# EDGAR Filing Document

**Accession Number:** 0000030126
**File Stem:** 0001133228-25-009424
**Filing Date:** 2025-9
**Character Count:** 192148
**Document Hash:** db31cf80309ed1645f1ec03695e2a9f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009424.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001133228-25-009424

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RMB INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000030126

**ORGANIZATION NAME:**
- **EIN:** 133536115
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00994
- **FILM NUMBER:** 251293887

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE
- **STREET 2:** SUITE 3500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 8008743863

**MAIL ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE
- **STREET 2:** SUITE 3500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BURNHAM INVESTORS TRUST
- **DATE OF NAME CHANGE:** 20000327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREXEL BURNHAM FUND
- **DATE OF NAME CHANGE:** 19890706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREXEL EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19751208

## Series and Classes Contracts Data

### RMB Fund (Series ID: S000002997)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008242 | Class A      | RMBHX           |
| C000008244 | Class C      | RMBJX           |
| C000082356 | Class I      | RMBGX           |

### RMB Mendon Financial Services Fund (Series ID: S000002998)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008245 | Class A      | RMBKX           |
| C000008247 | Class C      | RMBNX           |
| C000082357 | Class I      | RMBLX           |

### RMB International Fund (Series ID: S000060194)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000197003 | Class I      | RMBTX           |

### RMB Small Cap Fund (Series ID: S000065670)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212437 | Class I      | RMBBX           |

### RMB SMID Cap Fund (Series ID: S000065671)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212439 | Class I      | RMBMX           |

?xml version='1.0' encoding='ASCII'? 2025-07-02197670_RMBFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-00994</u>**

**<u>RMB Investors Trust</u>**

(Exact name of registrant as specified in charter)

**<u>One North Wacker Drive, Suite 3500</u>**

**<u>Chicago, IL 60606</u>**

(Address of principal executive offices) (Zip code)

**<u>Christopher M. Graff</u>**

**<u>One North Wacker Drive, Suite 3500</u>**

**<u>Chicago, IL 60606</u>**

(Name and address of agent for service)

**<u>(800) 462-2392</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class A \| RMBHX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $63 | 1.26% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114436175 | **Portfolio Turnover** | 41% |
| **Number of Holdings** | 40 | **30-Day SEC Yield (Class-Specific)** | -0.07% |

---

Visit www.rmbfunds.com/our-funds/rmb-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4837img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Microsoft Corp.  | 12.0% |
|  Alphabet, Inc. - Class A  | 7.1% |
|  Amazon.com, Inc.  | 6.3% |
|  NVIDIA Corp.  | 5.8% |
|  Apple, Inc.  | 4.2% |
|  Visa, Inc. - Class A  | 4.0% |
|  AMETEK, Inc.  | 3.5% |
|  First American Government Obligations Fund - Class X  | 3.1% |
|  Booking Holdings, Inc.  | 2.9% |
|  JPMorgan Chase & Co.  | 2.8% |

---

**Top Industries (%)**

![image](ts4837img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB Fund PAGE 1 TSR-SAR-74968B605

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-SAR-74968B605

35.716.612.010.78.06.62.02.02.04.422.49.18.96.34.74.64.44.24.031.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class C \| RMBJX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $101 | 2.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114436175 | **Portfolio Turnover** | 41% |
| **Number of Holdings** | 40 | **30-Day SEC Yield (Class-Specific)** | -0.79% |

---

Visit www.rmbfunds.com/our-funds/rmb-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4838img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Microsoft Corp.  | 12.0% |
|  Alphabet, Inc. - Class A  | 7.1% |
|  Amazon.com, Inc.  | 6.3% |
|  NVIDIA Corp.  | 5.8% |
|  Apple, Inc.  | 4.2% |
|  Visa, Inc. - Class A  | 4.0% |
|  AMETEK, Inc.  | 3.5% |
|  First American Government Obligations Fund - Class X  | 3.1% |
|  Booking Holdings, Inc.  | 2.9% |
|  JPMorgan Chase & Co.  | 2.8% |

---

**Top Industries (%)**

![image](ts4838img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB Fund PAGE 1 TSR-SAR-74968B704

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-SAR-74968B704

35.716.612.010.78.06.62.02.02.04.422.49.18.96.34.74.64.44.24.031.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBGX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $51 | 1.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114436175 | **Portfolio Turnover** | 41% |
| **Number of Holdings** | 40 | **30-Day SEC Yield (Class-Specific)** | 0.17% |

---

Visit www.rmbfunds.com/our-funds/rmb-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4839img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Microsoft Corp.  | 12.0% |
|  Alphabet, Inc. - Class A  | 7.1% |
|  Amazon.com, Inc.  | 6.3% |
|  NVIDIA Corp.  | 5.8% |
|  Apple, Inc.  | 4.2% |
|  Visa, Inc. - Class A  | 4.0% |
|  AMETEK, Inc.  | 3.5% |
|  First American Government Obligations Fund - Class X  | 3.1% |
|  Booking Holdings, Inc.  | 2.9% |
|  JPMorgan Chase & Co.  | 2.8% |

---

**Top Industries (%)**

![image](ts4839img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB Fund PAGE 1 TSR-SAR-74968B886

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-SAR-74968B886

35.716.612.010.78.06.62.02.02.04.422.49.18.96.34.74.64.44.24.031.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Mendon Financial Services Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class A \| RMBKX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $66 | 1.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $206388559 | **Portfolio Turnover** | 16% |
| **Number of Holdings** | 65 | **30-Day SEC Yield (Class-Specific)** | 0.90% |

---

Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4841img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Equity Bancshares, Inc. - Class A  | 7.0% |
|  Primis Financial Corp.  | 5.3% |
|  First Horizon Corp.  | 5.1% |
|  USCB Financial Holdings, Inc.  | 4.6% |
|  VersaBank  | 4.4% |
|  Renasant Corp.  | 4.4% |
|  Veritex Holdings, Inc.  | 3.8% |
|  Origin Bancorp, Inc.  | 3.6% |
|  Abacus Global Management, Inc.  | 3.3% |
|  Business First Bancshares, Inc.  | 3.0% |

---

**Top Industries (%)**

![image](ts4841img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

RMB Mendon Financial Services Fund PAGE 1 TSR-SAR-74968B407

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Mendon Financial Services Fund PAGE 2 TSR-SAR-74968B407

97.42.693.23.30.92.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Mendon Financial Services Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class C \| RMBNX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $102 | 2.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $206388559 | **Portfolio Turnover** | 16% |
| **Number of Holdings** | 65 | **30-Day SEC Yield (Class-Specific)** | 0.23% |

---

Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4842img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Equity Bancshares, Inc. - Class A  | 7.0% |
|  Primis Financial Corp.  | 5.3% |
|  First Horizon Corp.  | 5.1% |
|  USCB Financial Holdings, Inc.  | 4.6% |
|  VersaBank  | 4.4% |
|  Renasant Corp.  | 4.4% |
|  Veritex Holdings, Inc.  | 3.8% |
|  Origin Bancorp, Inc.  | 3.6% |
|  Abacus Global Management, Inc.  | 3.3% |
|  Business First Bancshares, Inc.  | 3.0% |

---

**Top Industries (%)**

![image](ts4842img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

RMB Mendon Financial Services Fund PAGE 1 TSR-SAR-74968B506

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Mendon Financial Services Fund PAGE 2 TSR-SAR-74968B506

97.42.693.23.30.92.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Mendon Financial Services Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBLX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $54 | 1.11% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $206388559 | **Portfolio Turnover** | 16% |
| **Number of Holdings** | 65 | **30-Day SEC Yield (Class-Specific)** | 1.19% |

---

Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund and select the applicable share class for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4843img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Equity Bancshares, Inc. - Class A  | 7.0% |
|  Primis Financial Corp.  | 5.3% |
|  First Horizon Corp.  | 5.1% |
|  USCB Financial Holdings, Inc.  | 4.6% |
|  VersaBank  | 4.4% |
|  Renasant Corp.  | 4.4% |
|  Veritex Holdings, Inc.  | 3.8% |
|  Origin Bancorp, Inc.  | 3.6% |
|  Abacus Global Management, Inc.  | 3.3% |
|  Business First Bancshares, Inc.  | 3.0% |

---

**Top Industries (%)**

![image](ts4843img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

RMB Mendon Financial Services Fund PAGE 1 TSR-SAR-74968B803

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Mendon Financial Services Fund PAGE 2 TSR-SAR-74968B803

97.42.693.23.30.92.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB International Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBTX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB International Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $54 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $255419506 | **Portfolio Turnover** | 20% |
| **Number of Holdings** | 45 | **30-Day SEC Yield (Class-Specific)** | 1.82% |

---

Visit www.rmbfunds.com/our-funds/rmb-international-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Countries (%)**

![image](ts4840img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Shell PLC  | 3.7% |
|  First American Government Obligations Fund - Class X  | 3.7% |
|  Anheuser-Busch InBev SA/N.V.  | 3.5% |
|  ASML Holding N.V.  | 3.5% |
|  Schneider Electric SE  | 3.4% |
|  ING Groep N.V.  | 3.4% |
|  BAE Systems PLC  | 3.3% |
|  AstraZeneca PLC  | 3.2% |
|  ITOCHU Corp.  | 3.1% |
|  Novartis AG  | 3.0% |

---

**Top Industries (%)**

![image](ts4840img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB International Fund PAGE 1 TSR-SAR-74968B860

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB International Fund PAGE 2 TSR-SAR-74968B860

24.221.014.18.26.96.93.52.62.410.212.66.25.75.54.94.54.23.73.749.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Small Cap Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBBX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB Small Cap Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $46 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $124432685 | **Portfolio Turnover** | 3% |
| **Number of Holdings** | 48 | **30-Day SEC Yield (Class-Specific)** | 0.32% |

---

Visit www.rmbfunds.com/our-funds/rmb-small-cap-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4844img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Curtiss-Wright Corp.  | 5.0% |
|  First American Government Obligations Fund - Class X  | 4.9% |
|  Stock Yards Bancorp, Inc.  | 3.7% |
|  Monolithic Power Systems, Inc.  | 3.5% |
|  Stifel Financial Corp.  | 3.5% |
|  EastGroup Properties, Inc.  | 3.4% |
|  Tyler Technologies, Inc.  | 3.3% |
|  Fair Isaac Corp.  | 3.3% |
|  Carpenter Technology Corp.  | 3.2% |
|  TriCo Bancshares  | 3.2% |

---

**Top Industries (%)**

![image](ts4844img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB Small Cap Fund PAGE 1 TSR-SAR-74968B837

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB Small Cap Fund PAGE 2 TSR-SAR-74968B837

18.617.617.211.38.77.77.75.30.95.011.710.07.77.35.35.25.04.43.539.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB SMID Cap Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBMX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36344_202502072121314.jpg) |

---

This semi-annual shareholder report contains important information about the RMB SMID Cap Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $40 | 0.81% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $75645718 | **Portfolio Turnover** | 6% |
| **Number of Holdings** | 57 | **30-Day SEC Yield (Class-Specific)** | 0.24% |

---

Visit www.rmbfunds.com/our-funds/rmb-smid-cap-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)<sup>1</sup>

**Top Sectors (%)**

![image](ts4845img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Monolithic Power Systems, Inc.  | 4.1% |
|  Pinnacle Financial Partners, Inc.  | 4.1% |
|  Curtiss-Wright Corp.  | 3.4% |
|  Fair Isaac Corp.  | 3.3% |
|  Tyler Technologies, Inc.  | 3.3% |
|  HEICO Corp.  | 3.2% |
|  Markel Group, Inc.  | 3.1% |
|  Watsco, Inc.  | 3.0% |
|  Webster Financial Corp.  | 2.8% |
|  Eagle Materials, Inc.  | 2.7% |

---

**Top Industries (%)**

![image](ts4845img004.jpg)

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

RMB SMID Cap Fund PAGE 1 TSR-SAR-74968B811

------

For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.

RMB SMID Cap Fund PAGE 2 TSR-SAR-74968B811

24.516.916.411.88.16.85.95.44.00.29.48.88.66.15.95.65.45.45.239.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](rmb.jpg)

**RMB Investors Trust** 

**RMB Fund** 

**RMB Mendon Financial Services Fund**

**RMB International Fund** 

**RMB Small Cap Fund**

**RMB SMID Cap Fund** 

Semi-Annual Financial Statements and Additional Information

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [RMB Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [RMB Mendon Financial Services Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [RMB International Fund](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [RMB Small Cap Fund](#soi4) | [5](#soi4) |
| &nbsp;&nbsp;&nbsp; [RMB SMID Cap Fund](#soi5) | [7](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [9](#sal) |
| [Statements of Operations](#sop) | [11](#sop) |
| [Statements of Changes in Net Assets](#scna) | [13](#scna) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [RMB Fund](#fihi1) | [16](#fihi1) |
| &nbsp;&nbsp;&nbsp; [RMB Mendon Financial Services Fund](#fihi2) | [19](#fihi2) |
| &nbsp;&nbsp;&nbsp; [RMB International Fund](#fihi3) | [22](#fihi3) |
| &nbsp;&nbsp;&nbsp; [RMB Small Cap Fund](#fihi4) | [23](#fihi4) |
| &nbsp;&nbsp;&nbsp; [RMB SMID Cap Fund](#fihi5) | [24](#fihi5) |
| [Notes to Financial Statements](#no1) | [25](#no1) |
| [Other Information](#other) | [38](#other) |
| &nbsp;&nbsp;&nbsp; [Board of Trustees Evaluation and Approval of Investment Advisory and Sub-Advisory ](#board)<br> [Agreements](#board) | [39](#board) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.0%**<br>|  |  |
| **Communication Services — 10.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 46073 | $8119445  |
| Comcast Corp. - Class A | 59400 | 2119986  |
| Meta Platforms, Inc. - Class A | 2749 | 2029009  |
|  |  | 12268440  |
| **Consumer Discretionary — 12.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 33000 | 7239870  |
| Booking Holdings, Inc. | 573 | 3317234  |
| TJX Cos., Inc. (The) | 25730 | 3177398  |
|  |  | 13734502  |
| **Consumer Staples — 2.0%**<br>|  |  |
| Philip Morris International, Inc. | 7062 | 1286202  |
| Target Corp. | 10453 | 1031189  |
|  |  | 2317391  |
| **Energy — 2.0%**<br>|  |  |
| EOG Resources, Inc. | 19459 | 2327491  |
| **Financials — 16.6%**<br>|  |  |
| Chubb Ltd. | 4104 | 1189011  |
| JPMorgan Chase & Co. | 11200 | 3246992  |
| M&T Bank Corp. | 11278 | 2187819  |
| Morgan Stanley | 16006 | 2254605  |
| Progressive Corp. (The) | 9900 | 2641914  |
| S&P Global, Inc. | 5339 | 2815202  |
| Visa, Inc. - Class A | 12945 | 4596122  |
|  |  | 18931665  |
| **Health Care — 6.6%**<br>|  |  |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 29200 | 2077872  |
| Danaher Corp. | 8000 | 1580320  |
| Eli Lilly & Co. | 2517 | 1962077  |
| Merck & Co., Inc. | 13916 | 1101590  |
| Stryker Corp. | 2009 | 794821  |
|  |  | 7516680  |
| **Industrials — 8.0%**<br>|  |  |
| AMETEK, Inc. | 21857 | 3955243  |
| Hubbell, Inc. | 3103 | 1267296  |
| IDEX Corp. | 6413 | 1125930  |
| Nordson Corp. | 7800 | 1672086  |
| RTX Corp. | 7554 | 1103035  |
|  |  | 9123590  |
| **Information Technology — 35.7%**<br>|  |  |
| Analog Devices, Inc. | 9374 | 2231200  |
| Apple, Inc. | 23630 | 4848167  |
| Broadcom, Inc. | 5582 | 1538678  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1463 | 745121  |
| Fair Isaac Corp.<sup>(a)</sup> | 873 | 1595809  |
| Microsoft Corp. | 27674 | 13765324  |
| NVIDIA Corp. | 41933 | 6624995  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 11400 | 2332896  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Salesforce, Inc. | 7000 | $1908830  |
| Synopsys, Inc.<sup>(a)</sup> | 4300 | 2204524  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 5150 | 3053126  |
|  |  | 40848670  |
| **Materials — 1.4%**<br>|  |  |
| International Paper Co. | 34886 | 1633711  |
| **Real Estate — 2.0%**<br>|  |  |
| Federal Realty Investment Trust | 23407 | 2223431  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $56,467,353)** |  | 110925571  |
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |
| **Money Market Funds — 3.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 3570552 | 3570552  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,570,552)** |  | 3570552  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $60,037,905)** |  | $114496123  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets — (0.1)% |  | (59948)  |
| **TOTAL NET ASSETS — 100.0%** |  | $114436175 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB MENDON FINANCIAL SERVICES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.5%**<br>|  |  |
| **Banks — 93.3%**<br>|  |  |
| Amerant Bancorp, Inc. | 300000 | $5469000  |
| Ameris Bancorp<sup>(a)(b)</sup> | 25500 | 1649850  |
|  Atlantic Union Bankshares Corp.<sup>(a)(b)</sup> | 25000 | 782000  |
| Banc of California, Inc.<sup>(a)(b)</sup> | 400000 | 5620000  |
| Bank of America Corp.<sup>(a)(b)</sup> | 35000 | 1656200  |
| Bridgewater Bancshares, Inc.<sup>(c)</sup> | 127530 | 2029002  |
| Brookline Bancorp, Inc. | 225000 | 2373750  |
| Business First Bancshares, Inc. | 250000 | 6162500  |
| Byline Bancorp, Inc. | 125000 | 3341250  |
| Cadence Bank | 75000 | 2398500  |
| California BanCorp<sup>(c)</sup> | 332320 | 5237363  |
| Carter Bankshares, Inc.<sup>(c)</sup> | 92392 | 1602077  |
| ChoiceOne Financial Services, Inc. | 50000 | 1435000  |
| Civista Bancshares, Inc. | 204619 | 4747161  |
| Coastal Financial Corp.<sup>(a)(b)(c)</sup> | 30000 | 2906100  |
| ConnectOne Bancorp, Inc. | 25000 | 579000  |
| Equity Bancshares, Inc. - Class A | 353186 | 14409989  |
| FB Financial Corp.<sup>(a)(b)</sup> | 100000 | 4530000  |
| Financial Institutions, Inc. | 100000 | 2568000  |
| First Busey Corp. | 225000 | 5149125  |
| First Foundation, Inc.<sup>(c)</sup> | 400000 | 2040000  |
| First Horizon Corp. | 500000 | 10600000  |
| First Merchants Corp. | 100000 | 3830000  |
| First Western Financial, Inc.<sup>(c)</sup> | 196656 | 4436560  |
| Firstsun Capital Bancorp<sup>(c)</sup> | 94640 | 3288740  |
| Flagstar Financial, Inc.<sup>(a)(b)</sup> | 299802 | 3177901  |
| Flushing Financial Corp. | 157100 | 1866348  |
| HomeStreet, Inc.<sup>(c)</sup> | 200000 | 2614000  |
| HomeTrust Bancshares, Inc. | 46847 | 1752546  |
| Live Oak Bancshares, Inc.<sup>(a)(b)</sup> | 50000 | 1490000  |
| Mid Penn Bancorp, Inc. | 50000 | 1410000  |
| MidWestOne Financial Group, Inc. | 166232 | 4782495  |
| NBT Bancorp, Inc.<sup>(a)(b)</sup> | 15000 | 623250  |
| Nicolet Bankshares, Inc.<sup>(a)(b)</sup> | 25000 | 3087000  |
| Northpointe Bancshares, Inc. | 200090 | 2743234  |
| OceanFirst Financial Corp. | 50000 | 880500  |
| Old National Bancorp | 150000 | 3201000  |
| Old Second Bancorp, Inc. | 100000 | 1774000  |
| Origin Bancorp, Inc. | 210000 | 7505400  |
| Primis Financial Corp. | 1002491 | 10877027  |
| Provident Financial Services, Inc. | 250000 | 4382500  |
| Renasant Corp. | 250000 | 8982500  |
| Shore Bancshares, Inc. | 175164 | 2753578  |
| Southern States Bancshares, Inc. | 75000 | 2727750  |
| USCB Financial Holdings, Inc. | 570636 | 9438320  |
| Veritex Holdings, Inc.<sup>(a)(b)</sup> | 300000 | 7830000  |
| VersaBank | 800000 | 9120000  |
| WesBanco, Inc. | 25000 | 790750  |
|  |  | 192651266  |
| **Insurance — 3.3%**<br>|  |  |
| Abacus Global Management, Inc.<sup>(c)</sup> | 1325000 | 6810500  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Mortgage Real Estate Investment Trusts — 0.9%**<br>|  |  |
| AGNC Investment Corp. | 200000 | $1838000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $167,760,711)** |  | 201299766  |
| **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** |
| **Money Market Funds — 1.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> | 3896098 | 3896098  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,896,098)** |  | 3896098  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.4%**<br>**(Cost $171,656,809)** |  | $205195864  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities — 0.6% |  | 1192695  |
| **TOTAL NET ASSETS — 100.0%** |  | $206388559 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(b)</sup> Security or partial security segregated as collateral for written options. For the written options, the Fund is required to establish a margin account with the broker. The aggregate market value of collateral posted was $15,689,650.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB Mendon Financial Services Fund** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS — (0.1)%<sup>(a)</sup>** | **WRITTEN OPTIONS — (0.1)%<sup>(a)</sup>** | **WRITTEN OPTIONS — (0.1)%<sup>(a)</sup>** | **WRITTEN OPTIONS — (0.1)%<sup>(a)</sup>** |
| **Call Options — (0.1)%**<br>|  |  |  |
|  Ameris Bancorp, Expiration: 07/18/2025; Exercise Price: $80.00<sup>(b)</sup> | $(1000000) | &nbsp;&nbsp;&nbsp;&nbsp;(125) | $0  |
|  Atlantic Union Bankshares Corp., Expiration: 07/18/2025; Exercise Price: $45.00<sup>(b)</sup> | (1125000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | 0  |
| Banc of California, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $17.50<sup>(b)</sup> | (1750000) | &nbsp;&nbsp; (1000) | 0  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $15.00 | (750000) | &nbsp;&nbsp;&nbsp;&nbsp;(500) | (32500)  |
|  Bank of America Corp., Expiration: 01/16/2026; Exercise Price: $50.00 | (1250000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | (62500)  |
|  Coastal Financial Corp., Expiration: 10/17/2025; Exercise Price: $110.00 | (1650000) | &nbsp;&nbsp;&nbsp;&nbsp;(150) | (52500)  |
| FB Financial Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $65.00<sup>(b)</sup> | (1625000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | 0  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $60.00<sup>(b)</sup> | (1500000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | 0  |
| Flagstar Financial, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $14.00<sup>(b)</sup> | (1400000) | &nbsp;&nbsp; (1000) | 0  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $15.00 | (1125000) | &nbsp;&nbsp;&nbsp;&nbsp;(750) | (16875)  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
|  Live Oak Bancshares, Inc., Expiration: 09/19/2025; Exercise Price: $45.00<sup>(b)</sup> | $(1125000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | $0  |
|  NBT Bancorp, Inc., Expiration: 08/15/2025; Exercise Price: $50.00<sup>(b)</sup> | (750000) | &nbsp;&nbsp;&nbsp;&nbsp;(150) | 0  |
|  Nicolet Bankshares, Inc., Expiration: 07/18/2025; Exercise Price: $125.00 | (2500000) | &nbsp;&nbsp;&nbsp;&nbsp;(200) | (70000)  |
|  Veritex Holdings, Inc., Expiration: 07/18/2025; Exercise Price: $35.00<sup>(b)</sup> | (875000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $922,829)** |  |  | $(234375) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> Fair-valued security. (Note 13)

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.1%**<br>|  |  |
| **Australia — 2.4%** | **Australia — 2.4%** |  |
| Rio Tinto Ltd.  | 87113 | $6166755  |
| **Belgium — 3.5%** | **Belgium — 3.5%** |  |
| Anheuser-Busch InBev SA/N.V. | 130436 | 8974072  |
| **Finland — 2.2%** | **Finland — 2.2%** |  |
| Sampo OYJ - Class A  | 509607 | 5484663  |
| **France — 14.1%** | **France — 14.1%** |  |
| Accor SA  | 72200 | 3783901  |
| Air Liquide SA  | 29300 | 6041711  |
| Cie de Saint-Gobain SA  | 43080 | 5060848  |
| Elis SA  | 114130 | 3274570  |
| L'Oreal SA  | 9755 | 4178601  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE  | 9473 | 4957993  |
| Schneider Electric SE  | 32603 | 8753438  |
|  |  | 36051062  |
| **Germany — 6.9%** | **Germany — 6.9%** |  |
| Bayerische Motoren Werke AG  | 40502 | 3607093  |
| E.ON SE  | 134759 | 2483028  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 10122 | 6572583  |
| Siemens Healthineers AG  | 90391 | 5018013  |
|  |  | 17680717  |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |  |
| AIA Group Ltd.  | 206200 | 1867851  |
|  Hong Kong Exchanges & Clearing Ltd.  | 63400 | 3410069  |
|  |  | 5277920  |
| **Italy — 2.6%** | **Italy — 2.6%** |  |
| UniCredit SpA  | 97611 | 6548095  |
| **Japan — 24.2%** | **Japan — 24.2%** |  |
| FANUC Corp.  | 140600 | 3816909  |
| ITOCHU Corp.  | 152500 | 7985665  |
|  Kansai Electric Power Co., Inc. (The)  | 378400 | 4487757  |
| Kao Corp.  | 108400 | 4856928  |
| Mitsubishi Electric Corp.  | 271900 | 5848290  |
|  Mitsubishi UFJ Financial Group, Inc.  | 461300 | 6289176  |
| Mitsui Fudosan Co. Ltd.  | 464400 | 4495894  |
| Murata Manufacturing Co. Ltd. | 329169 | 4865345  |
| NEC Corp.  | 196500 | 5732898  |
| Nintendo Co. Ltd.  | 33153 | 3183677  |
| ORIX Corp.  | 234048 | 5281686  |
| Toyota Motor Corp.  | 295195 | 5084141  |
|  |  | 61928366  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Netherlands — 6.9%** | **Netherlands — 6.9%** |  |
| ASML Holding N.V.  | 11172 | $8952561  |
| ING Groep N.V.  | 395178 | 8661414  |
|  |  | 17613975  |
| **Sweden — 2.0%** | **Sweden — 2.0%** |  |
| Atlas Copco AB - Class A  | 311183 | 5030587  |
| **Switzerland — 8.2%** | **Switzerland — 8.2%** |  |
| Lonza Group AG  | 6080 | 4348194  |
| Novartis AG  | 62771 | 7618963  |
| Sika AG  | 23550 | 6407577  |
| STMicroelectronics N.V.  | 83600 | 2563350  |
|  |  | 20938084  |
| **United Kingdom — 21.0%** | **United Kingdom — 21.0%** |  |
| AstraZeneca PLC  | 58846 | 8189524  |
| BAE Systems PLC  | 327184 | 8491344  |
| Barclays PLC  | 1428281 | 6599740  |
| British American Tobacco PLC | 77576 | 3688446  |
| Compass Group PLC  | 207118 | 7015482  |
| Lloyds Banking Group PLC  | 3959401 | 4163371  |
|  London Stock Exchange Group PLC  | 41071 | 6006502  |
| Shell PLC  | 273673 | 9548300  |
|  |  | 53702709  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $179,805,691)** |  | 245397005  |
| **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |
| **Money Market Funds — 3.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 9480894 | 9480894  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,480,894)** |  | 9480894  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.8%**<br>**(Cost $189,286,585)** |  | $254877899  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities — 0.2%  |  | 541607  |
| **TOTAL NET ASSETS — 100.0%** |  | $255419506 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor"s Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 95.0%**<br>|  |  |
| **Aerospace & Defense — 5.0%**<br>|  |  |
| Curtiss-Wright Corp. | 12704 | $6206539  |
| **Automobile Components — 1.6%**<br>|  |  |
| Visteon Corp.<sup>(a)</sup> | 21858 | 2039351  |
| **Banks — 11.7%**<br>|  |  |
| Seacoast Banking Corp. of Florida | 116653 | 3221956  |
| Stock Yards Bancorp, Inc. | 58517 | 4621673  |
| TriCo Bancshares | 98059 | 3970409  |
| Triumph Financial, Inc.<sup>(a)</sup> | 18296 | 1008292  |
| Veritex Holdings, Inc. | 68829 | 1796437  |
|  |  | 14618767  |
| **Biotechnology — 3.1%**<br>|  |  |
| CareDx, Inc.<sup>(a)</sup> | 39393 | 769739  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 25868 | 1258220  |
| Veracyte, Inc.<sup>(a)</sup> | 43875 | 1185941  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 26336 | 697904  |
|  |  | 3911804  |
| **Building Products — 2.9%**<br>|  |  |
| AAON, Inc. | 19591 | 1444836  |
| Trex Co., Inc.<sup>(a)</sup> | 40082 | 2179659  |
|  |  | 3624495  |
| **Capital Markets — 3.5%**<br>|  |  |
| Stifel Financial Corp. | 41675 | 4325032  |
| **Construction & Engineering — 0.9%**<br>|  |  |
| Valmont Industries, Inc. | 3243 | 1059067  |
| **Construction Materials — 3.2%**<br>|  |  |
| Eagle Materials, Inc. | 19387 | 3918307  |
| **Containers & Packaging — 2.4%**<br>|  |  |
| AptarGroup, Inc. | 18775 | 2936973  |
| **Distributors — 2.4%**<br>|  |  |
| Pool Corp. | 10438 | 3042468  |
| **Diversified Consumer Services — 0.7%**<br>|  |  |
| Duolingo, Inc.<sup>(a)</sup> | 2092 | 857762  |
|  **Electronic Equipment, Instruments & Components — 2.7%**<br>|  |  |
| Badger Meter, Inc. | 13911 | 3407499  |
| **Equity Real Estate Investment — 7.7%**<br>|  |  |
| EastGroup Properties, Inc. | 25534 | 4267242  |
|  Essential Properties Realty Trust, Inc. | 102700 | 3277157  |
| PotlatchDeltic Corp. | 51932 | 1992631  |
|  |  | 9537030  |
| **Gas Utilities — 0.9%**<br>|  |  |
| Chesapeake Utilities Corp. | 8822 | 1060581  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Health Care Equipment & Supplies — 2.1%**<br>|  |  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 19787 | $1849689  |
| Omnicell, Inc.<sup>(a)</sup> | 24292 | 714185  |
|  |  | 2563874 |
| &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services — 0.9%**<br>|  |  |
| CorVel Corp.<sup>(a)</sup> | 11418 | 1173542  |
| **Hotels, Restaurants & Leisure — 1.2%**<br>|  |  |
| Texas Roadhouse, Inc. | 7966 | 1492908  |
| **Household Durables — 0.5%**<br>|  |  |
| Installed Building Products, Inc. | 3653 | 658709  |
| **Insurance — 2.4%**<br>|  |  |
| American Financial Group, Inc. | 23841 | 3008973  |
| &nbsp;&nbsp;&nbsp; **Life Sciences Tools &** <br>**Services — 5.2%**<br>|  |  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 73000 | 1572420  |
| Repligen Corp.<sup>(a)</sup> | 18798 | 2338095  |
| West Pharmaceutical Services, Inc. | 11579 | 2533485  |
|  |  | 6444000  |
| **Machinery — 7.3%**<br>|  |  |
| ITT, Inc. | 14839 | 2327200  |
| Kadant, Inc. | 11325 | 3595121  |
| RBC Bearings, Inc.<sup>(a)</sup> | 8086 | 3111493  |
|  |  | 9033814  |
| **Metals & Mining — 3.2%**<br>|  |  |
| Carpenter Technology Corp. | 14423 | 3986229  |
| **Oil, Gas & Consumable Fuels — 5.3%**<br>|  |  |
| Matador Resources Co. | 54981 | 2623693  |
| Range Resources Corp. | 97528 | 3966464  |
|  |  | 6590157  |
|  **Semiconductors & Semiconductor Equipment — 4.4%**<br>|  |  |
| MKS, Inc. | 11386 | 1131313  |
| Monolithic Power Systems, Inc. | 5949 | 4350980  |
|  |  | 5482293  |
| **Software — 10.0%**<br>|  |  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 50551 | 1108583  |
| Fair Isaac Corp.<sup>(a)</sup> | 2230 | 4076351  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 34185 | 3199374  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 6897 | 4088818  |
|  |  | 12473126  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods — 1.2%**<br>|  |  |
| Columbia Sportswear Co. | 24341 | 1486748  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  **Trading Companies & Distributors — 2.6%**<br>|  |  |
|  Applied Industrial Technologies, Inc. | 14014 | $3257554  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $65,973,878)** |  | 118197602  |
| **SHORT-TERM INVESTMENTS — 4.9%** | **SHORT-TERM INVESTMENTS — 4.9%** | **SHORT-TERM INVESTMENTS — 4.9%** |
| **Money Market Funds — 4.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 6089071 | 6089071  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,089,071)** |  | 6089071  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $72,062,949)** |  | $124286673  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities — 0.1% |  | 146012  |
| **TOTAL NET ASSETS — 100.0%** |  | $124432685 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMID CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.8%**<br>|  |  |
| **Aerospace & Defense — 8.8%**<br>|  |  |
| BWX Technologies, Inc. | 11198 | $1613184  |
| Curtiss-Wright Corp. | 5340 | 2608857  |
| HEICO Corp. | 7432 | 2437696  |
|  |  | 6659737  |
| **Automobile Components — 1.2%**<br>|  |  |
| Visteon Corp.<sup>(a)</sup> | 10129 | 945036  |
| **Banks — 8.6%**<br>|  |  |
| Pinnacle Financial Partners, Inc. | 27791 | 3068404  |
| Stock Yards Bancorp, Inc. | 16281 | 1285874  |
| Webster Financial Corp. | 38762 | 2116405  |
|  |  | 6470683  |
| **Biotechnology — 1.9%**<br>|  |  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 13499 | 656591  |
| Exact Sciences Corp.<sup>(a)</sup> | 7118 | 378251  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 16124 | 427286  |
|  |  | 1462128  |
| **Building Products — 3.7%**<br>|  |  |
| AAON, Inc. | 9827 | 724742  |
| Carlisle Cos., Inc. | 3878 | 1448045  |
| Trex Co., Inc.<sup>(a)</sup> | 12045 | 655007  |
|  |  | 2827794  |
| **Capital Markets — 2.1%**<br>|  |  |
| Stifel Financial Corp. | 15172 | 1574550  |
| **Chemicals — 1.2%**<br>|  |  |
| RPM International, Inc. | 8358 | 918043  |
| &nbsp;&nbsp;&nbsp; **Commercial Services &** <br>**Supplies — 2.6%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 40235 | 1974331  |
| **Construction Materials — 2.7%**<br>|  |  |
| Eagle Materials, Inc. | 9963 | 2013622  |
|  **Consumer Staples Distribution & Retail — 4.0%**<br>|  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 12370 | 1333857  |
| Casey's General Stores, Inc. | 3266 | 1666542  |
|  |  | 3000399  |
| **Distributors — 0.9%**<br>|  |  |
| Pool Corp. | 2422 | 705965  |
| **Diversified Consumer Services — 1.9%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 5971 | 759690  |
| Duolingo, Inc.<sup>(a)</sup> | 1749 | 717125  |
|  |  | 1476815  |
|  **Electronic Equipment, Instruments & Components — 1.8%**<br>|  |  |
| Trimble, Inc.<sup>(a)</sup> | 17707 | 1345378  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Equity Real Estate Investment — 5.4%**<br>|  |  |
|  Alexandria Real Estate Equities, Inc. | 11512 | $836116  |
| EastGroup Properties, Inc. | 11786 | 1969676  |
| PotlatchDeltic Corp. | 32761 | 1257040  |
|  |  | 4062832  |
| **Financial Services — 0.9%**<br>|  |  |
| Jack Henry & Associates, Inc. | 3588 | 646450  |
| **Ground Transportation — 1.9%**<br>|  |  |
| Old Dominion Freight Line, Inc. | 9037 | 1466705  |
|  **Health Care Equipment & Supplies — 3.8%**<br>|  |  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2051 | 1100033  |
| Insulet Corp.<sup>(a)</sup> | 2220 | 697480  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 11502 | 1075207  |
|  |  | 2872720  |
| **Hotels, Restaurants & Leisure — 1.3%**<br>|  |  |
| Texas Roadhouse, Inc. | 5374 | 1007141  |
| **Household Durables — 1.9%**<br>|  |  |
| NVR, Inc.<sup>(a)</sup> | 192 | 1418047  |
| **Insurance — 5.4%**<br>|  |  |
| American Financial Group, Inc. | 13458 | 1698534  |
| Markel Group, Inc.<sup>(a)</sup> | 1191 | 2378856  |
|  |  | 4077390  |
| **Life Sciences Tools & Services — 6.1%**<br>|  |  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 30207 | 650659  |
| Bio-Techne Corp. | 18813 | 967929  |
| Repligen Corp.<sup>(a)</sup> | 11460 | 1425395  |
|  West Pharmaceutical Services, Inc. | 7017 | 1535319  |
|  |  | 4579302  |
| **Machinery — 1.9%**<br>|  |  |
| ITT, Inc. | 9042 | 1418057  |
| **Metals & Mining — 2.9%**<br>|  |  |
| Royal Gold, Inc. | 3931 | 699089  |
| Steel Dynamics, Inc. | 11696 | 1497205  |
|  |  | 2196294  |
| **Oil, Gas & Consumable Fuels — 5.9%**<br>|  |  |
| Devon Energy Corp. | 11394 | 362443  |
| Diamondback Energy, Inc. | 8187 | 1124894  |
| Matador Resources Co. | 31871 | 1520884  |
| Range Resources Corp. | 35444 | 1441507  |
|  |  | 4449728  |
|  **Semiconductors & Semiconductor Equipment — 5.2%**<br>|  |  |
| MKS, Inc. | 8168 | 811572  |
| Monolithic Power Systems, Inc. | 4276 | 3127381  |
|  |  | 3938953  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMID CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software — 9.4%**<br>|  |  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 29466 | $646189  |
| CyberArk Software Ltd.<sup>(a)</sup> | 2234 | 908970  |
| Fair Isaac Corp.<sup>(a)</sup> | 1384 | 2529897  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 6176 | 578012  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 4190 | 2483999  |
|  |  | 7147067  |
|  **Textiles, Apparel & Luxury Goods — 0.8%**<br>|  |  |
| Columbia Sportswear Co. | 10022 | 612144  |
|  **Trading Companies & Distributors — 5.6%**<br>|  |  |
|  Applied Industrial Technologies, Inc. | 8245 | 1916550  |
| Watsco, Inc. | 5172 | 2284059  |
|  |  | 4200609  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $42,067,320)** |  | 75467920  |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| **Money Market Funds — 0.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 269677 | 269677  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $269,677)** |  | 269677  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $42,336,997)** |  | $75737597  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets — (0.1)% |  | (91879)  |
| **TOTAL NET ASSETS — 100.0%** |  | $75645718 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **RMB Fund** | **RMB Mendon** <br>**Financial** <br>**Services Fund**  |
| **ASSETS:**<br>|  |  |
| Investments at cost | $60037905 | $171656809  |
| Investments at value | $114496123 | $205195864  |
| Cash |  | 6500  |
| Dividends and interest receivable | 41609 | 262890  |
| Receivable for capital stock sold | 250 | 94454  |
| Receivable for investments sold |  | 1273849  |
| Prepaid expenses | 34508 | 52348  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 114572490 | 206885905  |
| **LIABILITIES:**<br>|  |  |
| Payable for fund shares redeemed | 1530 | 19238  |
| Options written at value |  | 234375<sup>1</sup>  |
| Payable for investment advisory fees (Note 2) | 55080 | 124308  |
| Payable for distribution and shareholder service fees (Note 3) | 18095 | 23349  |
| Payable for transfer agent fees | 16578 | 34618  |
| Payable for audit fees | 10412 | 10212  |
| Payable for legal fees | 10406 | 19403  |
| Payable for administration fees | 10310 | 10319  |
| Payable for accounting fees | 7731 | 6993  |
| Payable for custody fees | 899 | 1948  |
| Accrued expenses and other payables | 5274 | 12583  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 136315 | 497346  |
| **NET ASSETS** | $114436175 | $206388559  |
| **Net Assets Consists of:**<br>|  |  |
| Capital paid-in | $47763897 | $205880115  |
| Total distributable earnings | 66672278 | 508444  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $114436175 | $206388559  |
| **By share class:**<br>|  |  |
| **Net assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $83089543 | $51709673  |
| &nbsp;&nbsp;&nbsp; Class C | $1475879 | $17110575  |
| &nbsp;&nbsp;&nbsp; Class I | $29870753 | $137568311  |
| **NAV (par value $0.10 per share)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $35.58 | $47.84  |
| &nbsp;&nbsp;&nbsp; Class C | $25.53 | $41.02  |
| &nbsp;&nbsp;&nbsp; Class I | $36.14 | $49.04  |
| &nbsp;&nbsp;&nbsp; **Capital Shares Outstanding:** <br>**(unlimited number of shares has been authorized)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2335346 | 1080805  |
| &nbsp;&nbsp;&nbsp; Class C | 57803 | 417132  |
| &nbsp;&nbsp;&nbsp; Class I | 826611 | 2805160 |

---

<sup>1</sup> The payable for options written include premiums recieved of $922,829.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **RMB** <br>**International** <br>**Fund** | **RMB Small** <br>**Cap Fund** | **RMB SMID** <br>**Cap Fund** |
| **ASSETS:**<br>|  |  |  |
| Investments at cost | $189286585 | $72062949 | $42336997  |
| Foreign currency at cost | 7584 |  | —  |
| Investments at value | $254877899 | $124286673 | $75737597  |
| Foreign currency at value | 7619 |  | —  |
| Dividends and interest receivable | 1148216 | 132406 | 75064  |
| Receivable for capital stock sold | 232101 | 127776 | 280  |
| Prepaid expenses | 17524 | 21178 | 17803  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 256283359 | 124568033 | 75830744  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for fund shares redeemed | 627072 | 13521 | 111407  |
| Payable for investment advisory fees (Note 2) | 155194 | 67773 | 26443  |
| Payable for legal fees | 22992 | 11678 | 7281  |
| Payable for transfer agent fees | 16756 | 16014 | 12721  |
| Payable for administration fees | 10523 | 10039 | 10212  |
| Payable for custody fees | 9054 | 1143 | 1053  |
| Payable for audit fees | 8296 | 9599 | 10041  |
| Payable for accounting fees | 2851 | 2738 | 2982  |
| Accrued expenses and other payables | 11115 | 2843 | 2886  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 863853 | 135348 | 185026  |
| **NET ASSETS** | $255419506 | $124432685 | $75645718  |
| **Net Assets Consists of:**<br>|  |  |  |
| Capital paid-in | $216360319 | $65828826 | $30722463  |
| Total distributable earnings | 39059187 | 58603859 | 44923255  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $255419506 | $124432685 | $75645718  |
| **By share class:**<br>|  |  |  |
| **Net assets:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $255419506 | $124432685 | $75645718  |
| **NAV (par value $0.10 per share)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $11.14 | $16.38 | $12.43  |
|  **Capital Shares Outstanding: (unlimited number of shares has been authorized)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 22934710 | 7597903 | 6083825 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **RMB Fund** | **RMB Mendon** <br>**Financial** <br>**Services Fund** |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends | &nbsp;&nbsp; $634718 | &nbsp;&nbsp; $2334936<sup>1</sup>  |
| &nbsp;&nbsp;&nbsp; **Total income** | &nbsp;&nbsp; 634718 | &nbsp;&nbsp; 2334936  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 2) | &nbsp;&nbsp; 325498 | &nbsp;&nbsp; 723500  |
| Distribution fees (Class A) (Note 3) | &nbsp;&nbsp; 100615 | &nbsp;&nbsp; 67396  |
| Distribution fees (Class C) (Note 3) | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 62904  |
| Shareholder service fees (Class C) (Note 3) | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 20968  |
| Transfer agent fees | &nbsp;&nbsp; 49048 | &nbsp;&nbsp; 104123  |
| Administration fees | &nbsp;&nbsp; 31465 | &nbsp;&nbsp; 31144  |
| Registration fees and expenses | &nbsp;&nbsp; 27669 | &nbsp;&nbsp; 30522  |
| Legal fees | &nbsp;&nbsp; 27632 | &nbsp;&nbsp; 48962  |
| Trustee fees | &nbsp;&nbsp; 23808 | &nbsp;&nbsp; 42106  |
| Accounting fees | &nbsp;&nbsp; 23517 | &nbsp;&nbsp; 22865  |
| Audit fees | &nbsp;&nbsp; 10537 | &nbsp;&nbsp; 10236  |
| Reports to shareholders | &nbsp;&nbsp; 6254 | &nbsp;&nbsp; 14252  |
| Custody fees | &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 6039  |
| Interest expense (Note 7) | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 231  |
| Other expenses | &nbsp;&nbsp; 19182 | &nbsp;&nbsp; 31152  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 655731 | &nbsp;&nbsp; 1216400  |
| **Net investment income/(loss)** | &nbsp;&nbsp; $(21013) | &nbsp;&nbsp; $1118536  |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, WRITTEN OPTIONS, AND FOREIGN CURRENCY**<br>|  |  |
| Realized gain/(loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 10010159 | &nbsp;&nbsp; (1257650)  |
| &nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 203288  |
| Net realized gain/(loss) on investments and written options  | &nbsp;&nbsp; 10010159 | &nbsp;&nbsp; (1054362)  |
| Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (6626081) | &nbsp;&nbsp; (9063216)  |
| &nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 478433  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; 59  |
|  Net unrealized appreciation/depreciation on investments, written options, and foreign currency | &nbsp;&nbsp; (6626081) | &nbsp;&nbsp; (8584724)  |
|  **Net realized and unrealized gain/(loss) on investments, written options, and foreign currency** | &nbsp;&nbsp; 3384078 | &nbsp;&nbsp; (9639086)  |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $3363065 | &nbsp;&nbsp; $(8520550) |

---

<sup>1</sup> Net of foreign taxes withheld of $3,716.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **RMB** <br>**International** <br>**Fund** | **RMB** <br>**Small Cap** <br>**Fund** | **RMB** <br>**SMID Cap** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividends | $4388979<sup>1</sup> | $825883 | $444670  |
| &nbsp;&nbsp;&nbsp; **Total income** | 4388979 | 825883 | 444670  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 2) | 858754 | 554118 | 273236  |
| Legal fees | 57417 | 32793 | 24630  |
| Trustee fees | 49639 | 28595 | 16879  |
| Transfer agent fees | 47707 | 45770 | 35093  |
| Administration fees | 32123 | 31048 | 31345  |
| Custody fees | 27178 | 3559 | 3228  |
| Registration fees and expenses | 12554 | 14322 | 12072  |
| Accounting fees | 8981 | 8701 | 8940  |
| Audit fees | 8402 | 9714 | 10213  |
| Reports to shareholders | 5588 | 4749 | 3530  |
| Interest expense (Note 7) | 196 | 2101 | 2657  |
| Other expenses | 33615 | 20313 | 14777  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 1142154 | 755783 | 436600  |
| &nbsp;&nbsp;&nbsp; Less: waiver of advisory fees by adviser |  | (134373) | (121674)  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1142154 | 621410 | 314926  |
| **Net investment income** | $3246825 | $204473 | $129744  |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |  |
| Realized gain on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 5106265 | 5031076 | 3701404  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | 5520 |  | —  |
| Net realized gain on investments and foreign currency | 5111785 | 5031076 | 3701404  |
| Change in unrealized appreciation/depreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 32076585 | (9829341) | (4051243)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 114894 |  | —  |
|  Net unrealized appreciation/depreciation on investments and foreign currency | 32191479 | (9829341) | (4051243)  |
|  **Net realized and unrealized gain/(loss) on investments and foreign currency** | 37303264 | (4798265) | (349839)  |
|  **Net increase/(decrease) in net assets resulting from operations** | $40550089 | $(4593792) | $(220095) |

---

<sup>1</sup> Net of foreign taxes withheld of $479,129.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RMB Fund** | **RMB Fund** | **RMB Mendon** <br>**Financial Services Fund**  | **RMB Mendon** <br>**Financial Services Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS** | **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |
| **FROM OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(21013) | $(75850) | $1118536 | $1929660  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions | 10010159 | 7686334 | (1054362) | 16412485  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/<br>depreciation | (6626081) | 5138740 | (8584724) | 5246611  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | 3363065 | 12749224 | (8520550) | 23588756  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class A Shares |  | (5264763) |  | (1095496)  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class C Shares |  | (125551) |  | (274253)  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class I Shares |  | (1665581) |  | (2067730)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (7055895) |  | (3437479)  |
|  **Increase/(decrease) in net assets derived from capital share transactions** | (1793986) | (4308062) | 38326607 | (41742540)  |
| **Total increase/(decrease) in net assets** | 1569079 | 1385267 | 29806057 | (21591263)  |
| **Net assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 112867096 | 111481829 | 176582502 | 198173765  |
| &nbsp;&nbsp;&nbsp; End of period | $114436175 | $112867096 | $206388559 | $176582502 |

---

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS - CAPITAL STOCK ACTIVITY** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RMB Fund** | **RMB Fund** | **RMB Mendon** <br>**Financial Services Fund**  | **RMB Mendon** <br>**Financial Services Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **CAPITAL STOCK TRANSACTIONS IN DOLLARS:** | **CAPITAL STOCK TRANSACTIONS IN DOLLARS:** |  |  |  |
| **Class A shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | &nbsp;&nbsp; $228710 | &nbsp;&nbsp; $96873 | $1488985 | $1463154  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 4851031 |  | 1021860  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (4268292) | &nbsp;&nbsp; (7452379) | (5615390) | (10646287)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | &nbsp;&nbsp; $(4039582) | &nbsp;&nbsp; $(2504475) | $(4126405) | $(8161273)  |
| **Class C shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $480 | $805129 | $1039501  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 102405 |  | 235234  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (41814) | &nbsp;&nbsp; (205980) | (836187) | (3520316)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | &nbsp;&nbsp; $(41574) | &nbsp;&nbsp; $(103095) | $(31058) | $(2245581)  |
| **Class I shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | &nbsp;&nbsp; $9808815 | &nbsp;&nbsp; $2905151 | $55753119 | $15964166  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 1536580 |  | 1846994  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (7521645) | &nbsp;&nbsp; (6142223) | (13269049) | (49146846)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | &nbsp;&nbsp; $2287170 | &nbsp;&nbsp; $(1700492) | $42484070 | $(31335686)  |
|  **Net increase/(decrease) in net assets derived from capital share transactions** | &nbsp;&nbsp; $(1793986) | &nbsp;&nbsp; $(4308062) | $38326607 | $(41742540)  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| **Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 7646 | &nbsp;&nbsp; 2832 | 30263 | 32840  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; 135014 |  | 19132  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (127929) | &nbsp;&nbsp; (210193) | (117448) | (246624)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | &nbsp;&nbsp; (120283) | &nbsp;&nbsp; (72347) | (87185) | (194652)  |
| **Class C**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 19 | 20178 | 26550  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; 3955 |  | 5116  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1631) | &nbsp;&nbsp; (8020) | (20561) | (96230)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | &nbsp;&nbsp; (1621) | &nbsp;&nbsp; (4046) | (383) | (64564)  |
| **Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 292349 | &nbsp;&nbsp; 80675 | 1117637 | 358175  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; 42167 |  | 33784  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (219943) | &nbsp;&nbsp; (178350) | (273899) | (1151422)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | &nbsp;&nbsp; 72406 | &nbsp;&nbsp; (55508) | 843738 | (759463) |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RMB International Fund** | **RMB International Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB SMID Cap Fund**  | **RMB SMID Cap Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| &nbsp;&nbsp;&nbsp; **INCREASE/(DECREASE)** <br>**IN NET ASSETS**<br>|  |  |  |  |  |  |
| **FROM OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3246825 | $3814940 | $204473 | $385290 | $129744 | $329569  |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions | 5111785 | 7578918 | 5031076 | 6058605 | 3701404 | 14558938  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | 32191479 | (10083460) | (9829341) | 14393974 | (4051243) | (6161882)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | 40550089 | 1310398 | (4593792) | 20837869 | (220095) | 8726625  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class I Shares |  | (5122386) |  | (3170424) |  | (6625719)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (5122386) |  | (3170424) |  | (6625719)  |
|  **CAPITAL STOCK TRANSACTIONS IN DOLLARS:**<br>|  |  |  |  |  |  |
| **Class I shares**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 33478363 | 15893027 | 15852100 | 35804875 | 4187614 | 9321100  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends |  | 4813155 |  | 2896728 |  | 6546308  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (32053428) | (53753276) | (36565224) | (20157071) | (12199302) | (20558630)  |
| &nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets derived from capital share transactions** | 1424935 | (33047094) | (20713124) | 18544532 | (8011688) | (4691222)  |
|  **Total increase/(decrease) in net assets** | 41975024 | (36859082) | (25306916) | 36211977 | (8231783) | (2590316)  |
| **Net assets:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 213444482 | 250303564 | 149739601 | 113527624 | 83877501 | 86467817  |
| &nbsp;&nbsp;&nbsp; End of period | $255419506 | $213444482 | $124432685 | $149739601 | $75645718 | $83877501  |
| **Share Transactions**<br>|  |  |  |  |  |  |
| **Class I**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3228421 | 1587202 | 993962 | 2352610 | 340140 | 740112  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions |  | 502942 |  | 162282 |  | 498576  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3169299) | (5416428) | (2291213) | (1229026) | (1027581) | (1517210)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | 59122 | (3326284) | (1297251) | 1285866 | (687441) | (278522) |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $34.59 | $32.84 | $27.51 | $38.14 | $31.13 | $28.19  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;&nbsp; (0.01) | (0.04) | (0.01) | (0.02) | (0.01) | 0.00<sup>b</sup>  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 4.05 | 5.83 | (7.94) | 9.30 | 4.45  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 4.01 | 5.82 | (7.96) | 9.29 | 4.45  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — |  | (0.00)<sup>b</sup> | (0.01) | (0.02) | (0.01)  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp; — | (2.26) | (0.49) | (2.66) | (2.26) | (1.50)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (2.26) | (0.49) | (2.67) | (2.28) | (1.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $35.58 | $34.59 | $32.84 | $27.51 | $38.14 | $31.13  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;2.86<sup>c</sup> | 11.95 | 21.19 | -21.20 | 29.99 | 15.93  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $83090 | $84929 | $83023 | $73375 | $99229 | $82093  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.26<sup>d,e</sup> | 1.24<sup>f</sup> | 1.24<sup>g</sup> | 1.20<sup>h</sup> | 1.12<sup>i</sup> | 1.23<sup>j</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.26<sup>d,e</sup> | 1.24<sup>f</sup> | 1.24<sup>g</sup> | 1.20<sup>h</sup> | 1.12<sup>i</sup> | 1.23<sup>j</sup>  |
| Ratio of net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.09)<sup>d</sup> | (0.11) | (0.03) | (0.05) | (0.02) | 0.00<sup>k</sup>  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 41<sup>l</sup> | 10 | 8 | 18 | 12 | 29 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>d</sup> Annualized.

<sup>e</sup> Includes interest expense of $627 or 0.00% of average net assets.

<sup>f</sup> Includes interest expense of $1,072 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $269 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $2,702 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $459 or 0.00% of average net assets.

<sup>j</sup> Includes interest expense of $409 or 0.00% of average net assets. 

<sup>k</sup> Less than 0.01%.

<sup>l</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $24.91 | $24.38 | $20.68 | $29.70 | $24.82 | $22.91  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment loss<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | (0.22) | (0.17) | (0.20) | (0.21) | (0.16)  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 3.01 | 4.36 | (6.15) | 7.37 | 3.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 2.79 | 4.19 | (6.35) | 7.16 | 3.41  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.00)<sup>b</sup> | (0.01) | (0.02) | —  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp;&nbsp; — | (2.26) | (0.49) | (2.66) | (2.26) | (1.50)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (2.26) | (0.49) | (2.67) | (2.28) | (1.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.53 | $24.91 | $24.38 | $20.68 | $29.70 | $24.82  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;2.49<sup>c</sup> | 11.08 | 20.30 | -21.81 | 29.03 | 15.07  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp;&nbsp; $1476 | $1480 | $1547 | $1483 | $2610 | $2580  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;2.01<sup>d,e</sup> | 1.99<sup>f</sup> | 1.99<sup>g</sup> | 1.94<sup>h</sup> | 1.87<sup>i</sup> | 1.98<sup>j</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;2.01<sup>d,e</sup> | 1.99<sup>f</sup> | 1.99<sup>g</sup> | 1.94<sup>h</sup> | 1.87<sup>i</sup> | 1.98<sup>j</sup>  |
| Ratio of net investment loss | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<sup>d</sup> | (0.87) | (0.77) | (0.81) | (0.77) | (0.75)  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp;&nbsp; 41<sup>k</sup> | 10 | 8 | 18 | 12 | 29 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>d</sup> Annualized.

<sup>e</sup> Includes interest expense of $11 or 0.00% of average net assets.

<sup>f</sup> Includes interest expense of $20 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $269 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $2,702 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $459 or 0.00% of average net assets.

<sup>j</sup> Includes interest expense of $409 or 0.00% of average net assets.

<sup>k</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $35.08 | $33.24 | $27.76 | $38.37 | $31.23 | $28.27  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.05 | 0.07 | 0.06 | 0.08 | 0.07  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 4.09 | 5.90 | (8.00) | 9.34 | 4.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 4.14 | 5.97 | (7.94) | 9.42 | 4.54  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.04) | (0.00)<sup>b</sup> | (0.01) | (0.02) | (0.08)  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp; — | (2.26) | (0.49) | (2.66) | (2.26) | (1.50)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (2.30) | (0.49) | (2.67) | (2.28) | (1.58)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $36.14 | $35.08 | $33.24 | $27.76 | $38.37 | $31.23  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;3.02<sup>c</sup> | 12.18 | 21.54 | -21.02 | 30.31 | 16.22  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $29871 | $26458 | $26912 | $25183 | $43013 | $34380  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>d,e</sup> | 0.99<sup>f</sup> | 0.99<sup>g</sup> | 0.94<sup>h</sup> | 0.87<sup>i</sup> | 0.97<sup>j</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>d,e</sup> | 0.99<sup>f</sup> | 0.99<sup>g</sup> | 0.94<sup>h</sup> | 0.87<sup>i</sup> | 0.97<sup>j</sup>  |
| Ratio of net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>d</sup> | 0.14 | 0.22 | 0.19 | 0.22 | 0.26  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 41<sup>k</sup> | 10 | 8 | 18 | 12 | 29 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>d</sup> Annualized.

<sup>e</sup> Includes interest expense of $227 or 0.00% of average net assets.

<sup>f</sup> Includes interest expense of $320 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $89 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $925 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $191 or 0.00% of average net assets.

<sup>j</sup> Includes interest expense of $143 or 0.00% of average net assets.

<sup>k</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $49.95 | $43.43 | $42.09 | $60.65 | $39.31 | $41.70  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.46 | 0.58 | 0.27 | 0.26 | 0.13  |
|  Net realized and unrealized gain (loss) on securities and options | &nbsp;&nbsp;&nbsp; (2.35) | 7.01 | 1.32 | (11.55) | 21.90 | (2.52)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.11) | 7.47 | 1.90 | (11.28) | 22.16 | (2.39)  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.58) | (0.56) | (0.34) | (0.42) | —  |
|  Distributions from capital gains (from securities and options transactions) | &nbsp;&nbsp;&nbsp; — | (0.37) |  | (6.94) | (0.40) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.95) | (0.56) | (7.28) | (0.82) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $47.84 | $49.95 | $43.43 | $42.09 | $60.65 | $39.31  |
| Total return % | &nbsp;&nbsp;&nbsp; -4.22<sup>b</sup> | 17.06 | 4.52 | -19.00 | 56.44 | -5.73  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $51710 | $58339 | $59184 | $67571 | $95124 | $68082  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after extraordinary expense and reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.35<sup>c,d</sup> | 1.39<sup>e</sup> | 1.37<sup>f</sup> | 1.29<sup>g</sup> | 1.24<sup>h</sup> | 1.43<sup>i</sup>  |
|  Ratio of total expenses before extraordinary expense and reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.35<sup>c,d</sup> | 1.39<sup>e</sup> | 1.37<sup>f</sup> | 1.29<sup>g</sup> | 1.24<sup>h</sup> | 1.41<sup>i</sup>  |
| Ratio of net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>c</sup> | 1.04 | 1.55 | 0.52 | 0.49 | 0.41  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 16<sup>j</sup> | 66 | 49 | 42 | 70 | 82 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>c</sup> Annualized.

<sup>d</sup> Includes interest expense of $58 or 0.00% of average net assets.

<sup>e</sup> Includes interest expense of $2,927 or 0.01% of average net assets.

<sup>f</sup> Includes interest expense of $625 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $211 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $203 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $303 or 0.00% of average net assets.

<sup>j</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $42.98 | $37.54 | $36.48 | $53.71 | $34.99 | $37.40  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.11 | 0.26 | (0.10) | (0.12) | (0.09)  |
|  Net realized and unrealized gain (loss) on securities and options | &nbsp;&nbsp;&nbsp; (2.01) | 6.00 | 1.10 | (10.19) | 19.44 | (2.32)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.96) | 6.11 | 1.36 | (10.29) | 19.32 | (2.41)  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.30) | (0.30) |  | (0.20) | —  |
|  Distributions from capital gains (from securities and options transactions) | &nbsp;&nbsp;&nbsp; — | (0.37) |  | (6.94) | (0.40) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.67) | (0.30) | (6.94) | (0.60) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $41.02 | $42.98 | $37.54 | $36.48 | $53.71 | $34.99  |
| Total return % | &nbsp;&nbsp;&nbsp; -4.56<sup>b</sup> | 16.15 | 3.73 | -19.59 | 55.28 | -6.44  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $17111 | $17946 | $18096 | $22193 | $30687 | $24150  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after extraordinary expense and reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;2.10<sup>c,d</sup> | 2.14<sup>e</sup> | 2.12<sup>f</sup> | 2.04<sup>g</sup> | 1.99<sup>h</sup> | 2.19<sup>i</sup>  |
|  Ratio of total expenses before extraordinary expense and reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;2.10<sup>c,d</sup> | 2.14<sup>e</sup> | 2.12<sup>f</sup> | 2.04<sup>g</sup> | 1.99<sup>h</sup> | 2.17<sup>i</sup>  |
| Ratio of net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.27<sup>c</sup> | 0.28 | 0.80 | (0.23) | (0.27) | (0.32)  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 16<sup>j</sup> | 66 | 49 | 42 | 70 | 82 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>c</sup> Annualized.

<sup>d</sup> Includes interest expense of $19 or 0.00% of average net assets.

<sup>e</sup> Includes interest expense of $860 or 0.01% of average net assets.

<sup>f</sup> Includes interest expense of $203 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $69 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $68 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $101 or 0.00% of average net assets.

<sup>j</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp; $51.14 | $44.43 | $43.04 | $61.84 | $40.06 | $42.39  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.59 | 0.71 | 0.42 | 0.41 | 0.20  |
|  Net realized and unrealized gain (loss) on securities and options | &nbsp;&nbsp; (2.42) | 7.19 | 1.34 | (11.80) | 22.32 | (2.53)  |
| **Total from investment operations** | &nbsp;&nbsp; (2.10) | 7.78 | 2.05 | (11.38) | 22.73 | (2.33)  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; — | (0.70) | (0.66) | (0.48) | (0.55) | —  |
|  Distributions from capital gains (from securities and options transactions) | &nbsp;&nbsp; — | (0.37) |  | (6.94) | (0.40) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (1.07) | (0.66) | (7.42) | (0.95) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.04 | $51.14 | $44.43 | $43.04 | $61.84 | $40.06  |
| Total return % | &nbsp;&nbsp; -4.09<sup>b</sup> | 17.35 | 4.77 | -18.80 | 56.84 | -5.50  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp; $137568 | $100298 | $120894 | $127472 | $184454 | $106981  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses after extraordinary expense and reimbursement/recovery <br>(Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.11<sup>c,d</sup> | 1.14<sup>e</sup> | 1.13<sup>f</sup> | 1.04<sup>g</sup> | 0.99<sup>h</sup> | 1.18<sup>i</sup>  |
|  Ratio of total expenses before extraordinary expense and reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.11<sup>c,d</sup> | 1.14<sup>e</sup> | 1.13<sup>f</sup> | 1.04<sup>g</sup> | 0.99<sup>h</sup> | 1.16<sup>i</sup>  |
| Ratio of net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.35<sup>c</sup> | 1.31 | 1.84 | 0.77 | 0.75 | 0.63  |
| Portfolio turnover rate % | &nbsp;&nbsp; 16<sup>j</sup> | 66 | 49 | 42 | 70 | 82 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.

<sup>c</sup> Annualized.

<sup>d</sup> Includes interest expense of $154 or 0.00% of average net assets.

<sup>e</sup> Includes interest expense of $5,571 or 0.01% of average net assets.

<sup>f</sup> Includes interest expense of $1,107 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $392 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $361 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $582 or 0.00% of average net assets.

<sup>j</sup> Not Annualized.

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB INTERNATIONAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **June 30, 2025**<br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.33 | $9.55 | $8.63 | $10.60 | $9.78 | $9.20  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.16 | 0.16 | 0.15 | 0.10 | 0.07  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | (0.15) | 0.95 | (1.94) | 0.83 | 0.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | 0.01 | 1.11 | (1.79) | 0.93 | 0.64  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; — | (0.23) | (0.19) | (0.18) | (0.11) | (0.06)  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp; — |  |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.23) | (0.19) | (0.18) | (0.11) | (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $11.14 | $9.33 | $9.55 | $8.63 | $10.60 | $9.78  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;19.40<sup>b</sup> | 0.02 | 12.94 | -16.94 | 9.53 | 7.01  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp; $255420 | $213444 | $250304 | $242798 | $317071 | $257706  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>c,d</sup> | 0.99<sup>e</sup> | 0.99 | 0.95<sup>f</sup> | 0.91 | 0.98<sup>g</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>c,d</sup> | 0.99<sup>e</sup> | 0.99 | 0.95<sup>f</sup> | 0.91 | 0.98<sup>g</sup>  |
|  Ratio of net investment income after reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.84<sup>c</sup> | 1.57 | 1.80 | 1.62 | 0.99 | 0.83  |
|  Ratio of net investment income before reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.84<sup>c</sup> | 1.57 | 1.80 | 1.62 | 0.99 | 0.83  |
| Portfolio turnover rate % | &nbsp;&nbsp; 20<sup>b</sup> | 25 | 44 | 30 | 21 | 51 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Not Annualized.

<sup>c</sup> Annualized.

<sup>d</sup> Includes interest expense of $196 or 0.00% of average net assets.

<sup>e</sup> Includes interest expense of $397 or 0.00% of average net assets.

<sup>f</sup> Includes interest expense of $18 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $28 or 0.00% of average net assets. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMALL CAP FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.83 | $14.92 | $13.30 | $18.15 | $15.56 | $13.83  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.04 | 0.05 | 0.09 | 0.08 | (0.00)<sup>b</sup>  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp; (0.48) | 2.23 | 2.41 | (4.58) | 3.68 | 2.41  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.45) | 2.27 | 2.46 | (4.49) | 3.76 | 2.41  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.02) | (0.04) | (0.09) | (0.09) | —  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp; — | (0.34) | (0.80) | (0.27) | (1.08) | (0.68)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.36) | (0.84) | (0.36) | (1.17) | (0.68)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $16.38 | $16.83 | $14.92 | $13.30 | $18.15 | $15.56  |
| Total return % | &nbsp;&nbsp;&nbsp; -2.67<sup>c</sup> | 15.09 | 18.53 | -24.80 | 24.38 | 17.59  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $124433 | $149740 | $113528 | $89694 | $141517 | $116651  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.95<sup>d,e</sup> | 0.95 | 0.95 | 0.95<sup>f</sup> | 0.95 | 1.00<sup>g</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.16<sup>d,e</sup> | 1.13 | 1.17 | 1.13<sup>f</sup> | 1.06 | 1.18<sup>g</sup>  |
|  Ratio of net investment income (loss) after reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>d</sup> | 0.27 | 0.35 | 0.61 | 0.44 | (0.02)  |
|  Ratio of net investment income (loss) before reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>d</sup> | 0.09 | 0.13 | 0.43 | 0.33 | (0.02)  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 3<sup>c</sup> | 14 | 12 | 15 | 7 | 35 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Not Annualized.

<sup>d</sup> Annualized.

<sup>e</sup> Includes interest expense of $2,101 or 0.00% of average net assets.

<sup>f</sup> Includes interest expense of $422 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $2,336 or 0.00% of average net assets.

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB SMID CAP FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **June 30, 2025** <br>(Unaudited) | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.39 | $12.27 | $11.26 | $15.43 | $12.73 | $10.80  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |
| Net investment income<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.05 | 0.07 | 0.09 | 0.08 | 0.00<sup>b</sup>  |
|  Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 1.25 | 2.18 | (3.31) | 3.47 | 2.61  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 1.30 | 2.25 | (3.22) | 3.55 | 2.61  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.13) | (0.13) | (0.15) | (0.08) | (0.03)  |
| Distributions from return of capital | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.01) | —  |
|  Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp; — | (1.05) | (1.11) | (0.80) | (0.76) | (0.65)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.18) | (1.24) | (0.95) | (0.85) | (0.68)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.43 | $12.39 | $12.27 | $11.26 | $15.43 | $12.73  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>c</sup> | 10.03 | 20.06 | -20.87 | 28.10 | 24.39  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp; $75646 | $83878 | $86468 | $88824 | $287589 | $231657  |
| Ratio to average net assets %<br>|  |  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.81<sup>d,e</sup> | 0.80<sup>f</sup> | 0.80<sup>g</sup> | 0.80<sup>h</sup> | 0.80<sup>i</sup> | 0.84<sup>j</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;1.12<sup>d,e</sup> | 1.06<sup>f</sup> | 1.05<sup>g</sup> | 0.91<sup>h</sup> | 0.84<sup>i</sup> | 0.94<sup>j</sup>  |
|  Ratio of net investment income after reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>d</sup> | 0.38 | 0.58 | 0.71 | 0.54 | 0.02  |
|  Ratio of net investment income (loss) before reimbursement/ recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>d</sup> | 0.12 | 0.33 | 0.60 | 0.50 | (0.08)  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp; 6<sup>c</sup> | 19 | 4 | 4 | 9 | 21 |

---

<sup>a</sup> Per share values have been calculated using the average shares method.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Not Annualized.

<sup>d</sup> Annualized.

<sup>e</sup> Includes interest expense of $2,657 or 0.01% of average net assets.

<sup>f</sup> Includes interest expense of $3,014 or 0.00% of average net assets.

<sup>g</sup> Includes interest expense of $3,783 or 0.00% of average net assets.

<sup>h</sup> Includes interest expense of $3,449 or 0.00% of average net assets.

<sup>i</sup> Includes interest expense of $586 or 0.00% of average net assets.

<sup>j</sup> Includes interest expense of $61 or 0.00% of average net assets.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

**Organization** 

RMB Investors Trust (the "Trust"), is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust currently consists of five series: RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, and RMB SMID Cap Fund (each, a "Fund" and collectively, the "Funds"). Curi RMB Capital, LLC ("Curi RMB" or the "Adviser") serves as the investment adviser to the Funds. Effective July 1, 2025, the Adviser has changed its name to Curi Capital, LLC. Mendon Capital Advisors Corp. ("Mendon" or the "Sub-Adviser") serves as sub-adviser to the RMB Mendon Financial Services Fund.

Each Fund's investment objective primarily or solely consists of seeking capital appreciation or long-term capital appreciation.

RMB Fund and RMB Mendon Financial Services Fund offer Class A, Class C, and Class I shares. RMB International Fund, RMB Small Cap Fund and RMB SMID Cap Fund offer Class I shares.

**Class A shares incur a maximum initial sales charge of 5.00% and an annual distribution and service fee of 0.25%.**

**Class C shares are subject to an annual distribution and shareholder service fee of 1.00%. In addition, Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase.**

**Class I shares have no initial sales charge and bear no annual distribution and service fee.** 

1. Significant Accounting Policies

Each Fund is considered an investment company under United States of America Generally Accepted Accounting Principles ("U.S. GAAP") and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

**Investment Valuation. Portfolio holdings and any other Fund assets shall be valued each day on which the New York Stock Exchange is open for business, using readily available market quotations at such times as are established in the Trust's registration statement. If market quotations for a portfolio holding are unavailable, or deemed by the Adviser to be unreliable, the portfolio holding shall be fair valued by the Adviser, as the "valuation designee" approved by the Board of Trustees of the Trust (the "Board") pursuant to Rule 2a-5 under the 1940 Act, in accordance with valuation procedures approved by the Board.** 

Exchange-Listed Equities and Funds and Depositary Receipts. The market value of an equity security, exchange-traded fund (e.g., ETF or closed-end fund), or depositary receipt (e.g., ADR or GDR) traded on a national stock exchange (other than Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, "Nasdaq")) is the last reported sale price on the exchange on which the security trades on the valuation date. If there is no such last sale reported, the security is valued at the mean between the last bid and asked prices on the exchange.

The market value of a security traded on Nasdaq is the Nasdaq Official Closing Price (or "NOCP") on the valuation date. The NOCP is determined by Nasdaq to be the last reported sale price, unless the last sale price is above or below the last reported bid and asked prices. If the last reported bid and asked prices are above the last sale price, the last reported bid is used; conversely, if the last reported bid and asked prices are below the last sale price, the last reported asked price serves as the NOCP. If no last sales price is reported, the security is valued at the mean between the closing bid and closing asked prices on the market on which the security trades.

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Over-the-Counter Securities. Securities traded over-the-counter ("OTC") are valued at the last reported sale in the OTC market on which the security trades, such as the OTC Bulletin Board, Pink OTC Markets, Inc. or other recognized OTC market, on the valuation date. If no last sale is reported, the security is valued at the mean between the closing bid and the closing asked prices on the market on which the security trades.

Foreign Securities. Foreign securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund's NAV. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates. For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange ("NYSE"), which is generally 4:00 p.m., Eastern time, a fair value price provided by an Adviser-approved pricing service ("Pricing Service") is generally used in order to capture events occurring after the applicable foreign exchange closes that may affect the value of certain portfolio holdings traded on that foreign exchange.

Options. Options traded on an exchange are valued at the last reported sale price. If no sales are reported on a particular business day, the average of the highest bid and lowest asked quotations across the exchanges on which the option is traded is used.

Open-end Registered Investment Companies (excluding ETFs and Closed-End Funds). Shares of open-end registered investment companies ("funds") are valued using their respective NAVs. If a fund's NAV is not available, the last reported NAV of the fund may be used for one day.

Fixed-Income Securities. Fixed-income securities, including bonds, notes, debentures, certificates of deposit, and commercial paper, generally are valued at the evaluated mean between the closing bid and closing asked prices provided by the Pricing Service. Pricing Services generally take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data and may provide a price determined by a matrix pricing method or other analytical pricing models.

**Shares Valuation. The NAV per share of each share class of each Fund is calculated by dividing the net assets (total assets, minus all liabilities including accrued expenses) of the share class by the total number of shares outstanding of the share class, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE is closed for trading.** 

**Foreign Currency Translation. Values of investments, receivables and payables denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange each day. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the dates of such transactions. The portion of security gains and losses resulting from changes in foreign exchange rates are included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes. The Funds bear the risk of changes in the foreign currency exchange rates and the impact on the value of assets and liabilities denominated in foreign currency. The Funds also bear the risk of a counterparty failing to fulfill its obligation under a foreign currency contract. Investments in securities of foreign companies involve additional risks including: less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates and political and economic instability. The risks of foreign investments are typically greater in emerging and less-developed markets.** 

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Multiple Class Allocations. Each class of shares of a Fund has equal rights as to earnings and assets, except that each class bears different distribution and shareholder servicing expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.** 

**Accounting for Portfolio Transactions. The Funds account for purchases and sales of portfolio securities as of each security's trade date. The Funds determine realized gains and losses based on identified cost (the same basis used for federal income tax purposes). When the Funds earn dividends, they record the income on the ex-dividend date, minus any foreign taxes. The Funds record interest income on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.** 

**Use of Management Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions in computing net asset value and preparing the financial statements, so the actual cash amounts received or paid for a Fund's assets, liabilities, income, and other items may ultimately differ from what is shown here.**

**New Accounting Pronouncement. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.**

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

2. Adviser Fees

Curi RMB serves as the investment adviser to the Funds. The Adviser is entitled to a monthly management fee at an annual rate equal to the following percentages of the average daily net assets of each Fund:

---

| | |
|:---|:---|
| **RMB Fund** | 0.60%  |
| **RMB Mendon Financial Services Fund** | 0.75%  |
| **RMB International Fund** | 0.75%  |
| **RMB Small Cap Fund** | 0.85%  |
| **RMB SMID Cap Fund** | 0.70% |

---

The Adviser pays the Sub-Adviser for services with respect to the RMB Mendon Financial Services Fund. Effective May 1, 2020, the annual advisory fees for RMB Small Cap Fund and RMB SMID Cap Fund were reduced by 0.15% to the amounts shown above.

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

3. Distribution Fees and Commissions

Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter to the Funds pursuant to a distribution agreement dated September 30, 2021. The Distributor acts as principal underwriter of each Fund's shares. The RMB Fund and RMB Mendon Financial Services Fund have adopted distribution plans under Rule 12b-1 of the 1940 Act, to reimburse the Distributor for services provided for distributing Class A and Class C shares of the Funds. The following Funds pay the Distributor distribution and shareholder service fees from the assets of the share classes, and in the amounts, listed below:

**Distribution Fees:** 

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C**  |
| **RMB Fund** | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.75%  |
| **RMB Mendon Financial Services Fund** | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.75% |

---

**Shareholder Service Fees:** 

---

| | |
|:---|:---|
|  | **Class C**  |
| **RMB Fund** | &nbsp;&nbsp; 0.25%  |
| **RMB Mendon Financial Services Fund** | &nbsp;&nbsp; 0.25% |

---

4. Offering Price

For Class A shares, the offering price includes a maximum 5% sales charge. The redemption price is NAV. Class C shares are offered at NAV without the imposition of an initial sales charge and the redemption price is NAV, subject to any applicable CDSC. Class I shares are offered at NAV without the imposition of an initial sales charge or a CDSC.

5. Expenses

Expenses directly charged or attributable to any Fund will be paid from the assets of that Fund. Generally, expenses of the Trust will be allocated among and charged to each Fund on a basis deemed fair and equitable, generally pro-rata based on the relative assets of each Fund. Fund expenses that are not class specific are allocated to each class based on relative net assets. Differences in class-level expenses may result in payment of different per share dividends by class.

The Adviser and the Trust entered into an Expense Limitation Agreement (the "Agreement") for the Funds. Under the Agreement, the Adviser contractually limits certain operating expenses (including advisory, distribution and service fees, among others) of the following Funds and share classes to the rates below based on average daily net assets by waiving its advisory fees and reimbursing Fund operating expenses.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I**  |
| **RMB Fund** | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 2.34% | 1.34%  |
| **RMB Mendon Financial Services Fund** | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 2.55% | 1.55%  |
| **RMB International Fund** |  |  | 1.15%  |
| **RMB Small Cap Fund** |  |  | 0.95%  |
| **RMB SMID Cap Fund** |  |  | 0.80% |

---

Effective May 1, 2020, the annual expense limitations for RMB Small Cap Fund and RMB SMID Cap Fund were reduced by 0.15% to the amounts shown above.

In accordance with the Agreement, the Adviser will not reimburse a Fund for certain expenses, such as interest, taxes, brokerage commissions, dealer spreads and other transaction costs, capitalized expenditures, acquired fund fees and expenses, short sale dividends, extraordinary expenses not incurred in the ordinary course of the Fund's business (e.g., litigation, indemnification) and any other

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

costs and expenses approved by the Board. For the year ended December 31, 2020, there were extraordinary expenses of $46,906 allocated to the RMB Mendon Financial Services Fund related to the reorganization (See Note 15).

The Agreement will remain in effect through April 30, 2026 and will be automatically renewed for successive one-year periods ending April 30, unless either party cancels the automatic renewal provision. While in effect the Agreement may be terminated with respect to a Fund by agreement of the Adviser and the Board.

Amounts waived or reimbursed by the Adviser with respect to a Fund may be recouped for a period of three years from the date an amount was waived or reimbursed to the extent the Fund's actual fees and expenses for a fiscal period, including recoupments paid to the Adviser, are less than the Fund's expense limitation both at the time of waiver and recoupment. The following table shows each Fund's waived or reimbursed expenses subject to recoupment by the Adviser for the next three years:

---

| | | | |
|:---|:---|:---|:---|
| **Year Incurred** | **Expiration** <br>**Year** | **RMB** <br>**Small Cap** <br>**Fund** | **RMB** <br>**SMID Cap** <br>**Fund** |
| 2022 | &nbsp;&nbsp;&nbsp; 2025  | $145307  | $173546  |
| 2023 | &nbsp;&nbsp;&nbsp; 2026  | $217357  | $213349  |
| 2024 | &nbsp;&nbsp;&nbsp; 2027  | $263297  | $223165  |
| 2025 | &nbsp;&nbsp;&nbsp; 2028  | $134373  | $121674 |

---

The RMB Fund, RMB Mendon Financial Services Fund, and RMB International Fund do not have any previously waived or reimbursed expenses subject to recoupment by the Adviser.

6. Investment Transactions

The aggregate cost of purchases and proceeds from sales of securities, excluding short-term investments for each Fund, for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| **RMB Fund**  | $44675211  | $50046259  |
| **RMB Mendon Financial Services Fund** | $68093278  | $31849817  |
| **RMB International Fund** | $45384903  | $48355040  |
| **RMB Small Cap Fund** | $3867343  | $26430931  |
| **RMB SMID Cap Fund** | $4780426  | $11162485 |

---

7. Line of Credit

The Trust has a Loan Agreement with U.S. Bank, N.A. to provide the Funds with a temporary liquidity source, as needed, to fulfill shareholder redemptions. Under the terms of the Loan Agreement, the aggregate borrowing for all Funds cannot exceed $75 million. Each Fund's borrowing under the Loan Agreement is further limited to the lesser of: (i) 33<sup>1∕3</sup>% of the net market value of the unencumbered assets of the Fund; and (ii) 25% of the Fund's gross market value. The interest rate on loans under the

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Loan Agreement equals the prime rate minus one percent per annum, payable monthly. For the six months ended June 30, 2025, borrowing activity under the Loan Agreement was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Daily** <br>**Average Balance** <br>**for the Period<sup>1</sup>** | **Maximum Amounts** <br>**Outstanding** <br>**for the Period** | **Interest** <br>**Expense** <br>**for the Period** | **Average** <br>**Interest** <br>**Rate** | **Outstanding** <br>**Balance at** <br>**6/30/2025** |
| **RMB Fund** | &nbsp;&nbsp;&nbsp; $1597000 | &nbsp;&nbsp;&nbsp;&nbsp; $1597000 | &nbsp;&nbsp;&nbsp;&nbsp; $865 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; $0 |
|  **RMB Mendon Financial Services Fund** | &nbsp;&nbsp;&nbsp; 212833 | &nbsp;&nbsp;&nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 0 |
| **RMB International Fund** | &nbsp;&nbsp;&nbsp; 362333 | &nbsp;&nbsp;&nbsp;&nbsp; 818000 | &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 0 |
| **RMB Small Cap Fund** | &nbsp;&nbsp;&nbsp; 1939833 | &nbsp;&nbsp;&nbsp;&nbsp; 3156000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 0 |
| **RMB SMID Cap Fund** | &nbsp;&nbsp;&nbsp; 2942800 | &nbsp;&nbsp;&nbsp;&nbsp; 3526000 | &nbsp;&nbsp;&nbsp;&nbsp; 2657 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 0 |

---

<sup>1</sup> Excludes days where there was no activity on the line of credit.

8. Distributions and Taxes

Each Fund's dividends from net investment income, if any exist, are generally declared and paid at least annually.

Distributions of net realized gains, if any, are declared and paid at least annually for the Funds. All short-term capital gains are included in ordinary income for tax purposes.

The Funds record distributions on the ex-dividend date. On occasion, a Fund may make reclassifications among some of its capital accounts. This could have the effect of changing the nature of certain distributions that have already been made, which could have tax implications for shareholders. A Fund would only make reclassifications consistent with federal tax regulations.

It is each Fund's intention to continue to qualify as a regulated investment company by complying with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and by distributing substantially all of its earnings to its shareholders. Therefore, no federal income tax provision has been made. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022 - 2024), or expected to be taken in the Funds' 2025 tax returns. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next six months.

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. The character of distributions paid on a tax basis during 2024 and 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMB**<br>**Fund** | **RMB Mendon**<br>**Financial**<br>**Services Fund** | **RMB** <br>**International** <br>**Fund** | **RMB** <br>**Small Cap** <br>**Fund** | **RMB** <br>**SMID Cap** <br>**Fund**  |
| **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** |
| Distributions paid from:<br>|  |  |  |  |  |
| Ordinary Income  | $27442  | $3437479  | $5122386  | $1290245  | $329568  |
| Long-Term Capital Gain  | 7028453  | —  |  | 1880179  | 6296151  |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid  | $7055895  | $3437479  | $5122386  | $3170424  | $6625719  |
| **Fiscal year ended 12/31/2023**  | **Fiscal year ended 12/31/2023**  | **Fiscal year ended 12/31/2023**  | **Fiscal year ended 12/31/2023**  | **Fiscal year ended 12/31/2023**  | **Fiscal year ended 12/31/2023**  |
| Distributions paid from:<br>|  |  |  |  |  |
| Ordinary Income | $3546  | $2689418  | $5014492  | $465883  | $1123614  |
| Long-Term Capital Gain | 1642666  | —  | —  | 5612832  | 6904718 |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid | $1646212  | $2689418  | $5014492  | $6078715  | $8028332 |

---

The Funds designated as long-term capital gain dividends, pursuant to IRS Section 852(b)(3), the amounts necessary to reduce the earnings and profits of the Funds related to net capital gains to zero for the tax year ended December 31, 2024.

As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** | **RMB** <br>**Fund** | **RMB Mendon** <br>**Financial** <br>**Services** <br>**Fund** | **RMB** <br>**International** <br>**Fund** | **RMB** <br>**Small Cap** <br>**Fund** | **RMB** <br>**SMID Cap** <br>**Fund**  |
| Tax cost of Investments | $51887511  | $134641845  | $181895373  | $88463011  | $46591955  |
| Unrealized appreciation | 61535597  | 45611979  | 42345267  | 68047705  | 39784253  |
| Unrealized depreciation | (451298) | (3592304) | (11380491) | (6696231) | (2495936)  |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 61084299  | 42019675  | 30964776  | 61351474  | 37288317  |
| Undistributed ordinary income | —  | 2766107  | 747337  | 149562  | —  |
|  Undistributed long-term capital gains | 2224914  | 3003211  | —  | 1696615  | 7855032  |
| Total distributable earnings | 2224914  | 5769318  | 747337  | 1846177  | 7855032  |
| Other accumulated losses | —  | (38759999)<sup>1</sup> | (33203015) | —  | 1  |
| Total accumulated gain/(loss) | $63309213  | $9028994  | $(1490902) | $63197651  | $45143350 |

---

<sup>1</sup> Includes $31,580,817 of short-term and $7,179,040 of long-term capital losses acquired from the Target Fund in the Reorganization (Note 15). Per the IRS, use of these losses is limited to $204,497 per year.

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Under current law, the Funds may carry forward net capital losses (which may be short-term and/or long-term) indefinitely to use to offset capital gains realized in future years. The following tables set forth each Fund's available capital loss carryforwards as of December 31, 2024 and the capital loss carryforwards utilized by the Funds in 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMB**<br>**Fund** | **RMB Mendon**<br>**Financial**<br>**Services**<br>**Fund** | **RMB**<br>**International**<br>**Fund** | **RMB**<br>**Small Cap**<br>**Fund** | **RMB**<br>**SMID Cap**<br>**Fund**  |
| **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  |
| Short-Term | $— | $— | $(29482543) | $— | $— |
| Long-Term | $— | $— | $(3702458) | $— | $— |
| **2024**  | **2024**  | **2024**  | **2024**  | **2024**  | **2024**  |
|  Capital Loss Carryforward Utilized | $— | $8837167 | $6868356 | $— | $— |

---

Net investment income and realized gain and loss for federal tax purposes differ from that reported in the financial statements because of temporary and permanent book and tax differences. These differences are primarily related to differing treatment of wash sales, REITs, PFIC partnerships and the tax practice known as equalization. As of December 31, 2024, the permanent book and tax basis differences were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMB**<br>**Fund** | **RMB Mendon**<br>**Financial**<br>**Services**<br>**Fund** | **RMB**<br>**International**<br>**Fund** | **RMB**<br>**Small Cap**<br>**Fund** | **RMB**<br>**SMID Cap**<br>**Fund**  |
| **Increase/(Decrease)**  | **Increase/(Decrease)**  | **Increase/(Decrease)**  | **Increase/(Decrease)**  | **Increase/(Decrease)**  | **Increase/(Decrease)**  |
| Distributable Earnings | $(501701) | $— | $— | $— | $(292784) |
| Paid-In Capital | $501701 | $— | $— | $— | $292784 |

---

9. Disclosure of Certain Commitments and Contingencies

Under the Funds' organizational documents, officers and trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and based on experience expect the risk of loss to be remote.

10. Transactions with Affiliated Securities

During the six months ended June 30, 2025, the Funds held no affiliated securities. An affiliated security is a security in which the Fund has ownership of at least 5% of the outstanding voting securities.

11. Restricted Securities

The Funds may not invest more than 15% of net assets in securities subject to legal or contractual restrictions on resale, including Rule 144A securities ("restricted securities"), that are deemed illiquid. At June 30, 2025, the Funds held no restricted securities.

12. Fund Risks

Each of the Funds is subject to market risk, equity securities risk, management risk, and other risks. Market risk is the risk that the price of a security held by a Fund may decline, sometimes rapidly or unpredictably, due to changing economic, political or market conditions that are not specifically related to the issuer of the security. Equity securities risk is the risk that the price of an equity security held by a

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Fund may decline due to factors related to the issuer of the security including the sector or industry in which it operates. Equity securities may be disproportionately affected by these risks because they are subordinated to preferred stock, bonds, and other debt instruments in the issuer's capital structure. Equity securities have historically experienced more volatility in their returns than debt securities. Management risk is the risk that investment decisions employed by the Adviser or Sub-Adviser will not produce the intended results.

RMB Mendon Financial Services Fund may be disproportionately affected by events affecting the Financial Services sector, which may include changes in interest rates, the rate of corporate and consumer debt defaults, the availability and cost of borrowing and raising capital, reduced credit market liquidity, regulatory changes, price competition, economic and trade uncertainties from current U.S. tariff policies, bank failures and other financial crises, and general economic and market conditions. Also, changing regulation of Financial Services companies may adversely or positively affect companies in which the Funds invest.

The Japanese economy is characterized by an aging demographic, declining population, large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth, and adverse economic conditions in the U.S. or other such trade partners may affect Japan. Any restrictions on global trade are likely to have a significant adverse effect on the country. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political, or social instability in those countries (whether resulting from local or global events, such as the current U.S. tariff policies).

These risks, and other risks applicable to the Funds, are further described in the Funds' Prospectus and Statement of Additional Information.

13. Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Various inputs are used in determining the fair value of a Fund's investments, other assets, and liabilities. These inputs are classified into one of three broad levels that comprise the fair value hierarchy. The lowest level for any significant input used in determining the fair value of an investment, other asset, or liability determines the classification of that asset or liability in the hierarchy. The three levels of the fair value hierarchy are as follows:

Level 1 –

Prices are determined using unadjusted exchange-traded prices in active markets for identical securities. This technique is used for exchange-traded domestic common and preferred equities and certain options.

Level 2 –

Prices are determined using significant observable inputs. "Observable inputs" reflect the assumptions that market participants would use in valuing an asset or liability based on market data obtained from independent sources. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and are based on an evaluation of the inputs described. These techniques are used for certain domestic preferred equities, unlisted rights and warrants and certain options.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect Curi RMB's Valuation Committee's own assumptions about the factors that market participants would use in pricing an investment and are based on the best information available. These inputs include, but are not limited to, the cost of the

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

security at the date of purchase; fundamental analytical data relating to the issuer of the security, the type of security and relevant financial statements; special reports, if any, prepared by qualified analysts; and the nature and duration of restrictions, if any, on disposition of the security. Securities using this technique are generally thinly traded or privately placed, and may be valued using broker quotes, which may not only use observable or unobservable inputs but may also include the use of brokers' own judgments about the assumptions that market participants would use.

The following table provides the fair value measurements of applicable Fund assets by security class and fair value hierarchy level as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **RMB Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $110925571  | $—  | $—  | $110925571  |
| Short-Term Investments | 3570552  | —  | —  | 3570552  |
|  **Total Investments in Securities** | $114496123  | $—  | $—  | $114496123  |
| **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $201299766  | $—  | $—  | $201299766  |
| Short-Term Investments | 3896098  | —  | —  | 3896098  |
| **Total** | $205195864  | $—  | $—  | $205195864  |
| **Liabilities**<br>|  |  |  |  |
| Written Options<sup>1</sup> | —  | (234375)  | 0<sup>2</sup> | (234375)  |
|  **Total Investments in Securities** | $205195864  | $(234375)  | $0  | $204961489  |
| **RMB International Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1,3</sup> | $—  | $245397005  | $—  | $245397005  |
| Short-Term Investments | 9480894  | —  | —  | 9480894  |
|  **Total Investments in Securities** | $9480894  | $245397005  | $—  | $254877899  |
| **RMB Small Cap Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $118197602  | $—  | $—  | $118197602  |
| Short-Term Investments | 6089071  | —  | —  | 6089071  |
|  **Total Investments in Securities** | $124286673  | $—  | $—  | $124286673  |
| **RMB SMID Cap Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $75467920  | $—  | $—  | $75467920  |
| Short-Term Investments | 269677  | —  | —  | 269677  |
|  **Total Investments in Securities** | $75737597  | $—  | $—  | $75737597 |

---

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

<sup>1</sup> Refer to the Schedule of Investments section of the applicable Fund in this Semi-Annual Financial Statements for a breakdown of holdings by sector or industry.

<sup>2</sup> The option is categorized as Level 3 and has a value of $0. Due to immateriality, no Level 3 rollforward has been presented. 

<sup>3</sup> Foreign securities valued using systemic fair valuation are categorized as Level 2. The table below provides a breakdown, by country, of the RMB International Fund's Level 2 securities at June 30, 2025.

---

| | |
|:---|:---|
|  | **RMB** <br>**International** <br>**Fund** |
| Australia | $6166755  |
| Belgium | 8974072  |
| Finland | 5484663  |
| France | 36051062  |
| Germany | 17680717  |
| Hong Kong | 5277920  |
| Italy | 6548095  |
| Japan | 61928366  |
| Netherlands | 17613975  |
| Sweden | 5030587  |
| Switzerland  | 20938084  |
| United Kingdom | 53702709  |
| Total | $245397005 |

---

14. Disclosures about Derivative Instruments and Hedging Activities

**Accounting Standards Codification Topic 815 — Disclosures about Derivative Instruments and Hedging Activities ("ASC 815") requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment of derivatives and the effect derivatives have on financial performance.**

The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure as of June 30, 2025:

**Fair Value of Deriviative Instruments** 

**As of June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivatives not** <br>**accounted for as** <br>**hedging instruments** <br>**under ASC 815** | **Statements of** <br>**Assets & Liabilities** <br>**Location** | **Asset or Liability** | **Fair Value** |
|  **RMB Mendon Financial Services Fund** | Equity Contracts | Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; Liability  | $234375 |

---

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**The Effect of Derivative Instruments on the Statements of Operations** 

**For the six months ended June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Changes in Derivatives** <br>**not accounted for as** <br>**hedging instruments** <br>**under ASC 815**  | **Location of Gain or** <br>(Loss) on Derivatives | **Realized Gain** <br>**or (Loss) on** <br>**Derivatives** | **Change in** <br>**Unrealized** <br>**Appreciation or** <br>(Depreciation) |
|  **RMB Mendon Financial Services Fund** | Equity Contracts | Realized gain on written options | &nbsp;&nbsp; $203288  |  |
|  |  | Net unrealized <br>appreciation/<br>depreciation on written <br>options |  | &nbsp;&nbsp;&nbsp; $478433 |

---

The derivative instruments outstanding as of the six months ended June 30, 2025 as disclosed in the Funds' portfolio holdings and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the six months ended June 30, 2025 as disclosed in the statements of operations serve as indicators of the volume of derivative activity for the Funds.

The quarterly average volumes of derivative instruments as of June 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Instrument** | **Number of Contracts** | **Notional Value**  |
|  **RMB Mendon Financial Services Fund** | Equity Contracts | Call Option Written  | (6142)  | &nbsp;&nbsp; $(360625) |

---

The average number of derivative instruments is based on the average quarter end balances for the period January 1, 2025 to June 30, 2025.

15. Fund Reorganizations

As of close of business on June 19, 2020, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust's Board of Trustees, all of the assets and liabilities of the RMB Mendon Financial Long/Short Fund (the "Target Fund") were transferred to the RMB Mendon Financial Services Fund (the "Acquiring Fund") in exchange for shares of the Acquiring Fund (the "Reorganization"). The Reorganization was a tax-free Reorganization for federal income tax purposes. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the Target Fund. Information with respect to the net assets and other relevant operating data for the Target Fund on the Reorganization date is included below:

---

| | | | |
|:---|:---|:---|:---|
| **Target Fund** | **RMB Mendon** <br>**Financial** <br>**Long/Short** <br>**Fund – Class A** | **RMB Mendon** <br>**Financial** <br>**Long/Short** <br>**Fund – Class C** | **RMB Mendon** <br>**Financial** <br>**Long/Short** <br>**Fund – Class I**  |
| Net Assets | $7055269 | $2813344 | $8887299  |
| Shares Outstanding | 1091425 | 477605 | 1352940  |
| Net Asset Value | 6.46 | 5.89 | 6.57  |
| Unrealized appreciation/depreciation | 10737461 | 637179 | (12744223) |

---

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **RMB Mendon** <br>**Financial** <br>**Services** <br>**Fund – Class A** | **RMB Mendon** <br>**Financial** <br>**Services** <br>**Fund – Class C** | **RMB Mendon** <br>**Financial** <br>**Services** <br>**Fund – Class I**  |
| Net Assets immediately prior to Reorganization | $55428864 | $18752274 | $103747910  |
| Net Assets immediately after Reorganization | $62484133 | $21565618 | $112635209  |
| Fund Shares issued in exchange for acquired fund | 260632 | 116297 | 322605  |
| Exchange rate for shares issued | 0.24 | 0.24 | 0.24 |

---

Assuming the Reorganization had been completed on January 1, 2020, the beginning of the annual reporting period of the Funds, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2020, are as follows:

---

| | |
|:---|:---|
|  | **RMB Mendon**<br>**Financial**<br>**Services Fund**  |
| Net investment income | $830750  |
| Net realized loss on investments | (56319647)  |
| Change in net unrealized appreciation/depreciation on investments | (59031070)  |
| Total decrease in net assets resulting from operations | $(114519967) |

---

Since the combined investment portfolios have been managed as a single integrated portfolio from the time the Reorganization was completed, it is not practical to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund's statements of operations since June 19, 2020.

16. Subsequent Events

The Adviser has evaluated the impact to these financial statements of all subsequent events occurring after the date of this report and has determined that there were no events that require recognition or disclosure in the financial statements.

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**RMB INVESTORS TRUST** 

**Other Information (Unaudited)** 

**Proxy Voting Policies and Procedures** 

A description of the policies and procedures that the Funds use to determine how to vote proxies is available in the most recent Statement of Additional Information, which can be obtained without charge by (1) calling (800) 462-2392; (2) visiting the Funds' website located at http://www.rmbfunds.com; and (3) visiting the U.S. Securities and Exchange Commission's ("SEC") website located at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge by calling (800) 462-2392 or on the SEC's website at www.sec.gov.

**Portfolio Holdings** 

The Funds file their complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year (quarters ended March 31 and September 30) on Form N-PORT. Portfolio holdings filed on Form N-PORT are publicly available 60 days after the end of the applicable quarter on the SEC's website at www.sec.gov. A complete listing of each Fund's portfolio holdings is also available monthly, with approximately a 30-day lag, by visiting the Funds' website located at www.rmbfunds.com or by calling (800) 462-2392

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**RMB INVESTORS TRUST** 

**BOARD OF TRUSTEES EVALUATION AND APPROVAL OF INVESTMENT ADVISORY** 

**AND SUB-ADVISORY AGREEMENTS** 

RMB Investors Trust (the "Trust") has an Investment Advisory Agreement (the "Advisory Agreement") with Curi Capital, LLC ("Curi") pursuant to which Curi manages the series of the Trust. The series of the Trust are: RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, and RMB SMID Cap Fund (each, a "Fund," and together, the "Funds"). The RMB Mendon Financial Services Fund is referred to herein as the "Mendon Fund." Curi has a sub-advisory agreement ("Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements") with Mendon Capital Advisors Corp. ("Mendon") pursuant to which Mendon serves as the sub-adviser to the Mendon Fund.

The Investment Company Act of 1940, as amended (the "1940 Act") requires that the continuance of the Agreements be approved annually by both the Board of Trustees (the "Board") and by a majority of the trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"), voting separately. All of the Trustees of the Trust are Independent Trustees.

The continuance of the Advisory Agreement, as it relates to the Funds, and of the Sub-Advisory Agreement, as it relates to the Mendon Fund, was most recently considered and approved for a period through July 1, 2026 at an in-person meeting of the Board called for that purpose held on June 12, 2025.

The Board determined that the terms of each Agreement are fair and reasonable and approved the continuance of each of the Agreements, as applicable, for each of the Funds.

At its May 22, 2025 and June 12, 2025 meetings, the Trustees discussed the continuance of the Agreements for the Funds. At each meeting, the Board received and considered materials relating to, among other matters, the investment and management services provided by Curi and Mendon. The Board also considered matters bearing on the Agreements at its various meetings throughout the year, whereby the Board meets at least quarterly with the Funds' portfolio managers and receives regular reports from Curi on the performance of the Funds.

In evaluating the Agreements, the Board received and reviewed information provided by Curi and Mendon in response to written requests from the Independent Trustees and their independent legal counsel, including without limitation information regarding Curi, Mendon, their affiliates and personnel, operations and financial condition. The Independent Trustees discussed with representatives of Curi and Mendon (including the portfolio managers of the Funds associated with those firms) the operations of the Funds and the capabilities of Curi and Mendon to provide advisory and sub-advisory, as applicable, services to the Funds and, in the case of Curi, to supervise Mendon in its provision of sub-advisory services to the Mendon Fund.

Among other written and oral information, the Board requested and was provided information regarding:

&nbsp;&nbsp;&nbsp;&nbsp;• the investment performance of each Fund and
 comparisons of the investment performance of each Fund with the Fund's performance benchmarks;

&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's advisory fees and other expenses
 and information about any applicable expense limitations, expense cap arrangements, and fee breakpoints;

&nbsp;&nbsp;&nbsp;&nbsp;• comparisons of the investment performance, fees
 and total expenses of the Funds to mutual funds with similar objectives and strategies managed by other investment advisers based on peer
 groups developed by Morningstar, Inc. ("Morningstar"), an independent provider of investment company data over various time
 periods;

&nbsp;&nbsp;&nbsp;&nbsp;• the investment performance of private funds
 and accounts managed by Curi with investment strategies similar to the investment strategies of the Funds, and the fees charged by Curi
 for investment advisory services, as well as other compensation received by Curi and its affiliates, for such funds;

&nbsp;&nbsp;&nbsp;&nbsp;• the fees paid to Mendon by Curi;

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**BOARD OF TRUSTEES EVALUATION AND APPROVAL OF INVESTMENT ADVISORY** 

**AND SUB-ADVISORY AGREEMENTS(Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;• the total operating expenses of the Funds and
 comparison of current expenses to the previous year's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• investment management staffing and the experience
 of the investment advisory and other personnel of Curi and Mendon;

&nbsp;&nbsp;&nbsp;&nbsp;• the historical quality of the services provided
 by Curi and Mendon;

&nbsp;&nbsp;&nbsp;&nbsp;• financial statements and other information regarding
 the financial condition and prospects of Curi and Mendon; and

&nbsp;&nbsp;&nbsp;&nbsp;• the profitability to Curi in managing the Funds
 and the methodology in allocating expenses to the management of the Funds.

Throughout the process, the Board had numerous opportunities to ask questions of and request additional materials from Curi and Mendon. During each meeting at which the Board considered the Agreements, they were advised by and met, as necessary, in executive session with their independent legal counsel.

In considering the continuance of the Agreements, the Board reviewed and analyzed various factors that the Board members determined were relevant, none of which by itself was considered dispositive. The material factors and conclusions that formed the basis for the determination of the Board and Independent Trustees to approve the Agreements are discussed below.

**Approval of the Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of advisory, administrative and shareholder services provided by Curi, including the portfolio management of the Funds and supervision of Mendon for the Mendon Fund, supervision of operations of all Funds and compliance and regulatory filings for the Funds and disclosures to Fund shareholders, general oversight of Mendon and other service providers, coordination of Fund marketing initiatives, assisting the Independent Trustees in their capacity as trustees, monitoring and managing the Funds' liquidity pursuant to the liquidity risk management program, serving as valuation designee and other services.

With regard to Mendon, the Board considered the nature, quality and extent of the services provided by Mendon, particularly portfolio management, compliance and performance of the Mendon Fund.

The Board also considered information on Curi and Mendon, such as: financial condition; investment professionals' experience; reputation, financial strength, regulatory history and resources; approach to retention and compensation of investment and other personnel; and management structure and intentions with respect to the management of the Funds.

The Board concluded that the nature, quality and extent of the services provided by Curi and Mendon to the Funds under the Agreements were appropriate for the Funds and that the Funds were likely to benefit from the continued provision of those services by Curi and Mendon, as applicable.

Performance of the Funds. The Board considered short-term and long-term investment performance for each of the Funds.

With respect to the RMB Fund, the Board noted that the Fund's historic performance relative to its Morningstar peer group ranked 13 out of 15 for the one-year period, 13 out of 15 for the three-year period, 10 out of 13 for the five-year period, and eight out of eight for the ten-year period, each period ended March 31, 2025. The Board took into consideration the steps taken by Curi to improve performance, and noted the improved performance of the Fund through first quarter 2025 and the significant volatility of the financial markets during the recent period.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**BOARD OF TRUSTEES EVALUATION AND APPROVAL OF INVESTMENT ADVISORY** 

**AND SUB-ADVISORY AGREEMENTS(Continued)** 

The Board considered that the Mendon Fund had ranked eight out of nine, eight out of nine, four out of nine, and four out of nine relative to its Morningstar peer group for the one-, three-, five- and ten-year periods ended March 31, 2025, respectively. The Board considered the cyclicality of the sector in which the Fund was invested.

The Board considered the investment performance of the RMB International Fund relative to its Morningstar peer group, which was 13 out of 15 for the one-year period, 14 out of 15 for the three-year period, and 13 out of 15 for the five-year period, each period ended March 31, 2025. The Board took into consideration the steps taken by Curi to improve performance and noted the cyclical nature of international stock markets, the comparability of the peer groups, and the improved performance of the Fund through first quarter 2025.

The Board considered that the RMB Small Cap Fund had ranked two out of 15, 10 out of 15, 13 out of 14, and five out of 13 relative to its Morningstar peer group for the one-, three-, five-, and ten-year periods ended March 31, 2025, respectively. The Board noted favorably that the Fund's performance appeared to be trending upward and noted the impact of investment style in the recent market environment.

The Board considered that the RMB SMID Cap Fund had ranked 10 out of 15, nine out of 15, seven out of 15 and three out of 14 relative to its Morningstar peer group for the one-, three-, five-, and ten-year periods ended March 31, 2025, respectively. The Board noted the impact of investment style in the recent market environment and the stronger long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Costs of Services and Profits Realized by Curi.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Costs of Services to Funds: Fees and Expenses. The Board considered each Fund's management fee rate and expense ratio relative to industry averages for the Fund's peer group category and the advisory fees charged by Curi to private funds and other accounts with similar investment mandates. The Trustees viewed favorably that fees would remain the same and the current willingness of Curi to limit the total expense ratios of certain Funds, including maintaining the agreement to contractually waive fees and reimburse expenses currently in effect. The Trustees also recognized continuing efforts to control costs.

The Board noted that the contractual management fees for the RMB Fund, the Mendon Fund were below the median within their respective Morningstar peer group, whereas the total expenses were above the median within their respective Morningstar peer group. The Board also noted that the contractual management fee for the RMB International Fund was equal to the median of its Morningstar peer group, whereas the total expense was above the median of its Morningstar peer group.

The Board noted that the contractual management fee for the RMB Small Cap Fund was above the median of its Morningstar peer group, whereas the total expense was below the median of its Morningstar peer group. The Board also noted that both the contractual management fee and total expense for the RMB SMID Cap Fund were below the median of its Morningstar peer group.

The Board considered favorably the impact of fee caps on the RMB Small Cap Fund and RMB SMID Cap Fund.

The Board concluded that, for each Fund, the contractual management fee would be acceptable based upon the qualifications, experience, reputation and performance of Curi, and the moderate overall expense ratio of the Funds given the relatively small size of the Funds and the Fund complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Profitability and Costs of Services to Curi. The Board considered the materials concerning Curi's profitability and costs attributable to the Funds. The Board also considered whether the amount of Curi's profit would be a fair entrepreneurial profit for the management of the Funds. The Board considered the impact of the relatively small aggregate Fund assets on Curi's fees and the amount of expenses that Curi might absorb due to contractual expense waivers. The Board also reviewed financial statements of

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RMB INVESTORS TRUST** 

**BOARD OF TRUSTEES EVALUATION AND APPROVAL OF INVESTMENT ADVISORY** 

**AND SUB-ADVISORY AGREEMENTS(Continued)** 

Curi and noted Curi's stable and secure financial position. The Board concluded that Curi's profitability for each Fund would not be excessive, particularly in light of the quality of the services provided to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Extent of Economies of Scale as the Funds Grow. The Board considered whether there have been economies of scale with respect to the management of the Funds and whether the Funds have appropriately benefited from any economies of scale. The Board noted the Funds do not have breakpoints on their advisory fees that would otherwise allow investors to benefit directly in the form of lower fees as the Funds' assets grow. Given the relatively low level of assets under management in each of the Funds, the Board determined to continue to review whether and how additional economies of scale might be achieved for the benefit of Fund investors as and if asset levels materially increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other Relevant Considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Personnel and Methods. The Board considered the size, education and experience of the staff of Curi and Mendon. The Board also considered the generally favorable history, reputation, qualifications and background of Curi and Mendon, as well as the qualifications of their personnel, and concluded that each of Curi and Mendon had sufficient personnel, with appropriate education and experience, to serve the Funds effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other Benefits. The Board also considered the character and amount of other direct and incidental benefits received by Curi, Mendon and their affiliates from their association with the Funds, including any soft dollar services received. The Board concluded that potential "fall-out" benefits that Curi, Mendon and their affiliates may receive, such as greater name recognition or increased ability to obtain research services, appear to be reasonable, and may in some cases benefit the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other matters. The Board also considered materials provided by, and discussion with, Curi and Mendon, on various external events, including global events, inflation, interest rates, tariffs, uncertainty in the financial markets, overall market volatility and measures taken to mitigate the effects of these events, including their current and potential impact on Curi's, Mendon's, and the Funds' operations and performance.

**Conclusions** 

In considering the Agreements, the Board did not identify any factor as all-important or all-controlling and instead considered the above-listed factors and others collectively in light of the totality of the Funds' circumstances. Based on this review, it was the judgment of the Board that shareholders of the Funds would receive satisfactory performance at reasonable fees. As a part of its decision-making process, the Board considered, generally, that shareholders invested in the Funds knowing that Curi or Mendon, as applicable, managed the Fund and knowing their investment management fee schedules and investment philosophies. As such, the Board considered, in particular, whether Curi and Mendon managed the Funds in accordance with their investment objectives and policies as disclosed to shareholders.

After full consideration of the above factors, as well as other factors that the Board considered instructive in evaluating the Agreements, the Board and the Independent Trustees unanimously concluded that the continuance of the Agreements was in the best interest of each Fund and its shareholders and, on June 12, 2025 approved continuance of the Agreements for the Funds through July 1, 2026.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

Distributor

**Foreside Fund Services, LLC**

3 Canal Plaza, Suite 100

Portland, ME 04101

**internet:** www.foreside.com

**Shareholder Returns** 

**Shareholders can obtain the most recent Fund returns by calling 1-(800) 462-2392 or on the Trust's website at http://www.rmbfunds.com.** 

---

| | |
|:---|:---|
| **Adviser**<br>**Curi RMB Capital, LLC**<br>**(Curi Capital, LLC, effective July 1, 2025)**<br>**One North Wacker Drive, Suite 3500**<br>**Chicago, IL 60606** <br>**Transfer Agent**<br>**BNY Mellon Investment Servicing (US) Inc.**<br>**500 Ross Street, 154-0520**<br>**Pittsburgh, PA 15262** <br>**Custodian**<br>**U.S. Bank, N.A.**<br>**1555 North River Center Drive, Suite 302**<br>**Milwaukee, WI 53212** <br>| **Legal Counsel** <br>**Perkins Coie LLP** <br>**700 13th Street NW, Suite 800** <br>**Washington, DC 20005** <br>**Independent Registered Public Accounting Firm** <br>**Tait, Weller & Baker LLP** <br>**50 South 16th Street, Suite 2900** <br>**Philadelphia, PA 19102** <br>**Administrator** <br>**U.S. Bancorp Fund Services, LLC** <br>**2020 East Financial Way, Suite 100** <br>**Glendora, CA 91741** |

---

---

| | |
|:---|:---|
| **OFFICERS OF THE TRUST** | **BOARD OF TRUSTEES**  |
| **Christopher M. Graff** <br>***President*** <br>**Maher A. Harb** <br>***Chief Financial Officer and Treasurer*** <br>**Joseph McDermott** <br>***Chief Compliance Officer*** <br>**Frank A. Passantino** <br>***First Vice President, Assistant Secretary and*** <br>***Anti-Money Laundering Compliance Officer* Jennifer Boyce** <br>**Secretary**  | **Independent Chair** <br>**Margaret M. Eisen** <br>**Trustees**<br>**Peter Borish**<br>**Michael A. Vardas** |

---

Investment Company Act file number: 811-00994

This report was prepared for current shareholders of the Funds, which are all a part of RMB Investors Trust. To be distributed to potential shareholders, it must be accompanied by a current prospectus.

Because this report gives data about the past, the Funds' holdings may have changed since this report was prepared. None of the information in this report is intended as investment advice for individual investors, or as market predictions or securities recommendations, either explicit or implicit.

![](rmbx1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See the financial statements included in the response to Item 7(a) for information on the remuneration paid by RMB Investors Trust to
 all trustees for regular compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A portion of the Trust Chief Compliance Officer's compensation is paid by the Trust, and during the period covered by this report
 the amount paid by the Trust was $25,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) None.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* <u>Not applicable for the period covered by this report.</u> 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed*. <u>Not applicable.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* <u>Filed herewith.</u>](ritsa-efp16908_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons*. <u>Not applicable to open-end investment companies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant*. *Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* <u>Not applicable.</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* <u>Furnished herewith.</u>](ritsa-efp16908_ex99906cert.htm)

**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) RMB
 Investors Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Christopher M. Graff |
|  | Christopher M. Graff, President<br> (Principal Executive Officer) |

---

Date <u>September 3, 2025</u>

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/ Christopher M. Graff |
|  | Christopher M. Graff, President<br> (Principal Executive Officer) |

---

Date <u>September 3, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Maher A. Harb |
|  | Maher A. Harb, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date <u>September 4, 2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Christopher M. Graff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of RMB Investors Trust;

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | September 3, 2025 | /s/ Christopher M. Graff |
|  |  | Christopher M. Graff, President<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Maher A. Harb, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of RMB Investors Trust;

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | September 4, 2025 | /s/ Maher A. Harb |
|  |  | Maher A. Harb, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the RMB Investors Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the RMB Investors Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the RMB Investors Trust for the stated period.

---

| |
|:---|
| /s/ Christopher M. Graff |
| Christopher M. Graff, President |
| (Principal Executive Officer) |
| RMB Investors Trust |

---

Dated: <u>September 3, 2025</u>

---

| |
|:---|
| /s/ Maher A. Harb |
| Maher A. Harb, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |
| RMB Investors Trust |

---

Dated: <u>September 4, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by RMB Investors Trust for purposes of Section 18 of the Securities Exchange Act of 1934.