N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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) 376-7000

Date of fiscal year end: September 30

Date of reporting period: December 31, 2009

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund

December 31, 2009 (Unaudited)

Shares			Value
	Common Stocks — 98.82%
	Consumer Discretionary — 13.44%
	11,900	Capella Education Co.*	$	896,070
	33,700	Fossil, Inc.*		1,130,972
	23,000	Guess?, Inc.		972,900
	64,160	LKQ Corp.*		1,256,894
	14,000	Panera Bread Co., Class A*		937,580
	26,000	Ross Stores, Inc.		1,110,460
	22,150	Tractor Supply Co.*		1,173,064
	23,000	WMS Industries, Inc.*		920,000
				8,397,940
	Consumer Staples — 3.72%
	11,600	Church & Dwight Co., Inc.		701,220
	12,000	Ralcorp Holdings, Inc.*		716,520
	34,000	United Natural Foods, Inc.*		909,160
				2,326,900
	Energy — 5.25%
	17,300	Dril-Quip, Inc.*		977,104
	14,290	Oceaneering International, Inc.*		836,251
	20,000	Oil States International, Inc.*		785,800
	16,000	Unit Corp.*		680,000
				3,279,155
	Financials — 8.13%
	19,000	Eaton Vance Corp.		577,790
	21,000	Federated Investors, Inc., Class B		577,500
	38,000	HCC Insurance Holdings, Inc.		1,062,860
	19,000	Investment Technology Group, Inc.*		374,300
	33,000	Knight Capital Group, Inc., Class A*		508,200
	39,000	Raymond James Financial, Inc.		927,030
	45,000	Tower Group, Inc.		1,053,450
				5,081,130
	Health Care — 23.63%
	63,000	Bruker Corp.*		759,780
	38,600	Catalyst Health Solutions, Inc.*		1,407,742
	12,000	Cerner Corp.*		989,280
	14,000	Charles River Laboratories International, Inc.*		471,660
	13,000	Edwards Lifesciences Corp.*		1,129,050
	15,000	Gen-Probe, Inc.*		643,500
	21,300	Henry Schein, Inc.*		1,120,380
	17,000	IDEXX Laboratories, Inc.*		908,480
	18,000	Integra LifeSciences Holdings Corp.*		662,040
	9,000	Laboratory Corp of America Holdings*		673,560
	21,000	Meridian Bioscience, Inc.		452,550
	8,000	Mettler-Toledo International, Inc.*		839,920

1

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
19,400	MWI Veterinary Supply, Inc.*	$	731,380
17,000	NuVasive, Inc.*		543,660
22,000	Parexel International Corp.*		310,200
13,000	Perrigo Co.		517,920
25,000	Pharmaceutical Product Development, Inc.		586,000
12,000	Varian Medical Systems, Inc.*		562,200
14,000	Waters Corp.*		867,440
15,000	West Pharmaceutical Services, Inc.		588,000
			14,764,742
Industrials — 15.69%
12,000	Alliant Techsystems, Inc.*		1,059,240
26,000	AMETEK, Inc.		994,240
19,020	Donaldson Co., Inc.		809,111
11,880	Expeditors International of Washington, Inc.		412,592
8,000	Flowserve Corp.		756,240
13,540	Huron Consulting Group, Inc.*		311,962
14,000	Jacobs Engineering Group, Inc.*		526,540
15,000	Landstar System, Inc.		581,550
21,000	MSC Industrial Direct Co., Class A		987,000
17,690	Roper Industries, Inc.		926,425
15,000	Teledyne Technologies, Inc.*		575,400
13,000	Towers Watson & Co., Class A		617,760
18,000	Waste Connections, Inc.*		599,760
25,000	Woodward Governor Co.		644,250
			9,802,070
Information Technology — 24.66%
43,000	Akamai Technologies, Inc.*		1,089,190
37,600	Altera Corp.		850,888
18,220	ANSYS, Inc.*		791,841
31,910	Autodesk, Inc.*		810,833
17,000	Comtech Telecommunications Corp.*		595,850
54,600	Cybersource Corp.*		1,098,006
17,040	Dolby Laboratories, Inc., Class A*		813,320
28,000	F5 Networks, Inc.*		1,483,440
21,000	Global Payments, Inc.		1,131,060
35,100	Logitech International SA*		600,210
12,000	Mantech International Corp., Class A*		579,360
17,350	Microchip Technology, Inc.		504,191
30,000	MICROS Systems, Inc.*		930,900
21,000	National Instruments Corp.		618,450
21,000	Open Text Corp.*		853,650
54,000	Riverbed Technology, Inc.*		1,240,380
25,000	Synaptics, Inc.*		766,250
29,000	Synopsys, Inc.*		646,120
			15,403,939

2

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Growth Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
Materials — 4.30%
15,800	Airgas, Inc.	$	752,080
16,000	AptarGroup, Inc.		571,840
14,000	Reliance Steel & Aluminum Co.		605,080
15,000	Sigma-Aldrich Corp.		757,950
			2,686,950
Total Common Stocks			61,742,826
(Cost $57,595,112)
Investment Companies — 1.20%
748,698	Wells Fargo Prime Investment Money Market Fund		748,698
Total Investment Companies			748,698
(Cost $748,698)
Total Investments		$	62,491,524
(Cost $58,343,810)(a) — 100.02%
Liabilities in excess of other assets — (0.02)%			(14,035	)
NET ASSETS — 100.00%		$	62,477,489

* Non-income producing security.

(a) See notes to schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

See notes to schedules of portfolio investments.

3

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund

December 31, 2009 (Unaudited)

Shares		Value
Common Stocks — 98.03%
Consumer Discretionary — 14.80%
511,273	Benihana, Inc., Class A*	$	1,937,725
160,250	Cache, Inc.*		732,342
895,751	Casual Male Retail Group, Inc.*		2,087,100
90,000	CKE Restaurants, Inc.		761,400
93,630	Mac-Gray Corp.*		964,389
236,291	Movado Group, Inc.		2,296,748
100,000	RG Barry Corp.		860,000
297,512	Steinway Musical Instruments*		4,733,416
27,150	Tefron Ltd.*		89,595
270,100	Universal Electronics, Inc.*		6,271,722
			20,734,437
Energy — 2.83%
37,300	Goodrich Petroleum Corp.*		908,255
28,000	Gulf Island Fabrication, Inc.		588,840
41,154	OYO Geospace Corp.*		1,765,095
54,300	Tesco Corp.*		701,013
			3,963,203
Financials — 9.13%
301,300	Asta Funding, Inc.		2,136,217
51,900	Boston Private Financial Holdings, Inc.		299,463
91,059	CoBiz Financial, Inc.		432,530
175,000	Compass Diversified Holdings		2,233,000
55,000	Cypress Sharpridge Investments, Inc. REIT		743,050
68,800	Firstcity Financial Corp.*		514,624
50,000	LaSalle Hotel Properties REIT		1,061,500
74,626	Mercantile Bank Corp.		223,878
95,389	MetroCorp Bancshares, Inc.		333,862
110,700	National Interstate Corp.		1,877,472
60,374	Northrim BanCorp, Inc.		1,019,113
108,900	SWS Group, Inc.		1,317,690
50,000	Washington Banking Co.		597,000
			12,789,399
Health Care — 8.86%
79,132	Exactech, Inc.		1,369,775
15,832	HMS Holdings Corp.*		770,860
134,800	Kensey Nash Corp.*		3,437,400
38,900	Landauer, Inc.		2,388,460
39,000	LHC Group, Inc.*		1,310,790
145,100	Meridian Bioscience, Inc.		3,126,905
			12,404,190
Industrials — 22.50%
367,856	Allied Defense Group, Inc. (The)*		1,747,316

4

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
138,700	AZZ, Inc.*	$	4,535,490
613,000	C&D Technologies, Inc.*		950,150
290,225	Columbus McKinnon Corp.*		3,964,473
175,000	Eagle Bulk Shipping, Inc.*		866,250
79,200	Ennis, Inc.		1,329,768
6,900	Hurco Cos, Inc.*		102,120
462,894	LaBarge, Inc.*		5,577,873
217,300	NN, Inc.*		860,508
199,952	North American Galvanizing & Coating, Inc.*		969,767
400,000	OceanFreight, Inc.*		370,000
31,200	Old Dominion Freight Line, Inc.*		957,840
133,000	Orion Marine Group, Inc.*		2,800,980
300,000	PGT, Inc.*		630,000
52,973	Powell Industries, Inc.*		1,670,239
154,578	Standard Parking Corp.*		2,454,699
31,000	Sun Hydraulics Corp.		813,750
125,000	TBS International Ltd., Class A*		918,750
			31,519,973
Information Technology — 29.18%
217,182	Aspen Technology, Inc.*		2,128,384
100,000	Computer Task Group, Inc.*		801,000
117,177	Comtech Telecommunications Corp.*		4,107,054
549,402	DivX, Inc.*		3,098,627
253,200	EMS Technologies, Inc.*		3,671,400
80,000	Interactive Intelligence, Inc.*		1,475,200
524,238	Lionbridge Technologies, Inc.*		1,205,747
549,500	NIC, Inc.		5,022,430
71,490	NU Horizons Electronics Corp.*		294,539
159,987	SkillSoft PLC - ADR*		1,676,664
560,211	Sonic Solutions, Inc.*		6,627,296
598,991	Spectrum Control, Inc.*		5,672,445
70,000	StarTek, Inc.*		523,600
129,300	Tyler Technologies, Inc.*		2,574,363
150,000	Xyratex Ltd.*		1,996,500
			40,875,249
Materials — 7.96%
467,116	Intertape Polymer Group, Inc.*		1,327,730
97,000	Koppers Holdings, Inc.		2,952,680
209,800	Landec Corp.*		1,309,152
257,500	Omnova Solutions, Inc.*		1,578,475
187,088	Universal Stainless & Alloy*		3,528,480
503,300	US Concrete, Inc.*		458,003
			11,154,520
Utilities — 2.77%
107,400	Central Vermont Public Service Corp.		2,233,920

5

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Enterprise Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
71,800	Unitil Corp.	$	1,649,964
			3,883,884
Total Common Stocks			137,324,855
(Cost $139,296,946)
Exchange Traded Fund — 1.35%
85,000	SPDR KBW Regional Banking		1,891,250
Total Exchange Traded Fund			1,891,250
(Cost $2,108,292)
Investment Company — 1.23%
1,724,435	Wells Fargo Prime Investment Money Market Fund		1,724,435
Total Investment Company			1,724,435
(Cost $1,724,435)
Total Investments		$	140,940,540
(Cost $143,129,673)(a) — 100.61%
Liabilities in excess of other assets — (0.61)%			(850,103	)
NET ASSETS — 100.00%		$	140,090,437

* Non-income producing security.

(a) See notes to schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

ADR - American Depository Receipt

REIT - Real Estate Investment Trust

See notes to schedules of portfolio investments.

6

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund

December 31, 2009 (Unaudited)

Shares		Value
Common Stocks — 93.96%
Consumer Discretionary — 12.55%
46,419	Benihana, Inc., Class A*	$	175,928
305,400	Casual Male Retail Group, Inc.*		711,582
25,300	Dress Barn, Inc.*		584,430
5,300	Drew Industries, Inc.*		109,445
5,600	Jo-Ann Stores, Inc.*		202,944
52,400	Movado Group, Inc.		509,328
62,100	Steinway Musical Instruments*		988,011
9,000	Steven Madden Ltd.*		371,160
46,300	True Religion Apparel, Inc.*		856,087
51,202	Universal Electronics, Inc.*		1,188,910
			5,697,825
Consumer Staples — 4.76%
20,400	Alberto-Culver Co.		597,516
35,100	Nash Finch Co.		1,301,859
34,300	Sally Beauty Holdings, Inc.*		262,395
			2,161,770
Energy — 4.92%
3,000	CARBO Ceramics, Inc.		204,510
1,100	Core Laboratories NV		129,932
23,600	Georesources, Inc.*		322,376
2,800	Swift Energy Co.*		67,088
21,100	Tesco Corp.*		272,401
20,700	Willbros Group, Inc.*		349,209
33,200	World Fuel Services Corp.		889,428
			2,234,944
Financials — 10.44%
31,700	Amerisafe, Inc.*		569,649
83,000	Ares Capital Corp.		1,033,350
53,027	Asta Funding, Inc.		375,962
76,900	Compass Diversified Holdings		981,244
27,325	Delphi Financial Group, Inc., Class A		611,260
10,200	LaSalle Hotel Properties REIT		216,546
7,700	ProAssurance Corp.*		413,567
23,500	SeaBright Insurance Holdings, Inc.*		270,015
16,300	SWS Group, Inc.		197,230
4,072	Trico Bancshares		67,799
			4,736,622
Health Care — 12.29%
18,300	Amedisys, Inc.*		888,648
14,900	Emergency Medical Services Corp., Class A*		806,835
29,100	Invacare Corp.		725,754

7

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
11,700	Kinetic Concepts, Inc.*	$	440,505
21,600	Meridian Bioscience, Inc.		465,480
58,475	PSS World Medical, Inc.*		1,319,781
23,700	West Pharmaceutical Services, Inc.		929,040
			5,576,043
Industrials — 21.36%
78,600	ACCO Brands Corp.*		572,208
14,700	Atlas Air Worldwide Holdings, Inc.*		547,575
34,600	AZZ, Inc.*		1,131,420
202,500	C&D Technologies, Inc.*		313,875
15,700	Chart Industries, Inc.*		259,835
59,700	Columbus McKinnon Corp.*		815,502
21,100	Forward Air Corp.		528,555
31,600	Gardner Denver, Inc.		1,344,580
23,600	II-VI, Inc.*		750,480
43,600	Insteel Industries, Inc.		566,800
85,500	Interface, Inc., Class A		710,505
13,900	LB Foster Co., Class A*		414,359
12,000	Old Dominion Freight Line, Inc.*		368,400
13,078	Powell Industries, Inc.*		412,349
9,200	Sun Hydraulics Corp.		241,500
17,600	Wabtec Corp.		718,784
			9,696,727
Information Technology — 18.91%
38,600	ADC Telecommunications, Inc.*		239,706
58,500	Aspen Technology, Inc.*		573,300
24,500	Comtech Telecommunications Corp.*		858,725
129,724	DivX, Inc.*		731,643
36,300	EMS Technologies, Inc.*		526,350
71,100	NIC, Inc.		649,854
54,000	Skyworks Solutions, Inc.*		766,260
128,742	Sonic Solutions, Inc.*		1,523,018
101,200	Spectrum Control, Inc.*		958,364
21,100	STEC, Inc.*		344,774
26,700	Tyler Technologies, Inc.*		531,597
65,900	Xyratex Ltd.*		877,129
			8,580,720
Materials — 5.07%
2,625	Arch Chemicals, Inc.		81,060
59,900	Intertape Polymer Group, Inc.*		170,260
25,500	Koppers Holdings, Inc.		776,220

8

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Small Cap Core Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
20,500	Rockwood Holdings, Inc.*	$	482,980
41,900	Universal Stainless & Alloy*		790,234
			2,300,754
Telecommunication Services — 1.45%
79,500	Premiere Global Services, Inc.*		655,875
Utilities — 2.21%
11,900	Energen Corp.		556,920
13,900	Unisource Energy Corp.		447,441
			1,004,361
Total Common Stocks			42,645,641
(Cost $34,525,535)
Investment Company — 8.63%
3,917,625	Wells Fargo Prime Investment Money Market Fund		3,917,625
Total Investment Company			3,917,625
(Cost $3,917,625)
Total Investments		$	46,563,266
(Cost $38,443,160)(a) — 102.59%
Liabilities in excess of other assets — (2.59)%			(1,177,241	)
NET ASSETS — 100.00%		$	45,386,025

* Non-income producing security.

(a) See notes to schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to schedules of portfolio investments.

9

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund

December 31, 2009 (Unaudited)

Shares		Value
Common Stocks — 97.90%
Consumer Discretionary — 20.46%
96,000	Adams Golf, Inc.*	$	286,080
2,800	Allen Organ Co.(a)(b)		0
29,800	Ambassadors International, Inc.*		17,603
27,500	America’s Car-Mart, Inc.*		724,075
53,000	Arctic Cat, Inc.*		485,480
50,000	Asbury Automotive Group, Inc.*		576,500
86,000	Audiovox Corp., Class A*		609,740
90,000	Bakers Footwear Group, Inc.*		66,591
69,000	Benihana, Inc., Class A*		261,510
69,000	Bluegreen Corp.*		166,980
35,000	Bon-Ton Stores, Inc. (The)		343,350
46,000	Books-A-Million, Inc.		309,120
15,127	Bowl America, Inc., Class A		197,407
43,000	Brookfield Homes Corp.*		344,000
72,000	Build-A-Bear Workshop, Inc.*		352,080
44,000	Carriage Services, Inc.*		172,920
45,000	Cobra Electronics Corp.*		75,150
21,000	Core-Mark Holding Co., Inc.*		692,160
99,000	Craftmade International, Inc.*		183,150
32,000	CSS Industries, Inc.		622,080
42,000	Delta Apparel, Inc.*		447,720
56,000	Dixie Group, Inc.*		151,760
36,000	Dorman Products, Inc.*		563,760
17,500	Duckwall-ALCO Stores, Inc.*		269,150
84,000	Emmis Communications Corp., Class A*		96,600
31,000	Entercom Communications Corp., Class A*		219,170
62,000	Finish Line, Inc. (The), Class A		778,100
56,000	Flexsteel Industries		572,880
57,000	Fred’s, Inc., Class A		581,400
36,000	Gaiam, Inc., Class A*		276,840
85,000	Golfsmith International Holdings, Inc.*		191,250
22,000	Group 1 Automotive, Inc.*		623,700
26,000	Hampshire Group Ltd.*		103,740
89,000	Hastings Entertainment, Inc.*		396,940
27,000	Helen of Troy Ltd.*		660,420
31,000	Hooker Furniture Corp.		383,470
50,000	HOT Topic, Inc.*		318,000
135,000	Interstate Hotels & Resorts, Inc.*		297,000
65,000	Isle of Capri Casinos, Inc.*		486,200
15,000	J Alexander’s Corp.*		59,850
52,000	Jakks Pacific, Inc.*		630,240
29,000	Johnson Outdoors, Inc., Class A*		283,330
11,000	Jos. A. Bank Clothiers, Inc.*		464,090
82,000	Journal Communications, Inc., Class A		318,980
58,310	Lakeland Industries, Inc.*		466,480

10

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
22,000	Landry’s Restaurants, Inc.*	$	468,380
95,270	Lazare Kaplan International, Inc.*(b)		238,175
70,000	La-Z-Boy, Inc.*		667,100
48,000	Lee Enterprises, Inc.*		166,560
31,000	Lifetime Brands, Inc.*		221,650
25,000	Lithia Motors, Inc., Class A*		205,500
91,000	Luby’s, Inc.*		334,880
36,000	Mac-Gray Corp.*		370,800
28,000	Marcus Corp.		358,960
43,000	MarineMax, Inc.*		395,170
64,000	McCormick & Schmick’s Seafood Restaurants, Inc.*		445,440
7,500	McRae Industries, Inc., Class A		84,300
26,000	Media General, Inc., Class A*		203,840
31,000	Meritage Homes Corp.*		599,230
21,300	Mestek, Inc.*		159,750
39,000	Modine Manufacturing Co.*		461,760
82,000	Morton’s Restaurant Group, Inc.*		238,620
59,400	Movado Group, Inc.		577,368
18,300	Nobel Learning Communities, Inc.*		138,897
10,300	Nobility Homes, Inc.*		107,635
32,000	O’Charleys, Inc.*		209,600
41,000	Orleans Homebuilders, Inc.*		66,830
19,000	Oxford Industries, Inc.		392,920
46,350	Perry Ellis International, Inc.*		698,031
135,000	Point.360*		160,650
90,600	Radio One, Inc., Class D*		262,740
34,000	RC2 Corp.*		501,500
56,000	Red Lion Hotels Corp.*		276,640
37,550	Rex Stores Corp.*		527,953
40,000	Rocky Brands, Inc.*		300,000
85,000	Ruby Tuesday, Inc.*		612,000
20,000	Saga Communications, Inc., Class A*		251,000
45,150	Salem Communications Corp., Class A*		270,449
90,000	Shiloh Industries, Inc.*		477,000
49,000	Stage Stores, Inc.		605,640
75,000	Standard Motor Products, Inc.*		639,000
54,000	Stein Mart, Inc.*		575,640
26,000	Steinway Musical Instruments*		413,660
103,000	Stewart Enterprises, Inc., Class A		530,450
56,000	Stoneridge, Inc.*		504,560
17,000	Strattec Security Corp.*		314,500
30,000	Superior Industries International, Inc.		459,000
43,000	Syms Corp.*		310,890
55,000	Systemax, Inc.*		864,050
150,000	Trans World Entertainment Corp.*		226,500
50,000	Tuesday Morning Corp.*		129,000

11

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
22,000	Walking Co. Holdings, Inc. (The)*	$	3,080
13,400	Weyco Group, Inc.		316,776
			33,471,120
Consumer Staples — 3.67%
19,600	Andersons, Inc. (The)		506,072
80,000	Central Garden and Pet Co.*		856,000
36,000	Chiquita Brands International, Inc.*		649,440
59,000	Elizabeth Arden, Inc.*		851,960
52,000	Ingles Markets, Inc., Class A		786,760
143,000	ML Macadamia Orchards LP*		323,180
10,000	Nash Finch Co.		370,900
69,000	Omega Protein Corp.*		300,840
54,000	Prestige Brands Holdings, Inc.*		424,440
22,000	Spartan Stores, Inc.		314,380
91,000	Tasty Baking Co.		612,430
			5,996,402
Energy — 3.92%
119,000	Aventine Renewable Energy Holdings, Inc.*		44,030
44,000	Bronco Drilling Co., Inc.*		223,080
36,000	Calumet Specialty Products Partners LP		659,880
31,000	Constellation Energy Partners LLC		118,730
16,650	Enbridge Energy Management LLC*		884,448
19,000	EV Energy Partner LP		574,370
98,000	Harvest Natural Resources, Inc.*		518,420
47,000	Knightsbridge Tankers Ltd.		623,220
15,000	Lufkin Industries, Inc.		1,098,000
106,000	Newpark Resources, Inc.*		448,380
14,600	PHI, Inc.*		301,490
20,000	PHI, Inc., Non voting*		414,000
110,300	Trico Marine Services, Inc.*		500,762
78,570	VeraSun Energy Corp.*		165
			6,408,975
Financials — 19.66%
70,000	21st Century Holding Co.		282,100
40,000	Affirmative Insurance Holdings, Inc.*		163,200
100,000	American Equity Investment Life Holding Co.		744,000
75,000	American Independence Corp.*		341,250
19,000	American Safety Insurance Holdings Ltd.*		274,550
68,339	Ameris Bancorp		489,304
92,000	Asta Funding, Inc.		652,280
21,000	Baldwin & Lyons, Inc., Class B		516,810
14,500	Bancinsurance Corp.		86,130
70,600	Bancorp, Inc.*		484,316
65,600	Banner Corp.		175,808

12

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
100,000	Beverly Hills Bancorp, Inc.*	$	1,300
50,000	California First National Bancorp		653,000
21,000	Camco Financial Corp.		39,900
5,200	Capital Southwest Corp.		409,760
38,000	Capitol Bancorp Ltd.		74,480
44,000	Central Pacific Financial Corp.*		57,640
25,000	Citizens South Banking Corp.		114,750
48,150	Citizens, Inc.*		314,420
133,000	Consumer Portfolio Services*		151,620
51,037	Crawford & Co., Class B*		201,086
46,777	Donegal Group, Inc., Class A		726,915
12,444	Donegal Group, Inc., Class B		209,059
75,040	Dynex Capital, Inc. REIT		655,099
31,000	EMC Insurance Group, Inc.		666,810
34,300	First Defiance Financial Corp.		387,247
11,000	First Financial Corp.		335,720
45,400	First Financial Holdings, Inc.		589,746
58,000	First Industrial Realty Trust, Inc. REIT*		303,340
54,000	First Merchants Corp.		320,760
47,200	First Pactrust Bancorp, Inc.		247,800
38,000	First Place Financial Corp.		105,260
42,000	First State Bancorp*		16,716
25,000	Firstcity Financial Corp.*		187,000
66,000	Flagstar Bancorp, Inc.*		39,600
60,660	FNB Corp.		411,881
45,000	FNB United Corp.		56,250
18,000	FPIC Insurance Group, Inc.*		695,160
62,000	Franklin Bank Corp.*(b)		310
109,000	Fremont General Corp.*		68,670
2,250	FRMO Corp.*		3,938
45,000	Gladstone Investment Corp.		205,200
50,400	Green Bankshares, Inc.		178,920
108,000	Guaranty Bancorp*		142,560
36,850	Hampton Roads Bankshares, Inc.		63,750
36,180	Harleysville National Corp.		232,999
63,528	Hercules Technology Growth Capital, Inc.		660,056
38,000	HF Financial Corp.		357,200
36,000	Independence Holding Co.		208,800
13,000	Indiana Community Bancorp		100,100
13,000	Infinity Property & Casualty Corp.		528,320
31,000	Intervest Bancshares Corp., Class A*		101,680
8,300	Investors Title Co.		258,130
24,000	Jefferson Bancshares, Inc.		107,760
17,000	Kansas City Life Insurance Co.		505,750
56,930	LaBranche & Co., Inc.*		161,681
11,000	LSB Corp.		107,250
53,000	Marlin Business Services Corp.*		420,290
21,353	Mass Financial Corp., Class A*		198,583

13

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
108,000	MCG Capital Corp.*	$	466,560
118,750	Meadowbrook Insurance Group, Inc.		878,750
62,000	Medallion Financial Corp.		506,540
43,000	Mercer Insurance Group, Inc.		781,310
136,000	MicroFinancial, Inc.		420,240
52,100	MutualFirst Financial, Inc.		301,138
5,300	National Security Group, Inc.		58,830
5,300	National Western Life Insurance Co., Class A		920,186
17,400	Navigators Group, Inc.*		819,714
43,000	NGP Capital Resources Co.		349,590
44,000	Nicholas Financial, Inc.*		303,160
16,000	NYMAGIC, Inc.		265,440
67,400	Old Second Bancorp, Inc.		464,386
18,000	Pacific Mercantile Bancorp*		54,720
19,000	Parkway Properties, Inc. REIT		395,580
29,000	Peoples Bancorp, Inc.		280,720
65,000	PMA Capital Corp., Class A*		409,500
37,900	PMC Commercial Trust REIT		284,250
40,000	Presidential Life Corp.		366,000
58,706	Prospect Capital Corp.		693,316
19,000	Provident Financial Holdings, Inc.		52,440
89,000	Reis, Inc.*		547,350
49,000	Resource America, Inc., Class A		197,960
17,000	Safety Insurance Group, Inc.		615,910
50,000	Sanders Morris Harris Group, Inc.		275,000
42,000	SeaBright Insurance Holdings, Inc.*		482,580
21,000	Simmons First National Corp., Class A		583,800
32,000	Southern Community Financial Corp.		73,920
52,300	Southwest Bancorp, Inc.		362,962
5,999	Stifel Financial Corp.*		355,381
75,600	Sun Bancorp, Inc.*		283,500
46,500	SWS Group, Inc.		562,650
54,000	TierOne Corp.*		37,800
27,440	Tower Group, Inc.		642,370
68,000	Unico American Corp.		701,760
99,716	United Community Financial Corp.*		144,588
19,000	United Western Bancorp, Inc.		52,440
29,000	Winthrop Realty Trust REIT		314,940
4,600	Ziegler Cos., Inc. (The)*		62,100
			32,163,395
Health Care — 6.42%
19,000	Air Methods Corp.*		638,780
54,000	Albany Molecular Research, Inc.*		490,320
128,000	Allied Healthcare International, Inc.*		372,480
61,000	Allion Healthcare, Inc.*		400,160
11,000	American Shared Hospital Services*		32,450

14

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
46,000	Angiodynamics, Inc.*	$	739,680
77,000	BioScrip, Inc.*		643,720
47,000	Cantel Medical Corp.*		948,460
67,000	Cardiac Science Corp.*		149,410
26,000	Conmed Corp.*		592,800
46,000	Cross Country Healthcare, Inc.*		455,860
27,970	Hanger Orthopedic Group, Inc.*		386,825
82,000	HealthTronics, Inc.*		216,480
20,313	IntegraMed America, Inc.*		158,645
28,000	Invacare Corp.		698,320
7,100	Kewaunee Scientific Corp.		102,382
30,000	Lannett Co., Inc.*		177,300
31,000	Medcath Corp.*		245,210
19,000	Mediware Information Systems*		131,290
51,000	MedQuist, Inc.		341,190
56,800	National Dentex Corp.*		573,680
41,000	PharMerica Corp.*		651,080
22,000	RehabCare Group, Inc.*		669,460
62,000	Res-Care, Inc.*		694,400
			10,510,382
Industrials — 22.06%
50,839	Aceto Corp.		261,821
24,000	Alamo Group, Inc.		411,600
125,000	Allied Motion Technologies, Inc.*		313,750
34,000	Altra Holdings, Inc.*		419,900
13,000	Amrep Corp.*		178,100
32,000	ATC Technology Corp.*		763,200
34,000	Beacon Roofing Supply, Inc.*		544,000
27,800	Cascade Corp.		764,222
74,000	Celadon Group, Inc.*		802,900
97,525	Cenveo, Inc.*		853,344
2,800	Chicago Rivet & Machine Co.		39,900
23,400	CIRCOR International, Inc.		589,212
40,000	Compx International, Inc.		302,800
35,000	Consolidated Graphics, Inc.*		1,225,700
37,000	Cornell Cos., Inc.*		839,900
29,000	Ducommun, Inc.		542,590
63,000	Eagle Bulk Shipping, Inc.*		311,850
14,700	Eastern Co. (The)		197,421
11,880	Ecology and Environment, Inc., Class A		178,200
35,000	Encore Wire Corp.		737,450
49,000	Ennis, Inc.		822,710
20,000	EnPro Industries, Inc.*		528,200
39,000	Espey Manufacturing & Electronics Corp.		745,680
62,000	Excel Maritime Carriers Ltd.*		381,920
79,000	Frozen Food Express Industries		260,700

15

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
21,000	G&K Services, Inc., Class A	$	527,730
55,000	Gibraltar Industries, Inc.*		865,150
47,000	Griffon Corp.*		574,340
25,750	Hardinge, Inc.		141,625
43,000	Herley Industries, Inc.*		597,270
30,000	ICT Group, Inc.*		489,900
31,000	Insituform Technologies, Inc., Class A*		704,320
30,350	International Shipholding Corp.		942,974
19,000	Jinpan International Ltd.		905,730
12,000	Key Technology, Inc.*		139,920
63,000	Kforce, Inc.*		787,500
69,000	KHD Humboldt Wedag International Ltd.*		939,090
55,000	Kimball International, Inc., Class B		468,600
37,000	Ladish Co., Inc.*		557,960
64,000	LECG Corp.*		191,360
38,000	LS Starrett Co., Class A		334,780
51,750	LSI Industries, Inc.		407,790
66,000	Lydall, Inc.*		343,860
58,000	Mair Holdings Escrow Shares(a)(b)		0
26,875	Marten Transport Ltd.*		482,406
72,000	Mesa Air Group, Inc.*		8,662
36,117	Met-Pro Corp.		383,562
59,000	Miller Industries, Inc.*		669,650
63,000	NN, Inc.*		249,480
18,800	Northwest Pipe Co.*		504,968
106,000	On Assignment, Inc.*		757,900
78,600	PAM Transportation Services, Inc.*		811,938
62,000	Paragon Shipping, Inc., Class A		282,100
43,160	Patrick Industries, Inc.*		104,879
99,000	RCM Technologies, Inc.*		245,520
36,100	Robbins & Myers, Inc.		849,072
55,500	Rush Enterprises, Inc., Class A*		659,895
21,000	School Specialty, Inc.*		491,190
13,800	SL Industries, Inc.*		115,644
78,000	Spherion Corp.*		438,360
32,000	Standex International Corp.		642,880
41,000	Superior Uniform Group, Inc.		399,750
68,115	Supreme Industries, Inc., Class A*		134,868
34,000	Tredegar Corp.		537,880
11,000	Trex Co., Inc.*		215,600
21,000	United Capital Corp.*		500,220
17,000	Universal Forest Products, Inc.		625,770
28,000	USA Truck, Inc.*		350,560
38,000	Vitran Corp., Inc.*		413,060
58,200	Volt Information Sciences, Inc.*		582,000
102,000	WCA Waste Corp.*		439,620

16

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
125,000	Willdan Group, Inc.*	$	297,500
64,000	Willis Lease Finance Corp.*		960,000
			36,091,903
Information Technology — 12.55%
115,000	Acorn Energy, Inc.*		848,700
55,000	Actel Corp.*		653,400
41,000	Agilysys, Inc.		373,100
53,000	Anaren, Inc.*		797,650
83,300	Bell Microproducts, Inc.*		295,715
14,000	Black Box Corp.		396,760
77,000	Ciber, Inc.*		265,650
115,000	Comarco, Inc.*		310,500
23,000	Communications Systems, Inc.		286,120
25,582	DG FastChannel, Inc.*		714,505
75,000	Digi International, Inc.*		684,000
74,598	Dynamics Research Corp.*		791,485
85,000	Edgewater Technology, Inc.*		255,000
131,000	EF Johnson Technologies, Inc.*		145,410
46,000	Electro Rent Corp.		530,840
39,000	Electro Scientific Industries, Inc.*		421,980
39,400	ePlus, Inc.*		650,494
64,000	GSI Group, Inc.*		55,360
24,000	GTSI Corp.*		119,280
97,000	InfoGROUP, Inc.*		777,940
32,000	Infospace, Inc.*		274,240
57,000	Insight Enterprises, Inc.*		650,940
24,000	Integral Systems, Inc.*		207,840
110,375	Integrated Silicon Solution, Inc.*		623,619
48,000	Keynote Systems, Inc.		523,680
21,000	Magal Security Systems Ltd.*		77,280
35,000	Measurement Specialties, Inc.*		351,750
94,000	Methode Electronics, Inc.		815,920
50,000	Newport Corp.*		459,500
60,000	NU Horizons Electronics Corp.*		247,200
56	Open Text Corp.*		2,276
45,000	Oplink Communications, Inc.*		737,550
40,000	Opnet Technologies, Inc.		487,600
123,000	Optical Cable Corp.*		405,900
82,000	PC Connection, Inc.*		553,500
90,000	Perceptron, Inc.*		288,900
140,000	Performance Technologies, Inc.*		390,600
37,930	Photronics, Inc.*		168,788
28,000	Retalix Ltd.*		360,920
47,000	Richardson Electronics Ltd.		275,890
29,000	Rudolph Technologies, Inc.*		194,880
70,000	Sigmatron International, Inc.*		350,000
24,000	SYNNEX Corp.*		735,840

17

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
70,560	TechTeam Global, Inc.*	$	536,962
21,000	Tessco Technologies, Inc.		338,940
30,000	Ulticom, Inc.		283,800
90,000	WebMediaBrands, Inc.*		81,000
97,000	White Electronic Designs Corp.*		452,990
100,000	WPCS International, Inc.*		283,000
			20,535,194
Materials — 4.99%
70,200	American Pacific Corp.*		544,050
37,000	Blue Earth Refineries, Inc.*		51,800
83,000	Buckeye Technologies, Inc.*		810,080
18,000	Friedman Industries		104,940
29,000	Hawkins, Inc.		633,070
50,000	Headwaters, Inc.*		326,000
63,000	Innospec, Inc.		635,670
110,400	North American Palladium Ltd.*		386,400
23,000	Olympic Steel, Inc.		749,340
38,000	Penford Corp.		330,220
65,000	PolyOne Corp.*		485,550
29,000	Schulman (A), Inc.		585,220
13,000	Schweitzer-Mauduit International, Inc.		914,550
45,000	Spartech Corp.		461,700
10,000	Stepan Co.		648,100
16,000	Universal Stainless & Alloy*		301,760
88,610	US Concrete, Inc.*		80,635
3,200	Vulcan International Corp.		113,600
			8,162,685
Telecommunication Services — 0.63%
41,000	SureWest Communications*		408,360
30,000	USA Mobility, Inc.		330,300
26,000	Windstream Corp.		285,740
			1,024,400
Utilities — 3.54%
9,000	American States Water Co.		318,690
4,054	California Water Service Group		149,268
29,000	Central Vermont Public Service Corp.		603,200
13,000	CH Energy Group, Inc.		552,760
21,990	Chesapeake Utilities Corp.		704,780
23,500	Connecticut Water Service, Inc.		582,095
9,000	Delta Natural Gas Co., Inc.		257,490
38,600	Empire District Electric Co. (The)		722,978
4,900	Maine & Maritimes Corp.		170,520
30,400	Middlesex Water Co.		535,952
6,500	RGC Resources, Inc.		192,075

18

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares			Value
	15,800	SJW Corp.	$	356,606
	45,644	Southwest Water Co.		268,843
	16,476	Unitil Corp.		378,618
				5,793,875
	Total Common Stocks			160,158,331
	(Cost $207,688,091)
	Preferred Stock — 0.47%
	2,867	Inverness Medical Innovations, Inc.*	$	762,163
	Total Preferred Stock			762,163
	(Cost $479,471)
	Exchange Traded Funds — 0.19%
	4,700	iShares Russell Microcap Index Fund	$	183,441
	13,400	PowerShares Zacks Micro Cap Portfolio		131,320
	Total Exchange Traded Funds			314,761
	(Cost $283,465)
	Warrants/Rights — 0.00%
	99,000	Flagstar Bancorp Rights, Expire 1/25/10	$	0
	Total Warrants/Rights			0
	(Cost $0)
Principal Amount
	Corporate Bonds — 0.00%
$	1,947	Trenwick America Corp.*(a)(b)		0
	1,579	Trenwick America Corp.*(a)(b)		0
	Total Corporate Bonds			0
	(Cost $0)
Shares
	Investment Company — 1.20%
	1,958,354	Wells Fargo Prime Investment Money Market Fund	$	1,958,354
	Total Investment Company			1,958,354
	(Cost $1,958,354)

19

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

December 31, 2009 (Unaudited)

	Value
Total Investments	$	163,193,609
(Cost $210,409,381)(c) — 99.76%
Other assets in excess of liabilities — 0.24%		400,652
NET ASSETS — 100.00%	$	163,594,261

* 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 schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to schedules of portfolio investments.

20

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund

December 31, 2009 (Unaudited)

Shares		Value
Common Stocks — 97.92%
Consumer Discretionary — 9.48%
900	American Eagle Outfitters, Inc.	$	15,282
500	Dress Barn, Inc.*		11,550
1,000	Foot Locker, Inc.		11,140
560	Kohl’s Corp.*		30,201
1,930	Service Corp. International		15,806
1,610	True Religion Apparel, Inc.*		29,769
370	VF Corp.		27,099
			140,847
Consumer Staples — 2.59%
840	BJ’s Wholesale Club, Inc.*		27,476
1,440	Sally Beauty Holdings, Inc.*		11,016
			38,492
Energy — 5.54%
180	Cameron International Corp.*		7,524
1,050	Dresser-Rand Group, Inc.*		33,190
1,610	Forest Oil Corp.*		35,823
120	Pioneer Natural Resources Co.		5,780
			82,317
Financials — 20.15%
860	Ameriprise Financial, Inc.		33,385
120	Annaly Capital Management, Inc., REIT		2,082
1,860	Apollo Investment Corp.		17,726
3,040	Ares Capital Corp.		37,848
2,120	First Horizon National Corp.*		28,408
1,320	HCC Insurance Holdings, Inc.		36,920
4,140	KKR Financial Holdings LLC		24,012
3,450	MFA Financial Inc., REIT		25,358
530	New York Community Bancorp, Inc.		7,690
470	ProAssurance Corp.*		25,244
940	Reinsurance Group of America, Inc.		44,791
330	WR Berkley Corp.		8,131
600	Zions Bancorporation		7,698
			299,293
Health Care — 11.97%
590	Amedisys, Inc.*		28,650
1,720	AmerisourceBergen Corp.		44,840
580	Catalyst Health Solutions, Inc.*		21,153
370	DaVita, Inc.*		21,734
470	Forest Laboratories, Inc.*		15,092
790	Mylan, Inc.*		14,560
1,310	Omnicare, Inc.		31,689
			177,718

21

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
Industrials — 14.58%
470	Actuant Corp., Class A	$	8,709
320	Alliant Techsystems, Inc.*		28,246
120	Con-Way, Inc.		4,189
640	Fluor Corp.		28,826
530	FTI Consulting, Inc.*		24,995
570	Gardner Denver, Inc.		24,254
240	Harsco Corp.		7,735
380	JB Hunt Transport Services, Inc.		12,263
200	Kaydon Corp.		7,152
300	Navistar International Corp.*		11,595
1,100	Republic Services, Inc.		31,141
140	SPX Corp.		7,658
290	Teledyne Technologies, Inc.*		11,124
90	WW Grainger, Inc.		8,715
			216,602
Information Technology — 14.60%
240	Agilent Technologies, Inc.*		7,457
910	CACI International, Inc., Class A*		44,454
1,000	CommScope, Inc.*		26,530
1,580	Comtech Telecommunications Corp.*		55,379
1,480	Fairchild Semiconductor International, Inc.*		14,785
1,000	Harris Corp.		47,550
1,460	Skyworks Solutions, Inc.*		20,717
			216,872
Insurance — 0.97%
200	Arch Capital Group Ltd.		14,310
Materials — 13.97%
310	Air Products & Chemicals, Inc.		25,129
530	Celanese Corp., Class A		17,013
1,810	Crown Holdings, Inc.*		46,300
530	Cytec Industries, Inc.		19,303
640	FMC Corp.		35,686
650	Owens-Illinois, Inc.*		21,365
1,770	Pactiv Corp.*		42,728
			207,524
Telecommunication Services — 0.53%
710	Windstream Corp.		7,803
Utilities — 3.54%
320	EQT Corp.		14,054
730	NRG Energy, Inc.*		17,235
660	Unisource Energy Corp.		21,246
			52,535

22

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Mid Cap Value Fund (cont.)

December 31, 2009 (Unaudited)

Shares		Value
Total Common Stocks		$	1,454,313
(Cost $1,468,903)
Investment Company — 100.99%
750,000	JPMorgan Prime Money Market Fund		750,000
750,000	Wells Fargo Prime Investment Money Market Fund		750,000
Total Investment Company			1,500,000
(Cost $1,500,000)
Total Investments		$	2,954,313
(Cost $2,968,903)(a) — 198.91%
Liabilities in excess of other assets — (98.91)%			(1,469,047	)
NET ASSETS — 100.00%		$	1,485,266

* Non-income producing security.

(a) See notes to schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

Abbreviations used are defined below:

REIT - Real Estate Investment Trust

See notes to schedules of portfolio investments.

23

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund

December 31, 2009 (Unaudited)

Principal Amount			Value
	Asset Backed Securities — 0.79%
	Asset Backed Auto Receivables — 0.79%
$	37,697	BMW Vehicle Lease Trust, Series 2009-1, Class A1, 0.79%, 6/15/10	$	37,697
	34,000,000	Harley-Davidson Motorcycle Trust, Series 2009-4, Class A1, 0.29%, 12/15/10		34,000,000
	3,107,688	Honda Auto Receivables Owner Trust, Series 2009-2, Class A1, 1.32%, 5/17/10		3,107,688
	35,370,212	Honda Auto Receivables Owner Trust, Series 2009-3, Class A1, 0.75%, 7/15/10		35,370,212
	6,703,892	Nissan Auto Lease Trust, Series 2009-A, Class A1, 1.04%, 6/15/10		6,703,892
	18,162,486	Nissan Auto Lease Trust, Series 2009-B, Class A1, 0.41%, 9/15/10		18,162,486
	1,113,338	Nissan Auto Receivables Owner Trust, Series 2009-A, Class A1, 1.76%, 4/15/10		1,113,338
	683,953	World Omni Auto Receivables Trust, Series 2009-A, Class A1, 1.62%, 4/15/10		683,953
	46,965,982	World Omni Automobile Lease Securitization Trust, Series 2009-A, Class A1, 0.40%, 11/15/10		46,965,982
	Total Asset Backed Securities			146,145,248
	(Cost $146,145,248)
	Commercial Paper — 21.67%
	Banks - Australia & New Zealand — 4.73%
	45,875,000	Australia & New Zealand Banking Group Ltd., 0.20%, 2/8/10(a)(b)		45,866,080
	75,000,000	Australia & New Zealand Banking Group Ltd., 0.21%, 1/15/10(a)(b)		74,995,187
	7,750,000	Australia & New Zealand Banking Group Ltd., 0.22%, 1/12/10(a)(b)		7,749,621
	50,000,000	Australia & New Zealand Banking Group Ltd., 0.24%, 2/9/10(a)(b)		49,988,000
	50,000,000	Australia & New Zealand Banking Group Ltd., 0.30%, 4/7/10(a)(b)		49,961,250
	50,000,000	Australia & New Zealand Banking Group Ltd., 0.62%, 10/19/10(a)(b)		49,752,000
	75,000,000	CBA Delaware Finance, Inc., 0.19%, 2/22/10(b)		74,980,604
	100,000,000	CBA Delaware Finance, Inc., 0.20%, 1/28/10(b)		99,986,667
	50,000,000	CBA Delaware Finance, Inc., 0.20%, 2/18/10(b)		49,987,500
	75,000,000	CBA Delaware Finance, Inc., 0.22%, 2/8/10(b)		74,983,958
	10,000,000	Westpac Banking Corp., 0.15%, 1/15/10(a)(b)		9,999,542
	65,000,000	Westpac Banking Corp., 0.18%, 2/26/10(a)(b)		64,982,775
	50,000,000	Westpac Banking Corp., 0.29%, 4/7/10(a)(b)		49,962,542
	25,000,000	Westpac Banking Corp., 0.33%, 5/24/10(a)(b)		24,967,917
	50,000,000	Westpac Banking Corp., 0.34%, 5/20/10(a)(b)		49,935,778

24

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	50,000,000	Westpac Banking Corp., 0.37%, 2/12/10(a)(b)	$	49,979,958
	50,000,000	Westpac Banking Corp., 0.80%, 7/2/10(a)(b)		49,801,111
				877,880,490
	Banks - Canadian — 0.81%
	50,000,000	Bank of Nova Scotia, 0.17%, 2/19/10(b)		49,989,139
	50,000,000	Bank of Nova Scotia, 0.29%, 4/21/10(b)		49,956,902
	50,000,000	Scotiabanc, Inc., 0.16%, 1/14/10(a)(b)		49,997,778
				149,943,819
	Banks - Domestic — 0.54%
	50,000,000	Rabobank USA Financial Corp., 0.22%, 3/16/10(b)		49,978,306
	50,000,000	Rabobank USA Financial Corp., 0.28%, 5/17/10(b)		49,948,277
				99,926,583
	Banks - Foreign — 1.62%
	3,300,000	Nordea North America, Inc., 0.16%, 1/7/10(b)		3,299,956
	185,000,000	Nordea North America, Inc., 0.16%, 1/8/10(b)		184,996,711
	11,700,000	Nordea North America, Inc., 0.18%, 2/2/10(b)		11,698,304
	100,000,000	Nordea North America, Inc., 0.21%, 1/15/10(b)		99,993,583
				299,988,554
	Banks - United Kingdom — 0.54%
	100,000,000	Abbey National Treasury, 0.16%, 1/15/10(b)		100,000,000
	Chemicals — 0.54%
	100,000,000	BASF AG, 1.26%, 1/8/10(a)(b)		99,986,111
	Consumer Discretionary — 1.00%
	85,000,000	Johnson & Johnson, 0.22%, 7/12/10(a)(b)		84,901,825
	100,000,000	Johnson & Johnson, 0.22%, 7/19/10(a)(b)		99,880,222
				184,782,047
	Consumer Staples — 0.69%
	50,000,000	Campbell Soup Co., 0.70%, 7/27/10(a)(b)		49,801,667
	42,450,000	The Coca Cola Co., 0.75%, 5/28/10(a)(b)		42,322,650
	10,000,000	The Coca-Cola Co., 0.22%, 5/28/10(a)(b)		9,991,200
	27,000,000	Nestle Finance International, 0.12%, 1/22/10(b)		26,998,380
				129,113,897
	Energy — 0.37%
	6,000,000	FPL Fuels, Inc., 0.17%, 2/5/10(b)		5,999,093
	22,268,000	FPL Group Capital, Inc., 0.13%, 1/22/10(a)(b)		22,266,553
	40,000,000	FPL Group Capital, Inc., 0.15%, 1/28/10(a)(b)		39,996,000
				68,261,646
	Finance - Diversified Domestic — 4.33%
	48,800,000	American Honda Finance Corp., 0.14%, 1/7/10(b)		48,799,431
	80,000,000	American Honda Finance Corp., 0.16%, 1/22/10(b)		79,993,600
	100,000,000	Bank of America Corp., 0.20%, 3/23/10(b)		99,956,667

25

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	25,000,000	General Electric Capital Corp., 0.21%, 4/26/10(b)	$	24,983,667
	30,000,000	KFW, 0.15%, 2/19/10(a)(b)		29,994,250
	50,000,000	KFW, 0.19%, 1/27/10(a)(b)		49,994,090
	43,475,000	KFW, 0.20%, 1/13/10(a)(b)		43,472,826
	25,000,000	KFW, 0.20%, 1/14/10(a)(b)		24,998,611
	50,000,000	KFW, 0.20%, 2/5/10(a)(b)		49,991,111
	50,000,000	Reckitt Benckiser, 0.15%, 1/26/10(a)(b)		49,995,417
	100,000,000	Toyota Motor Credit Corp., 0.15%, 1/22/10(b)		99,992,500
	100,000,000	Toyota Motor Credit Corp., 0.17%, 1/6/10(b)		99,999,055
	100,000,000	Toyota Motor Credit Corp., 0.17%, 1/7/10(b)		99,998,583
				802,169,808
	Health Care — 2.03%
	25,000,000	Dean Health Systems, Inc., 0.23%, 1/13/10(b)		24,998,563
	124,100,000	GlaxoSmithKline Financial Plc, 0.12%, 1/27/10(a)(b)		124,090,486
	100,000,000	Pfizer, Inc., 0.55%, 2/8/10(a)(b)		99,946,528
	100,000,000	Pfizer, Inc., 0.80%, 7/7/10(a)(b)		99,591,111
	27,869,000	Society of New York Hospital Fund, 0.50%, 1/15/10(b)		27,864,742
				376,491,430
	Insurance — 1.55%
	12,500,000	Mass Mutual Life, 0.22%, 1/7/10(a)(b)		12,499,771
	12,500,000	Mass Mutual Life, 0.22%, 1/8/10(a)(b)		12,499,694
	26,008,000	Metlife Short Term Funding LLC, 0.11%, 1/22/10(b)		26,006,570
	35,000,000	Metlife Short Term Funding LLC, 0.17%, 1/19/10(a)(b)		34,997,521
	15,000,000	Metlife Short Term Funding LLC, 0.20%, 1/13/10(a)(b)		14,999,250
	50,000,000	Metlife Short Term Funding LLC, 0.30%, 2/1/10(a)(b)		49,988,333
	50,000,000	New York Life Capital Corp., 0.14%, 1/11/10(a)(b)		49,998,639
	33,227,000	New York Life Capital Corp., 0.15%, 1/19/10(a)(b)		33,224,923
	53,000,000	New York Life Capital Corp., 0.16%, 1/11/10(a)(b)		52,998,351
				287,213,052
	Manufacturing — 0.27%
	50,000,000	Honeywell International, 0.70%, 6/30/10(a)(b)		49,827,917
	Utilities — 2.65%
	50,000,000	E. ON AG, 0.26%, 2/11/10(a)(b)		49,986,278
	75,000,000	E. ON AG, 0.26%, 2/12/10(a)(b)		74,978,875
	66,900,000	E. ON AG, 0.31%, 1/13/10(a)(b)		66,894,815
	40,000,000	GDF Suez, 0.18%, 1/5/10(a)(b)		39,999,800
	15,000,000	GDF Suez, 0.19%, 1/7/10(a)(b)		14,999,763
	25,000,000	GDF Suez, 0.19%, 1/11/10(a)(b)		24,999,076
	100,000,000	GDF Suez, 0.19%, 1/12/10(a)(b)		99,995,778
	50,000,000	GDF Suez, 0.19%, 1/28/10(a)(b)		49,993,667
	45,000,000	GDF Suez, 0.19%, 2/4/10(a)(b)		44,992,637

26

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	25,000,000	GDF Suez, 0.20%, 1/22/10(a)(b)	$	24,997,500
				491,838,189
	Total Commercial Paper			4,017,423,543
	(Cost $4,017,423,543)
	Certificates of Deposit — 9.00%
	Banks - Canadian — 3.34%
	70,000,000	Bank of Montreal Chicago, 0.17%, 1/15/10		70,000,000
	100,000,000	Bank of Montreal Chicago, 0.17%, 2/2/10		100,000,000
	100,000,000	Bank of Montreal Chicago, 0.18%, 2/16/10		100,000,000
	30,000,000	Bank of Montreal Chicago, 0.21%, 3/23/10		30,000,000
	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
	170,000,000	Toronto Dominion Bank NY, 0.33%, 4/21/10		170,015,120
				620,015,120
	Banks - Domestic — 3.78%
	50,000,000	Bank of America, 0.16%, 2/8/10		50,022,823
	100,000,000	Barclays NY, 0.21%, 1/14/10		100,000,000
	300,000,000	Citigroup Global, 0.09%, 1/4/10		300,000,000
	150,000,000	US Bank NA, 0.20%, 1/8/10		150,000,000
	100,000,000	US Bank NA, 0.82%, 6/8/10		100,000,000
				700,022,823
	Banks - Foreign — 0.81%
	100,000,000	Rabobank Nederland NV, 0.19%, 3/22/10		100,000,000
	50,000,000	Rabobank Nederland NY, 0.52%, 9/20/10		50,000,000
				150,000,000
	Finance - Diversified Domestic — 1.07%
	197,800,000	Abbey National North America LLC, 0.16%, 1/5/10		197,799,121
	Total Certificates of Deposit			1,667,837,064
	(Cost $1,667,837,064)
	Corporate Bonds — 10.47%
	Banks - Domestic — 1.53%
	44,374,000	US Bancorp., 0.28%, 5/28/10(c)		44,347,853
	4,750,000	US Bancorp., 4.50%, 7/29/10		4,836,012
	41,300,000	Wachovia Bank NA, 0.32%, 5/25/10(c)		40,961,325
	38,870,000	Wachovia Bank NA, 1.17%, 5/14/10(c)		38,689,019
	77,269,000	Wachovia Corp., 0.41%, 6/1/10(c)		76,904,565
	13,732,000	Wachovia Corp., 4.38%, 6/1/10		13,874,941
	7,100,000	Wells Fargo & Co., 0.31%, 3/23/10(c)		7,083,298
	33,200,000	Wells Fargo & Co., 0.71%, 1/29/10(c)		33,184,664
	23,426,000	Wells Fargo & Co., 4.63%, 8/9/10		23,992,278
				283,873,955

27

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Banks - Foreign — 0.27%
$	50,000,000	Rabobank Nederland NV, 0.22%, 12/21/10(c)	$	50,000,000
	Consumer Discretionary — 0.02%
	3,000,000	Lowe’s Cos., Inc., 8.25%, 6/1/10		3,093,390
	Consumer Staples — 1.12%
	50,000,000	Procter & Gamble International Funding SCA, 0.29%, 5/7/10(c)		50,000,000
	106,000,000	Procter & Gamble International Funding SCA, 0.53%, 2/8/10(c)		106,000,000
	50,000,000	Wal-Mart Stores, Inc. STEP, 5.32%, 6/1/10(c)		50,938,907
				206,938,907
	Energy — 0.21%
	38,177,000	ConocoPhillips, 8.75%, 5/25/10		39,347,724
	Finance - Diversified Domestic — 3.97%
	12,795,000	ETC Holdings LLC, 0.28%, 4/1/28(c)		12,795,000
	3,810,000	GBG LLC, 0.38%, 9/1/27(a)(c)		3,810,000
	104,598,000	General Electric Capital Corp., 0.28%, 3/12/10(c)		104,334,525
	50,000,000	General Electric Capital Corp., 0.33%, 5/10/10(c)		49,971,919
	109,000,000	General Electric Capital Corp., 0.35%, 1/20/10(c)		109,008,305
	11,948,000	General Electric Capital Corp., Series A, 4.25%, 12/1/10		12,346,076
	60,225,000	JPMorgan Chase & Co., 0.29%, 5/7/10(c)		60,027,178
	31,079,000	JPMorgan Chase & Co., 0.32%, 5/7/10(c)		31,010,043
	8,480,000	JPMorgan Chase & Co., 0.36%, 2/23/10(c)		8,475,444
	62,740,000	JPMorgan Chase & Co., 0.39%, 5/18/10(c)		62,672,935
	50,000,000	JPMorgan Chase & Co., 0.75%, 3/10/10(c)		49,973,708
	29,646,000	JPMorgan Chase & Co., 0.78%, 1/22/10(c)		29,647,330
	16,166,000	JPMorgan Chase & Co., 4.55%, 6/23/10		16,407,974
	35,000,000	Mortgage Bankers Association of America, 0.25%, 5/1/38(c)		35,000,000
	55,750,000	NGSP, Inc., 0.31%, 6/1/46(c)		55,750,000
	12,420,000	Ring-Missouri LP, 0.28%, 9/1/18(c)		12,420,000
	11,345,000	Schlitz Park Associates II LP, 0.28%, 12/1/21(c)		11,345,000
	15,655,000	SF Tarns LLC, 0.28%, 1/1/28(c)		15,655,000
	55,000,000	Twins Ballpark LLC, 1.00%, 10/1/34(a)(c)		55,000,000
				735,650,437
	Finance - Diversified Foreign — 0.41%
	75,000,000	Finance For Danish Industries, 0.65%, 9/29/10(a)		75,000,000
	Health Care — 0.81%
	38,960,000	GlaxoSmithKline Capital, Inc., 0.90%, 5/13/10(c)		39,070,383
	11,790,000	The Portland Clinic LLP, 0.33%, 11/20/33(c)		11,790,000
	100,000,000	Roche Holdings, Inc., 1.26%, 2/25/10(a)(c)		100,000,000
				150,860,383
	Industrials — 0.62%
	110,000,000	3M Co., 5.61%, 12/12/10(a)		115,369,004
	Insurance — 1.32%
	40,000,000	AARP, 0.28%, 5/1/31(c)		40,000,000

28

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	5,000,000	Berkshire Hathaway Finance Corp., 4.13%, 1/15/10	$	5,005,500
	200,000,000	Metropolitan Life Global Funding, Series I, 0.98%, 4/14/11(a)(c)		200,000,000
				245,005,500
	Materials — 0.16%
	30,000,000	Praxair, Inc., 0.35%, 5/26/10(c)		30,000,000
	Telecommunication Services — 0.03%
	5,000,000	BellSouth Capital Funding Corp, 7.75%, 2/15/10		5,042,496
	Total Corporate Bonds			1,940,181,796
	(Cost $1,940,181,796)
	Municipal Bonds — 14.16%
	Arizona — 0.05%
	9,900,000	Yuma Industrial Development Authority Refunding Revenue, 0.21%, 8/1/43, (LOC: JP Morgan Chase Bank)(c)		9,900,000
	California — 1.94%
	24,250,000	California Pollution Control Revenue, 0.29%, 4/7/10		24,250,000
	5,000,000	California Statewide Communities Development Authority Revenue, Series 2114, 0.30%, 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		32,041,908
	25,000,000	City of Riverside Refunding Revenue, Series A, 1.50%, 6/1/10		25,000,000
	35,600,000	City of Whittier Refunding Revenue, Series A, 0.19%, 6/1/36, (LOC: US Bank NA)(c)		35,600,000
	28,917,000	County of San Bernardino Refunding Program COP, Series B, 0.31%, 3/1/17, (LOC: Bank of America NA)(c)		28,917,000
	18,700,000	Gilroy Public Facilities Financing Authority Refunding Revenue, 2.00%, 9/1/10		18,791,091
	62,920,000	The Olympic Club Refunding Revenue, 0.28%, 9/30/32, (LOC: Bank of America NA)(c)		62,920,000
	26,500,000	Orange County Refunding Revenue, Series B, 0.18%, 11/1/22, (LOC: Freddie Mac)(c)		26,500,000
	8,410,000	San Francisco City & County Housing Authority Refunding Revenue, 0.25%, 9/1/49, (LOC: Citibank NA)(c)		8,410,000
	50,200,000	Southern California Public Power Authority Refunding Revenue, 0.21%, 7/1/36, (LOC: Bank of America NA)(c)		50,200,000
				358,989,999
	Georgia — 0.23%
	41,160,000	Valdosta-Lowndes County Industrial Development Authority Revenue, Series B, 0.24%, 6/1/28, (LOC: Wells Fargo Bank)(c)		41,160,000
	1,800,000	Walton County Industrial Building Authority Revenue, 0.59%, 10/1/17, (LOC: Wells Fargo Bank)(c)		1,800,000
				42,960,000

29

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Illinois — 0.09%
$	15,775,000	Illinois Finance Authority, Beloit Memorial Hospital, Inc. Revenue, Series A, 0.26%, 4/1/36, (LOC: JP Morgan Chase Bank)(c)	$	15,775,000
	1,000,000	Upper Illinois River Valley Development Authority Revenue, 3.90%, 1/1/38, (LOC: JP Morgan Chase)(c)		1,000,000
				16,775,000
	Indiana — 0.42%
	36,000,000	City of Whiting Indiana Revenue, 0.23%, 2/3/10		36,000,000
	42,500,000	Indiana Finance Authority Refunding Revenue, Series D, 0.22%, 11/1/39, (LOC: Citibank NA)(c)		42,500,000
				78,500,000
	Kentucky — 0.54%
	4,395,000	Lexington-Fayette Urban County Airport Board Refunding Revenue, Series C, 0.30%, 7/1/33, (LOC: JP Morgan Chase Bank)(c)		4,395,000
	94,000,000	Louisville & Jefferson County Metropolitan Sewer District Revenue, Series A, 3.00%, 8/19/10		95,010,194
				99,405,194
	Louisiana — 0.19%
	35,000,000	Louisiana Public Facilities Authority Revenue, Series A, 0.29%, 8/1/49, (Credit Support: Air Products & Chemicals)(c)		35,000,000
	Maryland — 0.36%
	58,016,000	Maryland Health & Higher Educational Facilities Authority Refunding Revenue, Series D, 0.22%, 1/1/29, (LOC: Bank of America NA)(c)		58,016,000
	9,025,000	Montgomery County Housing Opportunites Commission Refunding Revenue, Series D, 0.29%, 7/1/39, (LOC: PNC Bank NA)(c)		9,025,000
				67,041,000
	Massachusetts — 0.88%
	20,835,000	Massachusetts Educational Financing Authority Refunding Revenue, Series R-11649, 0.30%, 7/1/22, (Credit Support: Assured GTY), Callable 1/1/18 @ 100(a)(c)		20,835,000
	43,800,000	Massachusetts Health & Educational Facilities Authority Capital Asset Program Revenue, Series M-2, 0.33%, 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, 0.33%, 7/1/39, (LOC: Bank of America)(c)		27,415,000
	14,505,000	Massachusetts Health & Educational Facilities Authority Northeastern University Revenue, Series V, 0.28%, 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, 0.22%, 10/1/34, (LOC: Bank of America NA)(c)		55,900,000
				162,455,000

30

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Michigan — 0.56%
$	34,600,000	Michigan Municipal Bond Authority, Student Aid Notes Revenue, Series C-1, 3.00%, 8/20/10	$	34,940,839
	69,300,000	Michigan Strategic Fund Van Andel Research Refunding Revenue, 0.33%, 4/1/43, (LOC: Bank of America NA)(c)		69,300,000
				104,240,839
	Minnesota — 0.67%
	69,500,000	City of Rochester Mayo Foundation Refunding Revenue, Series A, 0.26%, 8/15/32(c)		69,500,000
	51,500,000	City of Rochester Mayo Foundation Refunding Revenue, Series B, 0.26%, 8/15/32(c)		51,500,000
	3,900,000	St. Paul Port Authority Refunding Revenue, Series 10-CC, 0.28%, 3/1/29, (LOC: Deutsche Bank AG)(c)		3,900,000
				124,900,000
	Mississippi — 0.09%
	15,935,000	Mississippi Development Bank Special Obligation Refunding Revenue, Series B, 0.28%, 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, 0.30%, 10/1/42, (LOC: Citibank NA)(c)		10,000,000
	New Jersey — 0.53%
	44,725,000	City of Newark Refunding GO, 3.25%, 1/20/10		44,744,162
	28,000,000	City of Newark School Promotion Refunding GO, Series D, 3.25%, 1/20/10		28,011,996
	6,675,000	New Jersey Economic Development Authority Revenue, Series A, 0.28%, 9/1/21, (LOC: Wells Fargo Bank)(c)		6,675,000
	18,225,000	New Jersey Health Care Facilities Finance Authority Revenue, Series B, 0.28%, 7/1/37, (Credit Support: Assured GTY)(c)		18,225,000
				97,656,158
	New York — 2.77%
	27,300,000	City of New York Public Improvement GO, Series F-6, 0.24%, 2/15/18, (LOC: Morgan Guaranty Trust)(c)		27,300,000
	29,000,000	City of New York Public Improvement GO, Sub-Series H-2, 0.20%, 3/1/34, (LOC: Bank of New York)(c)		29,000,000
	20,085,000	City of New York Refunding GO, Sub-Series C-5, 0.20%, 8/1/20, (LOC: Bank of New York)(c)		20,085,000
	7,945,000	Nassau County Industrial Development Agency Nursing Home Improvement Revenue, Series D, 0.20%, 1/1/28, (LOC: Bank of America)(c)		7,945,000
	25,875,000	New York City Capital Resources Corp. Nursing Home Revenue, Series B, 0.19%, 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, 0.19%, 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, 0.31%, 6/1/13, (LOC: Bank of America, Federal Home Loan Bank)(c)		22,150,000

31

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	44,700,000	New York City Housing Development Corp. Multi Family Housing Revenue, Royal Properties Series A, 0.22%, 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, 0.33%, 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, 0.23%, 4/15/36, (Credit Support: Fannie Mae)(c)		42,340,000
	8,950,000	New York City Housing Development Corp. Multi Family Housing Revenue, The Plaza Series A, 0.10%, 7/1/39, (LOC: Citibank NA)(c)		8,950,000
	56,990,000	New York State Dormitory Authority Revenue, Series A, 0.22%, 11/15/36, (Credit Support: Fannie Mae)(c)		56,990,000
	29,300,000	New York State Energy Research & Development Authority Refunding Revenue, Series D-2, 0.23%, 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, 0.28%, 5/1/42, (LOC: Wells Fargo Bank)(c)		23,390,000
	15,100,000	New York State Housing Finance Agency Multi Family Housing Revenue, Series B, 0.28%, 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, 0.20%, 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, 0.28%, 5/1/42, (LOC: Wells Fargo 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
				513,330,000
	North Carolina — 0.14%
	26,665,000	Roman Catholic Diocese of Raleigh Revenue, Series A, 0.33%, 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		6,021,121
	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		21,028,165
	12,500,000	Ohio State Higher Educational Facilities Refunding Revenue, Series B, 0.33%, 5/1/42, (LOC: US Bank NA)(c)		12,500,000
				50,219,286
	Pennsylvania — 1.23%
	51,200,000	Allegheny County Industrial Development Authority Children’s Hospital Revenue, Series A, 0.33%, 10/1/32, (LOC: Bank of America NA)(c)		51,200,000

32

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	26,900,000	Blair County Industrial Development Authority Refunding Revenue, 0.25%, 10/1/28, (LOC: PNC Bank NA)(c)	$	26,900,000
	19,500,000	City of Philadelphia Refunding Revenue, Series C, 0.24%, 6/15/25, (LOC: TD Bank NA)(c)		19,500,000
	21,015,000	City of Reading Refunding GO, Series D, 0.24%, 11/1/32, (LOC: Wachovia Bank NA)(c)		21,015,000
	26,995,000	Lehigh County General Purpose Authority Refunding Revenue, Series B, 0.24%, 11/1/27, (Credit Support: Assured GTY)(c)		26,995,000
	33,400,000	Pennsylvania Economic Development Financial Authority Revenue, 0.25%, 11/1/28, (LOC: Bank of America NA)(c)		33,400,000
	30,000,000	Pennsylvania Higher Educational Facilties Authority Drexel University Revenue, Series B, 0.22%, 5/1/37, (LOC: Wells Fargo Bank)(c)		30,000,000
	11,725,000	Westmoreland County Industrial Development Authority Cash Flow Management Revenue, Series A, 0.21%, 7/1/27, (LOC: Wells Fargo Bank)(c)		11,725,000
	6,370,000	Westmoreland County Industrial Development Authority Refunding Revenue, Series B, 0.21%, 7/1/27, (LOC: Wells Fargo Bank)(c)		6,370,000
				227,105,000
	Rhode Island — 0.12%
	21,620,000	Rhode Island Health & Educational Building Corp. Refunding Revenue, Series A, 0.22%, 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, 0.34%, 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, 0.27%, 5/1/37, (Credit Support: Federal Home Loan Bank)(c)		15,700,000
	25,000,000	South Dakota Housing Development Authority Revenue, Series G, 0.26%, 5/1/35, (Credit Support: Federal Home Loan Bank)(c)		25,000,000
	13,200,000	South Dakota Housing Development Authority Revenue, Series I, 0.27%, 5/1/38, (Credit Support: Federal Home Loan Bank)(c)		13,200,000
				53,900,000
	Tennessee — 0.06%
	11,500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 0.30%, 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, 0.25%, 8/15/30, (Credit Support: FSA)(c)		51,000,000

33

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	13,000,000	Port of Corpus Christi Industrial Development Corp., Citgo Petroleum Corp. Project Revenue, 0.23%, 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, 0.23%, 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, 0.28%, 12/1/25, (Credit Support: JP Morgan Chase)(c)		6,845,000
	12,595,000	Texas State Veteran’s Housing Refunding GO, 0.28%, 6/1/31, (LOC: JP Morgan Chase & Co.)(c)		12,595,000
	20,000,000	Texas State Veteran’s Housing Revenue, Series A-2, 0.25%, 12/1/29, (Credit Support: JP Morgan Chase)(c)		20,000,000
				149,840,000
	Utah — 0.12%
	8,780,000	Ogden City Redevelopment Agency Refunding Revenue, Series A, 0.29%, 6/1/31, (LOC: Wells Fargo Bank NA)(c)		8,780,000
	12,805,000	Utah Housing Corp. Single Family Mortgage Revenue, Series C-2, Class I, 0.35%, 1/1/38, (Credit Support: Wells Fargo Bank)(c)		12,805,000
				21,585,000
	Virginia — 0.85%
	51,820,000	Montgomery County Industrial Development Authority Refunding Revenue, Series A, 0.23%, 2/1/39(c)		51,820,000
	32,475,000	Montgomery County Industrial Development Authority Refunding Revenue, Series B, 0.28%, 2/1/39(c)		32,475,000
	17,930,000	Newport News Industrial Development Authority Industrial Improvement Revenue, Series B, 0.24%, 7/1/31, (LOC: Wachovia Bank NA)(c)		17,930,000
	13,295,000	Stafford County & Staunton Industrial Development Authority Revenue, 0.28%, 1/13/10		13,295,000
	26,515,000	Stafford County & Staunton Industrial Development Authority Revenue, Series B1, 0.22%, 12/1/25, (LOC: Bank of America NA)(c)		26,515,000
	16,250,000	Virginia Small Business Financing Authority Hampton University Revenue, Series A, 0.19%, 12/1/38, (LOC: PNC Bank NA)(c)		16,250,000
				158,285,000
	Washington — 0.12%
	6,700,000	Port Seattle Industrial Development Corp. Crowley Marine Services Project Revenue, 0.30%, 12/31/21, (LOC: Citibank NA)(c)		6,700,000
	15,000,000	Port Seattle Revenue, 0.30%, 1/14/10		15,000,000
				21,700,000
	Wisconsin — 0.62%
	50,000,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue, 0.23%, 8/15/36, (LOC: JP Morgan Chase Bank)(c)		50,000,000

34

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	10,700,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue, Series B-1, 0.25%, 2/15/30, (Credit Support: Assured GTY)(c)	$	10,700,000
	22,165,000	Wisconsin Housing & Economic Development Authority Refunding Revenue, Series F, 0.28%, 5/1/30, (Credit Support: GO of Authority)(c)		22,165,000
	32,550,000	Wisconsin Housing & Economic Development Authority Refunding Revenue, Series F, 0.28%, 11/1/30, (Credit Support: GO of Authority)(c)		32,550,000
				115,415,000
	Total Municipal Bonds			2,625,102,476
	(Cost $2,625,102,476)
	U.S. Government Agency Backed Mortgages — 2.47%
	Fannie Mae — 2.06%
	37,500,000	Pool #463785, 0.15%, 2/1/10(b)		37,495,771
	105,318,000	Pool #463790, 0.15%, 2/1/10(b)		105,306,122
	60,238,000	Pool #463791, 0.15%, 2/1/10(b)		60,231,207
	69,432,000	Pool #463831, 0.37%, 8/2/10(b)		69,282,143
	66,020,000	Pool #463890, 0.55%, 11/1/10(b)		65,716,400
	19,537,000	Pool #464165, 0.18%, 4/1/10(b)		19,528,501
	24,476,000	Pool #464242, 0.18%, 4/1/10(b)		24,465,353
				382,025,497
	Freddie Mac — 0.41%
	76,652,594	Series 3427, 0.38%, 3/15/10(c)		76,652,594
	Total U.S. Government Agency Backed Mortgages			458,678,091
	(Cost $458,678,091)
	U.S. Government Agency Obligations — 23.92%
	Fannie Mae — 9.28%
	350,135,000	0.10%, 1/19/10(b)		350,120,411
	69,205,000	0.17%, 7/13/10(c)		69,205,000
	180,000,000	0.20%, 6/9/10(b)		179,844,000
	200,000,000	0.22%, 2/12/10(c)		199,946,734
	300,000,000	0.23%, 8/5/10(c)		299,979,259
	60,000,000	0.41%, 10/1/10(b)		59,815,500
	74,284,000	0.44%, 10/1/10(b)		74,038,863
	116,955,000	0.44%, 12/1/10(b)		116,481,852
	58,266,000	7.13%, 6/15/10		60,013,807
	310,000,000	7.25%, 1/15/10		310,591,055
				1,720,036,481
	Federal Farm Credit Bank — 1.08%
	100,000,000	0.37%, 4/27/10(c)		99,996,874

35

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	100,000,000	0.39%, 6/2/10(c)	$	100,000,000
				199,996,874
	Federal Home Loan Bank — 8.73%
	450,000,000	0.14%, 11/18/10(c)		449,980,005
	182,000,000	0.25%, 5/28/10(c)		182,000,000
	58,000,000	0.33%, 12/10/10		57,937,869
	220,000,000	0.36%, 1/21/10(c)		220,000,000
	50,000,000	0.56%, 6/18/10		50,042,101
	100,000,000	0.75%, 2/26/10(c)		100,000,000
	100,000,000	0.79%, 3/12/10(c)		99,996,280
	122,500,000	0.93%, 3/25/10		122,486,538
	10,555,000	1.12%, 6/30/10		10,593,238
	21,280,000	2.75%, 6/18/10		21,508,703
	198,685,000	3.00%, 6/11/10		200,933,199
	77,990,000	4.25%, 6/11/10		79,299,808
	22,380,000	5.25%, 6/11/10		22,852,513
				1,617,630,254
	Freddie Mac — 4.83%
	100,000,000	0.14%, 2/4/10(c)		100,000,000
	200,000,000	0.24%, 8/24/10(c)		200,000,000
	300,000,000	1.45%, 9/10/10		301,986,322
	202,250,000	3.13%, 2/4/10		202,597,710
	90,625,000	7.00%, 3/15/10		91,679,011
				896,263,043
	Total U.S. Government Agency Obligations			4,433,926,652
	(Cost $4,433,926,652)
	U. S. Treasury Obligations — 0.63%
	U. S. Treasury Notes — 0.63%
	112,500,000	4.25%, 1/15/11		116,758,153
	Total U.S. Treasury Obligations			116,758,153
	(Cost $116,758,153)

36

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Repurchase Agreements — 7.01%
$	200,000,000	Barclays Capital Inc. dated 11/12/09; due 1/11/10 at 0.13% with maturity value of $200,043,333 (fully collateralized by a Freddie Mac and Federal Farm Credit Bank securities with maturity dates ranging from 11/23/11 to 4/23/12 at rates ranging from 0.23% to 2.18% ).(d)	$	200,000,000
	250,000,000	BNP Paribas Securities Corp. dated 12/4/09; due 1/6/10 at 0.11% with maturity value of $250,025,208 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 2/1/17 to 11/1/39 at rates ranging from 4.00% to 7.00%).(d)		250,000,000
	250,000,000	Deutsche Bank AG dated 12/4/09; due 1/5/10 at 0.09% with maturity value of $250,020,000 (fully collateralized by Freddie Mac securities with maturity dates ranging from 4/1/24 to 8/1/38 at rates ranging from 4.00% to 7.00%).(d)		250,000,000
	300,000,000	Goldman Sachs & Co. dated 11/13/09; due 1/15/10 at 0.12% with maturity value of $300,063,000 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 1/1/20 to 12/1/39 at rates ranging from 4.00% to 6.00%).(d)		300,000,000
	300,000,000	Goldman Sachs & Co. dated 11/18/09; due 1/12/10 at 0.12% with maturity value of $300,055,000 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 9/1/21 to 12/1/39 at rates ranging from 5.00% to 6.50%).(d)		300,000,000
	Total Repurchase Agreements			1,300,000,000
	(Cost $1,300,000,000)
Shares
	Investment Companies — 5.40%
	500,000,000	Wells Fargo Heritage Money Market Select Fund	$	500,000,000
	500,000,000	Wells Fargo Prime Investment Money Market Fund		500,000,000
	Total Investment Companies			1,000,000,000
	(Cost $1,000,000,000)
	Total Investments			17,706,053,023
	(Cost $17,706,053,023)(e) — 95.52%
	Other assets in excess of liabilities — 4.48%		$	830,261,418
	NET ASSETS — 100.00%		$	18,536,314,441

(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 December 31, 2009. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

37

SCHEDULE OF PORTFOLIO INVESTMENTS

Prime Money Market Fund (cont.)

December 31, 2009 (Unaudited)

(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).

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

Abbreviations used are defined below:

COP – Certificate of Participation

FSA – Financial Security Assurance, Inc.

GO – General Obligation

GTY – Guaranty

LOC – Letter of Credit

STEP – Step Coupon Bond

See notes to schedules of portfolio investments.

38

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Money Market Fund

December 31, 2009 (Unaudited)

Principal Amount			Value
	FDIC - TLGP Backed Corporate Bonds — 0.93%
	Banks - Domestic — 0.37%
$	21,941,000	Bank of America, 1.70%, 12/23/10	$	22,186,155
	Finance - Diversified Domestic — 0.56%
	6,990,000	Citigroup Funding, Inc., 0.38%, 7/30/10(a)		7,004,525
	5,000,000	General Electric Capital Corp., 1.63%, 1/7/11		5,048,325
	5,725,000	JPMorgan Chase & Co., 2.63%, 12/1/10		5,838,753
	14,826,000	Morgan Stanley, 2.90%, 12/1/10		15,149,466
				33,041,069
	Total FDIC-TLGP Backed Corporate Bonds			55,227,224
	(Cost $55,227,224)
	FHLB Backed Corporate Bonds — 0.31%
	Finance - Diversified Domestic — 0.31%
	14,655,000	GFRE Holdings LLC, 0.36%, 12/1/49(a)		14,655,000
	4,175,000	Herman & Kittle Captial LLC, 0.30%, 2/1/37(a)		4,175,000
				18,830,000
	Total FHLB Backed Corporate Bonds			18,830,000
	(Cost $18,830,000)
	U.S. Government Agency Backed Municipal Bonds — 16.61%
	California — 1.01%
	4,764,000	City of Los Angeles Multifamily Housing-Fountain Park Project Revenue, Series A, 0.18%, 3/15/34, (Credit Support: Fannie Mae)(a)		4,764,000
	27,700,000	Orange County Apartment Development, Riverbend Apartments Refunding Revenue, Series B, 0.18%, 12/1/29, (Credit Support: Freddie Mac)(a)		27,700,000
	17,140,000	Santa Rosa Housing Authority , Apple Creek Apartments Revenue , Series E, 0.19%, 3/1/12, (Credit Support: Freddie Mac)(a)		17,140,000
	10,400,000	Simi Valley Lincoln Wood Ranch Refunding Revenue, 0.19%, 6/1/10, (Credit Support: Freddie Mac)(a)		10,400,000
				60,004,000
	Colorado — 1.16%
	7,000,000	Colorado Housing & Finance Authority Insured Mortgage Revenue, Series AA, 0.20%, 10/1/30, (Credit Support: Fannie Mae & Freddie Mac)(a)		7,000,000
	22,000,000	Colorado Housing Finance Authority Taxable Revenue, Series 1-A1, 0.25%, 11/1/37, (Credit Support: Fannie Mae & Freddie Mac)(a)		22,000,000
	14,000,000	Colorado Housing Finance Authority Taxable Revenue, Series 1-B1, 0.25%, 11/1/36, (Credit Support: Fannie Mae & Freddie Mac)(a)		14,000,000
	14,000,000	Colorado Housing Finance Authority Taxable Revenue, Series 1-C1, 0.25%, 11/1/36, (Credit Support: Fannie Mae & Freddie Mac)(a)		14,000,000

39

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

Principal Amount			Value
$	12,000,000	Colorado Housing Finance Authority Taxable Revenue, Series B-1, 0.25%, 11/1/33, (Credit Support: Fannie Mae & Freddie Mac)(a)	$	12,000,000
				69,000,000
	Florida — 1.51%
	22,840,000	Highlands County Health Facilities Authority Refunding Revenue, Series B, 0.26%, 11/15/26, (LOC: Federal Home Loan Bank)(a)		22,840,000
	26,500,000	Highlands County Health Facilities Authority Refunding Revenue, Series C, 0.26%, 11/15/26, (LOC: Federal Home Loan Bank)(a)		26,500,000
	27,500,000	Highlands County Health Facilities Authority Refunding Revenue, Series D, 0.26%, 11/15/26, (LOC: Federal Home Loan Bank)(a)		27,500,000
	13,400,000	West Orange Healthcare District Refunding Revenue, 0.26%, 2/1/22, (LOC: Federal Home Loan Bank)(a)		13,400,000
				90,240,000
	Indiana — 0.50%
	29,700,000	City of Indianapolis Lakeside Pointe & Fox Club Refunding Revenue, 0.20%, 11/15/37, (Credit Support: Fannie Mae)(a)		29,700,000
	Mississippi — 0.20%
	12,000,000	Mississippi Business Finance Corp. Gulf Opportunity Zone Resources LLC Refunding Revenue, 0.26%, 5/1/32, (LOC: Federal Home Loan Bank)(a)		12,000,000
	New York — 9.93%
	38,600,000	New York City Housing Development Corp. 2 Gold Street Revenue, Series A, 0.17%, 4/15/36, (Credit Support: Fannie Mae)(a)		38,600,000
	23,100,000	New York City Housing Development Corp. 201 Pearl Street Development Revenue, Series A, 0.17%, 10/15/41, (Credit Support: Fannie Mae)(a)		23,100,000
	14,205,000	New York City Housing Development Corp. First Avenue Development Revenue, Series A, 0.25%, 10/15/35, (Credit Support: Fannie Mae)(a)		14,205,000
	25,500,000	New York City Housing Development Corp. Lexington Courts Revenue, Series A, 0.25%, 12/1/39, (Credit Support: Freddie Mac)(a)		25,500,000
	21,900,000	New York City Housing Development Corp. Multi Family Housing Revenue, Royal Properties Series A, 0.22%, 4/15/35, (Credit Support: Fannie Mae)(a)		21,900,000
	36,770,000	New York City Housing Development Corp. Multifamily Rental Housing Revenue, Series A, 0.23%, 11/15/19, (Credit Support: Fannie Mae)(a)		36,770,000
	39,000,000	New York City Housing Development Corp. West 61st. Street Apartments Revenue, Series A, 0.20%, 12/15/37, (Credit Support: Fannie Mae)(a)		39,000,000

40

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

Principal Amount			Value
$	16,000,000	New York Liberty Development Corp. World Trade Center Project, One Year Mandatory Tender Revenue, Series A, 0.50%, 12/1/49(a)	$	16,000,000
	62,500,000	New York State Dormitory Authority Revenue, Series A, 0.22%, 11/15/36, (Credit Support: Fannie Mae)(a)		62,500,000
	8,150,000	New York State Housing Finance Agency 316 11th Ave. Refunding Revenue, Series A, 0.15%, 5/15/41, (Credit Support: Fannie Mae)(a)		8,150,000
	27,000,000	New York State Housing Finance Agency 316 11th Ave. Revenue, Series A, 0.20%, 5/15/41, (Credit Support: Fannie Mae)(a)		27,000,000
	8,200,000	New York State Housing Finance Agency 38 St. Revenue, Series B, 0.23%, 5/15/33, (Credit Support: Fannie Mae)(a)		8,200,000
	41,750,000	New York State Housing Finance Agency North End Revenue, Series A, 0.17%, 11/15/36, (Credit Support: Fannie Mae)(a)		41,750,000
	60,100,000	New York State Housing Finance Agency Revenue, 0.32%, 5/15/35, (Credit Support: Fannie Mae)(a)		60,100,000
	17,400,000	New York State Housing Finance Agency Revenue, Series A, 0.20%, 11/15/29, (Credit Support: Fannie Mae)(a)		17,400,000
	43,785,000	New York State Housing Finance Agency Revenue, Series A, 0.20%, 5/1/35, (Credit Support: Freddie Mac)(a)		43,785,000
	8,000,000	New York State Housing Finance Agency Revenue, Series B, 0.23%, 5/15/33, (Credit Support: Fannie Mae)(a)		8,000,000
	50,000,000	New York State Housing Finance Agency, 125 West 31st. Revenue, Series A, 0.20%, 5/15/38, (Credit Support: Fannie Mae)(a)		50,000,000
	10,400,000	New York State Housing Finance Agency, 360 West 43rd. st. Revenue, Series A, 0.20%, 11/15/33, (Credit Support: Fannie Mae)(a)		10,400,000
	40,000,000	New York State Housing Finance Agency, Clinton Green South Revenue, Series A, 0.20%, 11/1/38, (Credit Support: Freddie Mac)(a)		40,000,000
				592,360,000
	Pennsylvania — 1.19%
	16,660,000	Pennsylvania Housing Finance Agency Single Family Mortgage Refunding Revenue, Series 84D, 0.25%, 10/1/34, (Credit Support: GO of Agency), (LOC: Freddie Mac)(a)		16,660,000
	10,000,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 83B, 0.24%, 4/1/35(a)		10,000,000
	13,370,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 85B, 0.24%, 4/1/35, (Credit Support: GO of Agency)(a)		13,370,000
	10,000,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 87B, 0.22%, 4/1/35, (LOC: Fannie Mae)(a)		10,000,000
	9,300,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 87C, 0.22%, 10/1/35, (LOC: Fannie Mae)(a)		9,300,000
	11,500,000	Pennsylvania Housing Finance Agency Single Family Refunding Revenue, Series 91B, 0.25%, 10/1/36, (Credit Support: GO of Agency), (LOC: Freddie Mac)(a)		11,500,000
				70,830,000

41

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

Principal Amount			Value
	Virginia — 0.29%
$	17,500,000	Lynchburg Industrial Development Authority, Hospital Central Health Refunding Revenue , Series A, 0.26%, 1/1/28, (Credit Support: NATL-RE), (LOC: Federal Home Loan Bank)(a)	$	17,500,000
	Wyoming — 0.82%
	12,000,000	Wyoming Community Development Authority Housing Revenue, Series 11, 0.38%, 12/1/38, (Credit Support: Fannie Mae, Freddie Mac)(a)		12,000,000
	10,000,000	Wyoming Community Development Authority Housing Revenue, Series 7, 0.38%, 6/1/37, (Credit Support: Fannie Mae, Freddie Mac)(a)		10,000,000
	10,000,000	Wyoming Community Development Authority Housing Revenue, Series 9, 0.38%, 6/1/37, (Credit Support: Fannie Mae, Freddie Mac)(a)		10,000,000
	17,000,000	Wyoming Community Development Authority Single Family Mortgage Revenue,Series A, 0.20%, 12/1/32, (Credit Support: Fannie Mae, Freddie Mac)(a)		17,000,000
				49,000,000
	Total U.S. Government Agency Backed Municipal Bonds			990,634,000
	(Cost $990,634,000)
	U.S. Government Agency Backed Mortgages — 7.69%
	Fannie Mae — 6.77%
	2,661,891	Pool #254808, 4.00%, 6/1/10		2,679,957
	120,000,000	Pool #463786, 0.15%, 2/1/10(b)		119,986,467
	5,000,000	Pool #463790, 0.15%, 2/1/10(b)		4,999,436
	27,942,000	Pool #464241, 0.17%, 4/1/10(b)		27,930,520
	68,177,000	Pool #464318, 0.17%, 4/1/10(b)		68,148,991
	113,819,600	Pool #958545, 0.82%, 1/4/10(b)		113,819,600
	66,020,000	Pool#463889, 0.38%, 8/2/10(b)		65,873,655
				403,438,626
	Freddie Mac — 0.92%
	2,466,943	Pool #M80792, 4.50%, 1/1/10		2,466,943
	7,479,076	Pool #M80835, 3.50%, 7/1/10		7,538,940
	45,089,761	Series 3427, 0.38%, 3/15/10(a)		45,089,761
				55,095,644
	Total U.S. Government Agency Backed Mortgages			458,534,270
	(Cost $458,534,270)
	U.S. Government Agency Obligations — 44.06%
	Fannie Mae — 11.09%
	100,000,000	0.17%, 7/13/10(a)		100,000,000
	62,500,000	0.20%, 6/9/10(b)		62,445,833
	50,000,000	0.22%, 2/10/10(b)		49,988,694
	100,000,000	0.22%, 2/12/10(a)		99,973,367
	75,000,000	0.23%, 1/21/10(a)		75,000,000

42

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

Principal Amount			Value
$	53,572,400	0.41%, 10/1/10(b)	$	53,407,665
	38,985,000	0.44%, 12/1/10(b)		38,827,284
	74,636,000	0.45%, 12/1/10(b)		74,330,625
	57,977,000	2.50%, 4/9/10		58,182,485
	43,550,000	4.13%, 5/15/10		44,112,642
	5,000,000	7.25%, 1/15/10		5,009,482
				661,278,077
	Federal Farm Credit Bank — 1.26%
	75,000,000	0.07%, 5/28/10(a)		75,000,000
	Federal Home Loan Bank — 28.70%
	56,750,000	0.00%, 4/5/10(a)		56,730,057
	72,000,000	0.00%, 4/9/10(a)		72,004,617
	47,270,000	0.16%, 1/14/11(a)		47,270,000
	125,000,000	0.24%, 2/19/10(a)		125,021,405
	100,000,000	0.25%, 5/28/10(a)		100,000,000
	130,000,000	0.28%, 1/14/10(a)		130,000,490
	100,000,000	0.28%, 6/2/10(a)		100,000,000
	25,000,000	0.31%, 6/1/10(a)		25,000,000
	18,600,000	0.33%, 12/10/10		18,580,075
	30,000,000	0.35%, 5/12/10(a)		30,000,000
	100,000,000	0.36%, 1/21/10(a)		100,000,000
	150,000,000	0.44%, 10/7/10		150,004,824
	100,000,000	0.50%, 2/8/10		99,995,054
	100,000,000	0.50%, 10/25/10		100,043,917
	49,000,000	0.52%, 6/1/10		48,989,668
	100,000,000	0.54%, 1/29/10		99,999,636
	50,000,000	0.75%, 2/26/10(a)		50,000,000
	150,000,000	0.79%, 3/12/10(a)		150,059,180
	25,000,000	0.80%, 4/30/10		25,007,230
	23,050,000	3.00%, 6/11/10		23,294,320
	50,000,000	3.50%, 7/16/10		50,753,759
	10,000,000	3.75%, 1/8/10		10,002,814
	48,865,000	3.88%, 1/15/10		48,919,400
	50,000,000	4.38%, 3/17/10		50,317,126
				1,711,993,572
	Freddie Mac — 2.81%
	50,000,000	0.08%, 11/10/10(a)		49,954,301
	100,000,000	0.22%, 9/24/10(a)		99,985,628
	17,650,000	2.88%, 6/28/10		17,870,482
				167,810,411
	Overseas Private Investment Corp. — 0.20%
	10,564,708	0.16%, 11/15/13(a)		10,564,708
	1,400,000	0.16%, 3/15/15(a)		1,400,000
				11,964,708

43

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

Principal Amount		Value
Total U.S. Government Agency Obligations		$	2,628,046,768
(Cost $2,628,046,768)
U. S. Treasury Obligations — 1.52%
U. S. Treasury Notes — 1.52%
37,500,000	4.25%, 1/15/11		38,919,385
50,000,000	4.50%, 11/15/10		51,751,365
Total U.S. Treasury Obligations			90,670,750
(Cost $90,670,750)
Repurchase Agreements — 17.69%
100,000,000	Bank of America Securities LLC dated 12/31/09; due 1/4/10 at 0.01% with maturity value of $100,000,111 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 4/1/38 to 12/1/39 at rates ranging from 5.00% to 5.50%).		100,000,000
250,000,000	BNP Paribas Securities Corp. dated 12/4/09; due 1/6/10 at 0.11% with maturity value of $250,025,208 (fully collateralized by Fannie Mae and Freddie Mac securities with maturity dates ranging from 3/1/21 to 1/1/40 at rates ranging from 4.00% to 6.50%).		250,000,000
455,000,000	Deutsche Bank AG dated 12/31/09; due 1/4/10 at 0.01% with maturity value of $455,000,506 (fully collateralized by Fannie Mae securities with maturity dates ranging from 5/1/36 to 10/1/38 at rates ranging from 6.00% to 7.00%).		455,000,000
250,000,000	Deutsche Bank AG dated 12/4/09; due 1/5/10 at 0.09% with maturity value of $250,020,000 (fully collateralized by Freddie Mac securities with maturity dates ranging from 6/1/24 to 10/1/38 at rates ranging from 4.00% to 7.00%).		250,000,000
Total Repurchase Agreements			1,055,000,000
(Cost $1,055,000,000)
Shares
Investment Company — 4.95%
295,000,000	Wells Fargo Government Institutional Money Market Fund	$	295,000,000
Total Investment Company			295,000,000
(Cost $295,000,000)

44

SCHEDULE OF PORTFOLIO INVESTMENTS

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

December 31, 2009 (Unaudited)

	Value
Total Investments	$	5,591,943,012
(Cost $5,591,943,012)(c) — 93.76%
Other assets in excess of liabilities — 6.24%		372,265,661
NET ASSETS — 100.00%	$	5,964,208,673

(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on December 31, 2009. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

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

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

Abbreviations used are defined below:

FDIC – Federal Deposit Insurance Corp.

FHLB – Federal Home Loan Bank

GO – General Obligation

LOC – Letter of Credit

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

TLGP – Temporary Liquidity Guaranty Program

See notes to schedules of portfolio investments.

45

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund

December 31, 2009 (Unaudited)

Principal Amount			Value
	Municipal Bonds — 96.67%
	Alabama — 0.77%
$	10,890,000	Birmingham Waterworks Board Revenue, Series R-10412, 0.23%, 7/1/14, (Credit Support: BHAC-CR, FSA)(a)(b)	$	10,890,000
	Arizona — 1.54%
	3,260,000	Maricopa County Industrial Development Authority Gran Victoria Housing Revenue, Series A, 0.23%, 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, 0.15%, 12/1/37, (LOC: US Bank NA)(b)		5,300,000
	5,900,000	Pima County Industrial Development Authority Delaware Military Academy Revenue, 0.30%, 9/1/38, (LOC: PNC Bank NA)(b)		5,900,000
	7,500,000	Tempe Industrial Development Authority Revenue, Series C, 0.23%, 12/1/27, (LOC: Sovereign Bank FSB)(b)		7,500,000
				21,960,000
	California — 5.08%
	4,500,000	California Communities Note Program Revenue, Series A7, 2.50%, 6/30/10		4,529,188
	1,375,000	California Health Facilities Financing Authority Revenue, Series C, 0.22%, 7/1/20, (Credit Support: NATL-RE), (LOC: JP Morgan Chase Bank)(b)		1,375,000
	11,000,000	City of Oakland GO, Series A, 2.50%, 7/16/10		11,098,254
	12,495,000	Eclipse Funding Trust Tax Allocation, 0.26%, 2/1/15, (LOC: US Bank NA)(b)		12,495,000
	5,000,000	Gilroy Public Facilities Financing Authority Refunding Revenue, 2.00%, 9/1/10		5,024,356
	590,000	Hesperia Public Financing Authority Refunding Revenue, Series B, 0.33%, 6/1/22, (LOC: Bank of America NA)(b)		590,000
	6,000,000	Oakland Joint Powers Financing Authority Revenue, Series A, 0.23%, 7/1/33, (LOC: Citibank NA)(b)		6,000,000
	15,500,000	Oxnard Financing Authority Revenue, 2.50%, 8/25/10		15,572,885
	5,800,000	Padre Dam Municipal Water District COP, Series R-11792, 0.23%, 4/1/17, (Credit Support: Citibank)(a)(b)		5,800,000
	3,200,000	Rocklin Unified School District GO, 3.00%, 9/15/10		3,232,891
	2,500,000	State of California Floaters GO, Series 1707, 0.35%, 8/1/32, (Credit Support: FSA)(b)		2,500,000
	4,000,000	State of California Pre-refunded GO, OID, 5.63%, 5/1/10, (Credit Support: AMBAC, TCRS-BNY)		4,107,023
				72,324,597
	Colorado — 6.84%
	3,170,000	Aurora Centretech Metropolitan District Refunding GO, Series C, 0.25%, 12/1/28, (LOC: US Bank NA)(b)		3,170,000
	27,940,000	Colorado Educational & Cultural Facilities Authority Floaters Revenue, Series 1557, 0.20%, 3/1/35, (Credit Support: FGIC)(b)		27,940,000
	1,250,000	Colorado Health Facilities Authority Revenue, Series A, 0.32%, 4/1/24, (LOC: Wells Fargo Bank NA)(b)		1,250,000

46

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	3,000,000	Colorado Housing & Finance Authority Refunding Revenue, 0.26%, 2/15/28, (Credit Support: Fannie Mae)(b)	$	3,000,000
	5,000,000	Commerce City Northern Infrastructure General Improvement District GO, 0.25%, 12/1/28, (LOC: US Bank NA)(b)		5,000,000
	3,475,000	County of Pitkin Refunding Revenue, Series A, 0.28%, 12/1/24, (LOC: US Bank NA)(b)		3,475,000
	16,610,000	Crystal Valley Metropolitan District No. 1 Revenue, 0.22%, 10/1/34, (LOC: Wells Fargo Bank NA)(b)		16,610,000
	20,840,000	East Cherry Creek Valley Water & Sanitation District Arapahoe County Refunding Revenue, Series A, 0.22%, 11/15/34, (LOC: Wells Fargo Bank NA)(b)		20,840,000
	5,200,000	Gateway Regional Metropolitan District Refunding GO, 0.32%, 12/1/37, (LOC: Wells Fargo Bank NA)(b)		5,200,000
	2,580,000	Meridian Ranch Metropolitan District Refunding GO, 0.25%, 12/1/38, (LOC: US Bank NA)(b)		2,580,000
	1,685,000	Parker Automotive Metropolitan District GO, 0.25%, 12/1/34, (LOC: US Bank NA)(b)		1,685,000
	1,370,000	University of Colorado Hospital Authority Revenue, Series A, 0.34%, 11/15/33, (Credit Support: FSA)(b)		1,370,000
	5,180,000	Water Valley Metropolitan District No. 2 GO, 0.32%, 12/1/24, (LOC: Wells Fargo Bank NA)(b)		5,180,000
				97,300,000
	Connecticut — 0.23%
	3,245,000	Northeast Tax-Exempt Bond Grantor Trust Revenue, 0.58%, 4/1/19, (LOC: PNC Bank NA)(b)		3,245,000
	District Of Columbia — 1.71%
	4,630,000	District of Columbia Children’s Defense Fund Revenue, 0.34%, 4/1/22, (LOC: Wachovia Bank NA)(b)		4,630,000
	1,700,000	District of Columbia Internships and Academic Revenue, 0.24%, 7/1/36, (LOC: Branch Banking & Trust)(b)		1,700,000
	4,600,000	District of Columbia Jesuit Conference Revenue, 0.21%, 10/1/37, (LOC: PNC Bank NA)(b)		4,600,000
	3,980,000	District of Columbia Water & Sewer Authority Revenue, Putters Series 3022, 0.30%, 4/1/16, (Credit Support: Assured GTY)(b)		3,980,000
	9,360,000	District of Columbia Water & Sewer Authority Revenue, Series R-11623, 0.30%, 4/1/29, (Credit Support: Assured GTY), Callable 10/01/18 @ 100(a)(b)		9,360,000
				24,270,000
	Florida — 4.74%
	4,995,000	City of Tallahassee Revenue, Putters Series 2069Z, 0.30%, 4/1/15, (Credit Support: NATL-RE)(b)		4,995,000
	2,635,000	Collier County Industrial Development Authority Revenue, 0.30%, 12/1/26, (LOC: Bank of America NA)(b)		2,635,000
	15,000,000	County of Palm Beach Pine Crest Preparatory Refunding Revenue, 0.25%, 6/1/38, (LOC: Bank of America NA)(b)		15,000,000
	1,280,000	Florida Housing Finance Corp. Refunding Revenue, Series I, 0.27%, 11/1/32, (Credit Support: Freddie Mac)(b)		1,280,000

47

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	5,245,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3438Z, 0.30%, 4/1/27, (Credit Support: NATL-RE)(a)(b)	$	5,245,000
	2,225,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3617, 0.35%, 10/1/25(a)(b)		2,225,000
	6,835,000	Marion County Industrial Development Authority Refunding Revenue, 0.20%, 11/15/32, (Credit Support: Fannie Mae)(b)		6,835,000
	5,255,000	Miami-Dade County Industrial Development Authority Revenue, 0.27%, 9/1/29, (LOC: Bank of America NA)(b)		5,255,000
	15,000,000	Miami-Dade County School Board Revenue, 1.50%, 1/28/10		15,008,624
	8,915,000	Orange County Housing Finance Authority Refunding Revenue, 0.25%, 6/1/25, (Credit Support: Fannie Mae)(b)		8,915,000
				67,393,624
	Georgia — 3.36%
	11,500,000	Camden County Public Service Authority Revenue, 0.25%, 12/1/32, (Credit Support: Assured GTY)(b)		11,500,000
	7,215,000	Clayton County Housing Authority Refunding Revenue, 0.26%, 9/1/26, (Credit Support: Fannie Mae)(b)		7,215,000
	4,755,000	Cobb County Housing Authority Refunding Revenue, 0.25%, 3/1/24, (Credit Support: Freddie Mac)(b)		4,755,000
	7,490,000	Fulton County Development Authority Revenue, 0.25%, 4/1/34, (LOC: Bank of America NA)(b)		7,490,000
	2,800,000	Gainesville & Hall County Development Authority Refunding Revenue, 0.25%, 4/1/27, (Credit Support: County GTY), (LOC: Bank of America NA)(b)		2,800,000
	5,495,000	Lowndes County Board of Education GO, 4.25%, 2/1/10, (Credit Support: State Aid Withholding)		5,509,207
	8,525,000	Marietta Housing Authority Refunding Revenue, 0.28%, 7/1/24, (Credit Support: Fannie Mae)(b)		8,525,000
				47,794,207
	Hawaii — 0.07%
	1,000,000	City & County of Honolulu Pre-Refunded GO, Series A, OID, 6.00%, 1/1/10		1,000,000
	Idaho — 1.66%
	23,680,000	Idaho Health Facilities Authority Revenue, 0.27%, 7/1/30, (Credit Support: FSA)(b)		23,680,000
	Illinois — 5.59%
	20,665,000	City of Chicago GO, Series R-11270, 0.25%, 7/1/15, (Credit Support: NATL-RE)(b)		20,665,000
	2,700,000	City of Galesburg Revenue, 0.22%, 7/1/24, (LOC: Bank of America)(b)		2,700,000
	11,500,000	City of Galesburg Revenue, 0.25%, 3/1/31, (LOC: Bank of America)(b)		11,500,000
	4,100,000	Illinois Educational Facilities Authority Revenue, 0.28%, 12/1/25, (LOC: JP Morgan Chase Bank)(b)		4,100,000
	1,480,000	Illinois Finance Authority Radiological Society Project Revenue, 0.27%, 6/1/17, (LOC: JP Morgan)(b)		1,480,000
	4,995,000	Illinois Finance Authority Revenue, Putters Series 2967, 0.30%, 2/15/16, (Credit Support: Assured GTY)(b)		4,995,000

48

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	16,100,000	Illinois Finance Authority Revenue, Series R-11624, 0.30%, 8/15/39, (Credit Support: Assured GTY)(a)(b)	$	16,100,000
	6,900,000	Illinois Finance Authority, Beloit Memorial Hospital, Inc. Revenue, Series A, 0.26%, 4/1/36, (LOC: JP Morgan Chase Bank)(b)		6,900,000
	4,000,000	Illinois Health Facilities Authority Revenue, Series C, 0.27%, 1/1/16, (LOC: JP Morgan)(b)		4,000,000
	1,175,000	Lake County Community Consolidated School District No 73-Hawthorn GO, Putters Series 329, 0.30%, 12/1/14, (Credit Support: FGIC)(a)(b)		1,175,000
	2,780,000	Village of Channahon Revenue, Series A, 0.23%, 12/1/34, (LOC: US Bank NA)(b)		2,780,000
	3,085,000	Village of Channahon Revenue, Series D, 0.23%, 12/1/32, (LOC: US Bank NA)(b)		3,085,000
				79,480,000
	Indiana — 3.45%
	23,445,000	Indiana Bond Bank Revenue, Series A, 2.00%, 1/5/10		23,445,571
	7,500,000	Indiana Development Finance Authority Revenue, 0.20%, 11/1/35, (LOC: JP Morgan Chase Bank)(b)		7,500,000
	4,500,000	Indiana Finance Authority Refunding Revenue, 0.25%, 3/1/36, (LOC: Branch Banking & Trust)(b)		4,500,000
	8,540,000	Indiana Health Facility Financing Authority Revenue, Series A, 0.25%, 7/1/28, (LOC: Bank of America NA)(b)		8,540,000
	5,135,000	Vincennes University Revenue, Series F, 0.28%, 10/1/22, (LOC: JP Morgan)(b)		5,135,000
				49,120,571
	Iowa — 2.66%
	3,220,000	Iowa Finance Authority Revenue, 0.22%, 2/1/23, (LOC: Wells Fargo Bank NA)(b)		3,220,000
	1,885,000	Iowa Finance Authority Revenue, 0.30%, 4/1/25, (LOC: Bank of America NA)(b)		1,885,000
	8,680,000	Iowa Higher Education Loan Authority Revenue, 0.25%, 4/1/27, (LOC: Bank of America)(b)		8,680,000
	7,870,000	Iowa Higher Education Loan Authority Revenue, 0.32%, 5/1/20, (LOC: Wells Fargo Bank NA)(b)		7,870,000
	14,000,000	Iowa State School Cash Anticipation Program Revenue, Series B, 3.00%, 1/21/10, (Credit Support: State Aid Withholding), (LOC: US Bank NA)		14,014,228
	2,150,000	Woodbury County Revenue, 0.32%, 11/1/16, (LOC: US Bank NA)(b)		2,150,000
				37,819,228
	Kansas — 2.04%
	3,215,000	City of Olathe Revenue, Series B, 0.30%, 11/1/18, (LOC: Bank of America NA)(b)		3,215,000
	25,770,000	Wyandotte County-Kansas City Unified Government, GO, Series II, 2.00%, 3/1/10		25,770,000
				28,985,000

49

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Kentucky — 1.45%
$	8,350,000	County of Warren Refunding Revenue, 0.20%, 4/1/37, (Credit Support: Assured GTY)(b)	$	8,350,000
	6,500,000	Kentucky Economic Development Finance Authority Revenue, Series R-11810, 0.30%, 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		5,761,256
				20,611,256
	Louisiana — 2.27%
	23,250,000	Louisiana Public Facilities Authority Revenue, Series A, 0.29%, 8/1/49, (Credit Support: Air Products & Chemicals)(b)		23,250,000
	4,040,000	Shreveport Home Mortgage Authority Refunding Revenue, 0.25%, 2/15/23, (Credit Support: Fannie Mae)(b)		4,040,000
	5,080,000	South Louisiana Port Commission Refunding Revenue, 0.19%, 7/1/18, (LOC: Bank of New York)(b)		5,080,000
				32,370,000
	Michigan — 2.99%
	5,000,000	Detroit City School District GO, Putters Series 2954, 0.30%, 11/1/24, (Credit Support: FSA 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		5,049,254
	15,000,000	Michigan State Hospital Finance Authority Revenue, 0.28%, 6/1/22, (Credit Support: Assured GTY)(b)		15,000,000
	5,230,000	Michigan Strategic Fund Revenue, 0.25%, 9/1/40, (LOC: Bank of America)(b)		5,230,000
	12,200,000	State of Michigan GO, Series A, 2.00%, 9/30/10		12,331,607
				42,610,861
	Minnesota — 4.02%
	1,825,000	City of Bloomington Refunding Revenue, Series A1, 0.39%, 11/15/32, (Credit Support: Fannie Mae)(b)		1,825,000
	8,035,000	City of Burnsville Refunding Revenue, 0.23%, 1/1/35, (Credit Support: Freddie Mac)(b)		8,035,000
	12,235,000	City of Inver Grove Heights Refunding Revenue, 0.23%, 5/15/35, (Credit Support: Fannie Mae)(b)		12,235,000
	1,200,000	City of Minnetonka Refunding Revenue, 0.23%, 11/15/31, (Credit Support: Fannie Mae)(b)		1,200,000
	13,580,000	City of Oak Park Heights Refunding Revenue, 0.23%, 11/1/35, (Credit Support: Freddie Mac)(b)		13,580,000
	1,255,000	City of Spring Lake Park Refunding Revenue, 0.23%, 2/15/33, (Credit Support: Fannie Mae)(b)		1,255,000
	10,890,000	Midwest Consortium of Municipal Utilities Revenue, Series B, 0.22%, 10/1/35, (LOC: US Bank NA)(b)		10,890,000
	2,140,000	St. Paul Housing & Redevelopment Authority Revenue, Series A, 0.27%, 5/1/27, (LOC: US Bank NA)(b)		2,140,000
	3,000,000	St. Paul Port Authority Revenue, Series 5-O, 0.22%, 12/1/28, (LOC: Deutsche Bank AG)(b)		3,000,000

50

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	3,000,000	St. Paul Port Authority Revenue, Series 9-BB, 0.22%, 3/1/29, (LOC: Deutsche Bank AG)(b)	$	3,000,000
				57,160,000
	Mississippi — 3.49%
	20,000,000	County of Jackson Port Facilities Refunding Revenue, 0.22%, 6/1/23, (Credit Support: Chevron Corporation)(b)		20,000,000
	29,700,000	Mississippi Business Finance Commission Revenue, Series B, 0.38%, 12/1/30(b)		29,700,000
				49,700,000
	Missouri — 1.38%
	4,200,000	Cape Girardeau County Industrial Development Authority Revenue, Series B, 0.22%, 6/1/39, (LOC: Wells Fargo Bank NA)(b)		4,200,000
	1,000,000	Farmington School District GO, Series R-VII, 6.10%, 3/1/10, (Credit Support: State Aid Direct Deposit)		1,008,318
	1,765,000	Greene County Reorganized School District No R-2 GO, OID, 6.00%, 3/1/10, (Credit Support: State Aid Direct Deposit)		1,779,407
	1,000,000	Missouri State Health & Educational Facilities Authority Revenue, Series C-4, 0.25%, 6/1/33, (Credit Support: FSA)(b)		1,000,000
	2,200,000	Newton County Reorganized School District No R-4 GO, 6.05%, 3/1/10, (Credit Support: State Aid Direct Deposit)		2,218,129
	7,420,000	Nodaway County Industrial Development Authority Revenue, 0.22%, 11/1/28, (LOC: US Bank NA)(b)		7,420,000
	2,000,000	St. Charles County Industrial Development Authority Refunding Revenue, 0.25%, 2/1/29, (Credit Support: Fannie Mae)(b)		2,000,000
				19,625,854
	Montana — 1.55%
	4,045,000	Montana Board of Investment Revenue, 2.15%, 3/1/10(b)		4,045,000
	17,970,000	Montana Board of Investment Revenue, 2.15%, 3/1/29(b)(c)		17,970,000
				22,015,000
	Nebraska — 1.01%
	6,000,000	Madison County Hospital Authority No. 1 Revenue, Series B, 0.22%, 7/1/33, (LOC: US Bank NA)(b)		6,000,000
	5,570,000	Saline County Hospital Authority No. 1 Refunding Revenue, Series C, 0.22%, 6/1/31, (LOC: US Bank NA)(b)		5,570,000
	2,850,000	Scotts Bluff County Hospital Authority Refunding Revenue, 0.27%, 12/1/31, (Credit Support: Ginnie Mae), (LOC: US Bank NA)(b)		2,850,000
				14,420,000
	Nevada — 0.75%
	5,145,000	City of Fernley GO, Series R-11458, 0.30%, 2/1/16, (Credit Support: Assured GTY)(b)		5,145,000
	5,515,000	City of Reno Refunding Revenue, Series A, 0.25%, 6/1/32, (LOC: Bank of America NA)(b)		5,515,000
				10,660,000

51

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	New Hampshire — 0.61%
$	8,700,000	New Hampshire Health & Education Facilities Authority Revenue, 0.32%, 7/1/28, (LOC: Wells Fargo Bank)(b)	$	8,700,000
	New Jersey — 2.47%
	4,915,000	Austin Trust Various States Revenue, Series 2008-353, 0.40%, 7/1/13, (LOC: Bank of America NA)(b)		4,915,000
	8,700,000	City of Newark GO, 3.25%, 1/20/10		8,703,727
	16,300,000	City of Newark GO, Series E, 3.25%, 4/14/10		16,343,661
	5,215,700	City of Trenton Water Utility GO, 3.50%, 2/19/10		5,221,138
				35,183,526
	New York — 4.31%
	2,900,000	Erie County Industrial Development Agency Revenue, Putters Series 2090, 0.28%, 5/1/15, (Credit Support: FSA)(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)(d)		15,000,000
	22,450,000	New York State Energy Research & Development Authority Refunding Revenue, Series A, 0.27%, 8/1/15, (Credit Support: AMBAC), (LOC: Wells Fargo Bank)(b)		22,450,000
	5,964,000	Oppenheim-Ephratah Central School District GO, 2.50%, 6/30/10, (Credit Support: State Aid Withholding)		5,996,028
	15,000,000	Rochester Health Care Facilities TECP, 0.30%, 1/5/10(e)		15,000,000
				61,346,028
	North Carolina — 2.84%
	9,770,000	North Carolina Capital Facilities Finance Agency Revenue, 0.22%, 8/1/33, (LOC: Wells Fargo Bank)(b)		9,770,000
	17,700,000	North Carolina Capital Facilities Finance Agency Revenue, Series B, 0.22%, 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, 0.23%, 1/1/11, (Credit Support: BHAC-CR, MBIA)(b)		12,995,000
				40,465,000
	Ohio — 0.72%
	10,200,000	County of Lucas GO, 1.00%, 7/22/10		10,216,517
	Oregon — 1.19%
	1,000,000	City of Portland Revenue, Series A, 0.23%, 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, 0.23%, 11/1/29, (Credit Support: Banco Santander), (LOC: Sovereign Bank FSB)(b)		5,300,000
	6,000,000	Confederated Tribes of the Umatilla Indian Reservation Revenue, 0.25%, 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)		4,624,058
				16,924,058

52

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Pennsylvania — 7.50%
$	8,900,000	Allegheny County Higher Education Building Authority Revenue, Series A, 0.21%, 3/1/38, (LOC: PNC Bank NA)(b)	$	8,900,000
	8,000,000	Allegheny County Hospital Development Authority Revenue, Series A, 0.21%, 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, 0.21%, 6/1/38, (LOC: PNC Bank NA)(b)		5,135,000
	1,875,000	Butler County General Authority Revenue, 0.27%, 11/15/21, (Credit Support: FSA)(b)		1,875,000
	1,375,000	County of Somerset GO, 0.26%, 10/15/27, (Credit Support: FSA)(b)		1,375,000
	3,305,000	Cumberland County Municipal Authority Revenue, Series C, 0.22%, 1/1/33, (LOC: Wells Fargo Bank)(b)		3,305,000
	5,000,000	Delaware County Industrial Development Authority Refunding Revenue, Series G, 0.22%, 12/1/31, (Credit Support: General Electric Capital Corp.)(b)		5,000,000
	5,000,000	Delaware County Industrial Development Authority Refunding Revenue, Series G, 0.22%, 12/1/31, (Credit Support: General Electric Capital Corp.)(b)		5,000,000
	4,700,000	Emmaus General Authority Revenue, Series F, 0.25%, 3/1/24, (LOC: US Bank NA)(b)		4,700,000
	8,155,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3405, 0.28%, 11/15/14, (Credit Support: FSA, State Aid Withholding)(a)(b)		8,155,000
	8,050,000	Luzerne County Convention Center Authority Revenue, Series A, 0.21%, 9/1/28, (LOC: PNC Bank NA)(b)		8,050,000
	15,000,000	Pennsylvania Economic Development Finance Authority Revenue, 0.62%, 8/31/10, (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
	7,800,000	Philadelphia Authority for Industrial Development Revenue, 0.32%, 12/1/37, (LOC: Wells Fargo Bank)(b)		7,800,000
	4,000,000	Washington County Hospital Authority Revenue, Series A, 1.25%, 7/1/37, (LOC: Wells Fargo Bank)(b)		4,000,000
	10,125,000	York County Industrial Development Authority Revenue, 0.30%, 7/1/37, (LOC: PNC Bank NA)(b)		10,125,000
				106,650,000
	Rhode Island — 1.91%
	18,510,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3273, 0.65%, 3/1/11, (Credit Support: NATL-RE)(a)(b)		18,510,000
	3,200,000	Rhode Island Health & Educational Building Corp. Revenue, 0.35%, 6/1/37, (LOC: Bank of America NA)(b)		3,200,000
	5,500,000	Rhode Island Health & Educational Building Corp. Revenue, Series R-11811, 0.30%, 5/15/17, (Credit Support: Assured GTY)(a)(b)		5,500,000
				27,210,000

53

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	South Carolina — 2.41%
$	6,500,000	County of Cherokee Revenue, 0.25%, 12/1/15, (LOC: Bank of America)(b)	$	6,500,000
	6,770,000	South Carolina Jobs-Economic Development Authority Revenue, 0.32%, 5/1/29, (LOC: Wells Fargo Bank)(b)		6,770,000
	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		14,989,748
				34,259,748
	South Dakota — 0.89%
	12,640,000	City of Sioux Falls Revenue, Series 2057, 0.30%, 5/15/15, (Credit Support: NATL-RE)(b)		12,640,000
	Tennessee — 0.14%
	2,000,000	Hendersonville Industrial Development Board Refunding Revenue, 0.25%, 2/15/28, (Credit Support: Fannie Mae)(b)		2,000,000
	Texas — 5.07%
	2,320,000	Aldine Independent School District GO, 1.75%, 2/15/10, (Credit Support: PSF-GTD)		2,323,035
	12,450,000	City of Austin Revenue, Series R-574, 0.25%, 5/15/10, (Credit Support: FSA)(b)		12,450,000
	5,000,000	City of San Antonio Refunding Revenue, Series B, OID, 0.50%, 2/1/10(e)		4,998,105
	3,300,000	Crawford Education Facilities Corp. Revenue, 0.28%, 6/1/18, (LOC: US Bank NA)(b)		3,300,000
	5,510,000	Dallas Performing Arts Cultural Facilities Corp. Revenue, Series A, 0.27%, 9/1/41, (LOC: Bank of America NA)(b)		5,510,000
	1,745,000	El Paso County Hospital District GO, Putters Series 2747, 0.30%, 2/15/16, (Credit Support: Assured GTY)(b)		1,745,000
	4,075,000	Harris County Hospital District Revenue, Series R-12075, 0.23%, 8/15/10, (Credit Support: BHAC-CR, NATL-RE)(b)		4,075,000
	9,000,000	Harris County TECP, 0.40%, 3/12/10(e)		9,000,000
	8,000,000	Harris County TECP, 0.40%, 6/15/10(e)		8,000,000
	3,505,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3356, 0.30%, 2/15/12(a)(b)		3,505,000
	4,300,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3563, 0.25%, 4/1/15, (Credit Support: FSA)(a)(b)		4,300,000
	5,000,000	North Texas Tollway Authority Revenue, Series R-11392, 0.23%, 1/1/16, (Credit Support: BHAC-CR)(b)		5,000,000
	5,415,000	Splendora Higher Education Facilities Corp. Revenue, Series A, 0.32%, 12/1/26, (LOC: Wells Fargo Bank NA)(b)		5,415,000
	2,530,000	Tarrant County Housing Finance Corp. Revenue, 0.26%, 2/15/36, (Credit Support: Fannie Mae)(b)		2,530,000
				72,151,140
	Utah — 1.81%
	5,000,000	County of Emery Revenue, 0.24%, 11/1/24, (LOC: Wells Fargo Bank NA)(b)		5,000,000

54

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	805,000	County of Sanpete Revenue, 0.32%, 8/1/28, (LOC: US Bank NA)(b)	$	805,000
	3,700,000	Duchesne County School District Revenue, 0.32%, 6/1/21, (LOC: US Bank NA)(b)		3,700,000
	5,033,000	Jordanelle Special Service District Revenue, 0.22%, 9/1/25, (LOC: Wells Fargo Bank NA)(b)		5,033,000
	3,870,000	Ogden City Redevelopment Agency Tax Allocation, Series A, 0.32%, 4/1/25, (LOC: Wells Fargo Bank NA)(b)		3,870,000
	4,435,000	Salt Lake County Housing Authority Refunding Revenue, 0.26%, 2/15/31, (Credit Support: Fannie Mae)(b)		4,435,000
	2,980,000	Utah Transit Authority Revenue, Series R-11800, 0.23%, 12/15/29, (Credit Support: BHAC-CR, MBIA)(a)(b)		2,980,000
				25,823,000
	Virginia — 1.77%
	6,735,000	JP Morgan Chase Putters/Drivers Trust Revenue, Series 3313Z, 0.30%, 1/1/31, (Credit Support: NATL-RE, GO of Authority), Callable 7/01/11 @ 100(b)		6,735,000
	18,500,000	Montgomery County Industrial Development Authority Revenue, Series A, 0.23%, 2/1/39, (Credit Support: Bank of America, PNC Bank, Bank of New York)(b)		18,500,000
				25,235,000
	Washington — 2.27%
	10,000,000	City of Seattle Revenue, Series R-47, 0.25%, 3/2/21, (Credit Support: FSA)(b)		10,000,000
	5,995,000	City of Seattle Revenue, Series R-48, 0.25%, 9/2/20, (Credit Support: FSA)(b)		5,995,000
	4,995,000	JP Morgan Chase Putters/Drivers Trust GO, Series 3542Z, 0.30%, 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, 0.30%, 8/1/26, (LOC: Bank of America NA)(b)		6,930,000
	280,000	Washington State Housing Finance Commission Refunding Revenue, Series B, 0.28%, 7/1/11, (LOC: US Bank NA)(b)		280,000
	3,000,000	Washington State Housing Finance Commission Revenue, 0.22%, 10/1/29, (LOC: Wells Fargo Bank NA)(b)		3,000,000
	1,100,000	Washington State Housing Finance Commission Revenue, 0.28%, 7/1/22, (LOC: US Bank NA)(b)		1,100,000
				32,300,000
	Wisconsin — 2.11%
	4,295,000	Badger TOB Asset Securitization Corp. Revenue, 5.50%, 6/1/10		4,377,075
	5,000,000	City of Middleton Revenue, 1.75%, 7/1/10		5,019,092
	2,645,000	Milwaukee Redevelopment Authority Revenue, 0.32%, 9/1/40, (LOC: US Bank NA)(b)		2,645,000
	7,405,000	Village of Wind Point Revenue, 0.15%, 9/1/35, (LOC: US Bank NA)(b)		7,405,000
	1,880,000	Wisconsin Municipalities Private School Finance Commission Revenue, 0.28%, 3/1/23, (LOC: US Bank NA)(b)		1,880,000

55

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	8,725,000	Wisconsin State Health & Educational Facilities Authority Revenue, 0.32%, 6/1/28, (LOC: Wells Fargo Bank NA)(b)	$	8,725,000
				30,051,167
	Total Municipal Bonds			1,375,590,382
	(Cost $1,375,590,382)
Shares
	Investment Companies — 3.09%
	21,961,045	Goldman Sachs Tax-Free Institutional Money Market Fund		21,961,045
	21,945,634	Wells Fargo Advantage National Tax-Free Institutional Money Market Fund		21,945,634
	Total Investment Companies			43,906,679
	(Cost $43,906,679)
	Total Investments		$	1,419,497,061
	(Cost $1,419,497,061)(f) — 99.76%
	Other assets in excess of liabilities — 0.24%			3,402,291
	NET ASSETS — 100.00%		$	1,422,899,352

(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 December 31, 2009. The maturity date represents the actual maturity date. The security’s effective maturity resets periodically.

(c) Annual put security.

(d) One year mandatory tender.

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

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

56

SCHEDULE OF PORTFOLIO INVESTMENTS

Tax-Free Money Market Fund (cont.)

December 31, 2009 (Unaudited)

Abbreviations used are defined below:

AMBAC – American Municipal Bond Assurance Corp.

BHAC-CR – Berkshire Hathaway Assurance Corp. Custodial Receipts

COP – Certificate of Participation

FGIC – Insured by Financial Guaranty Insurance Corp.

FSA – Financial Security Assurance, Inc.

GO – General Obligation

GTY – Guaranty

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

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

OID – Original Issue Discount

PSF-GTD – Permanent School Fund Guaranteed

Q-SBLF – Qualified School Board Loan Fund

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

TECP – Tax Exempt Commercial Paper

See notes to schedules of portfolio investments.

57

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund

December 31, 2009 (Unaudited)

Principal Amount			Value
	Municipal Bonds — 4.35%
	Arizona — 0.15%
$	810,853	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	$	843,190
	California — 0.37%
	220,000	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		213,899
	750,000	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		770,325
	440,000	Camarillo California Community Development, Community Tax Allocation (Housing Set-Aside), Series A-T, 5.26%, 9/1/16, (Credit Support: AMBAC)		422,985
	745,000	Sacramento County Housing Authority Revenue, Series B-1, 5.00%, 1/20/48, (Credit Support: Ginnie Mae), Callable 7/20/17 @ 102		684,745
				2,091,954
	Guam — 0.02%
	140,000	Guam Power Authority Revenue OID, Series A, 5.00%, 10/1/24, (Credit Support: AMBAC)		129,116
	Massachusetts — 1.16%
	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		6,602,664
	New York — 1.60%
	665,000	New York City Housing Development Corp. Revenue, Series A, 4.15%, 7/15/15, (Credit Support: Fannie Mae)		661,449
	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		7,494,715
	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		932,890
				9,089,054

58

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
	Ohio — 0.14%
$	775,000	Ohio Housing Finance Agency Refunding Revenue, 5.32%, 9/1/38, (Credit Support: Ginnie Mae, Fannie Mae), Callable 9/1/16 @ 100	$	771,854
	Texas — 0.19%
	1,085,000	Texas Department of Housing & Community Affairs Revenue, 5.13%, 12/1/38, (Credit Support: Fannie Mae)(a)		1,077,665
	Utah — 0.72%
	1,425,000	Utah Housing Corporation, Single Family Mortgage Revenue, Series B-2, Class 1, 4.33%, 1/1/18, Callable 1/1/17 @ 100		1,420,354
	2,695,000	Utah Housing Corporation, Single Family Mortgage Revenue, Series C-2, Class 1, 4.85%, 1/1/18, Callable 1/1/17 @ 100		2,639,753
				4,060,107
	Total Municipal Bonds			24,665,604
	(Cost $22,712,140)
	Corporate Bonds — 0.36%
	Diversified Financials — 0.36%
	575,000	Atlantic Marine Corps Communities LLC 5.34%, 12/1/49(Credit Support: MBIA)(b)		403,305
	1,395,000	Fort Knox Military Housing Privatization Project 0.57%, 2/15/49(Credit Support: AMBAC)(a)(c)(d)		596,749
	2,000,000	Pacific Beacon LLC 0.68%, 7/15/49(Credit Support: MBIA)(a)(b)(c)		1,039,994
	Total Corporate Bonds			2,040,048
	(Cost $3,862,194)
	U.S. Government Agency Backed Mortgages — 99.98%
	Fannie Mae — 70.73%
	20,524,619	(TBA), 4.68%, 8/1/19(c)		20,729,571
	647,311	(TBA), 4.70%, 2/1/17(c)		659,929
	2,946,683	(TBA), 5.00%, 11/1/39(c)		3,042,304
	11,097,434	5.12%, 7/25/41		11,542,593
	26,509	Pool #253174, 7.25%, 12/1/29		29,801
	140,856	Pool #253212, 7.50%, 1/1/30		159,621
	45,841	Pool #253214, 7.00%, 1/1/15		49,630
	113,651	Pool #257611, 5.50%, 5/1/38		119,665
	52,906	Pool #257612, 5.00%, 5/1/38		54,617
	395,318	Pool #257613, 5.50%, 6/1/38		418,213
	292,219	Pool #257631, 6.00%, 7/1/38		311,259
	459,842	Pool #257632, 5.50%, 7/1/38		484,175
	298,144	Pool #257649, 5.50%, 7/1/38		313,921

59

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	227,226	Pool #257656, 6.00%, 8/1/38	$	242,032
	471,337	Pool #257663, 5.50%, 8/1/38		496,279
	810,642	Pool #257857, 6.00%, 12/1/37		863,967
	191,294	Pool #257868, 6.50%, 11/1/37		206,030
	190,601	Pool #257869, 5.50%, 12/1/37		201,640
	151,200	Pool #257875, 5.50%, 12/1/37		159,201
	604,136	Pool #257890, 5.50%, 2/1/38		636,105
	3,365,957	Pool #257892, 5.50%, 2/1/38		3,544,072
	1,018,818	Pool #257893, 6.00%, 2/1/38		1,085,200
	140,010	Pool #257897, 5.50%, 2/1/38		147,418
	232,989	Pool #257898, 6.00%, 2/1/38		248,169
	101,430	Pool #257899, 5.00%, 2/1/38		104,710
	222,543	Pool #257900, 5.00%, 1/1/38		230,853
	299,688	Pool #257901, 5.50%, 2/1/38		317,044
	55,854	Pool #257902, 6.00%, 2/1/38		59,773
	445,036	Pool #257903, 5.50%, 2/1/38		468,586
	368,059	Pool #257904, 6.00%, 2/1/38		392,040
	191,203	Pool #257913, 5.50%, 1/1/38		201,321
	131,068	Pool #257914, 6.00%, 1/1/38		139,608
	115,970	Pool #257919, 6.00%, 2/1/38		123,526
	220,082	Pool #257926, 5.50%, 3/1/38		231,728
	157,317	Pool #257927, 5.50%, 3/1/38		165,642
	164,472	Pool #257928, 6.00%, 3/1/38		175,189
	307,005	Pool #257942, 5.50%, 4/1/38		323,250
	106,482	Pool #257943, 6.00%, 4/1/38		113,419
	100,816	Pool #257973, 5.00%, 5/1/38		104,076
	901,706	Pool #257974, 5.50%, 4/1/38		949,422
	86,455	Pool #257995, 6.00%, 7/1/38		92,089
	748,885	Pool #258000, 5.00%, 4/1/34		774,666
	168,270	Pool #258001, 5.00%, 3/1/34		174,063
	114,744	Pool #258005, 5.50%, 3/1/34		121,174
	74,587	Pool #258022, 5.50%, 5/1/34		78,767
	637,098	Pool #258024, 5.00%, 6/1/34		659,032
	305,781	Pool #258027, 5.00%, 5/1/34		316,308
	27,737	Pool #258028, 5.00%, 5/1/34		28,692
	118,555	Pool #258030, 5.00%, 5/1/34		122,636
	76,461	Pool #258031, 5.00%, 5/1/34		79,094
	310,474	Pool #258049, 5.00%, 5/1/34		321,162
	58,099	Pool #258050, 5.50%, 5/1/34		61,355
	49,233	Pool #258051, 5.00%, 5/1/34		50,928
	530,178	Pool #258070, 5.00%, 6/1/34		548,431
	167,996	Pool #258090, 5.00%, 6/1/34		173,779
	334,064	Pool #258092, 5.50%, 6/1/34		352,786
	173,974	Pool #258093, 5.50%, 6/1/34		183,724
	82,516	Pool #258094, 5.00%, 6/1/34		85,357
	61,609	Pool #258095, 5.50%, 7/1/34		65,061
	80,539	Pool #258097, 5.50%, 6/1/34		85,053
	51,005	Pool #258121, 5.50%, 6/1/34		53,864

60

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	317,556	Pool #258152, 5.50%, 8/1/34	$	335,352
	467,023	Pool #258157, 5.00%, 8/1/34		483,101
	195,360	Pool #258163, 5.50%, 8/1/34		206,308
	130,074	Pool #258165, 5.50%, 8/1/34		137,364
	139,896	Pool #258166, 5.50%, 9/1/34		147,736
	226,184	Pool #258171, 5.50%, 10/1/34		238,859
	440,771	Pool #258173, 5.50%, 10/1/34		465,473
	304,409	Pool #258180, 5.00%, 10/1/34		314,889
	163,219	Pool #258182, 5.00%, 10/1/34		168,838
	86,286	Pool #258185, 5.50%, 10/1/34		91,121
	170,102	Pool #258186, 5.50%, 11/1/34		179,635
	148,717	Pool #258187, 5.50%, 11/1/34		157,051
	770,987	Pool #258188, 5.50%, 11/1/34		814,194
	237,492	Pool #258198, 5.50%, 10/1/34		250,801
	96,879	Pool #258199, 5.50%, 9/1/34		102,308
	236,787	Pool #258203, 5.50%, 10/1/34		250,057
	157,837	Pool #258210, 5.50%, 11/1/34		166,682
	111,590	Pool #258221, 5.50%, 11/1/34		117,844
	48,801	Pool #258222, 5.00%, 11/1/34		50,481
	138,173	Pool #258224, 5.50%, 12/1/34		145,917
	145,063	Pool #258225, 5.50%, 11/1/34		153,193
	288,992	Pool #258236, 5.00%, 12/1/34		298,941
	176,880	Pool #258237, 5.50%, 1/1/35		186,682
	1,083,790	Pool #258238, 5.00%, 1/1/35		1,121,101
	45,478	Pool #258245, 5.50%, 12/1/34		48,027
	115,766	Pool #258249, 5.00%, 12/1/34		119,751
	100,321	Pool #258250, 5.50%, 11/1/34		106,444
	154,653	Pool #258251, 5.50%, 1/1/35		163,320
	81,661	Pool #258252, 5.50%, 12/1/34		86,237
	235,059	Pool #258254, 5.50%, 12/1/34		248,232
	140,908	Pool #258258, 5.00%, 1/1/35		145,583
	427,457	Pool #258300, 5.00%, 3/1/35		441,639
	139,981	Pool #258301, 5.50%, 2/1/35		147,738
	195,640	Pool #258302, 5.00%, 3/1/35		202,131
	197,201	Pool #258303, 5.00%, 2/1/35		204,729
	278,271	Pool #258304, 5.00%, 2/1/35		287,504
	413,898	Pool #258305, 5.00%, 3/1/35		427,630
	15,352	Pool #258311, 5.00%, 2/1/35		15,861
	83,372	Pool #258312, 5.50%, 2/1/35		87,992
	322,782	Pool #258324, 5.50%, 4/1/35		340,669
	331,527	Pool #258325, 5.50%, 4/1/35		349,899
	393,684	Pool #258333, 5.00%, 4/1/35		406,746
	347,742	Pool #258336, 5.00%, 4/1/35		359,279
	311,633	Pool #258338, 5.00%, 4/1/35		321,972
	260,429	Pool #258339, 5.00%, 4/1/35		269,070
	76,528	Pool #258340, 5.00%, 3/1/35		79,067
	92,720	Pool #258341, 5.00%, 4/1/35		95,796
	102,013	Pool #258342, 5.00%, 4/1/35		105,907

61

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	415,050	Pool #258343, 5.00%, 4/1/35	$	428,820
	238,431	Pool #258346, 5.00%, 3/1/35		246,342
	1,096,376	Pool #258347, 5.00%, 4/1/35		1,132,751
	248,431	Pool #258388, 5.50%, 6/1/35		262,198
	496,037	Pool #258392, 5.00%, 6/1/35		512,494
	553,877	Pool #258393, 5.00%, 5/1/35		572,253
	280,897	Pool #258394, 5.00%, 5/1/35		290,216
	400,985	Pool #258395, 5.50%, 6/1/35		423,207
	132,724	Pool #258400, 5.00%, 6/1/35		137,128
	419,693	Pool #258402, 5.00%, 6/1/35		433,617
	74,758	Pool #258403, 5.00%, 6/1/35		77,238
	100,638	Pool #258404, 5.00%, 6/1/35		103,977
	86,703	Pool #258406, 5.50%, 5/1/35		91,508
	176,131	Pool #258407, 5.00%, 5/1/35		181,974
	54,620	Pool #258408, 5.00%, 5/1/34		56,500
	203,940	Pool #258409, 5.00%, 5/1/35		210,706
	110,848	Pool #258410, 5.00%, 4/1/35		114,525
	120,263	Pool #258411, 5.50%, 5/1/35		126,927
	159,316	Pool #258422, 5.00%, 6/1/35		164,602
	139,636	Pool #258427, 5.00%, 7/1/35		144,268
	166,357	Pool #258428, 5.00%, 7/1/35		171,876
	91,882	Pool #258439, 5.50%, 6/1/35		96,974
	410,784	Pool #258448, 5.00%, 8/1/35		424,412
	136,725	Pool #258449, 5.50%, 7/1/35		144,301
	753,488	Pool #258450, 5.50%, 8/1/35		795,244
	56,307	Pool #258451, 5.50%, 7/1/35		59,428
	162,924	Pool #258454, 5.50%, 7/1/35		171,953
	341,482	Pool #258456, 5.00%, 8/1/35		352,812
	568,259	Pool #258460, 5.00%, 8/1/35		587,112
	164,941	Pool #258470, 5.00%, 7/1/35		170,414
	223,752	Pool #258479, 5.50%, 7/1/35		236,152
	539,525	Pool #258480, 5.00%, 8/1/35		557,425
	158,799	Pool #258551, 5.50%, 11/1/35		167,599
	344,524	Pool #258552, 5.00%, 11/1/35		355,954
	60,275	Pool #258555, 5.00%, 10/1/35		62,274
	113,715	Pool #258556, 5.50%, 11/1/35		120,017
	125,470	Pool #258562, 5.50%, 11/1/35		132,423
	114,823	Pool #258569, 5.00%, 10/1/35		118,632
	1,198,306	Pool #258571, 5.50%, 11/1/35		1,264,712
	162,234	Pool #258595, 5.50%, 12/1/35		171,224
	485,053	Pool #258596, 6.00%, 12/1/35		518,552
	121,064	Pool #258598, 5.00%, 12/1/35		125,080
	183,846	Pool #258599, 5.50%, 1/1/36		193,718
	265,559	Pool #258600, 6.00%, 1/1/36		283,401
	112,866	Pool #258610, 5.50%, 8/1/35		119,120
	167,182	Pool #258621, 5.50%, 1/1/36		176,159
	1,537,837	Pool #258627, 5.50%, 2/1/36		1,623,059
	175,781	Pool #258633, 5.50%, 12/1/35		185,522

62

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	395,042	Pool #258634, 5.50%, 2/1/36	$	416,255
	611,487	Pool #258643, 5.50%, 1/1/36		645,374
	656,735	Pool #258644, 5.50%, 2/1/36		692,000
	97,892	Pool #258650, 5.50%, 1/1/36		103,149
	680,381	Pool #258658, 5.50%, 3/1/36		716,916
	115,303	Pool #258663, 5.50%, 2/1/36		121,495
	201,111	Pool #258721, 5.50%, 4/1/36		211,910
	149,238	Pool #258736, 5.00%, 3/1/36		154,096
	143,798	Pool #258737, 5.50%, 12/1/35		151,857
	89,987	Pool #258763, 6.00%, 5/1/36		96,033
	247,014	Pool #258765, 6.00%, 5/1/36		263,610
	180,112	Pool #258766, 5.50%, 5/1/36		189,783
	231,303	Pool #258767, 6.00%, 6/1/36		246,844
	156,819	Pool #258773, 5.50%, 6/1/36		165,240
	224,162	Pool #258779, 6.00%, 5/1/36		239,222
	54,314	Pool #259004, 8.00%, 2/1/30		62,543
	37,618	Pool #259011, 8.00%, 3/1/30		43,317
	64,592	Pool #259030, 8.00%, 4/1/30		74,378
	9,936	Pool #259178, 6.50%, 3/1/31		10,793
	220,497	Pool #259181, 6.50%, 3/1/31		239,515
	176,220	Pool #259187, 6.50%, 4/1/31		191,418
	92,080	Pool #259190, 6.50%, 4/1/31		100,022
	168,215	Pool #259191, 6.50%, 4/1/31		182,724
	145,291	Pool #259201, 6.50%, 4/1/31		157,823
	39,871	Pool #259213, 6.50%, 5/1/31		43,335
	144,508	Pool #259256, 6.50%, 8/1/31		156,972
	39,929	Pool #259284, 6.50%, 8/1/31		43,373
	45,419	Pool #259306, 6.50%, 9/1/31		49,336
	88,089	Pool #259309, 6.50%, 10/1/31		95,686
	316,556	Pool #259316, 6.50%, 11/1/31		343,859
	177,544	Pool #259327, 6.00%, 11/1/31		190,859
	26,549	Pool #259331, 6.00%, 11/1/31		28,540
	122,663	Pool #259369, 6.00%, 1/1/32		131,862
	80,725	Pool #259372, 6.00%, 1/1/32		86,780
	78,712	Pool #259376, 6.00%, 1/1/32		84,517
	83,037	Pool #259377, 6.50%, 12/1/31		90,198
	40,688	Pool #259378, 6.00%, 12/1/31		43,740
	89,144	Pool #259390, 6.00%, 1/1/32		95,719
	89,464	Pool #259391, 6.00%, 1/1/32		96,174
	98,584	Pool #259392, 6.50%, 1/1/32		107,026
	113,734	Pool #259393, 6.00%, 1/1/32		122,122
	146,330	Pool #259397, 6.00%, 2/1/32		157,122
	53,743	Pool #259398, 6.50%, 2/1/32		58,345
	87,309	Pool #259440, 6.50%, 4/1/32		95,222
	99,359	Pool #259560, 6.00%, 9/1/32		106,686
	134,310	Pool #259590, 5.50%, 11/1/32		141,984
	85,195	Pool #259592, 5.50%, 10/1/32		90,063
	68,891	Pool #259598, 6.00%, 10/1/32		73,972

63

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	52,485	Pool #259599, 6.00%, 10/1/32	$	56,356
	103,078	Pool #259607, 5.50%, 11/1/32		108,968
	159,430	Pool #259610, 5.50%, 11/1/32		168,539
	286,618	Pool #259611, 5.50%, 11/1/32		302,994
	82,702	Pool #259612, 5.50%, 11/1/32		87,427
	227,662	Pool #259614, 6.00%, 11/1/32		244,453
	115,039	Pool #259623, 5.50%, 12/1/32		121,611
	109,935	Pool #259625, 6.00%, 11/1/32		118,042
	101,925	Pool #259634, 5.50%, 12/1/32		107,748
	276,035	Pool #259650, 5.50%, 2/1/33		291,505
	75,923	Pool #259655, 5.50%, 2/1/33		80,177
	134,385	Pool #259656, 5.50%, 2/1/33		141,917
	124,246	Pool #259658, 5.50%, 2/1/33		131,209
	383,674	Pool #259659, 5.50%, 2/1/33		405,176
	204,267	Pool #259665, 5.50%, 1/1/33		215,714
	171,839	Pool #259667, 5.50%, 2/1/33		181,469
	42,067	Pool #259671, 5.50%, 2/1/33		44,424
	180,607	Pool #259686, 5.50%, 3/1/33		190,729
	72,085	Pool #259689, 5.50%, 3/1/33		76,125
	52,207	Pool #259722, 5.00%, 5/1/33		54,053
	154,854	Pool #259723, 5.00%, 5/1/33		160,330
	62,977	Pool #259724, 5.00%, 5/1/33		65,511
	366,684	Pool #259725, 5.00%, 5/1/33		379,652
	79,202	Pool #259726, 5.00%, 5/1/33		82,003
	219,782	Pool #259728, 5.00%, 6/1/33		227,555
	135,516	Pool #259729, 5.00%, 6/1/33		140,309
	175,530	Pool #259731, 5.00%, 6/1/33		181,737
	142,808	Pool #259733, 5.50%, 6/1/33		150,811
	84,370	Pool #259734, 5.50%, 5/1/33		89,099
	383,500	Pool #259748, 5.00%, 6/1/33		397,062
	220,875	Pool #259753, 5.00%, 7/1/33		228,687
	81,685	Pool #259757, 5.00%, 6/1/33		84,573
	666,161	Pool #259761, 5.00%, 6/1/33		689,720
	300,614	Pool #259764, 5.00%, 7/1/33		311,245
	129,754	Pool #259765, 5.00%, 7/1/33		134,343
	199,920	Pool #259776, 5.00%, 6/1/33		206,990
	155,641	Pool #259777, 5.00%, 7/1/33		161,145
	173,686	Pool #259779, 5.00%, 7/1/33		179,828
	115,028	Pool #259780, 5.00%, 7/1/33		119,096
	104,849	Pool #259781, 5.00%, 7/1/33		108,557
	113,104	Pool #259782, 5.00%, 7/1/33		117,104
	64,179	Pool #259789, 5.00%, 7/1/33		66,448
	118,078	Pool #259807, 5.00%, 8/1/33		122,254
	228,893	Pool #259808, 5.00%, 8/1/33		236,987
	153,583	Pool #259809, 5.00%, 8/1/33		159,015
	680,916	Pool #259816, 5.00%, 8/1/33		704,997
	35,642	Pool #259819, 5.00%, 8/1/33		36,903
	92,618	Pool #259820, 5.00%, 8/1/33		95,893

64

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	257,162	Pool #259821, 5.00%, 7/1/33	$	267,542
	466,592	Pool #259830, 5.00%, 8/1/33		485,426
	777,553	Pool #259848, 5.00%, 9/1/33		805,050
	137,808	Pool #259862, 5.50%, 9/1/33		145,531
	91,074	Pool #259867, 5.50%, 10/1/33		96,178
	342,076	Pool #259869, 5.50%, 10/1/33		361,247
	103,676	Pool #259871, 5.50%, 9/1/33		109,487
	318,208	Pool #259872, 5.50%, 11/1/33		336,041
	173,452	Pool #259873, 5.50%, 10/1/33		183,173
	150,801	Pool #259875, 5.50%, 10/1/33		159,252
	88,344	Pool #259876, 5.50%, 10/1/33		93,295
	97,734	Pool #259877, 5.50%, 9/1/33		103,211
	224,795	Pool #259879, 5.50%, 10/1/33		237,392
	132,424	Pool #259884, 5.50%, 11/1/33		139,845
	41,457	Pool #259904, 5.50%, 11/1/33		43,781
	322,408	Pool #259906, 5.50%, 11/1/33		340,476
	235,154	Pool #259908, 5.50%, 11/1/33		248,332
	147,108	Pool #259926, 5.50%, 12/1/33		155,353
	64,124	Pool #259928, 5.50%, 12/1/33		67,718
	315,018	Pool #259930, 5.00%, 11/1/33		326,159
	97,801	Pool #259936, 5.50%, 11/1/33		103,282
	229,610	Pool #259938, 5.50%, 12/1/33		242,478
	23,368	Pool #259939, 5.50%, 11/1/33		24,678
	140,202	Pool #259944, 5.50%, 1/1/34		148,059
	109,165	Pool #259946, 5.50%, 12/1/33		115,283
	283,811	Pool #259961, 5.50%, 3/1/34		299,717
	252,942	Pool #259962, 5.50%, 3/1/34		267,117
	424,422	Pool #259976, 5.00%, 3/1/34		439,033
	145,754	Pool #259977, 5.00%, 3/1/34		150,772
	48,733	Pool #259998, 5.00%, 3/1/34		50,411
	750,197	Pool #380307, 6.53%, 6/1/16		809,719
	641,087	Pool #381985, 7.97%, 9/1/17		733,459
	568,303	Pool #382373, 7.58%, 5/1/18		649,834
	614,133	Pool #383765, 6.70%, 6/1/19		681,507
	1,113,967	Pool #383783, 6.38%, 5/1/11		1,163,603
	989,106	Pool #385869, 5.41%, 2/1/21		1,026,640
	2,372,493	Pool #386129, 5.43%, 5/1/21		2,464,112
	2,413,001	Pool #386602, 4.66%, 10/1/13		2,535,582
	4,693,278	Pool #386608, 5.37%, 11/1/21		4,843,344
	2,723,461	Pool #386641, 5.80%, 12/1/33		2,813,720
	717,648	Pool #386674, 5.51%, 11/1/21		746,050
	457,193	Pool #386862, 4.78%, 5/1/14		479,349
	3,665,429	Pool #387374, 5.60%, 5/1/23		3,867,846
	912,191	Pool #387446, 5.22%, 6/1/20		941,523
	936,256	Pool #387472, 4.89%, 6/1/15		983,881
	9,442,348	Pool #387590, 4.90%, 9/1/15		9,921,643
	2,991,817	Pool #463037, 4.86%, 8/1/19		3,074,989
	268,037	Pool #557295, 7.00%, 12/1/29		298,537

65

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	31,075	Pool #572424, 6.50%, 3/1/31	$	33,755
	55,983	Pool #575886, 7.50%, 1/1/31		63,452
	104,002	Pool #576445, 6.00%, 1/1/31		111,803
	52,821	Pool #576520, 5.50%, 3/1/16		56,409
	56,513	Pool #577906, 6.50%, 4/1/31		61,388
	240,759	Pool #579402, 6.50%, 4/1/31		261,674
	293,788	Pool #583728, 6.50%, 6/1/31		319,127
	235,722	Pool #585148, 6.50%, 7/1/31		256,053
	229,339	Pool #590931, 6.50%, 7/1/31		249,263
	83,340	Pool #590932, 6.50%, 7/1/31		90,528
	61,671	Pool #591063, 6.50%, 7/1/31		66,990
	308,729	Pool #601865, 6.50%, 4/1/31		336,129
	163,827	Pool #601868, 6.00%, 7/1/29		176,422
	275,093	Pool #607611, 6.50%, 11/1/31		298,820
	133,855	Pool #613125, 6.50%, 10/1/31		145,400
	94,065	Pool #624103, 6.00%, 2/1/32		101,120
	563,192	Pool #634271, 6.50%, 5/1/32		611,415
	285,683	Pool #640146, 5.00%, 12/1/17		302,502
	158,508	Pool #644232, 6.50%, 6/1/32		172,179
	225,151	Pool #644432, 6.50%, 7/1/32		245,555
	53,985	Pool #644437, 6.50%, 6/1/32		58,608
	232,535	Pool #647461, 6.00%, 6/1/32		249,685
	381,717	Pool #656835, 5.50%, 11/1/32		405,436
	123,013	Pool #657250, 6.00%, 10/1/32		132,085
	5,190,782	Pool #663159, 5.00%, 7/1/32		5,394,467
	107,749	Pool #666206, 5.50%, 9/1/32		113,905
	202,767	Pool #670278, 5.50%, 11/1/32		214,352
	152,362	Pool #670285, 5.50%, 12/1/32		161,067
	255,751	Pool #676702, 5.50%, 11/1/32		270,363
	239,145	Pool #677591, 5.50%, 12/1/32		252,809
	309,935	Pool #681819, 5.50%, 1/1/33		327,305
	1,039,963	Pool #681883, 6.00%, 3/1/33		1,116,010
	391,659	Pool #683087, 5.00%, 1/1/18		414,717
	481,745	Pool #684570, 5.00%, 12/1/32		498,857
	300,302	Pool #684644, 4.50%, 6/1/18		314,507
	461,385	Pool #686542, 5.50%, 3/1/33		489,332
	215,815	Pool #686544, 5.50%, 2/1/33		228,145
	398,453	Pool #686565, 5.50%, 4/1/33		420,783
	83,107	Pool #688972, 5.50%, 4/1/33		87,765
	404,179	Pool #689034, 5.00%, 5/1/33		418,473
	251,684	Pool #689667, 5.50%, 4/1/33		266,064
	329,372	Pool #695960, 5.00%, 1/1/33		341,072
	865,082	Pool #695961, 5.50%, 1/1/33		914,509
	235,883	Pool #695962, 6.00%, 11/1/32		253,279
	110,394	Pool #695963, 6.50%, 11/1/32		119,846
	747,120	Pool #696407, 5.50%, 4/1/33		788,990
	2,865,445	Pool #702478, 5.50%, 6/1/33		3,026,029
	767,259	Pool #702479, 5.00%, 6/1/33		794,392

66

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	485,248	Pool #703210, 5.50%, 9/1/32	$	514,641
	1,011,245	Pool #703851, 5.50%, 4/1/33		1,067,917
	225,039	Pool #705576, 5.50%, 5/1/33		237,651
	1,224,543	Pool #720025, 5.00%, 8/1/33		1,267,849
	1,404,150	Pool #723066, 5.00%, 4/1/33		1,453,807
	772,675	Pool #723067, 5.50%, 5/1/33		815,977
	805,210	Pool #723068, 4.50%, 5/1/33		812,591
	848,455	Pool #723070, 4.50%, 5/1/33		857,824
	626,586	Pool #723074, 4.50%, 5/1/33		633,505
	848,641	Pool #723328, 5.00%, 9/1/33		878,653
	783,058	Pool #727311, 4.50%, 9/1/33		791,704
	3,348,617	Pool #727312, 5.00%, 9/1/33		3,467,039
	586,134	Pool #727315, 6.00%, 10/1/33		629,757
	1,493,836	Pool #738589, 5.00%, 9/1/33		1,546,665
	444,393	Pool #738683, 5.00%, 9/1/33		460,109
	1,443,429	Pool #739269, 5.00%, 9/1/33		1,494,476
	481,770	Pool #743593, 5.50%, 10/1/33		508,769
	448,669	Pool #743595, 5.50%, 10/1/33		473,814
	312,388	Pool #748041, 4.50%, 10/1/33		316,400
	992,508	Pool #749891, 5.00%, 9/1/33		1,027,608
	849,004	Pool #749897, 4.50%, 9/1/33		858,379
	452,065	Pool #750984, 5.00%, 12/1/18		478,538
	517,052	Pool #751008, 5.00%, 12/1/18		547,331
	652,925	Pool #753533, 5.00%, 11/1/33		676,016
	314,491	Pool #755679, 6.00%, 1/1/34		337,489
	368,845	Pool #755745, 5.00%, 1/1/34		381,889
	543,201	Pool #755746, 5.50%, 12/1/33		573,643
	394,305	Pool #755780, 5.50%, 2/1/34		416,403
	448,586	Pool #763551, 5.50%, 3/1/34		474,085
	1,326,520	Pool #763820, 5.50%, 1/1/34		1,400,861
	594,004	Pool #763824, 5.00%, 3/1/34		614,454
	632,877	Pool #765216, 5.00%, 1/1/19		669,147
	678,265	Pool #765217, 4.50%, 1/1/19		708,652
	503,743	Pool #765306, 5.00%, 2/1/19		533,116
	129,488	Pool #770099, 5.50%, 2/1/34		136,745
	254,538	Pool #773084, 4.50%, 3/1/19		265,942
	422,140	Pool #773091, 4.00%, 3/1/19		433,531
	428,105	Pool #773096, 4.50%, 3/1/19		447,284
	828,483	Pool #773175, 5.00%, 5/1/34		857,006
	621,198	Pool #773476, 5.50%, 7/1/19		665,341
	781,660	Pool #773547, 5.00%, 5/1/34		808,570
	835,649	Pool #773553, 5.00%, 4/1/34		864,418
	1,117,915	Pool #773568, 5.50%, 5/1/34		1,180,565
	480,800	Pool #773575, 6.00%, 7/1/34		515,207
	771,054	Pool #776849, 5.00%, 11/1/34		797,599
	958,035	Pool #776850, 5.50%, 11/1/34		1,011,725
	392,938	Pool #776851, 6.00%, 10/1/34		421,057
	867,527	Pool #777444, 5.50%, 5/1/34		916,145

67

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	3,013,800	Pool #777621, 5.00%, 2/1/34	$	3,120,382
	471,360	Pool #781437, 6.00%, 8/1/34		505,091
	542,031	Pool #781741, 6.00%, 9/1/34		580,821
	719,868	Pool #781907, 5.00%, 2/1/21		758,649
	939,735	Pool #781954, 5.00%, 6/1/34		972,087
	939,425	Pool #781959, 5.50%, 6/1/34		992,072
	674,460	Pool #781960, 5.50%, 6/1/34		712,258
	747,632	Pool #783893, 5.50%, 12/1/34		789,531
	742,575	Pool #783929, 5.50%, 10/1/34		784,190
	395,100	Pool #788329, 6.50%, 8/1/34		427,325
	183,043	Pool #790282, 6.00%, 7/1/34		196,142
	396,339	Pool #797623, 5.00%, 7/1/35		409,488
	173,680	Pool #797626, 5.50%, 7/1/35		183,305
	205,950	Pool #797627, 5.00%, 7/1/35		212,783
	263,212	Pool #797674, 5.50%, 9/1/35		277,798
	1,219,497	Pool #798725, 5.50%, 11/1/34		1,287,840
	467,439	Pool #799547, 5.50%, 9/1/34		493,635
	347,782	Pool #799548, 6.00%, 9/1/34		373,214
	3,393,184	Pool #806754, 4.50%, 9/1/34		3,426,409
	989,778	Pool #806757, 6.00%, 9/1/34		1,060,609
	5,125,521	Pool #806761, 5.50%, 9/1/34		5,394,396
	580,184	Pool #808185, 5.50%, 3/1/35		612,335
	1,142,135	Pool #808205, 5.00%, 1/1/35		1,180,028
	91,752	Pool #813941, 4.50%, 11/1/20		95,691
	110,085	Pool #813942, 5.00%, 11/1/20		116,257
	2,246,886	Pool #815009, 5.00%, 4/1/35		2,321,432
	1,200,461	Pool #817641, 5.00%, 11/1/35		1,240,289
	1,163,755	Pool #820334, 5.00%, 9/1/35		1,202,365
	886,544	Pool #820335, 5.00%, 9/1/35		915,957
	732,900	Pool #820336, 5.00%, 9/1/35		758,132
	1,035,651	Pool #822008, 5.00%, 5/1/35		1,070,011
	1,908,055	Pool #829005, 5.00%, 8/1/35		1,971,359
	223,578	Pool #829006, 5.50%, 9/1/35		235,967
	329,410	Pool #829007, 4.50%, 8/1/35		332,018
	187,511	Pool #829117, 5.50%, 9/1/35		197,902
	89,498	Pool #829118, 5.50%, 9/1/35		94,457
	983,282	Pool #829274, 5.00%, 8/1/35		1,015,905
	1,341,297	Pool #829275, 5.00%, 8/1/35		1,385,798
	1,469,100	Pool #829276, 5.00%, 8/1/35		1,517,841
	1,160,855	Pool #829277, 5.00%, 8/1/35		1,199,369
	214,132	Pool #829356, 5.00%, 9/1/35		221,236
	3,243,000	Pool #829649, 5.50%, 3/1/35		3,424,743
	1,424,866	Pool #835287, 5.00%, 8/1/35		1,472,139
	262,022	Pool #843586, 5.50%, 11/1/35		276,543
	275,315	Pool #843587, 6.00%, 12/1/35		294,329
	3,826,079	Pool #844361, 5.50%, 11/1/35		4,038,107
	986,788	Pool #845245, 5.50%, 11/1/35		1,041,472
	2,429,860	Pool #866969, 6.00%, 2/1/36		2,593,117

68

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	624,401	Pool #867410, 5.50%, 4/1/36	$	657,930
	361,577	Pool #867569, 6.00%, 2/1/36		385,871
	363,404	Pool #867574, 5.50%, 2/1/36		382,918
	1,182,059	Pool #868788, 6.00%, 3/1/36		1,261,479
	741,200	Pool #868849, 6.00%, 4/1/36		791,000
	725,562	Pool #870599, 6.00%, 6/1/36		774,311
	481,491	Pool #870684, 6.00%, 7/1/36		513,841
	938,869	Pool #871072, 5.50%, 2/1/37		988,551
	769,166	Pool #873819, 6.39%, 8/1/24		850,199
	5,158,573	Pool #874136, 5.57%, 12/1/16		5,568,358
	3,275,366	Pool #874900, 5.45%, 10/1/17		3,506,254
	931,710	Pool #881425, 6.00%, 7/1/36		994,309
	863,148	Pool #882044, 6.00%, 5/1/36		922,760
	542,606	Pool #883589, 6.00%, 4/1/36		579,063
	739,637	Pool #884693, 5.50%, 4/1/36		779,354
	3,208,166	Pool #885724, 5.50%, 6/1/36		3,380,437
	912,677	Pool #899800, 6.00%, 8/1/37		973,296
	709,175	Pool #901412, 6.00%, 8/1/36		756,823
	892,084	Pool #905438, 6.00%, 11/1/36		952,021
	828,210	Pool #907646, 6.00%, 1/1/37		883,855
	721,828	Pool #908671, 6.00%, 1/1/37		770,325
	1,631,405	Pool #908672, 5.50%, 1/1/37		1,719,008
	1,285,950	Pool #911730, 5.50%, 12/1/21		1,370,900
	655,738	Pool #913995, 5.97%, 2/1/37(a)		700,411
	856,874	Pool #919368, 5.50%, 4/1/37		902,217
	852,124	Pool #920972, 5.83%, 1/1/37(a)		905,496
	1,382,134	Pool #922582, 6.00%, 12/1/36		1,474,996
	2,855,393	Pool #934941, 5.00%, 8/1/39		2,947,450
	1,145,990	Pool #934942, 5.00%, 9/1/39		1,182,936
	986,427	Pool #939465, 5.50%, 6/1/37		1,038,625
	1,652,127	Pool #941204, 5.50%, 6/1/37		1,739,552
	1,039,732	Pool #941205, 5.00%, 5/1/37		1,073,577
	1,044,301	Pool #941206, 5.50%, 5/1/37		1,099,562
	437,426	Pool #941487, 6.00%, 8/1/37		466,201
	845,485	Pool #943394, 5.50%, 6/1/37		890,226
	1,719,365	Pool #944502, 6.00%, 6/1/37		1,834,885
	789,115	Pool #945853, 6.00%, 7/1/37		841,024
	1,031,373	Pool #948600, 6.00%, 8/1/37		1,099,218
	940,856	Pool #948672, 5.50%, 8/1/37		991,301
	2,169,829	Pool #952598, 6.00%, 7/1/37		2,315,615
	985,794	Pool #952623, 6.00%, 8/1/37		1,050,641
	2,227,239	Pool #952632, 6.00%, 7/1/37		2,373,749
	810,233	Pool #952649, 6.00%, 7/1/37		864,670
	1,323,744	Pool #952659, 6.00%, 8/1/37		1,412,683
	933,594	Pool #952665, 6.00%, 8/1/37		995,008
	887,695	Pool #952678, 6.50%, 8/1/37		956,076
	452,984	Pool #952693, 6.50%, 8/1/37		487,878
	1,005,434	Pool #956050, 6.00%, 12/1/37		1,073,483

69

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	2,650,679	Pool #957324, 5.43%, 5/1/18(c)	$	2,831,385
	397,312	Pool #958502, 5.07%, 1/1/39(c)		415,278
	990,679	Pool #960919, 5.00%, 2/1/38		1,022,717
	632,261	Pool #965239, 5.84%, 9/1/38		670,825
	195,359	Pool #972648, 5.50%, 2/1/38		213,334
	1,133,388	Pool #975137, 5.00%, 5/1/38		1,171,356
	1,091,692	Pool #975769, 5.50%, 3/1/38		1,150,219
	986,429	Pool #982656, 5.50%, 6/1/38		1,038,627
	980,846	Pool #982898, 5.00%, 5/1/38		1,012,567
	984,225	Pool #983033, 5.00%, 5/1/38		1,016,054
	1,159,033	Pool #984842, 5.50%, 6/1/38		1,220,365
	899,317	Pool #986230, 5.00%, 7/1/38		928,592
	822,980	Pool #986233, 5.00%, 6/1/38		849,595
	916,742	Pool #986239, 6.00%, 7/1/38		977,047
	1,955,555	Pool #986957, 5.50%, 7/1/38		2,064,330
	1,142,476	Pool #986958, 5.50%, 7/1/38		1,202,932
	577,361	Pool #986985, 5.00%, 7/1/23		607,188
	1,735,953	Pool #990510, 5.50%, 8/1/38		1,827,814
	1,448,917	Pool #990511, 6.00%, 8/1/38		1,543,323
	1,193,809	Pool #990617, 5.50%, 9/1/38		1,259,608
	1,041,026	Pool #AA0525, 5.50%, 12/1/38		1,101,319
	2,383,574	Pool #AA0526, 5.00%, 12/1/38		2,460,658
	6,393,181	Pool #AA0527, 5.50%, 12/1/38		6,731,488
	1,016,155	Pool #AA0643, 4.00%, 3/1/39		987,148
	1,202,391	Pool #AA0644, 4.50%, 3/1/39		1,210,527
	1,227,967	Pool #AA0645, 4.50%, 3/1/39		1,233,083
	2,238,439	Pool #AA0814, 5.50%, 12/1/38		2,356,890
	1,043,845	Pool #AA2243, 4.50%, 5/1/39		1,048,195
	1,967,114	Pool #AA3142, 4.50%, 3/1/39		1,975,310
	1,100,561	Pool #AA3143, 4.00%, 3/1/39		1,072,050
	1,336,800	Pool #AA3206, 4.00%, 4/1/39		1,298,507
	1,343,504	Pool #AA3207, 4.50%, 3/1/39		1,349,102
	1,089,864	Pool #AA4468, 4.00%, 4/1/39		1,058,644
	1,065,700	Pool #AA7042, 4.50%, 6/1/39		1,070,141
	1,136,505	Pool #AA7658, 4.00%, 6/1/39		1,103,949
	1,622,159	Pool #AA7659, 4.50%, 6/1/39		1,628,918
	1,028,101	Pool #AA7741, 4.50%, 6/1/24		1,063,880
	1,213,715	Pool #AA8455, 4.50%, 6/1/39		1,218,772
	2,365,792	Pool #AC1463, 5.00%, 8/1/39		2,442,064
	1,095,066	Pool #AC1464, 5.00%, 8/1/39		1,130,371
	2,260,937	Pool #AC2109, 4.50%, 7/1/39		2,270,584
	1,030,279	Pool #AC4394, 5.00%, 9/1/39		1,063,495
	1,338,051	Pool #AC4395, 5.00%, 9/1/39		1,381,190
	1,742,945	Pool #AC6304, 5.00%, 12/1/39		1,799,137
	1,102,178	Pool #AC6305, 5.00%, 11/1/39		1,132,201
	2,288,650	Pool #AC6307, 5.00%, 12/1/39		2,362,435
	1,195,581	Pool #AC6790, 5.00%, 12/1/39		1,234,127
	4,892,228	Pool #AC7199, 5.00%, 12/1/39		5,049,952

70

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	1,028,108	Pool #MC0007, 5.50%, 12/1/38	$	1,077,372
	279,361	Pool #MC0013, 5.50%, 12/1/38		292,747
	132,283	Pool #MC0014, 5.50%, 12/1/38		138,622
	70,336	Pool #MC0015, 6.00%, 11/1/38		74,567
	85,344	Pool #MC0016, 5.50%, 11/1/38		89,434
	589,845	Pool #MC0038, 4.50%, 3/1/39		592,303
	152,025	Pool #MC0046, 4.00%, 4/1/39		147,670
	304,560	Pool #MC0047, 4.50%, 4/1/39		305,829
	59,781	Pool #MC0059, 4.00%, 4/1/39		58,069
	419,108	Pool #MC0081, 4.00%, 5/1/39		407,102
	533,377	Pool #MC0082, 4.50%, 5/1/39		535,600
	526,619	Pool #MC0111, 4.00%, 6/1/39		511,533
	338,373	Pool #MC0112, 4.50%, 6/1/39		339,783
	432,290	Pool #MC0127, 4.50%, 7/1/39		434,091
	89,783	Pool #MC0135, 4.50%, 7/1/39		90,157
	1,445,304	Pool #MC0137, 4.50%, 7/1/39		1,451,326
	2,061,056	Pool #MC0154, 4.50%, 8/1/39		2,069,644
	107,444	Pool #MC0155, 5.00%, 8/1/39		110,908
	673,037	Pool #MC0160, 4.50%, 8/1/39		675,841
	1,978,943	Pool #MC0171, 4.50%, 9/1/39		1,987,189
	634,604	Pool #MC0177, 4.50%, 9/1/39		637,248
	252,776	Pool #MC3344, 5.00%, 12/1/38		259,687
				401,060,439
	Freddie Mac — 22.58%
	373,719	Pool #A10124, 5.00%, 6/1/33		386,643
	448,550	Pool #A10548, 5.00%, 6/1/33		464,062
	1,372,028	Pool #A12237, 5.00%, 8/1/33		1,419,478
	575,215	Pool #A12969, 4.50%, 8/1/33		581,207
	325,300	Pool #A12985, 5.00%, 8/1/33		336,550
	557,841	Pool #A12986, 5.00%, 8/1/33		577,133
	933,296	Pool #A12987, 5.00%, 8/1/33		965,573
	926,494	Pool #A14028, 4.50%, 9/1/33		936,145
	1,475,011	Pool #A14325, 5.00%, 9/1/33		1,526,021
	311,141	Pool #A15268, 6.00%, 10/1/33		334,088
	1,245,623	Pool #A15579, 5.50%, 11/1/33		1,316,987
	589,509	Pool #A17393, 5.50%, 12/1/33		623,283
	719,369	Pool #A17397, 5.50%, 1/1/34		760,358
	853,871	Pool #A18617, 5.50%, 1/1/34		902,524
	555,181	Pool #A19019, 5.50%, 2/1/34		586,815
	477,755	Pool #A19362, 5.50%, 2/1/34		504,977
	492,134	Pool #A20069, 5.00%, 3/1/34		508,692
	1,100,698	Pool #A20070, 5.50%, 3/1/34		1,163,415
	1,327,354	Pool #A20540, 5.50%, 4/1/34		1,402,985
	561,376	Pool #A20541, 5.50%, 4/1/34		593,363
	839,326	Pool #A21679, 5.50%, 4/1/34		887,150
	894,297	Pool #A21681, 5.00%, 4/1/34		924,386
	763,416	Pool #A23192, 5.00%, 5/1/34		789,101

71

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	2,021,435	Pool #A25310, 5.00%, 6/1/34	$	2,089,448
	738,189	Pool #A25311, 5.00%, 6/1/34		763,026
	671,427	Pool #A25600, 5.50%, 8/1/34		709,685
	89,151	Pool #A26270, 6.00%, 8/1/34		95,677
	55,710	Pool #A26386, 6.00%, 9/1/34		59,749
	677,950	Pool #A26395, 6.00%, 9/1/34		727,102
	813,191	Pool #A26396, 5.50%, 9/1/34		859,526
	1,659,525	Pool #A28241, 5.50%, 10/1/34		1,754,083
	663,177	Pool #A30055, 5.00%, 11/1/34		685,490
	1,500,508	Pool #A30056, 5.50%, 12/1/34		1,586,006
	656,336	Pool #A30591, 6.00%, 12/1/34		703,920
	645,882	Pool #A31135, 5.50%, 12/1/34		682,684
	562,716	Pool #A32976, 5.50%, 8/1/35		594,427
	978,437	Pool #A33167, 5.00%, 1/1/35		1,011,357
	2,286,362	Pool #A34999, 5.50%, 4/1/35		2,415,208
	732,801	Pool #A35628, 5.50%, 6/1/35		774,097
	1,578,073	Pool #A37185, 5.00%, 9/1/35		1,629,196
	1,950,299	Pool #A38830, 5.00%, 5/1/35		2,013,480
	455,264	Pool #A39561, 5.50%, 11/1/35		480,920
	2,214,694	Pool #A40538, 5.00%, 12/1/35		2,286,441
	253,462	Pool #A41442, 5.50%, 12/1/35		267,895
	975,689	Pool #A42095, 5.50%, 1/1/36		1,030,673
	1,363,774	Pool #A42097, 5.00%, 1/1/36		1,408,149
	445,182	Pool #A42098, 5.50%, 1/1/36		470,270
	379,993	Pool #A42099, 6.00%, 1/1/36		406,474
	560,269	Pool #A42802, 5.00%, 2/1/36		578,420
	1,876,184	Pool #A42803, 5.50%, 2/1/36		1,981,915
	928,181	Pool #A42804, 6.00%, 2/1/36		992,864
	1,174,808	Pool #A42805, 6.00%, 2/1/36		1,256,677
	513,097	Pool #A44637, 5.50%, 4/1/36		541,563
	801,328	Pool #A44638, 6.00%, 4/1/36		855,919
	978,145	Pool #A44639, 5.50%, 3/1/36		1,031,434
	1,037,181	Pool #A45396, 5.00%, 6/1/35		1,072,078
	828,071	Pool #A46321, 5.50%, 7/1/35		874,736
	1,636,555	Pool #A46735, 5.00%, 8/1/35		1,689,573
	1,090,340	Pool #A46746, 5.50%, 8/1/35		1,151,786
	689,237	Pool #A46747, 5.50%, 8/1/35		728,078
	896,577	Pool #A46748, 5.50%, 8/1/35		947,103
	549,174	Pool #A46996, 5.50%, 9/1/35		580,122
	943,096	Pool #A46997, 5.50%, 9/1/35		996,833
	1,348,459	Pool #A47552, 5.00%, 11/1/35		1,392,143
	1,049,809	Pool #A47553, 5.00%, 11/1/35		1,083,818
	704,404	Pool #A47554, 5.50%, 11/1/35		744,100
	686,402	Pool #A48788, 5.50%, 5/1/36		723,797
	966,347	Pool #A48789, 6.00%, 5/1/36		1,032,180
	1,039,775	Pool #A49013, 6.00%, 5/1/36		1,110,610
	902,116	Pool #A49526, 6.00%, 5/1/36		963,573
	629,438	Pool #A49843, 6.00%, 6/1/36		672,318

72

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	788,814	Pool #A49844, 6.00%, 6/1/36	$	844,770
	300,075	Pool #A49845, 6.50%, 6/1/36		323,050
	928,943	Pool #A50128, 6.00%, 6/1/36		992,227
	1,448,847	Pool #A59530, 5.50%, 4/1/37		1,526,647
	808,562	Pool #A59964, 5.50%, 4/1/37		851,980
	2,059,495	Pool #A60751, 5.50%, 5/1/37		2,170,086
	1,284,237	Pool #A61754, 5.50%, 5/1/37		1,353,198
	796,712	Pool #A61779, 5.50%, 5/1/37		839,494
	1,121,206	Pool #A61915, 5.50%, 6/1/37		1,181,973
	3,721,669	Pool #A61916, 6.00%, 6/1/37		3,971,718
	3,214,166	Pool #A63456, 5.50%, 6/1/37		3,386,760
	1,288,603	Pool #A64012, 5.50%, 7/1/37		1,357,927
	738,686	Pool #A64015, 6.00%, 7/1/37		788,316
	791,551	Pool #A64016, 6.50%, 7/1/37		851,986
	1,137,706	Pool #A64447, 6.00%, 8/1/37		1,214,145
	1,330,665	Pool #A64450, 6.00%, 8/1/37		1,420,069
	98,138	Pool #A65713, 6.00%, 9/1/37		104,731
	884,306	Pool #A65837, 6.00%, 9/1/37		945,754
	781,076	Pool #A66043, 5.50%, 7/1/37		823,628
	2,480,861	Pool #A66061, 5.50%, 8/1/37		2,614,078
	1,809,452	Pool #A66116, 6.00%, 9/1/37		1,931,025
	1,120,662	Pool #A66122, 6.00%, 8/1/37		1,195,957
	1,189,797	Pool #A66133, 6.00%, 6/1/37		1,269,737
	1,908,766	Pool #A66156, 6.50%, 9/1/37		2,054,500
	1,648,155	Pool #A67630, 6.00%, 11/1/37		1,758,890
	1,255,828	Pool #A68766, 6.00%, 10/1/37		1,340,204
	785,422	Pool #A70292, 5.50%, 7/1/37		828,211
	1,086,244	Pool #A73816, 6.00%, 3/1/38		1,158,316
	1,158,558	Pool #A75113, 5.00%, 3/1/38		1,195,120
	1,035,930	Pool #A76187, 5.00%, 4/1/38		1,068,622
	845,603	Pool #A78354, 5.50%, 11/1/37		893,863
	1,077,674	Pool #A79561, 5.50%, 7/1/38		1,137,961
	62,871	Pool #B31081, 7.00%, 3/1/31		69,532
	91,431	Pool #B31082, 6.00%, 3/1/31		98,431
	115,688	Pool #B31128, 6.00%, 9/1/31		124,545
	91,621	Pool #B31139, 6.50%, 10/1/31		99,552
	255,511	Pool #B31140, 6.50%, 10/1/31		277,629
	60,873	Pool #B31146, 6.50%, 10/1/31		66,142
	78,757	Pool #B31150, 6.50%, 11/1/31		85,574
	200,083	Pool #B31188, 6.00%, 1/1/32		215,340
	29,164	Pool #B31206, 6.00%, 3/1/32		31,397
	115,178	Pool #B31292, 6.00%, 9/1/32		123,996
	230,126	Pool #B31493, 5.00%, 2/1/34		237,869
	515,361	Pool #B31516, 5.00%, 4/1/34		532,701
	337,557	Pool #B31517, 5.00%, 4/1/34		349,218
	419,292	Pool #B31532, 5.00%, 5/1/34		433,400
	425,426	Pool #B31545, 5.00%, 5/1/34		439,740
	239,753	Pool #B31546, 5.50%, 5/1/34		253,413

73

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	310,001	Pool #B31547, 5.50%, 5/1/34	$	327,665
	376,163	Pool #B31550, 5.00%, 6/1/34		388,820
	202,129	Pool #B31551, 5.50%, 6/1/34		213,835
	333,151	Pool #B31587, 5.00%, 11/1/34		344,360
	368,474	Pool #B31588, 5.50%, 11/1/34		389,470
	421,965	Pool #B31642, 5.50%, 5/1/35		445,745
	148,960	Pool #B50443, 5.00%, 11/1/18		157,730
	278,679	Pool #B50450, 4.50%, 1/1/19		290,903
	111,632	Pool #B50451, 5.00%, 1/1/19		118,065
	63,688	Pool #B50458, 4.50%, 3/1/19		66,482
	53,891	Pool #B50470, 4.50%, 4/1/19		56,255
	211,305	Pool #B50496, 5.50%, 9/1/19		226,361
	473,982	Pool #B50499, 5.00%, 11/1/19		501,294
	104,724	Pool #B50500, 5.50%, 10/1/19		112,134
	264,555	Pool #B50501, 4.50%, 11/1/19		276,160
	236,607	Pool #B50504, 5.50%, 11/1/19		253,537
	451,786	Pool #B50506, 5.00%, 11/1/19		478,090
	307,091	Pool #C35457, 7.50%, 1/1/30		346,937
	54,639	Pool #C37233, 7.50%, 2/1/30		61,729
	90,793	Pool #C48137, 7.00%, 1/1/31		100,412
	125,993	Pool #C48138, 7.00%, 2/1/31		139,342
	44,243	Pool #C49785, 6.50%, 3/1/31		48,086
	59,454	Pool #C50288, 6.50%, 4/1/31		64,619
	392,719	Pool #C51686, 6.50%, 5/1/31		426,714
	196,525	Pool #C53210, 6.50%, 6/1/31		213,536
	66,382	Pool #C53914, 6.50%, 6/1/31		72,128
	155,975	Pool #C60020, 6.50%, 11/1/31		169,477
	136,047	Pool #C60804, 6.00%, 11/1/31		147,007
	30,443	Pool #C62574, 6.50%, 12/1/31		33,079
	82,176	Pool #C65200, 6.50%, 3/1/32		89,161
	136,083	Pool #C65616, 6.50%, 3/1/32		147,863
	63,027	Pool #C68324, 6.50%, 6/1/32		68,385
	787,306	Pool #C73273, 6.00%, 11/1/32		847,338
	453,817	Pool #C73525, 6.00%, 11/1/32		488,647
	705,709	Pool #C74672, 5.50%, 11/1/32		746,581
	828,032	Pool #C77844, 5.50%, 3/1/33		875,471
	168,917	Pool #C77845, 5.50%, 3/1/33		178,595
	639,305	Pool #C78252, 5.50%, 3/1/33		675,932
	651,709	Pool #C78380, 5.50%, 3/1/33		689,046
	226,920	Pool #C79178, 5.50%, 4/1/33		239,921
	738,074	Pool #J00980, 5.00%, 1/1/21		779,681
	627,506	Pool #J05466, 5.50%, 6/1/22		667,884
	1,181,804	Pool #N31468, 6.00%, 11/1/37		1,253,451
				128,048,909
	Ginnie Mae — 6.67%
	947,154	Pool #409117, 5.50%, 6/20/38		999,738

74

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	980,281	Pool #487643, 5.00%, 2/15/39	$	1,014,862
	1,370,808	Pool #514702, 8.25%, 12/15/32		1,367,739
	487,192	Pool #588448, 6.25%, 9/15/32		500,232
	1,896,838	Pool #616936, 5.50%, 1/15/36		2,002,732
	621,542	Pool #617904, 5.75%, 9/15/23		641,771
	581,674	Pool #624106, 5.13%, 3/15/34		592,922
	461,135	Pool #664269, 5.85%, 6/15/38		480,451
	1,827,564	Pool #675509, 5.50%, 6/15/38		1,926,164
	873,289	Pool #685140, 5.90%, 4/15/38		915,571
	1,381,149	Pool #697672, 5.50%, 12/15/38		1,455,665
	1,183,599	Pool #697814, 5.00%, 2/15/39		1,225,353
	1,193,747	Pool #697885, 4.50%, 3/15/39		1,202,627
	1,582,783	Pool #698112, 4.50%, 5/15/39		1,594,559
	2,613,027	Pool #698113, 4.50%, 5/15/39		2,634,738
	1,065,281	Pool #699294, 5.63%, 9/20/38		1,125,148
	5,305,149	Pool #713519, 6.00%, 7/1/39		5,637,523
	1,009,161	Pool #714561, 4.50%, 6/15/39		1,016,669
	1,471,549	Pool #716822, 4.50%, 4/15/39		1,482,497
	1,224,824	Pool #716823, 4.50%, 4/15/39		1,233,936
	1,295,719	Pool #717132, 4.50%, 5/15/39		1,305,359
	1,719,152	Pool #717133, 4.50%, 5/15/39		1,735,524
	1,404,654	Pool #720080, 4.50%, 6/15/39		1,415,103
	1,159,263	Pool #720521, 5.00%, 8/15/39		1,194,362
	3,047,777	Pool #726550, 5.00%, 10/1/39		3,140,055
				37,841,300
	Total U.S. Government Agency Backed Mortgages			566,950,648
	(Cost $545,288,937)
	U.S. Government Agency Obligations — 10.48%
	Community Reinvestment Revenue Notes — 1.42%
	1,025,938	3.39%, 8/1/35(b)(c)		1,008,046
	7,250,000	3.98%, 8/1/35(b)(c)		7,011,730
				8,019,776
	Small Business Administration — 5.36%
	277,010	0.55%, 4/25/28(a)		271,231
	684,625	0.55%, 3/25/29(a)		670,167
	2,073,034	0.55%, 9/25/30(a)		2,028,426
	291,750	0.60%, 3/25/28(a)		286,241
	454,764	0.60%, 11/25/29(a)		446,002
	304,878	0.63%, 6/25/18(a)		300,281
	1,172,302	0.63%, 4/15/32(c)		1,166,403
	654,157	0.65%, 3/25/14(a)		648,099
	453,021	0.66%, 7/15/32(c)		450,740
	210,694	0.66%, 4/15/26(c)		210,687
	1,001,236	0.66%, 11/15/26(c)		996,194

75

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	622,245	0.75%, 11/29/32(c)	$	622,225
	254,999	0.80%, 2/21/33(c)		254,992
	1,348,148	0.80%, 4/15/33(c)		1,348,109
	176,307	0.80%, 9/15/32(c)		176,301
	482,619	0.80%, 3/15/33(c)		482,604
	329,091	0.85%, 9/14/29(c)		329,080
	1,488,633	0.87%, 4/21/34(c)		1,488,636
	796,710	0.88%, 2/15/32(c)		796,685
	1,407,073	0.88%, 9/15/32(c)		1,407,025
	1,294,734	0.90%, 3/14/18(c)		1,294,673
	21,952,893	1.26%, 10/19/29*(c)		359,064
	846,628	3.13%, 10/25/15(a)		863,743
	1,194,662	3.38%, 10/25/15(a)		1,222,548
	399,945	3.38%, 5/25/16(a)		406,014
	754,044	3.58%, 12/25/15(a)		775,482
	975,892	3.58%, 7/15/14(c)		985,625
	96,199	5.70%, 8/15/17(c)		100,012
	390,534	5.85%, 12/15/27(c)		404,977
	302,024	5.85%, 9/27/13(c)		313,971
	115,903	5.86%, 11/15/22(c)		120,490
	342,450	5.98%, 6/9/26(c)		356,151
	200,019	6.00%, 4/15/22(c)		207,042
	543,451	6.03%, 10/31/32(c)		553,028
	423,487	6.10%, 10/15/27(c)		434,586
	1,344,652	6.13%, 4/15/31(c)		1,377,335
	254,320	6.15%, 1/10/32(c)		260,751
	172,782	6.25%, 9/15/27(c)		178,644
	985,324	6.28%, 8/15/17(c)		1,024,381
	196,024	6.30%, 4/15/18(c)		203,763
	73,660	6.33%, 3/15/27(c)		76,497
	611,617	6.35%, 8/13/26(c)		636,100
	1,084,627	6.45%, 2/19/32(c)		1,129,266
	261,678	6.50%, 3/30/32(c)		272,456
	52,516	6.51%, 7/6/27(c)		54,620
	90,000	6.53%, 1/2/27(c)		93,604
	63,791	6.69%, 5/28/24(c)		66,338
	418,976	6.71%, 3/15/27(c)		435,759
	77,357	7.08%, 9/1/13(c)		80,417
	178,555	7.08%, 1/19/14(c)		185,598
	248,618	7.33%, 7/1/16(c)		258,482
	187,187	7.33%, 2/23/16(c)		194,603
	242,801	7.33%, 7/1/16(c)		252,430
	116,033	7.33%, 7/1/16(c)		120,635
	180,733	7.38%, 4/1/15(c)		187,875
	60,855	7.38%, 1/1/15(c)		63,258
	78,193	7.58%, 8/1/16(c)		81,294
	242,123	7.83%, 10/3/16(c)		251,728
	24,982	7.83%, 11/1/13(c)		25,968

76

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount			Value
$	18,610	8.08%, 2/15/14(c)	$	19,344
	52,018	8.08%, 10/1/16(c)		54,081
	5,143	8.33%, 11/1/11(c)		5,349
	4,789	9.58%, 2/15/12(c)		4,980
	6,887	9.58%, 2/15/12(c)		7,162
	13,155	9.83%, 1/10/32(c)		13,680
				30,393,932
	United States Department of Agriculture — 3.70%
	492,313	1.13%, 5/31/14(c)		511,720
	281,573	4.45%, 4/2/18(c)		288,784
	202,849	5.09%, 3/1/20(c)		206,822
	353,245	5.25%, 10/26/22(c)		360,723
	355,957	5.55%, 10/20/32(c)		361,393
	333,974	5.55%, 10/20/32(c)		339,075
	172,891	5.59%, 1/20/38(c)		175,314
	533,018	5.60%, 11/29/30(c)		543,657
	228,454	5.63%, 6/1/20(c)		237,484
	368,033	5.63%, 4/15/27(c)		377,449
	412,472	5.63%, 4/1/27(c)		423,002
	285,739	5.64%, 1/20/33(c)		291,601
	70,849	5.64%, 1/20/38(c)		72,072
	769,790	5.64%, 1/20/38(c)		783,051
	106,723	5.66%, 1/20/38(c)		108,699
	104,287	5.66%, 10/20/32(c)		106,581
	284,759	5.70%, 1/20/38(c)		290,779
	223,166	5.73%, 4/20/37(c)		228,316
	478,136	5.73%, 2/1/30(c)		491,515
	776,268	5.75%, 1/20/33(c)		797,672
	188,347	5.80%, 8/1/20(c)		195,788
	100,248	5.83%, 11/1/20(c)		104,207
	141,119	5.91%, 12/4/37(c)		146,019
	87,127	5.92%, 10/20/37(c)		90,231
	221,091	5.93%, 2/20/33(c)		229,534
	123,287	5.98%, 12/20/37(c)		128,151
	364,390	5.98%, 12/31/26(c)		378,989
	207,406	5.99%, 11/1/32(c)		215,954
	307,937	6.00%, 1/10/37(c)		320,488
	130,073	6.01%, 11/8/32(c)		132,176
	74,419	6.01%, 7/20/36(c)		75,369
	223,501	6.01%, 1/20/38(c)		226,260
	156,569	6.04%, 2/1/27(c)		160,248
	185,161	6.05%, 1/5/26(c)		189,942
	386,976	6.05%, 1/1/37(c)		392,985
	512,554	6.07%, 4/20/37(c)		521,058
	146,921	6.08%, 7/1/32(c)		150,232
	103,063	6.09%, 5/17/22(c)		107,023
	91,726	6.10%, 1/1/13(c)		95,356

77

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount		Value
$201,517	6.10%, 8/25/37(c)	$	205,207
346,543	6.11%, 7/20/32(c)		354,260
817,616	6.12%, 7/20/37(c)		833,621
217,356	6.12%, 4/20/37(c)		221,911
300,948	6.12%, 1/26/37(c)		306,942
138,587	6.13%, 11/1/26(c)		142,544
134,174	6.13%, 4/16/27(c)		137,931
689,442	6.13%, 4/4/27(c)		708,700
296,818	6.13%, 4/19/27(c)		305,133
599,989	6.13%, 5/15/14(c)		623,628
129,191	6.13%, 8/1/19(c)		134,303
101,532	6.13%, 7/20/22(c)		105,548
270,847	6.13%, 7/29/19(c)		281,566
99,841	6.18%, 1/20/38(c)		102,163
241,399	6.20%, 1/20/37(c)		247,709
114,556	6.22%, 6/1/37(c)		117,556
60,667	6.23%, 2/1/27(c)		62,689
400,853	6.23%, 3/14/32(c)		412,702
608,430	6.25%, 1/1/37(c)		625,517
96,585	6.28%, 3/1/14(c)		100,392
86,564	6.28%, 2/1/28(c)		89,626
80,924	6.33%, 3/2/27(c)		84,031
211,071	6.38%, 1/31/37(c)		218,735
239,626	6.38%, 2/16/37(c)		248,319
55,161	6.38%, 3/1/27(c)		57,371
773,670	6.51%, 4/20/37(c)		805,904
839,930	6.63%, 12/15/23(c)		873,375
199,612	6.64%, 4/20/37(c)		207,927
196,992	6.88%, 2/3/17(c)		204,804
424,554	6.88%, 2/3/22(c)		441,327
624,834	7.00%, 6/3/22(c)		649,558
225,345	7.13%, 12/10/16(c)		234,281
			21,000,999
Total U.S. Government Agency Obligations			59,414,707
(Cost $59,750,971)
U. S. Treasury Obligations — 0.35%
U. S. Treasury Bills — 0.35%
2,000,000	0.45%, 6/17/10(e)		1,998,296
Total U.S. Treasury Obligations			1,998,296
(Cost $1,997,066)

78

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

Principal Amount						Value
	Promissory Notes — 1.72%
	$9,375,000	Massachusetts Housing Investment Corp. Term Loan, 6.67%, 4/1/35(c)(d)				$	9,759,079
	Total Promissory Notes						9,759,079
	(Cost $9,375,000)
Shares
	Investment Companies — 1.18%
	6,679,482	Wells Fargo Prime Investment Money Market Fund				$	6,679,482
	Total Investment Companies						6,679,482
	(Cost $6,679,482)
Contracts
	Call Swaptions Purchased — 1.35%
	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)					3,512,921
	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)					2,614,594
	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)					1,519,042
	Total Call Swaptions Purchased						7,646,557
	(Cost $5,503,750)
	Total Investments						679,154,421
	(Cost 655,169,540)(f) — 119.77%
	Liabilities in excess of other assets — (19.77)%						(112,095,684	)
	NET ASSETS — 100.00%					$	567,058,737
	TBA Short Sale Commitments
Principal Amount			Proceeds			Value
$	5,700,000	Fannie Mae 6.00%, 30 Year	$	(6,084,750	)	$	(6,036,653	)
$	55,000,000	Fannie Mae 5.50%, 30 Year	$	(58,129,102	)	$	(57,569,545	)

* 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.

79

SCHEDULE OF PORTFOLIO INVESTMENTS

Access Capital Community Investment Fund (cont.)

December 31, 2009 (Unaudited)

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

(b) 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.

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

(d) 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 $10,355,828 or 1.83% of net assets was as follows:

Acquisition Principal Amount	Issuer	Acquisition Date	Acquisition Cost		12/31/2009 Carrying Value Per Unit
$1,395,000	Fort Knox Military Housing Privatization Project	1/29/2007	$	1,328,900	$	0.43
$9,375,000	Massachusetts Housing Investment Corp.	3/29/2005	$	9,375,000	$	1.04

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

(f) See notes to schedules of portfolio investments for the cost of securities and the breakdown of unrealized appreciation (depreciation).

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 – Insured by National Public Finance Guarantee Corp.

See notes to financial statements.

80

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

December 31, 2009 (Unaudited)

1. Organization

RBC Funds Trust (“the Trust”) (formerly known as Tamarack Funds 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 report includes the following nine 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”)

• Prime Money Market Fund

• U.S. Government Money Market Fund

• Tax-Free Money Market Fund

• Access Capital Community Investment Fund

RBC Global Asset Management (U.S.) Inc.(“RBC GAM (US))” or the “Advisor”), (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 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 the Schedules of Portfolio Investments (“Schedules”). Management may also be required to make estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.

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 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.

Bonds and other fixed income securities are generally valued on the basis of prices furnished by pricing services approved by the 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 in the Access Capital Community Investment Fund 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. 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. Exchange traded financial futures are valued at the settlement price as established by the exchange on which they are traded.

81

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

Securities held by the Prime Money Market Fund, U.S. Government Money Market Fund, and Tax-Free Money Market Fund 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 the issuer, the Fund will use pricing and valuation procedures approved by the Board to determine a security’s fair value.

As of December 31, 2009, the book cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

	Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid Cap Growth Fund	$	58,343,810	$	6,352,112	$	(2,204,398	)	$	4,147,714
Enterprise Fund		143,129,673		31,987,154		(34,176,287	)		(2,189,133	)
Small Cap Core Fund		38,443,160		11,933,557		(3,813,451	)		8,120,106
Microcap Value Fund		210,409,381		27,574,553		(74,790,325	)		(47,215,772	)
Mid Cap Value Fund		2,968,903		63		(14,653	)		(14,590	)
Access Capital Community Investment Fund		655,169,540		28,224,907		(4,240,026	)		23,984,881

Investment Transactions:

Investment transactions are recorded on one business day after trade date, except on the last business day of each fiscal quarter end, or for the Money Market Funds, when they are recorded on trade date.

Financial Instruments When Issued Transactions

The Funds may engage in when-issued transactions. The Funds record when-issued securities one business day after 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. When-issued securities are identified in the Schedules of Portfolio Investments.

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 Wells Fargo Bank Minnesota 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.

Reverse Repurchase Agreements

To obtain short-term financing, the Access Capital Community Investment 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.

82

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

Details of open reverse repurchase agreements for the Access Capital Community Investment Fund at December 31, 2009 were as follows:

	Rate		Trade Date	Maturity Date	Net Closing Amount			Par
Mizuho Securities	0.45	%	8/18/09	01/06/10	$	(36,702,574	)	$	(36,638,000	)
Mizuho Securities	0.46	%	8/24/09	01/13/10		(15,412,915	)		(15,385,000	)
Goldman Sachs	0.37	%	9/03/09	01/20/10		(19,137,169	)		(19,109,868	)
Deutsche Bank	0.30	%	10/06/09	02/03/10		(11,257,246	)		(11,246,000	)
Mizuho Securities	0.34	%	10/13/09	02/10/10		(17,564,884	)		(17,545,000	)
Morgan Stanley	0.32	%	10/21/09	02/18/10		(23,064,576	)		(23,040,000	)

Details of underlying collateral pledged for open reverse repurchase agreements at December 31, 2009 were as follows:

	Description	Rate		Maturity Date	Par		Market Value
Mizuho Securities 8/18/09 to 1/6/10
	Fannie Mae Pool #258627	5.50	%	2/01/36	$	1,537,837	$	1,623,059
	Fannie Mae Pool #702478	5.50	%	6/01/33		2,865,445		3,026,029
	Fannie Mae Pool #835287	5.00	%	8/01/35		1,424,866		1,472,139
	Fannie Mae Pool #952598	6.00	%	7/01/37		2,169,829		2,315,615
	Fannie Mae Pool #952632	6.00	%	7/01/37		2,227,239		2,373,749
	Freddie Mac Pool #A40538	5.00	%	12/01/35		2,214,694		2,286,441
	Freddie Mac Pool #A42097	5.00	%	1/01/36		1,363,774		1,408,149
	Freddie Mac Pool #A45396	5.00	%	6/01/35		1,037,181		1,072,078
	Freddie Mac Pool #A46735	5.00	%	8/01/35		1,636,555		1,689,573
	Freddie Mac Pool #A47552	5.00	%	11/01/35		1,348,459		1,392,143
	Freddie Mac Pool #A18617	5.50	%	1/01/34		853,871		902,524
	Freddie Mac Pool #A20540	5.50	%	4/01/34		1,327,354		1,402,985
	Freddie Mac Pool #A42803	5.50	%	2/01/36		1,876,184		1,981,915
	Freddie Mac Pool #A46746	5.50	%	8/01/35		1,090,340		1,151,786
	Freddie Mac Pool #A61754	5.50	%	5/01/37		1,284,237		1,353,198
	Freddie Mac Pool #A61915	5.50	%	6/01/37		1,121,206		1,181,973
	Freddie Mac Pool #A63456	5.50	%	6/01/37		3,214,166		3,386,760
	Freddie Mac Pool #A64012	5.50	%	7/01/37		1,288,603		1,357,927
	Freddie Mac Pool #A42099	6.00	%	1/01/36		379,993		406,474
	Freddie Mac Pool #A42805	6.00	%	2/01/36		1,174,808		1,256,677
	Freddie Mac Pool #A49013	6.00	%	5/01/36		1,039,775		1,110,610
	Freddie Mac Pool #A64447	6.00	%	8/01/37		1,137,706		1,214,145
	Freddie Mac Pool #A68766	6.00	%	10/01/37		1,255,828		1,340,204
							$	36,706,153
Mizuho Securities 8/24/09 to 1/13/10
	Fannie Mae Pool #387590	4.90	%	9/01/15	$	9,442,348	$	9,921,643
	Fannie Mae Pool #386608	5.37	%	11/01/21		4,693,278		4,843,344
	Fannie Mae Pool #258571	5.50	%	11/01/35		1,198,306		1,264,712
							$	16,029,699

83

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

	Description	Rate		Maturity Date	Par		Market Value
Goldman Sachs 9/3/09 to 1/20/10
	Fannie Mae Pool #815009	5.00	%	4/01/35	$	2,246,886	$	2,321,432
	Fannie Mae Pool #829005	5.00	%	8/01/35		1,908,055		1,971,359
	Fannie Mae Pool #908672	5.50	%	1/01/37		1,631,405		1,719,008
	Fannie Mae Pool #941204	5.50	%	6/01/37		1,652,127		1,739,552
	Fannie Mae Pool #990510	5.50	%	8/01/38		1,735,953		1,827,814
	Fannie Mae Pool #866969	6.00	%	2/01/36		2,429,860		2,593,117
	Freddie Mac Pool #A14325	5.00	%	9/01/33		1,475,011		1,526,021
	Freddie Mac Pool #A38830	5.00	%	5/01/35		1,950,299		2,013,480
	Freddie Mac Pool #A66133	6.00	%	6/01/37		1,189,797		1,269,737
	Ginnie Mae Pool #675509	5.50	%	6/15/38		1,827,564		1,926,164
							$	18,907,684
Deutsche Bank 10/6/09 to 2/3/10
	Fannie Mae Pool #777621	5.00	%	2/01/34	$	3,013,800	$	3,120,382
	Freddie Mac Pool #A37185	5.00	%	9/01/35		1,578,073		1,629,196
	Freddie Mac Pool #A66061	5.50	%	8/01/37		2,480,861		2,614,078
	Freddie Mac Pool #A64015	6.00	%	7/01/37		738,686		788,316
	Freddie Mac Pool #A67630	6.00	%	11/01/37		1,648,155		1,758,890
	Freddie Mac Pool #A66156	6.50	%	9/01/37		1,908,766		2,054,500
							$	11,965,362
Mizuho Securities 10/13/09 to 2/10/10
	Fannie Mae Pool #806754	4.50	%	9/01/34	$	3,393,184	$	3,426,409
	Fannie Mae Pool #806761	5.50	%	9/01/34		5,125,521		5,394,396
	Freddie Mac Pool #A30056	5.50	%	12/01/34		1,500,508		1,586,006
	Freddie Mac Pool #A60751	5.50	%	5/01/37		2,059,495		2,170,086
	Freddie Mac Pool #A42804	6.00	%	2/01/36		928,181		992,864
	Freddie Mac Pool #A61916	6.00	%	6/01/37		3,721,669		3,971,718
							$	17,541,479
Morgan Stanley 10/21/09 to 2/18/10
	Fannie Mae Pool #663159	5.00	%	7/01/32	$	5,190,782	$	5,394,467
	Fannie Mae Pool #727312	5.00	%	9/01/33		3,348,617		3,467,039
	Fannie Mae Pool #844361	5.50	%	11/01/35		3,826,079		4,038,107
	Fannie Mae Pool #829649	5.50	%	3/01/35		3,243,000		3,424,743
	Fannie Mae Pool #885724	5.50	%	6/01/36		3,208,166		3,380,437
	Fannie Mae Pool #257892	5.50	%	2/01/38		3,365,957		3,544,072
							$	23,248,865

84

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

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 market 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.

Fair Values of Derivative Instruments as of December 31, 2009 are as follows:

	Asset Derivatives Value
Fund	Total Value at 12/31/09		Interest Rate Contracts
Access Capital Community Investment Fund	$	7,732,495	$	7,732,495

Financial Futures Contracts

The Funds may enter 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 Funds each day, depending on the daily fluctuations in the fair value of the underlying index. A Fund would recognize an unrealized gain or loss each day equal to these daily payments.

85

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

The Access Capital Community Investment Fund had the following open futures contracts at December 31, 2009:

Short Contracts	Number of Contracts	Expiration Date	Unrealized Appreciation		Notional Value		Counterparty
Ten Year Swap	100	March 2010	$	425,000	$	10,360,938	Barclays Capital
Thirty Year U.S. Treasury Bond	100	March 2010	$	578,766	$	12,096,266	Barclays Capital

Details of underlying collateral pledged for open futures contracts at December 31, 2009 were as follows:

Description	Yield		Maturity Date	Par		Market Value
U.S. Treasury Bill	0.45	%	06/17/10	$	2,000,000	$	1,998,296

Options

Funds 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

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).

TBA Commitments

The Access Capital Community Investment 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 market value of the underlying securities, according to the procedures described under “Security Valuation”.

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).

86

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

Fair Value Measurements

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

• Level 1 - quoted prices in active markets for identical securities

• Level 2 - significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 - significant unobservable inputs (including the Funds’ 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 December 31, 2009 is as follows:

Funds	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Assets:
Investments in Securities
Mid Cap Growth Fund	$	62,491,524	(e)	$	—		$	—	$	62,491,524
Enterprise Fund		140,940,540	(e)		—			—		140,940,540
Small Cap Core Fund		46,563,266	(e)		—			—		46,563,266
Microcap Value Fund		162,955,434	(e)		238,175	(a)		—		163,193,609
Mid Cap Value Fund		2,954,313	(e)		—			—		2,954,313
Prime Money Market Fund		1,000,000,000	(b)		16,706,053,023	(c)		—		17,706,053,023
U.S. Government Money Market Fund		295,000,000	(b)		5,296,943,012	(c)		—		5,591,943,012
Tax Free Money Market Fund		43,906,679	(b)		1,375,590,382	(d)		—		1,419,497,061
Access Capital Community Investment Fund		6,679,482	(b)		672,474,939	(c)		—		679,154,421
Other Financial Instruments*
Access Capital Community Investment Fund		983,766			—			—		983,766

(a) Represents Lazare Kaplan International, Inc. a security in the Consumer Descretionary Industry as disclosed in the Schedules of Portfolio Investments.

(b) Level 1 investments consist of Investment Companies.

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

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

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

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

3. 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.

87

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

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 September 30, 2009 the following Funds had net capital loss carryforwards to offset future net capital gains.

	Capital Loss Carryforward		Expires
Mid Cap Growth Fund	$	1,284,433	2017
Enterprise Fund		81,833	2017
Small Cap Core Fund		547,840	2017
Microcap Value Fund		1,092,919	2017
Prime Money Market Fund
		3,069	2013
		40,324	2014
		52,797	2015
		38,902	2016
		4,606,628	2017
Access Capital Community Investment Fund
		1,911,397	2011
		3,756,334	2012
		659,184	2013
		27,743	2014
		2,484,167	2015
		8,197,543	2016

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 Funds 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.

	Deferred Post-October Losses
Mid Cap Growth Fund	$	12,133,643
Enterprise Fund		17,369,834
Small Cap Core Fund		3,845,580
Microcap Value Fund		23,959,367
U.S. Government Money Market Fund		8,450
Access Capital Community Investment Fund		11,847,378

88

Item 2. 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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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     2/18/10                                                                     

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     2/18/10                                                                     

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

Date     2/18/10                                                                     

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

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Erik R. Preus, certify that:

1. I have reviewed this report on Form N-Q of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     2/18/10	/s/ Erik R. Preus
	Erik R. Preus, President and Chief Executive Officer
	(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Kathleen A. Hegna, certify that:

1. I have reviewed this report on Form N-Q of RBC Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     2/18/10	/s/ Kathleen A. Hegna
	Kathleen A. Hegna, Chief Financial Officer
	(principal financial officer)