# EDGAR Filing Document

**Accession Number:** 0000030126
**File Stem:** 0001133228-26-002103
**Filing Date:** 2026-2
**Character Count:** 280628
**Document Hash:** 2032955fece2495776a9166fe4c528be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002103.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001133228-26-002103

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00994
- **FILM NUMBER:** 26678007

**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           |

### RMB Quality Intermediate Core Fund (Series ID: S000094873)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000263451 | Class I      | RMBQX           |

### RMB Quality Intermediate Tax-Exempt Municipal Fund (Series ID: S000094874)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000263453 | Class I      | RMBVX           |

?xml version='1.0' encoding='ASCII'? 2025-10-03197670_RMBFund_ClassA_TSRAnnual

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>December 31, 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $130 | 1.22% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

While the Fund delivered a strong absolute return, it underperformed the S&P 500 Index. The year was marked by significant macroeconomic volatility, including the "DeepSeek" AI shock in January and the "Liberation Day" tariff announcements in April, which initially triggered a sharp "risk-off" response before markets rebounded on a 90-day tariff postponement. While the Federal Reserve's shift toward monetary easing in the latter half of the year provided a tailwind for valuations, the Fund's focus on high-quality businesses with strong capital discipline often lagged a high-beta rally that favored riskier segments of the market. Narrow market leadership and extreme concentration in mega-cap technology stocks remained the dominant drivers once again this year. The Fund benefited from owning some of these stocks, including top contributors like Alphabet Inc. (GOOGL), NVIDIA Corp. (NVDA), Microsoft Corp. (MSFT), and Broadcom Inc. (AVGO), but the narrow leadership posed challenges for performance outside this area. From a sector perspective, Communication Services was the primary contributor to relative results, followed by Consumer Staples and Consumer Discretionary. Conversely, stock selection within the Information Technology and Health Care sectors weighed heavily on performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and assumes the maximum sales charge and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6317img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB Fund Class A (without sales charge)<sup>†</sup>**  | 12.49 | 9.35 | 11.60 |
| **RMB Fund Class A (with sales charge)<sup>†</sup>**  | 6.86 | 8.23 | 11.03 |
| **S&P 500 Index Total Return**  | 17.88 | 14.42 | 14.82 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |

---

RMB Fund PAGE 1 TSR-AR-74968B605

------

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

† Class A shares incur a maximum initial sales charge of 5.00%.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114513569 | **Portfolio Turnover** | 43% |
| **Number of Holdings** | 37 | **30-Day SEC Yield (Class-Specific)** | -0.05% |
| **Net Advisory Fee** | $676597 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6317img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Alphabet, Inc. - Class A  | 12.6% |
|  Microsoft Corp.  | 11.7% |
|  NVIDIA Corp.  | 6.8% |
|  Amazon.com, Inc.  | 6.7% |
|  Apple, Inc.  | 5.6% |
|  Visa, Inc. - Class A  | 4.0% |
|  TJX Cos., Inc. (The)  | 3.5% |
|  AMETEK, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 3.2% |
|  Booking Holdings, Inc.  | 2.7% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6317img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-AR-74968B605

949996241178911454157101821323675186562260925310284701000011196136401304217149203042613221399270253378639827100001127413656129401695420495257542080826209324483801236.816.614.212.88.35.41.61.41.21.720.714.210.56.65.64.94.74.54.024.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $209 | 1.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

While the Fund delivered a strong absolute return, it underperformed the S&P 500 Index. The year was marked by significant macroeconomic volatility, including the "DeepSeek" AI shock in January and the "Liberation Day" tariff announcements in April, which initially triggered a sharp "risk-off" response before markets rebounded on a 90-day tariff postponement. While the Federal Reserve's shift toward monetary easing in the latter half of the year provided a tailwind for valuations, the Fund's focus on high-quality businesses with strong capital discipline often lagged a high-beta rally that favored riskier segments of the market. Narrow market leadership and extreme concentration in mega-cap technology stocks remained the dominant drivers once again this year. The Fund benefited from owning some of these stocks, including top contributors like Alphabet Inc. (GOOGL), NVIDIA Corp. (NVDA), Microsoft Corp. (MSFT), and Broadcom Inc. (AVGO), but the narrow leadership posed challenges for performance outside this area. From a sector perspective, Communication Services was the primary contributor to relative results, followed by Consumer Staples and Consumer Discretionary. Conversely, stock selection within the Information Technology and Health Care sectors weighed heavily on performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and assumes the maximum sales charge and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6318img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB Fund Class C (without sales charge)<sup>†</sup>**  | 11.68 | 8.53 | 10.77 |
| **RMB Fund Class C (with sales charge)<sup>†</sup>**  | 10.70 | 8.53 | 10.77 |
| **S&P 500 Index Total Return**  | 17.88 | 14.42 | 14.82 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |

---

RMB Fund PAGE 1 TSR-AR-74968B704

------

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

† Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114513569 | **Portfolio Turnover** | 43% |
| **Number of Holdings** | 37 | **30-Day SEC Yield (Class-Specific)** | -0.87% |
| **Net Advisory Fee** | $676597 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6318img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Alphabet, Inc. - Class A  | 12.6% |
|  Microsoft Corp.  | 11.7% |
|  NVIDIA Corp.  | 6.8% |
|  Amazon.com, Inc.  | 6.7% |
|  Apple, Inc.  | 5.6% |
|  Visa, Inc. - Class A  | 4.0% |
|  TJX Cos., Inc. (The)  | 3.5% |
|  AMETEK, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 3.2% |
|  Booking Holdings, Inc.  | 2.7% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6318img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-AR-74968B704

10000100531222111792160461846423825186292241124895278021000011196136401304217149203042613221399270253378639827100001127413656129401695420495257542080826209324483801236.816.614.212.88.35.41.61.41.21.720.714.210.56.65.64.94.74.54.024.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $103 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

While the Fund delivered a strong absolute return, it underperformed the S&P 500 Index. The year was marked by significant macroeconomic volatility, including the "DeepSeek" AI shock in January and the "Liberation Day" tariff announcements in April, which initially triggered a sharp "risk-off" response before markets rebounded on a 90-day tariff postponement. While the Federal Reserve's shift toward monetary easing in the latter half of the year provided a tailwind for valuations, the Fund's focus on high-quality businesses with strong capital discipline often lagged a high-beta rally that favored riskier segments of the market. Narrow market leadership and extreme concentration in mega-cap technology stocks remained the dominant drivers once again this year. The Fund benefited from owning some of these stocks, including top contributors like Alphabet Inc. (GOOGL), NVIDIA Corp. (NVDA), Microsoft Corp. (MSFT), and Broadcom Inc. (AVGO), but the narrow leadership posed challenges for performance outside this area. From a sector perspective, Communication Services was the primary contributor to relative results, followed by Consumer Staples and Consumer Discretionary. Conversely, stock selection within the Information Technology and Health Care sectors weighed heavily on performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6319img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/01/2017)** |
| **RMB Fund Class I (without sales charge)**  | 12.80 | 9.62 | 12.99 |
| **S&P 500 Index Total Return**  | 17.88 | 14.42 | 15.05 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.37 |

---

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

RMB Fund PAGE 1 TSR-AR-74968B886

------

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $114513569 | **Portfolio Turnover** | 43% |
| **Number of Holdings** | 37 | **30-Day SEC Yield (Class-Specific)** | 0.20% |
| **Net Advisory Fee** | $676597 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6319img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Alphabet, Inc. - Class A  | 12.6% |
|  Microsoft Corp.  | 11.7% |
|  NVIDIA Corp.  | 6.8% |
|  Amazon.com, Inc.  | 6.7% |
|  Apple, Inc.  | 5.6% |
|  Visa, Inc. - Class A  | 4.0% |
|  TJX Cos., Inc. (The)  | 3.5% |
|  AMETEK, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 3.2% |
|  Booking Holdings, Inc.  | 2.7% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6319img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

RMB Fund PAGE 2 TSR-AR-74968B886

10000012052011735716140618758724445019306123464026323029692210000011950111426215023917788122894218747923676329600034892510000011886511263514757317839722417618111922813128244433087136.816.614.212.88.35.41.61.41.21.720.714.210.56.65.64.94.74.54.024.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $142 | 1.33% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the third straight year, bank stocks shook off the underperformance during the first half of the year in the second half. Through a liquidity crisis in 2023, commercial real estate fears in 2024, and macro concerns related to tariff uncertainty in 2025, bank stocks have managed to demonstrate resiliency and deliver positive returns each of the past three years. The past three years have all felt similar, with an initial panic in the first quarter followed by a brief period of sentiment that the sector is too scary to invest in and the feeling from generalists that this could be the Great Financial Crisis all over again. Sometime in the back half of each year, the market seems to realize the fears were overblown, the stocks become too cheap to ignore, the tailwinds become relevant again, and bank stocks outperform in the back half. We could not have predicted the factors that drove the sell-offs in the first quarter of the last three years, but our fundamental knowledge of the sector allowed us to stick to our thesis through it all and outperform the NASDAQ Bank Index in 2025. We believe the tailwinds of deregulation, the resulting mergers and acquisitions, a strong macro environment and tariff clarity, and a better shaped yield curve should continue to put wind in the sails of the sector.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and assumes the maximum sales charge and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6321img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB Mendon Financial Services Fund Class A (without** **sales charge)<sup>†</sup>**  | 12.85 | 11.84 | 9.34 |
| **RMB Mendon Financial Services Fund Class A (with** **sales charge)<sup>†</sup>**  | 7.20 | 10.70 | 8.78 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |
| **NASDAQ Bank Index Total Return**  | 0.35 | 6.93 | 6.97 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

† Class A shares incur a maximum initial sales charge of 5.00%.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $232088215 | **Portfolio Turnover** | 50% |
| **Number of Holdings** | 58 | **30-Day SEC Yield (Class-Specific)** | 0.67% |
| **Net Advisory Fee** | $1551896 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6321img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Abacus Global Management, Inc.  | 6.9% |
|  Equity Bancshares, Inc. - Class A  | 6.8% |
|  Primis Financial Corp.  | 6.0% |
|  VersaBank  | 5.1% |
|  First Horizon Corp.  | 4.6% |
|  Mechanics Bancorp - Class A  | 4.3% |
|  Renasant Corp.  | 4.1% |
|  Commercial Bancgroup, Inc.  | 3.8% |
|  USCB Financial Holdings, Inc.  | 3.6% |
|  Origin Bancorp, Inc.  | 3.2% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6321img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

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

9500123251380411454140651325920743168021756120557231981000011274136561294016954204952575420808262093244838012100001379714550121961516914031200521678816211195441961299.80.292.96.90.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $220 | 2.08% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the third straight year, bank stocks shook off the underperformance during the first half of the year in the second half. Through a liquidity crisis in 2023, commercial real estate fears in 2024, and macro concerns related to tariff uncertainty in 2025, bank stocks have managed to demonstrate resiliency and deliver positive returns each of the past three years. The past three years have all felt similar, with an initial panic in the first quarter followed by a brief period of sentiment that the sector is too scary to invest in and the feeling from generalists that this could be the Great Financial Crisis all over again. Sometime in the back half of each year, the market seems to realize the fears were overblown, the stocks become too cheap to ignore, the tailwinds become relevant again, and bank stocks outperform in the back half. We could not have predicted the factors that drove the sell-offs in the first quarter of the last three years, but our fundamental knowledge of the sector allowed us to stick to our thesis through it all and outperform the NASDAQ Bank Index in 2025. We believe the tailwinds of deregulation, the resulting mergers and acquisitions, a strong macro environment and tariff clarity, and a better shaped yield curve should continue to put wind in the sails of the sector.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and assumes the maximum sales charge and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6322img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB Mendon Financial Services Fund Class C (without** **sales charge)<sup>†</sup>**  | 12.00 | 11.00 | 8.52 |
| **RMB Mendon Financial Services Fund Class C (with** **sales charge)<sup>†</sup>**  | 11.00 | 11.00 | 8.52 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |
| **NASDAQ Bank Index Total Return**  | 0.35 | 6.93 | 6.97 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

† Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $232088215 | **Portfolio Turnover** | 50% |
| **Number of Holdings** | 58 | **30-Day SEC Yield (Class-Specific)** | -0.08% |
| **Net Advisory Fee** | $1551896 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6322img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Abacus Global Management, Inc.  | 6.9% |
|  Equity Bancshares, Inc. - Class A  | 6.8% |
|  Primis Financial Corp.  | 6.0% |
|  VersaBank  | 5.1% |
|  First Horizon Corp.  | 4.6% |
|  Mechanics Bancorp - Class A  | 4.3% |
|  Renasant Corp.  | 4.1% |
|  Commercial Bancgroup, Inc.  | 3.8% |
|  USCB Financial Holdings, Inc.  | 3.6% |
|  Origin Bancorp, Inc.  | 3.2% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6322img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

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

10000128761431411787143671344120871167811740720219226461000011274136561294016954204952575420808262093244838012100001379714550121961516914031200521678816211195441961299.80.292.96.90.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $115 | 1.08% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the third straight year, bank stocks shook off the underperformance during the first half of the year in the second half. Through a liquidity crisis in 2023, commercial real estate fears in 2024, and macro concerns related to tariff uncertainty in 2025, bank stocks have managed to demonstrate resiliency and deliver positive returns each of the past three years. The past three years have all felt similar, with an initial panic in the first quarter followed by a brief period of sentiment that the sector is too scary to invest in and the feeling from generalists that this could be the Great Financial Crisis all over again. Sometime in the back half of each year, the market seems to realize the fears were overblown, the stocks become too cheap to ignore, the tailwinds become relevant again, and bank stocks outperform in the back half. We could not have predicted the factors that drove the sell-offs in the first quarter of the last three years, but our fundamental knowledge of the sector allowed us to stick to our thesis through it all and outperform the NASDAQ Bank Index in 2025. We believe the tailwinds of deregulation, the resulting mergers and acquisitions, a strong macro environment and tariff clarity, and a better shaped yield curve should continue to put wind in the sails of the sector.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6323img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/01/2017)** |
| **RMB Mendon Financial Services Fund Class I (without** **sales charge)**  | 13.12 | 12.11 | 7.70 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.37 |
| **NASDAQ Bank Index Total Return**  | 0.35 | 6.93 | 4.25 |

---

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

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

------

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $232088215 | **Portfolio Turnover** | 50% |
| **Number of Holdings** | 58 | **30-Day SEC Yield (Class-Specific)** | 0.97% |
| **Net Advisory Fee** | $1551896 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6323img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Abacus Global Management, Inc.  | 6.9% |
|  Equity Bancshares, Inc. - Class A  | 6.8% |
|  Primis Financial Corp.  | 6.0% |
|  VersaBank  | 5.1% |
|  First Horizon Corp.  | 4.6% |
|  Mechanics Bancorp - Class A  | 4.3% |
|  Renasant Corp.  | 4.1% |
|  Commercial Bancgroup, Inc.  | 3.8% |
|  USCB Financial Holdings, Inc.  | 3.6% |
|  Origin Bancorp, Inc.  | 3.2% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6323img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

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

100000113023939881157251093641715281392761459201712431937121000001188651126351475731783972241761811192281312824443308711000001075069011811208410367514816212404311978014441414491499.80.292.96.90.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB International Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $113 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund outperformed the MSCI EAFE benchmark primarily driven by strong stock selection and to a lesser degree sector allocation. Stock selection was strongest in Technology, Financials, and Health Care. Within Financials, European Banks outperformed meaningfully on improved fundamentals and a favorable macro environment. In Technology, hardware stocks tied into the expanding AI Capex cycle outperformed while software related stocks underperformed. Stock selection detracted from the Fund performance in Materials, Consumer, and Utilities. By region, Japan, Netherlands, Australia, Italy, and the United Kingdom were the strongest contributors while France, Spain, Switzerland and Germany were the largest detractors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6320img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/27/2017)** |
| **RMB International Fund Class I (without sales charge)**  | 32.74 | 6.41 | 3.93 |
| **MSCI EAFE Index**  | 31.22 | 8.92 | 7.22 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

RMB International Fund PAGE 1 TSR-AR-74968B860

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $295391524 | **Portfolio Turnover** | 31% |
| **Number of Holdings** | 46 | **30-Day SEC Yield (Class-Specific)** | 1.74% |
| **Net Advisory Fee** | $1888105 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Countries (%)**

![image](ts6320img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  AstraZeneca PLC  | 3.9% |
|  ING Groep N.V.  | 3.9% |
|  UniCredit SpA  | 3.6% |
|  ASML Holding N.V.  | 3.6% |
|  Barclays PLC  | 3.5% |
|  Schneider Electric SE  | 3.4% |
|  Shell PLC  | 3.4% |
|  ITOCHU Corp.  | 3.3% |
|  Anheuser-Busch InBev SA/N.V.  | 3.1% |
|  BAE Systems PLC  | 3.0% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6320img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

RMB International Fund PAGE 2 TSR-AR-74968B860

100000782709329799837109355908281025801026021361901000008663110570311396412680110847612825913316317473821.220.114.99.07.57.23.63.12.910.514.88.36.85.64.84.23.93.43.444.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Small Cap Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $95 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund underperformed the Russell 3000® Index since risk controls are aligned with the Russell 2000® Index. With respect to the Russell 2000® Index, the Fund's overweight to profitable, higher quality names drove the Fund's underperformance this year. Profitable companies lagged unprofitable companies in 2025. Investor enthusiasm for speculative AI related verticals and biotech names drove an approximately 21% performance gap between unprofitable and profitable companies. Longer term, we believe that focusing on higher quality companies with solid track records of value creation in both growth and value universes should help performance against broader indices.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6325img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB Small Cap Fund Class I (without sales charge)**  | -0.02 | 4.99 | 8.60 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 2000 Index Total Return**  | 12.81 | 6.09 | 9.62 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

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

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $129330260 | **Portfolio Turnover** | 9% |
| **Number of Holdings** | 51 | **30-Day SEC Yield (Class-Specific)** | 0.35% |
| **Net Advisory Fee** | $853430 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6325img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Curtiss-Wright Corp.  | 4.4% |
|  Stifel Financial Corp.  | 4.0% |
|  Monolithic Power Systems, Inc.  | 3.8% |
|  TriCo Bancshares  | 3.6% |
|  First American Government Obligations Fund - Class X  | 3.6% |
|  EastGroup Properties, Inc.  | 3.5% |
|  Carpenter Technology Corp.  | 3.5% |
|  Eagle Materials, Inc.  | 3.1% |
|  Stock Yards Bancorp, Inc.  | 2.9% |
|  Fair Isaac Corp.  | 2.9% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6325img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

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

10000011370312556211932715210417885922246716729219828822820922815810000011273513655712939916953720494925754220807626208632448338011710000012130813907612375815534818635621397317024419906522203225046820.418.615.815.38.86.15.04.90.84.312.18.88.27.96.86.45.74.54.035.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB SMID Cap Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $81 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund underperformed the Russell 3000® Index since risk controls are aligned with the Russell 2500® Index. With respect to the Russell 2500® Index, the Fund's overweight to profitable, higher quality names drove the Fund's underperformance this year. Profitable companies lagged unprofitable companies in 2025. Investor enthusiasm for speculative AI related verticals and biotech names drove an approximately 24% performance gap between unprofitable and profitable companies. Longer term, we believe that focusing on higher quality companies with solid track records of value creation in both growth and value universes should help performance against broader indices.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6324img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **RMB SMID Cap Fund Class I (without sales charge)**  | 2.55 | 6.55 | 10.56 |
| **Russell 3000 Index Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 2500 Index Total Return**  | 11.91 | 7.26 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

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

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $70183080 | **Portfolio Turnover** | 12% |
| **Number of Holdings** | 54 | **30-Day SEC Yield (Class-Specific)** | 0.25% |
| **Net Advisory Fee** | $319248 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

**Top Sectors (%)<sup>1</sup>**

![image](ts6324img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Monolithic Power Systems, Inc.  | 4.2% |
|  Curtiss-Wright Corp.  | 3.9% |
|  Fair Isaac Corp.  | 3.3% |
|  Markel Group, Inc.  | 3.2% |
|  HEICO Corp.  | 3.2% |
|  Applied Industrial Technologies, Inc.  | 3.0% |
|  Eagle Materials, Inc.  | 2.9% |
|  EastGroup Properties, Inc.  | 2.8% |
|  Steel Dynamics, Inc.  | 2.8% |
|  West Pharmaceutical Services, Inc.  | 2.8% |

---

**Top Industries (%)<sup>1</sup>**

![image](ts6324img005.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 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.

**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 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 Capital, LLC or your financial intermediary.

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

10000011227812762012138515977919875625460020147024187726614727294310000011273513655712939916953720494925754220807626208632448338011710000011758913735712361815794218952022397818283521469124044326907423.516.916.915.28.26.65.84.03.80.911.39.68.88.05.85.75.65.44.335.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Quality Intermediate Core Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBQX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Quality Intermediate Core Fund (the "Fund") for the period of September 22, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Class I | $10 | 0.35% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Since the September 2025 launch, the Fund modestly outperformed the Bloomberg Intermediate Gov/Credit A+ Index. The return reflects the portfolio's disciplined focus on high-quality credit selection, yield curve positioning, and duration management. The U.S. investment-grade fixed income market concluded the year with positive total returns across all sectors. Credit and securitized sectors outperformed comparable-duration U.S. Treasuries, with the excess return primarily attributable to their higher yield carry. The Fund captured incremental returns from both credit and securitized sectors; however, as the fourth quarter progressed, we viewed the risk/reward in corporate credit as increasingly asymmetric. Accordingly, we underweighted that sector and reallocated toward high-quality securitized products with better relative value profiles, including agency mortgage-backed securities (MBS) and agency collateralized mortgage obligations (CMOs) that ultimately benefited from continued spread tightening amid supportive technicals.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts6999img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/22/2025)** |
| **RMB Quality Intermediate Core Fund Class I (without sales charge)**  | 1.18 |
| **Bloomberg U.S. Aggregate Bond Index**  | 1.19 |
| **Bloomberg Intermediate A+ U.S. Government/Credit Index**  | 1.17 |

---

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

RMB Quality Intermediate Core Fund PAGE 1 TSR-AR-74968B761

------

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $198805300 | **30-Day SEC Yield (Class-Specific)** | 3.66% |
| **Number of Holdings** | 160 | **30-Day SEC Yield (Unsubsidized)** **(Class-Specific)** | 3.47% |
| **Net Advisory Fee** | $41848 | **Effective Duration** | 4.08 years |
| **Portfolio Turnover** | 0% | **Weighted Average Life** | 4.55 years |
| **Average Credit Quality** | AA- |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 62.2% |
|  Collateralized Mortgage Obligations  | 13.2% |
|  Corporate Bonds  | 10.4% |
|  U.S. Treasury Bills  | 9.0% |
|  Money Market Funds  | 3.3% |
|  Mortgage-Backed Securities  | 1.1% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** |
|  AAA  | 3.3% |
|  AA  | 87.9% |
|  A  | 6.4% |
|  BBB  | 2.4% |

---

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 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 Capital, LLC or your financial intermediary.

RMB Quality Intermediate Core Fund PAGE 2 TSR-AR-74968B761

------

---

| | | |
|:---|:---|:---|
| ![image](img36343_i20241230172626.jpg) | **RMB Quality Intermediate Tax-Exempt** **Municipal Fund**  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Class I \| RMBVX  | ![image](img36344_202502072121314.jpg) |
| ![image](img36343_i20241230172626.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36344_202502072121314.jpg) |

---

This annual shareholder report contains important information about the RMB Quality Intermediate Tax-Exempt Municipal Fund (the "Fund") for the period of September 22, 2025, to December 31, 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Class I | $10 | 0.35% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Since the September 2025 launch, the Fund materially outperformed the ICE BofA 1-12 Year AAA-AA Municipal Index. The Fund's strong relative performance reflects opportunistic yield curve positioning combined with disciplined high-quality security selection. The U.S. investment-grade tax-exempt municipal market ended the year with gains across all maturities and credit sectors. The fourth quarter featured a continued late-year rebound in municipal bonds, supported by robust investor demand, seasonally lighter new-issue supply, and improving relative valuations versus taxable alternatives. The primary driver of the Fund's excess returns was its maintenance of a barbelled duration structure along the yield curve, providing meaningful price appreciation as the curve flattened. Security selection provided an additional positive contribution sourcing high-quality issues at advantageous valuations compared to broader market levels.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The graph below reflects a hypothetical investment in the class of shares noted and the deduction of expenses. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts7000img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/22/2025)** |
| **RMB Quality Intermediate Tax-Exempt Municipal Fund Class I (without sales charge)**  | 1.36 |
| **ICE BofA US Municipal Securities Index Total Return**  | 1.24 |
| **ICE BofA 1-12 Year AAA-AA Municipal Securities Index Total Return**  | 0.59 |

---

RMB Quality Intermediate Tax-Exempt Municipal Fund PAGE 1 TSR-AR-74968B753

------

Visit www.rmbfunds.com/our-funds/rmb-quality-intermediate-tax-exempt-municipal-fund for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $102757213 | **30-Day SEC Yield (Class-Specific)** | 2.79% |
| **Number of Holdings** | 471 | **30-Day SEC Yield (Unsubsidized)** **(Class-Specific)** | 2.48% |
| **Net Advisory Fee** | $0 | **Effective Duration** | 4.46 years |
| **Portfolio Turnover** | 1% | **Weighted Average Life** | 4.24 years |
| **Average Credit Quality** | AA- |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 91.2% |
|  Money Market Funds  | 8.0% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** |
|  AAA  | 28.9% |
|  AA  | 70.7% |
|  A  | 0.4% |

---

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 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 Capital, LLC or your financial intermediary.

RMB Quality Intermediate Tax-Exempt Municipal Fund PAGE 2 TSR-AR-74968B753

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when such person calls the registrant at 1-800-462-2392*.*

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

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Margaret M. Eisen is the registrant's "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant, Tait, Weller & Baker LLP, to perform audit services, audit-related services, and tax services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and specifically relate to the accountant's review of the registrant's federal and state tax returns. There were no other services provided by the principal accountant to the registrant during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed to the registrant for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 12/31/2025 | &nbsp;&nbsp;FYE 12/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$111800 | &nbsp;&nbsp;$95200 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$21000 | &nbsp;&nbsp;$18000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 12/31/2025 | &nbsp;&nbsp;FYE 12/31/2024 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |

---

(f) Not applicable.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Non-Audit Fees | &nbsp;&nbsp;FYE 12/31/2025 | &nbsp;&nbsp;FYE 12/31/2024 |
| &nbsp;&nbsp;Registrant | &nbsp;&nbsp;$21000 | &nbsp;&nbsp;$18000 |
| &nbsp;&nbsp;Registrant's Investment Adviser | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Affiliates of Registrant's Investment Adviser | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**<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**

**RMB QUALITY INTERMEDIATE CORE FUND** 

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

Annual Financial Statements and Additional Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &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) |
| &nbsp;&nbsp;&nbsp; [RMB Quality Intermediate Core Fund](#soi6a) | [9](#soi6a) |
| &nbsp;&nbsp;&nbsp; [RMB Quality Intermediate Tax-Exempt Municipal Fund](#soi7a) | [13](#soi7a) |
| [Statements of Assets and Liabilities](#sal) | [24](#sal) |
| [Statements of Operations](#sop) | [26](#sop) |
| [Statements of Changes in Net Assets](#scna) | [28](#scna) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [RMB Fund](#fihi1) | [32](#fihi1) |
| &nbsp;&nbsp;&nbsp; [RMB Mendon Financial Services Fund](#fihi2) | [35](#fihi2) |
| &nbsp;&nbsp;&nbsp; [RMB International Fund](#fihi3) | [38](#fihi3) |
| &nbsp;&nbsp;&nbsp; [RMB Small Cap Fund](#fihi4) | [39](#fihi4) |
| &nbsp;&nbsp;&nbsp; [RMB SMID Cap Fund](#fihi5) | [40](#fihi5) |
| &nbsp;&nbsp;&nbsp; [RMB Quality Intermediate Core Fund](#fihi6) | [41](#fihi6) |
| &nbsp;&nbsp;&nbsp; [RMB Quality Intermediate Tax-Exempt Municipal Fund](#fihi7) | [42](#fihi7) |
| [Notes to Financial Statements](#no1) | [43](#no1) |
| [Other Information](#other) | [55](#other) |
| [Report of Independent Registered Public Accounting Firm](#report) | [56](#report) |

---

------

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

**RMB FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.3%**<br>|  |  |
| **Communication Services — 14.2%** | **Communication Services — 14.2%** | **Communication Services — 14.2%** |
| Alphabet, Inc. - Class A | 46073 | $14420849  |
| Meta Platforms, Inc. - Class A | 2749 | 1814587  |
|  |  | 16235436  |
| **Consumer Discretionary — 12.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 33000 | 7617060  |
| Booking Holdings, Inc. | 573 | 3068604  |
| TJX Cos., Inc. (The) | 25730 | 3952385  |
|  |  | 14638049  |
| **Consumer Staples — 1.0%**<br>|  |  |
| Philip Morris International, Inc. | 7062 | 1132745  |
| **Energy — 1.6%**<br>|  |  |
| EOG Resources, Inc. | 17573 | 1845341  |
| **Financials — 16.6%**<br>|  |  |
| Chubb Ltd. | 4104 | 1280941  |
| JPMorgan Chase & Co. | 11200 | 3608864  |
| M&T Bank Corp. | 8542 | 1721042  |
| Morgan Stanley | 16006 | 2841545  |
| Progressive Corp. (The) | 9900 | 2254428  |
| S&P Global, Inc. | 5339 | 2790108  |
| Visa, Inc. - Class A | 12945 | 4539941  |
|  |  | 19036869  |
| **Health Care — 5.4%**<br>|  |  |
| Danaher Corp. | 8000 | 1831360  |
| Eli Lilly & Co. | 2000 | 2149360  |
| Merck & Co., Inc. | 13916 | 1464798  |
| Stryker Corp. | 2009 | 706103  |
|  |  | 6151621  |
| **Industrials — 8.3%**<br>|  |  |
| AMETEK, Inc. | 18348 | 3767028  |
| Hubbell, Inc. | 3103 | 1378073  |
| IDEX Corp. | 6413 | 1141129  |
| Nordson Corp. | 7800 | 1875354  |
| RTX Corp. | 7554 | 1385404  |
|  |  | 9546988  |
| **Information Technology — 36.8%**<br>|  |  |
| Analog Devices, Inc. | 8253 | 2238214  |
| Apple, Inc. | 23630 | 6424052  |
| Broadcom, Inc. | 5582 | 1931930  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1463 | 685796  |
| Fair Isaac Corp.<sup>(a)</sup> | 804 | 1359258  |
| Microsoft Corp. | 27674 | 13383700  |
| NVIDIA Corp. | 41933 | 7820505  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 11400 | 2099880  |
| Salesforce, Inc. | 7000 | 1854370  |
| Synopsys, Inc.<sup>(a)</sup> | 4300 | 2019796  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 5150 | 2337842  |
|  |  | 42155343  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials — 1.2%**<br>|  |  |
| International Paper Co. | 34886 | $1374160  |
| **Real Estate — 1.4%**<br>|  |  |
| Federal Realty Investment Trust | 16690 | 1682352  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $49,360,585)** |  | 113798904  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 0.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 749184 | 749184  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $749,184)** |  | 749184  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $50,109,769)** |  | $114548088  |
|  Liabilities in Excess of Other Assets - (0.0)%<sup>(c)</sup> |  | (34519)  |
| **TOTAL NET ASSETS - 100.0%** |  | $114513569 |

---

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 yield as of December 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets.

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 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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 100.1%**<br>|  |  |
| **Banks — 93.2%**<br>|  |  |
| Amerant Bancorp, Inc. | 300000 | $5853000  |
| Ameris Bancorp<sup>(a)(b)</sup> | 25500 | 1893885  |
|  Atlantic Union Bankshares Corp.<sup>(a)(b)</sup> | 100000 | 3530000  |
| Avidbank Holdings, Inc.<sup>(c)</sup> | 214875 | 5707080  |
| Banc of California, Inc. | 250000 | 4822500  |
| Beacon Financial Corp. | 87062 | 2295825  |
| Bridgewater Bancshares, Inc.<sup>(c)</sup> | 120000 | 2103600  |
| Business First Bancshares, Inc. | 250000 | 6535000  |
| Byline Bancorp, Inc. | 125000 | 3643750  |
| California BanCorp | 243675 | 4549412  |
| Carter Bankshares, Inc.<sup>(c)</sup> | 92392 | 1816427  |
| Central BanCo, Inc. | 174330 | 4204840  |
| Civista Bancshares, Inc. | 200000 | 4444000  |
| Coastal Financial Corp.<sup>(a)(b)(c)</sup> | 30000 | 3437700  |
| CoastalSouth Bancshares, Inc.<sup>(c)</sup> | 243461 | 5660468  |
| Commercial Bancgroup, Inc.<sup>(c)</sup> | 356682 | 8760110  |
| Equity Bancshares, Inc. - Class A | 353186 | 15769755  |
| FB Financial Corp.<sup>(a)(b)</sup> | 120000 | 6696000  |
| Financial Institutions, Inc. | 100000 | 3117000  |
| First Busey Corp. | 50000 | 1189500  |
| First Foundation, Inc.<sup>(c)</sup> | 400000 | 2464000  |
| First Horizon Corp.<sup>(a)(b)</sup> | 450000 | 10755000  |
| First Merchants Corp. | 95000 | 3560600  |
| First Western Financial, Inc.<sup>(c)</sup> | 196656 | 5272347  |
| Firstsun Capital Bancorp<sup>(c)</sup> | 133725 | 5032740  |
| Flagstar Bank NA<sup>(a)(b)</sup> | 299802 | 3774507  |
| HomeTrust Bancshares, Inc. | 46847 | 2011610  |
| Live Oak Bancshares, Inc.<sup>(a)(b)</sup> | 50000 | 1717500  |
| Mechanics Bancorp - Class A | 689630 | 10089287  |
| MidWestOne Financial Group, Inc. | 170000 | 6545000  |
| NBT Bancorp, Inc. | 15000 | 622800  |
| Nicolet Bankshares, Inc.<sup>(a)(b)</sup> | 20000 | 2426000  |
| Northpointe Bancshares, Inc. | 165614 | 2779003  |
| Old National Bancorp | 50000 | 1115500  |
| Old Second Bancorp, Inc. | 100000 | 1950000  |
| Origin Bancorp, Inc. | 200000 | 7522000  |
| Primis Financial Corp. | 1002491 | 13944650  |
| Provident Financial Services, Inc. | 115000 | 2271250  |
| Renasant Corp. | 270000 | 9509400  |
| Shore Bancshares, Inc. | 132239 | 2337985  |
|  Simmons First National Corp. - Class A | 250000 | 4712500  |
| USCB Financial Holdings, Inc. | 448636 | 8263875  |
| VersaBank | 783470 | 11736381  |
|  |  | 216443787  |
| **Insurance — 6.9%**<br>|  |  |
| Abacus Global Management, Inc. | 1862500 | 15924375  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $170,806,659)** |  | 232368162  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 3864699 | $3864699  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,864,699)** |  | 3864699  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.8%**<br>**(Cost $174,671,358)** |  | $236232861  |
|  Liabilities in Excess of Other Assets - (1.8)% |  | (4144646)  |
| **TOTAL NET ASSETS — 100.0%** |  | $232088215 |

---

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 $23,091,200.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 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 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** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS — (0.3)%<sup>(a)</sup>** | **WRITTEN OPTIONS — (0.3)%<sup>(a)</sup>** | **WRITTEN OPTIONS — (0.3)%<sup>(a)</sup>** |  |
| **Call Options — (0.3)%**<br>|  |  |  |
| Ameris Bancorp<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $75.00<sup>(b)</sup> | $(1125000) | &nbsp;&nbsp;&nbsp;&nbsp;(150) | $0  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $80.00 | (800000) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (25500)  |
|  Atlantic Union Bankshares Corp., Expiration: 07/17/2026; Exercise Price: $40.00 | (1000000) | &nbsp;&nbsp;&nbsp;&nbsp;(250) | (36250)  |
| Coastal Financial Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $130.00 | (1950000) | &nbsp;&nbsp;&nbsp;&nbsp;(150) | (29250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/17/2026; Exercise Price: $130.00 | (1950000) | &nbsp;&nbsp;&nbsp;&nbsp;(150) | (81750)  |
| FB Financial Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $55.00 | (2750000) | &nbsp;&nbsp;&nbsp;&nbsp;(500) | (97500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $60.00 | (3900000) | &nbsp;&nbsp;&nbsp;&nbsp;(650) | (131625)  |
| First Horizon Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/15/2026; Exercise Price: $26.00 | (2600000) | &nbsp;&nbsp; (1000) | (87500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/21/2026; Exercise Price: $29.00 | (2900000) | &nbsp;&nbsp; (1000) | (67500)  |
| Flagstar Bank NA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $15.00<sup>(b)</sup> | (1125000) | &nbsp;&nbsp;&nbsp;&nbsp;(750) | 0  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $13.00 | (650000) | &nbsp;&nbsp;&nbsp;&nbsp;(500) | (22500)  |
|  Live Oak Bancshares, Inc., Expiration: 06/18/2026; Exercise Price: $35.00 | (1750000) | &nbsp;&nbsp;&nbsp;&nbsp;(500) | (161250)  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
|  Nicolet Bankshares, Inc., Expiration: 01/16/2026; Exercise Price: $150.00<sup>(b)</sup> | (3000000) | &nbsp;&nbsp;&nbsp;&nbsp;(200) | $0  |
|  **TOTAL WRITTEN OPTIONS (Premiums received $944,462)** |  |  | $(740625) |

---

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 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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.0%**<br>|  |  |
| **Australia — 2.9%**<br>|  |  |
| Rio Tinto Ltd. | 87113 | $8498390  |
| **Belgium — 3.1%**<br>|  |  |
| Anheuser-Busch InBev SA/N.V. | 141948 | 9110360  |
| **Finland — 2.4%**<br>|  |  |
| Sampo OYJ - Class A | 574178 | 6946865  |
| **France — 14.9%**<br>|  |  |
| Accor SA | 97729 | 5509608  |
| Air Liquide SA | 34208 | 6429522  |
| Cie de Saint-Gobain SA | 58633 | 5962494  |
| Elis SA | 134551 | 3817945  |
| L'Oreal SA | 11746 | 5042740  |
|  LVMH Moet Hennessy Louis Vuitton SE | 9473 | 7140130  |
| Schneider Electric SE | 37221 | 10182733  |
|  |  | 44085172  |
| **Germany — 9.0%**<br>|  |  |
| Bayerische Motoren Werke AG | 54328 | 5891070  |
| E.ON SE | 322809 | 6112356  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 8705 | 5728636  |
| Siemens Energy AG<sup>(a)</sup> | 20864 | 2926977  |
| Siemens Healthineers AG | 112537 | 5898916  |
|  |  | 26557955  |
| **Hong Kong — 2.4%**<br>|  |  |
| AIA Group Ltd. | 367840 | 3786211  |
|  Hong Kong Exchanges & Clearing Ltd. | 63400 | 3317174  |
|  |  | 7103385  |
| **Italy — 3.6%**<br>|  |  |
| UniCredit SpA | 129157 | 10697636  |
| **Japan — 21.2%**<br>|  |  |
| FANUC Corp. | 140600 | 5471555  |
| ITOCHU Corp. | 762500 | 9635570  |
|  Kansai Electric Power Co., Inc. (The) | 378400 | 5942655  |
| Kao Corp. | 125800 | 5020874  |
| Mitsubishi Electric Corp. | 243800 | 7108441  |
|  Mitsubishi UFJ Financial Group, Inc. | 362900 | 5759613  |
| Mitsui Fudosan Co. Ltd. | 507400 | 5766232  |
| Murata Manufacturing Co. Ltd. | 329169 | 6803250  |
| NEC Corp. | 39797 | 1346552  |
| Nintendo Co. Ltd. | 33153 | 2238310  |
| ORIX Corp. | 252548 | 7386343  |
|  |  | 62479395  |
| **Netherlands — 7.5%**<br>|  |  |
| ASML Holding N.V. | 9790 | 10548910  |
| ING Groep N.V. | 410125 | 11527876  |
|  |  | 22076786  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Singapore — 1.7%**<br>|  |  |
| DBS Group Holdings Ltd. | 117490 | $5146609  |
| **Sweden — 2.0%**<br>|  |  |
| Atlas Copco AB - Class A | 333659 | 5939991  |
| **Switzerland — 7.2%**<br>|  |  |
| Lonza Group AG | 7190 | 4847641  |
| Novartis AG | 62771 | 8649592  |
| Sandoz Group AG | 59046 | 4287104  |
| STMicroelectronics N.V. | 134926 | 3526303  |
|  |  | 21310640  |
| **United Kingdom — 20.1%**<br>|  |  |
| AstraZeneca PLC | 62468 | 11560245  |
| BAE Systems PLC | 387005 | 8906909  |
| Barclays PLC | 1633404 | 10455591  |
| British American Tobacco PLC | 105088 | 5957486  |
| Compass Group PLC | 221835 | 7028827  |
|  London Stock Exchange Group PLC | 45020 | 5415369  |
| Shell PLC | 273673 | 10085429  |
|  |  | 59409856  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $201,376,082)** |  | 289363040  |
| **EXCHANGE TRADED FUNDS — 0.9%**<br>|  |  |
| iShares MSCI EAFE ETF | 29180 | 2802155  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $2,791,741)** |  | 2802155  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 6323548 | 6323548  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,323,548)** |  | 6323548  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.0%**<br>**(Cost $210,491,371)** |  | $298488743  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.0)% |  | (3097219)  |
| **TOTAL NET ASSETS — 100.0%** |  | $295391524 |

---

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 yield as of December 31, 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 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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 95.6%**<br>|  |  |
| **Aerospace & Defense — 7.9%**<br>|  |  |
| Carpenter Technology Corp. | 14423 | $4540937  |
| Curtiss-Wright Corp. | 10297 | 5676427  |
|  |  | 10217364  |
| **Automobile Components — 1.6%**<br>|  |  |
| Visteon Corp. | 21858 | 2078696  |
| **Banks — 12.1%**<br>|  |  |
| Huntington Bancshares, Inc. | 134216 | 2328648  |
| Seacoast Banking Corp. of Florida | 116653 | 3665237  |
| Stock Yards Bancorp, Inc. | 58517 | 3800679  |
| TriCo Bancshares | 98059 | 4645055  |
| Triumph Financial, Inc.<sup>(a)</sup> | 18296 | 1145878  |
|  |  | 15585497  |
| **Biotechnology — 3.8%**<br>|  |  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 25868 | 1356518  |
| GRAIL, Inc.<sup>(a)</sup> | 8974 | 768085  |
| Veracyte, Inc.<sup>(a)</sup> | 43875 | 1847138  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 26336 | 926500  |
|  |  | 4898241  |
| **Building Products — 1.5%**<br>|  |  |
| AAON, Inc. | 24615 | 1876894  |
| **Capital Markets — 4.0%**<br>|  |  |
| Stifel Financial Corp. | 41675 | 5218543  |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
|  Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 5848 | 572753  |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| Valmont Industries, Inc. | 3243 | 1304724  |
| **Construction Materials — 3.1%**<br>|  |  |
| Eagle Materials, Inc. | 19387 | 4006905  |
| **Containers & Packaging — 1.8%**<br>|  |  |
| AptarGroup, Inc. | 18775 | 2289799  |
| **Distributors — 1.8%**<br>|  |  |
| Pool Corp. | 10438 | 2387692  |
| **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** |
| Duolingo, Inc.<sup>(a)</sup> | 3427 | 601438  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 1.9%**<br>|  |  |
| Badger Meter, Inc. | 13911 | 2426217  |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| Solaris Energy Infrastructure, Inc. | 15481 | 711662  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Equity Real Estate Investment — 8.8%** | **Equity Real Estate Investment — 8.8%** | **Equity Real Estate Investment — 8.8%** |
| EastGroup Properties, Inc. | 25534 | $4548627  |
|  Essential Properties Realty Trust, Inc. | 116128 | 3444356  |
| PotlatchDeltic Corp. | 54828 | 2181058  |
| Tanger, Inc. | 37285 | 1244201  |
|  |  | 11418242  |
| **Gas Utilities — 0.9%**<br>|  |  |
| Chesapeake Utilities Corp. | 8822 | 1100633  |
|  **Health Care Equipment & Supplies — 2.2%**<br>|  |  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 19787 | 1744026  |
| Omnicell, Inc.<sup>(a)</sup> | 24292 | 1100428  |
|  |  | 2844454  |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| CorVel Corp.<sup>(a)</sup> | 14492 | 980674  |
| Ensign Group, Inc. (The) | 12577 | 2190913  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 3927 | 510746  |
|  |  | 3682333  |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Texas Roadhouse, Inc. | 7966 | 1322356  |
| **Household Durables — 1.1%**<br>|  |  |
| Installed Building Products, Inc. | 5674 | 1471779  |
| **Insurance — 2.5%**<br>|  |  |
| American Financial Group, Inc. | 23841 | 3258588  |
| **Life Sciences Tools & Services — 6.4%** | **Life Sciences Tools & Services — 6.4%** | **Life Sciences Tools & Services — 6.4%** |
| BioLife Solutions, Inc.<sup>(a)</sup> | 73000 | 1765140  |
| Repligen Corp.<sup>(a)</sup> | 20670 | 3386986  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc. | 11579 | 3185846  |
|  |  | 8337972  |
| **Machinery — 6.8%**<br>|  |  |
| ITT, Inc. | 11077 | 1921970  |
| Kadant, Inc. | 11325 | 3227852  |
| RBC Bearings, Inc.<sup>(a)</sup> | 8086 | 3626005  |
|  |  | 8775827  |
| **Oil, Gas & Consumable Fuels — 4.5%** | **Oil, Gas & Consumable Fuels — 4.5%** | **Oil, Gas & Consumable Fuels — 4.5%** |
| Matador Resources Co. | 54981 | 2333394  |
| Range Resources Corp. | 97528 | 3438837  |
|  |  | 5772231  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 5.7%**<br>|  |  |
| MKS, Inc. | 15477 | 2473225  |
| Monolithic Power Systems, Inc. | 5400 | 4894344  |
|  |  | 7367569  |

---

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

5<br>

------

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

**RMB SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Software — 8.2%**<br>|  |  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 50551 | $1219290  |
| Fair Isaac Corp.<sup>(a)</sup> | 2230 | 3770083  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 34185 | 2466789  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 6897 | 3130893  |
|  |  | 10587055  |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
|  Applied Industrial Technologies, Inc. | 14014 | 3598375  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $69,254,682)** |  | 123713839  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 3.6%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 4618979 | 4618979  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,618,979)** |  | 4618979  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.2%**<br>**(Cost $73,873,661)** |  | $128332818  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 997442  |
| **TOTAL NET ASSETS — 100.0%** |  | $129330260 |

---

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 yield as of December 31, 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 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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 100.9%**<br>|  |  |
| **Aerospace & Defense — 9.6%**<br>|  |  |
| BWX Technologies, Inc. | 10048 | $1736696  |
| Curtiss-Wright Corp. | 4930 | 2717761  |
| HEICO Corp. | 7013 | 2269337  |
|  |  | 6723794  |
| **Automobile Components — 1.2%**<br>|  |  |
| Visteon Corp. | 8958 | 851906  |
| **Banks — 8.8%**<br>|  |  |
| Pinnacle Financial Partners, Inc. | 14929 | 1424376  |
| Stock Yards Bancorp, Inc. | 25380 | 1648431  |
| Webster Financial Corp. | 29523 | 1858178  |
| Wintrust Financial Corp. | 8636 | 1207485  |
|  |  | 6138470  |
| **Biotechnology — 2.8%**<br>|  |  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 12614 | 661478  |
| Exact Sciences Corp.<sup>(a)</sup> | 7118 | 722904  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 16124 | 567243  |
|  |  | 1951625  |
| **Building Products — 2.7%**<br>|  |  |
| AAON, Inc. | 9827 | 749309  |
| Carlisle Cos., Inc. | 3524 | 1127186  |
|  |  | 1876495  |
| **Capital Markets — 2.5%**<br>|  |  |
| Stifel Financial Corp. | 13813 | 1729664  |
| **Chemicals — 1.2%**<br>|  |  |
| RPM International, Inc. | 8358 | 869232  |
| **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** |
| Copart, Inc.<sup>(a)</sup> | 40235 | 1575200  |
| **Construction Materials — 2.9%**<br>|  |  |
| Eagle Materials, Inc. | 9963 | 2059153  |
|  **Consumer Staples Distribution & Retail — 3.8%**<br>|  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 11854 | 1067215  |
| Casey's General Stores, Inc. | 2846 | 1573013  |
|  |  | 2640228  |
| **Distributors — 0.8%**<br>|  |  |
| Pool Corp. | 2422 | 554032  |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 6845 | 694083  |
| Duolingo, Inc.<sup>(a)</sup> | 2085 | 365917  |
|  |  | 1060000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Equity Real Estate Investment — 5.8%** | **Equity Real Estate Investment — 5.8%** | **Equity Real Estate Investment — 5.8%** |
| EastGroup Properties, Inc. | 11166 | $1989111  |
| PotlatchDeltic Corp. | 28312 | 1126252  |
| Tanger, Inc. | 28315 | 944872  |
|  |  | 4060235  |
| **Ground Transportation — 2.0%**<br>|  |  |
| Old Dominion Freight Line, Inc. | 9037 | 1417002  |
|  **Health Care Equipment & Supplies — 4.3%**<br>|  |  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2051 | 1387563  |
| Insulet Corp.<sup>(a)</sup> | 2220 | 631013  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 11502 | 1013786  |
|  |  | 3032362  |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Texas Roadhouse, Inc. | 5374 | 892084  |
| **Household Durables — 1.8%**<br>|  |  |
| NVR, Inc.<sup>(a)</sup> | 176 | 1283528  |
| **Insurance — 5.7%**<br>|  |  |
| American Financial Group, Inc. | 12573 | 1718477  |
| Markel Group, Inc.<sup>(a)</sup> | 1061 | 2280779  |
|  |  | 3999256  |
| **Life Sciences Tools & Services — 8.0%** | **Life Sciences Tools & Services — 8.0%** | **Life Sciences Tools & Services — 8.0%** |
| BioLife Solutions, Inc.<sup>(a)</sup> | 30207 | 730405  |
| Bio-Techne Corp. | 18813 | 1106393  |
| Repligen Corp.<sup>(a)</sup> | 11460 | 1877836  |
|  West Pharmaceutical Services, Inc. | 7017 | 1930657  |
|  |  | 5645291  |
| **Machinery — 1.6%**<br>|  |  |
| ITT, Inc. | 6278 | 1089296  |
| **Metals & Mining — 4.1%**<br>|  |  |
| Royal Gold, Inc. | 3931 | 873822  |
| Steel Dynamics, Inc. | 11696 | 1981887  |
|  |  | 2855709  |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| Diamondback Energy, Inc. | 5450 | 819298  |
| Matador Resources Co. | 22849 | 969712  |
| Range Resources Corp. | 29512 | 1040593  |
|  |  | 2829603  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 5.6%**<br>|  |  |
| MKS, Inc. | 6313 | 1008817  |
| Monolithic Power Systems, Inc. | 3239 | 2935700  |
|  |  | 3944517  |

---

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

7<br>

------

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

**RMB SMID CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software — 11.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, <br>Inc. - Class A<sup>(a)</sup> | 29466 | $710720  |
| CyberArk Software Ltd.<sup>(a)</sup> | 2234 | 996498  |
| Fair Isaac Corp.<sup>(a)</sup> | 1384 | 2339818  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 11383 | 821397  |
| Trimble, Inc.<sup>(a)</sup> | 16570 | 1298260  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 3879 | 1760872  |
|  |  | 7927565  |
|  **Trading Companies & Distributors — 5.4%**<br>|  |  |
|  Applied Industrial Technologies, Inc. | 8245 | 2117069  |
| Watsco, Inc. | 5039 | 1697891  |
|  |  | 3814960  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $37,631,745)** |  | 70821207  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 0.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 600815 | 600815  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $600,815)** |  | 600815  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.8%**<br>**(Cost $38,232,560)** |  | $71422022  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.8)% |  | (1238942)  |
| **TOTAL NET ASSETS — 100.0%** |  | $70183080 |

---

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 yield as of December 31, 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 Capital, LLC.

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

8<br>

------

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

**RMB QUALITY INTERMEDIATE CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — 62.2%** | **U.S. TREASURY SECURITIES — 62.2%** | **U.S. TREASURY SECURITIES — 62.2%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | $2500000 | $2517684  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 2500000 | 2517187  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 | 2500000 | 2509961  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2027 | 2500000 | 2514844  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 2500000 | 2510644  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | 2500000 | 2527978  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2027 | 2500000 | 2518945  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 2500000 | 2462646  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 2500000 | 2499902  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 2500000 | 2521387  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028 | 2500000 | 2553174  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/2028 | 2500000 | 2588916  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 2500000 | 2514600  |
| &nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 2500000 | 2431201  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 2500000 | 2471826  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 3000000 | 3000059  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 | 2500000 | 2533057  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 2500000 | 2521582  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030 | 4000000 | 3977656  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2030 | 2500000 | 2482422  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030 | 2500000 | 2532080  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 | 2500000 | 2490723  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/31/2030 | 2000000 | 1991875  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030 | 3000000 | 3151992  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/30/2030 | 4400000 | 4356344  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031 | 2500000 | 2529346  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 2500000 | 2541113  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 | 2750000 | 2826968  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 3000000 | 3041660  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/31/2032 | 3500000 | 3546553  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 2500000 | 2330811  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 | 4500000 | 4489014  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 3500000 | 3489678  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 | 2250000 | 2225391  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/30/2032 | 1750000 | 1730039  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2032 | 750000 | 746777  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 2000000 | 1943945  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 3500000 | 3365469  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 2000000 | 1983828  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 2500000 | 2555322  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 2500000 | 2462061  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 3000000 | 3114668  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 1500000 | 1512773  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 4250000 | 4281211  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 4750000 | 4682090  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1500000 | 1606113  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY** <br>**SECURITIES** <br>**(Cost $123,783,033)** |  | 123703515  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.2%**<br>|  |  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2764, Class ZJ, 6.00%, 03/15/2034 | $583009 | $609790  |
| &nbsp;&nbsp;&nbsp; Series 2945, Class CZ, 5.00%, 03/15/2035 | 219554 | 225440  |
| &nbsp;&nbsp;&nbsp; Series 3884, Class BL, 4.50%, 06/15/2041 | 46994 | 47005  |
| &nbsp;&nbsp;&nbsp; Series 3980, Class TL, 3.00%, 09/15/2041 | 125000 | 106816  |
| &nbsp;&nbsp;&nbsp; Series 4026, Class WP, 4.00%, 08/15/2041 | 74399 | 74228  |
| &nbsp;&nbsp;&nbsp; Series 4077, Class BA, 2.00%, 05/15/2042 | 87852 | 83607  |
| &nbsp;&nbsp;&nbsp; Series 4346, Class NL, 3.50%, 07/15/2039 | 197180 | 193982  |
| &nbsp;&nbsp;&nbsp; Series 4446, Class CP, 2.25%, 03/15/2045 | 136518 | 123711  |
| &nbsp;&nbsp;&nbsp; Series 4447, Class PA, 3.00%, 12/15/2044 | 255233 | 245102  |
| &nbsp;&nbsp;&nbsp; Series 4710, Class TA, 3.50%, 08/15/2047 | 435924 | 402421  |
| &nbsp;&nbsp;&nbsp; Series 4743, Class P, 3.50%, 12/15/2047 | 446421 | 409354  |
| &nbsp;&nbsp;&nbsp; Series 4775, Class MP, 3.00%, 02/15/2048 | 200669 | 185598  |
| &nbsp;&nbsp;&nbsp; Series 4991, Class HE, 2.00%, 02/25/2044 | 271175 | 259168  |
| &nbsp;&nbsp;&nbsp; Series 5063, Class JA, 2.00%, 05/25/2050 | 699461 | 600613  |
| &nbsp;&nbsp;&nbsp; Series 5092, Class HE, 2.00%, 02/25/2051 | 211792 | 180115  |
| &nbsp;&nbsp;&nbsp; Series 5116, Class PB, 2.25%, 02/25/2051 | 215877 | 190607  |
| &nbsp;&nbsp;&nbsp; Series 5238, Class B, 4.00%, 09/25/2049 | 889710 | 876014  |
| &nbsp;&nbsp;&nbsp; Series 5415, Class BW, 5.50%, 05/25/2054 | 840000 | 857866  |
| &nbsp;&nbsp;&nbsp; Series 5534, Class AV, 5.00%, 04/25/2036 | 487856 | 493466  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-121, Class NA, 3.00%, 11/25/2042 | 193322 | 187249  |
| &nbsp;&nbsp;&nbsp; Series 2013-116, Class YG, 2.75%, 10/25/2043 | 414505 | 382658  |
| &nbsp;&nbsp;&nbsp; Series 2013-130, Class A, 3.00%, 01/25/2044 | 306402 | 288232  |
| &nbsp;&nbsp;&nbsp; Series 2013-86, Class LC, 3.00%, 02/25/2043 | 68795 | 65373  |
| &nbsp;&nbsp;&nbsp; Series 2014-21, Class MA, 2.00%, 09/25/2041 | 118686 | 115427  |

---

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

9<br>

------

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

**RMB QUALITY INTERMEDIATE CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-27, Class MW, 2.00%, 10/25/2044 | $94692 | $91267  |
| &nbsp;&nbsp;&nbsp; Series 2017-15, Class PE, 3.50%, 04/25/2046 | 22856 | 22247  |
| &nbsp;&nbsp;&nbsp; Series 2017-84, Class NB, 3.00%, 03/25/2047 | 635133 | 599942  |
| &nbsp;&nbsp;&nbsp; Series 2017-91, Class CG, 3.00%, 11/25/2047 | 423682 | 379669  |
| &nbsp;&nbsp;&nbsp; Series 2018-47, Class VC, 3.00%, 12/25/2047 | 65370 | 64506  |
| &nbsp;&nbsp;&nbsp; Series 2018-59, Class BM, 3.50%, 08/25/2048 | 308762 | 297038  |
| &nbsp;&nbsp;&nbsp; Series 2019-80, Class PD, 3.25%, 02/25/2049 | 585529 | 562819  |
| &nbsp;&nbsp;&nbsp; Series 2020-57, Class TA, 2.00%, 04/25/2050 | 193705 | 172461  |
| &nbsp;&nbsp;&nbsp; Series 2022-12, Class DA, 3.00%, 06/25/2048 | 221086 | 206767  |
| &nbsp;&nbsp;&nbsp; Series 2022-14, Class DA, 2.00%, 01/25/2041 | 221366 | 208567  |
| &nbsp;&nbsp;&nbsp; Series 2022-22, Class HC, 2.50%, 03/25/2043 | 276578 | 265463  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-54, Class JE, 5.00%, 07/20/2035 | 29436 | 29705  |
| &nbsp;&nbsp;&nbsp; Series 2011-39, Class NE, 3.50%, 09/16/2039 | 39480 | 38789  |
| &nbsp;&nbsp;&nbsp; Series 2012-102, Class PY, 2.00%, 08/20/2042 | 400000 | 333251  |
| &nbsp;&nbsp;&nbsp; Series 2013-30, Class Z, 2.42%, 03/16/2055<sup>(a)(b)</sup> | 414159 | 255274  |
| &nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB, 3.00%, 01/16/2044 | 308641 | 286013  |
| &nbsp;&nbsp;&nbsp; Series 2014-182, Class BE, 2.50%, 01/20/2039 | 136352 | 132824  |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class MA, 3.00%, 01/20/2046 | 549732 | 518458  |
| &nbsp;&nbsp;&nbsp; Series 2016-82, Class BA, 3.00%, 09/20/2045 | 4162 | 4133  |
| &nbsp;&nbsp;&nbsp; Series 2017-133, Class BT, 3.00%, 09/16/2047 | 567719 | 528834  |
| &nbsp;&nbsp;&nbsp; Series 2018-21, Class HQ, 3.00%, 10/20/2046 | 308358 | 294377  |
| &nbsp;&nbsp;&nbsp; Series 2018-21, Class YA, 2.50%, 02/20/2048 | 355544 | 309093  |
| &nbsp;&nbsp;&nbsp; Series 2019-121, Class DA, 2.50%, 11/20/2047 | 296376 | 275881  |
| &nbsp;&nbsp;&nbsp; Series 2019-136, Class P, 1.50%, 10/20/2045 | 460613 | 385018  |
| &nbsp;&nbsp;&nbsp; Series 2019-38, Class JG, 3.00%, 03/20/2049 | 1217543 | 1095734  |
| &nbsp;&nbsp;&nbsp; Series 2019-69, Class PD, 2.50%, 01/20/2048 | 347756 | 309807  |
| &nbsp;&nbsp;&nbsp; Series 2019-89, Class CA, 2.50%, 07/20/2049 | 163176 | 143266  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-96, Class KA, 3.50%, 08/20/2049 | $81625 | $75497  |
| &nbsp;&nbsp;&nbsp; Series 2020-30, Class MA, 3.00%, 12/20/2049 | 87586 | 80075  |
| &nbsp;&nbsp;&nbsp; Series 2021-138, Class JE, 1.50%, 10/20/2050 | 637423 | 558581  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class CD, 1.25%, 10/20/2051 | 684026 | 534468  |
| &nbsp;&nbsp;&nbsp; Series 2022-205, Class A, 2.00%, 09/20/2051 | 285233 | 228463  |
| &nbsp;&nbsp;&nbsp; Series 2024-135, Class AC, 4.25%, 01/16/2050 | 284451 | 284254  |
| &nbsp;&nbsp;&nbsp; Series 2024-144, Class MC, 4.50%, 07/20/2054 | 2264519 | 2257658  |
| &nbsp;&nbsp;&nbsp; Series 2024-151, Class PL, 4.50%, 07/20/2054 | 753000 | 692268  |
| &nbsp;&nbsp;&nbsp; Series 2024-45, Class BD, 2.00%, 03/20/2054 | 154743 | 143882  |
| &nbsp;&nbsp;&nbsp; Series 2025-116, Class ML, 5.00%, 07/20/2055 | 1602650 | 1596935  |
| &nbsp;&nbsp;&nbsp; Series 2025-134, Class QL, 5.00%, 08/20/2055 | 2762271 | 2763284  |
| &nbsp;&nbsp;&nbsp; Series 2025-139, Class GT, 5.00%, 08/20/2055 | 678759 | 677257  |
| &nbsp;&nbsp;&nbsp; Series 2025-155, Class PY, 4.50%, 09/20/2055 | 880992 | 805080  |
| &nbsp;&nbsp;&nbsp; Series 2025-25, Class HG, 5.25%, 01/20/2050 | 475247 | 479458  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $25,965,134)** |  | 26192205  |
| **CORPORATE BONDS — 10.4%**<br>|  |  |
| **Communication Services — 0.6%**<br>|  |  |
| AT&T, Inc., 2.30%, 06/01/2027 | 600000 | 586592  |
|  Verizon Communications, Inc., 2.55%, 03/21/2031 | 600000 | 548128  |
|  |  | 1134720  |
| **Consumer Discretionary — 0.7%**<br>|  |  |
|  Amazon.com, Inc., 2.10%, 05/12/2031 | 250000 | 225978  |
|  General Motors Financial Co., Inc., 5.80%, 01/07/2029 | 400000 | 417150  |
|  Home Depot, Inc., 4.75%, 06/25/2029 | 750000 | 769211  |
|  |  | 1412339  |
| **Consumer Staples — 0.7%**<br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | 600000 | 612193  |
|  Costco Wholesale Corp., 1.60%, 04/20/2030 | 150000 | 135952  |
| Kellanova, 7.45%, 04/01/2031 | 400000 | 457984  |
|  Procter & Gamble Co., 4.35%, 01/29/2029 | 150000 | 152848  |
|  |  | 1358977  |

---

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

10<br>

------

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

**RMB QUALITY INTERMEDIATE CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)**  | **CORPORATE BONDS — (Continued)**  | **CORPORATE BONDS — (Continued)**  |
| **Energy — 0.6%**<br>|  |  |
|  BP Capital Markets America, Inc., 4.23%, 11/06/2028 | $600000 | $603993  |
|  Chevron USA, Inc., 4.69%, 04/15/2030 | 600000 | 614012  |
|  |  | 1218005  |
| **Financials — 5.9%**<br>|  |  |
|  American Express Co., 5.39% to 07/28/2026 then SOFR + 0.97%, 07/28/2027 | 700000 | 705497  |
|  Bank of America Corp., 2.57% to 10/20/2031 then SOFR + 1.21%, 10/20/2032 | 700000 | 631511  |
|  Bank of New York Mellon Corp., 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 | 700000 | 725831  |
|  Blackstone Private Credit Fund, 6.00%, 01/29/2032 | 400000 | 406274  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 | 700000 | 686984  |
|  Charles Schwab Corp., 5.64% to 05/19/2028 then SOFR + 2.21%, 05/19/2029 | 700000 | 726939  |
|  Citigroup, Inc., 3.67% to 07/24/2027 then 3 mo. Term SOFR + 1.65%, 07/24/2028 | 700000 | 695750  |
|  Goldman Sachs Group, Inc., 3.62% (SOFR + 1.85%), 03/15/2028 | 700000 | 696275  |
|  John Deere Capital Corp., 4.50%, 01/16/2029 | 600000 | 609675  |
|  JPMorgan Chase & Co., 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 | 700000 | 722425  |
|  Morgan Stanley, 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 | 700000 | 720910  |
|  Royal Bank of Canada, 4.65% to 10/18/2029 then SOFR + 1.08%, 10/18/2030 | 700000 | 710144  |
|  State Street Corp., 1.68% to 11/18/2026 then SOFR + 0.56%, 11/18/2027 | 700000 | 687104  |
|  Toronto-Dominion Bank, 5.52%, 07/17/2028 | 700000 | 725913  |
|  Truist Financial Corp., 5.07% to 05/20/2030 then SOFR + 1.31%, 05/20/2031 | 700000 | 719301  |
|  US Bancorp, 5.85% to 10/21/2032 then SOFR + 2.09%, 10/21/2033 | 700000 | 749896  |
| Visa, Inc., 2.05%, 04/15/2030 | 150000 | 139110  |
|  Wells Fargo & Co., 5.24% to 01/24/2030 then SOFR + 1.11%, 01/24/2031 | 700000 | 725243  |
|  |  | 11784782  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Health Care — 0.6%**<br>|  |  |
| AbbVie, Inc., 4.95%, 03/15/2031 | $600000 | $620605  |
|  Pfizer Investment Enterprises Pte Ltd., 4.65%, 05/19/2030 | 600000 | 612083  |
|  |  | 1232688  |
| **Industrials — 0.3%**<br>|  |  |
|  Honeywell International, Inc., 4.25%, 01/15/2029 | 600000 | 605012  |
| **Information Technology — 0.8%**<br>|  |  |
| Intel Corp., 3.15%, 05/11/2027 | 400000 | 395352  |
|  International Business Machines Corp., 4.65%, 02/10/2028 | 600000 | 609116  |
| Oracle Corp., 4.45%, 09/26/2030 | 600000 | 587136  |
|  |  | 1591604  |
| **Utilities — 0.2%**<br>|  |  |
|  Edison International, 4.13%, 03/15/2028 | 400000 | 395737  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $20,741,910)** |  | 20733864  |
|  **MORTGAGE-BACKED SECURITIES — 1.1%**<br>|  |  |
|  Federal Home Loan Mortgage Corp., Pool ZS8056, 4.00%, 07/01/2033 | 74090 | 74242  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BZ0039, 5.86%, 12/01/2033 | 400000 | 432527  |
| &nbsp;&nbsp;&nbsp; Series 411, Class A3, 3.00%, 08/25/2042 | 499919 | 465330  |
|  Ginnie Mae I Pool, Pool 760067, 4.00%, 04/15/2041 | 34377 | 33148  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 784589, 3.50%, 12/20/2047 | 136640 | 123117  |
| &nbsp;&nbsp;&nbsp; Pool AU2016, 3.00%, 08/20/2046 | 11636 | 10496  |
| &nbsp;&nbsp;&nbsp; Pool BT0810, 3.00%, 03/20/2050 | 29298 | 25938  |
| &nbsp;&nbsp;&nbsp; Pool MA6080, 3.00%, 08/20/2049 | 169631 | 150810  |
| &nbsp;&nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | 815099 | 800410  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,111,776)** |  | 2116018  |

---

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

11<br>

------

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

**RMB QUALITY INTERMEDIATE CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS — 9.0%**<br>|  |  |
| 3.55%, 01/22/2026<sup>(c)</sup> | $6000000 | $5988172  |
| 3.55%, 02/19/2026<sup>(c)</sup> | 6030000 | 6001425  |
| 3.58%, 04/28/2026<sup>(c)</sup> | 6075000 | 6006238  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $17,993,816)** |  | 17995835 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 3.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 6556756 | 6556756  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,556,756)** |  | 6556756  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.2%**<br>**(Cost $197,152,425)** |  | $197298193  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 1507107  |
| **TOTAL NET ASSETS — 100.0%** |  | $198805300 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of December 31, 2025.

<sup>(c)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 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 Capital, LLC.

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

12<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — 91.2%**<br>|  |  |
| **Alabama — 0.8%**<br>|  |  |
|  City of Cullman AL, 4.00%, 04/01/2035 | $20000 | $20600  |
|  County of Colbert AL, 4.00%, 10/01/2032 | 5000 | 5284  |
|  County of Shelby AL, 3.75%, 08/15/2037 | 80000 | 79997  |
|  Hanceville Waterworks & Sewer Board, 4.00%, 06/01/2029 | 160000 | 160826  |
| &nbsp;&nbsp;&nbsp; Madison County Board of Education, <br>5.00%, 09/01/2030 | 430000 | 431539  |
| &nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham, <br>5.00%, 01/01/2027 | 150000 | 153552  |
|  |  | 851798  |
| **Alaska — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State of Alaska, <br>5.00%, 08/01/2027 | 335000 | 348113  |
| **Arizona — 0.2%**<br>|  |  |
|  City of Mesa AZ Utility System Revenue, 4.00%, 07/01/2037 | 115000 | 115034  |
|  Pima County Unified School District No 12 Sunnyside, 3.50%, 07/01/2034 | 100000 | 100030  |
|  |  | 215064  |
| **Arkansas — 0.5%**<br>|  |  |
|  City of Hot Springs AR Waterworks Revenue, 4.00%, 10/01/2038 | 300000 | 306978  |
|  Farmington School District No 6, 3.00%, 02/01/2029 | 70000 | 70008  |
|  Lonoke County School District No 4 Cabot, 4.00%, 02/01/2037 | 115000 | 116239  |
|  Rogers School District No 30, 3.00%, 02/01/2031 | 35000 | 35008  |
|  |  | 528233  |
| **California — 0.1%**<br>|  |  |
|  Arvin Union School District, 0.00%, 11/01/2041<sup>(a)</sup> | 45000 | 23667  |
| &nbsp;&nbsp;&nbsp; Galt Joint Union Elementary School District, <br>3.13%, 08/01/2032 | 5000 | 5008  |
| &nbsp;&nbsp;&nbsp; Santa Monica-Malibu Unified School District, <br>4.00%, 08/01/2041 | 15000 | 15168  |
|  University of California, 5.00%, 05/15/2029 | 25000 | 25914  |
|  Wasco Union Elementary School District, 4.00%, 08/01/2033 | 5000 | 5019  |
|  |  | 74776  |
| **Colorado — 1.3%**<br>|  |  |
|  Basalt & Rural Fire Protection District, 5.00%, 12/01/2035 | 45000 | 51292  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of Boulder CO Storm Water & Flood Management Revenue, 3.38%, 12/01/2033 | $90000 | $90017  |
|  South Adams County Water & Sanitation District, 3.38%, 12/01/2037 | 350000 | 345009  |
|  Strasburg School District No 31J, 4.00%, 12/01/2039 | 290000 | 295726  |
|  Wiggins School District No RE-50J Adams Morgan & Weld Counties, 4.00%, 12/01/2038 | 500000 | 515204  |
|  |  | 1297248  |
| **Connecticut — 2.4%**<br>|  |  |
|  State of Connecticut, 3.50%, 03/15/2035 | 405000 | 405042  |
|  State of Connecticut Special Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 100000 | 104986  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 925000 | 971241  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 760000 | 809018  |
|  Town of Putnam CT, 3.13%, 02/01/2034 | 200000 | 199999  |
|  University of Connecticut, 5.00%, 05/01/2029 | 5000 | 5408  |
|  |  | 2495694  |
| **District of Columbia — 0.1%**<br>|  |  |
|  District of Columbia, 5.00%, 02/01/2029 | 100000 | 107533  |
| **Florida — 4.2%**<br>|  |  |
|  Central Florida Tourism Oversight District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 150000 | 151175  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2032 | 800000 | 812435  |
|  City of Eustis FL Water & Sewer Revenue, 3.38%, 10/01/2036 | 95000 | 94990  |
|  City of Gainesville FL Utilities System Revenue, 3.38%, 10/01/2034 | 445000 | 445045  |
|  City of Lakeland FL Department of Electric Utilities, 5.00%, 10/01/2028 | 20000 | 21192  |
|  City of Leesburg FL Utility System Revenue, 5.00%, 10/01/2032 | 100000 | 101754  |
| &nbsp;&nbsp;&nbsp; City of Miami Beach FL Stormwater Revenue, <br>3.75%, 09/01/2036 | 115000 | 115029  |
|  City of Sarasota FL, 3.25%, 07/01/2033 | 125000 | 125022  |
| &nbsp;&nbsp;&nbsp; City of St Petersburg FL Public Utility Revenue, <br>4.00%, 10/01/2039 | 150000 | 152047  |
|  County of Hillsborough FL Utility Revenue, 3.00%, 08/01/2030 | 290000 | 290072  |
|  County of Manatee FL, 4.00%, 10/01/2038 | 50000 | 51341  |

---

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

13<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)**  | **Florida — (Continued)**  | **Florida — (Continued)**  |
|  Florida Department of Environmental Protection, 5.00%, 07/01/2027 | $70000 | $72490  |
|  Orlando Utilities Commission, 5.00%, 10/01/2048 | 1000000 | 1038858  |
|  School Board of Miami-Dade County, 5.00%, 03/15/2030 | 20000 | 21937  |
| State of Florida<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 100000 | 108573  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2030 | 200000 | 200017  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2036 | 215000 | 214828  |
|  State of Florida Department of Transportation Turnpike System Revenue, 5.00%, 07/01/2028 | 65000 | 68997  |
|  Tohopekaliga Water Authority, 4.00%, 10/01/2036 | 215000 | 216135  |
|  |  | 4301937  |
| **Georgia — 1.1%**<br>|  |  |
|  Columbia County Public Facilities Authority, 5.00%, 04/01/2027 | 30000 | 30927  |
|  Forsyth County Water & Sewerage Authority, 5.00%, 04/01/2028 | 65000 | 68700  |
|  Lamar County School District/GA, 5.00%, 03/01/2026 | 5000 | 5020  |
|  Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2028 | 250000 | 252974  |
|  Monroe County School District, 5.00%, 02/01/2027 | 65000 | 66696  |
|  Sandy Springs Public Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 410000 | 413358  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 285000 | 294707  |
|  |  | 1132382  |
| **Illinois — 2.5%**<br>|  |  |
|  Adams County School District No 172, 3.63%, 02/01/2037 | 100000 | 100194  |
|  Central Lake County Joint Action Water Agency, 4.00%, 05/01/2030 | 75000 | 75223  |
| &nbsp;&nbsp;&nbsp; City of Aurora IL, <br>3.75%, 12/30/2035 | 445000 | 445124  |
|  City of O'Fallon IL, 3.50%, 12/01/2034 | 190000 | 190597  |
|  Cook County Community Consolidated School District No 15 Palatine, 5.00%, 12/01/2028 | 60000 | 64086  |
|  Cook Kane Lake & McHenry Counties Community College District No 512, 4.00%, 12/15/2026 | 55000 | 55683  |
|  DuPage County Community Unit School District No 202 Lisle, 4.00%, 12/30/2028 | 405000 | 411581  |
|  Illinois State Toll Highway Authority, 4.00%, 12/01/2031 | 200000 | 200152  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  La Salle & Bureau Counties Township High School District No 120 LaSalle-Peru, 4.00%, 12/01/2030 | $540000 | $544394  |
|  Peoria City School District No 150, 3.63%, 01/01/2034 | 20000 | 20007  |
|  Village of Hampshire IL, 5.00%, 12/15/2026 | 180000 | 183627  |
|  Village of Mount Prospect IL, 3.75%, 12/01/2037 | 30000 | 30147  |
|  Village of Plainfield IL Water & Sewer System Revenue, 5.00%, 05/01/2033 | 20000 | 22763  |
|  Williamson County Community Unit School District No 5 Carterville, 3.75%, 01/01/2039 | 220000 | 220012  |
|  |  | 2563590  |
| **Indiana — 6.2%**<br>|  |  |
|  Argos Community Schools Building Corp., 5.00%, 07/15/2039 | 50000 | 53888  |
|  Beech Grove Central School Building Corp., 5.00%, 07/15/2027 | 205000 | 211856  |
|  Benton School Improvement Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 80000 | 85862  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 | 80000 | 86668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030 | 85000 | 92882  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 | 85000 | 93657  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 90000 | 99654  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 90000 | 99799  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 90000 | 100319  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 95000 | 106395  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 110000 | 125178  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2040 | 205000 | 210776  |
|  Boone Township School Building Corp., 4.00%, 07/15/2038 | 370000 | 376261  |
|  Center Grove Community School Corp., 5.00%, 07/01/2026 | 250000 | 252130  |
|  Central Noble Community School Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2029 | 45000 | 46655  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2030 | 50000 | 52097  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 | 50000 | 52304  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 | 50000 | 52520  |
|  City of Bloomington IN, 3.75%, 08/15/2036 | 5000 | 5033  |
| &nbsp;&nbsp;&nbsp; City of Fort Wayne IN Storm Water District Revenue, <br>4.00%, 08/01/2039 | 290000 | 297372  |
|  City of West Lafayette IN Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 100000 | 115198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 100000 | 113513  |
|  Crown Point Multi School Building Corp., 5.00%, 07/15/2034 | 100000 | 109471  |

---

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

14<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Indiana — (Continued)**  | **Indiana — (Continued)**  | **Indiana — (Continued)**  |
|  East Washington Multi School Building Corp., 4.00%, 07/15/2036 | $10000 | $10379  |
| &nbsp;&nbsp;&nbsp; Elkhart Community Schools Building Corp., <br>3.75%, 01/15/2038 | 35000 | 35164  |
|  Franklin Township-Marion County Multiple School Building Corp., 5.00%, 07/15/2039 | 180000 | 199641  |
|  Fremont Community Schools, 0.05%, 01/15/2036 | 280000 | 196040  |
|  Hamilton Heights School Building Corp., 4.00%, 01/15/2027 | 10000 | 10108  |
|  Huntington Redevelopment Authority, 5.00%, 08/01/2039 | 580000 | 647986  |
|  Jay Schools Building Corp., 4.00%, 07/15/2042 | 415000 | 412999  |
| &nbsp;&nbsp;&nbsp; Lawrence Township School Building Corp., <br>5.00%, 07/15/2040 | 125000 | 136922  |
|  Madison Consolidated School Building Corp., 5.00%, 01/15/2033 | 105000 | 119371  |
|  Rochester Community School Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 85000 | 87609  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2034 | 135000 | 144043  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2034 | 70000 | 74798  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2035 | 70000 | 74652  |
| Tipton Community School Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2026 | 40000 | 40229  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027 | 85000 | 85958  |
|  Town of Cicero IN, 5.00%, 07/01/2039 | 250000 | 279496  |
|  Town of Munster IN Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2033 | 425000 | 507106  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 | 110000 | 112627  |
|  Westfield-Washington Multi-School Building Corp., 5.25%, 07/15/2037 | 110000 | 126554  |
|  |  | 6391170  |
| **Iowa — 1.4%**<br>|  |  |
|  City of Sioux Center IA, 4.00%, 06/01/2033 | 105000 | 112168  |
|  County of Mitchell IA, 4.00%, 06/01/2027 | 375000 | 378758  |
|  County of Pocahontas IA, 4.00%, 06/01/2035 | 35000 | 36721  |
|  Garner-Hayfield-Ventura Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 | 235000 | 264386  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 300000 | 308803  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  GMG Community School District, 5.00%, 06/01/2034 | $95000 | $108426  |
|  Southeast Polk Community School District, 5.00%, 05/01/2032 | 10000 | 11065  |
|  Underwood Community School District, 5.00%, 06/01/2033 | 10000 | 11412  |
|  Winterset Community School District, 3.00%, 05/01/2027 | 200000 | 200021  |
|  |  | 1431760  |
| **Kansas — 1.5%**<br>|  |  |
|  City of Derby KS, 3.20%, 12/01/2035 | 75000 | 74375  |
|  City of Maize KS, 4.00%, 10/01/2038 | 100000 | 102473  |
|  City of Olathe KS, 5.00%, 10/01/2027 | 1015000 | 1058086  |
|  City of Shawnee KS, 4.00%, 12/01/2027 | 30000 | 30880  |
|  City of Spring Hill KS, 4.00%, 09/01/2031 | 20000 | 21184  |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, 5.00%, 05/01/2029 (Obligor: University Of <br>Kansas) | 50000 | 53966  |
|  Riley County Unified School District No 383 Manhattan-Ogden, 5.00%, 09/01/2027 | 30000 | 30507  |
|  Saline Dickinson & McPherson Counties Unified School District No 306, 3.00%, 09/01/2027 | 65000 | 64890  |
|  Sedgwick County Unified School District No 260 Derby, 4.00%, 10/01/2038 | 120000 | 120309  |
|  |  | 1556670  |
| **Kentucky — 3.5%**<br>|  |  |
|  Barbourville Independent School District Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 115000 | 121672  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2037 | 130000 | 135642  |
|  Barren County School District Finance Corp., 3.50%, 04/01/2034 | 5000 | 5003  |
|  City of Ashland KY Water & Sewer System Revenue, 3.25%, 04/01/2031 | 220000 | 220001  |
|  City of Henderson KY, 3.00%, 04/01/2027 | 405000 | 406418  |
|  Jefferson County School District Finance Corp., 3.75%, 10/01/2038 | 45000 | 45052  |
|  Johnson County School District Finance Corp., 4.00%, 09/01/2032 | 140000 | 148907  |
| Kentucky Bond Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 250000 | 247786  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2033 | 100000 | 99134  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/2037 | 250000 | 259124  |

---

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

15<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Kentucky — (Continued)**  | **Kentucky — (Continued)**  | **Kentucky — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Lewis County School District Finance Corp., <br>3.25%, 09/01/2035 | $25000 | $25011  |
|  Louisville Water Co., 3.00%, 11/15/2028 | 755000 | 755060  |
|  Metcalfe County School District Finance Corp., 3.00%, 12/01/2030 | 25000 | 25004  |
|  Nicholas County School District Finance Corp., 3.00%, 02/01/2034 | 180000 | 178706  |
|  Owen County School District Finance Corp., 3.50%, 05/01/2037 | 230000 | 230440  |
| &nbsp;&nbsp;&nbsp; Perry County School District Finance Corp., <br>3.00%, 02/01/2029 | 40000 | 40005  |
|  Pulaski County School District Finance Corp., 4.25%, 06/01/2039 | 400000 | 413852  |
|  Shelby County Public School District, 4.00%, 11/01/2040 | 65000 | 66104  |
|  Simpson County School District Finance Corp., 3.05%, 08/01/2028 | 25000 | 25003  |
|  Wayne County School District Finance Corp., 3.75%, 08/01/2038 | 160000 | 160108  |
|  |  | 3608032  |
| **Louisiana — 1.3%**<br>|  |  |
|  Calcasieu Parish School District No 23, 4.00%, 09/01/2039 | 700000 | 705377  |
| &nbsp;&nbsp;&nbsp; City of Lafayette LA Sales & Use Tax Revenue, <br>3.75%, 05/01/2027 | 50000 | 50029  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth, 5.00%, 10/01/2026 (Obligor: La Cmnty & Tech Clg Sys) | 10000 | 10168  |
|  Parish of East Baton Rouge Capital Improvements District, 5.00%, 08/01/2029 | 125000 | 135782  |
|  Parish of Rapides LA, 3.00%, 03/01/2027 | 50000 | 49942  |
|  St Charles Parish School District No 1, 3.50%, 03/01/2035 | 225000 | 225034  |
|  St John the Baptist Parish School District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/01/2028 | 70000 | 69999  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2033 | 50000 | 50019  |
|  Union Parish Consolidated School District No 1, 4.00%, 03/01/2027 | 50000 | 50115  |
|  |  | 1346465  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Maine — 0.2%**<br>|  |  |
|  City of Auburn ME, 4.00%, 09/01/2041 | $250000 | $253110  |
| **Maryland — 1.1%**<br>|  |  |
|  County of Baltimore MD, 5.00%, 02/01/2029 | 1000000 | 1077800  |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, <br>3.00%, 06/01/2029  | 100000 | 100328  |
|  |  | 1178128  |
| **Massachusetts — 3.5%**<br>|  |  |
|  City of Boston MA, 3.00%, 04/01/2027 | 300000 | 300006  |
|  City of Lawrence MA, 4.00%, 06/01/2043 | 150000 | 148230  |
|  City of Springfield MA, 4.00%, 03/01/2041 | 710000 | 714186  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2039 | 1520000 | 1564411  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 | 200000 | 200025  |
|  Massachusetts State College Building Authority, 3.00%, 05/01/2032 | 245000 | 245496  |
|  Town of Auburn MA, 3.00%, 09/15/2029 | 100000 | 100000  |
|  Town of Falmouth MA, 3.25%, 10/01/2038 | 50000 | 50786  |
|  Town of Hingham MA, 5.00%, 02/01/2030 | 5000 | 5562  |
|  Town of Scituate MA, 5.00%, 12/01/2026 | 15000 | 15369  |
|  Town of Somerset MA, 4.00%, 04/01/2043 | 235000 | 232527  |
|  |  | 3576598  |
| **Michigan — 5.3%**<br>|  |  |
|  Anchor Bay School District, 4.50%, 05/01/2043 | 255000 | 263053  |
|  Avondale School District, 3.50%, 11/01/2037 | 45000 | 45248  |
|  Benzie County Central Schools, 4.00%, 05/01/2035 | 5000 | 5234  |
| City of Alpena MI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 145000 | 163306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 85000 | 98513  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 25000 | 28927  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2039 | 20000 | 20818  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 | 300000 | 313425  |
|  City of Kalamazoo MI Wastewater System Revenue, 5.00%, 10/01/2040 | 420000 | 466962  |
| City of Tecumseh MI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 | 295000 | 315550  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2039 | 310000 | 325286  |
|  Clinton-Macomb Public Library, 3.30%, 04/01/2032 | 150000 | 150016  |

---

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

16<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Michigan — (Continued)**  | **Michigan — (Continued)**  | **Michigan — (Continued)**  |
|  DeTour Area Schools, 4.00%, 05/01/2033 | $50000 | $52803  |
|  Grand Rapids & Kent County Joint Building Authority, 0.00%, 12/01/2028<sup>(a)</sup> | 360000 | 331803  |
|  Gwinn Area Community School District, 3.00%, 05/01/2030 | 440000 | 439994  |
|  Hart Public Schools/MI, 5.00%, 05/01/2041 | 345000 | 380694  |
|  Hudson Area Schools, 4.00%, 05/01/2039 | 215000 | 220097  |
|  Laingsburg Community School District, 4.00%, 05/01/2029 | 250000 | 251261  |
|  Memphis Community Schools, 4.00%, 05/01/2036 | 110000 | 118931  |
|  Morenci Area Schools, 5.25%, 05/01/2034 | 100000 | 115791  |
|  Niles Community Schools/MI, 3.25%, 05/01/2029 | 60000 | 60022  |
|  Onekama Consolidated Schools, 4.00%, 05/01/2029 | 445000 | 446169  |
|  Parchment School District, 3.38%, 05/01/2036 | 220000 | 220111  |
|  Perry Public Schools, 4.00%, 05/01/2030 | 100000 | 100064  |
| &nbsp;&nbsp;&nbsp; Plymouth-Canton Community School District, <br>3.00%, 05/01/2028 | 85000 | 85106  |
|  Rapid River Public Schools, 5.00%, 05/01/2028 | 130000 | 136314  |
|  Thornapple Kellogg School District, 4.00%, 05/01/2028 | 250000 | 251279  |
|  |  | 5406777  |
| **Minnesota — 4.0%**<br>|  |  |
|  City of Buffalo MN, 3.00%, 06/01/2031 | 400000 | 400086  |
|  City of Burnsville MN, 3.00%, 12/20/2033 | 5000 | 5042  |
|  City of Chanhassen MN, 3.00%, 02/01/2028 | 10000 | 10017  |
|  City of Circle Pines MN, 5.00%, 02/01/2035 | 40000 | 47175  |
|  City of Delano MN, 3.25%, 02/01/2032 | 30000 | 30008  |
|  City of Lino Lakes MN, 3.00%, 02/01/2031 | 360000 | 359997  |
|  City of Willmar MN, 3.00%, 02/01/2031 | 40000 | 40193  |
|  County of Blue Earth MN, 5.00%, 12/01/2033 | 1070000 | 1241506  |
|  County of Clay MN, 4.00%, 02/01/2035 | 700000 | 746399  |
|  County of Jackson MN, 4.00%, 02/01/2036 | 15000 | 15590  |
|  County of Ramsey MN, 3.00%, 02/01/2028 | 30000 | 30004  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  County of St Louis MN, 5.00%, 12/01/2036 | $150000 | $174189  |
|  County of Stevens MN, 4.00%, 12/01/2033 | 10000 | 10627  |
|  Delano Independent School District No 879, 3.05%, 02/01/2031 | 295000 | 294992  |
|  Glencoe-Silver Lake Independent School District No 2859, 3.75%, 02/01/2037 | 50000 | 50017  |
|  Luverne Independent School District No 2184, 3.13%, 02/01/2036 | 15000 | 14903  |
|  Metropolitan Council, 3.00%, 03/01/2033 | 60000 | 60062  |
|  Moorhead Independent School District No 152, 3.00%, 02/01/2028 | 200000 | 200025  |
|  Mountain Iron-Buhl Independent School District No 712, 3.00%, 02/01/2034 | 300000 | 299991  |
|  Spring Lake Park Independent School District No 16, 3.00%, 02/01/2029 | 40000 | 40014  |
|  Todd Morrison Stearns Counties Independent School District No 2753, 5.00%, 02/01/2026 | 55000 | 55104  |
|  |  | 4125941  |
| **Mississippi — 0.2%**<br>|  |  |
|  University of Southern Mississippi, 3.00%, 03/01/2029 | 250000 | 250001  |
| **Missouri — 0.7%**<br>|  |  |
|  Bi-State Development Agency of the Missouri-Illinois Metropolitan District, 5.00%, 10/01/2027 | 130000 | 135156  |
|  City of Columbia MO, 5.00%, 10/01/2027 | 50000 | 52009  |
| City of Independence MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 20000 | 20553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 80000 | 84075  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 10000 | 10969  |
|  Kansas City School District/MO, 5.00%, 03/01/2038 | 20000 | 22881  |
| &nbsp;&nbsp;&nbsp; Lincoln County Fire Protection District No 1, <br>5.00%, 03/01/2032 | 10000 | 11193  |
|  Little Blue Valley Sewer District, 3.13%, 09/01/2031 | 100000 | 100021  |
|  Meadville Reorganized School District No R-4 Linn, 5.00%, 03/01/2037 | 50000 | 51126  |
|  Newton County Reorganized School District No R-6, 5.00%, 03/01/2028 | 175000 | 182935  |
|  |  | 670918  |

---

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

17<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Montana — 0.2%**<br>|  |  |
|  City of Billings MT, 4.00%, 07/01/2028 | $210000 | $210025  |
|  Gallatin County High School District No 7 Bozeman, 4.00%, 06/01/2029 | 20000 | 20377  |
|  |  | 230402  |
| **Nebraska — 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cass County School District No 56 Conestoga, <br>4.00%, 12/15/2039  | 500000 | 504757  |
|  City of Gretna NE, 4.38%, 12/15/2041 | 1100000 | 1118593  |
|  City of Omaha NE, 4.00%, 04/15/2028 | 15000 | 15240  |
|  Douglas County School District No 59, 4.00%, 12/15/2031 | 40000 | 40045  |
|  Fremont School District, 4.00%, 12/15/2039 | 500000 | 508742  |
| &nbsp;&nbsp;&nbsp; Omaha-Douglas Public Building Commission, <br>4.00%, 05/01/2043 | 500000 | 495114  |
| &nbsp;&nbsp;&nbsp; York School District, <br>5.00%, 12/15/2031 | 135000 | 148416  |
|  |  | 2830907  |
| **Nevada — 0.5%**<br>|  |  |
|  County of Clark NV, 3.00%, 11/01/2033 | 80000 | 79501  |
|  Las Vegas Valley Water District, 5.00%, 06/01/2030 | 415000 | 419060  |
|  |  | 498561  |
| **New Hampshire — 0.3%**<br>|  |  |
|  New Hampshire Municipal Bond Bank, 3.00%, 08/15/2034 | 220000 | 219240  |
|  State of New Hampshire, 5.00%, 04/01/2037 | 115000 | 132242  |
|  |  | 351482  |
| **New Jersey — 2.0%**<br>|  |  |
|  City of New Brunswick NJ, 3.00%, 02/15/2030 | 35000 | 35012  |
|  County of Bergen NJ, 3.00%, 07/15/2031 | 200000 | 200316  |
| &nbsp;&nbsp;&nbsp; Fredon Township Board of Education, <br>3.25%, 07/15/2033 | 650000 | 648113  |
|  Kingsway Regional School District, 3.00%, 01/15/2028 | 40000 | 40005  |
|  Moorestown Township School District, 5.00%, 01/01/2026 | 15000 | 15000  |
|  New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/2036 (Obligor: Rwj Barnabas Health Obliga) | 5000 | 5003  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Passaic County Utilities Authority, 3.00%, 03/01/2030 | $125000 | $125023  |
|  Township of Clinton NJ, 3.00%, 01/15/2030 | 5000 | 5001  |
| Township of Dennis NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2033 | 300000 | 330240  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2034 | 600000 | 653325  |
|  Township of Verona NJ, 3.00%, 02/15/2030 | 20000 | 20007  |
|  |  | 2077045  |
| **New Mexico — 0.0%<sup>(b)</sup>**<br>|  |  |
|  City of Albuquerque NM, 3.00%, 07/01/2030 | 30000 | 30268  |
| **New York — 2.7%**<br>|  |  |
|  Central Square Central School District, 4.00%, 10/01/2030 | 385000 | 395185  |
|  City of New York NY, 5.00%, 04/01/2038 | 525000 | 578446  |
| Guilderland Central School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2028 | 100000 | 100013  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2030 | 100000 | 100017  |
|  Nanuet Union Free School District, 4.00%, 12/01/2038 | 5000 | 5226  |
|  New York City Transitional Finance Authority Building Aid Revenue, 4.00%, 07/15/2042 | 85000 | 82281  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 100000 | 108625  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 95000 | 105594  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/01/2039 | 900000 | 936390  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 | 25000 | 24946  |
|  Orchard Park Central School District, 5.00%, 09/01/2030 | 260000 | 278371  |
|  Union Springs Central School District, 3.00%, 06/15/2028 | 10000 | 10009  |
|  Village of Williston Park NY, 3.00%, 08/15/2027 | 10000 | 10010  |
|  |  | 2735113  |
| **North Carolina — 0.9%**<br>|  |  |
|  City of Winston-Salem NC Water & Sewer System Revenue, 4.00%, 06/01/2044 | 330000 | 328455  |
| County of Guilford NC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2027 | 25000 | 25005  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 30000 | 33144  |
| Greenville Utilities Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 25000 | 25147  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 150000 | 163562  |
|  North Carolina Housing Finance Agency, 4.00%, 07/01/2039 | 310000 | 309828  |
|  |  | 885141  |

---

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

18<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **North Dakota — 0.7%**<br>|  |  |
|  City of West Fargo ND, 5.00%, 05/01/2031 | $175000 | $183701  |
|  Minot Public School District No 1, 4.00%, 08/01/2032 | 500000 | 527418  |
|  |  | 711119  |
| **Ohio — 4.0%**<br>|  |  |
| City of Cincinnati OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2028 | 250000 | 250174  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 | 375000 | 384804  |
|  City of Dayton OH Water System Revenue, 5.50%, 12/01/2040 | 250000 | 272189  |
|  City of Miamisburg OH, 3.75%, 02/10/2026 | 100000 | 100082  |
| City of Sidney OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 | 40000 | 42485  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 150000 | 159495  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 | 125000 | 130441  |
| City of Zanesville OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 | 300000 | 318223  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 | 55000 | 57114  |
|  Columbus City School District, 4.00%, 12/01/2038 | 55000 | 55196  |
|  County of Clark OH, 3.63%, 12/01/2038 | 75000 | 75116  |
|  County of Lucas OH, 3.00%, 10/01/2028 | 135000 | 135352  |
|  East Knox Local School District, 3.25%, 12/01/2027 | 325000 | 325055  |
|  Edison Local School District/Jefferson County, 3.00%, 12/01/2029 | 25000 | 25099  |
|  Hardin & Houston Local School District, 4.00%, 12/01/2035 | 110000 | 110046  |
|  Ohio Water Development Authority, 5.00%, 06/01/2029 | 100000 | 102170  |
|  Ohio Water Development Authority Water Pollution Control Loan Fund, 5.00%, 12/01/2032 | 600000 | 692206  |
|  Rossford Exempted Village School District, 3.75%, 12/01/2042 | 245000 | 235527  |
| State of Ohio<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 250000 | 263709  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 165000 | 179306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 40000 | 46907  |
|  Warren City School District, 4.00%, 12/01/2030 | 150000 | 151695  |
|  |  | 4112391  |
| **Oklahoma — 2.2%**<br>|  |  |
|  Canadian County Independent School District No 69 Mustang, 3.00%, 06/01/2026 | 5000 | 5003  |
| City of Broken Arrow OK<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2029 | 65000 | 65013  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 20000 | 22739  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of Norman OK, 3.00%, 12/01/2031 | $100000 | $99964  |
| City of Tulsa OK<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2029 | 1000000 | 1052814  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 | 420000 | 444644  |
| &nbsp;&nbsp;&nbsp; Oklahoma Agricultural & Mechanical Colleges, <br>2.75%, 07/01/2032 | 180000 | 177902  |
|  Oklahoma Water Resources Board, 4.00%, 10/01/2038 | 60000 | 60273  |
|  Tulsa Public Facilities Authority, 3.00%, 06/01/2029 | 310000 | 310003  |
|  |  | 2238355  |
| **Oregon — 0.5%**<br>|  |  |
|  City of Medford OR, 4.00%, 06/01/2038 | 200000 | 207287  |
|  City of Portland OR Water System Revenue, 4.00%, 04/01/2032 | 250000 | 250352  |
|  Tri-County Metropolitan Transportation District of Oregon, 5.00%, 09/01/2029 | 5000 | 5200  |
|  |  | 462839  |
| **Pennsylvania — 2.2%**<br>|  |  |
|  Big Spring School District, 3.13%, 02/15/2028 | 100000 | 100024  |
|  Chambersburg Area School District, 3.63%, 03/01/2033 | 25000 | 25018  |
|  Cheltenham Township School District, 2.00%, 02/15/2031 | 15000 | 13970  |
|  Commonwealth of Pennsylvania, 3.00%, 09/15/2033 | 100000 | 97446  |
|  County of Franklin PA, 3.50%, 11/01/2038 | 235000 | 232072  |
|  Dover Township Sewer Authority, 4.00%, 05/01/2037 | 650000 | 668760  |
|  Greater Hazleton Joint Sewer Authority, 4.00%, 05/15/2028 | 20000 | 20672  |
|  Mars Area School District, 3.50%, 03/01/2038 | 185000 | 182757  |
| Norwin School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2031 | 5000 | 5646  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2032 | 5000 | 5776  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 5000 | 5907  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2034 | 5000 | 5218  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 5000 | 5149  |
|  Pennsylvania Turnpike Commission, 4.00%, 06/01/2038 | 180000 | 181623  |
|  Township of Derry PA, 3.00%, 12/15/2028 | 155000 | 155018  |
|  Wilkinsburg School District, 3.00%, 05/15/2029 | 40000 | 40001  |
| Wilson School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 200000 | 224710  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 250000 | 269445  |
|  |  | 2239212  |

---

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

19<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Rhode Island — 0.3%**<br>|  |  |
|  Rhode Island Infrastructure Bank, 5.00%, 10/01/2030 | $175000 | $190872  |
|  Town of Bristol RI, 5.00%, 07/01/2033 | 100000 | 116189  |
|  |  | 307061  |
| **South Carolina — 0.8%**<br>|  |  |
|  Anderson County School District No 4, 5.00%, 03/01/2039 | 300000 | 342300  |
|  City of North Charleston SC, 3.00%, 06/01/2027 | 20000 | 20000  |
|  Clemson University, 3.10%, 05/01/2030 | 50000 | 50024  |
|  Commission of Public Works City of Greer, 5.00%, 09/01/2036 | 25000 | 28628  |
|  County of Greenwood SC, 5.00%, 10/01/2026 (Obligor: Self Regional Healthcare) | 30000 | 30472  |
|  County of Horry SC, 3.00%, 03/01/2032 | 50000 | 50230  |
|  County of Pickens SC, 3.00%, 06/01/2033 | 55000 | 54631  |
|  County of Richland SC, 4.00%, 03/01/2028 | 45000 | 46486  |
|  Irmo-Chapin Recreational District, 3.00%, 03/01/2029 | 35000 | 34999  |
|  Lexington County School District No 2, 3.00%, 03/01/2034 | 75000 | 73753  |
|  State of South Carolina, 5.00%, 04/01/2031 | 45000 | 50768  |
|  |  | 782291  |
| **South Dakota — 0.0%<sup>(b)</sup>**<br>|  |  |
|  Harrisburg School District No 41-2, 5.00%, 02/01/2028 | 15000 | 15760  |
| **Tennessee — 4.7%**<br>|  |  |
|  City of Crossville TN, 2.00%, 06/01/2035 | 510000 | 434918  |
|  City of Dayton TN, 4.00%, 06/01/2032 | 105000 | 112000  |
|  City of Knoxville TN Electric System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2028 | 100000 | 100000  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/01/2036 | 115000 | 113201  |
|  City of La Vergne TN, 5.00%, 04/01/2035 | 175000 | 205529  |
|  City of Lexington TN Electric Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 60000 | 60756  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 65000 | 67227  |
|  City of Memphis TN, 5.00%, 12/01/2030 | 15000 | 16743  |
|  City of Memphis TN Memphis Light Gas & Water Division Gas Revenue, 5.00%, 12/01/2028 | 70000 | 71462  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of Murfreesboro TN, 3.05%, 06/01/2031 | $935000 | $934998  |
|  City of Springfield TN, 3.25%, 06/01/2036 | 55000 | 54191  |
|  County of Sullivan TN, 3.38%, 05/01/2036 | 355000 | 353947  |
|  County of Unicoi TN, 4.00%, 07/01/2035 | 1000000 | 1026626  |
|  County of Williamson TN, 4.00%, 04/01/2030 | 10000 | 10158  |
|  State of Tennessee, 5.00%, 05/01/2036 | 1100000 | 1255501  |
|  |  | 4817257  |
| **Texas — 12.1%**<br>|  |  |
|  Anderson-Shiro Consolidated Independent School District, 3.00%, 02/15/2032 | 370000 | 368835  |
|  Arlington Independent School District, 5.00%, 02/15/2028 | 50000 | 52517  |
|  Bonham Independent School District, 4.00%, 02/15/2053 | 5000 | 5468  |
|  Buena Vista-Bethel Special Utiltiy District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/15/2028 | 235000 | 258694  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/15/2032 | 150000 | 177028  |
|  City of Allen TX, 3.00%, 08/15/2027  | 290000 | 290036  |
| City of Austin TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 750000 | 849195  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 | 465000 | 528602  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 | 90000 | 98470  |
|  City of Balch Springs TX, 5.00%, 09/01/2033 | 80000 | 91099  |
|  City of Bellmead TX, 3.25%, 03/01/2030 | 220000 | 220040  |
|  City of Corpus Christi TX Utility System Revenue, 5.00%, 07/15/2044 | 125000 | 131596  |
|  City of Corsicana TX, 4.00%, 02/15/2041 | 300000 | 301054  |
|  City of Crowley TX, 3.50%, 08/01/2037 | 50000 | 49762  |
|  City of Deer Park TX, 4.00%, 03/15/2026 | 170000 | 170421  |
|  City of Del Rio TX, 3.00%, 06/01/2029 | 100000 | 100021  |
|  City of Denton TX, 3.50%, 02/15/2036 | 250000 | 250359  |
|  City of Houston TX Combined Utility System Revenue, 4.00%, 11/15/2032 | 145000 | 145096  |
|  City of Hutto TX, 5.00%, 08/01/2030 | 220000 | 241175  |
|  City of Irving TX Waterworks & Sewer System Revenue, 3.00%, 08/15/2033 | 50000 | 50033  |

---

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

20<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)**  | **Texas — (Continued)**  | **Texas — (Continued)**  |
| &nbsp;&nbsp;&nbsp; City of Keller TX, <br>3.00%, 02/15/2029 | $200000 | $200124  |
|  City of Laredo TX, 4.00%, 02/15/2036 | 500000 | 500216  |
|  City of McKinney TX, 5.00%, 08/15/2035 | 20000 | 23238  |
| City of Melissa TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2033 | 500000 | 500463  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2035 | 5000 | 5003  |
|  City of Murphy TX, 3.50%, 02/15/2038 | 95000 | 95079  |
|  City of Plano TX, 3.00%, 09/01/2032 | 200000 | 200045  |
|  City of Pleasanton TX, 4.00%, 08/01/2039 | 175000 | 181910  |
|  City of Victoria TX, 3.00%, 08/15/2027 | 50000 | 49963  |
|  City of Waxahachie TX, 4.00%, 08/01/2031 | 255000 | 256630  |
|  Coolidge Independent School District, 5.00%, 02/15/2035 | 360000 | 410709  |
|  County of Bexar TX, 3.00%, 06/15/2029 | 250000 | 250194  |
|  County of Blanco TX, 5.00%, 08/01/2034 | 10000 | 11145  |
|  County of Caldwell TX, 3.25%, 02/01/2028 | 570000 | 565586  |
|  County of Chambers TX, 4.13%, 03/01/2042 | 415000 | 413643  |
|  County of Williamson TX, 3.00%, 02/15/2034 | 340000 | 337505  |
|  Dallas Area Rapid Transit, 4.00%, 12/01/2037 | 300000 | 300212  |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/2039 | 5000 | 5594  |
|  Dallas Independent School District, 5.00%, 02/15/2027 | 75000 | 77120  |
|  East Montgomery County Municipal Utility District No 4, 6.50%, 04/01/2029 | 250000 | 277353  |
|  Galveston Independent School District, 5.00%, 02/01/2029 | 85000 | 91351  |
|  Houston Independent School District, 5.00%, 02/15/2033 | 40000 | 46013  |
|  La Porte Independent School District, 3.00%, 02/15/2028 | 50000 | 50008  |
|  Lewisville Independent School District, 4.00%, 08/15/2038 | 300000 | 304711  |
|  Longview Independent School District, 5.00%, 02/15/2027 | 90000 | 92302  |
|  Lovejoy Independent School District, 3.00%, 02/15/2029 | 50000 | 50013  |
|  Montgomery County Municipal Utility District No 142, 6.00%, 09/01/2033 | 5000 | 5711  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Pearland Independent School District, 5.00%, 02/15/2029 | $60000 | $64370  |
|  Permanent University Fund - University of Texas System, 4.00%, 07/01/2041 | 725000 | 719621  |
|  Plainview Independent School District, 4.00%, 02/15/2038 | 100000 | 102199  |
|  Rankin Independent School District, 4.00%, 02/15/2032 | 755000 | 787246  |
|  Riceland Management District, 6.50%, 09/01/2032 | 215000 | 257533  |
|  Rogers Independent School District, 3.00%, 08/15/2030 | 200000 | 200017  |
|  San Antonio River Authority Wastewater System Revenue, 4.00%, 01/01/2031 | 50000 | 52309  |
|  Town of Westlake TX, 4.00%, 02/15/2029 | 10000 | 10119  |
|  Trinity River Authority Central Regional Wastewater System Revenue, 5.00%, 08/01/2026 | 180000 | 182550  |
|  Wylie Independent School District, 3.25%, 08/15/2041<sup>(c)(d)</sup> | 305000 | 305013  |
| Ysleta Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2036 | 100000 | 102863  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2039 | 5000 | 5086  |
|  |  | 12470268  |
| **Utah - 1.4%**<br>|  |  |
|  Central Utah Water Conservancy District, 4.00%, 10/01/2038 | 885000 | 890143  |
|  City of Herriman City UT, 3.50%, 08/01/2035 | 195000 | 195039  |
|  City of Saratoga Springs UT Water Revenue, 3.00%, 12/01/2027  | 75000 | 75105  |
|  Murray City School District, 5.00%, 02/01/2029 | 20000 | 21476  |
| Utah Transit Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2028 | 250000 | 250023  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 | 25000 | 27631  |
|  |  | 1459417  |
| **Virginia - 4.5%**<br>|  |  |
|  Commonwealth of Virginia, 5.00%, 06/01/2030 | 905000 | 958900  |
|  County of Greene VA Water & Sewer System Revenue, 4.00%, 05/01/2039 | 1250000 | 1287755  |
|  County of Spotsylvania VA, 5.00%, 01/15/2028 | 1000000 | 1051649  |
| &nbsp;&nbsp;&nbsp; Dumfries VA, <br>4.00%, 08/01/2042 | 510000 | 511243  |
|  Virginia Resources Authority, 4.00%, 11/01/2041 | 770000 | 770528  |
|  |  | 4580075  |

---

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

21<br>

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  | **MUNICIPAL BONDS — (Continued)**  |
| **Washington — 1.2%**<br>|  |  |
|  Auburn School District No 408 of King & Pierce Counties, 5.00%, 12/01/2029 | $40000 | $43781  |
|  City of Bothell WA, 5.00%, 03/01/2027 | 300000 | 308539  |
|  City of Bothell WA Combined Utility Revenue, 3.25%, 12/01/2031 | 25000 | 25003  |
|  City of Seattle WA Drainage & Wastewater Revenue, 5.00%, 09/01/2027 | 225000 | 234464  |
|  City of Tacoma WA Sewer Revenue, 5.00%, 12/01/2029 | 105000 | 115006  |
|  Clark County Fire Protection District No 6, 4.00%, 12/01/2027 | 50000 | 50518  |
|  Clark County Public Utility District No 1 Water Revenue, 5.00%, 01/01/2028 | 100000 | 102550  |
|  County of King WA, 5.00%, 12/01/2030 | 60000 | 67150  |
|  Cowlitz County School District No 458 Kelso, 4.00%, 12/01/2033 | 65000 | 66882  |
|  Lake Whatcom Water & Sewer District, 4.00%, 11/01/2035 | 65000 | 65049  |
| &nbsp;&nbsp;&nbsp; Snohomish & Island Counties School District No 401 Stanwood-Camano, <br>4.00%, 12/15/2033 | 5000 | 5089  |
|  Snohomish County School District No 103 Monroe, 5.00%, 12/01/2030 | 40000 | 44590  |
|  Thurston County School District No 33 Tumwater, 5.00%, 12/01/2028 | 100000 | 100966  |
|  |  | 1229587  |
| **Wisconsin — 4.8%**<br>|  |  |
|  Appleton Area School District, 5.00%, 03/01/2033 | 130000 | 141836  |
|  Bristol School District No 1, 4.13%, 05/01/2041 | 5000 | 5447  |
|  City of Beaver Dam WI, 3.00%, 04/01/2026 | 100000 | 100010  |
|  City of Dodgeville WI, 4.00%, 03/01/2039 | 180000 | 186552  |
|  City of Madison WI, 3.00%, 10/01/2026 | 20000 | 20002  |
|  City of Oak Creek WI, 4.00%, 04/01/2031 | 10000 | 10546  |
| &nbsp;&nbsp;&nbsp; City of River Falls WI Water System Revenue, <br>5.00%, 05/01/2030 | 20000 | 21906  |
|  City of Sparta WI, 5.00%, 05/01/2034 | 25000 | 28809  |
|  City of Superior WI, 3.00%, 10/01/2027 | 210000 | 210149  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of West Bend WI, 4.00%, 04/01/2039 | $800000 | $824951  |
|  County of Dunn WI, 4.00%, 09/01/2034 | 240000 | 260473  |
|  County of Sauk WI, 3.00%, 04/01/2027 | 20000 | 19991  |
|  County of Wood WI, 4.00%, 10/01/2033 | 60000 | 63941  |
|  Hartford Joint School District No 1, 4.00%, 04/01/2036 | 90000 | 95373  |
|  Kenosha Unified School District No 1, 3.00%, 04/01/2029 | 605000 | 605175  |
|  Lakeshore Technical College District, 5.00%, 03/01/2026 | 40000 | 40136  |
|  Monona Grove School District, 4.00%, 05/01/2032 | 70000 | 73016  |
|  Onalaska School District, 5.00%, 04/01/2036 | 25000 | 27993  |
|  Racine Unified School District, 4.00%, 04/01/2030 | 665000 | 682618  |
|  Reedsburg School District, 3.00%, 04/01/2031 | 55000 | 55128  |
|  Sheboygan Falls School District, 4.00%, 04/01/2027 | 125000 | 125129  |
|  Village of DeForest WI, 5.00%, 05/01/2033 | 75000 | 84781  |
|  Village of North Fond Du Lac WI, 4.00%, 12/01/2035 | 215000 | 229430  |
|  Village of Shorewood WI, 3.00%, 08/01/2029 | 335000 | 334109  |
|  Village of Sussex WI, 4.00%, 03/01/2034 | 20000 | 21385  |
|  Wisconsin Department of Transportation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 250000 | 259155  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 375000 | 380472  |
|  |  | 4908513  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $93,213,036)** |  | 93685002 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 8.0%**<br>|  |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.03%<sup>(e)</sup> | 8227442 | 8227442  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,227,442)** |  | 8227442  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.2%** <br>**(Cost $101,440,478)** |  | $101912444  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 844769  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $102757213 |

---

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

22<br>

------

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

**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(d)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

23<br>

------

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

**RMB INVESTORS TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **RMB Fund** | **RMB Mendon** <br>**Financial** <br>**Services Fund**  |
| **ASSETS:**<br>|  |  |
| Investments at cost | $50109769 | $174671358  |
| Investments at value | $114548088 | $236232861  |
| Receivable for capital stock sold | 63150 | 69804  |
| Dividends receivable | 41905 | 335321  |
| Receivable for investments sold |  | 2043  |
| Prepaid expenses | 35402 | 43242  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 114688545 | 236683271  |
| **LIABILITIES:**<br>|  |  |
| Payable for fund shares redeemed | 20636 | 222109  |
| Payable for investments purchased |  | 3332693  |
| Options written at value |  | 740625<sup>1</sup>  |
| Payable for investment advisory fees (Note 2) | 59159 | 148724  |
| Payable for audit fees | 20973 | 20773  |
| Payable for distribution and shareholder service fees (Note 3) | 19569 | 27215  |
| Payable for administration fees | 16097 | 16009  |
| Payable for transfer agent fees | 12197 | 36824  |
| Payable for accounting fees | 11914 | 11831  |
| Payable for custody fees | 892 | 2327  |
| Payable for legal fees |  | 14791  |
| Accrued expenses and other payables | 13539 | 21135  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 174976 | 4595056  |
| **NET ASSETS** | $114513569 | $232088215  |
| **Net Assets Consists of:**<br>|  |  |
| Capital paid-in | $49532996 | $210414075  |
| Total distributable earnings | 64980573 | 21674140  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $114513569 | $232088215  |
| **By share class:**<br>|  |  |
| **Net assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $84898345 | $55274455  |
| &nbsp;&nbsp;&nbsp; Class C | $1448938 | $18729936  |
| &nbsp;&nbsp;&nbsp; Class I | $28166286 | $158083824  |
| **NAV (par value $0.10 per share)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $35.44 | $53.13  |
| &nbsp;&nbsp;&nbsp; Class C | $24.35 | $45.20  |
| &nbsp;&nbsp;&nbsp; Class I | $36.10 | $54.48  |
| &nbsp;&nbsp;&nbsp; **Capital Shares Outstanding:** <br>**(unlimited number of shares has been authorized)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2395517 | 1040372  |
| &nbsp;&nbsp;&nbsp; Class C | 59506 | 414347  |
| &nbsp;&nbsp;&nbsp; Class I | 780257 | 2901802 |

---

<sup>1</sup> The payable for options written include premiums received of $944,462. 

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

24<br>

------

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

**RMB INVESTORS TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMB** <br>**International** <br>**Fund** | **RMB Small** <br>**Cap Fund** | **RMB SMID** <br>**Cap Fund** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments at cost | $210491371 | $73873661 | $38232560 | $197152425 | $101440478  |
| Investments at value | $298488743 | $128332818 | $71422022 | $197298193 | $101912444  |
| Dividends receivable | 1113281 | 133596 | 54864 | 33587 | 20777  |
| Interest receivable |  |  |  | 1499449 | 891997  |
| Receivable for capital stock sold | 118215 | 1022242 | 100073 | 111892 | 513  |
| Due from adviser |  |  |  |  | 5354  |
| Prepaid expenses | 37483 | 18035 | 12810 | 16816 | 12176  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 299757722 | 129506691 | 71589769 | 198959937 | 102843261  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | 4081923 |  |  |  | —  |
| Payable for fund shares redeemed |  | 14989 | 1307434 | 4995 | —  |
| Payable for dividend distribution |  |  |  | 69584 | 20616  |
|  Payable for investment advisory fees (Note 2) | 185558 | 86547 | 34625 | 9779 | —  |
| Payable for legal fees | 18677 | 9070 | 5320 | 7980 | 4209  |
| Payable for audit fees | 16966 | 19605 | 20249 | 20016 | 20016  |
| Payable for administration fees | 16074 | 15769 | 15821 | 15730 | 16190  |
| Payable for transfer agent fees | 14950 | 14343 | 9442 | 8982 | 7770  |
| Payable for custody fees | 9983 | 1337 | 830 | 1340 | 1424  |
| Payable for accounting fees | 4723 | 4212 | 4256 | 4512 | 7469  |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other <br>payables | 17344 | 10559 | 8712 | 11719 | 8354  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4366198 | 176431 | 1406689 | 154637 | 86048  |
| **NET ASSETS** | $295391524 | $129330260 | $70183080 | $198805300 | $102757213  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Capital paid-in | $231821728 | $75765579 | $37224311 | $198650917 | $102291863  |
| Total distributable earnings | 63569796 | 53564681 | 32958769 | 154383 | 465350  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $295391524 | $129330260 | $70183080 | $198805300 | $102757213  |
| **By share class:**<br>|  |  |  |  |  |
| **Net assets:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $295391524 | $129330260 | $70183080 | $198805300 | $102757213  |
| **NAV (par value $0.10 per share)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $12.18 | $15.89 | $10.63 | $10.02 | $10.06  |
| &nbsp;&nbsp;&nbsp; **Capital Shares Outstanding:** <br>**(unlimited number of shares has been authorized)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 24250917 | 8140174 | 6601702 | 19850304 | 10210785 |

---

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

25<br>

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

**RMB INVESTORS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **RMB Fund** | **RMB Mendon** <br>**Financial** <br>**Services Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends | $1230958 | $4896574<sup>1</sup>  |
| &nbsp;&nbsp;&nbsp; **Total income** | 1230958 | 4896574  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 2) | 676597 | 1551896  |
| Distribution fees (Class A) (Note 3) | 206723 | 134716  |
| Distribution fees (Class C) (Note 3) | 10940 | 129914  |
| Shareholder service fees (Class C) (Note 3) | 3647 | 43305  |
| Transfer agent fees | 91241 | 214725  |
| Administration fees | 63321 | 63363  |
| Registration fees and expenses | 55690 | 68152  |
| Accounting fees | 47602 | 47889  |
| Trustee fees | 43819 | 81584  |
| Legal fees | 36880 | 80946  |
| Audit fees | 21098 | 20798  |
| Reports to shareholders | 12499 | 27286  |
| Custody fees | 5671 | 12820  |
| Interest expense (Note 7) | 2143 | 707  |
| Other expenses | 41842 | 67896  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1319713 | 2545997  |
| **Net investment income/(loss)** | $(88755) | $2350577  |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, WRITTEN OPTIONS, AND FOREIGN CURRENCY**<br>|  |  |
| Realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 10465888 | 5625709  |
| &nbsp;&nbsp;&nbsp; Written options |  | 705765  |
| Net realized gain on investments and written options | 10465888 | 6331474  |
| Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3354020 | 18959232  |
| &nbsp;&nbsp;&nbsp; Written options |  | (6183)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations |  | 50  |
|  Net unrealized appreciation/depreciation on investments, written options, and foreign currency | 3354020 | 18953099  |
|  **Net realized and unrealized gain on investments, written options, and foreign currency** | 13819908 | 25284573  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $13731153 | $27635150 |

---

<sup>1</sup> Net of foreign taxes withheld of $8,027. 

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

26<br>

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

**RMB INVESTORS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year/Period Ended December 31, 2025<sup>1</sup> (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMB** <br>**International** <br>**Fund** | **RMB Small** <br>**Cap Fund** | **RMB SMID** <br>**Cap Fund** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividends | $6587467<sup>2</sup> | $1609439 | $777302 | $110745 | $68862  |
| Interest |  |  |  | 1636562 | 632519  |
| &nbsp;&nbsp;&nbsp; **Total income** | 6587467 | 1609439 | 777302 | 1747307 | 701381  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fees (Note 2) | 1888105 | 1104759 | 542387 | 109880 | 55582  |
| Legal fees | 98268 | 52004 | 35780 | 14142 | 7361  |
| Trustee fees | 96571 | 55337 | 32515 | 8780 | 3175  |
| Transfer agent fees | 92731 | 88331 | 64477 | 21106 | 18942  |
| Administration fees | 63873 | 63059 | 63196 | 18660 | 19370  |
| Custody fees | 59344 | 7036 | 5487 | 3000 | 3931  |
| Registration fees and expenses | 27942 | 28357 | 24208 | 3521 | 2606  |
| Accounting fees | 18666 | 17712 | 17817 | 5932 | 11398  |
| Audit fees | 17072 | 19720 | 20421 | 20016 | 20016  |
| Reports to shareholders | 10992 | 9525 | 7090 | 2155 | 2181  |
| Interest expense (Note 7) | 196 | 2101 | 2934 |  | 18  |
| Other expenses | 71694 | 40220 | 29633 | 14671 | 9017  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 2445454 | 1488161 | 845945 | 221863 | 153597  |
| &nbsp;&nbsp;&nbsp; Less: waiver of advisory fees by adviser |  | (251329) | (223139) | (68032) | (75765)  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2445454 | 1236832 | 622806 | 153831 | 77832  |
| **Net investment income** | $4142013 | $372607 | $154496 | $1593476 | $623549  |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |  |  |  |
| Realized gain/(loss) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11180608 | 6027290 | 5492496 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (26562) |  |  |  | —  |
|  Net realized gain on investments and foreign currency | 11154046 | 6027290 | 5492496 |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/<br>depreciation on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 54482642 | (7593908) | (4262381) | 145768 | 471966  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 110991 |  |  |  | —  |
|  Net unrealized appreciation/depreciation on investments and foreign currency | 54593633 | (7593908) | (4262381) | 145768 | 471966  |
|  **Net realized and unrealized gain/(loss) on investments and foreign currency** | 65747679 | (1566618) | 1230115 | 145768 | 471966  |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $69889692 | $(1194011) | $1384611 | $1739244 | $1095515 |

---

<sup>1</sup> RMB Quality Intermediate Core Fund and RMB Quality Intermediate Tax-Exempt Municipal Fund commenced operations on September 22, 2025.

<sup>2</sup> Net of foreign taxes withheld of $636,666.

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

27<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**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS**<br>|  |  |  |  |
| **FROM OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(88755) | $(75850) | $2350577 | $1929660  |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions | 10465888 | 7686334 | 6331474 | 16412485  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | 3354020 | 5138740 | 18953099 | 5246611  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 13731153 | 12749224 | 27635150 | 23588756  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class A Shares | (7557946) | (5264763) | (3302677) | (1095496)  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class C Shares | (183060) | (125551) | (1183314) | (274253)  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class I Shares | (2658839) | (1665581) | (9505820) | (2067730)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (10399845) | (7055895) | (13991811) | (3437479)  |
|  **Increase/(decrease) in net assets derived from capital share transactions** | (1684835) | (4308062) | 41862374 | (41742540)  |
| **Total increase/(decrease) in net assets** | 1646473 | 1385267 | 55505713 | (21591263)  |
| **Net assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 112867096 | 111481829 | 176582502 | 198173765  |
| &nbsp;&nbsp;&nbsp; End of year | $114513569 | $112867096 | $232088215 | $176582502 |

---

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

28<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**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  | **2025**  | **2024**  |
| **CAPITAL STOCK TRANSACTIONS IN DOLLARS:**<br>|  |  |  |  |
| **Class A shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | $253142 | $96873 | $2072942 | $1463154  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | 7197157 | 4851031 | 3048461 | 1021860  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9665388) | (7452379) | (11161554) | (10646287)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | $(2215089) | $(2504475) | $(6040151) | $(8161273)  |
| **Class C shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | $480 | $480 | $1071580 | $1039501  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | 148002 | 102405 | 1010193 | 235234  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (161318) | (205980) | (2185114) | (3520316)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | $(12836) | $(103095) | $(103341) | $(2245581)  |
| **Class I shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | $14408956 | $2905151 | $67741437 | $15964166  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | 671836 | 1536580 | 7912927 | 1846994  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14537702) | (6142223) | (27648498) | (49146846)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | $543090 | $(1700492) | $48005866 | $(31335686)  |
|  **Net increase/(decrease) in net assets derived from capital share transactions** | $(1684835) | $(4308062) | $41862374 | $(41742540)  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| **Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8335 | 2832 | 41557 | 32840  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 205986 | 135014 | 56203 | 19132  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (274433) | (210193) | (225378) | (246624)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (60112) | (72347) | (127618) | (194652)  |
| **Class C**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 19 | 19 | 26312 | 26550  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 6164 | 3955 | 21885 | 5116  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6101) | (8020) | (51365) | (96230)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | 82 | (4046) | (3168) | (64564)  |
| **Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 414836 | 80675 | 1345849 | 358175  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 18882 | 42167 | 142293 | 33784  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (407666) | (178350) | (547762) | (1151422)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | 26052 | (55508) | 940380 | (759463) |

---

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

29<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**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS**<br>|  |  |  |  |
| **FROM OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4142013 | $3814940 | $372607 | $385290  |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions | 11154046 | 7578918 | 6027290 | 6058605  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | 54593633 | (10083460) | (7593908) | 14393974  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | 69889692 | 1310398 | (1194011) | 20837869  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class I Shares | (4828994) | (5122386) | (7279952) | (3170424)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4828994) | (5122386) | (7279952) | (3170424)  |
| **CAPITAL STOCK TRANSACTIONS IN DOLLARS:**<br>|  |  |  |  |
| **Class I shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 68502967 | 15893027 | 32527651 | 35804875  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | 2044103 | 4813155 | 5150873 | 2896728  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (53660726) | (53753276) | (49613902) | (20157071)  |
| &nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets derived from capital share transactions** | 16886344 | (33047094) | (11935378) | 18544532  |
| **Total increase/(decrease) in net assets** | 81947042 | (36859082) | (20409341) | 36211977  |
| **Net assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 213444482 | 250303564 | 149739601 | 113527624  |
| &nbsp;&nbsp;&nbsp; End of year | $295391524 | $213444482 | $129330260 | $149739601  |
| **Share Transactions**<br>|  |  |  |  |
| **Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6235732 | 1587202 | 1999277 | 2352610  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 169776 | 502942 | 319335 | 162282  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5030179) | (5416428) | (3073592) | (1229026)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | 1375329 | (3326284) | (754980) | 1285866 |

---

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

30<br>

------

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

**RMB INVESTORS TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal Fund**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **September 22,** <br>**2025<sup>1</sup>** <br>**through** <br>**December 31,** <br>**2025** | **September 22,** <br>**2025<sup>1</sup>** <br>**through** <br>**December 31,** <br>**2025**  |
|  | **2025** | **2024**  | **September 22,** <br>**2025<sup>1</sup>** <br>**through** <br>**December 31,** <br>**2025** | **September 22,** <br>**2025<sup>1</sup>** <br>**through** <br>**December 31,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS**<br>|  |  |  |  |
| **FROM OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $154496 | $329569 | $1593476 | &nbsp;&nbsp; $623549  |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions | 5492496 | 14558938 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | (4262381) | (6161882) | 145768 | &nbsp;&nbsp; 471966  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1384611 | 8726625 | 1739244 | &nbsp;&nbsp; 1095515  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders - Class I Shares | (12102982) | (6625719) | (1584861) | &nbsp;&nbsp; (630165)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12102982) | (6625719) | (1584861) | &nbsp;&nbsp; (630165)  |
| **CAPITAL STOCK TRANSACTIONS IN DOLLARS:**<br>|  |  |  |  |
| **Class I shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 6021266 | 9321100 | 207529895 | &nbsp;&nbsp; 105221097  |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends | 11687771 | 6546308 | 728330 | &nbsp;&nbsp; 388427  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (20685087) | (20558630) | (9607308) | &nbsp;&nbsp; (3317661)  |
| &nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets derived from capital share transactions** | (2976050) | (4691222) | 198650917 | &nbsp;&nbsp; 102291863  |
| **Total increase/(decrease) in net assets** | (13694421) | (2590316) | 198805300 | &nbsp;&nbsp; 102757213  |
| **Net assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 83877501 | 86467817 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of period | $70183080 | $83877501 | $198805300 | &nbsp;&nbsp; $102757213  |
| **Share Transactions**<br>|  |  |  |  |
| **Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 493296 | 740112 | 20736374 | &nbsp;&nbsp; 10502403  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 1088264 | 498576 | 72507 | &nbsp;&nbsp; 38623  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1751124) | (1517210) | (958577) | &nbsp;&nbsp; (330241)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | (169564) | (278522) | 19850304 | &nbsp;&nbsp; 10210785 |

---

<sup>1</sup> Commencement of operations.

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

31<br>

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

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $34.59 | $32.84 | $27.51 | $38.14 | $31.13  |
| **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** | **INCOME FROM INVESTMENT OPERATIONS** |
| Net investment loss<sup>a</sup> | (0.05) | (0.04) | (0.01) | (0.02) | (0.01)  |
| Net realized and unrealized gain (loss) on securities | 4.32 | 4.05 | 5.83 | (7.94) | 9.30  |
| **Total from investment operations** | 4.27 | 4.01 | 5.82 | (7.96) | 9.29  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income |  |  | (0.00)<sup>b</sup> | (0.01) | (0.02)  |
|  Distributions from capital gains (from securities transactions) | (3.42) | (2.26) | (0.49) | (2.66) | (2.26)  |
| **Total distributions** | (3.42) | (2.26) | (0.49) | (2.67) | (2.28)  |
| **Net asset value, end of year** | $35.44 | $34.59 | $32.84 | $27.51 | $38.14  |
| Total return % | 12.49 | 11.95 | 21.19 | -21.20 | 29.99  |
| Net assets, end of year (in $000's) | $84898 | $84929 | $83023 | $73375 | $99229  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 1.22<sup>c</sup> | 1.24<sup>d</sup> | 1.24<sup>e</sup> | 1.20<sup>f</sup> | 1.12<sup>g</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.22<sup>c</sup> | 1.24<sup>d</sup> | 1.24<sup>e</sup> | 1.20<sup>f</sup> | 1.12<sup>g</sup>  |
| Ratio of net investment loss | (0.13) | (0.11) | (0.03) | (0.05) | (0.02)  |
| Portfolio turnover rate % | 43 | 10 | 8 | 18 | 12 |

---

<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> Includes interest expense of $1,575 or 0.00% of average net assets.

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

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

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

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

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

32<br>

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

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $24.91 | $24.38 | $20.68 | $29.70 | $24.82  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment loss<sup>a</sup> | (0.22) | (0.22) | (0.17) | (0.20) | (0.21)  |
| Net realized and unrealized gain (loss) on securities | 3.08 | 3.01 | 4.36 | (6.15) | 7.37  |
| **Total from investment operations** | 2.86 | 2.79 | 4.19 | (6.35) | 7.16  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income |  |  | (0.00)<sup>b</sup> | (0.01) | (0.02)  |
|  Distributions from capital gains (from securities transactions) | (3.42) | (2.26) | (0.49) | (2.66) | (2.26)  |
| **Total distributions** | (3.42) | (2.26) | (0.49) | (2.67) | (2.28)  |
| **Net asset value, end of year** | $24.35 | $24.91 | $24.38 | $20.68 | $29.70  |
| Total return % | 11.68 | 11.08 | 20.30 | -21.81 | 29.03  |
| Net assets, end of year (in $000's) | $1449 | $1480 | $1547 | $1483 | $2610  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 1.97<sup>c</sup> | 1.99<sup>d</sup> | 1.99<sup>e</sup> | 1.94<sup>f</sup> | 1.87<sup>g</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.97<sup>c</sup> | 1.99<sup>d</sup> | 1.99<sup>e</sup> | 1.94<sup>f</sup> | 1.87<sup>g</sup>  |
| Ratio of net investment loss | (0.89) | (0.87) | (0.77) | (0.81) | (0.77)  |
| Portfolio turnover rate % | 43 | 10 | 8 | 18 | 12 |

---

<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> Includes interest expense of $27 or 0.00% of average net assets.

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

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

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

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

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

33<br>

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

**RMB FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $35.08 | $33.24 | $27.76 | $38.37 | $31.23  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.04 | 0.05 | 0.07 | 0.06 | 0.08  |
| Net realized and unrealized gain (loss) on securities | 4.40 | 4.09 | 5.90 | (8.00) | 9.34  |
| **Total from investment operations** | 4.44 | 4.14 | 5.97 | (7.94) | 9.42  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income |  | (0.04) | (0.00)<sup>b</sup> | (0.01) | (0.02)  |
|  Distributions from capital gains (from securities transactions) | (3.42) | (2.26) | (0.49) | (2.66) | (2.26)  |
| **Total distributions** | (3.42) | (2.30) | (0.49) | (2.67) | (2.28)  |
| **Net asset value, end of year** | $36.10 | $35.08 | $33.24 | $27.76 | $38.37  |
| Total return % | 12.80 | 12.18 | 21.54 | -21.02 | 30.31  |
| Net assets, end of year (in $000's) | $28166 | $26458 | $26912 | $25183 | $43013  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 0.97<sup>c</sup> | 0.99<sup>d</sup> | 0.99<sup>e</sup> | 0.94<sup>f</sup> | 0.87<sup>g</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 0.97<sup>c</sup> | 0.99<sup>d</sup> | 0.99<sup>e</sup> | 0.94<sup>f</sup> | 0.87<sup>g</sup>  |
| Ratio of net investment income | 0.11 | 0.14 | 0.22 | 0.19 | 0.22  |
| Portfolio turnover rate % | 43 | 10 | 8 | 18 | 12 |

---

<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> Includes interest expense of $541 or 0.00% of average net assets.

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

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

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

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

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

34<br>

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

**RMB MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $49.95 | $43.43 | $42.09 | $60.65 | $39.31  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.50 | 0.46 | 0.58 | 0.27 | 0.26  |
|  Net realized and unrealized gain (loss) on securities and options | 5.99 | 7.01 | 1.32 | (11.55) | 21.90  |
| **Total from investment operations** | 6.49 | 7.47 | 1.90 | (11.28) | 22.16  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.50) | (0.58) | (0.56) | (0.34) | (0.42)  |
|  Distributions from capital gains (from securities and options transactions) | (2.81) | (0.37) |  | (6.94) | (0.40)  |
| **Total distributions** | (3.31) | (0.95) | (0.56) | (7.28) | (0.82)  |
| **Net asset value, end of year** | $53.13 | $49.95 | $43.43 | $42.09 | $60.65  |
| Total return % | 12.85 | 17.06 | 4.52 | -19.00 | 56.44  |
| Net assets, end of year (in $000's) | $55274 | $58339 | $59184 | $67571 | $95124  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 1.33<sup>b</sup> | 1.39<sup>c</sup> | 1.37<sup>d</sup> | 1.29<sup>e</sup> | 1.24<sup>f</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.33<sup>b</sup> | 1.39<sup>c</sup> | 1.37<sup>d</sup> | 1.29<sup>e</sup> | 1.24<sup>f</sup>  |
| Ratio of net investment income | 1.01 | 1.04 | 1.55 | 0.52 | 0.49  |
| Portfolio turnover rate % | 50 | 66 | 49 | 42 | 70 |

---

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

<sup>b</sup> Includes interest expense of $172 or 0.00% of average net assets.

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

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

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

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

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

35<br>

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

**RMB MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $42.98 | $37.54 | $36.48 | $53.71 | $34.99  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | 0.11 | 0.11 | 0.26 | (0.10) | (0.12)  |
|  Net realized and unrealized gain (loss) on securities and options | 5.11 | 6.00 | 1.10 | (10.19) | 19.44  |
| **Total from investment operations** | 5.22 | 6.11 | 1.36 | (10.29) | 19.32  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.19) | (0.30) | (0.30) |  | (0.20)  |
|  Distributions from capital gains (from securities and options transactions) | (2.81) | (0.37) |  | (6.94) | (0.40)  |
| **Total distributions** | (3.00) | (0.67) | (0.30) | (6.94) | (0.60)  |
| **Net asset value, end of year** | $45.20 | $42.98 | $37.54 | $36.48 | $53.71  |
| Total return % | 12.00 | 16.15 | 3.73 | -19.59 | 55.28  |
| Net assets, end of year (in $000's) | $18730 | $17946 | $18096 | $22193 | $30687  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 2.08<sup>b</sup> | 2.14<sup>c</sup> | 2.12<sup>d</sup> | 2.04<sup>e</sup> | 1.99<sup>f</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 2.08<sup>b</sup> | 2.14<sup>c</sup> | 2.12<sup>d</sup> | 2.04<sup>e</sup> | 1.99<sup>f</sup>  |
| Ratio of net investment income (loss) | 0.26 | 0.28 | 0.80 | (0.23) | (0.27)  |
| Portfolio turnover rate % | 50 | 66 | 49 | 42 | 70 |

---

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

<sup>b</sup> Includes interest expense of $57 or 0.00% of average net assets.

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

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

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

<sup>f</sup> Includes interest expense of $68 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 MENDON FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $51.14 | $44.43 | $43.04 | $61.84 | $40.06  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.66 | 0.59 | 0.71 | 0.42 | 0.41  |
|  Net realized and unrealized gain (loss) on securities and options | 6.12 | 7.19 | 1.34 | (11.80) | 22.32  |
| **Total from investment operations** | 6.78 | 7.78 | 2.05 | (11.38) | 22.73  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.63) | (0.70) | (0.66) | (0.48) | (0.55)  |
|  Distributions from capital gains (from securities and options transactions) | (2.81) | (0.37) |  | (6.94) | (0.40)  |
| **Total distributions** | (3.44) | (1.07) | (0.66) | (7.42) | (0.95)  |
| **Net asset value, end of year** | $54.48 | $51.14 | $44.43 | $43.04 | $61.84  |
| Total return % | 13.12 | 17.35 | 4.77 | -18.80 | 56.84  |
| Net assets, end of year (in $000's) | $158084 | $100298 | $120894 | $127472 | $184454  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 1.08<sup>b</sup> | 1.14<sup>c</sup> | 1.13<sup>d</sup> | 1.04<sup>e</sup> | 0.99<sup>f</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.08<sup>b</sup> | 1.14<sup>c</sup> | 1.13<sup>d</sup> | 1.04<sup>e</sup> | 0.99<sup>f</sup>  |
| Ratio of net investment income | 1.30 | 1.31 | 1.84 | 0.77 | 0.75  |
| Portfolio turnover rate % | 50 | 66 | 49 | 42 | 70 |

---

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

<sup>b</sup> Includes interest expense of $478 or 0.00% of average net assets.

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

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

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

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

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

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**RMB INTERNATIONAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $9.33 | $9.55 | $8.63 | $10.60 | $9.78  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.18 | 0.16 | 0.16 | 0.15 | 0.10  |
| Net realized and unrealized gain (loss) on securities | 2.87 | (0.15) | 0.95 | (1.94) | 0.83  |
| **Total from investment operations** | 3.05 | 0.01 | 1.11 | (1.79) | 0.93  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.20) | (0.23) | (0.19) | (0.18) | (0.11)  |
|  Distributions from capital gains (from securities transactions) |  |  |  |  | —  |
| **Total distributions** | (0.20) | (0.23) | (0.19) | (0.18) | (0.11)  |
| **Net asset value, end of year** | $12.18 | $9.33 | $9.55 | $8.63 | $10.60  |
| Total return % | 32.74 | 0.02 | 12.94 | -16.94 | 9.53  |
| Net assets, end of year (in $000's) | $295392 | $213444 | $250304 | $242798 | $317071  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 0.97<sup>b</sup> | 0.99<sup>c</sup> | 0.99 | 0.95<sup>d</sup> | 0.91  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 0.97<sup>b</sup> | 0.99<sup>c</sup> | 0.99 | 0.95<sup>d</sup> | 0.91  |
|  Ratio of net investment income after reimbursement/ recovery | 1.65 | 1.57 | 1.80 | 1.62 | 0.99  |
|  Ratio of net investment income before reimbursement/ recovery | 1.65 | 1.57 | 1.80 | 1.62 | 0.99  |
| Portfolio turnover rate % | 31 | 25 | 44 | 30 | 21 |

---

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

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

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

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

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

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**RMB SMALL CAP FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $16.83 | $14.92 | $13.30 | $18.15 | $15.56  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.05 | 0.04 | 0.05 | 0.09 | 0.08  |
| Net realized and unrealized gain (loss) on securities | (0.04) | 2.23 | 2.41 | (4.58) | 3.68  |
| **Total from investment operations** | 0.01 | 2.27 | 2.46 | (4.49) | 3.76  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.08) | (0.02) | (0.04) | (0.09) | (0.09)  |
|  Distributions from capital gains (from securities transactions) | (0.87) | (0.34) | (0.80) | (0.27) | (1.08)  |
| **Total distributions** | (0.95) | (0.36) | (0.84) | (0.36) | (1.17)  |
| **Net asset value, end of year** | $15.89 | $16.83 | $14.92 | $13.30 | $18.15  |
| Total return % | -0.02 | 15.09 | 18.53 | -24.80 | 24.38  |
| Net assets, end of year (in $000's) | $129330 | $149740 | $113528 | $89694 | $141517  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 0.95<sup>b</sup> | 0.95 | 0.95 | 0.95<sup>c</sup> | 0.95  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.14<sup>b</sup> | 1.13 | 1.17 | 1.13<sup>c</sup> | 1.06  |
|  Ratio of net investment income after reimbursement/ recovery | 0.28 | 0.27 | 0.35 | 0.61 | 0.44  |
|  Ratio of net investment income before reimbursement/ recovery | 0.09 | 0.09 | 0.13 | 0.43 | 0.33  |
| Portfolio turnover rate % | 9 | 14 | 12 | 15 | 7 |

---

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

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

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

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

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**RMB SMID CAP FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  | **Class I Shares**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $12.39 | $12.27 | $11.26 | $15.43 | $12.73  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>a</sup> | 0.03 | 0.05 | 0.07 | 0.09 | 0.08  |
| Net realized and unrealized gain (loss) on securities | 0.31 | 1.25 | 2.18 | (3.31) | 3.47  |
| **Total from investment operations** | 0.34 | 1.30 | 2.25 | (3.22) | 3.55  |
| **LESS DISTRIBUTIONS**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.04) | (0.13) | (0.13) | (0.15) | (0.08)  |
| Distributions from return of capital |  |  |  |  | (0.01)  |
|  Distributions from capital gains (from securities transactions) | (2.06) | (1.05) | (1.11) | (0.80) | (0.76)  |
| **Total distributions** | (2.10) | (1.18) | (1.24) | (0.95) | (0.85)  |
| **Net asset value, end of year** | $10.63 | $12.39 | $12.27 | $11.26 | $15.43  |
| Total return % | 2.55 | 10.03 | 20.06 | -20.87 | 28.10  |
| Net assets, end of year (in $000's) | $70183 | $83878 | $86468 | $88824 | $287589  |
| Ratio to average net assets %<br>|  |  |  |  |  |
|  Ratio of total expenses after reimbursement/recovery (Note 5) | 0.80<sup>b</sup> | 0.80<sup>c</sup> | 0.80<sup>d</sup> | 0.80<sup>e</sup> | 0.80<sup>f</sup>  |
|  Ratio of total expenses before reimbursement/recovery (Note 5) | 1.09<sup>b</sup> | 1.06<sup>c</sup> | 1.05<sup>d</sup> | 0.91<sup>e</sup> | 0.84<sup>f</sup>  |
|  Ratio of net investment income after reimbursement/ recovery | 0.20 | 0.38 | 0.58 | 0.71 | 0.54  |
|  Ratio of net investment income (loss) before reimbursement/recovery | (0.09) | 0.12 | 0.33 | 0.60 | 0.50  |
| Portfolio turnover rate % | 12 | 19 | 4 | 4 | 9 |

---

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

<sup>b</sup> Includes interest expense of $2,934 or 0.00% of average net assets.

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

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

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

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

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

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**RMB QUALITY INTERMEDIATE CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | |
|:---|:---|
|  | **Class I Shares**  |
|  | **Period Ended** <br>**December 31, 2025<sup>a</sup>**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
| **LESS DISTRIBUTIONS**<br>|  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)  |
| Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.02  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;1.18<sup>c</sup>  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $198805  |
| Ratio to average net assets %<br>|  |
| Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>d</sup>  |
| Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>d</sup>  |
| Ratio of net investment income after reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;3.62<sup>d</sup>  |
| Ratio of net investment income before reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;3.47<sup>d</sup>  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0<sup>c</sup> |

---

<sup>a</sup> Commenced operations on September 22, 2025.

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

<sup>c</sup> Not Annualized.

<sup>d</sup> Annualized.

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

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**RMB QUALITY INTERMEDIATE TAX-EXEMPT MUNICIPAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | |
|:---|:---|
|  | **Class I Shares**  |
|  | **Period Ended** <br>**December 31, 2025<sup>a</sup>**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME FROM INVESTMENT OPERATIONS**<br>|  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on securities | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| **LESS DISTRIBUTIONS**<br>|  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)  |
| Distributions from capital gains (from securities transactions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| Total return % | &nbsp;&nbsp;&nbsp;&nbsp;1.36<sup>c</sup>  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102757  |
| Ratio to average net assets %<br>|  |
| Ratio of total expenses after reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>d,e</sup>  |
| Ratio of total expenses before reimbursement/recovery (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;0.69<sup>d,e</sup>  |
| Ratio of net investment income after reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.80<sup>d</sup>  |
| Ratio of net investment income before reimbursement/recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.46<sup>d</sup>  |
| Portfolio turnover rate % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<sup>c</sup> |

---

<sup>a</sup> Commenced operations on September 22, 2025.

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

<sup>c</sup> Not Annualized.

<sup>d</sup> Annualized.

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

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

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025** 

**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 seven series: RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, RMB SMID Cap Fund, RMB Quality Intermediate Core Fund, and RMB Quality Intermediate Tax-Exempt Municipal Fund (each, a "Fund" and collectively, the "Funds"). Curi Capital, LLC ("Curi" or the "Adviser") serves as the investment adviser to the Funds. Mendon Capital Advisors Corp. ("Mendon" or the "Sub-Adviser") serves as sub-adviser to the RMB Mendon Financial Services Fund.

Each Fund's, except the RMB Quality Intermediate Core Fund's and RMB Quality Intermediate Tax-Exempt Municipal Fund's, investment objective primarily or solely consists of seeking capital appreciation or long-term capital appreciation. The RMB Quality Intermediate Core Fund's and RMB Quality Intermediate Tax-Exempt Municipal Fund's investment objective primarily or solely consists of seeking current income.

RMB Fund and RMB Mendon Financial Services Fund offer Class A, Class C, and Class I shares. RMB International Fund, RMB Small Cap Fund, RMB SMID Cap Fund, RMB Quality Intermediate Core Fund, and RMB Quality Intermediate Tax-Exempt Municipal 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;

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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.

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** 

**December 31, 2025(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.**

**Segment Reporting. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer, who serve as the chief operating decision maker, using the information presented in the financial statements and financial highlights.** 

**New Accounting Pronouncement. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management has evaluated the impact and determined that the adoption of the ASU does not have a material impact on the financial statements.** 

2. Adviser Fees

Curi 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% |
| **RMB Quality Intermediate Core Fund** | 0.25% |
| **RMB Quality Intermediate Tax-Exempt Municipal Fund** | 0.25% |

---

The Adviser pays the Sub-Adviser for services with respect to the RMB Mendon Financial Services Fund.

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

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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% |
| **RMB Quality Intermediate Core Fund** |  |  | 0.35% |
| **RMB Quality Intermediate Tax-Exempt Municipal Fund** |  |  | 0.35% |

---

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 costs and expenses approved by the Board.

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

With respect to the RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, and RMB SMID Cap Fund, 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. With respect to the RMB Quality Intermediate Core Fund and RMB Quality Intermediate Tax-Exempt Municipal Fund, the Agreement will remain in effect through September 22, 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** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| 2023 | &nbsp;&nbsp;&nbsp; 2026 | $217357 | $213349 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| 2024 | &nbsp;&nbsp;&nbsp; 2027 | $263297 | $223165 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| 2025 | &nbsp;&nbsp;&nbsp; 2028 | $251329 | $223139 | &nbsp;&nbsp; $68032 | &nbsp;&nbsp; $75765 |

---

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 year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| **RMB Fund** | $47826163 | $60748796  |
| **RMB Mendon Financial Services Fund** | $136109396 | $103614686  |
| **RMB International Fund** | $90624027 | $75282855  |
| **RMB Small Cap Fund** | $11850658 | $32020746  |
| **RMB SMID Cap Fund** | $8778389 | $21314488  |
| **RMB Quality Intermediate Core Fund** | $173046298 | $466720  |
| **RMB Quality Intermediate Tax-Exempt Municipal Fund** | $92843217 | $1170000 |

---

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** 

**December 31, 2025(Continued)** 

Loan Agreement equals the prime rate minus one percent per annum, payable monthly. For the year ended December 31, 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>**12/31/2025**  |
| **RMB Fund** | &nbsp;&nbsp;&nbsp; $1587375 | &nbsp;&nbsp;&nbsp;&nbsp; $2877000 | &nbsp;&nbsp;&nbsp;&nbsp; $2143 | &nbsp;&nbsp; 6.13% | &nbsp;&nbsp; $0  |
|  **RMB Mendon Financial Services Fund** | &nbsp;&nbsp;&nbsp; 270733 | &nbsp;&nbsp;&nbsp;&nbsp; 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp; 6.38% | &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; 1631900 | &nbsp;&nbsp;&nbsp;&nbsp; 3526000 | &nbsp;&nbsp;&nbsp;&nbsp; 2934 | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp; **RMB Quality Intermediate** <br>**Tax-Exempt Municipal Fund** | &nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 6.25% | &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** 

**December 31, 2025(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 2025 and 2024 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** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| **Fiscal year ended 12/31/2025** | **Fiscal year ended 12/31/2025** |  |  |  |  |  |  |
| Distributions paid from:<br>|  |  |  |  |  |  |  |
| Ordinary Income | $— | &nbsp;&nbsp; $5734923 | $4828994 | $686804 | $221664 | $1584861 | &nbsp;&nbsp; $4130  |
| Long-Term Capital Gain | 10399845 | &nbsp;&nbsp; 8256888 |  | 6593148 | 11881318 |  | &nbsp;&nbsp; —  |
| Tax-Exempt Income |  | &nbsp;&nbsp; — |  |  |  |  | &nbsp;&nbsp; 626035  |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid | $10399845 | &nbsp;&nbsp; $13991811 | $4828994 | $7279952 | $12102982 | $1584861 | &nbsp;&nbsp; $630165  |
| **Fiscal year ended 12/31/2024** | **Fiscal year ended 12/31/2024** |  |  |  |  |  |  |
| Distributions paid from:<br>|  |  |  |  |  |  |  |
| Ordinary Income | $27442 | &nbsp;&nbsp; $3437479 | $5122386 | $1290245 | $329568 | N/A | &nbsp;&nbsp; N/A  |
| Long-Term Capital Gain | 7028453 | &nbsp;&nbsp; — |  | 1880179 | 6296151 | N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid | $7055895 | &nbsp;&nbsp; $3437479 | $5122386 | $3170424 | $6625719 | N/A | &nbsp;&nbsp; N/A |

---

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, 2025.

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **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** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| Tax cost of investments | $50109769 | $175354711 | $214811242 | $74397051 | $38421460 | $197152425 | $101440478  |
| Unrealized appreciation | 65223269 | 62189065 | 89491155 | 58668862 | 35898797 | 343964 | 564948  |
| Unrealized depreciation | (784950) | (2051540) | (5813654) | (4733095) | (2898235) | (198196) | (92982)  |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 64438319 | 60137525 | 83677501 | 53935767 | 33000562 | 145768 | 471966  |
| Undistributed ordinary income |  | 27171 | 1903653 |  |  | 78574 | 14000  |
|  Undistributed long-term capital gains | 542254 | 64896 |  |  |  |  | —  |
| Total distributable earnings | 542254 | 92067 | 1903653 |  |  | 78574 | 14000  |
| Other accumulated losses |  | (38555452)<sup>1</sup> | (22011358) | (371086) | (41793) | (69959)  | (20616) |
| Total accumulated gain/(loss) | $64980573 | $21674140 | $63569796 | $53564681 | $32958769 | $154383 | $465350 |

---

<sup>1</sup> Includes $31,414,197 of short-term and $7,141,163 of long-term capital losses acquired from the RMB Mendon Financial Long/Short Fund (the "Target Fund"). 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 Target Fund were transferred to the RMB Mendon Financial Services Fund (the "Acquiring Fund") in exchange for shares of the Acquiring Fund. 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** 

**December 31, 2025(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, 2025 and the capital loss carryforwards utilized by the Funds in 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <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** | **Not Subject to Expiration** | **Not Subject to Expiration** |
| Short-Term | $— | &nbsp;&nbsp;&nbsp; $— | $(22104335) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(375) | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Long-Term | $— | &nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| **2025**<br>|  |  |  |  |  |  |  |
| Capital Loss Carryforward Utilized | $— | &nbsp;&nbsp;&nbsp; $204497 | $11080666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

At December 31, 2025, the RMB Small Cap Fund had deferred post-October losses of $295,175. The RMB Small Cap Fund and RMB SMID Cap Fund had deferred late-year ordinary losses of $75,911 and $41,794, respectively.

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, 2025, 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** | **RMB Quality** <br>**Intermediate** <br>**Core Fund** | **RMB Quality** <br>**Intermediate** <br>**Tax-Exempt** <br>**Municipal** <br>**Fund**  |
| **Increase/(Decrease)**<br>|  |  |  |  |  |  |  |
| Distributable Earnings | $(1659948) | &nbsp;&nbsp; $(998193) | &nbsp;&nbsp; $— | $(1159007) | $(1466210) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| Paid-In Capital | $1659948 | &nbsp;&nbsp; $998193 | &nbsp;&nbsp; $— | $1159007 | $1466210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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 year ended December 31, 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 December 31, 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

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

the issuer of the security. Equity securities risk is the risk that the price of an equity security held by a 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'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

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**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

available. These inputs include, but are not limited to, the cost of the 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 December 31, 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 December 31, 2025** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **RMB Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $113798904 | $— | $— | $113798904  |
| Money Market Funds | 749184 |  |  | 749184  |
| **Total Investments** | $114548088 | $— | $— | $114548088  |
| **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $232368162 | $— | $— | $232368162  |
| Money Market Funds | 3864699 |  |  | 3864699  |
| **Total** | $236232861 | $— | $— | $236232861  |
| **Liabilities**<br>|  |  |  |  |
| Written Options<sup>1</sup> |  | (740625) | 0<sup>2</sup> | (740625)  |
| **Total Investments** | $236232861 | $(740625) | $0 | $235492236  |
| **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1,3</sup> | $— | $289363040 | $— | $289363040  |
| Exchange Traded Funds | 2802155 |  |  | 2802155  |
| Money Market Funds | 6323548 |  |  | 6323548  |
| **Total Investments** | $9125703 | $289363040 | $— | $298488743  |
| **RMB Small Cap Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $123713839 | $— | $— | $123713839  |
| Money Market Funds | 4618979 |  |  | 4618979  |
| **Total Investments** | $128332818 | $— | $— | $128332818  |
| **RMB SMID Cap Fund**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Common Stocks<sup>1</sup> | $70821207 | $— | $— | $70821207  |
| Money Market Funds | 600815 |  |  | 600815  |
| **Total Investments** | $71422022 | $— | $— | $71422022  |

---

52<br>

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

**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At December 31, 2025** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **RMB Quality Intermediate Core Fund** | **RMB Quality Intermediate Core Fund** | **RMB Quality Intermediate Core Fund** | **RMB Quality Intermediate Core Fund** |  |
| **Assets**<br>|  |  |  |  |
| U.S. Treasury Securities | $— | $123703515 | $— | $123703515  |
|  Collateralized Mortgage Obligations |  | 26192205 |  | 26192205  |
| Corporate Bonds<sup>1</sup> |  | 20733864 |  | 20733864  |
| Mortgage-Backed Securities |  | 2116018 |  | 2116018  |
| U.S. Treasury Bills |  | 17995835 |  | 17995835  |
| Money Market Funds | 6556756 |  |  | 6556756  |
| **Total Investments** | $6556756 | $190741437 | $— | $197298193  |
| &nbsp;&nbsp;&nbsp; **RMB Quality Intermediate** <br>**Tax-Exempt Municipal Fund** | &nbsp;&nbsp;&nbsp; **RMB Quality Intermediate** <br>**Tax-Exempt Municipal Fund** | &nbsp;&nbsp;&nbsp; **RMB Quality Intermediate** <br>**Tax-Exempt Municipal Fund** | &nbsp;&nbsp;&nbsp; **RMB Quality Intermediate** <br>**Tax-Exempt Municipal Fund** |  |
| **Assets**<br>|  |  |  |  |
| Municipal Bonds<sup>1</sup> | $— | $93685002 | $— | $93685002  |
| Money Market Funds | 8227442 |  |  | 8227442  |
| **Total Investments** | $8227442 | $93685002 | $— | $101912444 |

---

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

<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 December 31, 2025.

---

| | |
|:---|:---|
|  | **RMB** <br>**International** <br>**Fund**  |
| Australia | $8498390  |
| Belgium | 9110360  |
| Finland | 6946865  |
| France | 44085172  |
| Germany | 26557955  |
| Hong Kong | 7103385  |
| Italy | 10697636  |
| Japan | 62479395  |
| Netherlands | 22076786  |
| Singapore | 5146609  |
| Sweden | 5939991  |
| Switzerland | 21310640  |
| United Kingdom | 59409856  |
| Total | $289363040 |

---

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.**

53<br>

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

**RMB INVESTORS TRUST** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure as of December 31, 2025:

**Fair Value of Deriviative Instruments** 

**As of December 31, 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  | $740625 |

---

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

**For the year ended December 31, 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 <br>options | &nbsp;&nbsp; $705765  |  |
|  |  | Net unrealized <br>appreciation/<br>depreciation on written <br>options |  | &nbsp;&nbsp;&nbsp;&nbsp; $(6183) |

---

The derivative instruments outstanding as of the year ended December 31, 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 year ended December 31, 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 December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Instrument** | **Number of Contracts** | **Notional Value**  |
|  **RMB Mendon Financial Services Fund** | Equity Contracts | Call Option Written  | (5760)  | &nbsp;&nbsp; $(566775) |

---

The average number of derivative instruments is based on the average quarter end balances for the period January 1, 2025 to December 31, 2025.

15. Subsequent Events

The Adviser recommended, and the Board approved, the reorganization of the RMB Small Cap Fund into the RMB SMID Cap Fund. It is currently anticipated that the reorganization will be completed as of the close of business on or about April 24, 2026.

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 other events that require recognition or disclosure in the financial statements.

54<br>

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

**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

**Tax Information** 

For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| RMB Fund | 0.00%  |
| RMB Mendon Financial Services Fund | 79.66%  |
| RMB International Fund | 100.00%  |
| RMB Small Cap Fund | 96.54%  |
| RMB SMID Cap Fund | 100.00%  |
| RMB Quality Intermediate Core Fund | 0.00%  |
| RMB Quality Intermediate Tax-Exempt Municipal Fund | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions that qualify for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| RMB Fund | 0.00%  |
| RMB Mendon Financial Services Fund | 79.66%  |
| RMB International Fund | 0.00%  |
| RMB Small Cap Fund | 96.54%  |
| RMB SMID Cap Fund | 100.00%  |
| RMB Quality Intermediate Core Fund | 0.00%  |
| RMB Quality Intermediate Tax-Exempt Municipal Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund during the fiscal year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| RMB Fund | 0.00%  |
| RMB Mendon Financial Services Fund | 59.49%  |
| RMB International Fund | 0.00%  |
| RMB Small Cap Fund | 11.71%  |
| RMB SMID Cap Fund | 0.00%  |
| RMB Quality Intermediate Core Fund | 0.00%  |
| RMB Quality Intermediate Tax-Exempt Municipal Fund | 0.00% |

---

55<br>

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

**RMB INVESTORS TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and** 

**Board of Trustees of the** 

**RMB Investors Trust** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, RMB SMID Cap Fund, RMB Quality Intermediate Core Fund, and RMB Quality Intermediate Tax-Exempt Municipal Fund (the "Funds"), each a series of the RMB Investors Trust (the "Trust"), including the portfolio holdings, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds** <br>**Constituting** <br>**RMB Investors Trust**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial** <br>**Highlights**  |
| RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Small Cap Fund, and RMB SMID Cap Fund<br>| For the year ended December 31, 2025  | For each of the two years in the period ended December 31, 2025  | For each of the five years in the period ended December 31, 2025 |
| RMB Quality Intermediate Core Fund and RMB Quality Intermediate Tax-Exempt Municipal Fund<br>| For the period September 22, 2025 (commencement of operations) through December 31, 2025 | For the period September 22, 2025 (commencement of operations) through December 31, 2025 | For the period September 22, 2025 (commencement of operations) through December 31, 2025 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025

56<br>

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

**RMB INVESTORS TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](rmbsig.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania** 

**February 20, 2026**

57<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 Capital, LLC**<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 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 $70,000.

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

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

Not applicable for the period covered by this report.

**<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 and made known to them by others within the Registrant and by the Registrant's
 service provider.

&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.* [Incorporated by reference to the Registrant's Form N-CSR filed March 9, 2018.](https://www.sec.gov/Archives/edgar/data/30126/000089418918001589/coe.htm)

&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 of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* <u>Filed herewith.</u>](ritsa-efp22672_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act 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-efp22672_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>February 25, 2026</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>February 25, 2026</u>

---

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

---

Date <u>February 25, 2026</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: | February 25, 2026 | /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.

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| | | |
|:---|:---|:---|
| Date: | February 25, 2026 | /s/ Maher A. Harb |
|  |  | Maher A. Harb, Chief Financial Officer and Treasurer<br> (Principal Executive Officer) |

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## 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 year ended December 31, 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>February 25, 2026</u>

---

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

---

Dated: <u>February 25, 2026</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.