Free Money Market Fund*
RBC Institutional Class 1	0.16	%	0.24	%	0.52	%
RBC Institutional Class 2	0.11	%	0.14	%	0.41	%
RBC Investor Class	0.02	%	0.01	%	0.01	%
RBC Reserve Class	0.02	%	0.01	%	0.01	%
RBC Select Class	0.02	%	0.01	%	0.02	%

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Performance shown reflects contractual fee waivers, without such fee waivers total returns would be reduced. For performance data current to most recent month-end go to www.rbcgam.us.

5

PERFORMANCE SUMMARY

	*       The inception date for the RBC Institutional Class 2, RBC Select Class, RBC Reserve Class and RBC Investor Class is November 21, 2008. All performance shown for these classes of shares prior to their inception date is based on the performance, fees and expenses of RBC Institutional Class 1 shares of the Fund and its predecessors, and has not been adjusted to reflect the fees and expenses of RBC Institutional Class 2, RBC Select Class, RBC Reserve Class, and RBC Investor Class shares. (1)      As money market returns respond rapidly to market changes, such as in the Fed Funds rate, the 7-Day yield is a more accurate reflection of current earnings than the total return for the year. Prior year 7-Day yield information is provided for comparative purposes.
Asset Allocation
	Money Market Maturity Schedules as a percentage of value of investments based on effective maturity as of March 31, 2010.

	Prime Money Market Fund		U.S. Government Money Market Fund		Tax-Free Money Market Fund
Less than 8 days	45.2	%	56.3	%	73.6	%
8 to 14 Days	8.9	%	10.1	%	1.1	%
15 to 30 Days	15.0	%	4.2	%	1.0	%
31 to 180 Days	21.3	%	14.9	%	18.1	%
181 to 365 Days	9.6	%	14.5	%	6.2	%

6

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund

March 31, 2010 (Unaudited)

Principal Amount				Value
Asset Backed Securities — 1.98%
Asset Backed Auto Receivables — 1.98%
	$	31,196,240	Bank of America Auto Trust, Series 2010-1A, Class A1, 0.26%, 2/15/11(a)	$	31,196,240
		21,559,744	Harley-Davidson Motorcycle Trust, Series 2009-4, Class A1, 0.29%, 12/15/10		21,559,744
		8,370,667	Honda Auto Receivables Owner Trust, Series 2009-3, Class A1, 0.75%, 7/15/10		8,370,667
		125,086,426	Honda Auto Receivables Owner Trust, Series 2010-1, Class A1, 0.27%, 2/22/11		125,086,426
		7,183,661	Nissan Auto Lease Trust, Series 2009-B, Class A1, 0.41%, 9/15/10		7,183,661
		84,651,710	Volkswagen Auto Loan Enhanced Trust, Series 2010-1, Class A1, 0.26%, 2/21/11		84,651,710
		58,391,057	World Omni Auto Receivables Trust Series 2010-A, Class A1, 0.23%, 2/15/11		58,391,058
		28,913,224	World Omni Automobile Lease Securitization Trust, Series 2009-A, Class A1, 0.40%, 11/15/10		28,913,224
Total Asset Backed Securities (Cost $365,352,730)					365,352,730
Commercial Paper — 24.40%
Banks - Australia & New Zealand — 3.12%
		50,000,000	Australia & New Zealand Banking Group Ltd., 0.15%, 4/15/10(a)(b)		49,997,083
		25,000,000	Australia & New Zealand Banking Group Ltd., 0.18%, 5/4/10(a)(b)		24,995,875
		50,000,000	Australia & New Zealand Banking Group Ltd., 0.25%, 12/16/10(a)(b)		49,996,744
		50,000,000	Australia & New Zealand Banking Group Ltd., 0.25%, 1/28/11(a)(b)		50,000,000
		50,000,000	Australia & New Zealand Banking Group Ltd., 0.30%, 4/7/10(a)(b)		49,997,500
		50,000,000	Australia & New Zealand Banking Group Ltd., 0.62%, 10/19/10(a)(b)		49,826,917
		50,000,000	Commonwealth Bank of Australia, 0.16%, 4/22/10(a)(b)		49,995,334
		50,000,000	Commonwealth Bank of Australia, 0.19%, 5/12/10(a)(b)		49,989,181
		25,000,000	Commonwealth Bank of Australia, 0.24%, 6/7/10(a)(b)		24,988,833
		50,000,000	Westpac Banking Corp., 0.29%, 4/7/10(a)(b)		49,997,583
		25,000,000	Westpac Banking Corp., 0.33%, 5/24/10(a)(b)		24,987,854
		50,000,000	Westpac Banking Corp., 0.34%, 5/20/10(a)(b)		49,976,861
		50,000,000	Westpac Banking Corp., 0.81%, 7/2/10(a)(b)		49,897,778
					574,647,543
Banks - Canadian — 0.54%
		50,000,000	Bank of Nova Scotia, 0.29%, 4/21/10(b)		49,991,944
		50,000,000	Scotiabanc, Inc., 0.19%, 4/26/10(a)(b)		49,993,403
					99,985,347

7

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Banks - Domestic — 3.62%
	$	300,000,000	BB&T Corp., 0.01%, 4/1/10	$	300,000,000
		300,000,000	Citibank, 0.12%, 4/1/10		300,000,000
		67,000,000	JPMorgan Chase & Co., 0.03%, 4/1/10(b)		67,000,000
					667,000,000
Banks - Foreign — 2.95%
		300,000,000	BNP Paribas, 0.08%, 4/1/10		300,000,000
		60,000,000	Nordea North America, Inc., 0.17%, 4/20/10(b)		59,994,617
		35,000,000	Nordea North America, Inc., 0.18%, 4/19/10(b)		34,996,850
		100,000,000	Nordea North America, Inc., 0.18%, 4/23/10(b)		99,989,000
		50,000,000	Rabobank USA Financial Corp., 0.28%, 5/17/10(b)		49,982,111
					544,962,578
Consumer Discretionary — 1.00%
		85,000,000	Johnson & Johnson, 0.22%, 7/12/10(a)(b)		84,947,017
		100,000,000	Johnson & Johnson, 0.22%, 7/19/10(a)(b)		99,933,389
					184,880,406
Consumer Staples — 0.55%
		50,000,000	Campbell Soup Co., 0.70%, 7/27/10(a)(b)		49,886,250
		10,000,000	The Coca-Cola Co., 0.22%, 5/28/10(a)(b)		9,996,517
		42,450,000	The Coca-Cola Co., 0.76%, 5/28/10(a)(b)		42,399,590
					102,282,357
Finance - Diversified Domestic — 3.36%
		50,000,000	Bank of America Corp., 0.17%, 4/1/10(b)		50,000,000
		50,000,000	Bank of America Corp., 0.17%, 4/5/10(b)		49,999,056
		100,000,000	Bank of America Corp., 0.18%, 4/23/10(b)		99,989,000
		44,460,000	Bank of America Corp., 0.24%, 6/4/10(b)		44,441,030
		25,000,000	General Electric Capital Corp., 0.21%, 4/26/10(b)		24,996,354
		100,000,000	KFW, 0.14%, 4/12/10(a)(b)		99,995,722
		50,000,000	KFW, 0.14%, 4/14/10(a)(b)		49,997,472
		100,000,000	KFW, 0.19%, 4/30/10(a)(b)		99,984,694
		100,000,000	Toyota Motor Credit Corp., 0.16%, 4/13/10(b)		99,994,667
					619,397,995
Health Care — 1.67%
		30,000,000	Dean Health Systems, Inc., 0.20%, 4/27/10(b)		29,995,667
		100,000,000	Pfizer, Inc., 0.81%, 7/7/10(a)(b)		99,784,444
		150,000,000	Roche Holdings, Inc., 0.19%, 4/16/10(a)(b)		149,988,125
		27,869,000	Society of New York Hospital Fund, 0.30%, 7/1/10(b)		27,847,866
					307,616,102
Insurance — 3.93%
		50,000,000	AXA Financial, Inc., 0.16%, 4/6/10(a)(b)		49,998,889
		50,000,000	AXA Financial, Inc., 0.17%, 4/1/10(a)(b)		50,000,000
		100,000,000	AXA Financial, Inc., 0.20%, 4/9/10(a)(b)		99,995,556

8

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	25,000,000	AXA Financial, Inc., 0.22%, 4/21/10(a)(b)	$	24,996,944
		50,000,000	AXA Financial, Inc., 0.23%, 4/19/10(a)(b)		49,994,250
		25,000,000	Mass Mutual Life, 0.22%, 4/8/10(a)(b)		24,998,931
		50,000,000	Metlife Short Term Funding LLC, 0.19%, 4/19/10(a)(b)		49,995,250
		50,000,000	Metlife Short Term Funding LLC, 0.20%, 4/12/10(a)(b)		49,996,944
		33,235,000	New York Life Capital Corp, 0.17%, 5/3/10(a)(b)		33,229,978
		68,000,000	New York Life Capital Corp., 0.15%, 4/14/10(a)(b)		67,996,317
		73,838,000	New York Life Capital Corp., 0.16%, 4/14/10(a)(b)		73,833,734
		50,000,000	Swiss Re Treasury US Corp., 0.37%, 7/12/10(a)(b)		49,947,583
		100,000,000	Swiss Re Treasury US Corp., 0.65%, 10/5/10(a)(b)		99,662,361
					724,646,737
Manufacturing — 0.41%
		26,500,000	Dover Corp., 0.12%, 4/1/10(b)		26,500,000
		50,000,000	Honeywell International, 0.70%, 6/30/10(a)(b)		49,912,500
					76,412,500
Utilities — 3.25%
		45,000,000	E.ON AG, 0.17%, 4/19/10(a)(b)		44,996,175
		55,000,000	E.ON AG, 0.19%, 4/19/10(a)(b)		54,994,775
		50,000,000	E.ON AG, 0.20%, 5/11/10(a)(b)		49,988,889
		100,000,000	E.ON AG, 0.23%, 5/20/10(a)(b)		99,968,695
		50,000,000	E.ON AG, 0.23%, 6/11/10(a)(b)		49,977,319
		5,000,000	GDF Suez, 0.15%, 4/7/10(a)(b)		4,999,875
		25,000,000	GDF Suez, 0.15%, 4/8/10(a)(b)		24,999,271
		20,000,000	GDF Suez, 0.16%, 4/1/10(a)(b)		20,000,000
		25,000,000	GDF Suez, 0.16%, 4/9/10(a)(b)		24,999,111
		55,000,000	GDF Suez, 0.17%, 4/1/10(a)(b)		55,000,000
		50,000,000	GDF Suez, 0.17%, 4/7/10(a)(b)		49,998,583
		50,000,000	GDF Suez, 0.17%, 4/8/10(a)(b)		49,998,347
		70,000,000	GDF Suez, 0.18%, 4/16/10(a)(b)		69,994,750
					599,915,790
Total Commercial Paper (Cost $4,501,747,355)					4,501,747,355
Certificates of Deposit — 7.17%
Banks - Canadian — 3.63%
		100,000,000	Bank of Montreal Chicago, 0.16%, 4/1/10		100,000,000
		100,000,000	Bank of Montreal Chicago, 0.18%, 4/19/10		100,000,000
		70,000,000	Bank of Montreal Chicago, 0.20%, 4/26/10		70,000,000
		30,000,000	Bank of Montreal Chicago, 0.20%, 4/27/10		30,000,000
		50,000,000	Bank of Nova Scotia, 0.25%, 10/1/10		50,000,000
		100,000,000	Bank of Nova Scotia, 0.29%, 4/6/10		100,000,000
		50,000,000	Bank of Nova Scotia, 0.52%, 11/10/10		50,000,000

9

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	170,000,000	Toronto Dominion Bank NY, 0.33%, 4/21/10	$	170,002,826
					670,002,826
Banks - Domestic — 0.81%
		50,000,000	Bank of America NA, 0.18%, 4/7/10(a)		50,000,167
		100,000,000	US Bank NA, 0.82%, 6/8/10		100,000,000
					150,000,167
Banks - Foreign — 1.10%
		103,000,000	Nordea Bank AB, 1.78%, 5/3/10		103,146,195
		50,000,000	Rabobank Nederland NV, 0.26%, 12/17/10(c)		50,000,000
		50,000,000	Rabobank Nederland NY, 0.52%, 9/20/10		50,000,000
					203,146,195
Banks - United Kingdom — 1.63%
		100,000,000	Abbey National Treasury, 0.15%, 4/1/10		100,000,000
		100,000,000	Abbey National Treasury, 0.16%, 4/5/10		100,000,000
		100,000,000	Abbey National Treasury, 0.18%, 4/12/10		100,000,000
					300,000,000
Total Certificates of Deposit (Cost $1,323,149,188)					1,323,149,188
Corporate Bonds — 10.79%
Banks - Domestic — 2.85%
		33,625,000	Bank of America NA, 1.70%, 12/23/10		33,929,820
		120,731,000	Regions Bank, 2.75%, 12/10/10		122,648,695
		100,000,000	Toronto Dominion Bank NY, 0.23%, 3/10/11(c)		100,000,000
		44,374,000	US Bancorp., 0.30%, 5/28/10(c)		44,363,650
		4,750,000	US Bancorp., 4.50%, 7/29/10		4,799,686
		41,300,000	Wachovia Bank NA, 0.31%, 5/25/10(c)		41,170,295
		38,870,000	Wachovia Bank NA, 1.15%, 5/14/10(c)		38,810,137
		77,269,000	Wachovia Corp., 0.40%, 6/1/10(c)		77,118,794
		17,832,000	Wachovia Corp., 4.38%, 6/1/10		17,917,791
		20,000,000	Wells Fargo & Co., 3.98%, 10/29/10		20,408,898
		23,426,000	Wells Fargo & Co., 4.63%, 8/9/10		23,765,245
					524,933,011
Banks - Foreign — 0.81%
		50,000,000	Rabobank Nederland NV, 0.22%, 12/21/10(c)		50,000,000
		50,000,000	Rabobank Nederland NV, 0.23%, 3/11/11(c)		50,000,000
		50,000,000	Westpac Banking Corp., 0.27%, 3/4/11(a)(c)		50,000,000
					150,000,000
Consumer Discretionary — 0.02%
		3,000,000	Lowe’s Cos., Inc., 8.25%, 6/1/10		3,038,492
Consumer Staples — 0.54%
		50,000,000	Procter & Gamble International Funding SCA, 0.26%, 5/7/10(c)		50,000,000

10

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount					Value
	$	50,000,000		Wal-Mart Stores, Inc. STEP, 5.32%, 6/1/10(c)	$	50,386,982
						100,386,982
Energy — 0.22%
		40,777,000		ConocoPhillips, 8.75%, 5/25/10		41,258,777
Finance - Diversified Domestic — 2.88%
		12,590,000		ETC Holdings LLC, 0.32%, 4/1/28(c)		12,590,000
		3,790,000		GBG LLC, 0.35%, 9/1/27(a)(c)		3,790,000
		50,000,000		General Electric Capital Corp., 0.31%, 5/10/10(c)		49,991,308
		8,662,000		General Electric Capital Corp., 0.70%, 2/1/11(c)		8,693,059
		59,947,000		General Electric Capital Corp., 5.20%, 2/1/11		62,208,048
		11,948,000		General Electric Capital Corp., Series A, 4.25%, 12/1/10		12,241,446
		60,225,000		JPMorgan Chase & Co., 0.28%, 5/7/10(c)		60,167,101
		31,079,000		JPMorgan Chase & Co., 0.29%, 5/7/10(c)		31,058,818
		62,740,000	��	JPMorgan Chase & Co., 0.37%, 5/18/10(c)		62,716,477
		11,000,000		JPMorgan Chase & Co., 0.42%, 1/17/11(c)		11,013,235
		52,166,000		JPMorgan Chase & Co., 4.55%, 6/23/10		52,633,506
		15,000,000		JPMorgan Chase & Co., 5.85%, 7/19/10		15,247,456
		55,750,000		NGSP, Inc., 0.29%, 6/1/46(c)		55,750,000
		12,420,000		Ring-Missouri LP, 0.30%, 9/1/18(c)		12,420,000
		11,345,000		Schlitz Park Associates II LP, 0.32%, 12/1/21(c)		11,345,000
		15,425,000		SF Tarns LLC, 0.30%, 1/1/28(c)		15,425,000
		55,000,000		Twins Ballpark LLC, 0.73%, 10/1/34(a)(c)		55,000,000
						532,290,454
Finance - Diversified Foreign — 0.41%
		75,000,000		Finance For Danish Industries, 0.65%, 9/29/10(a)		75,000,000
Health Care — 0.28%
		38,960,000		GlaxoSmithKline Capital, Inc., 0.88%, 5/13/10(c)		38,995,938
		11,790,000		The Portland Clinic LLP, 0.31%, 11/20/33(c)		11,790,000
						50,785,938
Industrials — 0.62%
		110,000,000		3M Co., 5.61%, 12/12/10(a)		114,003,205
Insurance — 2.00%
		40,000,000		AARP, 0.30%, 5/1/31(c)		40,000,000
		39,700,000		Berkshire Hathaway, Inc., 0.23%, 2/10/11(c)		39,701,963
		200,000,000		Metropolitan Life Global Funding, Series I, 1.25%, 4/14/11(a)(c)		200,000,000
		90,000,000		New York Life Global Funding, 0.25%, 4/1/11(a)		90,000,000
						369,701,963
Materials — 0.16%
		30,000,000		Praxair, Inc., 0.34%, 5/26/10(c)		30,000,000
Total Corporate Bonds (Cost $1,991,398,822)						1,991,398,822

11

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Municipal Bonds — 17.88%
Arizona — 0.05%
	$	9,900,000	Yuma Industrial Development Authority Refunding Revenue, 0.27%, 8/1/43, (LOC: JP Morgan Chase Bank)(c)	$	9,900,000
California — 4.22%
		99,365,000	Abag Finance Authority For Nonprofit Corps. Revenue, 0.28%, 6/1/37(c)		99,365,000
		55,450,000	Abag Finance Authority For Nonprofit Corps. Revenue, 0.29%, 12/15/37, (Credit Support: Fannie Mae)(c)		55,450,000
		67,220,000	California Housing Finance Agency Revenue, Series B, 0.29%, 2/1/35, (LOC: Freddie Mac, Fannie Mae)(c)		67,220,000
		40,400,000	California Housing Finance Agency Revenue, Series F, 0.29%, 2/1/37, (LOC: Freddie Mac, Fannie Mae)(c)		40,400,000
		58,125,000	California Housing Finance Agency Revenue, Series F, 0.29%, 2/1/38, (LOC: Freddie Mac, Fannie Mae)(c)		58,125,000
		24,250,000	California Pollution Control Revenue, 0.29%, 4/7/10		24,250,000
		48,080,000	California State Department of Water Resources Revenue, Series C15, 0.24%, 5/1/22, (LOC: Bank of Nova Scotia)(c)		48,079,987
		5,000,000	California Statewide Communities Development Authority Revenue, Series 2114, 0.34%, 9/1/46, Callable 3/1/12 @ 100(c)		5,000,000
		41,360,000	City of Los Angeles Refunding Revenue, Sub Series F1, 0.27%, 6/1/28, (LOC: Bank of America NA)(c)		41,360,000
		32,000,000	City of Oakland GO, Series B, 2.25%, 7/16/10		32,023,017
		25,000,000	City of Riverside Refunding Revenue, Series A, 1.50%, 6/1/10		25,000,000
		43,600,000	City of Whittier Refunding Revenue, Series A, 0.26%, 6/1/36, (LOC: U.S. Bank NA)(c)		43,600,000
		27,417,000	County of San Bernardino Refunding Program COP, Series B, 0.27%, 3/1/17, (LOC: Bank of America NA)(c)		27,417,000
		18,700,000	Gilroy Public Facilities Financing Authority Refunding Revenue, 2.00%, 9/1/10		18,758,070
		62,920,000	The Olympic Club Refunding Revenue, 0.27%, 9/30/32, (LOC: Bank of America NA)(c)		62,920,000
		42,300,000	Sacramento Municipal Utility District Refunding Revenue, Series J, 0.27%, 8/15/28, (LOC: Bank of America NA)		42,300,000
		8,410,000	San Francisco City & County Housing Authority Refunding Revenue, 0.26%, 9/1/49, (LOC: Citibank NA)(c)		8,410,000
		79,400,000	Southern California Public Power Authority Refunding Revenue, 0.28%, 7/1/36, (LOC: Bank of America NA)(c)		79,400,000
					779,078,074
Colorado — 0.35%
		27,885,000	Colorado Educational & Cultural Facilities Authority Refunding Revenue, Floaters Series 1557, 0.26%, 3/1/35, (Credit Support: FGIC)(c)		27,885,000

12

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	16,610,000	Crystal Valley Metropolitan District No. 1 Revenue, 0.28%, 10/1/34, (LOC: Wells Fargo Bank)(c)	$	16,610,000
		20,840,000	East Cherry Creek Valley Water & Sanitation District Arapahoe County Refunding Revenue, Series A, 0.28%, 11/15/34, (LOC: Wells Fargo Bank)(c)		20,840,000
					65,335,000
Florida — 0.25%
		45,360,000	Orange County School Board Refunding COP, Series C, 0.29%, 8/1/25, (LOC: Bank of America NA)(c)		45,360,000
Georgia — 0.23%
		41,160,000	Valdosta-Lowndes County Industrial Development Authority Revenue, Series B, 0.23%, 6/1/28, (LOC: Wells Fargo Bank)(c)		41,160,000
		1,800,000	Walton County Industrial Building Authority Revenue, 0.63%, 10/1/17, (LOC: Wells Fargo Bank)(c)		1,800,000
					42,960,000
Illinois — 0.09%
		15,775,000	Illinois Finance Authority, Beloit Memorial Hospital, Inc. Revenue, Series A, 0.32%, 4/1/36, (LOC: JP Morgan Chase Bank)(c)		15,775,000
		1,000,000	Upper Illinois River Valley Development Authority Revenue, 1.25%, 1/1/11, (LOC: JP Morgan Chase Bank)(c)		1,000,000
					16,775,000
Indiana — 0.23%
		42,500,000	Indiana Finance Authority Refunding Revenue, Series D, 0.28%, 11/1/39, (LOC: Citibank NA)(c)		42,500,000
Kentucky — 0.52%
		1,395,000	Lexington-Fayette Urban County Airport Board Refunding Revenue, Series C, 0.30%, 7/1/33, (LOC: JP Morgan Chase Bank)(c)		1,395,000
		94,000,000	Louisville & Jefferson County Metropolitan Sewer District Revenue, Series A, 3.00%, 8/19/10		94,623,027
					96,018,027
Maryland — 0.37%
		58,016,000	Maryland Health & Higher Educational Facilities Authority Refunding Revenue, Series D, 0.32%, 1/1/29, (LOC: Bank of America NA)(c)		58,016,000
		10,275,000	Montgomery County Housing Opportunites Commission Refunding Revenue, Series D, 0.32%, 7/1/39, (LOC: Fannie Mae, Freddie Mac)(c)		10,275,000
					68,291,000
Massachusetts — 0.86%
		16,810,000	Massachusetts Educational Financing Authority Refunding Revenue, Series R-11649, 0.35%, 7/1/22, (Credit Support: Assured GTY), Callable 1/1/18 @ 100(a)(c)		16,810,000

13

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	43,800,000	Massachusetts Health & Educational Facilities Authority Capital Asset Program Revenue, Series M-2, 0.30%, 7/1/31, (LOC: Bank of America)(c)	$	43,800,000
		27,415,000	Massachusetts Health & Educational Facilities Authority Capital Asset Program Revenue, Series M-4A, 0.30%, 7/1/39, (LOC: Bank of America)(c)		27,415,000
		14,505,000	Massachusetts Health & Educational Facilities Authority Northeastern University Revenue, Series V, 0.25%, 10/1/30, (LOC: JP Morgan Chase Bank)(c)		14,505,000
		55,900,000	Massachusetts Health & Educational Facilities Authority Revenue, Boston University, Series N, 0.30%, 10/1/34, (LOC: Bank of America NA)(c)		55,900,000
					158,430,000
Michigan — 0.57%
		34,600,000	Michigan Municipal Bond Authority, Student Aid Notes Revenue, Series C-1, 3.00%, 8/20/10		34,810,782
		69,300,000	Michigan Strategic Fund Van Andel Research Refunding Revenue, 0.26%, 4/1/43, (LOC: Bank of America NA)(c)		69,300,000
					104,110,782
Minnesota — 0.68%
		69,500,000	City of Rochester Mayo Foundation Refunding Revenue, Series A, 0.25%, 8/15/32(c)		69,500,000
		51,500,000	City of Rochester Mayo Foundation Refunding Revenue, Series B, 0.25%, 8/15/32(c)		51,500,000
		3,500,000	St. Paul Port Authority Refunding Revenue, Series 10-CC, 0.30%, 3/1/29, (LOC: Deutsche Bank AG)(c)		3,500,000
					124,500,000
Mississippi — 0.09%
		15,935,000	Mississippi Development Bank Special Obligation Refunding Revenue, Series B, 0.30%, 10/1/31, (LOC: Bank of America NA)(c)		15,935,000
Nebraska — 0.05%
		10,000,000	Nebraska Investment Finance Authority Multi Family Housing Revenue, Series A, 0.34%, 10/1/42, (LOC: Citibank NA)(c)		10,000,000
New Jersey — 0.14%
		6,675,000	New Jersey Economic Development Authority Revenue, Series A, 0.30%, 9/1/21, (LOC: Wells Fargo Bank)(c)		6,675,000
		18,225,000	New Jersey Health Care Facilities Finance Authority Revenue, Series B, 0.25%, 7/1/37, (Credit Support: Assured GTY)(c)		18,225,000
					24,900,000
New York — 3.16%
		27,300,000	City of New York Public Improvement GO, Series F-6, 0.30%, 2/15/18, (LOC: Morgan Guaranty Trust)(c)		27,300,000

14

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	29,000,000	City of New York Public Improvement GO, Sub-Series H-2, 0.26%, 3/1/34, (LOC: Bank of New York)(c)	$	29,000,000
		45,085,000	City of New York Refunding GO, Sub-Series C-5, 0.26%, 8/1/20, (LOC: Bank of New York)(c)		45,085,000
		7,945,000	Nassau County Industrial Development Agency Nursing Home Improvement Revenue, Series D, 0.30%, 1/1/28, (LOC: Bank of America NA)(c)		7,945,000
		25,875,000	New York City Capital Resources Corp. Nursing Home Revenue, Series B, 0.28%, 1/1/37, (LOC: Bank of America NA)(c)		25,875,000
		23,820,000	New York City Capital Resources Corp. Nursing Home Revenue, Series B-1, 0.28%, 7/1/37, (LOC: Bank of America NA)(c)		23,820,000
		22,150,000	New York City Housing Development Corp. Multi Family Housing Revenue, East Harlem Series A, 0.33%, 6/1/13, (LOC: Fannie Mae)(c)		22,150,000
		44,700,000	New York City Housing Development Corp. Multi Family Housing Revenue, Royal Properties Series A, 0.25%, 4/15/35, (Credit Support: Fannie Mae)(c)		44,700,000
		22,400,000	New York City Housing Development Corp. Multi Family Housing Revenue, Series A, 0.26%, 11/1/48, (LOC: Bank of America NA)(c)		22,400,000
		42,340,000	New York City Housing Development Corp. Multi Family Housing Revenue, Series B, 0.22%, 4/15/36, (Credit Support: Fannie Mae)(c)		42,340,000
		56,990,000	New York State Dormitory Authority Revenue, Series A, 0.25%, 11/15/36, (Credit Support: Fannie Mae)(c)		56,990,000
		13,000,000	New York State Energy Research & Development Authority Refunding Revenue, Series A, 0.33%, 8/1/15, (Credit Support: AMBAC), (LOC: Wells Fargo Bank)(c)		13,000,000
		29,300,000	New York State Energy Research & Development Authority Refunding Revenue, Series D-2, 0.24%, 10/1/29, (LOC: JP Morgan Chase Bank)(c)		29,300,000
		23,390,000	New York State Housing Finance Agency 320 West 38th St. Refunding Revenue, Series A, 0.30%, 5/1/42, (LOC: Wells Fargo Bank)(c)		23,390,000
		40,500,000	New York State Housing Finance Agency 320 West 38th St. Refunding Revenue, Series B, 0.30%, 5/1/42, (LOC: Wells Fargo Bank)(c)		40,500,000
		15,100,000	New York State Housing Finance Agency Multi Family Housing Revenue, Series B, 0.25%, 11/1/36, (LOC: Bank of America NA)(c)		15,100,000
		39,000,000	New York State Housing Finance Agency Multi Family Housing Worth St. Revenue, Series A, 0.25%, 5/15/33, (Credit Support: Fannie Mae)(c)		39,000,000
		16,400,000	New York State Housing Finance Agency Revenue, West 37th St. Project, Series B, 0.26%, 5/1/42, (LOC: Wachovia Bank)(c)		16,400,000
		58,585,000	New York State Urban Development Corp. Public Improvement Revenue, 0.56%, 12/15/10		58,585,000
					582,880,000

15

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
North Carolina — 0.15%
	$	26,665,000	Roman Catholic Diocese of Raleigh Revenue, Series A, 0.35%, 6/1/18, (LOC: Bank of America NA)(c)	$	26,665,000
Ohio — 0.27%
		6,000,000	City of Cuyahoga Falls Refunding GO, 2.13%, 8/19/10		6,013,026
		10,670,000	City of Grove Multi Family Housing Regency Arms Apartment Revenue, 0.35%, 6/15/30, (Credit Support: Fannie Mae)(c)		10,670,000
		21,000,000	County of Lucas GO, 1.75%, 7/22/10		21,015,852
		12,500,000	Ohio State Higher Educational Facilities Refunding Revenue, Series B, 0.28%, 5/1/42, (LOC: U.S. Bank NA)(c)		12,500,000
					50,198,878
Pennsylvania — 1.23%
		51,200,000	Allegheny County Industrial Development Authority Children’s Hospital Revenue, Series A, 0.30%, 10/1/32, (LOC: Bank of America NA)(c)		51,200,000
		26,900,000	Blair County Industrial Development Authority Refunding Revenue, 0.30%, 10/1/28, (LOC: PNC Bank NA)(c)		26,900,000
		19,500,000	City of Philadelphia Refunding Revenue, Series C, 0.27%, 6/15/25, (LOC: TD Bank NA)(c)		19,500,000
		20,900,000	City of Reading Refunding GO, Series D, 0.23%, 11/1/32, (LOC: Wachovia Bank)(c)		20,900,000
		26,995,000	Lehigh County General Purpose Authority Refunding Revenue, Series B, 0.27%, 11/1/27, (Credit Support: Assured GTY)(c)		26,995,000
		33,400,000	Pennsylvania Economic Development Financial Authority Revenue, 0.33%, 11/1/28, (LOC: Bank of America NA)(c)		33,400,000
		30,000,000	Pennsylvania Higher Educational Facilities Authority Drexel University Revenue, Series B, 0.28%, 5/1/37, (LOC: Wells Fargo Bank)(c)		30,000,000
		12,040,000	Westmoreland County Industrial Development Authority Cash Flow Management Revenue, Series A, 0.29%, 7/1/27, (LOC: Wells Fargo Bank)(c)		12,040,000
		6,570,000	Westmoreland County Industrial Development Authority Refunding Revenue, Series B, 0.29%, 7/1/27, (LOC: Wells Fargo Bank)(c)		6,570,000
					227,505,000
Rhode Island — 0.12%
		21,620,000	Rhode Island Health & Educational Building Corp. Refunding Revenue, Series A, 0.28%, 8/15/34, (LOC: Bank of America NA)(c)		21,620,000
South Carolina — 0.16%
		30,180,000	South Carolina Transportation Infrastructure Bank Refunding Revenue, Series B-1, 0.27%, 10/1/31, (LOC: Bank of America NA)(c)		30,180,000
South Dakota — 0.29%
		15,700,000	South Dakota Housing Development Authority Revenue, Series C, 0.31%, 5/1/37(c)		15,700,000

16

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	25,000,000	South Dakota Housing Development Authority Revenue, Series G, 0.30%, 5/1/35(c)	$	25,000,000
		13,200,000	South Dakota Housing Development Authority Revenue, Series I, 0.31%, 5/1/38(c)		13,200,000
					53,900,000
Tennessee — 0.06%
		11,500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 0.34%, 6/1/42, (LOC: Citibank NA)(c)		11,500,000
Texas — 0.81%
		51,000,000	North Central Texas Health Facility Development Corp. Revenue, Series B, 0.27%, 8/15/30, (Credit Support: AGM)(c)		51,000,000
		13,000,000	Port of Corpus Christi Industrial Development Corp., Citgo Petroleum Corp. Project Revenue, 0.35%, 8/1/28, (LOC: JP Morgan Chase Bank)(c)		13,000,000
		46,400,000	Port of Corpus Christi Industrial Development Corp., Citgo Petroleum Corp. Project Revenue, Series C, 0.35%, 10/1/36, (LOC: JP Morgan Chase Bank)(c)		46,400,000
		6,845,000	Texas State Veteran’s Fund Refunding GO, Series I-C, 0.25%, 12/1/25(c)		6,845,000
		12,595,000	Texas State Veteran’s Housing Refunding GO, 0.25%, 6/1/31, (LOC: JP Morgan Chase Bank)(c)		12,595,000
		20,000,000	Texas State Veteran’s Housing Revenue, Series A-2, 0.24%, 12/1/29(c)		20,000,000
					149,840,000
Utah — 0.12%
	��	8,780,000	Ogden City Redevelopment Agency Refunding Revenue, Series A, 0.23%, 6/1/31, (LOC: Wells Fargo Bank)(c)		8,780,000
		12,805,000	Utah Housing Corp. Single Family Mortgage Revenue, Series C-2, Class I, 0.25%, 1/1/38(c)		12,805,000
					21,585,000
Virginia — 1.72%
		159,404,000	Federal Home Loan Mortgage Corp., Multi Family Housing Revenue, Series M017, Class A, 0.29%, 9/15/49(c)		159,404,000
		51,610,000	Montgomery County Industrial Development Authority Refunding Revenue, Series A, 0.30%, 2/1/39(c)		51,610,000
		31,960,000	Montgomery County Industrial Development Authority Refunding Revenue, Series B, 0.30%, 2/1/39(c)		31,960,000
		17,705,000	Newport News Industrial Development Authority Industrial Improvement Revenue, Series B, 0.23%, 7/1/31, (LOC: Wachovia Bank)(c)		17,705,000
		13,750,000	Stafford County & Staunton Industrial Development Authority Revenue, 0.18%, 4/6/10		13,750,000

17

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	26,515,000	Stafford County & Staunton Industrial Development Authority Revenue, Series B1, 0.29%, 12/1/28, (LOC: Bank of America NA)(c)	$	26,515,000
		16,250,000	Virginia Small Business Financing Authority Hampton University Revenue, Series A, 0.27%, 12/1/38, (LOC: PNC Bank NA)(c)		16,250,000
					317,194,000
Washington — 0.12%
		6,700,000	Port Seattle Industrial Development Corp. Crowley Marine Services Project Revenue, 0.34%, 12/31/21, (LOC: Citibank NA)(c)		6,700,000
		15,000,000	Port Seattle Revenue, 0.30%, 5/4/10		15,000,000
					21,700,000
Wisconsin — 0.97%
		51,000,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue, 0.29%, 8/15/36, (LOC: JP Morgan Chase Bank)(c)		51,000,000
		73,840,000	Wisconsin Housing & Economic Development Authority Refunding Revenue, Series A, 0.28%, 9/1/38, (Credit Support: GO of Authority)		73,840,000
		22,165,000	Wisconsin Housing & Economic Development Authority Refunding Revenue, Series F, 0.25%, 5/1/30, (Credit Support: GO of Authority)(c)		22,165,000
		32,550,000	Wisconsin Housing & Economic Development Authority Refunding Revenue, Series F, 0.25%, 11/1/30, (Credit Support: GO of Authority)(c)		32,550,000
					179,555,000
Total Municipal Bonds (Cost $3,298,415,761)					3,298,415,761
U.S. Government Agency Backed Mortgages — 1.70%
Fannie Mae — 1.70%
		69,432,000	Pool #463831, 0.37%, 8/2/10(b)		69,344,227
		66,020,000	Pool #463890, 0.55%, 11/1/10(b)		65,804,151
		19,537,000	Pool #464165, 0.18%, 4/1/10(b)		19,537,000
		60,000,000	Pool #464168, 0.41%, 10/1/10(b)		59,874,950
		74,284,000	Pool #464195, 0.44%, 10/1/10(b)		74,117,851
		24,476,000	Pool #464242, 0.18%, 4/1/10(b)		24,476,000
					313,154,179
Total U.S. Government Agency Backed Mortgages (Cost $313,154,179)					313,154,179
U.S. Government Agency Obligations — 18.25%
Fannie Mae — 3.93%
		69,205,000	0.14%, 7/13/10(c)		69,205,000
		180,000,000	0.20%, 6/9/10(b)		179,931,000
		300,000,000	0.20%, 8/5/10(c)		299,987,731

18

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	58,266,000	7.13%, 6/15/10	$	59,075,170
		116,955,000	0.44%, 12/1/10(b)		116,606,214
					724,805,115
Federal Farm Credit Bank — 1.08%
		100,000,000	0.39%, 4/27/10(c)		99,999,281
		100,000,000	0.39%, 6/2/10(c)		100,000,000
					199,999,281
Federal Home Loan Bank — 9.62%
		132,000,000	0.00%, 4/13/10(c)		131,992,961
		200,000,000	0.12%, 4/5/10(b)		199,997,333
		450,000,000	0.15%, 11/18/10(c)		449,985,475
		182,000,000	0.30%, 5/28/10(c)		182,000,000
		50,000,000	0.56%, 6/18/10		50,019,903
		170,075,000	0.75%, 3/18/11		170,425,355
		10,555,000	1.12%, 6/30/10		10,574,443
		21,280,000	2.75%, 6/18/10		21,388,114
		198,685,000	3.00%, 6/11/10		199,695,267
		77,990,000	4.25%, 6/11/10		78,578,584
		22,380,000	5.25%, 6/11/10		22,592,332
		200,000,000	0.15%, 4/16/10(b)		199,987,916
		58,000,000	0.33%, 12/10/10		57,953,767
					1,775,191,450
Freddie Mac — 3.62%
		200,000,000	0.23%, 8/24/10(c)		200,000,000
		70,035,000	0.30%, 11/16/10(b)		69,901,350
		300,000,000	1.45%, 9/10/10		301,292,306
		96,500,000	0.25%, 9/15/10(b)		96,387,192
					667,580,848
Total U.S. Government Agency Obligations (Cost $3,367,576,694)					3,367,576,694
U.S. Treasury Obligations — 0.63%
U.S. Treasury Notes — 0.63%
		112,500,000	4.25%, 1/15/11		115,772,368
Total U.S. Treasury Obligations (Cost $115,772,368)					115,772,368
Repurchase Agreements — 15.24%
		240,000,000	Bank of America Securities LLC dated 3/31/10; due 4/1/10 at 0.02% with maturity value of $240,100,133 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 7/1/24 to 3/1/40 at rates ranging from 4.50% to 6.00%).		240,000,000

19

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	300,000,000	Barclays Capital Inc. dated 1/12/10; due 4/13/10 at 0.13% with maturity value of $300,098,583 (fully collateralized by Freddie Mac and Fannie Mae securities with maturity dates ranging from 4/1/18 to 2/1/40 at rates ranging from 4.50% to 6.50%).(d)	$	300,000,000
		82,000,000	Barclays Capital Inc. dated 3/31/10; due 4/1/10 at 0.01% with maturity value of $82,000,023 (fully collateralized by US Treasury Inflation Notes with maturity dates ranging from 5/15/10 to 12/15/12 at rates ranging from 1.13% to 3.88%).		82,000,000
		519,000,000	BNP Paribas Securities Corp. dated 3/31/10; due 4/1/10 at 0.01% with maturity value of $519,000,072 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 7/1/22 to 4/1/40 at rates ranging from 4.00% to 7.00%).		519,000,000
		400,000,000	Citigroup Global dated 3/31/10; due 4/1/10 at 0.02% with maturity value of $400,000,222 (fully collateralized by Freddie Mac and Fannie Mae securities with maturity dates ranging from 10/1/13 to 10/1/48 at rates ranging from 4.00% to 7.00%)		400,000,000
		150,000,000	Deutsche Bank AG dated 3/31/10; due 4/1/10 at 0.03% with maturity value of $150,000,125 (fully collateralized by Freddie Mac securities with maturity dates ranging from 1/1/17 to 1/1/40 at rates ranging from 4.50% to 7.00%).		150,000,000
		370,000,000	Deutsche Bank AG dated 3/31/10; due 4/1/10 at 0.03% with maturity value of $370,000,308 (fully collateralized by Freddie Mac securities with maturity dates ranging from 11/1/17 to 12/1/39 at rates ranging from 3.50% to 7.00%).		370,000,000
		300,000,000	Goldman Sachs & Co. dated 1/22/10; due 4/15/10 at 0.15% with maturity value of $300,103,750 (fully collateralized by Ginnie Mae securities with maturity dates ranging from 12/15/33 to 12/15/39 at rates ranging from 4.50% to 6.50%).(d)		300,000,000
		450,000,000	Morgan Stanley & Co. dated 3/31/10; due 4/1/10 at 0.02% with maturity value of $450,000,250 (fully collateralized by Freddie Mac and Fannie Mae securities with maturity dates ranging from 1/1/21 to 2/1/40 at rates ranging from 2.68% to 6.50%).		450,000,000
Total Repurchase Agreements (Cost $2,811,000,000)					2,811,000,000
Shares
Investment Company — 1.08%
		200,000,000	JPMorgan Prime Money Market Fund		200,000,000
Total Investment Company (Cost $200,000,000)					200,000,000

20

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

March 31, 2010 (Unaudited)

	Value
Total Investments (Cost $18,287,567,097)(e) — 99.12%	$	18,287,567,097
Other assets in excess of liabilities — 0.88%		162,652,557
NET ASSETS — 100.00%	$	18,450,219,654

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.

(b) Represents effective yield to maturity on date of purchase.

(c) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2010. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

(d) This security is restricted and illiquid as the securities may not be offered or sold within the United States or to U.S. persons except to qualified purchasers who are also either qualified institutional buyers or “accredited investors” (as defined in Rule 501 (a) of Regulation D under the Securities Act of 1933). The total investment in restricted and illiquid securities representing $600,000,000 or 3.25% of net assets was as follows:

Acquisition Principal Amount		Issuer	Acquisition Date	Acquisition Cost		3/31/2010 Carrying Value Per Unit
$	300,000,000	Barclays Capital Inc.	1/12/2010	$	300,000,000	$	100.00
$	300,000,000	Goldman Sachs & Co.	1/22/2010	$	300,000,000	$	100.00

(e) Tax cost of securities is equal to book cost of securities.

Abbreviations used are defined below:

AGM – Assured Guaranty Municipal

COP – Certificate of Participation

FGIC – Insured by Financial Guaranty Insurance Corp.

GO – General Obligation

GTY – Guaranty

LOC – Letter of Credit

STEP – Step Coupon Bond

See notes to financial statements.

21

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund

March 31, 2010 (Unaudited)

Principal Amount				Value
FDIC-TLGP Backed Corporate Bonds — 7.42%
Banks - Domestic — 1.85%
	$	52,425,000	Bank of America NA, 0.29%, 9/13/10(a)	$	52,443,261
		21,941,000	Bank of America NA, 1.70%, 12/23/10		22,125,735
		36,430,000	Citibank NA, 0.44%, 3/30/11(a)		36,503,455
					111,072,451
Finance - Diversified Domestic — 5.57%
		54,565,000	Citigroup Funding, Inc., 0.35%, 7/30/10(a)		54,599,157
		34,100,000	General Electric Capital Corp., 0.34%, 3/11/11(a)		34,142,403
		15,675,000	General Electric Capital Corp., 0.30%, 7/8/10(a)		15,679,564
		26,000,000	General Electric Capital Corp., 1.63%, 1/7/11		26,237,106
		43,500,000	General Electric Capital Corp., 1.80%, 3/11/11		44,057,818
		34,724,000	Goldman Sachs Group, Inc., 0.75%, 12/3/10(a)		34,853,639
		51,435,000	JPMorgan Chase & Co., 0.42%, 4/1/11(a)		51,529,597
		34,350,000	JPMorgan Chase & Co., 0.75%, 12/2/10(a)		34,477,893
		10,175,000	JPMorgan Chase & Co., 2.63%, 12/1/10		10,326,461
		14,410,000	Morgan Stanley, 0.83%, 3/4/11(a)		14,494,422
		14,826,000	Morgan Stanley, 2.90%, 12/1/10		15,064,446
					335,462,506
Total FDIC-TLGP Backed Corporate Bonds (Cost $446,534,957)					446,534,957
FHLB Backed Corporate Bonds — 0.31%
Finance - Diversified Domestic — 0.31%
		14,655,000	GFRE Holdings LLC, 0.29%, 12/1/49(b)		14,655,000
		4,160,000	Herman & Kittle Capital LLC, 0.29%, 2/1/37(b)		4,160,000
					18,815,000
Total FHLB Backed Corporate Bonds (Cost $18,815,000)					18,815,000
U.S. Government Agency Backed Municipal Bonds — 22.59%
California — 4.78%
		46,590,000	California Housing Finance Agency Revenue, Series A, 0.27%, 8/1/35, (LOC: Fannie Mae)(b)		46,590,000
		10,500,000	California Housing Finance Agency Revenue, Series A, 0.29%, 8/1/36, (Credit Support: GO of Agency), (LOC: Fannie Mae)(b)		10,500,000
		10,000,000	California Housing Finance Agency Revenue, Series B, 0.23%, 8/1/36, (LOC: Fannie Mae)(b)		10,000,000
		81,445,000	California Housing Finance Agency Revenue, Series C, 0.27%, 8/1/37, (LOC: Fannie Mae)(b)		81,445,000
		36,520,000	California Housing Finance Agency Revenue, Series D, 0.27%, 8/1/22, (LOC: Fannie Mae)(b)		36,520,000
		4,764,000	City of Los Angeles Multifamily Housing-Fountain Park Project Revenue, Series A, 0.30%, 3/15/34, (Credit Support: Fannie Mae)(b)		4,764,000

22

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	27,700,000	Orange County Apartment Development, Riverbend Apartments Refunding Revenue, Series B, 0.27%, 12/1/29, (Credit Support: Freddie Mac)(b)	$	27,700,000
		17,140,000	Santa Rosa Housing Authority, Apple Creek Apartments Revenue, Series E, 0.26%, 3/1/12, (Credit Support: Freddie Mac)(b)		17,140,000
		10,400,000	Simi Valley Lincoln Wood Ranch Refunding Revenue, 0.27%, 6/1/10, (Credit Support: Freddie Mac)(b)		10,400,000
		20,000,000	Southern California Home Financing Authority Revenue, Series A, 0.29%, 8/1/33, (LOC: Freddie Mac)(b)		20,000,000
		22,715,000	Southern California Home Financing Authority Revenue, Series B, 0.29%, 2/1/35, (LOC: Fannie Mae)(b)		22,715,000
					287,774,000
Colorado — 2.85%
		7,000,000	Colorado Housing & Finance Authority Insured Mortgage Revenue, Series AA, 0.29%, 10/1/30, (LOC: Fannie Mae)(b)		7,000,000
		38,000,000	Colorado Housing & Finance Authority Refunding Revenue, Class I, Series B1, 0.22%, 5/1/38, (LOC: Fannie Mae)(b)		38,000,000
		23,470,000	Colorado Housing & Finance Authority Refunding Revenue, Class I, Series C1, 0.22%, 11/1/32, (LOC: Fannie Mae)(b)		23,470,000
		6,425,000	Colorado Housing & Finance Authority Revenue, Class I Series SF-1, 0.25%, 11/1/36, (LOC: Fannie Mae)(b)		6,425,000
		27,900,000	Colorado Housing & Finance Authority Revenue, Class I, Series A2, 0.25%, 5/1/38, (LOC: Fannie Mae)(b)		27,900,000
		6,500,000	Colorado Housing & Finance Authority Revenue, Class I, Series A3, 0.28%, 5/1/38, (LOC: Fannie Mae)(b)		6,500,000
		22,000,000	Colorado Housing & Finance Authority Taxable Revenue, Class 1, Series A1, 0.25%, 11/1/37, (LOC: Fannie Mae)(b)		22,000,000
		14,000,000	Colorado Housing & Finance Authority Taxable Revenue, Class 1, Series B1, 0.25%, 11/1/36, (LOC: Fannie Mae)(b)		14,000,000
		14,000,000	Colorado Housing & Finance Authority Taxable Revenue, Class 1, Series C1, 0.25%, 11/1/36, (LOC: Fannie Mae)(b)		14,000,000
		12,000,000	Colorado Housing & Finance Authority Taxable Revenue, Series B-1, 0.25%, 11/1/33, (LOC: Fannie Mae)(b)		12,000,000
					171,295,000
Florida — 1.50%
		22,840,000	Highlands County Health Facilities Authority Refunding Revenue, Series B, 0.28%, 11/15/26, (LOC: Federal Home Loan Bank)(b)		22,840,000
		26,500,000	Highlands County Health Facilities Authority Refunding Revenue, Series C, 0.28%, 11/15/26, (LOC: Federal Home Loan Bank)(b)		26,500,000
		27,500,000	Highlands County Health Facilities Authority Refunding Revenue, Series D, 0.28%, 11/15/26, (LOC: Federal Home Loan Bank)(b)		27,500,000

23

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	13,400,000	West Orange Healthcare District Refunding Revenue, 0.29%, 2/1/22, (LOC: Federal Home Loan Bank)(b)	$	13,400,000
					90,240,000
Idaho — 0.50%
		30,000,000	Idaho Housing & Finance Association Revenue, Class I, Series J1, 0.34%, 1/1/39, (LOC: Fannie Mae)(b)		30,000,000
Indiana — 0.49%
		29,700,000	City of Indianapolis Lakeside Pointe & Fox Club Refunding Revenue, 0.29%, 11/15/37, (Credit Support: Fannie Mae)(b)		29,700,000
Louisiana — 0.21%
		12,600,000	Louisiana Public Facilities Authority Refunding Revenue, 0.32%, 4/1/36, (Credit Support: Freddie Mac)(b)		12,600,000
Michigan — 0.66%
		10,250,000	Lansing Economic Developement Corp. Revenue, 0.29%, 3/1/42, (LOC: Federal Home Loan Bank)(b)		10,250,000
		20,000,000	Michigan State Housing Development Authority Refunding Revenue, Series B, 0.34%, 6/1/38, (LOC: Fannie Mae)(b)		20,000,000
		9,500,000	Michigan State Housing Development Authority Refunding Revenue, Series C, 0.25%, 6/1/39, (LOC: Fannie Mae)(b)		9,500,000
					39,750,000
Mississippi — 0.20%
		12,000,000	Mississippi Business Finance Corp. Gulf Opportunity Zone Resources LLC Refunding Revenue, 0.29%, 5/1/32, (LOC: Federal Home Loan Bank)(b)		12,000,000
New York — 9.28%
		38,600,000	New York City Housing Development Corp. 2 Gold Street Revenue, Series A, 0.25%, 4/15/36, (Credit Support: Fannie Mae)(b)		38,600,000
		23,100,000	New York City Housing Development Corp. 201 Pearl Street Development Revenue, Series A, 0.27%, 10/15/41, (Credit Support: Fannie Mae)(b)		23,100,000
		14,205,000	New York City Housing Development Corp. First Avenue Development Revenue, Series A, 0.30%, 10/15/35, (Credit Support: Fannie Mae)(b)		14,205,000
		21,900,000	New York City Housing Development Corp. Multi Family Housing Revenue, Royal Properties Series A, 0.25%, 4/15/35, (Credit Support: Fannie Mae)(b)		21,900,000
		36,770,000	New York City Housing Development Corp. Multifamily Rental Housing Revenue, Series A, 0.28%, 11/15/19, (Credit Support: Fannie Mae)(b)		36,770,000
		39,000,000	New York City Housing Development Corp. W. 61 St. Apartments Revenue, Series A, 0.25%, 12/15/37, (Credit Support: Fannie Mae)(b)		39,000,000
		16,000,000	New York Liberty Development Corp. World Trade Center Project Revenue, Series A, 0.50%, 12/1/49(b)		16,000,000
		62,500,000	New York State Dormitory Authority Revenue, Series A, 0.25%, 11/15/36, (Credit Support: Fannie Mae)(b)		62,500,000

24

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	27,000,000	New York State Housing Finance Agency 316 11th Ave. Revenue, Series A, 0.27%, 5/15/41, (Credit Support: Fannie Mae)(b)	$	27,000,000
		8,000,000	New York State Housing Finance Agency 38 St. Revenue, Series B, 0.23%, 5/15/33, (Credit Support: Fannie Mae)(b)		8,000,000
		41,750,000	New York State Housing Finance Agency North End Revenue, Series A, 0.25%, 11/15/36, (Credit Support: Fannie Mae)(b)		41,750,000
		17,400,000	New York State Housing Finance Agency Revenue, Series A, 0.25%, 11/15/29, (Credit Support: Fannie Mae)(b)		17,400,000
		60,100,000	New York State Housing Finance Agency Revenue, Series A, 0.26%, 5/15/35, (Credit Support: Fannie Mae)(b)		60,100,000
		43,785,000	New York State Housing Finance Agency Revenue, Series A, 0.28%, 5/1/35, (Credit Support: Freddie Mac)(b)		43,785,000
		8,000,000	New York State Housing Finance Agency W. 23 St. Revenue, Series B, 0.23%, 5/15/33, (Credit Support: Fannie Mae)(b)		8,000,000
		50,000,000	New York State Housing Finance Agency, 125 West 31st. Revenue, Series A, 0.25%, 5/15/38, (Credit Support: Fannie Mae)(b)		50,000,000
		10,400,000	New York State Housing Finance Agency, 360 W. 43rd. St. Revenue, Series A, 0.25%, 11/15/33, (Credit Support: Fannie Mae)(b)		10,400,000
		40,000,000	New York State Housing Finance Agency, Clinton Green South Revenue, Series A, 0.25%, 11/1/38, (Credit Support: Freddie Mac)(b)		40,000,000
					558,510,000
Pennsylvania — 1.02%
		16,660,000	Pennsylvania Housing Finance Agency Single Family Mortgage Refunding Revenue, Series 84D, 0.33%, 10/1/34, (Credit Support: GO of Agency), (LOC: Freddie Mac)(b)		16,660,000
		10,000,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 83B, 0.26%, 4/1/35, (LOC: Freddie Mac)(b)		10,000,000
		13,370,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 85B, 0.26%, 4/1/35, (Credit Support: GO of Agency)(b)		13,370,000
		10,000,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 87B, 0.25%, 4/1/35, (LOC: Fannie Mae)(b)		10,000,000
		11,500,000	Pennsylvania Housing Finance Agency Single Family Refunding Revenue, Series 91B, 0.33%, 10/1/36, (Credit Support: GO of Agency), (LOC: Freddie Mac)(b)		11,500,000
					61,530,000
Virginia — 0.29%
		17,500,000	Lynchburg Industrial Development Authority, Hospital Central Health Refunding Revenue , Series A, 0.29%, 1/1/28, (Credit Support: NATL-RE), (LOC: Federal Home Loan Bank)(b)		17,500,000
Wyoming — 0.81%
		12,000,000	Wyoming Community Development Authority Housing Revenue, Series 11, 0.36%, 12/1/38, (Credit Support: Fannie Mae, Freddie Mac)(b)		12,000,000

25

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	10,000,000	Wyoming Community Development Authority Housing Revenue, Series 7, 0.36%, 6/1/37, (Credit Support: Fannie Mae, Freddie Mac)(b)	$	10,000,000
		10,000,000	Wyoming Community Development Authority Housing Revenue, Series 9, 0.36%, 6/1/37, (Credit Support: Fannie Mae, Freddie Mac)(b)		10,000,000
		17,000,000	Wyoming Community Development Authority Revenue, Series A, 0.30%, 12/1/32, (Credit Support: Fannie Mae, Freddie Mac)(b)		17,000,000
					49,000,000
Total U.S. Government Agency Backed Municipal Bonds (Cost $1,359,899,000)					1,359,899,000
U.S. Government Agency Backed Mortgages — 5.07%
Fannie Mae — 4.96%
		2,126,216	Pool #254808, 4.00%, 6/1/10		2,132,164
		66,020,000	Pool #463889, 0.38%, 8/2/10(c)		65,934,284
		53,572,400	Pool #464168, 0.41%, 10/1/10(c)		53,460,746
		27,942,000	Pool #464241, 0.17%, 4/1/10(c)		27,942,000
		68,177,000	Pool #464318, 0.17%, 4/1/10(c)		68,177,000
		81,000,000	Pool #464754, 0.27%, 9/1/10(c)		80,908,774
					298,554,968
Freddie Mac — 0.11%
		6,662,055	Pool #M80835, 3.50%, 7/1/10		6,689,317
Total U.S. Government Agency Backed Mortgages (Cost $305,244,285)					305,244,285
U.S. Government Agency Obligations — 38.34%
Fannie Mae — 7.07%
		100,000,000	0.14%, 7/13/10(b)		100,000,000
		48,203,000	0.14%, 4/1/10(c)		48,203,000
		62,500,000	0.20%, 6/9/10(c)		62,476,042
		38,985,000	0.44%, 12/1/10(c)		38,868,738
		74,636,000	0.45%, 12/1/10(c)		74,410,890
		57,977,000	2.50%, 4/9/10		57,994,304
		43,550,000	4.13%, 5/15/10		43,738,979
					425,691,953
Federal Farm Credit Bank — 1.25%
		75,000,000	0.07%, 5/28/10(b)		75,000,000
Federal Home Loan Bank — 24.29%
		56,750,000	0.00%, 4/5/10(b)		56,749,123
		72,000,000	0.00%, 4/9/10(b)		72,000,389
		128,000,000	0.00%, 4/13/10(b)		127,993,174
		61,350,000	0.00%, 4/16/10(b)		61,346,389
		83,500,000	0.12%, 4/5/10(c)		83,498,887

26

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

	Principal Amount			Value
	$	67,300,000	0.12%, 4/7/10(c)	$	67,298,710
		157,000,000	0.13%, 4/14/10(c)		156,992,913
		50,000,000	0.13%, 4/16/10(c)		49,997,292
		47,270,000	0.16%, 1/14/11(b)		47,270,000
		100,000,000	0.30%, 5/28/10(b)		100,000,000
		100,000,000	0.33%, 6/2/10(b)		100,000,000
		18,600,000	0.33%, 12/10/10		18,585,173
		25,000,000	0.36%, 6/1/10(b)		25,000,000
		30,000,000	0.40%, 5/12/10(b)		30,000,000
		167,260,000	0.44%, 10/7/10		167,275,627
		50,000,000	0.48%, 10/25/10		50,056,186
		100,000,000	0.50%, 10/25/10		100,030,968
		49,000,000	0.52%, 6/1/10		48,995,742
		25,000,000	0.80%, 4/30/10		25,001,808
		23,050,000	3.00%, 6/11/10		23,159,789
		50,000,000	3.50%, 7/16/10		50,413,981
					1,461,666,151
Freddie Mac — 5.54%
		50,000,000	0.05%, 11/10/10(b)		49,967,126
		100,000,000	0.25%, 9/24/10(b)		99,990,382
		55,000,000	0.30%, 11/16/10(c)		54,895,042
		9,000,000	0.30%, 4/7/11		9,009,299
		10,100,000	0.31%, 11/18/10(c)		10,079,909
		4,900,000	0.35%, 4/1/11(b)		4,904,722
		18,750,000	1.45%, 9/10/10		18,845,659
		17,650,000	2.88%, 6/28/10		17,760,749
		37,700,000	4.75%, 12/8/10		38,846,773
		28,502,000	6.88%, 9/15/10		29,356,156
					333,655,817
Overseas Private Investment Corp. — 0.19%
		1,400,000	0.16%, 3/15/15(b)		1,400,000
		9,904,414	0.16%, 11/15/13(b)		9,904,414
					11,304,414
Total U.S. Government Agency Obligations (Cost $2,307,318,335)					2,307,318,335
U.S. Treasury Obligations — 1.49%
U.S. Treasury Notes — 1.49%
		37,500,000	4.25%, 1/15/11		38,590,789
		50,000,000	4.50%, 11/15/10		51,267,655
Total U.S. Treasury Obligations (Cost $89,858,444)					89,858,444

27

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Repurchase Agreements — 19.86%
	$	400,000,000	BNP Paribas Securities Corp. dated 3/31/10; due 4/1/10 at 0.01% with maturity value of $400,000,056 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 2/1/13 to 3/1/40 at rates ranging from 4.00% to 6.50%).	$	400,000,000
		200,000,000	Citigroup Global, dated 3/31/10; due 4/1/10 at 0.02% with maturity value of $200,000,111 (fully collateralized by Freddie Mac and Fannie Mae securities with maturity dates ranging from 7/1/11 to 12/1/39 at rates ranging from 3.50% to 7.00%)		200,000,000
		100,000,000	Deutsche Bank AG dated 3/31/10; due 4/1/10 at 0.03% with maturity value of $100,000,083 (fully collateralized by Freddie Mac securities with maturity dates ranging from 3/1/22 to 1/1/40 at rates ranging from 4.50% to 8.00%).		100,000,000
		195,000,000	Deutsche Bank AG dated 3/31/10; due 4/1/10 at 0.03% with maturity value of $195,000,163 (fully collateralized by Freddie Mac securities with maturity dates ranging from 8/1/16 to 12/1/39 at rates ranging from 4.00% to 7.00%).		195,000,000
		300,000,000	Morgan Stanley & Co, dated 3/31/10; due 4/1/10 at 0.02% with maturity value of $300,000,167 (fully collateralized by Freddie Mac and Fannie Mae securities with maturity dates ranging from 1/1/15 to 3/1/40 at rates ranging from 4.00% to 6.50%).		300,000,000
Total Repurchase Agreements (Cost $1,195,000,000)					1,195,000,000
Shares
Investment Company — 0.33%
		20,000,000	First American Government Obligations Fund		20,000,000
Total Investment Company (Cost $20,000,000)					20,000,000
Total Investments (Cost $5,742,670,021)(d) — 95.41%				$	5,742,670,021
Other assets in excess of liabilities — 4.59%					276,323,253
NET ASSETS — 100.00%				$	6,018,993,274

(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 30, 2010.

(b) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2010. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

(c) Represents effective yield to maturity on date of purchase.

(d) Tax cost of securities is equal to book cost of securities.

28

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Abbreviations used are defined below:

FDIC – Federal Deposit Insurance Corp.

GO – General Obligation

LOC – Letter of Credit

NATL – RE -Insured by National Public Finance Guarantee Corp.

TLGP – Temporary Liquidity Guaranty Program

See notes to financial statements.

29

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund

March 31, 2010 (Unaudited)

Principal Amount				Value
Municipal Bonds — 94.96%
Alabama — 0.73%
	$	10,890,000	Birmingham Waterworks Board Revenue, Series R-10412, 0.30%, 7/1/14, (Credit Support: BHAC-CR, AGM)(a)(b)	$	10,890,000
Arizona — 1.47%
		3,260,000	Maricopa County Industrial Development Authority Gran Victoria Housing Revenue, Series A, 0.30%, 4/15/30, (Credit Support: Fannie Mae)(b)		3,260,000
		5,300,000	Maricopa County Industrial Development Authority Valley of the Sun YMCA Revenue, 0.32%, 12/1/37, (LOC: U.S. Bank NA)(b)		5,300,000
		5,900,000	Pima County Industrial Development Authority Delaware Military Academy Revenue, 0.29%, 9/1/38, (LOC: PNC Bank NA)(b)		5,900,000
		7,500,000	Tempe Industrial Development Authority Revenue, Series C, 0.27%, 12/1/27, (LOC: Sovereign Bank FSB)(b)		7,500,000
					21,960,000
California — 5.83%
		4,500,000	California Communities Note Program Revenue, Series A7, 2.50%, 6/30/10		4,514,841
		5,000,000	California Health Facilities Financing Authority Revenue, Series C, 0.25%, 10/1/40, (LOC: Barclays Bank PLC)(b)		5,000,000
		5,405,000	California Statewide Communities Development Authority Revenue, Series A, 0.27%, 8/1/35, (LOC: Citibank NA)(b)		5,405,000
		11,000,000	City of Oakland GO, Series A, 2.50%, 7/16/10		11,053,963
		12,475,000	Eclipse Funding Trust Tax Allocation Revenue, 0.30%, 2/1/15, (LOC: U.S. Bank NA)(b)		12,475,000
		5,000,000	Gilroy Public Facilities Financing Authority Refunding Revenue, 2.00%, 9/1/10		5,015,527
		590,000	Hesperia Public Financing Authority Refunding Revenue, Series B, 0.45%, 6/1/22, (LOC: Bank of America NA)(b)		590,000
		15,500,000	Oxnard Financing Authority Revenue, 2.50%, 8/25/10		15,545,670
		5,800,000	Padre Dam Municipal Water District COP, Series R-11792, 0.29%, 4/1/17(a)(b)		5,800,000
		3,200,000	Rocklin Unified School District GO, 3.00%, 9/15/10		3,221,626
		11,915,000	San Diego Housing Authority, Hillside Garden Apartments Revenue, Series C, 0.28%, 1/15/35, (Credit Support: Fannie Mae)(b)		11,915,000
		2,500,000	State of California Floaters GO, Series 1707, 0.39%, 8/1/32, (Credit Support: AGM)(b)		2,500,000
		4,000,000	State of California Pre-refunded GO, OID, 5.63%, 5/1/10, (Credit Support: AMBAC,TCRS-BNY)		4,057,186
					87,093,813
Colorado — 3.91%
		3,170,000	Aurora Centretech Metropolitan District Refunding GO, Series C, 0.30%, 12/1/28, (LOC: U.S. Bank NA)(b)		3,170,000
		6,510,000	Base Village Metropolitan District No. 2 GO, Series B, 0.30%, 12/1/38, (LOC: US Bank NA)(b)		6,510,000

30

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,250,000	Colorado Health Facilities Authority Revenue, Series A, 0.38%, 4/1/24, (LOC: Wells Fargo Bank)(b)	$	1,250,000
		3,000,000	Colorado Housing & Finance Authority Refunding Revenue, 0.31%, 2/15/28, (Credit Support: Fannie Mae)(b)		3,000,000
		20,000,000	Colorado State Education Loan Program Revenue, 1.50%, 8/12/10, (Credit Support: State Aid Withholding)		20,089,047
		5,000,000	Commerce City Northern Infrastructure General Improvement District GO, 0.30%, 12/1/28, (LOC: US Bank NA)(b)		5,000,000
		3,475,000	County of Pitkin Refunding Revenue, Series A, 0.30%, 12/1/24, (LOC: US Bank NA)(b)		3,475,000
		5,200,000	Gateway Regional Metropolitan District Refunding GO, 0.38%, 12/1/37, (LOC: Wells Fargo Bank)(b)		5,200,000
		2,580,000	Meridian Ranch Metropolitan District Refunding GO, 0.30%, 12/1/38, (LOC: US Bank NA)(b)		2,580,000
		1,685,000	Parker Automotive Metropolitan District GO, 0.30%, 12/1/34, (LOC: US Bank NA)(b)		1,685,000
		1,370,000	University of Colorado Hospital Authority Revenue, Series A, 0.32%, 11/15/33, (Credit Support: AGM)(b)		1,370,000
		5,180,000	Water Valley Metropolitan District No. 2 GO, 0.38%, 12/1/24, (LOC: Wells Fargo Bank)(b)		5,180,000
					58,509,047
Connecticut — 0.22%
		3,245,000	Northeast Tax-Exempt Bond Grantor Trust Revenue, 0.36%, 4/1/19, (LOC: PNC Bank NA)(b)		3,245,000
District Of Columbia — 1.62%
		4,630,000	District of Columbia Children’s Defense Fund Revenue, 0.37%, 4/1/22, (LOC: Wells Fargo Bank)(b)		4,630,000
		1,700,000	District of Columbia Internships and Academic Revenue, 0.28%, 7/1/36, (LOC: Branch Banking & Trust)(b)		1,700,000
		4,600,000	District of Columbia Jesuit Conference Revenue, 0.29%, 10/1/37, (LOC: PNC Bank NA)(b)		4,600,000
		3,980,000	District of Columbia Water & Sewer Authority Revenue, Putters Series 3022, 0.34%, 4/1/16, (Credit Support: Assured GTY)(b)		3,980,000
		9,360,000	District of Columbia Water & Sewer Authority Revenue, Series R-11623, 0.31%, 4/1/29, (Credit Support: Assured GTY), Callable 10/01/18 @ 100(a)(b)		9,360,000
					24,270,000
Florida — 3.50%
		4,995,000	City of Tallahassee Revenue, Putters Series 2069Z, 0.34%, 4/1/15, (Credit Support: NATL-RE)(b)		4,995,000
		2,635,000	Collier County Industrial Development Authority Revenue, 0.45%, 12/1/26, (LOC: Bank of America NA)(b)		2,635,000
		15,000,000	County of Palm Beach Pine Crest Preparatory Refunding Revenue, 0.32%, 6/1/38, (LOC: Bank of America NA)(b)		15,000,000
		1,280,000	Florida Housing Finance Corp. Refunding Revenue, Series I, 0.33%, 11/1/32, (Credit Support: Freddie Mac)(b)		1,280,000
		5,245,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3438Z, 0.34%, 4/1/27, (Credit Support: NATL-RE)(a)(b)		5,245,000

31

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	2,225,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3617, 0.39%, 10/1/25(a)(b)	$	2,225,000
		6,835,000	Marion County Industrial Development Authority Refunding Revenue, 0.30%, 11/15/32, (Credit Support: Fannie Mae)(b)		6,835,000
		5,255,000	Miami-Dade County Industrial Development Authority Revenue, 0.34%, 9/1/29, (LOC: Bank of America NA)(b)		5,255,000
		8,815,000	Orange County Housing Finance Authority Refunding Revenue, 0.29%, 6/1/25, (Credit Support: Fannie Mae)(b)		8,815,000
					52,285,000
Georgia — 2.80%
		11,200,000	Camden County Public Service Authority Revenue, 0.32%, 12/1/32, (Credit Support: Assured GTY)(b)		11,200,000
		7,215,000	Clayton County Housing Authority Refunding Revenue, 0.30%, 9/1/26, (Credit Support: Fannie Mae)(b)		7,215,000
		4,755,000	Cobb County Housing Authority Refunding Revenue, 0.32%, 3/1/24, (Credit Support: Freddie Mac)(b)		4,755,000
		7,490,000	Fulton County Development Authority Revenue, 0.32%, 4/1/34, (LOC: Bank of America NA)(b)		7,490,000
		2,800,000	Gainesville & Hall County Development Authority Refunding Revenue, 0.32%, 4/1/27, (Credit Support: County GTY), (LOC: Bank of America NA)(b)		2,800,000
		8,425,000	Marietta Housing Authority Refunding Revenue, 0.27%, 7/1/24, (Credit Support: Fannie Mae)(b)		8,425,000
					41,885,000
Idaho — 1.58%
		23,680,000	Idaho Health Facilities Authority Revenue, 0.33%, 7/1/30, (Credit Support: AGM)(b)		23,680,000
Illinois — 5.24%
		20,625,000	City of Chicago GO, Series R-11270, 0.30%, 7/1/15, (Credit Support: NATL-RE)(b)		20,625,000
		2,700,000	City of Galesburg Revenue, 0.30%, 7/1/24, (LOC: Bank of America)(b)		2,700,000
		11,500,000	City of Galesburg Revenue, 0.32%, 3/1/31, (LOC: Bank of America)(b)		11,500,000
		4,100,000	Illinois Finance Authority Cultural Pool Revenue, 0.29%, 12/1/25, (LOC: JP Morgan Chase Bank)(b)		4,100,000
		1,480,000	Illinois Finance Authority Radiological Society Project Revenue, 0.33%, 6/1/17, (LOC: JP Morgan Chase Bank)(b)		1,480,000
		4,995,000	Illinois Finance Authority Revenue, Putters Series 2967, 0.34%, 2/15/16, (Credit Support: Assured GTY)(b)		4,995,000
		16,100,000	Illinois Finance Authority Revenue, Series R-11624, 0.31%, 8/15/39, (Credit Support: Assured GTY), Callable 8/15/18 @ 100(a)(b)		16,100,000
		6,900,000	Illinois Finance Authority, Beloit Memorial Hospital, Inc. Revenue , Series A, 0.32%, 4/1/36, (LOC: JP Morgan Chase Bank)(b)		6,900,000
		4,000,000	Illinois Health Facilities Authority Revenue, Series C, 0.30%, 1/1/16, (LOC:JP Morgan Chase Bank)(b)		4,000,000

32

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	2,780,000	Village of Channahon Revenue, Series A, 0.29%, 12/1/34, (LOC: US Bank NA)(b)	$	2,780,000
		3,085,000	Village of Channahon Revenue, Series D, 0.29%, 12/1/32, (LOC: US Bank NA)(b)		3,085,000
					78,265,000
Indiana — 5.63%
		7,040,000	City of Fort Wayne Waterworks Revenue, 0.60%, 2/10/11		7,040,000
		36,000,000	City of Whiting, TECP, 0.23%, 6/9/10(c)		36,000,000
		20,420,000	Indiana Bond Bank Revenue, Series A, 2.00%, 1/6/11, (LOC: JP Morgan Chase Bank)		20,664,707
		7,500,000	Indiana Development Finance Authority Revenue, 0.29%, 11/1/35, (LOC: JP Morgan Chase Bank)(b)		7,500,000
		4,400,000	Indiana Finance Authority Refunding Revenue, 0.32%, 3/1/36, (LOC: Branch Banking & Trust)(b)		4,400,000
		8,540,000	Indiana Health Facility Financing Authority Revenue, Series A, 0.32%, 7/1/28, (LOC: Bank of America NA)(b)		8,540,000
					84,144,707
Iowa — 1.98%
		6,000,000	City of Urbandale Interstate Acres LP Refunding Revenue, 0.30%, 12/1/14, (LOC: Bankers Trust Company)(b)		6,000,000
		3,070,000	Iowa Finance Authority Revenue, 0.28%, 2/1/23, (LOC: Wells Fargo Bank)(b)		3,070,000
		1,885,000	Iowa Finance Authority Revenue, 0.40%, 4/1/25, (LOC: Bank of America NA)(b)		1,885,000
		8,680,000	Iowa Higher Education Loan Authority Revenue, 0.32%, 4/1/27, (LOC: Bank of America NA)(b)		8,680,000
		7,870,000	Iowa Higher Education Loan Authority Revenue, 0.38%, 5/1/20, (LOC: Wells Fargo Bank)(b)		7,870,000
		2,150,000	Woodbury County Revenue, 0.38%, 11/1/16, (LOC: US Bank NA)(b)		2,150,000
					29,655,000
Kansas — 0.21%
		3,215,000	City of Olathe Revenue, Series B, 0.40%, 11/1/18, (LOC: Bank of America NA)(b)		3,215,000
Kentucky — 1.38%
		8,350,000	County of Warren Refunding Revenue, 0.30%, 4/1/37, (Credit Support: Assured GTY)(b)		8,350,000
		6,500,000	Kentucky Economic Development Finance Authority Revenue, Series R-11810, 0.33%, 6/1/16, (Credit Support: Assured GTY)(a)(b)		6,500,000
		5,700,000	Louisville & Jefferson County Metropolitan Sewer District Revenue, Series A, 3.00%, 8/19/10		5,737,779
					20,587,779

33

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Louisiana — 0.87%
	$	9,055,000	Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 0.30%, 10/1/37, (LOC: First NBC Bank )(b)	$	9,055,000
		4,010,000	Shreveport Home Mortgage Authority Refunding Revenue, 0.29%, 2/15/23, (Credit Support: Fannie Mae)(b)		4,010,000
					13,065,000
Maryland — 0.56%
		8,300,000	Maryland Health & Higher Educational Facilities Authority Revenue, Series D, 0.27%, 7/1/41, (LOC: TD Bank NA)(b)		8,300,000
Massachusetts — 0.68%
		10,000,000	City of New Bedford GO, Series A, 1.75%, 2/11/11		10,094,540
Michigan — 2.83%
		5,000,000	Detroit City School District GO, Putters Series 2954, 0.34%, 11/1/24, (Credit Support: AGM, Q-SBLF)(b)		5,000,000
		5,000,000	Michigan Municipal Bond Authority, Student Aid Notes Revenue, Series C-1, 3.00%, 8/20/10		5,030,460
		15,000,000	Michigan State Hospital Finance Authority Revenue, 0.30%, 6/1/22, (Credit Support: Assured GTY)(b)		15,000,000
		5,010,000	Michigan Strategic Fund Revenue, 0.40%, 9/1/40, (LOC: Bank of America)(b)		5,010,000
		12,200,000	State of Michigan GO, Series A, 2.00%, 9/30/10		12,289,042
					42,329,502
Minnesota — 4.80%
		1,825,000	City of Bloomington Refunding Revenue, Series A1, 0.36%, 11/15/32, (Credit Support: Fannie Mae)(b)		1,825,000
		8,035,000	City of Burnsville Refunding Revenue, 0.30%, 1/1/35, (Credit Support: Freddie Mac)(b)		8,035,000
		12,235,000	City of Inver Grove Heights Refunding Revenue, 0.30%, 5/15/35, (Credit Support: Fannie Mae)(b)		12,235,000
		1,200,000	City of Minnetonka Refunding Revenue, 0.30%, 11/15/31, (Credit Support: Fannie Mae)(b)		1,200,000
		13,580,000	City of Oak Park Heights Refunding Revenue, 0.30%, 11/1/35, (Credit Support: Freddie Mac)(b)		13,580,000
		1,255,000	City of Spring Lake Park Refunding Revenue, 0.30%, 2/15/33, (Credit Support: Fannie Mae)(b)		1,255,000
		10,420,000	Midwest Consortium of Municipal Utilities Revenue, Series B, 0.28%, 10/1/35, (LOC: US Bank NA)(b)		10,420,000
		15,000,000	Rochester Health Care Facilities, TECP, 0.30%, 6/10/10(c)		15,000,000
		2,140,000	St. Paul Housing & Redevelopment Authority Revenue, Series A, 0.33%, 5/1/27, (LOC: US Bank NA)(b)		2,140,000
		3,000,000	St. Paul Port Authority Revenue, Series 5-O, 0.30%, 12/1/28, (LOC: Deutsche Bank AG)(b)		3,000,000
		3,000,000	St. Paul Port Authority Revenue, Series 9-BB, 0.30%, 3/1/29, (LOC: Deutsche Bank AG)(b)		3,000,000
					71,690,000

34

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Mississippi — 1.74%
	$	20,000,000	County of Jackson Port Facilities Refunding Revenue, 0.28%, 6/1/23(b)	$	20,000,000
		6,040,000	Mississippi Business Finance Corp. Revenue, 0.34%, 5/1/39, (LOC: Capital One NA)(b)		6,040,000
					26,040,000
Missouri — 1.82%
		4,200,000	Cape Girardeau County Industrial Development Authority Revenue, Series B, 0.30%, 6/1/39, (LOC: Wells Fargo Bank)(b)		4,200,000
		13,600,000	Missouri State Health & Educational Facilities Authority Revenue, Series C-4, 0.30%, 6/1/33, (Credit Support: AGM)(b)		13,600,000
		7,420,000	Nodaway County Industrial Development Authority Revenue, 0.30%, 11/1/28, (LOC: US Bank NA)(b)		7,420,000
		2,000,000	St. Charles County Industrial Development Authority Refunding Revenue, 0.29%, 2/1/29, (Credit Support: Fannie Mae)(b)		2,000,000
					27,220,000
Nebraska — 0.96%
		6,000,000	Madison County Hospital Authority No. 1 Revenue, Series B, 0.28%, 7/1/33, (LOC: US Bank NA)(b)		6,000,000
		5,570,000	Saline County Hospital Authority No. 1 Refunding Revenue, Series C, 0.30%, 6/1/31, (LOC: US Bank NA)(b)		5,570,000
		2,825,000	Scotts Bluff County Hospital Authority Refunding Revenue, 0.33%, 12/1/31, (Credit Support: Ginnie Mae), (LOC: US Bank NA)(b)		2,825,000
					14,395,000
Nevada — 0.71%
		5,145,000	City of Fernley GO, Series R-11458, 0.31%, 2/1/16, (Credit Support: Assured GTY)(b)		5,145,000
		5,515,000	City of Reno Refunding Revenue, Series A, 0.30%, 6/1/32, (LOC: Bank of America NA)(b)		5,515,000
					10,660,000
New Hampshire — 2.05%
		22,000,000	New Hampshire Business Finance Authority Revenue, 0.36%, 10/1/37, (LOC: TD Bank NA)(b)		22,000,000
		8,700,000	New Hampshire Health & Education Facilities Authority Revenue, 0.38%, 7/1/28, (LOC: Wells Fargo Bank)(b)		8,700,000
					30,700,000
New Jersey — 2.65%
		4,915,000	Austin Trust Various States Revenue, Series 2008-353, 0.39%, 7/1/13, (LOC: Bank of America NA)(b)		4,915,000
		2,185,000	City of Newark GO, Series D, 1.25%, 6/17/10		2,187,751
		4,000,000	City of Newark GO, Series A, 1.25%, 6/17/10		4,003,912
		16,300,000	City of Newark GO, Series E, 3.25%, 4/14/10		16,305,676

35

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	12,185,000	New Jersey Health Care Facilities Financing Authority Revenue, 0.27%, 7/1/24, (LOC: TD Bank NA)(b)	$	12,185,000
					39,597,339
New York — 4.79%
		11,200,000	Addison Central School District GO, 1.75%, 1/21/11, (Credit Support: State Aid Withholding)		11,298,848
		2,900,000	Erie County Industrial Development Agency Revenue, Putters Series 2090, 0.32%, 5/1/15, (Credit Support: AGM)(b)		2,900,000
		15,000,000	New York Liberty Development Corp. World Trade Center Project Revenue, Series A, 0.50%, 12/1/49(b)		15,000,000
		6,500,000	New York State Dormitory Authority Revenue, Series D, 0.26%, 7/1/31, (LOC: TD Bank NA)(b)		6,500,000
		2,500,000	New York State Dormitory Authority Wagner College Revenue, 0.25%, 7/1/38, (LOC: TD Bank NA)(b)		2,500,000
		27,400,000	New York State Energy Research & Development Authority Refunding Revenue, Series A, 0.33%, 8/1/15, (Credit Support: AMBAC), (LOC: Wells Fargo Bank)(b)		27,400,000
		5,964,000	Oppenheim-Ephratah Central School District GO, 2.50%, 6/30/10, (Credit Support: State Aid Withholding)		5,980,286
					71,579,134
North Carolina — 2.71%
		9,770,000	North Carolina Capital Facilities Finance Agency Revenue, 0.28%, 8/1/33, (LOC: Wells Fargo Bank)(b)		9,770,000
		17,700,000	North Carolina Capital Facilities Finance Agency Revenue, Series B, 0.28%, 6/1/38, (LOC: Wells Fargo Bank)(b)		17,700,000
		12,995,000	North Carolina Municipal Power Agency No. 1 Catawba Revenue, Series R-211, 0.30%, 1/1/11, (Credit Support: BHAC-CR, MBIA)(b)		12,995,000
					40,465,000
Ohio — 1.47%
		10,200,000	County of Lucas GO, 1.00%, 7/22/10		10,209,296
		11,690,000	Xenia Community School District GO, 1.70%, 7/29/10		11,744,008
					21,953,304
Oregon — 1.44%
		1,000,000	City of Portland Revenue, Series A, 0.27%, 12/1/11, (LOC: Harris Trust & Savings Bank)(b)		1,000,000
		5,300,000	Clackamas County Hospital Facility Authority Refunding Revenue, Series A-1, 0.27%, 11/1/29, (LOC: Sovereign Bank FSB)(b)		5,300,000
		6,000,000	Confederated Tribes of the Umatilla Indian Reservation Revenue, 0.32%, 12/1/28, (LOC: Bank of America NA)(b)		6,000,000
		4,500,000	Oregon State Department of Administrative Services COP, Series A, OID, 6.00%, 5/1/10, (Credit Support: AMBAC)		4,565,271
		4,600,000	Yamhill County Hospital Authority Refunding Revenue, 0.32%, 12/1/34, (LOC: US Bank NA)(b)		4,600,000
					21,465,271

36

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Pennsylvania — 7.99%
	$	8,900,000	Allegheny County Higher Education Building Authority Revenue, Series A, 0.29%, 3/1/38, (LOC: PNC Bank NA)(b)	$	8,900,000
		8,000,000	Allegheny County Hospital Development Authority Revenue, Series A, 0.29%, 6/1/30, (LOC: PNC Bank NA)(b)		8,000,000
		3,630,000	Allegheny County Hospital Development Authority Revenue, Series A, 1.85%, 5/1/14, (LOC: PNC Bank NA)(b)		3,630,000
		5,135,000	Allegheny County Industrial Development Authority Revenue, 0.29%, 6/1/38, (LOC: PNC Bank NA)(b)		5,135,000
		1,875,000	Butler County General Authority Revenue, 0.33%, 11/15/21, (Credit Support: AGM)(b)		1,875,000
		1,375,000	County of Somerset GO, 0.35%, 10/15/27, (Credit Support: AGM)(b)		1,375,000
		3,255,000	Cumberland County Municipal Authority Revenue, Series C, 0.28%, 1/1/33, (LOC: Wells Fargo Bank)(b)		3,255,000
		5,000,000	Delaware County Industrial Development Authority Refunding Revenue, Series G, 0.28%, 12/1/31(b)		5,000,000
		5,000,000	Delaware County Industrial Development Authority Refunding Revenue, Series G, 0.28%, 12/1/31(b)		5,000,000
		4,700,000	Emmaus General Authority Revenue, Series F, 0.32%, 3/1/24, (LOC: US Bank NA)(b)		4,700,000
		8,155,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3405, 0.32%, 11/15/14, (Credit Support: AGM, State Aid Withholding)(a)(b)		8,155,000
		7,500,000	Lancaster Industrial Development Authority Revenue, Series B, 0.27%, 12/1/39, (LOC: PNC Bank NA)(b)		7,500,000
		8,050,000	Luzerne County Convention Center Authority Revenue, Series A, 0.29%, 9/1/28, (LOC: PNC Bank NA)(b)		8,050,000
		15,000,000	Pennsylvania Economic Development Finance Authority Revenue, 0.62%, 12/1/38, (LOC: Wells Fargo Bank)(b)		15,000,000
		2,100,000	Pennsylvania Higher Educational Facilities Authority Revenue, Series F2, 2.05%, 5/1/25, (LOC: PNC Bank NA)(b)		2,100,000
		4,500,000	Pennsylvania Higher Educational Facilities Authority Revenue, Series J4, 1.85%, 5/1/32, (LOC: PNC Bank NA)(b)		4,500,000
		2,970,000	Pennsylvania State Public School Building Authority Revenue, Putters-Series 1970, 0.32%, 12/1/14, (Credit Support: AGM, State Aid Withholding)(b)		2,970,000
		7,800,000	Philadelphia Authority for Industrial Development Revenue, 0.38%, 12/1/37, (LOC: Wells Fargo Bank)(b)		7,800,000
		2,490,000	Shaler Area School District Refunding GO, 0.38%, 9/1/25, (Credit Support: AGM, State Aid Withholding)(b)		2,490,000
		4,000,000	Washington County Hospital Authority Revenue, Series A, 1.25%, 7/1/37, (LOC: Wells Fargo Bank)(b)		4,000,000
		9,925,000	York County Industrial Development Authority Revenue, 0.29%, 7/1/37, (LOC: PNC Bank NA)(b)		9,925,000
					119,360,000
Rhode Island — 0.58%
		3,200,000	Rhode Island Health & Educational Building Corp. Revenue, 0.45%, 6/1/37, (LOC: Bank of America NA)(b)		3,200,000

37

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	5,500,000	Rhode Island Health & Educational Building Corp. Revenue, Series R-11811, 0.31%, 5/15/17, (Credit Support: Assured GTY)(a)(b)	$	5,500,000
					8,700,000
South Carolina — 2.74%
		6,500,000	County of Cherokee Revenue, 0.40%, 12/1/15, (LOC: Bank of America NA)(b)		6,500,000
		6,770,000	South Carolina Jobs-Economic Development Authority Revenue, 0.38%, 5/1/29, (LOC: Wells Fargo Bank)(b)		6,770,000
		6,735,000	St Peters Parish-Jasper County Public Facilities Corp. Revenue, Series A, 0.75%, 2/1/11		6,735,000
		6,000,000	St Peters Parish-Jasper County Public Facilities Corp. Revenue, Series B, 1.50%, 7/1/10		6,000,000
		15,000,000	Town of Lexington Water Works & Sewer Systems Revenue, 1.25%, 4/15/10		14,998,579
					41,003,579
South Dakota — 0.85%
		12,640,000	City of Sioux Falls Revenue, Series 2057, 0.34%, 5/15/15, (Credit Support: NATL-RE)(b)		12,640,000
Tennessee — 0.13%
		2,000,000	Hendersonville Industrial Development Board Refunding Revenue, 0.31%, 2/15/28, (Credit Support: Fannie Mae)(b)		2,000,000
Texas — 5.92%
		3,150,000	Crawford Education Facilities Corp. Revenue, 0.30%, 6/1/18, (LOC: US Bank NA)(b)		3,150,000
		5,530,000	DeSoto Industrial Development Authority Refunding Revenue, 0.33%, 12/1/16(b)		5,530,000
		1,745,000	El Paso County Hospital District GO, Putters Series 2747, 0.34%, 2/15/16, (Credit Support: Assured GTY)(b)		1,745,000
		9,000,000	Harris County Cultural Educational Facilities TECP, 0.36%, 10/20/10(c)		9,000,000
		4,075,000	Harris County Hospital District Revenue, Series R-12075, 0.30%, 8/15/10, (Credit Support: BHAC-CR, NATL-RE)(b)		4,075,000
		8,000,000	Harris County TECP, 0.40%, 6/15/10(c)		8,000,000
		3,505,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3356, 0.34%, 2/15/12, (Credit Support: AMBAC)(a)(b)		3,505,000
		4,300,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3563, 0.29%, 4/1/15, (Credit Support: AGM)(a)(b)		4,300,000
		5,000,000	North Texas Tollway Authority Revenue, Series R-11392, 0.30%, 1/1/16, (Credit Support: BHAC-CR)(b)		5,000,000
		5,415,000	Splendora Higher Education Facilities Corp. Revenue, Series A, 0.38%, 12/1/26, (LOC: Wells Fargo Bank)(b)		5,415,000
		2,675,000	Tarrant County Health Facilities Development Corp. Revenue OID, 6.00%, 9/1/10		2,736,893
		5,750,000	Texas Public Finance Authority TECP, 0.25%, 6/11/10(c)		5,750,000
		30,000,000	Texas State Revenue, 2.50%, 8/31/10		30,280,334
					88,487,227

38

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
Utah — 1.72%
	$	5,000,000	County of Emery Revenue, 0.27%, 11/1/24, (LOC: Wells Fargo Bank)(b)	$	5,000,000
		805,000	County of Sanpete Revenue, 0.38%, 8/1/28, (LOC: US Bank NA)(b)		805,000
		3,700,000	Duchesne County School District Revenue, 0.38%, 6/1/21, (LOC: US Bank NA)(b)		3,700,000
		4,922,000	Jordanelle Special Service District Revenue, 0.28%, 9/1/25, (LOC: Wells Fargo Bank)(b)		4,922,000
		3,870,000	Ogden City Redevelopment Agency Tax Allocation, Series A, 0.38%, 4/1/25, (LOC: Wells Fargo Bank)(b)		3,870,000
		4,435,000	Salt Lake County Housing Authority Refunding Revenue, 0.31%, 2/15/31, (Credit Support: Fannie Mae)(b)		4,435,000
		2,980,000	Utah Transit Authority Revenue, Series R-11800, 0.30%, 12/15/29, (Credit Support: BHAC-CR, MBIA)(a)(b)		2,980,000
					25,712,000
Virginia — 2.15%
		6,735,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3313Z, 0.34%, 1/1/31, (Credit Support: NATL-RE, GO of Authority), Callable 7/01/11 @ 100(b)		6,735,000
		18,420,000	Montgomery County Industrial Development Authority Revenue, Series A, 0.30%, 2/1/39(b)		18,420,000
		6,940,000	Virginia Beach Development Authority Refunding Revenue, 0.32%, 7/1/33, (LOC: Bank of America NA)(b)		6,940,000
					32,095,000
Washington — 2.16%
		10,000,000	City of Seattle Revenue, Series R-47, 0.30%, 3/2/21, (Credit Support: AGM)(b)		10,000,000
		5,995,000	City of Seattle Revenue, Series R-48, 0.30%, 9/2/20, (Credit Support: AGM)(b)		5,995,000
		4,995,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3542Z, 0.34%, 12/1/14, (Credit Support: NATL-RE, FGIC, School Board GTY)(a)(b)		4,995,000
		6,930,000	Washington Health Care Facilities Authority Revenue, 0.40%, 8/1/26, (LOC: Bank of America NA)(b)		6,930,000
		280,000	Washington State Housing Finance Commission Refunding Revenue, Series B, 0.30%, 7/1/11, (LOC: US Bank NA)(b)		280,000
		3,000,000	Washington State Housing Finance Commission Revenue, 0.28%, 10/1/29, (LOC: Wells Fargo Bank)(b)		3,000,000
		1,100,000	Washington State Housing Finance Commission Revenue, 0.30%, 7/1/22, (LOC: US Bank NA)(b)		1,100,000
					32,300,000
Wisconsin — 4.54%
		4,295,000	Badger TOB Asset Securitization Corp. Revenue, 5.50%, 6/1/10		4,328,828
		15,020,000	City of Marshfield Revenue, Series C, 4.00%, 12/1/10		15,371,490
		5,000,000	City of Middleton Revenue, 1.75%, 7/1/10		5,009,760
		2,645,000	Milwaukee Redevelopment Authority Revenue, 0.29%, 9/1/40,
			(LOC: US Bank NA)(b)		2,645,000

39

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	6,000,000	Wisconsin Health & Educational Facilities Authority Revenue, Series A, 0.32%, 8/1/30, (LOC: US Bank NA)(b)	$	6,000,000
		10,375,000	Wisconsin Health & Educational Facilities Authority Revenue, Series B, 0.32%, 12/1/26, (LOC: US Bank NA)(b)		10,375,000
		13,800,000	Wisconsin Health & Educational Facilities Authority Revenue, Series C, 0.32%, 4/1/28, (LOC: US Bank NA)(b)		13,800,000
		1,760,000	Wisconsin Municipalities Private School Finance Commission Revenue, 0.30%, 3/1/23, (LOC: US Bank NA)(b)		1,760,000
		8,630,000	Wisconsin State Health & Educational Facilities Authority Revenue, 0.38%, 6/1/28, (LOC: Wells Fargo Bank)(b)		8,630,000
					67,920,078
Total Municipal Bonds (Cost $1,419,457,320)					1,419,457,320
Repurchase Agreements — 1.34%
		20,000,000	Deutsche Bank AG dated 3/31/10; due 4/1/10 at 0.03% with maturity value of $20,000,017 (fully collateralized by a Fannie Mae security with a maturity date of 12/1/37 at a rate of 6.50%).		20,000,000
Total Repurchase Agreements (Cost $20,000,000)					20,000,000
Shares
Investment Company — 3.41%
		51,000,000	Goldman Sachs Financial Square Tax Free Money Market Fund		51,000,000
Total Investment Company (Cost $51,000,000)					51,000,000
Total Investments (Cost $1,490,457,320)(d) — 99.71%				$	1,490,457,320
Other assets in excess of liabilities — 0.29%					4,297,615
NET ASSETS — 100.00%				$	1,494,754,935

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.

(b) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on March 31, 2010. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

(c) Represents effective yield to maturity on date of purchase.

(d) Tax cost of securities is equal to book cost of securities.

40

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

March 31, 2010 (Unaudited)

Abbreviations used are defined below:

AGM – Assured Guaranty Municipal

AMBAC – American Municipal Bond Assurance Corp.

BHAC-CR – Berkshire Hathaway Assurance Corp. Custodial Receipts

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Co.

GO – General Obligation

GTY – Guaranty

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

NATL-RE – National Public Finance Guaranty Corp.

OID – Original Issue Discount

Q-SBLF – Qualified School Board Loan Fund

TECP – Tax Exempt Commercial Paper

TCRS-BNY – Tennessee Consolidated Retirement System Bank of New York

See notes to financial statements.

41

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2010 (Unaudited)

	Prime Money Market Fund			U.S. Government Money Market Fund			Tax-Free Money Market Fund
Assets:
Investments, at value (cost $18,287,567,097; $5,742,670,021; $1,490,457,320 respectively)	$	18,287,567,097	*	$	5,742,670,021	**	$	1,490,457,320	***
Cash		363,110,005			271,502,259			1,137,600
Interest and dividends receivable		23,783,574			5,857,016			3,466,015
Prepaid expenses and other assets		384,213			185,856			113,203
Total Assets		18,674,844,889			6,020,215,152			1,495,174,138
Liabilities:
Distributions payable		343,751			86,960			—
Payable for investments purchased		220,471,416			—			—
Accrued expenses and other payables:
Investment advisory fees		1,530,486			482,958			127,919
Audit fees		32,842			28,637			18,637
Trustee fees		6,637			3,359			397
Distribution fees		1,663,961			428,205			228,631
Shareholder reports		302,693			129,847			17,702
Shareholder servicing fees		273,449			61,912			7,269
Transfer Agent fees		—			—			3,906
Other		—			—			14,742
Total Liabilities		224,625,235			1,221,878			419,203
Net Assets	$	18,450,219,654		$	6,018,993,274		$	1,494,754,935
Net Assets Consist Of:
Capital	$	18,454,948,562		$	6,019,032,047		$	1,494,675,380
Undistributed (distributions in excess of) net investment income		(918	)		3,719			—
Accumulated net realized gains (losses) from investment transactions		(4,727,990	)		(42,492	)		79,555
Net Assets	$	18,450,219,654		$	6,018,993,274		$	1,494,754,935
Net Assets:
Fund Level
RBC Institutional Class 1	$	6,938,578,716		$	1,884,716,840		$	175,065,335
RBC Institutional Class 2		923,377,047			15,812,268			352,407,394
RBC Investor Class		4,175,325,103			1,391,747,361			220,890,486
RBC Reserve Class		4,927,024,126			1,636,765,979			454,989,287
RBC Select Class		1,485,914,662			1,089,950,826			291,402,433
Total	$	18,450,219,654		$	6,018,993,274		$	1,494,754,935

42

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (cont.)

	Prime Money Market Fund		U.S. Government Money Market Fund		Tax-Free Money Market Fund
Shares Outstanding (Unlimited number of shares authorized, no par value):
RBC Institutional Class 1		6,938,557,351		1,884,703,288		175,063,447
RBC Institutional Class 2		923,372,552		15,811,418		352,422,583
RBC Investor Class		4,177,422,988		1,391,770,646		220,883,671
RBC Reserve Class		4,929,205,529		1,636,804,511		454,970,424
RBC Select Class S		1,486,510,109		1,089,976,571		291,383,360
Total		18,455,068,529		6,019,066,434		1,494,723,485
Net Asset Values and Redemption Price per Share:
RBC Institutional Class 1	$	1.00	$	1.00	$	1.00
RBC Institutional Class 2	$	1.00	$	1.00	$	1.00
RBC Investor Class	$	1.00	$	1.00	$	1.00
RBC Reserve Class	$	1.00	$	1.00	$	1.00
RBC Select Class S	$	1.00	$	1.00	$	1.00

* $2,811,000,000 of which are repurchase agreements. See Schedule of Portfolio Investments for details.

** $1,195,000,000 of which are repurchase agreements. See Schedule of Portfolio Investments for details.

*** $20,000,000 of which are repurchase agreements. See Schedule of Portfolio Investments for details.

See notes to financial statements.

43

FINANCIAL STATEMENTS

Statements of Operations

For the Six Months Ended March 31, 2010 (Unaudited)

	Prime Money Market  Fund			U.S.  Government Money Market Fund			Tax-Free Money Market Fund
Investment Income:
Interest income	$	32,334,592		$	7,535,472		$	3,059,448
Dividend income		418,170			10,449			34,014
Total Investment Income		32,752,762			7,545,921			3,093,462
Expenses:
Investment advisory fees		9,062,793			2,816,474			660,886
Distribution fees-RBC Institutional Class 2		454,322			30,219			142,000
Distribution fees-RBC Investor Class		21,851,225			7,087,769			1,174,279
Distribution fees-RBC Reserve Class		22,522,251			7,764,151			2,106,263
Distribution fees-RBC Select Class		6,249,873			4,889,736			1,117,891
Shareholder servicing fee-RBC Institutional Class 1		1,645,542			306,825			37,513
Accounting fees		453,140			140,824			33,044
Audit fees		52,628			23,937			14,273
Custodian fees		108,409			38,725			7,669
Insurance fees		80,318			31,235			5,950
Legal fees		202,214			70,693			16,207
Registration and filing fees		159,009			92,531			84,030
Shareholder reports		841,030			239,559			35,958
Transfer agent fees		74,905			21,540			14,867
Trustees’ fees		139,484			45,441			9,898
Other fees		108,161			49,537			14,714
Total expenses before fee reductions		64,005,304			23,649,196			5,475,442
Expenses reduced by:
Shareholder Servicing Agent - Class Specific		—			—			(57	)
Distributor - Class Specific		(38,209,219	)		(16,887,384	)		(2,743,857	)
Net Expenses		25,796,085			6,761,812			2,731,528
Net Investment Income		6,956,677			784,109			361,934
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions		13,730			(34,042	)		89,776
Net realized/unrealized gains (losses) from investments		13,730			(34,042	)		89,776
Change in net assets resulting from operations	$	6,970,407		$	750,067		$	451,710

See notes to financial statements.

44

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	Prime Money Market Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	6,956,677		$	50,859,576
Net realized gains from investment transactions		13,730			69,009
Net change in unrealized appreciation on investments		—			14,844,247
Change in net assets resulting from operations		6,970,407			65,772,832
Distributions from Net Investment Income
RBC Institutional Class 1 Shareholders		(6,230,641	)		(30,891,053	)
RBC Institutional Class 2 Shareholders		(178,887	)		(23,212	)
RBC Investor Class Shareholders		(218,628	)		(6,340,573	)
RBC Reserve Class Shareholders		(250,368	)		(10,119,679	)
RBC Select Class Shareholders		(78,153	)		(3,485,059	)
Change in net assets resulting from shareholder distributions		(6,956,677	)		(50,859,576	)
Capital Transactions:
Proceeds from shares issued		45,133,559,060			45,303,434,752
Distributions reinvested		3,726,674			48,514,598
Cost of shares redeemed		(42,044,200,751	)		(40,600,609,712	)
Change in net assets resulting from capital transactions		3,093,084,983			4,751,339,638
Net increase in net assets		3,093,098,713			4,766,252,894
Net Assets:
Beginning of period		15,357,120,941			10,590,868,047
End of period	$	18,450,219,654		$	15,357,120,941
Distributions in excess of net investment income	$	(918	)	$	(918	)
Share Transactions:
Issued		45,133,559,060			45,303,434,752
Reinvested		3,726,674			48,514,598
Redeemed		(42,044,200,751	)		(40,600,609,712	)
Change in shares resulting from capital transactions		3,093,084,983			4,751,339,638

See notes to financial statements.

45

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	U.S. Government Money Market Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	784,109		$	13,093,151
Net realized losses from investment transactions		(34,042	)		(7,011	)
Change in net assets resulting from operations		750,067			13,086,140
Distributions from Net Investment Income
RBC Institutional Class 1 Shareholders		(563,586	)		(7,864,168	)
RBC Institutional Class 2 Shareholders		(2,251	)		(123,498	)
RBC Investor Class Shareholders		(70,879	)		(812,604	)
RBC Reserve Class Shareholders		(86,270	)		(2,280,321	)
RBC Select Class Shareholders		(61,123	)		(2,012,560	)
Change in net assets resulting from shareholder distributions		(784,109	)		(13,093,151	)
Capital Transactions:
Proceeds from shares issued		9,231,731,091			13,869,654,342
Distributions reinvested		289,297			12,324,595
Cost of shares redeemed		(8,394,683,394	)		(11,966,466,424	)
Change in net assets resulting from capital transactions		837,336,994			1,915,512,513
Net increase in net assets		837,302,952			1,915,505,502
Net Assets:
Beginning of period		5,181,690,322			3,266,184,820
End of period	$	6,018,993,274		$	5,181,690,322
Undistributed net investment income	$	3,719		$	3,719
Share Transactions:
Issued		9,231,731,091			13,869,654,342
Reinvested		289,297			12,324,595
Redeemed		(8,394,683,394	)		(11,966,466,424	)
Change in shares resulting from capital transactions		837,336,994			1,915,512,513

See notes to financial statements.

46

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (cont.)

	Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	361,934		$	3,318,466
Net realized gains from investment transactions		89,776			160,623
Change in net assets resulting from operations		451,710			3,479,089
Distributions from Net Investment Income
RBC Institutional Class 1 Shareholders		(208,668	)		(2,817,040	)
RBC Institutional Class 2 Shareholders		(152,070	)		(41	)
RBC Investor Class Shareholders		(37,908	)		(97,915	)
RBC Reserve Class Shareholders		(76,297	)		(299,976	)
RBC Select Class Shareholders		(45,057	)		(269,813	)
Change in net assets resulting from shareholder distributions		(520,000	)		(3,484,785	)
Capital Transactions:
Proceeds from shares issued		1,607,674,779			2,278,391,724
Distributions reinvested		494,230			3,484,785
Cost of shares redeemed		(1,039,297,299	)		(2,259,627,588	)
Change in net assets resulting from capital transactions		568,871,710			22,248,921
Net increase in net assets		568,803,420			22,243,225
Net Assets:
Beginning of period		925,951,515			903,708,290
End of period	$	1,494,754,935		$	925,951,515
Undistributed net investment income	$	—		$	—
Share Transactions:
Issued		1,607,674,779			2,278,391,724
Reinvested		494,230			3,484,785
Redeemed		(1,039,297,299	)		(2,259,627,588	)
Change in shares resulting from capital transactions		568,871,710			22,248,921

See notes to financial statements.

47

FINANCIAL HIGHLIGHTS

Prime Money Market Fund (Selected data for a share outstanding throughout the periods indicated

			Investment Activities						Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized/ Unrealized Gain (Loss) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets, End of Period (millions)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets*
RBC Institutional Class 1
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.09	%(c)	$	6,939	0.17	%(d)	0.19	%(d)	0.17	%(d)(g)
Year Ended September 30, 2009		1.00	0.01	(a)	(b	)	0.01		(0.01	)	(0.01	)		1.00	0.95	%		4,426	0.55	%(f)	1.03	%	0.55	%
Year Ended September 30, 2008		1.00	0.03	(a)	(b	)	0.03		(0.03	)	(0.03	)		1.00	3.02	%		10,591	0.84	%	2.94	%	0.87	%
Year Ended September 30, 2007		1.00	0.05		(b	)	0.05		(0.05	)	(0.05	)		1.00	4.69	%		9,662	0.80	%	4.59	%	0.89	%
Year Ended September 30, 2006		1.00	0.04		(b	)	0.04		(0.04	)	(0.04	)		1.00	3.99	%		8,685	0.80	%	3.93	%	0.92	%
Year Ended September 30, 2005		1.00	0.02		(b	)	0.02		(0.02	)	(0.02	)		1.00	2.00	%		7,922	0.76	%	1.97	%	0.92	%
RBC Institutional Class 2
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.05	%(c)	$	923	0.27	%(d)	0.06	%(d)	0.27	%(d)(g)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.62	%(c)		19	0.31	%(d)	0.45	%(d)	0.32	%(d)
RBC Investor Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	4,175	0.35	%(d)	0.01	%(d)	1.13	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.15	%(c)		4,659	0.91	%(d)	0.16	%(d)	1.19	%(d)
RBC Reserve Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	4,927	0.35	%(d)	0.01	%(d)	1.03	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.22	%(c)		4,870	0.83	%(d)	0.24	%(d)	1.08	%(d)
RBC Select Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	1,486	0.35	%(d)	0.01	%(d)	0.92	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.27	%(c)		1,383	0.77	%(d)	0.29	%(d)	0.97	%(d)

* During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

(a) Per share net investment income has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

(c) Not annualized.

(d) Annualized.

(e) For the period from November 21, 2008 (commencement of operations) to September 30, 2009.

(f) Beginning November 21, 2008, the net operating expenses were contractually limited to 0.20% of average daily net assets. The ratio of net expenses to average net assets represents a blended percentage for the year ended September 30, 2009.

(g) There were no waivers or reimbursements during the period.

See notes to financial statements.

48

FINANCIAL HIGHLIGHTS

U.S. Government Money Market Fund (Selected data for a share outstanding throughout the periods indicated

			Investment Activities						Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized/ Unrealized Gain (Loss) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets, End of Period (millions)		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets*
RBC Institutional Class 1
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.05	%(c)	$	1,885	0.17	%(d)	0.09	%(d)	0.17	%(d)(g)
Year Ended September 30, 2009		1.00	0.01	(a)	(b	)	0.01		(0.01	)	(0.01	)		1.00	0.73	%		848	0.49	%(f)	0.98	%	(g	)
Year Ended September 30, 2008		1.00	0.03	(a)	(b	)	0.03		(0.03	)	(0.03	)		1.00	2.70	%		3,266	0.72	%	2.51	%	(g	)
Year Ended September 30, 2007		1.00	0.04		(b	)	0.04		(0.04	)	(0.04	)		1.00	4.56	%		1,393	0.76	%	4.47	%	(g	)
Year Ended September 30, 2006		1.00	0.04		(b	)	0.04		(0.04	)	(0.04	)		1.00	3.90	%		749	0.78	%	3.82	%	(g	)
Year Ended September 30, 2005		1.00	0.02		(b	)	0.02		(0.02	)	(0.02	)		1.00	1.96	%		813	0.74	%	1.92	%	0.77	%
RBC Institutional Class 2
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	16	0.25	%(d)	0.01	%(d)	0.27	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.44	%(c)		14	0.30	%(d)	0.56	%(d)	0.30	%(d)
RBC Investor Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	1,392	0.26	%(d)	0.01	%(d)	1.13	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.11	%(c)		1,372	0.65	%(d)	0.07	%(d)	1.17	%(d)
RBC Reserve Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	1,637	0.26	%(d)	0.01	%(d)	1.03	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.14	%(c)		1,714	0.65	%(d)	0.15	%(d)	1.06	%(d)
RBC Select Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)	$	1.00	0.01	%(c)	$	1,090	0.26	%(d)	0.01	%(d)	0.92	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)	(b	)	(b	)	(b	)		1.00	0.17	%(c)		1,233	0.63	%(d)	0.18	%(d)	0.95	%(d)

* During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

(a) Per share net investment income has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

(c) Not annualized.

(d) Annualized.

(e) For the period from November 21, 2008 (commencement of operations) to September 30, 2009.

(f) Beginning November 21, 2008, the net operating expenses were contractually limited to 0.20% of average daily net assets. The ratio of net expenses to average net assets represents a blended percentage for the year ended September 30, 2009.

(g) There were no waivers or reimbursements during the period.

See notes to financial statements.

49

FINANCIAL HIGHLIGHTS

Tax-Free Money Market Fund (Selected data for a share outstanding throughout the periods indicated

			Investment Activities							Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized/ Unrealized Gain (Loss) on Investment			Total from Investments Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets, End of Period (millions)			Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income(Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets*
RBC Institutional Class 1							��
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)	$	1.00	0.16	%(c)	$	175		0.18	%(d)	0.26	%(d)	0.18	%(d)
Year Ended September 30, 2009		1.00	0.01	(a)	(b	)		0.01		(0.01	)	(0.01	)		1.00	0.74	%		51		0.71	%(f)	1.49	%	0.71	%
Year Ended September 30, 2008		1.00	0.02	(a)	(b	)		0.02		(0.02	)	(0.02	)		1.00	1.95	%		904		0.80	%	1.90	%	0.84	%
Year Ended September 30, 2007		1.00	0.03		(b	)		0.03		(0.03	)	(0.03	)		1.00	3.00	%		841		0.70	%	2.96	%	0.84	%
Year Ended September 30, 2006		1.00	0.02		—			0.02		(0.02	)	(0.02	)		1.00	2.52	%		791		0.70	%	2.49	%	0.85	%
Year Ended September 30, 2005		1.00	0.01		—			0.01		(0.01	)	(0.01	)		1.00	1.44	%		858		0.66	%	1.41	%	0.83	%
RBC Institutional Class 2
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)	$	1.00	0.11	%(c)	$	352		0.28	%(d)	0.13	%(d)	0.28	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)		1.00	0.41	%(c)		(h	)	0.34	%(d)	0.45	%(d)	0.34	%(d)
RBC Investor Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)	$	1.00	0.02	%(c)	$	221		0.48	%(d)	0.01	%(d)	1.14	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)		1.00	0.04	%(c)		202		0.76	%(d)	0.03	%(d)	1.19	%(d)
RBC Reserve Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)	$	1.00	0.02	%(c)	$	455		0.47	%(d)	0.01	%(d)	1.04	%(d)
Period Ended Sepember 30, 2009(e)		1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)		1.00	0.06	%(c)		432		0.74	%(d)	0.05	%(d)	1.09	%(d)
RBC Select Class
Six Months Ended March 31, 2010 (Unaudited)	$	1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)	$	1.00	0.02	%(c)	$	291		0.47	%(d)	0.01	%(d)	0.94	%(d)
Period Ended September 30, 2009(e)		1.00	(a	)(b)	(b	)		(b	)	(b	)	(b	)		1.00	0.11	%(c)		242		0.68	%(d)	0.10	%(d)	0.99	%(d)

* During the periods, certain fees were contractually or voluntarily reduced and/or reimbursed. If such contractual/voluntary fee reductions and reimbursements had not occurred, the ratio would have been as indicated.

(a) Per share net investment income has been calculated using the average daily shares method.

(b) Less than $0.01 or $(0.01) per share.

(c) Not annualized.

(d) Annualized.

(e) For the period from November 21, 2008 (commencement of operations) to September 30, 2009.

(f) Beginning November 21, 2008, the net operating expenses were contractually limited to 0.20% of average daily net assets. The ratio of net expenses to average net assets represents a blended percentage for the year ended September 30, 2009.

(h) Less than $1,000,000.

See notes to financial statements.

50

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

1. Organization

RBC Funds Trust (“the Trust”), is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust was organized as a Delaware statutory trust on December 16, 2003. Predecessor funds to the Trust were reorganized as portfolios of the Trust effective April 16, 2004. This semi-annual report includes the following three investment portfolios (“Funds”):

• Prime Money Market Fund (“Prime Money Market Fund”)

• U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

• Tax-Free Money Market Fund (“Tax-Free Money Market Fund”)

The Prime Money Market Fund, U.S. Government Money Market Fund and Tax-Free Money Market Fund offer five share classes: RBC Institutional Class 1, RBC Institutional Class 2, RBC Investor Class, RBC Reserve Class and RBC Select Class.

RBC Global Asset Management (U.S.) Inc (“RBC GAM (US)”) formerly known as Voyageur Asset Management Inc., acts as the investment adviser for the Funds. The officers of the Trust (“Fund Management”) are also employees of RBC GAM (US) or its affiliates or PNC Global Investment Servicing (U.S.) Inc. (“PNC”), the co-administrator.

2. Significant Accounting Policies

Summarized below are the significant accounting policies of the Funds. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange.

Security Valuation:

Securities held by the Funds are valued at amortized cost, which approximates fair market value, in order to maintain a constant net asset value of $1.00 per share. If amortized cost no longer approximates market value due to credit or other impairments of an issuer, the Fund will use pricing and valuation procedures approved by the Trust’s Board of Trustees (the “Board”) to determine a security’s fair value. Investments in open-end companies are valued at net asset value.

Money market funds must invest exclusively in high quality securities. To be considered high quality, a security must be rated in one of the two highest short-term credit quality categories by a nationally recognized rating organization such as Standard & Poors Corporation or Moody’s Investors Service.

Fair Value Measurements:

Various inputs are used in determining the fair value of investments which are as follows:

• Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Generally, the types of securities included in Level 2 for the Funds are U.S. Treasury bills and certain money market instruments, including those valued at amortized cost under Rule 2a-7. Amortized cost approximates the current fair value of a security, but is not obtained from a quoted price in an active market.

51

NOTES TO FINANCIAL STATEMENTS

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair value of the Fund’s investments as of March 31, 2010 is as follows:

Funds	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Prime Money Market	$	200,000,000	(a)	$	18,087,567,097	(b)	$	—	$	18,287,567,097
U.S. Government Money Market		20,000,000	(a)		5,722,670,021	(b)(c)		—		5,742,670,021
Tax Free Money Market		51,000,000	(a)		1,439,457,320	(c)		—		1,490,457,320

(a) Level 1 investments consist of Investment Companies.

(b) The breakdown of the Fund’s investments by security type is disclosed in the Schedules of Portfolio Investments.

(c) The breakdown of the Fund’s investments by state classification is disclosed in the Schedules of Portfolio Investments.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “Improving Disclosures about Fair Value Measurements” that requires additional disclosures regarding fair value measurements. Certain required disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, and other required disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact it will have on its financial statement disclosures.

Investment Transactions and Income:

Investment transactions are accounted for on the date the security is bought or sold (“trade date”). Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the costs of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis. The Funds amortize all premiums and discounts on debt securities.

Financial Instruments:

The Funds may engage in when-issued transactions. The Funds record when-issued securities on the trade date and maintain sufficient liquidity so that cash will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are valued daily beginning on trade date and begin earning interest on the settlement date. As of March 31, 2010, the Funds held no when-issued securities.

Repurchase Agreements:

The Funds may enter into repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks (as measured by domestic deposits) who are deemed creditworthy under guidelines approved by the Board. These repurchase agreements are subject to the seller’s agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Funds plus interest negotiated on the basis of current short-term rates.

Securities pledged by the dealers as collateral for repurchase agreements are held by U.S. Bank N.A., the Funds’ custodian bank, until maturity of the repurchase agreement. The Funds have procedures to secure additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the market value of the repurchase agreement in the event of a default.

52

NOTES TO FINANCIAL STATEMENTS

Expense, Investment Income and Gain/Loss Allocation:

Each Fund pays the expenses that are directly related to its operations, such as custodian fees or investment advisory fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated among each of the Funds either proportionately based upon each Fund’s relative net assets or using another reasonable basis such as equally across all Funds, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on the proportion of relative net assets.

Distributions to Shareholders:

Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total redemption of shares in an account. Capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g. expiring capital loss carryforward), they are reclassified within a Fund’s capital accounts based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights.

Credit Enhancement:

Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC and MBIA).

3. Agreements and Other Transactions with Affiliates

The Trust has entered into investment advisory agreements with RBC GAM (US) under which RBC GAM (US) manages the Funds’ assets and furnishes related office facilities, equipment, research and personnel. The agreements require the Funds to pay RBC GAM (US) a monthly fee based upon average daily net assets. Under the terms of the advisory contract RBC GAM (US) is entitled to receive fees based on a percentage of the average daily net assets as follows:

	Average Daily Net Assets of Fund	Annual Rate
Prime Money Market Fund	All Net Assets	0.10	%
U.S. Government Money Market Fund	All Net Assets	0.10	%
Tax Free Money Market Fund	All Net Assets	0.10	%

RBC Institutional Class 1 of Prime Money Market Fund, U.S. Government Money Market Fund and Tax-Free Money Market Fund pays an annual shareholder services administration fee of 0.05% of the average daily net assets attributable to RBC Institutional Class 1 shares of a Fund that is used to compensate financial intermediaries for providing services to shareholders and maintaining shareholder accounts. This shareholder services administration fee is not paid pursuant to Rule 12b-1. RBC GAM (US) has contractually agreed to waive fees and/or reimburse expenses under an Expense Limitation Agreement in order to maintain the net annual fund operating expenses at 0.20% for RBC Institutional Class 1 of the Prime Money Market Fund, U.S. Government Money Market Fund and Tax-Free Money Market Fund. During the six months ended March 31, 2010, RBC GAM (US) voluntarily waived shareholder servicing fees of $57 for Tax-Free Money Market Fund.

RBC GAM (US) and PNC serve as co-administrators to the Funds. Services provided under the administrative services contract include providing day-to-day administration of matters related to the

53

NOTES TO FINANCIAL STATEMENTS

Funds, maintenance of their records and the preparation of reports. RBC GAM (US) does not receive an administration services fee. PNC receives a fee for its services payable by the Funds based on the Fund’s average net assets. PNC’s fee is included with “Accounting fees” in the Statements of Operations.

Certain Officers and Trustees of the Trust are affiliated with the adviser or the administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.

The RBC Funds currently pay the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the adviser, administrator or distributor) an annual retainer of $30,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $5,000 for each in-person Board meeting attended, a meeting fee of $1,000 for each telephonic or Special Board meeting attended, and a $1,000 fee for each Board committee meeting attended and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings.

Security Transactions with Affiliated Funds

During the six months ended March 31, 2010, the Prime Money Market Fund and Tax-Free Money Market Fund engaged in security purchase and sale transactions with other RBC Funds or investment advisory clients managed by RBC GAM (US). These purchase and sale transactions complied with Rule 17a-7 under the Investment Company Act of 1940 (as amended) and amounted to $187,860,000 and $0 for Prime Money Market Fund, respectively, and $298,863,000 and $50,575,000 for Tax-Free Money Market Fund, respectively.

4. Fund Distribution

The Prime Money Market, U. S. Government Money Market and Tax-Free Money Market Funds have adopted a Master Distribution 12b-1 Plan (the”Plan”) with respect to RBC Institutional Class 2, RBC Investor Class, RBC Reserve Class and the RBC Select Class, in which Tamarack Distributors Inc. (through February 15, 2010) acted, and Quasar Distributors LLC (effective February 16, 2010) (the “Distributor”) acts as the Funds’ distributor. Tamarack Distributors, Inc. was an affiliate of RBC GAM (US), Quasar Distributors LLC is unaffiliated. The Plan permits each Fund to make payments for or to reimburse the Distributor monthly for distribution-related costs and expenses of marketing shares of each share class covered under the Plan, and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class:

	RBC Institutional Class 2		RBC Investor Class		RBC Reserve Class		RBC Select Class
12b-1 Plan Fee	0.15	%	1.00	%	0.90	%	0.80	%

Plan fees are based on average daily net assets of the applicable class. Up to 0.25% of each Plan fee may be designated as a Service Fee, as defined by the applicable rules of the Financial Industry Regulatory Authority.

54

NOTES TO FINANCIAL STATEMENTS

RBC Capital Markets Corporation, in its role as shareholder servicing agent to the Funds, has agreed to waive fees and/or reimburse expenses in order to maintain the net annual fund operating expenses for each class listed below for each Fund to the following amounts:

Fund	Operating Expense Limit
Prime Money Market Fund
RBC Institutional Class 2	0.30	%
RBC Investor Class	1.05	%
RBC Reserve Class	0.90	%
RBC Select Class	0.80	%
U.S. Government Money Market Fund
RBC Institutional Class 2	0.30	%
RBC Investor Class	1.00	%
RBC Reserve Class	0.85	%
RBC Select Class	0.77	%
Tax-Free Money Market Fund
RBC Institutional Class 2	0.30	%
RBC Investor Class	1.00	%
RBC Reserve Class	0.85	%
RBC Select Class	0.70	%

This Expense Limitation Agreement is in place until January 31, 2011 and shall continue for additional one-year terms unless terminated by either party at any time. Each Fund will carry forward, for a period not to exceed 12 months from the date on which a waiver or reimbursement is made by the Distributor, any expenses in excess of the Expense Limitation and repay the Distributor such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. At March 31, 2010, the amounts subject to possible recoupment under the expense limitation agreement are $57,884,368, $30,023,030 and $4,646,293 for the Prime Money Market Fund, U.S. Government Money Market Fund and Tax Free Money Market Fund, respectively.

The Distributor may voluntarily waive and/or reimburse additional fund operating expenses from time to time. Any such voluntary program may be modified or discontinued at any time without notice.

For the six months ended March 31, 2010, the following distribution fees were waived:

Fund	Distribution Fees Waived
Prime Money Market Fund
RBC Investor Class	$	16,913,447
RBC Reserve Class		16,839,728
RBC Select Class		4,456,044
U.S. Government Money Market Fund
RBC Institutional Class 2	$	4,235
RBC Investor Class		6,194,233
RBC Reserve Class		6,620,843
RBC Select Class		4,068,073
Tax-Free Money Market Fund
RBC Investor Class	$	775,680
RBC Reserve Class		1,317,043
RBC Select Class		651,134

55

NOTES TO FINANCIAL STATEMENTS

5. Capital Share Transactions

The number of shares sold, reinvested and redeemed correspond to the net proceeds from sale of shares, reinvestments of dividends and cost of shares redeemed, respectively, since shares are redeemed at $1.00 per share.

Share transactions for the period were as follows:

	Prime Money Market Fund			Prime Money Market Fund			U.S. Government Money Market Fund			U.S. Government Money Market Fund
	For the Six Months Ended March 31, 2010			For the Period Ended September 30, 2009*			For the Six Months Ended March 31, 2010			For the Period Ended September 30, 2009*
	(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
RBC Institutional Class 1
Proceeds from shares issued	$	40,088,656,356		$	28,816,601,968		$	6,971,637,176		$	4,009,468,601
Distributions reinvested		3,002,811			28,549,543			69,051			7,117,794
Cost of shares redeemed		(37,579,390,789	)		(35,029,506,446	)		(5,935,356,662	)		(6,434,449,599	)
Change in RBC Institutional Class 1	$	2,512,268,378		$	(6,184,354,935	)	$	1,036,349,565		$	(2,417,863,204	)
RBC Institutional Class 2
Proceeds from shares issued	$	1,544,766,394		$	142,095,726		$	132,581,242		$	238,100,001
Distributions reinvested		176,681			19,764			1,959			101,299
Cost of shares redeemed		(640,685,013	)		(123,001,000	)		(130,868,434	)		(224,104,649	)
Change in RBC Institutional Class 2	$	904,258,062		$	19,114,490		$	1,714,767		$	14,096,651
RBC Investor Class
Proceeds from shares issued	$	953,216,829		$	6,804,530,025		$	718,823,092		$	3,386,163,324
Distributions reinvested		218,639			6,340,574			70,886			812,612
Cost of shares redeemed		(1,436,778,022	)		(2,150,105,057	)		(698,801,613	)		(2,015,297,655	)
Change in RBC Investor Class	$	(483,342,554	)	$	4,660,765,542		$	20,092,365		$	1,371,678,281
RBC Reserve Class
Proceeds from shares issued	$	1,519,073,988		$	6,965,218,353		$	615,505,431		$	2,901,934,135
Distributions reinvested		250,381			10,119,658			86,272			2,280,328
Cost of shares redeemed		(1,462,097,971	)		(2,103,358,880	)		(692,994,791	)		(1,190,006,864	)
Change in RBC Reserve Class	$	57,226,398		$	4,871,979,131		$	(77,403,088	)	$	1,714,207,599
RBC Select Class
Proceeds from shares issued	$	1,027,845,494		$	2,574,988,680		$	793,184,150		$	3,333,988,281
Distributions reinvested		78,161			3,485,059			61,129			2,012,562
Cost of shares redeemed		(925,248,956	)		(1,194,638,329	)		(936,661,894	)		(2,102,607,657	)
Change in RBC Select Class	$	102,674,699		$	1,383,835,410		$	(143,416,615	)	$	1,233,393,186
Change in net assets resulting from capital transactions	$	3,093,084,983		$	4,751,339,638		$	837,336,994		$	1,915,512,513

56

NOTES TO FINANCIAL STATEMENTS

	Tax-Free Money Market Fund			Tax-Free Money Market Fund
	For the Six Months Ended March 31, 2010			For the Period Ended September 30, 2009*
	(Unaudited)
CAPITAL TRANSACTIONS:
RBC Institutional Class 1
Proceeds from shares issued	$	371,193,808		$	293,818,956
Distributions reinvested		182,898			2,817,032
Cost of shares redeemed		(247,010,017	)		(1,149,542,084	)
Change in RBC Institutional Class 1	$	124,366,689		$	(852,906,096	)
RBC Institutional Class 2
Proceeds from shares issued	$	455,181,136		$	10,001
Distributions reinvested		152,070			41
Cost of shares redeemed		(102,920,665	)		—
Change in RBC Institutional Class 2	$	352,412,541		$	10,042
RBC Investor Class
Proceeds from shares issued	$	233,465,963		$	430,651,538
Distributions reinvested		37,910			97,917
Cost of shares redeemed		(214,167,071	)		(229,202,586	)
Change in RBC Investor Class	$	19,336,802		$	201,546,869
RBC Reserve Class
Proceeds from shares issued	$	243,952,136		$	821,914,742
Distributions reinvested		76,295			299,980
Cost of shares redeemed		(220,761,748	)		(390,510,981	)
Change in RBC Reserve Class	$	23,266,683		$	431,703,741
RBC Select Class
Proceeds from shares issued	$	303,881,736		$	731,996,487
Distributions reinvested		45,057			269,815
Cost of shares redeemed		(254,437,798	)		(490,371,937	)
Change in RBC Select Class	$	49,488,995		$	241,894,365
Change in net assets resulting from capital transactions	$	568,871,710		$	22,248,921

* For the year ended September 30, 2009 for the RBC Institutional Class 1 and from November 21, 2008 (commencement of operations) through September 30, 2009 for RBC Institutional Class 2, RBC Investor Class, RBC Reserve Class and RBC Select Class.

6. Federal Income Taxes

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions applicable to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

57

NOTES TO FINANCIAL STATEMENTS

The tax character of distributions during the fiscal year ended September 30, 2009 were as follows:

	Distributions Paid From
	Ordinary Income		Net Long Term Capital Gains		Net Short Term Capital  Gains		Total Taxable Distributions		Tax Exempt Distributions		Total Distributions Paid*
Prime Money Market Fund	$	50,227,912	$	—	$	—	$	50,227,912	$	—	$	50,227,912
U.S. Government Money Market Fund		13,072,069		—		3,719		13,075,788		—		13,075,788
Tax-Free Money Market Fund		60,960		582		165,737		227,279		3,257,506		3,484,785

* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

The tax basis of components of accumulated earnings/(losses) and the tax character of distributions paid are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2010.

As of September 30, 2009, the following Funds had net capital loss carryforwards to offset future net capital gains, if any:

	Capital Loss Carryforward		Expires
Prime Money Market Fund	$	3,069	2013
		40,324	2014
		52,797	2015
		38,902	2016
		4,606,628	2017

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund had deferred post October capital losses, which will be treated as arising on the first business day of the fiscal year ending September 30, 2010 and as such are included in current year earnings.

	Deferred Post-October Losses
U.S. Government Money Market Fund	$	8,450

7. Subsequent Events

Management has evaluated the impact of subsequent events of the Funds and has determined that there are no subsequent events that require recognition or disclosure in the financial statements.

58

SUPPLEMENTAL INFORMATION (Unaudited)

Shareholder Expense Examples

As a shareholder of the RBC Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) and (2) ongoing costs, including management fees; 12b-1 distribution and service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the RBC Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2009 through March 31, 2010.

Actual Expenses and Performance

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Prime Money Market Fund
RBC Institutional Class 1	$	1,000.00	$	1,000.90	$	0.85	0.17	%
RBC Institutional Class 2		1,000.00		1,000.50		1.35	0.27	%
RBC Investor Class		1,000.00		1,000.10		1.75	0.35	%
RBC Reserve Class		1,000.00		1,000.10		1.75	0.35	%
RBC Select Class		1,000.00		1,000.10		1.75	0.35	%
U.S. Government
Money Market Fund
RBC Institutional Class 1		1,000.00		1,000.50		0.85	0.17	%
RBC Institutional Class 2		1,000.00		1,000.10		1.25	0.25	%
RBC Investor Class		1,000.00		1,000.10		1.30	0.26	%
RBC Reserve Class		1,000.00		1,000.10		1.30	0.26	%
RBC Select Class		1,000.00		1,000.10		1.30	0.26	%
Tax-Free Money Market Fund
RBC Institutional Class 1		1,000.00		1,001.60		0.90	0.18	%
RBC Institutional Class 2		1,000.00		1,001.10		1.40	0.28	%
RBC Investor Class		1,000.00		1,000.20		2.39	0.48	%
RBC Reserve Class		1,000.00		1,000.20		2.34	0.47	%
RBC Select Class		1,000.00		1,000.20		2.34	0.47	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/365 (to reflect one-half year period).

59

SUPPLEMENTAL INFORMATION (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each RBC Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Prime Money Market Fund
RBC Institutional Class 1	$	1,000.00	$	1,024.08	$	0.86	0.17	%
RBC Institutional Class 2		1,000.00		1,023.59		1.36	0.27	%
RBC Investor Class		1,000.00		1,023.19		1.77	0.35	%
RBC Reserve Class		1,000.00		1,023.19		1.77	0.35	%
RBC Select Class		1,000.00		1,023.19		1.77	0.35	%
U.S. Government
Money Market Fund
RBC Institutional Class 1		1,000.00		1,024.08		0.86	0.17	%
RBC Institutional Class 2		1,000.00		1,023.68		1.26	0.25	%
RBC Investor Class		1,000.00		1,023.64		1.31	0.26	%
RBC Reserve Class		1,000.00		1,023.64		1.31	0.26	%
RBC Select Class		1,000.00		1,023.64		1.31	0.26	%
Tax-Free Money Market Fund
RBC Institutional Class 1		1,000.00		1,024.03		0.91	0.18	%
RBC Institutional Class 2		1,000.00		1,023.54		1.41	0.28	%
RBC Investor Class		1,000.00		1,022.54		2.42	0.48	%
RBC Reserve Class		1,000.00		1,022.59		2.37	0.47	%
RBC Select Class		1,000.00		1,022.59		2.37	0.47	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/365 (to reflect one-half year period).

60

RBC Funds

P.O. Box 701

Milwaukee, WI 53201-0701

800-422-2766

www.rbcgam.us

Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2010.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

RBC Global Asset Management (U.S.), Inc. serves as investment adviser for the RBC Funds. RBC Funds are distributed by Quasar Distributors LLC.

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council certified paper. FSC certification ensures that the paper used in this report contains fiber from well-managed and responsibly harvested forests that meet strict environmental and socioeconomic standards.
	RBCF-MM SAR 03-10

Semi-Annual Report

For the period ended March 31, 2010

Access Capital Community Investment Fund

	RBC Funds
About Your Semi-Annual Report
	This semi-annual report includes detailed information about the Access Capital Community Investment Fund (the “Fund”) including financial statements, performance, and a complete list of holdings.
	The Fund compares its performance against the Barclays Capital U.S. Securitized Index and the Barclays Capital U.S. Aggregate Bond Index which are widely used market indices.
	We hope the financial information presented will help you evaluate your investment in the Fund. We also encourage you to read your Fund’s prospectus for further detail as to the Fund’s investment policies and risk profile. Fund prospectuses and performance information subsequent to the date of this report are available on our website at www.rbcgam.us.
	A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-973-0073; (ii) on the Fund’s website at www.rbcgam.us; and (iii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.
	Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (i) on the Fund’s website at www.rbcgam.us; and (ii) on the Commission’s website at http://www.sec.gov.
	A schedule of the Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
Table of Contents
	Letter from the CIO	1
	Portfolio Managers	4
	Performance Summary	5
	Fund Statistics	6
	Schedule of Portfolio Investments	8
	Financial Statements
	- Statement of Assets and Liabilities	32
	- Statement of Operations	34
	- Statements of Changes in Net Assets	35
	- Statement of Cash Flows	36
	Financial Highlights	37
	Notes to Financial Statements	39
	Share Class Information	50
	Supplemental Information	51

LETTER FROM THE CIO

Dear Shareholder:

RBC Funds enjoyed another solid six month period of providing solutions for our shareholders. We understand the important role our funds play in helping you to build and achieve your financial goals. From a financial perspective, we are pleased to report that all of our Funds continued to perform as expected during the first six months of our fiscal year. In some instances, we performed beyond our expectations.

The Access Capital Community Investment Fund continues to have a positive impact by filling capital gaps in underserved communities. The Fund enters into its twelfth year of operations providing returns to shareholders that include both an economic bottom line and a social bottom line. The Fund invests in debt securities that support community development activities serving low and moderate income individuals and neighborhoods in the United States. The Fund’s investments promote home ownership, affordable rental housing, education, community health centers and small businesses. The Fund has also provided solid financial performance for our shareholders as reflected in the highest overall Lipper Leader ranking we can achieve for principal preservation and consistent returns. The Access Capital Community Investment Fund was designated a Lipper Leader in the Preservation category among 4153 US Mortgage funds as well as a Lipper Leader in the Consistent Return category among 85 US Mortgage funds for the Overall period ending 3/31/2010.

Lipper ratings for preservation reflect a fund’s historical loss avoidance relative to other funds within the same asset class, as of 3/31/2010. Preservation ratings are relative, rather than absolute measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper Ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers as of 3/31/2010.

(Complete performance data for the Fund can be found on page 5 of this report).

Although overall economic activity has shown signs of sustainable improvement, we remain concerned that growth will remain below potential until the housing market and employment picture materially improve. We remain wary to judge independently the health prospects for the US economy given the large amounts of stimulus still working their way through the system. We continue to believe that the most likely scenario for the US economy in 2010-2011 is a ‘half-speed’ recovery. Our forecast remains cautious as we feel that an accelerating economy will depend on final demand as opposed to government stimulus and inventory accumulation. Inflation remains well under control and is not a significant concern presently. Treasury note and bond issuance has been very heavy, and is likely to continue so, which could result in increased market volatility in the months ahead.

The Treasury yield curve remains solidly anchored in the short end. The U.S. Federal Reserve (“the Fed”) has clearly signaled its intention to keep the Fed Funds rate at an exceptionally low level for an extended period of time. The slope of the Treasury yield curve remains very positive and may become more

1

John Huber Chief Investment Officer Fixed Income	LETTER FROM THE CIO
	so as we believe the Fed is on hold for the balance of 2010, helping the banks achieve profitability and re-build their capital base. It is becoming apparent that the Fed is nearing an inflection point in its conduct of monetary policy. Nascent signs of tightening have appeared, including an increase in the Fed discount rate from .5% to .75%, and termination of special liquidity facilities in place since 2008. Both are designed to push lenders back into the private credit markets. Still under consideration is how to most effectively unwind the Fed’s quantitative easing activities by reversing the recently ended $1.7 trillion acquisition of Treasury and mortgage backed securities. Financial regulatory reform appears increasingly likely to get passed in some form, and it should. That said, the market remains anxious to understand the nature and impact of proposed reforms as they are debated in Washington D.C.
	As always, we will remain steadfast in our goal of principal preservation of our shareholders assets while striving to provide the necessary liquidity and income generation they deserve and expect. Thank you for your continued confidence and trust in the RBC Funds.
	Sincerely,
	John M. Huber, CFA
	Chief Investment Officer, Fixed Income RBC Funds
	Past performance is not a guarantee of future results
	Opinions expressed are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.
	Mutual fund investing involves risk. Principal loss is possible. Bond investments are subject to interest-rate risk such that when interest rates rise, the prices of the bonds, and thus the value of the bond fund, can decline and the investor can lose principal value. In general, the risk of price fluctuation increases with the length of the bond’s maturity. Investment in the Fund involves risks including, but not limited to: the effects of leveraging the Fund’s portfolio; concentration in the affordable housing market and related mortgage backed securities; competition for investments; interest rate risk; and use of derivatives.
	Lipper Leader scores are subject to change every month and are calculated for the following time periods: 3-year, 5-year, 10-year, and overall. The overall calculation is based on an equal-weighted average of percentile rank for each category metric over three-, five-, and ten-year periods (if applicable). The top 20% of funds in each classification are rated 5 and are named Lipper Leaders, the next 20% are rated 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. The Access Capital Community Investment Fund, in Lipper’s US Mortgage Fund category, received the following ratings for the three-, five-, and 10 year periods respectively, for the period ending 3/31/2010: Preservation: 5 out of 4153 funds, 5 out of 3615 funds, and 4 out of 2460 funds; Consistent Returns: 5 out of 82 funds and 5 out of 79 funds (no rating for 10 year period).

2

LETTER FROM THE CIO

Each Lipper peer group represents a universe of Funds with similar investment objectives

Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. Lipper Leader ^© 2010, Reuters, All Rights Reserved

3

	PORTFOLIO MANAGERS
	RBC Global Asset Management (U.S.) Inc.(“RBC GAM (US)”) serves as the investment advisor to the Access Capital Community Investment Fund. RBC GAM (US) employs a team approach to the management of the Access Capital Community Investment Fund, with no individual team member being solely responsible for the investment decisions. The Fund’s management team has access to RBC GAM (US)’s investment research and other money management resources.
John M. Huber, CFA	John M. Huber, CFA
	Senior Managing Director, Chief Investment Officer — Fixed Income
	John Huber directs RBC GAM (US)’s fixed income group. John joined RBC GAM (US) in 2004 from Galliard Capital Management where he was a principal and senior portfolio manager, responsible for the firm’s total return fixed income effort. Prior to working for Galliard, John was a portfolio manager for Norwest Investment Management where he began his career in 1990. John received a BA from the University of Iowa and an MBA in Finance from the University of Minnesota, Carlson School of Management. He acts as an advisor to the Carlson Funds Enterprise for the University of Minnesota. John is a CFA charterholder and a member of the CFA Society of Minnesota. He also serves on the Board of the YMCA of Metropolitan Minneapolis.
Brian Svendahl	Brian Svendahl, CFA
	Managing Director, Senior Portfolio Manager
	Brian Svendahl is a senior portfolio manager leading RBC GAM (US)’s Risk Management Team which monitors various risks within our fixed income products. Brian also has specific research responsibilities for government and agency loans including small business administration and U.S.D.A. programs. Brian joined RBC GAM (US) in 2005 from Wells Fargo Brokerage Services, where he served as senior vice president and risk manager. Prior to that, Brian’s experiences include developing VAR analysis and off balance sheet hedging strategies for Wells Fargo’s Treasury group. Brian has worked in the investment industry since 1992. Brian received a BS in Economics from the University of Minnesota. He also received a BBA in Finance and an MBA from the University of Minnesota, Carlson School of Management. Brian is a CFA charterholder and member of the CFA Society of Minnesota.

4

PERFORMANCE SUMMARY

Average Annual Total Returns as of March 31, 2010

Access Capital Community Investment Fund

	1 Year		3 Year		5 Year		10 Year		Since Inception		Expense Ratio*
Class A (a)
- Including
Maximum Sales
Charge of 3.75%	2.74	%	4.43	%	4.20	%	4.99	%	4.71	%
- At Net Asset Value	6.70	%	5.76	%	5.01	%	5.39	%	5.05	%	1.11	%
Class I (b)
- At Net Asset Value	6.97	%	5.87	%	5.16	%	5.60	%	5.34	%	1.06	%
Barclays Capital U. S. Securitized Index (c)	7.99	%	6.55	%	5.82	%	6.37	%	5.99	%
Barclays Capital U. S. Aggregate Bond Index (c)	7.69	%	6.14	%	5.44	%	6.29	%	5.85	%

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to most recent month-end go to www.rbcgam.us.

The Barclays Capital U.S. Securitized Index is an unmanaged index that tracks the performance of mortgage-backed pass-through securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, investment-grade bonds and asset-backed securities.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that tracks the performance of a representative list of government, corporate, asset-backed and mortgage-backed securities.

(a)    The inception date for Class A shares of the Fund is January 29, 2009. All performance shown for such class of shares prior to its inception date is based on the performance of the Class I shares of the Fund, adjusted to reflect the fees and expenses of Class A shares, as applicable.

(b)    Class I commenced operations on July 28, 2008. The performance in the table reflects the performance of Access Capital Strategies Community Investment Fund, Inc., the predecessor to the Fund. From its inception, June 23, 1998, until May 30, 2006, the predecessor fund elected status as a business development company. From May 31, 2006 until July 27, 2008, the predecessor fund operated as a continuously offered closed-end interval management company. If the predecessor fund had operated as an open-end management company, performance may have been adversely affected. Fund performance reflects applicable fee waivers/expense reimbursements which, if excluded, would cause performance to be lower.

(c)    You cannot invest directly into the index.

*       The Fund’s expenses reflect the most recent year end (September 30, 2009).

5

	FUND STATISTICS (UNAUDITED)
	Access Capital Community Investment Fund
Investment	Current income and capital appreciation
Objective
Benchmark	Barclays Capital U.S. Securitized Index
	Barclays Capital U.S. Aggregate Bond Index
Asset Allocation (as of 3/31/10) (% of fund’s investments)
Top Ten Holdings	Fannie Mae, Series 2004-T7,	1.97	%	Community Reinvestment	1.19	%
(as of 3/31/10)	Class A, 5.12%, 7/25/41			Revenue Notes, 3.98%, 8/1/35
(% of fund’s net	Fannie Mae Pool #463212,	1.85	%	Massachusetts Housing Finance	1.14	%
assets)	4.68%, 8/1/19			Agency Revenue, Series B,
	Fannie Mae Pool #387590,	1.71	%	6.53%, 12/1/27
	4.90%, 9/1/15			Fannie Mae Pool #AA0527,	1.06	%
	Massachusetts Housing	1.68	%	5.50%, 12/1/38
	Investment Corp. Term Loan ,			Fannie Mae Pool #874136,	0.96	%
	6.67%, 4/1/35			5.57%, 12/1/16
	New York City Housing	1.30	%	Ginnie Mae Pool #713519,	0.94	%
	Development Corp. Revenue,			6.00%, 7/1/39
	Series B, 4.95%, 5/15/36
	*  A listing of all portfolio holdings can be found beginning on page 8.

6

FUND STATISTICS (UNAUDITED)

Access Capital Community Investment Fund
	Growth of $10,000 Initial Investment Since Inception
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class I shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index do not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.

7

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund

March 31, 2010 (Unaudited)

Principal Amount				Value
Municipal Bonds — 4.65%
Arizona — 0.13%
	$	752,645	Phoenix & Pima County Industrial Development Authority Revenue, Series 2A, 5.45%, 3/1/39, (Credit Support: Ginnie Mae, Fannie Mae, Freddie Mac), Callable 9/1/16 @ 103	$	780,741
California — 0.49%
		130,000	California Rural Home Mortgage Finance Authority Refunding Revenue, Series A, 4.20%, 2/1/27, (Credit Support: Ginnie Mae, Fannie Mae, Freddie Mac), Callable 2/1/17 @ 104		125,986
		655,000	California Rural Home Mortgage Finance Authority Revenue, Series C, 5.40%, 8/1/35, (Credit Support: Ginnie Mae, Fannie Mae, Freddie Mac), Callable 2/1/17 @ 104		666,685
		975,000	California Statewide Communities Development Authority Revenue, Series B, 5.25%, 10/20/42, (Credit Support: Ginnie Mae), Callable 10/20/17 @ 102		981,523
		440,000	Camarillo California Community Development, Community Tax Allocation (Housing Set-Aside), Series A-T, 5.26%, 9/1/16, (Credit Support: AMBAC)		429,286
		740,000	Sacramento County Housing Authority Revenue, Series B-1, 5.00%, 1/20/48, (Credit Support: Ginnie Mae), Callable 7/20/17 @ 102		694,704
					2,898,184
Guam — 0.02%
		140,000	Guam Power Authority Revenue OID, Series A, 5.00%, 10/1/24, (Credit Support: AMBAC), Callable 5/3/10 @ 101		132,066
Massachusetts — 1.14%
		6,790,000	Massachusetts Housing Finance Agency Revenue, Series B, 6.53%, 12/1/27, (Credit Support: NATL-RE, IBC), Callable 6/1/17 @ 100		6,720,538
Mississippi — 0.02%
		100,000	Mississippi Home Corp. Multi Family Revenue OID, 5.35%, 8/20/48, (Credit Support: Ginnie Mae, Fannie Mae), Callable 9/1/18 @ 105		99,412
New York — 1.98%
		665,000	New York City Housing Development Corp. Revenue, Series A, 4.15%, 7/15/15, (Credit Support: Fannie Mae)		665,060

8

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount			Value
	$7,750,000	New York City Housing Development Corp. Revenue, Series B, 4.95%, 5/15/36, (Credit Support: Fannie Mae), Callable 11/1/15 @ 100	$	7,671,105
	700,000	New York State Housing Finance Agency Revenue, 4.50%, 11/15/27, (Credit Support: Fannie Mae), Callable 11/15/16 @ 100		671,174
	1,000,000	New York State Housing Finance Agency Revenue, Series A, 4.65%, 11/15/38, (Credit Support: Fannie Mae), Callable 11/15/16 @ 100		962,140
	1,620,000	Suffolk County Industrial Development Agency Revenue, 5.70%, 12/1/26, (LOC: Bank of New York), Callable 12/1/11 @ 102		1,667,434
				11,636,913
Ohio — 0.11%
	670,000	Ohio Housing Finance Agency Refunding Revenue, 5.32%, 9/1/38, (Credit Support: Ginnie Mae, Fannie Mae), Callable 9/1/16 @ 100		668,627
Texas — 0.19%
	1,085,000	Texas Department of Housing & Community Affairs Revenue, 5.13%, 12/1/38, (Credit Support: Fannie Mae)(a)		1,118,548
Utah — 0.57%
	810,000	Utah Housing Corp. Single Family Mortgage Revenue, Series B-2, Class 1, 4.33%, 1/1/18, Callable 1/1/17 @ 100		809,020
	2,555,000	Utah Housing Corp. Single Family Mortgage Revenue, Series C-2, Class 1, 4.85%, 1/1/18, Callable 1/1/17 @ 100		2,515,806
				3,324,826
Total Municipal Bonds				27,379,855
(Cost $25,090,156)
Corporate Bonds — 0.39%
Diversified Financials — 0.39%
	575,000	Atlantic Marine Corps Communities LLC 5.34%, 12/1/49(Credit Support: MBIA)(b)		458,540

9

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,395,000	Fort Knox Military Housing Privatization Project 0.57%, 2/15/49(Credit Support: AMBAC)(a)(b)(c)	$	763,691
		2,000,000	Pacific Beacon LLC 0.65%, 7/15/49(Credit Support: MBIA)(a)(b)(c)		1,099,981
Total Corporate Bonds					2,322,212
(Cost $3,862,573)
U.S. Government Agency Backed Mortgages — 95.87%
Fannie Mae — 69.27%
		26,348	Pool #253174, 7.25%, 12/1/29		29,658
		139,157	Pool #253212, 7.50%, 1/1/30		157,465
		43,900	Pool #253214, 7.00%, 1/1/15		47,451
		113,260	Pool #257611, 5.50%, 5/1/38		120,068
		52,724	Pool #257612, 5.00%, 5/1/38		54,727
		393,952	Pool #257613, 5.50%, 6/1/38		419,605
		291,064	Pool #257631, 6.00%, 7/1/38		310,988
		457,818	Pool #257632, 5.50%, 7/1/38		485,339
		297,137	Pool #257649, 5.50%, 7/1/38		315,000
		225,857	Pool #257656, 6.00%, 8/1/38		241,318
		469,200	Pool #257663, 5.50%, 8/1/38		497,406
		807,410	Pool #257857, 6.00%, 12/1/37		863,058
		190,722	Pool #257868, 6.50%, 11/1/37		207,920
		189,943	Pool #257869, 5.50%, 12/1/37		202,311
		150,602	Pool #257875, 5.50%, 12/1/37		159,655
		477,611	Pool #257890, 5.50%, 2/1/38		506,322
		2,901,581	Pool #257892, 5.50%, 2/1/38		3,076,009
		1,013,590	Pool #257893, 6.00%, 2/1/38		1,082,972
		139,230	Pool #257897, 5.50%, 2/1/38		147,599
		232,285	Pool #257898, 6.00%, 2/1/38		248,186
		101,058	Pool #257899, 5.00%, 2/1/38		104,898
		221,741	Pool #257900, 5.00%, 1/1/38		231,275
		298,678	Pool #257901, 5.50%, 2/1/38		318,126
		55,687	Pool #257902, 6.00%, 2/1/38		59,777
		443,541	Pool #257903, 5.50%, 2/1/38		470,204
		206,049	Pool #257904, 6.00%, 2/1/38		220,153
		190,563	Pool #257913, 5.50%, 1/1/38		202,018
		130,445	Pool #257914, 6.00%, 1/1/38		139,375
		115,586	Pool #257919, 6.00%, 2/1/38		123,498
		219,279	Pool #257926, 5.50%, 3/1/38		232,461
		156,768	Pool #257927, 5.50%, 3/1/38		166,192
		163,936	Pool #257928, 6.00%, 3/1/38		175,158
		305,984	Pool #257942, 5.50%, 4/1/38		324,378
		106,159	Pool #257943, 6.00%, 4/1/38		113,426
		100,453	Pool #257973, 5.00%, 5/1/38		104,270
		898,602	Pool #257974, 5.50%, 4/1/38		952,622
		86,205	Pool #257995, 6.00%, 7/1/38		92,105

10

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	745,200	Pool #258000, 5.00%, 4/1/34	$	772,040
		167,419	Pool #258001, 5.00%, 3/1/34		173,450
		114,214	Pool #258005, 5.50%, 3/1/34		120,961
		74,247	Pool #258022, 5.50%, 5/1/34		78,633
		632,400	Pool #258024, 5.00%, 6/1/34		655,178
		100,460	Pool #258027, 5.00%, 5/1/34		104,079
		27,533	Pool #258028, 5.00%, 5/1/34		28,525
		117,963	Pool #258030, 5.00%, 5/1/34		122,212
		76,086	Pool #258031, 5.00%, 5/1/34		78,827
		308,453	Pool #258049, 5.00%, 5/1/34		319,563
		57,784	Pool #258050, 5.50%, 5/1/34		61,198
		48,991	Pool #258051, 5.00%, 5/1/34		50,756
		527,559	Pool #258070, 5.00%, 6/1/34		546,560
		167,171	Pool #258090, 5.00%, 6/1/34		173,192
		332,099	Pool #258092, 5.50%, 6/1/34		351,719
		173,196	Pool #258093, 5.50%, 6/1/34		183,428
		82,121	Pool #258094, 5.00%, 6/1/34		85,078
		61,070	Pool #258095, 5.50%, 7/1/34		64,678
		79,765	Pool #258097, 5.50%, 6/1/34		84,477
		50,757	Pool #258121, 5.50%, 6/1/34		53,756
		259,209	Pool #258152, 5.50%, 8/1/34		274,522
		464,654	Pool #258157, 5.00%, 8/1/34		481,390
		194,494	Pool #258163, 5.50%, 8/1/34		205,984
		129,460	Pool #258165, 5.50%, 8/1/34		137,108
		139,250	Pool #258166, 5.50%, 9/1/34		147,476
		225,180	Pool #258171, 5.50%, 10/1/34		238,483
		438,802	Pool #258173, 5.50%, 10/1/34		464,726
		303,020	Pool #258180, 5.00%, 10/1/34		313,935
		162,454	Pool #258182, 5.00%, 10/1/34		168,305
		85,905	Pool #258185, 5.50%, 10/1/34		90,980
		169,254	Pool #258186, 5.50%, 11/1/34		179,254
		147,983	Pool #258187, 5.50%, 11/1/34		156,726
		767,359	Pool #258188, 5.50%, 11/1/34		812,692
		236,199	Pool #258198, 5.50%, 10/1/34		250,153
		96,008	Pool #258199, 5.50%, 9/1/34		101,679
		235,656	Pool #258203, 5.50%, 10/1/34		249,578
		156,735	Pool #258210, 5.50%, 11/1/34		165,994
		111,102	Pool #258221, 5.50%, 11/1/34		117,665
		48,565	Pool #258222, 5.00%, 11/1/34		50,557
		137,256	Pool #258224, 5.50%, 12/1/34		145,364
		144,402	Pool #258225, 5.50%, 11/1/34		152,933
		287,034	Pool #258236, 5.00%, 12/1/34		297,373
		176,096	Pool #258237, 5.50%, 1/1/35		186,169
		1,027,769	Pool #258238, 5.00%, 1/1/35		1,069,926
		45,280	Pool #258245, 5.50%, 12/1/34		47,956
		115,232	Pool #258249, 5.00%, 12/1/34		119,383
		99,389	Pool #258250, 5.50%, 11/1/34		105,261
		153,977	Pool #258251, 5.50%, 1/1/35		163,844

11

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	81,303	Pool #258252, 5.50%, 12/1/34	$	86,106
		233,551	Pool #258254, 5.50%, 12/1/34		247,349
		140,030	Pool #258258, 5.00%, 1/1/35		145,555
		425,473	Pool #258300, 5.00%, 3/1/35		442,261
		139,380	Pool #258301, 5.50%, 2/1/35		148,050
		194,772	Pool #258302, 5.00%, 3/1/35		202,457
		196,159	Pool #258303, 5.00%, 2/1/35		203,899
		276,900	Pool #258304, 5.00%, 2/1/35		287,825
		411,395	Pool #258305, 5.00%, 3/1/35		427,627
		13,099	Pool #258311, 5.00%, 2/1/35		13,616
		83,007	Pool #258312, 5.50%, 2/1/35		88,170
		321,388	Pool #258324, 5.50%, 4/1/35		341,379
		330,073	Pool #258325, 5.50%, 4/1/35		350,604
		391,832	Pool #258333, 5.00%, 4/1/35		407,292
		346,060	Pool #258336, 5.00%, 4/1/35		359,714
		310,186	Pool #258338, 5.00%, 4/1/35		322,424
		259,235	Pool #258339, 5.00%, 4/1/35		269,464
		76,147	Pool #258340, 5.00%, 3/1/35		79,152
		92,278	Pool #258341, 5.00%, 4/1/35		95,919
		101,527	Pool #258342, 5.00%, 4/1/35		105,533
		411,543	Pool #258343, 5.00%, 4/1/35		427,780
		236,314	Pool #258346, 5.00%, 3/1/35		245,638
		1,090,415	Pool #258347, 5.00%, 4/1/35		1,133,438
		247,330	Pool #258388, 5.50%, 6/1/35		262,715
		493,739	Pool #258392, 5.00%, 6/1/35		513,220
		550,561	Pool #258393, 5.00%, 5/1/35		572,284
		278,734	Pool #258394, 5.00%, 5/1/35		289,732
		399,347	Pool #258395, 5.50%, 6/1/35		424,187
		55,736	Pool #258400, 5.00%, 6/1/35		57,936
		417,804	Pool #258402, 5.00%, 6/1/35		434,288
		74,431	Pool #258403, 5.00%, 6/1/35		77,368
		100,198	Pool #258404, 5.00%, 6/1/35		104,151
		86,341	Pool #258406, 5.50%, 5/1/35		91,712
		175,349	Pool #258407, 5.00%, 5/1/35		182,268
		52,968	Pool #258408, 5.00%, 5/1/34		54,876
		202,963	Pool #258409, 5.00%, 5/1/35		210,972
		110,368	Pool #258410, 5.00%, 4/1/35		114,723
		119,775	Pool #258411, 5.50%, 5/1/35		127,225
		158,636	Pool #258422, 5.00%, 6/1/35		164,895
		139,039	Pool #258427, 5.00%, 7/1/35		144,525
		165,618	Pool #258428, 5.00%, 7/1/35		172,153
		91,511	Pool #258439, 5.50%, 6/1/35		97,204
		407,341	Pool #258448, 5.00%, 8/1/35		423,412
		136,069	Pool #258449, 5.50%, 7/1/35		144,532
		746,513	Pool #258450, 5.50%, 8/1/35		792,949
		56,067	Pool #258451, 5.50%, 7/1/35		59,555
		162,230	Pool #258454, 5.50%, 7/1/35		172,321
		339,977	Pool #258456, 5.00%, 8/1/35		353,391

12

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	565,702	Pool #258460, 5.00%, 8/1/35	$	588,022
		164,228	Pool #258470, 5.00%, 7/1/35		170,708
		103,506	Pool #258479, 5.50%, 7/1/35		109,944
		537,068	Pool #258480, 5.00%, 8/1/35		558,258
		158,111	Pool #258551, 5.50%, 11/1/35		167,946
		343,003	Pool #258552, 5.00%, 11/1/35		356,536
		60,023	Pool #258555, 5.00%, 10/1/35		62,391
		113,245	Pool #258556, 5.50%, 11/1/35		120,289
		124,859	Pool #258562, 5.50%, 11/1/35		132,625
		114,335	Pool #258569, 5.00%, 10/1/35		118,846
		1,192,626	Pool #258571, 5.50%, 11/1/35		1,266,811
		161,587	Pool #258595, 5.50%, 12/1/35		171,638
		332,568	Pool #258596, 6.00%, 12/1/35		355,904
		120,035	Pool #258598, 5.00%, 12/1/35		124,772
		182,870	Pool #258599, 5.50%, 1/1/36		193,959
		264,561	Pool #258600, 6.00%, 1/1/36		282,381
		112,309	Pool #258610, 5.50%, 8/1/35		119,295
		166,498	Pool #258621, 5.50%, 1/1/36		176,595
		1,530,910	Pool #258627, 5.50%, 2/1/36		1,626,136
		174,775	Pool #258633, 5.50%, 12/1/35		185,646
		393,026	Pool #258634, 5.50%, 2/1/36		416,859
		608,975	Pool #258643, 5.50%, 1/1/36		646,855
		654,104	Pool #258644, 5.50%, 2/1/36		693,769
		97,479	Pool #258650, 5.50%, 1/1/36		103,390
		677,063	Pool #258658, 5.50%, 3/1/36		718,120
		114,589	Pool #258663, 5.50%, 2/1/36		121,538
		199,457	Pool #258721, 5.50%, 4/1/36		211,552
		148,633	Pool #258736, 5.00%, 3/1/36		154,312
		142,834	Pool #258737, 5.50%, 12/1/35		152,299
		89,670	Pool #258763, 6.00%, 5/1/36		95,711
		246,066	Pool #258765, 6.00%, 5/1/36		262,640
		178,398	Pool #258766, 5.50%, 5/1/36		189,216
		230,451	Pool #258767, 6.00%, 6/1/36		245,974
		156,191	Pool #258773, 5.50%, 6/1/36		165,663
		223,335	Pool #258779, 6.00%, 5/1/36		238,378
		54,057	Pool #259004, 8.00%, 2/1/30		62,655
		37,438	Pool #259011, 8.00%, 3/1/30		43,392
		64,210	Pool #259030, 8.00%, 4/1/30		74,423
		8,087	Pool #259178, 6.50%, 3/1/31		8,935
		218,704	Pool #259181, 6.50%, 3/1/31		241,637
		174,090	Pool #259187, 6.50%, 4/1/31		192,345
		91,630	Pool #259190, 6.50%, 4/1/31		101,238
		167,325	Pool #259191, 6.50%, 4/1/31		184,871
		144,567	Pool #259201, 6.50%, 4/1/31		159,726
		38,709	Pool #259213, 6.50%, 5/1/31		42,769
		142,929	Pool #259256, 6.50%, 8/1/31		157,916
		39,737	Pool #259284, 6.50%, 8/1/31		43,904
		45,169	Pool #259306, 6.50%, 9/1/31		49,906

13

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	87,656	Pool #259309, 6.50%, 10/1/31	$	96,847
		220,887	Pool #259316, 6.50%, 11/1/31		244,049
		176,594	Pool #259327, 6.00%, 11/1/31		192,187
		26,411	Pool #259331, 6.00%, 11/1/31		28,743
		121,789	Pool #259369, 6.00%, 1/1/32		132,543
		80,311	Pool #259372, 6.00%, 1/1/32		87,402
		78,283	Pool #259376, 6.00%, 1/1/32		85,048
		82,629	Pool #259377, 6.50%, 12/1/31		91,293
		40,467	Pool #259378, 6.00%, 12/1/31		44,040
		88,667	Pool #259390, 6.00%, 1/1/32		96,329
		89,013	Pool #259391, 6.00%, 1/1/32		96,872
		98,106	Pool #259392, 6.50%, 1/1/32		108,394
		113,137	Pool #259393, 6.00%, 1/1/32		122,914
		145,604	Pool #259397, 6.00%, 2/1/32		158,187
		53,485	Pool #259398, 6.50%, 2/1/32		59,093
		86,250	Pool #259440, 6.50%, 4/1/32		95,294
		98,893	Pool #259560, 6.00%, 9/1/32		107,439
		133,048	Pool #259590, 5.50%, 11/1/32		141,241
		84,724	Pool #259592, 5.50%, 10/1/32		89,941
		68,555	Pool #259598, 6.00%, 10/1/32		74,480
		51,876	Pool #259599, 6.00%, 10/1/32		56,359
		102,558	Pool #259607, 5.50%, 11/1/32		108,873
		158,523	Pool #259610, 5.50%, 11/1/32		168,284
		284,897	Pool #259611, 5.50%, 11/1/32		302,440
		81,859	Pool #259612, 5.50%, 11/1/32		86,900
		226,327	Pool #259614, 6.00%, 11/1/32		245,887
		114,406	Pool #259623, 5.50%, 12/1/32		121,451
		109,379	Pool #259625, 6.00%, 11/1/32		118,831
		101,396	Pool #259634, 5.50%, 12/1/32		107,640
		274,631	Pool #259650, 5.50%, 2/1/33		291,456
		75,535	Pool #259655, 5.50%, 2/1/33		80,162
		123,636	Pool #259658, 5.50%, 2/1/33		131,211
		381,558	Pool #259659, 5.50%, 2/1/33		404,934
		170,897	Pool #259667, 5.50%, 2/1/33		181,368
		41,859	Pool #259671, 5.50%, 2/1/33		44,423
		179,611	Pool #259686, 5.50%, 3/1/33		190,615
		71,730	Pool #259689, 5.50%, 3/1/33		76,124
		51,780	Pool #259722, 5.00%, 5/1/33		53,726
		154,021	Pool #259723, 5.00%, 5/1/33		159,809
		62,655	Pool #259724, 5.00%, 5/1/33		65,217
		364,783	Pool #259725, 5.00%, 5/1/33		378,492
		78,798	Pool #259726, 5.00%, 5/1/33		81,759
		218,667	Pool #259728, 5.00%, 6/1/33		226,885
		134,841	Pool #259729, 5.00%, 6/1/33		139,909
		173,524	Pool #259731, 5.00%, 6/1/33		180,045
		142,093	Pool #259733, 5.50%, 6/1/33		150,799
		83,445	Pool #259734, 5.50%, 5/1/33		88,557
		380,786	Pool #259748, 5.00%, 6/1/33		395,096

14

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	217,939	Pool #259753, 5.00%, 7/1/33	$	226,130
		81,248	Pool #259757, 5.00%, 6/1/33		84,302
		563,417	Pool #259761, 5.00%, 6/1/33		584,591
		297,300	Pool #259764, 5.00%, 7/1/33		308,473
		129,059	Pool #259765, 5.00%, 7/1/33		133,909
		197,749	Pool #259776, 5.00%, 6/1/33		205,181
		154,794	Pool #259777, 5.00%, 7/1/33		160,611
		172,761	Pool #259779, 5.00%, 7/1/33		179,254
		114,445	Pool #259780, 5.00%, 7/1/33		118,746
		104,328	Pool #259781, 5.00%, 7/1/33		108,249
		112,511	Pool #259782, 5.00%, 7/1/33		116,739
		63,842	Pool #259789, 5.00%, 7/1/33		66,241
		117,443	Pool #259807, 5.00%, 8/1/33		121,857
		227,410	Pool #259808, 5.00%, 8/1/33		235,956
		152,765	Pool #259809, 5.00%, 8/1/33		158,506
		677,105	Pool #259816, 5.00%, 8/1/33		702,551
		35,453	Pool #259819, 5.00%, 8/1/33		36,785
		92,135	Pool #259820, 5.00%, 8/1/33		95,598
		255,734	Pool #259821, 5.00%, 7/1/33		265,344
		464,097	Pool #259830, 5.00%, 8/1/33		481,538
		568,204	Pool #259848, 5.00%, 9/1/33		589,558
		137,137	Pool #259862, 5.50%, 9/1/33		145,539
		90,628	Pool #259867, 5.50%, 10/1/33		96,180
		340,299	Pool #259869, 5.50%, 10/1/33		361,147
		102,744	Pool #259871, 5.50%, 9/1/33		109,038
		316,749	Pool #259872, 5.50%, 11/1/33		336,155
		151,708	Pool #259873, 5.50%, 10/1/33		161,002
		149,508	Pool #259875, 5.50%, 10/1/33		158,668
		87,946	Pool #259876, 5.50%, 10/1/33		93,334
		97,274	Pool #259877, 5.50%, 9/1/33		103,234
		223,488	Pool #259879, 5.50%, 10/1/33		237,180
		131,634	Pool #259884, 5.50%, 11/1/33		139,699
		41,257	Pool #259904, 5.50%, 11/1/33		43,785
		320,385	Pool #259906, 5.50%, 11/1/33		340,014
		233,281	Pool #259908, 5.50%, 11/1/33		247,573
		145,850	Pool #259926, 5.50%, 12/1/33		154,786
		63,817	Pool #259928, 5.50%, 12/1/33		67,727
		312,975	Pool #259930, 5.00%, 11/1/33		324,736
		97,337	Pool #259936, 5.50%, 11/1/33		103,301
		228,507	Pool #259938, 5.50%, 12/1/33		242,506
		22,424	Pool #259939, 5.50%, 11/1/33		23,797
		137,736	Pool #259944, 5.50%, 1/1/34		145,873
		108,637	Pool #259946, 5.50%, 12/1/33		115,293
		192,696	Pool #259961, 5.50%, 3/1/34		204,080
		251,449	Pool #259962, 5.50%, 3/1/34		266,304
		336,465	Pool #259976, 5.00%, 3/1/34		348,584
		145,040	Pool #259977, 5.00%, 3/1/34		150,264
		48,484	Pool #259998, 5.00%, 3/1/34		50,230

15

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	745,654	Pool #380307, 6.53%, 6/1/16	$	812,849
		635,710	Pool #381985, 7.97%, 9/1/17		735,365
		565,722	Pool #382373, 7.58%, 5/1/18		656,009
		611,595	Pool #383765, 6.70%, 6/1/19		690,438
		1,108,574	Pool #383783, 6.38%, 5/1/11		1,148,312
		984,870	Pool #385869, 5.41%, 2/1/21		1,045,781
		2,361,245	Pool #386129, 5.43%, 5/1/21		2,509,478
		2,401,055	Pool #386602, 4.66%, 10/1/13		2,556,528
		4,671,762	Pool #386608, 5.37%, 11/1/21		4,937,388
		2,711,908	Pool #386641, 5.80%, 12/1/33		2,830,329
		714,770	Pool #386674, 5.51%, 11/1/21		760,801
		454,952	Pool #386862, 4.78%, 5/1/14		483,222
		3,650,601	Pool #387374, 5.60%, 5/1/23		3,956,252
		906,569	Pool #387446, 5.22%, 6/1/20		960,167
		932,205	Pool #387472, 4.89%, 6/1/15		998,998
		9,403,074	Pool #387590, 4.90%, 9/1/15		10,065,538
		645,456	Pool #462834, 4.70%, 2/1/17(c)		690,560
		10,429,632	Pool #463212, 4.68%, 8/1/19(c)		10,862,671
		266,003	Pool #557295, 7.00%, 12/1/29		298,371
		30,905	Pool #572424, 6.50%, 3/1/31		34,146
		35,625	Pool #575886, 7.50%, 1/1/31		40,334
		103,180	Pool #576445, 6.00%, 1/1/31		112,291
		49,532	Pool #576520, 5.50%, 3/1/16		53,254
		56,174	Pool #577906, 6.50%, 4/1/31		62,064
		239,319	Pool #579402, 6.50%, 4/1/31		264,413
		292,206	Pool #583728, 6.50%, 6/1/31		322,846
		234,481	Pool #585148, 6.50%, 7/1/31		259,068
		227,997	Pool #590931, 6.50%, 7/1/31		251,904
		82,918	Pool #590932, 6.50%, 7/1/31		91,612
		61,376	Pool #591063, 6.50%, 7/1/31		67,812
		305,448	Pool #601865, 6.50%, 4/1/31		337,477
		162,722	Pool #601868, 6.00%, 7/1/29		177,090
		273,581	Pool #607611, 6.50%, 11/1/31		302,269
		133,180	Pool #613125, 6.50%, 10/1/31		147,145
		93,504	Pool #624103, 6.00%, 2/1/32		101,760
		560,440	Pool #634271, 6.50%, 5/1/32		619,207
		275,062	Pool #640146, 5.00%, 12/1/17		293,707
		157,761	Pool #644232, 6.50%, 6/1/32		174,304
		182,764	Pool #644432, 6.50%, 7/1/32		201,928
		53,729	Pool #644437, 6.50%, 6/1/32		59,363
		231,380	Pool #647461, 6.00%, 6/1/32		251,376
		378,950	Pool #656835, 5.50%, 11/1/32		402,285
		122,406	Pool #657250, 6.00%, 10/1/32		132,985
		5,150,517	Pool #663159, 5.00%, 7/1/32		5,355,988
		107,217	Pool #666206, 5.50%, 9/1/32		113,820
		201,597	Pool #670278, 5.50%, 11/1/32		214,010
		151,586	Pool #670285, 5.50%, 12/1/32		160,920
		254,280	Pool #676702, 5.50%, 11/1/32		269,938

16

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	237,943	Pool #677591, 5.50%, 12/1/32	$	252,595
		308,223	Pool #681819, 5.50%, 1/1/33		327,106
		1,034,577	Pool #681883, 6.00%, 3/1/33		1,122,694
		380,939	Pool #683087, 5.00%, 1/1/18		406,761
		479,024	Pool #684570, 5.00%, 12/1/32		496,652
		291,878	Pool #684644, 4.50%, 6/1/18		307,295
		456,741	Pool #686542, 5.50%, 3/1/33		484,437
		134,232	Pool #686544, 5.50%, 2/1/33		142,497
		395,525	Pool #686565, 5.50%, 4/1/33		419,757
		82,694	Pool #688972, 5.50%, 4/1/33		87,760
		398,025	Pool #689034, 5.00%, 5/1/33		412,983
		250,084	Pool #689667, 5.50%, 4/1/33		265,484
		327,502	Pool #695960, 5.00%, 1/1/33		339,554
		859,316	Pool #695961, 5.50%, 1/1/33		912,231
		234,688	Pool #695962, 6.00%, 11/1/32		254,970
		109,849	Pool #695963, 6.50%, 11/1/32		121,368
		740,937	Pool #696407, 5.50%, 4/1/33		786,331
		2,715,327	Pool #702478, 5.50%, 6/1/33		2,881,682
		761,839	Pool #702479, 5.00%, 6/1/33		790,469
		480,036	Pool #703210, 5.50%, 9/1/32		509,146
		836,840	Pool #703851, 5.50%, 4/1/33		888,109
		223,898	Pool #705576, 5.50%, 5/1/33		237,615
		1,213,818	Pool #720025, 5.00%, 8/1/33		1,259,434
		1,394,616	Pool #723066, 5.00%, 4/1/33		1,447,027
		767,185	Pool #723067, 5.50%, 5/1/33		814,187
		799,406	Pool #723068, 4.50%, 5/1/33		806,127
		843,370	Pool #723070, 4.50%, 5/1/33		854,151
		622,877	Pool #723074, 4.50%, 5/1/33		630,839
		844,141	Pool #723328, 5.00%, 9/1/33		875,865
		777,802	Pool #727311, 4.50%, 9/1/33		787,744
		3,038,313	Pool #727312, 5.00%, 9/1/33		3,152,495
		583,450	Pool #727315, 6.00%, 10/1/33		633,143
		1,484,355	Pool #738589, 5.00%, 9/1/33		1,540,138
		441,708	Pool #738683, 5.00%, 9/1/33		458,307
		1,434,231	Pool #739269, 5.00%, 9/1/33		1,488,131
		479,416	Pool #743593, 5.50%, 10/1/33		508,788
		446,474	Pool #743595, 5.50%, 10/1/33		473,828
		310,295	Pool #748041, 4.50%, 10/1/33		314,262
		985,428	Pool #749891, 5.00%, 9/1/33		1,022,461
		693,357	Pool #749897, 4.50%, 9/1/33		702,220
		437,759	Pool #750984, 5.00%, 12/1/18		467,158
		501,492	Pool #751008, 5.00%, 12/1/18		535,172
		648,832	Pool #753533, 5.00%, 11/1/33		673,216
		203,152	Pool #755679, 6.00%, 1/1/34		220,455
		366,791	Pool #755745, 5.00%, 1/1/34		380,575
		539,532	Pool #755746, 5.50%, 12/1/33		572,586
		391,704	Pool #755780, 5.50%, 2/1/34		414,845
		446,414	Pool #763551, 5.50%, 3/1/34		472,787

17

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,316,038	Pool #763820, 5.50%, 1/1/34	$	1,393,786
		586,824	Pool #763824, 5.00%, 3/1/34		607,960
		617,739	Pool #765216, 5.00%, 1/1/19		658,068
		661,334	Pool #765217, 4.50%, 1/1/19		695,233
		490,334	Pool #765306, 5.00%, 2/1/19		522,345
		128,876	Pool #770099, 5.50%, 2/1/34		136,490
		241,997	Pool #773084, 4.50%, 3/1/19		254,401
		412,916	Pool #773091, 4.00%, 3/1/19		427,831
		418,968	Pool #773096, 4.50%, 3/1/19		440,444
		823,546	Pool #773175, 5.00%, 5/1/34		853,209
		608,055	Pool #773476, 5.50%, 7/1/19		656,397
		776,422	Pool #773547, 5.00%, 5/1/34		804,388
		757,117	Pool #773553, 5.00%, 4/1/34		784,387
		1,111,348	Pool #773568, 5.50%, 5/1/34		1,177,004
		478,405	Pool #773575, 6.00%, 7/1/34		516,161
		766,950	Pool #776849, 5.00%, 11/1/34		794,574
		953,713	Pool #776850, 5.50%, 11/1/34		1,010,056
		391,250	Pool #776851, 6.00%, 10/1/34		422,127
		863,207	Pool #777444, 5.50%, 5/1/34		914,203
		2,993,687	Pool #777621, 5.00%, 2/1/34		3,106,192
		469,328	Pool #781437, 6.00%, 8/1/34		506,368
		539,664	Pool #781741, 6.00%, 9/1/34		582,255
		707,205	Pool #781907, 5.00%, 2/1/21		749,176
		934,928	Pool #781954, 5.00%, 6/1/34		968,603
		933,215	Pool #781959, 5.50%, 6/1/34		988,347
		671,230	Pool #781960, 5.50%, 6/1/34		710,884
		743,831	Pool #783893, 5.50%, 12/1/34		787,774
		737,872	Pool #783929, 5.50%, 10/1/34		781,464
		335,761	Pool #788329, 6.50%, 8/1/34		368,870
		182,059	Pool #790282, 6.00%, 7/1/34		196,427
		394,509	Pool #797623, 5.00%, 7/1/35		410,074
		172,954	Pool #797626, 5.50%, 7/1/35		183,712
		205,029	Pool #797627, 5.00%, 7/1/35		212,093
		262,150	Pool #797674, 5.50%, 9/1/35		277,146
		996,233	Pool #798725, 5.50%, 11/1/34		1,055,088
		464,682	Pool #799547, 5.50%, 9/1/34		492,135
		217,133	Pool #799548, 6.00%, 9/1/34		235,627
		3,371,682	Pool #806754, 4.50%, 9/1/34		3,408,458
		985,173	Pool #806757, 6.00%, 9/1/34		1,062,924
		4,869,306	Pool #806761, 5.50%, 9/1/34		5,156,973
		576,805	Pool #808185, 5.50%, 3/1/35		609,800
		1,016,958	Pool #808205, 5.00%, 1/1/35		1,051,998
		90,176	Pool #813941, 4.50%, 11/1/20		94,545
		108,140	Pool #813942, 5.00%, 11/1/20		115,064
		2,236,567	Pool #815009, 5.00%, 4/1/35		2,324,812
		1,192,297	Pool #817641, 5.00%, 11/1/35		1,239,340
		1,158,308	Pool #820334, 5.00%, 9/1/35		1,198,218
		881,449	Pool #820335, 5.00%, 9/1/35		911,820

18

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	725,746	Pool #820336, 5.00%, 9/1/35	$	750,752
		1,031,028	Pool #822008, 5.00%, 5/1/35		1,066,552
		1,896,742	Pool #829005, 5.00%, 8/1/35		1,962,095
		222,617	Pool #829006, 5.50%, 9/1/35		235,351
		327,815	Pool #829007, 4.50%, 8/1/35		330,981
		186,648	Pool #829117, 5.50%, 9/1/35		197,325
		89,114	Pool #829118, 5.50%, 9/1/35		94,657
		978,572	Pool #829274, 5.00%, 8/1/35		1,017,182
		1,331,276	Pool #829275, 5.00%, 8/1/35		1,383,802
		1,462,376	Pool #829276, 5.00%, 8/1/35		1,520,075
		976,648	Pool #829277, 5.00%, 8/1/35		1,015,182
		213,214	Pool #829356, 5.00%, 9/1/35		221,626
		2,573,889	Pool #829649, 5.50%, 3/1/35		2,738,818
		1,417,471	Pool #835287, 5.00%, 8/1/35		1,473,398
		260,902	Pool #843586, 5.50%, 11/1/35		277,131
		273,802	Pool #843587, 6.00%, 12/1/35		293,015
		3,807,317	Pool #844361, 5.50%, 11/1/35		4,044,142
		982,079	Pool #845245, 5.50%, 11/1/35		1,038,257
		2,106,199	Pool #866969, 6.00%, 2/1/36		2,248,071
		621,767	Pool #867410, 5.50%, 4/1/36		659,471
		360,230	Pool #867569, 6.00%, 2/1/36		384,494
		361,925	Pool #867574, 5.50%, 2/1/36		382,063
		1,176,311	Pool #868788, 6.00%, 3/1/36		1,255,546
		738,338	Pool #868849, 6.00%, 4/1/36		788,072
		589,215	Pool #870599, 6.00%, 6/1/36		628,904
		479,677	Pool #870684, 6.00%, 7/1/36		511,988
		935,473	Pool #871072, 5.50%, 2/1/37		991,709
		766,794	Pool #873819, 6.39%, 8/1/24		867,241
		5,139,825	Pool #874136, 5.57%, 12/1/16		5,664,627
		3,264,100	Pool #874900, 5.45%, 10/1/17		3,571,657
		928,350	Pool #881425, 6.00%, 7/1/36		990,883
		859,969	Pool #882044, 6.00%, 5/1/36		920,314
		540,522	Pool #883589, 6.00%, 4/1/36		576,931
		736,649	Pool #884693, 5.50%, 4/1/36		777,636
		3,099,588	Pool #885724, 5.50%, 6/1/36		3,272,050
		774,631	Pool #899800, 6.00%, 8/1/37		824,147
		706,674	Pool #901412, 6.00%, 8/1/36		754,275
		690,120	Pool #905438, 6.00%, 11/1/36		736,605
		824,521	Pool #907646, 6.00%, 1/1/37		880,060
		719,336	Pool #908671, 6.00%, 1/1/37		767,789
		1,468,137	Pool #908672, 5.50%, 1/1/37		1,549,824
		1,113,309	Pool #911730, 5.50%, 12/1/21		1,194,863
		853,648	Pool #919368, 5.50%, 4/1/37		904,965
		1,366,814	Pool #922582, 6.00%, 12/1/36		1,458,881
		2,843,547	Pool #934941, 5.00%, 8/1/39		2,951,298
		1,142,068	Pool #934942, 5.00%, 9/1/39		1,179,635
		742,967	Pool #939465, 5.50%, 6/1/37		787,631
		1,544,345	Pool #941204, 5.50%, 6/1/37		1,637,184

19

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,035,548	Pool #941205, 5.00%, 5/1/37	$	1,075,112
		1,040,579	Pool #941206, 5.50%, 5/1/37		1,103,134
		435,434	Pool #941487, 6.00%, 8/1/37		465,445
		841,943	Pool #943394, 5.50%, 6/1/37		892,557
		1,713,178	Pool #944502, 6.00%, 6/1/37		1,828,576
		786,444	Pool #945853, 6.00%, 7/1/37		836,715
		1,027,930	Pool #948600, 6.00%, 8/1/37		1,098,776
		936,341	Pool #948672, 5.50%, 8/1/37		987,947
		1,846,531	Pool #952598, 6.00%, 7/1/37		1,970,912
		981,911	Pool #952623, 6.00%, 8/1/37		1,044,676
		2,218,672	Pool #952632, 6.00%, 7/1/37		2,371,586
		567,296	Pool #952649, 6.00%, 7/1/37		608,345
		1,319,272	Pool #952659, 6.00%, 8/1/37		1,408,137
		813,890	Pool #952665, 6.00%, 8/1/37		865,915
		729,670	Pool #952678, 6.50%, 8/1/37		791,817
		451,550	Pool #952693, 6.50%, 8/1/37		490,009
		916,476	Pool #956050, 6.00%, 12/1/37		975,059
		2,641,825	Pool #957324, 5.43%, 5/1/18(c)		2,888,182
		396,022	Pool #958502, 5.07%, 1/1/39(c)		422,654
		893,222	Pool #959093, 5.50%, 11/1/37		951,384
		986,824	Pool #960919, 5.00%, 2/1/38		1,024,317
		527,709	Pool #965239, 5.84%, 9/1/38		562,336
		194,738	Pool #972648, 5.50%, 2/1/38		206,445
		1,128,795	Pool #975137, 5.00%, 5/1/38		1,166,038
		1,087,983	Pool #975769, 5.50%, 3/1/38		1,147,947
		983,243	Pool #982656, 5.50%, 6/1/38		1,042,350
		971,445	Pool #982898, 5.00%, 5/1/38		1,003,496
		980,663	Pool #983033, 5.00%, 5/1/38		1,017,922
		1,154,917	Pool #984842, 5.50%, 6/1/38		1,218,571
		886,907	Pool #986230, 5.00%, 7/1/38		920,792
		642,155	Pool #986233, 5.00%, 6/1/38		666,552
		736,637	Pool #986239, 6.00%, 7/1/38		787,407
		1,948,702	Pool #986957, 5.50%, 7/1/38		2,056,104
		1,138,622	Pool #986958, 5.50%, 7/1/38		1,201,377
		567,659	Pool #986985, 5.00%, 7/1/23		599,453
		1,730,090	Pool #990510, 5.50%, 8/1/38		1,825,444
		1,444,276	Pool #990511, 6.00%, 8/1/38		1,535,919
		1,017,836	Pool #990617, 5.50%, 9/1/38		1,073,934
		886,560	Pool #AA0525, 5.50%, 12/1/38		944,289
		2,374,913	Pool #AA0526, 5.00%, 12/1/38		2,465,144
		5,888,169	Pool #AA0527, 5.50%, 12/1/38		6,242,137
		1,010,679	Pool #AA0643, 4.00%, 3/1/39		980,949
		1,197,652	Pool #AA0644, 4.50%, 3/1/39		1,201,853
		1,220,815	Pool #AA0645, 4.50%, 3/1/39		1,224,975
		1,905,828	Pool #AA0814, 5.50%, 12/1/38		2,020,397
		1,039,491	Pool #AA2243, 4.50%, 5/1/39		1,048,230
		1,959,536	Pool #AA3142, 4.50%, 3/1/39		1,976,010
		1,095,385	Pool #AA3143, 4.00%, 3/1/39		1,063,053

20

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,324,113	Pool #AA3206, 4.00%, 4/1/39	$	1,291,651
		1,188,903	Pool #AA3207, 4.50%, 3/1/39		1,198,898
		1,084,554	Pool #AA4468, 4.00%, 4/1/39		1,057,965
		1,061,565	Pool #AA7042, 4.50%, 6/1/39		1,070,490
		1,128,586	Pool #AA7658, 4.00%, 6/1/39		1,100,917
		1,611,802	Pool #AA7659, 4.50%, 6/1/39		1,625,353
		1,014,278	Pool #AA7741, 4.50%, 6/1/24		1,053,590
		1,206,699	Pool #AA8455, 4.50%, 6/1/39		1,216,844
		2,353,934	Pool #AC1463, 5.00%, 8/1/39		2,431,362
		1,091,281	Pool #AC1464, 5.00%, 8/1/39		1,132,633
		2,249,304	Pool #AC2109, 4.50%, 7/1/39		2,257,193
		1,026,748	Pool #AC4394, 5.00%, 9/1/39		1,060,521
		1,333,393	Pool #AC4395, 5.00%, 9/1/39		1,377,252
		1,041,488	Pool #AC5328, 5.00%, 10/1/39		1,075,745
		1,891,790	Pool #AC5329, 5.00%, 10/1/39		1,963,476
		1,736,750	Pool #AC6304, 5.00%, 12/1/39		1,802,561
		1,097,998	Pool #AC6305, 5.00%, 11/1/39		1,134,115
		2,280,589	Pool #AC6307, 5.00%, 12/1/39		2,367,008
		1,189,988	Pool #AC6790, 5.00%, 12/1/39		1,229,131
		4,873,842	Pool #AC7199, 5.00%, 12/1/39		5,058,527
		3,030,675	Pool #AD1470, 5.00%, 2/1/40		3,145,517
		2,952,375	Pool #AD1471, 4.50%, 2/1/40		2,977,196
		3,725,573	Pool #AD1560, 5.00%, 3/1/40		3,848,118
		4,073,752	Pool #AD1585, 4.50%, 2/1/40		4,108,000
		1,507,631	Pool #AD1586, 5.00%, 1/1/40		1,564,760
		1,047,250	Pool #AD1638, 4.50%, 2/1/40		1,050,818
		1,849,415	Pool #AD1640, 4.50%, 3/1/40		1,855,716
		3,456,175	Pool #AD1942, 4.50%, 1/1/40		3,485,232
		1,291,552	Pool #AD1943, 5.00%, 1/1/40		1,340,493
		4,965,599	Pool #AD1988, 4.50%, 2/1/40		4,982,517
		1,328,426	Pool #AD2896, 5.00%, 3/1/40		1,372,122
		1,024,667	Pool #MC0007, 5.50%, 12/1/38		1,081,141
		129,855	Pool #MC0013, 5.50%, 12/1/38		137,012
		131,854	Pool #MC0014, 5.50%, 12/1/38		139,121
		70,136	Pool #MC0015, 6.00%, 11/1/38		74,586
		85,067	Pool #MC0016, 5.50%, 11/1/38		89,755
		582,641	Pool #MC0038, 4.50%, 3/1/39		587,539
		151,059	Pool #MC0046, 4.00%, 4/1/39		147,356
		303,226	Pool #MC0047, 4.50%, 4/1/39		305,775
		59,526	Pool #MC0059, 4.00%, 4/1/39		58,066
		416,940	Pool #MC0081, 4.00%, 5/1/39		406,718
		531,236	Pool #MC0082, 4.50%, 5/1/39		535,702
		524,466	Pool #MC0111, 4.00%, 6/1/39		511,608
		336,599	Pool #MC0112, 4.50%, 6/1/39		339,429
		423,884	Pool #MC0127, 4.50%, 7/1/39		427,448
		89,404	Pool #MC0135, 4.50%, 7/1/39		90,156
		1,439,753	Pool #MC0137, 4.50%, 7/1/39		1,451,857
		2,053,162	Pool #MC0154, 4.50%, 8/1/39		2,070,423

21

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	107,104	Pool #MC0155, 5.00%, 8/1/39	$	111,162
		670,468	Pool #MC0160, 4.50%, 8/1/39		676,105
		1,949,113	Pool #MC0171, 4.50%, 9/1/39		1,965,499
		631,960	Pool #MC0177, 4.50%, 9/1/39		637,273
		251,919	Pool #MC3344, 5.00%, 12/1/38		260,231
		10,995,788	Series 2004-T7, Class A, 5.12%, 7/25/41		11,567,098
					407,558,372
Freddie Mac — 19.84%
		371,800	Pool #A10124, 5.00%, 6/1/33		386,470
		355,950	Pool #A10548, 5.00%, 6/1/33		369,994
		1,363,571	Pool #A12237, 5.00%, 8/1/33		1,417,371
		570,964	Pool #A12969, 4.50%, 8/1/33		577,905
		323,593	Pool #A12985, 5.00%, 8/1/33		336,360
		554,985	Pool #A12986, 5.00%, 8/1/33		576,882
		926,112	Pool #A12987, 5.00%, 8/1/33		962,653
		811,154	Pool #A14028, 4.50%, 9/1/33		821,016
		1,466,299	Pool #A14325, 5.00%, 9/1/33		1,524,152
		179,145	Pool #A15268, 6.00%, 10/1/33		194,543
		1,094,103	Pool #A15579, 5.50%, 11/1/33		1,161,304
		586,108	Pool #A17393, 5.50%, 12/1/33		622,108
		645,130	Pool #A17397, 5.50%, 1/1/34		683,747
		732,737	Pool #A18617, 5.50%, 1/1/34		776,597
		551,163	Pool #A19019, 5.50%, 2/1/34		584,155
		352,987	Pool #A19362, 5.50%, 2/1/34		374,116
		489,577	Pool #A20069, 5.00%, 3/1/34		508,435
		1,094,617	Pool #A20070, 5.50%, 3/1/34		1,160,139
		1,319,865	Pool #A20540, 5.50%, 4/1/34		1,398,871
		403,902	Pool #A20541, 5.50%, 4/1/34		428,079
		745,365	Pool #A21679, 5.50%, 4/1/34		789,981
		889,465	Pool #A21681, 5.00%, 4/1/34		923,726
		624,751	Pool #A23192, 5.00%, 5/1/34		648,815
		2,009,473	Pool #A25310, 5.00%, 6/1/34		2,086,874
		568,550	Pool #A25311, 5.00%, 6/1/34		590,450
		667,923	Pool #A25600, 5.50%, 8/1/34		707,904
		88,775	Pool #A26270, 6.00%, 8/1/34		96,183
		55,343	Pool #A26386, 6.00%, 9/1/34		59,962
		673,743	Pool #A26395, 6.00%, 9/1/34		729,968
		807,489	Pool #A26396, 5.50%, 9/1/34		855,824
		1,605,381	Pool #A28241, 5.50%, 10/1/34		1,701,477
		658,507	Pool #A30055, 5.00%, 11/1/34		683,871
		1,227,968	Pool #A30056, 5.50%, 12/1/34		1,301,473
		653,280	Pool #A30591, 6.00%, 12/1/34		707,798
		642,883	Pool #A31135, 5.50%, 12/1/34		684,580
		355,686	Pool #A32976, 5.50%, 8/1/35		376,532
		973,556	Pool #A33167, 5.00%, 1/1/35		1,011,055
		2,083,545	Pool #A34999, 5.50%, 4/1/35		2,205,660
		612,760	Pool #A35628, 5.50%, 6/1/35		648,674

22

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,308,777	Pool #A37185, 5.00%, 9/1/35	$	1,361,643
		1,936,108	Pool #A38830, 5.00%, 5/1/35		2,004,633
		452,910	Pool #A39561, 5.50%, 11/1/35		479,454
		2,054,173	Pool #A40538, 5.00%, 12/1/35		2,137,148
		252,108	Pool #A41442, 5.50%, 12/1/35		266,884
		966,378	Pool #A42095, 5.50%, 1/1/36		1,023,016
		1,356,477	Pool #A42097, 5.00%, 1/1/36		1,404,487
		443,458	Pool #A42098, 5.50%, 1/1/36		469,448
		378,215	Pool #A42099, 6.00%, 1/1/36		408,359
		557,751	Pool #A42802, 5.00%, 2/1/36		577,491
		1,867,863	Pool #A42803, 5.50%, 2/1/36		1,977,337
		924,466	Pool #A42804, 6.00%, 2/1/36		998,148
		1,035,252	Pool #A42805, 6.00%, 2/1/36		1,117,764
		250,408	Pool #A44637, 5.50%, 4/1/36		264,927
		797,784	Pool #A44638, 6.00%, 4/1/36		858,128
		973,998	Pool #A44639, 5.50%, 3/1/36		1,035,344
		931,881	Pool #A45396, 5.00%, 6/1/35		967,775
		824,318	Pool #A46321, 5.50%, 7/1/35		872,630
		1,626,664	Pool #A46735, 5.00%, 8/1/35		1,684,237
		1,085,525	Pool #A46746, 5.50%, 8/1/35		1,149,146
		592,630	Pool #A46747, 5.50%, 8/1/35		627,364
		892,347	Pool #A46748, 5.50%, 8/1/35		944,646
		262,841	Pool #A46996, 5.50%, 9/1/35		278,246
		812,386	Pool #A46997, 5.50%, 9/1/35		861,015
		1,195,633	Pool #A47552, 5.00%, 11/1/35		1,237,951
		851,534	Pool #A47553, 5.00%, 11/1/35		881,673
		701,451	Pool #A47554, 5.50%, 11/1/35		742,562
		683,659	Pool #A48788, 5.50%, 5/1/36		726,719
		962,618	Pool #A48789, 6.00%, 5/1/36		1,040,243
		727,489	Pool #A49013, 6.00%, 5/1/36		782,516
		429,412	Pool #A49526, 6.00%, 5/1/36		464,040
		626,661	Pool #A49843, 6.00%, 6/1/36		674,062
		785,580	Pool #A49844, 6.00%, 6/1/36		848,193
		136,996	Pool #A49845, 6.50%, 6/1/36		149,328
		924,496	Pool #A50128, 6.00%, 6/1/36		999,047
		1,442,715	Pool #A59530, 5.50%, 4/1/37		1,525,161
		806,130	Pool #A59964, 5.50%, 4/1/37		852,198
		1,598,140	Pool #A60751, 5.50%, 5/1/37		1,689,468
		1,279,716	Pool #A61754, 5.50%, 5/1/37		1,352,847
		533,927	Pool #A61779, 5.50%, 5/1/37		567,109
		1,116,980	Pool #A61915, 5.50%, 6/1/37		1,180,812
		3,321,449	Pool #A61916, 6.00%, 6/1/37		3,569,570
		3,042,932	Pool #A63456, 5.50%, 6/1/37		3,232,040
		1,073,976	Pool #A64012, 5.50%, 7/1/37		1,135,350
		533,590	Pool #A64015, 6.00%, 7/1/37		573,451
		670,273	Pool #A64016, 6.50%, 7/1/37		729,769
		944,963	Pool #A64447, 6.00%, 8/1/37		1,020,279
		903,305	Pool #A64450, 6.00%, 8/1/37		975,301

23

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	97,833	Pool #A65713, 6.00%, 9/1/37	$	105,631
		881,546	Pool #A65837, 6.00%, 9/1/37		947,400
		778,327	Pool #A66043, 5.50%, 7/1/37		827,349
		2,388,939	Pool #A66061, 5.50%, 8/1/37		2,525,458
		1,532,846	Pool #A66116, 6.00%, 9/1/37		1,647,353
		980,166	Pool #A66122, 6.00%, 8/1/37		1,053,387
		864,868	Pool #A66133, 6.00%, 6/1/37		929,476
		1,757,730	Pool #A66156, 6.50%, 9/1/37		1,922,543
		1,642,860	Pool #A67630, 6.00%, 11/1/37		1,773,800
		1,251,715	Pool #A68766, 6.00%, 10/1/37		1,351,480
		782,216	Pool #A70292, 5.50%, 7/1/37		831,483
		627,904	Pool #A73816, 6.00%, 3/1/38		677,620
		994,494	Pool #A75113, 5.00%, 3/1/38		1,033,210
		817,790	Pool #A76187, 5.00%, 4/1/38		845,538
		699,410	Pool #A78354, 5.50%, 11/1/37		739,965
		1,069,983	Pool #A79561, 5.50%, 7/1/38		1,131,128
		90,935	Pool #B31082, 6.00%, 3/1/31		98,978
		115,116	Pool #B31128, 6.00%, 9/1/31		125,299
		91,164	Pool #B31139, 6.50%, 10/1/31		100,567
		254,176	Pool #B31140, 6.50%, 10/1/31		280,392
		60,569	Pool #B31146, 6.50%, 10/1/31		66,817
		78,367	Pool #B31150, 6.50%, 11/1/31		86,450
		198,871	Pool #B31188, 6.00%, 1/1/32		216,213
		29,009	Pool #B31206, 6.00%, 3/1/32		31,575
		114,590	Pool #B31292, 6.00%, 9/1/32		124,726
		228,984	Pool #B31493, 5.00%, 2/1/34		237,804
		512,717	Pool #B31516, 5.00%, 4/1/34		532,466
		335,454	Pool #B31517, 5.00%, 4/1/34		348,375
		251,398	Pool #B31532, 5.00%, 5/1/34		261,081
		422,268	Pool #B31545, 5.00%, 5/1/34		438,533
		238,620	Pool #B31546, 5.50%, 5/1/34		252,903
		308,534	Pool #B31547, 5.50%, 5/1/34		327,003
		374,301	Pool #B31550, 5.00%, 6/1/34		388,719
		201,158	Pool #B31551, 5.50%, 6/1/34		213,640
		331,466	Pool #B31587, 5.00%, 11/1/34		344,233
		245,215	Pool #B31588, 5.50%, 11/1/34		259,893
		319,125	Pool #B31642, 5.50%, 5/1/35		337,828
		145,561	Pool #B50443, 5.00%, 11/1/18		155,473
		272,640	Pool #B50450, 4.50%, 1/1/19		286,573
		108,902	Pool #B50451, 5.00%, 1/1/19		116,114
		61,632	Pool #B50458, 4.50%, 3/1/19		64,782
		51,539	Pool #B50470, 4.50%, 4/1/19		54,173
		205,715	Pool #B50496, 5.50%, 9/1/19		221,781
		464,087	Pool #B50499, 5.00%, 11/1/19		494,819
		102,386	Pool #B50500, 5.50%, 10/1/19		110,382
		257,792	Pool #B50501, 4.50%, 11/1/19		270,966
		231,819	Pool #B50504, 5.50%, 11/1/19		249,924
		442,770	Pool #B50506, 5.00%, 11/1/19		472,091

24

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	97,308	Pool #C35457, 7.50%, 1/1/30	$	111,113
		54,276	Pool #C37233, 7.50%, 2/1/30		61,976
		90,332	Pool #C48137, 7.00%, 1/1/31		101,268
		38,416	Pool #C48138, 7.00%, 2/1/31		43,067
		44,032	Pool #C49785, 6.50%, 3/1/31		48,601
		59,142	Pool #C50288, 6.50%, 4/1/31		65,279
		390,684	Pool #C51686, 6.50%, 5/1/31		430,980
		195,484	Pool #C53210, 6.50%, 6/1/31		215,646
		66,044	Pool #C53914, 6.50%, 6/1/31		72,856
		155,165	Pool #C60020, 6.50%, 11/1/31		171,169
		135,356	Pool #C60804, 6.00%, 11/1/31		147,328
		30,191	Pool #C62574, 6.50%, 12/1/31		33,305
		81,350	Pool #C65200, 6.50%, 3/1/32		89,690
		135,192	Pool #C65616, 6.50%, 3/1/32		149,135
		62,729	Pool #C68324, 6.50%, 6/1/32		69,160
		782,622	Pool #C73273, 6.00%, 11/1/32		850,868
		451,282	Pool #C73525, 6.00%, 11/1/32		490,634
		622,293	Pool #C74672, 5.50%, 11/1/32		660,904
		823,632	Pool #C77844, 5.50%, 3/1/33		874,220
		168,085	Pool #C77845, 5.50%, 3/1/33		178,409
		635,474	Pool #C78252, 5.50%, 3/1/33		674,505
		371,874	Pool #C78380, 5.50%, 3/1/33		394,715
		225,010	Pool #C79178, 5.50%, 4/1/33		238,831
		724,417	Pool #J00980, 5.00%, 1/1/21		771,485
		494,551	Pool #J05466, 5.50%, 6/1/22		532,296
		868,191	Pool #N31468, 6.00%, 11/1/37		927,620
					116,713,117
Ginnie Mae — 6.76%
		701,399	Pool #409117, 5.50%, 6/20/38		742,570
		844,200	Pool #487643, 5.00%, 2/15/39		879,432
		1,365,931	Pool #514702, 8.25%, 12/15/32		1,363,325
		484,911	Pool #588448, 6.25%, 9/15/32		499,481
		1,691,908	Pool #616936, 5.50%, 1/15/36		1,796,800
		614,344	Pool #617904, 5.75%, 9/15/23		633,175
		578,840	Pool #624106, 5.13%, 3/15/34		593,797
		459,849	Pool #664269, 5.85%, 6/15/38		484,838
		1,600,416	Pool #675509, 5.50%, 6/15/38		1,703,887
		870,409	Pool #685140, 5.90%, 4/15/38		922,714
		1,256,533	Pool #697672, 5.50%, 12/15/38		1,337,770
		996,938	Pool #697814, 5.00%, 2/15/39		1,043,528
		963,212	Pool #697885, 4.50%, 3/15/39		976,597
		1,576,570	Pool #698112, 4.50%, 5/15/39		1,606,361
		2,602,543	Pool #698113, 4.50%, 5/15/39		2,638,708
		1,014,718	Pool #699294, 5.63%, 9/20/38		1,084,570
		5,133,376	Pool #713519, 6.00%, 7/1/39		5,517,137
		1,005,248	Pool #714561, 4.50%, 6/15/39		1,019,217
		1,465,957	Pool #716822, 4.50%, 4/15/39		1,493,658

25

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	1,220,089	Pool #716823, 4.50%, 4/15/39	$	1,237,044
		1,289,649	Pool #717132, 4.50%, 5/15/39		1,314,018
		1,712,166	Pool #717133, 4.50%, 5/15/39		1,735,959
		1,399,281	Pool #720080, 4.50%, 6/15/39		1,425,722
		1,154,999	Pool #720521, 5.00%, 8/15/39		1,203,202
		3,037,043	Pool #726550, 5.00%, 10/1/39		3,163,791
		2,051,653	Pool #729018, 4.50%, 2/15/40		2,090,421
		1,199,867	Pool #729019, 5.00%, 2/15/40		1,255,941
					39,763,663
Total U.S. Government Agency Backed Mortgages (Cost $540,312,707)					564,035,152
U.S. Government Agency Obligations — 10.04%
Community Reinvestment Revenue Notes — 1.34%
		852,973	3.39%, 8/1/35(b)(c)		838,092
		7,250,000	3.98%, 8/1/35(b)(c)		7,023,285
					7,861,377
Small Business Administration — 5.38%
		273,435	0.55%, 4/25/28(a)		268,501
		676,229	0.55%, 3/25/29(a)		664,022
		2,049,539	0.55%, 9/25/30(a)		2,012,599
		449,410	0.60%, 11/25/29(a)		442,151
		287,983	0.60%, 3/25/28(a)		283,312
		296,228	0.63%, 6/25/18(a)		292,543
		1,166,718	0.63%, 4/15/32(c)		1,161,190
		616,916	0.65%, 3/25/14(a)		611,790
		450,914	0.66%, 7/15/32(c)		448,780
		210,174	0.66%, 4/15/26(c)		210,237
		994,487	0.66%, 11/15/26(c)		989,807
		618,896	0.75%, 11/29/32(c)		619,072
		254,321	0.80%, 2/21/33(c)		254,387
		1,345,487	0.80%, 4/15/33(c)		1,345,842
		175,219	0.80%, 9/15/32(c)		175,265
		327,317	0.85%, 9/14/29(c)		327,407
		1,486,761	0.87%, 4/21/34(a)		1,487,176
		791,641	0.88%, 2/15/32(c)		791,850
		1,407,073	0.88%, 9/15/32(c)		1,407,452
		1,247,761	0.90%, 3/14/18(c)		1,248,070
		1,075,584	1.12%, 11/4/34(a)		1,086,229
		21,739,277	1.26%, 10/19/29*(c)		352,220
		813,929	3.13%, 10/25/15(a)		830,013
		1,148,856	3.38%, 10/25/15(a)		1,175,074
		386,128	3.38%, 5/25/16(a)		392,045
		726,178	3.58%, 12/25/15(a)		745,246
		945,012	3.58%, 7/15/14(c)		954,736

26

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	53,863	4.08%, 6/4/14(a)	$	53,858
		670,835	4.33%, 11/17/19(a)		670,770
		205,870	4.33%, 12/1/19(a)		205,851
		94,892	5.70%, 8/15/17(c)		99,432
		388,214	5.85%, 12/15/27(c)		407,323
		285,830	5.85%, 9/27/13(c)		298,099
		114,643	5.86%, 11/15/22(c)		120,503
		335,227	5.98%, 6/9/26(c)		352,675
		197,821	6.00%, 4/15/22(c)		207,018
		541,410	6.03%, 10/31/32(c)		557,128
		421,974	6.10%, 10/15/27(c)		438,087
		1,338,845	6.13%, 4/15/31(c)		1,387,015
		253,427	6.15%, 1/10/32(c)		262,749
		171,793	6.25%, 9/15/27(c)		179,698
		962,346	6.28%, 8/15/17(c)		1,008,539
		185,411	6.30%, 4/15/18(c)		193,435
		73,138	6.33%, 3/15/27(c)		76,833
		607,329	6.35%, 8/13/26(c)		638,881
		1,080,573	6.45%, 2/19/32(c)		1,137,639
		260,706	6.50%, 3/30/32(c)		274,492
		52,123	6.51%, 7/6/27(c)		54,841
		89,446	6.53%, 1/2/27(c)		94,112
		62,882	6.69%, 5/28/24(c)		66,116
		416,330	6.71%, 3/15/27(c)		438,056
		73,169	7.08%, 9/1/13(c)		76,313
		169,782	7.08%, 1/19/14(c)		177,166
		241,842	7.33%, 7/1/16(c)		253,169
		181,637	7.33%, 2/23/16(c)		190,055
		236,182	7.33%, 7/1/16(c)		247,232
		112,914	7.33%, 7/1/16(c)		118,206
		172,433	7.38%, 4/1/15(c)		180,236
		58,560	7.38%, 1/1/15(c)		61,186
		76,139	7.58%, 8/1/16(c)		79,714
		235,974	7.83%, 10/3/16(c)		247,087
		23,714	7.83%, 11/1/13(c)		24,741
		16,091	8.08%, 2/15/14(c)		16,793
		50,720	8.08%, 10/1/16(c)		53,110
		4,581	8.33%, 11/1/11(c)		4,767
		4,267	9.58%, 2/15/12(c)		4,441
		6,232	9.58%, 2/15/12(c)		6,486
		11,824	9.83%, 1/10/32(c)		12,303
		120,793	1.13%, 7/30/17(a)		120,781
					31,673,952
United States Department of Agriculture — 3.32%
		467,578	1.13%, 5/31/14(c)		488,260
		275,243	4.45%, 4/2/18(c)		284,685
		199,706	5.09%, 3/1/20(c)		205,628

27

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	348,882	5.25%, 10/26/22(c)	$	360,200
		355,957	5.55%, 10/20/32(c)		365,470
		333,974	5.55%, 10/20/32(c)		342,899
		171,076	5.59%, 1/20/38(c)		175,432
		530,447	5.60%, 11/29/30(c)		547,334
		224,929	5.63%, 6/1/20(c)		236,227
		365,580	5.63%, 4/15/27(c)		379,323
		409,723	5.63%, 4/1/27(c)		425,071
		66,266	5.64%, 1/20/38(c)		68,167
		281,776	5.64%, 1/20/33(c)		290,797
		763,764	5.64%, 1/20/38(c)		785,664
		105,503	5.66%, 1/20/38(c)		108,654
		104,287	5.66%, 10/20/32(c)		107,781
		280,213	5.70%, 1/20/38(c)		289,354
		223,166	5.73%, 4/20/37(c)		230,878
		475,929	5.73%, 2/1/30(c)		494,989
		772,927	5.75%, 1/20/33(c)		803,158
		185,673	5.80%, 8/1/20(c)		194,965
		98,870	5.83%, 11/1/20(c)		103,838
		140,738	5.91%, 12/4/37(c)		147,252
		87,127	5.92%, 10/20/37(c)		91,242
		123,287	5.98%, 12/20/37(c)		129,591
		351,894	5.98%, 12/31/26(c)		370,243
		203,710	5.99%, 11/1/32(c)		214,448
		130,073	6.01%, 11/8/32(c)		133,660
		221,233	6.01%, 1/20/38(c)		226,483
		74,419	6.01%, 7/20/36(c)		76,217
		155,467	6.04%, 2/1/27(c)		160,969
		183,809	6.05%, 1/5/26(c)		190,726
		360,880	6.05%, 1/1/37(c)		370,586
		512,554	6.07%, 4/20/37(c)		526,901
		145,860	6.08%, 7/1/32(c)		150,786
		101,818	6.09%, 5/17/22(c)		106,884
		85,580	6.10%, 1/1/13(c)		89,145
		201,066	6.10%, 8/25/37(c)		207,027
		343,477	6.11%, 7/20/32(c)		355,001
		217,356	6.12%, 4/20/37(c)		224,363
		300,115	6.12%, 1/26/37(c)		309,535
		137,551	6.13%, 11/1/26(c)		143,125
		133,222	6.13%, 4/16/27(c)		138,558
		684,522	6.13%, 4/4/27(c)		711,911
		294,716	6.13%, 4/19/27(c)		306,523
		572,542	6.13%, 5/15/14(c)		597,853
		91,065	6.13%, 8/1/19(c)		95,571
		99,272	6.13%, 7/20/22(c)		104,332
		266,587	6.13%, 7/29/19(c)		279,763
		97,619	6.18%, 1/20/38(c)		101,007
		222,803	6.20%, 1/20/37(c)		231,141

28

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Principal Amount				Value
	$	114,187	6.22%, 6/1/37(c)	$	118,503
		59,469	6.23%, 2/1/27(c)		62,170
		398,974	6.23%, 3/14/32(c)		415,370
		606,804	6.25%, 1/1/37(c)		630,847
		92,003	6.28%, 3/1/14(c)		96,024
		86,011	6.28%, 2/1/28(c)		90,105
		80,352	6.33%, 3/2/27(c)		84,412
		210,483	6.38%, 1/31/37(c)		220,566
		238,897	6.38%, 2/16/37(c)		250,337
		54,773	6.38%, 3/1/27(c)		57,631
		773,670	6.51%, 4/20/37(c)		814,760
		831,346	6.63%, 12/15/23(c)		874,037
		199,612	6.64%, 4/20/37(c)		210,272
		192,098	6.88%, 2/3/17(c)		201,211
		419,357	6.88%, 2/3/22(c)		440,668
		617,447	7.00%, 6/3/22(c)		648,903
		219,403	7.13%, 12/10/16(c)		229,771
					19,525,204
Total U.S. Government Agency Obligations (Cost $59,109,907)					59,060,533
U.S. Treasury Obligations — 0.34%
U.S. Treasury Bills — 0.34%
		2,000,000	0.45%, 6/17/10(d)		1,999,380
Total U.S. Treasury Obligations (Cost $1,998,623)					1,999,380
Promissory Notes — 1.68%
		9,375,000	Massachusetts Housing Investment Corp. Term Loan, 6.67%, 4/1/35(b)(c)		9,873,676
Total Promissory Notes (Cost $9,375,000)					9,873,676
Shares
Investment Company — 5.84%
		34,342,578	JPMorgan Prime Money Market Fund		34,342,578
Total Investment Company (Cost $34,342,578)					34,342,578

29

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Contracts			Value
Call Swaptions Purchased — 1.21%
	500,000	Pay a fixed rate of 5.35% and receive a floating rate based on 3-Month LIBOR, expiring May 23, 2024, Broker, UBS AG(c)	$	3,170,384
	500,000	Pay a fixed rate of 5.75% and receive a floating rate based on 3-Month LIBOR, expiring June 28, 2029, Broker, UBS AG(c)		2,678,318
	500,000	Pay a fixed rate of 6.00% and receive a floating rate based on 3-Month LIBOR, expiring June 18, 2019, Broker, Goldman Sachs International(c)		1,285,512
Total Call Swaptions Purchased (Cost $5,503,750)				7,134,214
Total Investments (Cost $679,595,294)(e) — 120.02%			$	706,147,600
Liabilities in excess of other assets — (20.02)%				(117,783,574	)
NET ASSETS — 100.00%			$	588,364,026

* Interest Only represents the right to receive the monthly interest payment on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool.

(a) Floating rate note. Rate shown is as of report date.

(b) This security is restricted and illiquid as the security may not be offered or sold within the United States or to U.S. persons except to qualified purchasers who are also either qualified institutional buyers or “accredited investors” (as defined in Rule 501 (a) of Regulation D under the Securities Act of 1933).

The total investment in restricted and illiquid securities representing $20,057,265 or 3.41% of net assets was as follows:

Acquisition Principal Amount		Issuer	Acquisition Date	Acquisition Cost		3/31/2010 Carrying Value Per Unit
$	570,000	Atlantic Marine Corps Communities LLC	7/31/2007	$	509,772	$	0.80
$	2,000,000	Pacific Beacon LLC	12/18/2006	$	2,000,000	$	0.55
$	852,973	Community Reinvestment Revenue Note	3/24/2008	$	847,949	$	0.98
$	7,250,000	Community Reinvestment Revenue Note	3/24/2008	$	7,157,925	$	0.97
$	1,395,000	Fort Knox Military Housing Privatization Project	1/29/2007	$	1,328,900	$	0.55
$	9,375,000	Massachusetts Housing Investment Corp.	3/29/2005	$	9,375,000	$	1.05

(c) Fair valued security under procedures established by the Fund’s Board of Trustees.

(d) The rate represents the annualized yield at time of purchase.

(e) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).

30

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

March 31, 2010 (Unaudited)

Abbreviations used are defined below:

AMBAC - Insured by American Municipal Bond Insurance Assurance Corp.

IBC - Insured by International Bancshares Corp.

MBIA - Insured by MBIA

NATL-RE - National Reinsurance Corp.

OID - Original Issue Discount

See notes to financial statements.

31

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2010 (Unaudited)

Assets:
Investments in securities, at value (cost $679,595,294)	$	706,147,600
Segregated cash collateral for reverse repurchase agreements		6,169,786
Interest and dividends receivable		3,639,372
Receivable for open maturities		184,188
Receivable for Fund shares sold		1,015,901
Deposits at broker for futures contracts		2,393,787
Prepaid expenses and other assets		26,444
Total Assets		719,577,078
Liabilities:
Distributions payable		1,535,551
Payable for capital shares redeemed		15,897
Payable for investments purchased		785,008
Margin variation payable		127,151
Reverse repurchase agreements (including interest of $48,370)		127,910,331
Payable for short sale commitment		453,516
Accrued expenses and other payables:
Investment advisory fees		305,336
Accounting fees		4,602
Distribution fees		6,039
Trustee fees		1,049
Audit fees		26,286
Transfer Agent fees		4,168
Other		38,118
Total Liabilities		131,213,052
Net Assets	$	588,364,026
Net Assets Consist Of:
Capital	$	592,067,267
Distributions in excess of net investment income		(1,315,963	)
Accumulated net realized losses from investment transactions, futures contracts and sale commitments		(28,908,161	)
Net unrealized appreciation on investments, futures contracts, and sale commitments		26,520,883
Net Assets	$	588,364,026

32

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (cont.)

Net Assets:
Class A	$	10,629,698
Class I		577,734,328
Total	$	588,364,026
Shares Outstanding (1,000,000,000 shares authorized, 100,000,000 shares registered at $.0000001 par value):
Class A		1,088,561
Class I		59,225,278
Total		60,313,839
Net Asset Values and Redemption Price Per Share:
Class A(a)	$	9.76
Class I	$	9.75
Maximum Offering Price Per Share:
Class A	$	10.14
Maximum Sales Charge - Class A		3.75	%

(a) For Class A shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase (only applicable on purchases of $1 million or more on which no initial sales charge was paid). Such reduction is not reflected in the net asset value and the redemption price per share.

See notes to financial statements.

33

FINANCIAL STATEMENTS

Statement of Operations

For the Six Months Ended March 31, 2010 (Unaudited)

Investment Income:
Interest income	$	16,712,663
Dividend income		6,083
Total Investment Income		16,718,746
Expenses:
Management fees		1,744,911
Interest expense		201,952
Distribution fees - Class A		11,898
Accounting services		26,795
Audit fees		17,035
Legal fees		49,147
Custodian fees		24,283
Insurance fees		4,463
Trustees’ fees and expenses		5,198
Transfer agent fees		34,452
Printing and shareholder reports		7,398
Registration fees		25,515
Other fees and expenses		63,818
Net expenses		2,216,865
Net Investment Income		14,501,881
Realized/Unrealized Gains (Losses) from Investment Transactions and Futures Contracts:
Net realized gains from investment transactions		423,813
Net realized losses from sale commitments		(881,817	)
Net realized losses from futures contracts		(357,036	)
Net change in unrealized appreciation/depreciation on investments		(1,858,857	)
Net change in unrealized appreciation/depreciation on sale commitments		2,672
Net change in unrealized appreciation/depreciation on futures contracts		759,202
Net realized/unrealized losses from investments, sales commitments and futures contracts		(1,912,023	)
Change in net assets resulting from operations	$	12,589,858

See notes to financial statements.

34

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2010			For the Year Ended September 30, 2009
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	14,501,881		$	28,079,284
Net realized losses from investments, futures contracts and sale commitments		(815,040	)		(8,591,215	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and sale commitments		(1,096,983	)		30,085,498
Change in net assets resulting from operations		12,589,858			49,573,567
Distributions to Class A Shareholders:
From net investment income		(228,922	)		(157,849	)
Distributions to Class I Shareholders:
From net investment income		(14,263,635	)		(28,179,606	)
Change in net assets resulting from shareholder distributions		(14,492,557	)		(28,337,455	)
Capital Transactions:
Proceeds from shares issued		29,749,519			36,928,806
Distributions reinvested		5,217,568			9,642,647
Cost of shares redeemed		(14,510,054	)		(41,401,532	)
Change in net assets resulting from capital transactions		20,457,033			5,169,921
Net increase in net assets		18,554,334			26,406,033
Net Assets:
Beginning of period		569,809,692			543,403,659
End of period	$	588,364,026		$	569,809,692
Distributions in excess of net investment income	$	(1,315,963	)	$	(1,325,287	)
Share Transactions:
Issued		3,033,180			3,816,303
Reinvested		532,539			1,008,944
Redeemed		(1,480,956	)		(4,345,147	)
Change in shares resulting from capital transactions		2,084,763			480,100

See notes to financial statements.

35

FINANCIAL STATEMENTS

Statement of Cash Flows

For the Six Months Ended March 31, 2010 (Unaudited)

Cash Used for Operating Activities:
Net increase in net assets resulting from operations	$	12,589,858
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:
Decrease in interest and dividend receivable		69,626
Increase in deposits at broker for futures contracts		(524,904	)
Decrease in prepaid expenses and other assets		4,216
Increase in margins variation payable		127,151
Increase in segregated cash collateral for reverse repurchase agreements		(3,826,299	)
Decrease in receivables for open maturities		10,970
Decrease in interest due on reverse repurchase agreements		(32,267	)
Increase in payable to investment adviser		20,767
Increase in accrued expenses and other liabilities		2,122
Proceeds from sales and paydowns of long-term securities		69,349,185
Opening of TBA sales commitments		6,023,178
Purchases of short-term securities		(1,193,393,451	)
Purchases of long-term securities		(62,119,262	)
Proceeds from sales of short-term securities		1,167,099,854
Closing of TBA sales commitments		(6,439,129	)
Amortization of premium and discount - net		11,772
Net realized losses from investment transactions		(423,813	)
Net realized losses from sales commitments		881,817
Net change in unrealized appreciation/(depreciation) on investment securities and sale commitments		1,856,185
Net Cash Used for Operating Activities		(8,712,424	)
Cash Provided by Financing Activities:
Proceeds from issuance of shares		41,733,618
Cash payments on shares redeemed		(14,497,656	)
Cash receipts from reverse repurchase agreements		283,545,112
Cash payments on reverse repurchase agreements		(293,124,395	)
Distributions paid to shareholders		(9,281,534	)
Net Cash Provided by Financing Activities		8,375,145
Cash:
Net decrease in cash		(337,280	)
Cash at beginning of period		337,280
Cash at end of period	$	—
Cash Flow Information:
Cash paid for interest		234,219
Noncash Financing Activities:
Capital shares issued in reinvestment of distributions paid to shareholders		5,217,568

See notes to financial statements.

36

FINANCIAL HIGHLIGHTS

Access Capital Community Investment Fund

(Selected data for a share outstanding throughout the periods indicated)

	Period Ended March 31			Period Ended March 31,
	2010
	Class A			Class I
Per Share Operating Performance:
Net asset value, beginning of period	$	9.80		$	9.79
Net investment income(d)		0.24			0.25
Realized and unrealized gain (loss)		(0.04	)		(0.04	)
Total from investment operations		0.20			0.21
Less dividends from net investment income		(0.24	)		(0.25	)
Net asset value, end of period	$	9.76		$	9.75
Total Investment Return:(e)
Based on net asset value per share		2.01	%		2.13	%
Ratios to Average Net Assets:(f)
Total expenses, net of reimbursement and excluding interest expense and investment structuring fees(g)		0.95	%		0.70	%
Total expenses, excluding interest expense		0.95	%		0.70	%
Net expenses		1.02	%		0.77	%
Investment income-net		4.81	%		5.06	%
Ratios to Average Net Assets, Plus Average Borrowings:(f)(h)
Total expenses, net of reimbursement and excluding interest expense and investment structuring fees(g)		0.78	%		0.57	%
Total expenses, excluding interest expense(i)		0.78	%		0.57	%
Net expenses		0.84	%		0.63	%
Investment income-net		3.95	%		4.16	%
Supplemental Data:
Net assets, end of period (in thousands)	$	10,630		$	577,734
Portfolio turnover		3	%		3	%

(a) Effective September 30, 2008, the Fund’s fiscal year end changed from May 31 to September 30.

(b) For the period January 29, 2009 (commencement of operations) to September 30, 2009.

(c) The existing share class was renamed Class I Shares with the commencement of Class A Shares on January 29, 2009.

(d) Based on average shares outstanding.

(e) Total investment returns exclude the effect of sales charge.

(f) Annualized for those periods that are less than one year.

(g) During the fiscal years ended May 31, 2006 and 2005, to the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) were less then 0.25% of the Fund’s monthly average net assets, the Fund repaid the Fund’s investment adviser and sub-adviser for operating expenses previously borne or reimbursed.

(h) These ratios are calculated based upon the average net assets plus average borrowings.

(i) Total expenses of the Fund for the period ended September 30, 2009 is 1.36% and 1.09% for the Class A and Class I shares, respectively.

37

FINANCIAL HIGHLIGHTS

Access Capital Community Investment Fund

Period  Ended September 30,			For the Year  Ended September 30,			Period June 1,  2008 to September 30,			For the Year Ended May 31,
2009						2008(a)			2008			2007			2006			2005
Class A(b)			Class I(c)
$	9.47		$	9.41		$	9.48		$	9.46		$	9.29		$	9.82		$	9.62
	0.31			0.50			0.16			0.46			0.44			0.45			0.48
	0.34			0.38			(0.07	)		0.02			0.17			(0.53	)		0.20
	0.65			0.88			0.09			0.48			0.61			(0.08	)		0.68
	(0.32	)		(0.50	)		(0.16	)		(0.46	)		(0.44	)		(0.45	)		(0.48	)
$	9.80		$	9.79		$	9.41		$	9.48		$	9.46		$	9.29		$	9.82
	7.11	%		9.59	%		1.02	%		5.19	%		6.65	%		(0.83	)%		7.14	%
	1.00	%		0.74	%		0.86	%		0.93	%		0.79	%		0.74	%		0.85	%
	1.25	%		0.74	%		0.86	%		0.93	%		0.83	%		0.73	%		0.74	%
	1.11	%		1.06	%		1.61	%		1.99	%		1.48	%		1.32	%		1.13	%
	4.77	%		5.16	%		5.17	%		4.83	%		4.55	%		4.72	%		4.87	%
	0.81	%		0.59	%		0.67	%		0.75	%		0.70	%		0.65	%		0.72	%
	1.02	%		0.59	%		0.67	%		0.75	%		0.74	%		0.64	%		0.63	%
	0.90	%		0.85	%		1.25	%		1.60	%		1.31	%		1.16	%		0.96	%
	3.89	%		4.12	%		4.00	%		3.88	%		4.03	%		4.13	%		4.13	%
$	8,662		$	561,148		$	543,404		$	513,723		$	474,720		$	449,324		$	388,299
	10	%		10	%		1	%		19	%		23	%		21	%		33	%

See notes to financial statements.

38

NOTES TO FINANCIAL STATEMENTS

March 31, 2010

1. Organization

RBC Funds Trust (the “Trust”) was organized as a Delaware statutory trust on December 16, 2003. Overall responsibility for the management of the Trust is vested in its Board of Trustees (the “Board”). This semi-annual report includes the Access Capital Community Investment Fund (the “Fund”). At its inception in 1998, the Access Capital Strategies Community Investment Fund, Inc. the Fund’s predecessor, elected status as a business development company under the Investment Company Act of 1940 (the “1940 Act”), but withdrew its election on May 30, 2006, and registered as a continuously offered, closed-end interval management company under the 1940 Act. The predecessor fund was reorganized into a series of the Trust, a registered open-end management company under the 1940 Act, effective July 28, 2008.

The Fund offers two share classes: Class A and Class I shares. Class A shares are offered with a 3.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class I shares (intended for investors meeting certain investment minimum thresholds) are not subject to either a front-end sales charge or a CDSC.

RBC Global Asset Management (U.S.) Inc. (“RBC GAM (US)”) (formerly known as Voyageur Asset Management Inc), acts as the investment advisor for the Trust. The officers of the Trust (“Fund Management”) are also employees of RBC GAM (US) or its affiliates and PNC Global Investment Servicing (U.S.) Inc. (“PNC”).

The Fund’s investment objective is to invest in geographically specific debt securities located in portions of the United States designated by Fund investors. The Fund seeks to achieve its investment objective by investing primarily in debt securities specifically designed to support underlying economic activities such as affordable housing, education, small business lending, and job-creating activities in areas of the United States designated by Fund investors.

2. Significant Accounting Policies

Summarized below are the significant accounting policies of the Fund. The policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund Management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The financial statements are as of the close of regular trading on the New York Stock Exchange.

Security Valuation:

Bonds and other fixed income securities, including TBA commitments, are generally valued on the basis of prices furnished by pricing services approved by the Trust’s Board. The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity and type of issue. Valuations of certain mortgage backed securities that qualify under the Community Reinvestment Act (“CRA”) may also include adjustments to reflect the CRA premium indicated by the independent pricing agent to reflect the higher valuations accorded these securities in the market for their geographically or other targeted nature. Swaptions are fair valued using methodologies approved by the Trust’s Board. These valuation techniques take into account multiple factors, including fundamental security analytical data, information from broker-dealers, market spreads and interest rates. Short-term debt obligations, with less than 60 days to maturity at time of purchase, are valued at amortized cost unless Fund Management determines that amortized cost no longer approximates market value. In such cases where a security price is unavailable, or where Fund Management determines that the value provided by the pricing services or amortized cost does not approximate fair value, the Board has approved pricing and valuation procedures to determine a security’s fair value. Some of the factors which may be considered in determining fair value are

39

NOTES TO FINANCIAL STATEMENTS

fundamental analytical data relating to the security, the issuer and the market, such as duration, prepayment and default rates; general level of interest rates and changes in interest rates; information from broker-dealers; and trading in similar securities. Investments in open-end investment companies are valued at net asset value. Exchange traded financial futures are valued at the settlement price as established by the exchange on which they are traded.

Financial Instruments:

Reverse Repurchase Agreements

To obtain short-term financing, the Fund may enter into reverse repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks, who are deemed creditworthy under guidelines approved by the Board. Interest on the value of the reverse repurchase agreements is based upon competitive market rates at the time of issuance. At the time the Fund enters into a reverse repurchase agreement, it will establish and maintain a segregated account with the custodian containing qualifying assets having a value, including accrued interest, not less than the repurchase price. Based on requirements with certain exchanges and third party brokers-dealers, the Fund may also be required to deliver or deposit securities or cash as collateral. If the counterparty to the transaction is rendered insolvent, the ultimate realization of the securities to be repurchased by the Fund may be delayed or limited. For the six months ended March 31, 2010, the average amount borrowed was approximately $125,131,292 and the daily weighted average interest rate was 0.32%.

Details of open reverse repurchase agreements at March 31, 2010 were as follows:

	Rate		Trade Date	Maturity Date	Net Closing Amount			Par
Goldman Sachs	0.21	%	1/06/10	4/06/10	$	(34,786,251	)	$	(34,767,998	)
Mizuho Securities	0.24	%	1/13/10	4/13/10		(14,452,666	)		(14,444,000	)
Goldman Sachs	0.22	%	1/20/10	5/05/10		(13,655,814	)		(13,647,057	)
Goldman Sachs	0.21	%	2/03/10	5/05/10		(7,572,923	)		(7,568,905	)
Mizuho Securities	0.24	%	2/10/10	5/12/10		(36,901,373	)		(36,879,000	)
Goldman Sachs	0.23	%	3/10/10	5/12/10		(20,563,273	)		(20,555,000	)

Details of underlying collateral pledged for open reverse repurchase agreements in addition to the segregated cash collateral shown on the Statement of Assets and Liabilities at March 31, 2010 were as follows:

	Description	Rate		Maturity Date	Par		Value
Goldman Sachs
1/6/10 to 4/6/10
	Freddie Mac Pool #A40538	5.00	%	12/01/35	$	2,054,173	$	2,137,148
	Freddie Mac Pool #A46735	5.00	%	8/01/35		1,626,664		1,684,237
	Freddie Mac Pool #A42097	5.00	%	1/01/36		1,356,477		1,404,487
	Freddie Mac Pool #A47552	5.00	%	11/01/35		1,195,633		1,237,951
	Fannie Mae Pool #835287	5.00	%	8/01/35		1,417,471		1,473,398
	Freddie Mac Pool #A45396	5.00	%	6/01/35		931,881		967,775
	Freddie Mac Pool #A63456	5.50	%	6/01/37		3,042,932		3,232,040
	Freddie Mac Pool #A42803	5.50	%	2/01/36		1,867,863		1,977,337
	Freddie Mac Pool #A20540	5.50	%	4/01/34		1,319,865		1,398,871
	Freddie Mac Pool #A46746	5.50	%	8/01/35		1,085,525		1,149,146
	Freddie Mac Pool #A61754	5.50	%	5/01/37		1,279,716		1,352,847
	Freddie Mac Pool #A18617	5.50	%	1/01/34		732,737		776,597
	Freddie Mac Pool #A64012	5.50	%	7/01/37		1,073,976		1,135,350

40

NOTES TO FINANCIAL STATEMENTS

	Description	Rate		Maturity Date	Par		Value
	Fannie Mae Pool #258627	5.50	%	2/01/36	$	1,530,910	$	1,626,136
	Fannie Mae Pool #702478	5.50	%	6/01/33		2,715,327		2,881,682
	Freddie Mac Pool #A61915	5.50	%	6/01/37		1,116,980		1,180,812
	Freddie Mac Pool #A42099	6.00	%	1/01/36		378,215		408,359
	Freddie Mac Pool #A64447	6.00	%	8/01/37		944,963		1,020,279
	Freddie Mac Pool #A68766	6.00	%	10/01/37		1,251,715		1,351,480
	Freddie Mac Pool #A42805	6.00	%	2/01/36		1,035,252		1,117,764
	Freddie Mac Pool #A49013	6.00	%	5/01/36		727,489		782,516
	Fannie Mae Pool #952632	6.00	%	7/01/37		2,218,672		2,371,586
	Fannie Mae Pool #952598	6.00	%	7/01/37		1,846,531		1,970,912
							$	34,638,710
Mizuho Securities
1/13/10 to 4/13/10
	Fannie Mae Pool #387590	4.90	%	9/01/15	$	9,403,074	$	10,065,538
	Fannie Mae Pool #386608	5.37	%	11/01/21		4,671,762		4,937,388
							$	15,002,926
Goldman Sachs
1/20/10 to 5/5/10
	Fannie Mae Pool #829005	5.00	%	8/01/35	$	1,896,742	$	1,962,095
	Fannie Mae Pool #815009	5.00	%	4/01/35		2,236,567		2,324,812
	Freddie Mac Pool #A38830	5.00	%	5/01/35		1,936,108		2,004,633
	Fannie Mae Pool #908672	5.50	%	1/01/37		1,468,137		1,549,824
	Fannie Mae Pool #941204	5.50	%	6/1/37		1,544,345		1,637,184
	Ginnie Mae Pool #675509	5.50	%	6/15/38		1,600,416		1,703,887
	Fannie Mae Pool #866969	6.00	%	2/01/36		2,106,199		2,248,071
							$	13,430,506
Goldman Sachs
2/3/10 to 5/5/10
	Fannie Mae Pool #777621	5.00	%	2/01/34	$	2,993,687	$	3,106,192
	Freddie Mac Pool #A66061	5.50	%	8/01/37		2,388,939		2,525,458
	Freddie Mac Pool #A34999	5.50	%	4/01/35		2,083,545		2,205,660
							$	7,837,310
Mizuho Securities
2/10/10 to 5/12/10
	Fannie Mae Pool #806754	4.50	%	9/01/34	$	3,371,682	$	3,408,458
	Freddie Mac Pool #A25310	5.00	%	6/01/34		2,009,473		2,086,874
	Freddie Mac Pool #A37185	5.00	%	9/01/35		1,308,777		1,361,643
	Freddie Mac Pool #A14325	5.00	%	9/01/33		1,466,299		1,524,152
	Fannie Mae Pool #806761	5.50	%	9/01/34		4,869,306		5,156,973
	Freddie Mac Pool #A30056	5.50	%	12/01/34		1,227,968		1,301,473

41

NOTES TO FINANCIAL STATEMENTS

	Description	Rate		Maturity Date	Par		Value
	Freddie Mac Pool #A60751	5.50	%	5/01/37	$	1,598,140	$	1,689,468
	Fannie Mae Pool #986957	5.50	%	7/01/38		1,948,702		2,056,104
	Freddie Mac Pool #A28241	5.50	%	10/01/34		1,605,381		1,701,477
	Fannie Mae Pool #990510	5.50	%	8/01/38		1,730,090		1,825,444
	Freddie Mac Pool #A59530	5.50	%	4/01/37		1,442,715		1,525,161
	Freddie Mac Pool #A61916	6.00	%	6/01/37		3,321,449		3,569,570
	Freddie Mac Pool #A42804	6.00	%	2/01/36		924,466		998,148
	Fannie Mae Pool #944502	6.00	%	6/01/37		1,713,178		1,828,576
	Freddie Mac Pool #A67630	6.00	%	11/01/37		1,642,860		1,773,800
	Freddie Mac Pool #A66116	6.00	%	9/01/37		1,532,846		1,647,353
	Freddie Mac Pool #A66133	6.00	%	6/01/37		864,868		929,476
	Freddie Mac Pool #A66156	6.50	%	9/01/37		1,757,730		1,922,543
							$	36,306,693
Goldman Sachs
3/10/10 to 5/12/10
	Fannie Mae Pool #663159	5.00	%	7/01/32	$	5,150,517	$	5,355,988
	Fannie Mae Pool #727312	5.00	%	9/01/33		3,038,313		3,152,495
	Fannie Mae Pool #844361	5.50	%	11/01/35		3,807,317		4,044,142
	Fannie Mae Pool #829649	5.50	%	3/01/35		2,573,889		2,738,818
	Fannie Mae Pool #885724	5.50	%	6/01/36		3,099,588		3,272,050
	Fannie Mae Pool #257892	5.50	%	2/01/38		2,901,581		3,076,009
							$	21,639,502

Derivatives

The Fund may use derivative instruments, including futures, forwards, options, indexed securities, swaps and inverse securities for hedging purposes only. Derivatives allow the Fund to increase or decrease its risk exposure more quickly and efficiently than other types of instruments. Losses may arise if the price of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. To the extent amounts due to the Fund from their counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund’s maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Fund. For over-the-counter purchased options, the Fund bears the risk of loss in the amount of the premiums paid and change in value of the options should the counterparty not perform under the contracts. Written options by the Fund do not give rise to counterparty credit risk, as written options obligate the Fund to perform and not the counterparty. Counterparty risk related to exchange traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade. Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Fund, in which case any losses on the holdings being hedged may not be reduced and may be increased. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be available or cost effective. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

42

NOTES TO FINANCIAL STATEMENTS

Fair Values of Derivative Instruments as of March 31, 2010*:

Derivative Instruments Categorized by Risk Exposure	Statement of Assets and Liabilities Location	Fair Value
	Asset Derivatives
Interest Rate Contracts	Assets - Investments at Value (Call Swaptions)	$	7,134,214
	Liability Derivatives
Interest Rate Contracts	Liabilities - Margin Variation Payable		(127,151	)
Total		$	7,007,063

* For open derivative instruments as of March 31,2010, see the preceding tables on the Schedule of Portfolio Investments and the following section for financial futures contracts.

The effect of Derivative Instruments on the Statement of Operations during the six months ended March 31, 2010 is as follows:

Derivative Instruments Categorized by Risk Exposure	Net Realized Losses from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Investments (Call Swaptions)
Interest Rate Contracts	$	(357,036	)	$	759,202	*		—
Interest Rate Contracts		—			—		$	1,014,458

* Amount includes cumulative appreciation/depreciation, amount shown on statement of assets and liabilities includes only the daily variation margin.

For the six months ended March 31, 2010, the average volume of derivative activities are as follows:

Purchased Options (Cost)		Futures Short Positions (Contracts
$	5,503,750	388

Financial Futures Contracts

The Fund entered into futures contracts in an effort to manage the duration of the portfolio or to hedge against market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs and require a Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets equal to a certain percentage of the contract amount. Subsequent payments are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying index. A Fund would record an unrealized gain or loss each day equal to these daily payments.

Financial futures contracts involve minimal counterparty risk since financial futures contracts are guaranteed against default by the exchange on which they trade.

43

NOTES TO FINANCIAL STATEMENTS

The Fund had the following open futures contracts at March 31, 2010:

	Number of Contracts	Expiration Date	Unrealized Appreciation (Depreciation)			Notional Value		Counterparty
Short contracts:
Ten Year Swap	100	June, 2010	$	7,812		$	10,075,000	Barclays Capital
Five Year
U.S. Treasury Bond	425	June, 2010		(73,047	)		48,728,906	Barclays Capital
U.S. Treasury Long Bond	50	June, 2010		34,375			5,840,625	Barclays Capital

Details of underlying collateral pledged for open futures contracts in addition to the deposit at brokers shown on the Statement of Assets and Liabilities at March 31, 2010 were as follows:

Description	Yield		Maturity Date	Par		Market Value
U.S. Treasury Bill	0.45	%	06/17/10	$	2,000,000	$	1,999,380

Options

The Fund may write (or sell) put and call options on the securities that the Fund is authorized to buy or already holds in its portfolio. A Fund may also purchase put and call options. A call option gives the purchaser the right to buy, and the writer the obligation to sell, the underlying security at the agreed-upon exercise (or “strike”) price during the option period. A put option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying security at the strike price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract.

Swaptions

The Fund may purchase or write swaptions in an attempt to gain additional protection against the effects of interest rate fluctuations. Swap options (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the option (interest rate risk). In purchasing and writing swaptions, the Fund bears the risk of an unfavorable change in the price of the underlying interest rate swap or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market. The Fund executes transactions in over-the-counter swaptions. Transactions in over-the-counter swaptions may expose the Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty, the Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). The call swaptions purchased listed on the Schedule of Portfolio Investments that are outstanding as of March 31, 2010 represent the only activity for the six months ended March 31, 2010.

TBA Commitments

The Fund may enter into to be announced (“TBA”) commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased/sold declines/increases prior to settlement date, which is in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under “Security Valuation”. There are no TBA commitments outstanding as of March 31, 2010.

Mortgage Backed Securities

Because the Fund will focus on community development investments, such as securities backed by commercial and/or residential mortgage loans, it will be affected by risks not typically associated with funds that do not specialize in community development investments. These risks include credit and

44

NOTES TO FINANCIAL STATEMENTS

prepayment risk due to default on underlying loans within a security. Changes in economic conditions, including delinquencies and/or defaults or assets underlying these securities, can affect the value, income and/or liquidity of such positions.

In addition, the Fund invests in certain mortgage backed securities that qualify under the CRA in which the Fund may pay a premium for the geographically or other targeted nature of the securities. There can be no guarantee, however, that a similar premium will be received if the security is sold by the Fund.

Credit Enhancement

Certain obligations held in the Fund have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC and MBIA).

Fair Value Measurements:

Various inputs are used in determining the fair value of investments which are as follows:

• Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active.

• Level 3 - Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair valuation of the Fund’s investments as of March 31, 2010 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Assets:
Investments in Securities
Investment Company	$	34,342,578		$	—	$	—	$	34,342,578
Municipal Bonds		—			27,379,855		—		27,379,855
Corporate Bonds		—			2,322,212		—		2,322,212
U.S. Government Agency Backed Mortgages		—			564,035,152		—		564,035,152
U.S. Government Agency Obligations		—			59,060,533		—		59,060,533
Short-Term Investment		—			1,999,380		—		1,999,380
Promissory Notes		—			9,873,676		—		9,873,676
Call Swaptions Purchased		—			7,134,214		—		7,134,214
	$	34,342,578		$	671,805,022	$	—	$	706,147,600
Other Financial Instruments(*)		42,187			—		—		42,187
Total Assets	$	34,384,765		$	671,805,022	$	—	$	706,189,787
Liabilities:
Other Financial Instruments(*)	$	(73,047	)	$	—	$	—	$	(73,047	)

45

NOTES TO FINANCIAL STATEMENTS

* Other financial instruments are instruments not reflected in the Schedule of Portfolio Investments, such as futures contracts which are shown at the unrealized appreciation/(depreciation) on the investment.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “Improving Disclosures about Fair Value Measurements” that requires additional disclosures regarding fair value measurements. Certain required disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, and other required disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact it will have on its financial statement disclosures.

Investment Transactions and Income:

Investment transactions are recorded one business day after trade date, except for on the last day of each fiscal quarter end, when they are recorded on trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the costs of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization and accretion of premium or discount using the effective yield method. Paydown gains and losses on mortgage and asset-backed securities are included in the financial statements as interest income.

Distributions to Shareholders:

The Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total redemption of shares in an account. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g., reclassification of paydown gains and losses, and expiring capital loss carryforward), they are reclassified within a Fund’s capital account based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights.

3. Agreements and Other Transactions with Affiliates

RBC GAM (US) serves as investment advisor to the Fund. The Advisor has agreed to waive or limit fees through January 31, 2011, to maintain expenses (excluding interest expense, management fees and distribution fees) at 0.20% of the Fund’s average monthly gross assets less liabilities, other than indebtness for borrowing. The Fund will carry forward, for a period not to exceed 12 months from the date on which a waiver or reimbursement is made by the Advisor, any expenses in excess of the expense limitation and repay the Advisor such amounts, provided the Fund is able to effect such repayment and remain in compliance with the expense limitation disclosed in the effective prospectus. During the six month period ended March 31, 2010, no reimbursements were made to the Advisor.

Under the terms of the Fund’s management agreement, the Advisor receives from the Fund an annual management fee, paid monthly, of 50 basis points (0.50%) of the Fund’s average daily total assets less liabilities, other than indebtedness for borrowing. For purposes of calculating the management fee, assets purchased with borrowed monies are included in the total that is subject to the management fee. As a result, the Advisor has an incentive to use leverage so as to increase the amount of assets upon which it may charge a fee. As of March 31, 2010, the impact of leverage raised the management fee to approximately 61 basis points (0.61%) of the Fund’s average net assets.

The RBC Funds currently pay the independent Trustees (Trustees of the Trust who are not directors, officers or employees of the adviser, administrator or distributor) an annual retainer of $30,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $5,000 for each in-person Board meeting attended, a meeting fee of $1,000 for each telephonic or Special Board meeting attended, and a $1,000 fee for each Board committee meeting attended and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings.

46

NOTES TO FINANCIAL STATEMENTS

Expense, Investment Income and Gain/Loss Allocation:

The Fund pays the expenses that are directly related to its operations, such as custodian fees or adviser fees. Expenses incurred by the Trust, such as trustee or legal fees, are allocated to the Fund either proportionately based upon the Fund’s relative net assets or using another reasonable basis such as equally across all Funds in the Trust, depending on the nature of the expense. Individual share classes within the Fund are charged expenses specific to that class, such as distribution fees. Within the Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based upon the proportion of relative net assets.

4. Fund Distribution:

The Fund has adopted a Master Distribution 12b-1 Plan (the “Plan”) in which Tamarack Distributors, Inc. (through February 15, 2010), and Quasar Distributors LLC (effective February 16, 2010) (the “Distributor”) acts as the Fund’s distributor. Tamarack Distributors Inc. was an affiliate of RBC GAM (US) and Quasar Distributors LLC is not affiliated, The Plan permits the Fund to make payments for, or to reimburse the Distributor monthly for, distribution-related costs and expenses of marketing shares of Class A covered under the Plan, and/or for providing shareholder services. The Plan does not apply to Class I. The following chart shows the current Plan fee rate for Class A.

	Class A
12b-1 Plan Fee	0.25	%

Plan fees are based on average daily net assets of Class A. The Distributor, subject to applicable legal requirements, may waive the Plan fee voluntarily, in whole or in part.

For the six months ended March 31, 2010, Quasar Distributors LLC received commissions of $3 from front-end sales charges of Class A shares of the Fund. Neither Distributor received any CDSC fees from the Fund during the same period.

5. Securities Transactions:

The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the six months ended March 31, 2010 were as follows:

Purchases(Excl. U.S. Gov’t.)		Sales(Excl. U.S. Gov’t.)		Purchases of U.S. Gov’t.		Sales of U.S. Gov’t.
$	58,643,447	$	19,024,528	$	—	$	—

6. Capital Share Transactions:

The Trust is authorized to issue 1,000,000,000 shares of beneficial interest (“shares outstanding”) with par value of $.0000001. Transactions in shares of the Fund are summarized below:

	For the Six Months Ended March 31, 2010			For the Period Ended September 30, 2009*
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,720,178		$	8,519,665
Distributions reinvested		41,915			65,802
Cost of shares redeemed		(755,968	)		(76,189	)
Change in Class A	$	2,006,125		$	8,509,278

47

NOTES TO FINANCIAL STATEMENTS

	For the Six Months Ended March 31, 2010			For the Period Ended September 30, 2009*
Class I
Proceeds from shares issued	$	27,029,341		$	28,409,141
Distributions reinvested		5,175,653			9,576,845
Cost of shares redeemed		(13,754,086	)		(41,325,343	)
Change in Class I	$	18,450,908		$	(3,339,357	)
Change in net assets resulting from capital transactions	$	20,457,033		$	5,169,921
SHARE TRANSACTIONS:
Class A
Issued		277,107			885,359
Reinvested		4,274			6,815
Redeemed		(77,105	)		(7,889	)
Change in Class A		204,276			884,285
Class I
Issued		2,756,073			2,930,944
Reinvested		528,265			1,002,129
Redeemed		(1,403,851	)		(4,337,258	)
Change in Class I		1,880,487			(404,185	)
Change in shares resulting from capital transactions		2,084,763			480,100

* January 29, 2009 (commencement of operations) through September 30, 2009 for Class A and year ended September 30, 2009 for Class I.

7. Federal Income Taxes:

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of the Fund. As of March 31, 2010 the tax cost of securities and the breakdown of unrealized appreciation (depreciation) was as follows:

Tax Cost  of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
$	679,595,294	$	30,306,110	$	(3,753,804	)	$	26,552,306

The tax character of distributions were as follows:

	Distributions Paid From
	Ordinary Income		Total Distributions Paid
For the year ended September 30, 2009	$	28,373,918	$	28,373,918

48

NOTES TO FINANCIAL STATEMENTS

The tax basis of components of accumulated earnings/(losses) and the tax character of distributions paid are determined at fiscal year end, and will be included in the Annual Report dated September 30, 2010.

As of September 30, 2009, the Fund had capital loss carryforwards for federal income tax purposes as follows:

Capital Loss Carryforward		Expires
$	1,911,397	2011
	3,756,334	2012
	659,184	2013
	27,743	2014
	2,484,167	2015
	8,197,543	2016

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. Subsequent Events.

Management has evaluated the impact of all subsequent events on the Fund and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

49

SHARE CLASS INFORMATION (UNAUDITED)

The Access Capital Community Investment Fund offers Class A and Class I shares.

Class A

Class A shares are available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class A shares of the Fund are currently subject to a maximum up-front sales charge of 3.75% and a 1.00% CDSC for redemption within 12 months of a $1 million or greater purchase. Class A shares currently include a 0.25% annual 12b-1 service and distribution fee.

Class I

Class I shares are intended for investors meeting certain minimum investment thresholds. This share class does not have an up-front sales charge (load) or a 12b-1 service and distribution fee.

50

SUPPLEMENTAL INFORMATION (UNAUDITED)

Shareholder Expense Examples

As a shareholder of the Access Capital Community Investment Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2009 through March 31, 2010.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Class A	$	1,000.00	$	1,020.10	$	5.14	1.02	%
Class I	$	1,000.00	$	1,021.30	$	3.88	0.77	%

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Expenses Paid During Period* 10/1/09-3/31/10		Annualized Expense Ratio During Period 10/1/09-3/31/10
Class A	$	1,000.00	$	1,019.85	$	5.14	1.02	%
Class I	$	1,000.00	$	1,021.09	$	3.88	0.77	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/365 (to reflect one half-year period).

51

Access Capital

P.O. Box 701

Milwaukee, WI 53201-0701

800-973-0073

www.rbcgam.us

Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

This report and the financial statements contained herein are provided for the information of RBC Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the Fund. Please read the prospectus carefully before investing.

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of the Fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended March 31, 2010.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

RBC Global Asset Management U.S., Inc. serves as investment adviser to the Access Capital Community Investment Fund. The Fund is distributed by Quasar Distributors LLC.

The RBC Funds are pleased to offer shareholder reports printed entirely on Forest Stewardship Council certified paper. FSC certification ensures that the paper used in this report contains fiber from well-managed and responsibly harvested forests that meet strict environmental and socioeconomic standards.

RBCF-AC SAR03-10

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) RBC Funds Trust
By (Signature and Title)*	/s/ Erik R. Preus
	Erik R. Preus, President and Chief Executive Officer
	(principal executive officer)

Date 5/26/10

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Erik R. Preus
	Erik R. Preus, President and Chief Executive Officer
	(principal executive officer)

Date 5/26/10

By (Signature and Title)*	/s/ Kathleen A. Hegna
	Kathleen A. Hegna, Chief Financial Officer
	(principal financial officer)

Date 5/26/10

^* Print the name and title of each signing officer under his or her signature.