The Report to Shareholders is attached herewith.

RBC Funds

About your  

Annual Report  

This annual report includes detailed information about your Fund including financial statements, performance, and a complete list of its holdings.

The RBC Funds compare their performance against various indices. Each of these indices is a widely recognized measure of return for the underlying category of securities. However, the indices are unmanaged, do not include fees, and cannot be invested in directly.

We hope the financial information presented will help you evaluate your investment in the RBC Funds. We also encourage you to read your Fund’s prospectus for further detail as to your Fund’s investment policies and risk profile. RBC Funds prospectuses and performance information subsequent to the date of this report are available on our website at www.rbcgam.com.

A schedule of each Fund’s portfolio holdings is filed with the Commission for the first and third quarters of each fiscal year on Form N-PORT. This information is available on the Commission’s website at http://www.sec.gov and on the Funds’ website at www.dfinview.com/usrbcgam.

Letter from the Portfolio Managers

Portfolio Managers

Performance Summary (Unaudited)

Management Discussion and Analysis (Unaudited)

- Access Capital Community Investment Fund

- RBC Impact Bond Fund

Schedule of Portfolio Investments

Financial Statements

- Statements of Assets and Liabilities

- Statements of Operations

- Statements of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Other Federal Income Tax Information (Unaudited)

Management (Unaudited)

Share Class Information (Unaudited)

Supplemental Information (Unaudited)

Dear Shareholder:

The Access Capital Community Investment Fund (the “Access Fund”) has a 24-year track record of supporting
underserved individuals and communities through the creation of market-rate fixed income investments that are primarily
guaranteed by the U.S. government, its agencies or municipalities. Investments are directed to benefit low- and moderate-
income (“LMI”) individuals and communities by supporting affordable homeownership, quality affordable rental housing, small
businesses, health care, education, and job creation. The Fund also invests across these same themes to support
underserved Black, Indigenous, and People of Color (“BIPOC”) communities in an effort to build stronger, more resilient
communities. In addition to increasing capital flows to these underserved communities, over time, the Access Fund’s
investment process has provided investors with a competitive rate of return in a wide variety of market conditions.

¹ Targeting is only available in Class I shares.

All of the Fund’s investments support LMI income communities and families. In addition, a substantial percentage of the Fund’s investments supported BIPOC communities as of September 30, 2022:

The RBC Impact Bond Fund (the “Impact Fund”) strives to maximize positive social and environmental impact within the context of a competitive fixed income portfolio, presenting a distinct value proposition for investors:

   LETTER FROM THE PORTFOLIO MANAGERS

We implement the team’s expertise in impact investing in social justice themes and combine it with a lens on creating meaningful progress toward climate change solutions. In doing so, we seek not just to avoid investments that harm the environment, but also strive to invest in those that explicitly align with advancing climate change solutions. This results in a portfolio that produces both positive social and environmental outcomes. The negative impacts of climate change continue to take a toll on our planet and on people, with a disproportionately negative impact on already disadvantaged and lower-income populations. We continue to examine investments with a critical eye toward understanding the social and environmental impact of each project, with a goal to maximize the positive and minimize the negative.

The Impact Fund’s core holdings must also have meaningful alignment with the United Nations Sustainable Development Goals (“SDGs”) —a global agenda to end poverty, protect the planet, and ensure prosperity for all people.

For the fiscal year ended September 30, 2022, the Impact Fund has generated a net-of-fees return of -15.05% (Class I shares; gross-of-fees return of -14.67%) versus the Bloomberg US Aggregate Bond Index that returned -14.60%. The effective duration of the Impact Fund is 6.10 years, in line with the benchmark’s 6.10, and the subsidized 30-day SEC yield of the Impact Fund is 3.39% (Class I shares; 2.60% unsubsidized).

Negative absolute returns were driven by rapidly rising rates as the Fed continued its aggressive rate hikes in an effort to manage unacceptably high inflation. Relative returns were negatively impacted from wider spreads in all sectors as markets reacted to higher rates, the war in Ukraine, continued inflation fears and market dislocation.

Performance in the Impact Fund’s Agency MBS and corporate sectors was relatively flat to the benchmark. The Impact Fund’s overweight to municipals, asset-backed and SBA sectors detracted from performance due to overall weakness in those sectors. Duration positioning remained neutral, resulting in very little effect on relative performance. The Impact Fund maintained a yield advantage over the course of the year.

We have made measurable progress toward demonstrating the positive social and environmental impacts of investing in the Impact Fund. The holdings of the Impact Fund as of September 30, 2022 were invested to support the following themes (totals may exceed 100%, as projects may impact multiple themes/SDGs):

In addition to these meaningful contributions to advancing the SDGs, the Impact Fund also had a low carbon footprint relative to the benchmark, financing significantly less carbon emissions and more carbon capture equivalents than securities held in the benchmark. This is illustrated below, and is calculated using our internally developed, proprietary impact measurement framework:

pass-throughs), asset-backed securities, and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index.

PORTFOLIO MANAGERS

RBC Global Asset Management (U.S.) Inc.(“RBC GAM-US”) serves as the investment advisor to the Funds. RBC GAM-US employs a team approach to the management of the Funds, with no individual team member being solely responsible for the investment decisions. The Funds’ management team has access to RBC GAM-US’s investment research and other money management resources.

Brian Svendahl, CFA 

Brian Svendahl, CFA

Senior Portfolio Manager

Brian is a senior portfolio manager within the RBC GAM-US fixed income team. He has been the lead portfolio manager for RBC GAM-US’s impact investing strategies since 2006 along with many government and mortgage strategies. Brian joined RBC GAM-US in 2005 and has co-led the Minneapolis-based fixed income group since 2012. He had previously held several risk management, research, and trading positions with a large American multinational financial services company and first started in the investment industry in 1992. Brian earned a BS in economics from the University of Minnesota and a BBA in finance and MBA from the University of Minnesota Carlson School of Management. Brian is a CFA charterholder.

  PERFORMANCE SUMMARY (UNAUDITED)

Average Annual Total Returns as of September 30, 2022 (Unaudited)

Access Capital Community Investment Fund

Class A^(c)

- Including Max Sales Charge of 3.75%

- At Net Asset Value

Class I^(e)

- At Net Asset Value

Class IS^(f)

- At Net Asset Value

Bloomberg U.S. Securitized Index^(h)

RBC Impact Bond Fund

Class A^(d)

- Including Max Sales Charge of 3.75%

- At Net Asset Value

Class I

- At Net Asset Value

Class R6

- At Net Asset Value

Class Y^(g)

- At Net Asset Value

Bloomberg U.S. Aggregate Bond Index^(h)

The Funds’ expenses are from the Funds’ most recent prospectus dated January 28, 2022. For current expense ratio information, please see the Financial Highlights starting on page 61.

The advisor has contractually agreed to waive fees and/or pay operating expenses to keep total operating expenses (excluding certain fees such as brokerage costs, interest, taxes and acquired fund fees and expenses) at 0.80% for Class A shares, 0.45% for Class I shares and 0.40% for Class IS shares of the Access Capital Community Investment Fund and at 0.70% for Class A shares, 0.45% for Class I shares, 0.40% for Class R6 shares and 0.40% for Class Y shares of the Impact Bond Fund until January 31, 2024.

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

  PERFORMANCE SUMMARY (UNAUDITED)

The inception date for Class A shares of the Fund is January 28,2020. All performance shown for such class of shares prior to its inception date is based on the performance of the Class I shares of the Fund, adjusted to reflect the fees and expenses of Class A shares, as applicable.

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

The inception date for Class IS shares of the Fund is March 11, 2019. All performance shown for such class of shares prior to its inception date is based on the performance of the Class I shares of the Fund, adjusted to reflect the fees and expenses of Class IS shares, as applicable.

The inception date for Class Y shares of the Fund is April 12, 2021. All performance shown for such class of shares prior to its inception date is based on the performance of the Class I shares of the Fund, adjusted to reflect the fees and expenses of Class Y shares, as applicable.

Each of the comparative indices is a widely recognized market value weighted measure of the return of securities, but do not include sales fees or operating expenses. You cannot invest directly in indices.

Access Capital Community Investment Fund

Investment     

Strategy    

The Fund seeks to achieve its investment objective by investing primarily in high quality debt securities and other debt instruments supporting low- and moderate-income (“LMI”) individuals and communities and underserved areas of the United States. The Fund invests primarily in mortgage-backed securities, small business loans, municipal securities and other instruments supporting the Fund’s impact goal of supporting LMI individuals and communities and underserved areas.

For the twelve-month period ended September 30, 2022, the Fund had an annualized net return of -13.44% (Class I). That compares to an annualized total return of -13.79% for the Bloomberg US Securitized Bond Index, the Fund’s primary benchmark.

Factors That    

Made Positive    

Contributions    

•  The underweight positioning to Agency MBS relative to the benchmark was additive with the sell-off in rates

•  The overweight positioning to Agency CMBS was a positive contributor to performance as this sector out-performed Agency MBS in a rising rate environment

•  The Fund maintained an income advantage

Factors That    

Detracted From    

Relative Returns    

•  Weakness in the SBA market, a sector not held in the benchmark, was a negative contributor to performance

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund is non-diversified,, which means it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual security volatility than a diversified fund. Investing in the Fund involves other risks including but not limited to concentration in the affordable housing industry, competition for investments, the effects of leveraging the Fund’s portfolio, and investments in illiquid securities. These risks are more fully described in the prospectus.

  MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED)

Access Capital Community Investment Fund

Investment    

Objective    

The Fund’s investment objective is to provide current income consistent with the preservation of capital by investing primarily in high quality debt securities and other debt instruments supporting community development, including investments deemed to be qualified under the Community Reinvestment Act of 1977, as amended (the “CRA”).

Benchmark    

Bloomberg U.S. Securitized Index

Asset Allocation    

as of 9/30/22 (%    

of Fund’s    

investments)    

Top Ten Holdings    

(excluding    

investment    

companies) (as    

of 9/30/22) (%    

of Fund’s net    

assets)    

Fannie Mae, Pool #CB4463, 4.50%, 8/1/52

Fannie Mae, Pool #CB4314, 4.50%, 8/1/52

Freddie Mac, Pool #RA7503, 4.50%, 7/1/52

Fannie Mae, Pool #CB3764, 4.00%, 6/1/52

Fannie Mae, Pool #BL4650, 2.30%, 10/1/31

Fannie Mae, Pool #CB3797, 4.00%, 6/1/52

Freddie Mac, Pool #RA5427, 2.50%, 6/1/51

Freddie Mac, Pool #RA5020, 2.00%, 4/1/51

Fannie Mae, Pool #CB3931, 4.00%, 6/1/52

Fannie Mae, Pool #CB4767, 5.00%, 9/1/52

*A listing of all portfolio holdings can be found beginning on page 17

Growth of    

$1,000,000 Initial    

Investment Over    

10 Years    

The graph reflects an initial hypothetical investment of $1,000,000 over a 10 year period and is based on Class I shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures. This chart does not imply any future performance.

Investment    

Strategy    

Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities meeting the Fund’s impact criteria, as determined by the Advisor’s impact methodology. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related, mortgage-backed and asset-backed securities, and obligations of U.S. governments and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest.

For the twelve-month period ended September 30, 2022, the Fund delivered a net return of -15.05% (Class I). That compares to an annualized total return of -14.60% for the Bloomberg US Aggregate Bond Index, the Fund’s primary benchmark.

Factors That    

Made Positive    

Contributions    

•  The Fund maintained an income advantage, positively contributing to performance

•  Agency MBS and corporate sectors kept pace with benchmark holdings in a volatile environment

Factors That    

Detracted From    

Relative Returns    

•  Absolute returns were negative, driven by rapidly rising rates as the Fed continued its aggressive rate hikes in an effort to manage unacceptably high inflation

•  Weakness in SBA and asset-backed sectors, where the Fund was overweight versus the benchmark, detracted from relative performance

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund’s impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of these criteria may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for impact investing reasons when it might be otherwise disadvantageous for it to do so. The Fund invests in mortgage-related securities including pass-throughs and collateralized mortgage obligations, which include additional risks that an investor should be aware of such as credit risk, prepayment risk, possible illiquidity and default, and increased susceptibility to adverse economic developments. The Fund may invest in derivatives, including futures contracts, which involve risks different from and, in certain cases, greater than risks presented by more traditional investments. These risks are described more fully in the prospectus.

  MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED)

RBC Impact Bond Fund

The Fund seeks to achieve a high level of current income consistent with preservation of capital.

Investment

Objective

Bloomberg U.S. Aggregate Bond Index

Benchmark

Asset Allocation

as of 9/30/22 (%

of Fund’s

investments)

Luminace Issuer LLC, Series 2022-1, Class B, 5.91%, 7/31/62

American Water Capital Corp., 4.45%, 6/1/32

Tesla Auto Lease Trust, Series 2020-A, Class D, 2.33%, 2/20/24

BX Commercial Mortgage Trust, Series 2022-AHP, Class C, (Term SOFR 1M + 2.090%), 4.94%, 1/17/39

U.S. International Development Finance Corp., Series 10, (US Treasury Bill Yield 3-Month + 0.000%), 3.17%, 7/5/38

1.37%
1.35%

1.27%

1.26%

Fannie Mae, Pool #CB3764, 4.00%, 6/1/52

NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28

City of Tacoma Electric System, Revenue, Series C, 5.64%, 1/1/27

Astrazeneca Finance LLC, 1.75%, 5/28/28

Baxalta, Inc., 4.00%, 6/23/25

Top Ten Holdings

(excluding

investment

companies) (as

of 9/30/22) (% of

Fund’s net

assets)

*A listing of all portfolio holdings can be found beginning on page 41

Growth of

$1,000,000 Initial
Investment Since
Inception

(12/18/17)

  SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Agency Backed Mortgages — 89.30%

Fannie Mae — 47.32%

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS

  SCHEDULE OF PORTFOLIO INVESTMENTS