# EDGAR Filing Document

**Accession Number:** 0000030126
**File Stem:** 0001104659-23-029077
**Filing Date:** 2023-3
**Character Count:** 217660
**Document Hash:** ee0fe89a26b578cfb4412af473cf4c35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029077.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001104659-23-029077

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RMB INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000030126
- **IRS NUMBER:** 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:** 23709729

**BUSINESS ADDRESS:**
- **STREET 1:** 115 SOUTH LASALLE STREET
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 8008743863

**MAIL ADDRESS:**
- **STREET 1:** 115 SOUTH LASALLE STREET
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**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 Japan Fund (Series ID: S000060195)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000197005 | Class I      | RMBPX           |

### 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           |

As filed with the Securities and Exchange Commission on March 6, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>115 South LaSalle Street, 34th Floor</u>**

**<u>Chicago, IL 60603</u>**<br> (Address of principal executive offices) (Zip code)

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

**<u>115 South LaSalle Street, 34th Floor</u>**

**<u>Chicago, IL 60603</u>**<br> (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, 2022</u>**

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

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

#### DECEMBER 31, 2022

## ANNUAL

## Report

#### THE RMB FAMILY OF FUNDS
RMB Fund

RMB Mendon Financial Services Fund

RMB International Fund

RMB Japan Fund

RMB Small Cap Fund

RMB SMID Cap Fund

![[MISSING IMAGE: lg_rmbfunds-4c.jpg]](lg_rmbfunds-4c.jpg)

------

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

## **Table of Contents**

---

| | |
|:---|:---|
| | **Page**  |
| [Management's Discussion of Fund Performance (Unaudited)](#tMDOF1) | [1](#tMDOF1) |
| &nbsp;&nbsp;&nbsp; [RMB Fund](#tMDOF2)  | [1](#tMDOF2) |
| &nbsp;&nbsp;&nbsp; [RMB Mendon Financial Services Fund](#tRMFSS1)  | [3](#tRMFSS1) |
| &nbsp;&nbsp;&nbsp; [RMB International Fund](#tRIFP2)  | [5](#tRIFP2) |
| &nbsp;&nbsp;&nbsp; [RMB Japan Fund](#tRJFP3)  | [7](#tRJFP3) |
| &nbsp;&nbsp;&nbsp; [RMB Small Cap Fund](#tRSCF4)  | [9](#tRSCF4) |
| &nbsp;&nbsp;&nbsp; [RMB SMID Cap Fund](#tRSCF5)  | [11](#tRSCF5) |
| [Fund Information (Unaudited)](#tFIU) | [13](#tFIU) |
| [Portfolio Holdings](#tPHAO) | [14](#tPHAO) |
| [Statements of Assets and Liabilities](#tSOAA) | [23](#tSOAA) |
| [Statements of Operations](#tSOOF) | [25](#tSOOF) |
| [Statements of Changes in Net Assets](#tSOCI) | [27](#tSOCI) |
| [Financial Highlights](#tFHFA) | [32](#tFHFA) |
| [Notes to Financial Statements](#tNTFS) | [36](#tNTFS) |
| [Other Information (Unaudited)](#tOIU) | [44](#tOIU) |
| [Auditor Opinion](#tROI1) | [46](#tROI1) |
| [Independent Trustees (Unaudited)](#tINT1) | [48](#tINT1) |
| [Privacy Notice](#tPRNO) | [49](#tPRNO) |

---

------

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

## Management's Discussion of Fund Performance (Unaudited)

#### RMB Fund
For the year ended December 31, 2022, the RMB Fund (the "Fund") (Class A shares) underperformed the benchmark, returning -21.20% (net of fees), compared with the S&P 500 Index total return of -18.11% for the same period. Drilling further into performance from a traditional attribution perspective, the Fund's underperformance relative to the S&P 500 was all driven by negative sector allocation with minimal impact from stock selection. The Energy, Health Care and Industrials sectors were notable detractors from performance, partially offset by positive contribution in the Consumer Discretionary and Information Technology sectors.

In reviewing 2022 financial markets, there were very few places to hide from negative returns. Most notably, domestic stocks and bonds both declined significantly as the diversification benefits from holding a mix of stocks and bonds did not work to provide downside protection. The yield on the U.S. 10-year Treasury rose from 1.50% to 3.88%, one of the more dramatic historical increases and on the heels of fairly low interest rates for over a decade post the Global Financial Crisis of 2008-2009. The surge in inflation that we first saw last year persisted to levels that the U.S. had not seen since the early 1980's! The Fed's belief that inflation would be "transitory" had to be abandoned in favor of an aggressive rate hiking cycle to try and dampen inflation which exceeded 9% year-over-year by mid-summer. The Fed's policy decision to wait too long to raise rates, along with unprecedented fiscal stimulus in 2020 and 2021, ultimately were two principal factors that led to the inflation problem the country experienced this year. Lagging supply chain issues and the war in Ukraine threw fuel on the fire. We believe that we've likely seen peak inflation and it will be tamed in 2023, although it may be difficult to get all the way down to the Fed's 2% long term inflation target by year end. The rate hikes are already having an impact on economic growth, and consensus is for some level of economic contraction this year. We tend to agree that it does seem more likely than not that the U.S. will enter a recession, although we have a hard time opining on the hard vs soft landing debate, i.e. the severity and duration of a downturn. The starting point of an extremely tight domestic labor market (mid 3% unemployment) might make inflation stickier that it would otherwise be in a typical downturn, but also make a recession less impactful to the average worker in terms of job losses. There are few similar points in past economic history to draw upon, making it even more difficult for economists to forecast what's most likely to happen in the next 12-24 months.

U.S. corporations enter this uncertain period in relatively good shape, and we see signs that they are proactively taking steps for a recession. Earnings recovered substantially in 2021, off 2020's pandemic depressed levels, and grew an estimated additional 3% in 2022, largely driven by strength in the Energy sector. Forward earnings estimates have been declining in the second half of 2022 and we believe that 2023 estimates are likely still too high. We wouldn't be surprised to see forward earnings estimates fall further during the fourth quarter earnings season that is about to get underway. Wall Street analysts are notorious for missing inflection points, and bottom-up estimates are likely still too optimistic. With an estimated 3% growth in S&P 500 earnings in 2022, the S&P 500's price-to-earnings ("P/E") ratio declined nearly 22% (about 5 points) which can largely be attributed to the rise in interest rates and worries about future earnings power. Long term expectations for interest rates influence the discount rate on which stocks are valued, with P/E multiples being loosely defined as the inverse of the long-term discount rate, adjusted for a 3-4% equity risk premium. When we penned this letter at the end of last year, we saw downside risk in the market's historically high multiple and we certainly saw that play out in 2022. While there could be more downwards bias to the market multiple depending on where interest rates move, underlying earnings power for 2023 and 2024 could be more influential on where market indexes go this year. We think quality companies with resilient business models that have secular growth stories could be more resilient than cyclicals, but time will tell. Above average volatility and so called "bear market rallies" seem highly likely.

U.S. corporate earnings, which is the biggest long-term driver of stock prices, recovered substantially in 2021, but plateaued in 2022 and are likely to contract in 2023 if the economy falters as seems likely. Valuations on stocks look neither expensive nor cheap compared to history. Today the market is trading at 16.7x 2023 and 15.1x 2024 earnings estimates versus a very long-term average around 16x. As we mentioned earlier, we think there could be further downwards revisions to current estimates which would make the forward multiple higher. Typically, it's hard for stocks to sustainably rise when forward estimates are being lowered, but once the market feels like they've bottomed and better growth lies ahead, it can rally. The stock market is a forward discounting mechanism after all. Interest rates and how they affect the discount rate is another important factor in market valuations. With the 10-year Treasury well off its fourth quarter peak, perhaps market rates have peaked for this cycle. Another rate phenomenon worth mentioning is the spread between short term rates and long-term rates today. During 2022, there were instances in which the interest rate on the 10 year U.S. Treasury bond was less than the interest rate on shorter term U.S. Treasury bills, such as the 3 month and 2 year Treasury bill. This is referred to as an inverted yield curve, and it has historically signaled that a recession is on the horizon and it's hard to argue with what the bond market implies. Whether this means that we will actually get outright rate cuts from the Fed later this year or that the Fed will need to hold rates high to squash inflation is central to the debate on where market indices may head in 2023. No matter what ultimately happens, we think there will be a fair amount of market volatility in both directions as this plays out.

As always, while we may opine on our view of the overall market, we do not pretend to have any ability to predict where the market is heading in the short or intermediate term. It's a very difficult, if not impossible, task to add value by timing the market. We think it's prudent to keep return expectations modest for the next few years, although after the market decline in 2022 the risk-reward over a 3-5 year horizon has improved. As a reminder, the starting point makes a big difference to how returns compound. We continue to focus the Fund's efforts on owning companies with good secular growth prospects, strong economic moats, underleveraged balance sheets, and superior management teams. These are companies we believe can compound value for shareholders for years into the future. The opportunities to find high-quality growth companies selling at attractive valuations is not abundant, but we will continue to use our "bottom-up" search to optimize the Fund. If we adhere to our disciplined investment process and manage portfolio risk, we

RMB FUND

------

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

## RMB Fund PORTFOLIO INVESTMENTS
aim to continue to add value to market returns in subsequent years. We'd like to wish everyone a happy new year and a sincere thank you for the continued trust you place in us to manage your assets. If you have any questions, please do not hesitate to contact us.

---

| | |
|:---|:---|
| **Sectors**  | **% of net<br>assets** |
| Information Technology | 29.4% |
| Financials | 17.1% |
| Health Care | 16.4% |
| Consumer Discretionary | 13.8% |
| Communication Services | 6.6% |
| Consumer Staples | 6.1% |
| Industrials | 4.1% |
| Real Estate | 3.5% |
| Materials | 2.8% |
|  | 99.8% |
| Cash & Other Assets, Less Liabilities | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| Microsoft Corp. | 7.5% |
| Alphabet, Inc. — Class A | 5.2% |
| Visa, Inc. — Class A | 3.9% |
| Apple, Inc. | 3.7% |
| Danaher Corp. | 3.6% |
| Keurig Dr. Pepper, Inc. | 3.2% |
| CDW Corp. | 3.1% |
| Dollar General Corp. | 3.0% |
| Diageo PLC — ADR | 2.9% |
| UnitedHealth Group, Inc. | 2.8% |
|  | 38.9% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Over Ten Years
![[MISSING IMAGE: lc_rmbfud-bw.jpg]](lc_rmbfud-bw.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total <br>Returns**  | **with max.<br>sales<br>charge<br>or CDSC^**  | **with no<br>sales<br>charges<br>or CDSC^**  | **S&P<br>500<sup>®</sup><br>Index Total<br>Return\***  | **Russell<br>3000<sup>®</sup><br>Index Total<br>Return\***  |
| **Class A** |  |  | | |
| One year | -25.14%  | -21.20%  | -18.11%  | -19.21%  |
| Three years | 4.11%  | 5.90%  | 7.66%  | 7.07%  |
| Five years | 8.50%  | 9.62%  | 9.42%  | 8.79%  |
| Ten years | 9.79%  | 10.35%  | 12.56%  | 12.13%  |
| **Class C** |  |  |  |  |
| One year | -22.51%  | -21.81%  | -18.11%  | -19.21%  |
| Three years | 5.10%  | 5.10%  | 7.66%  | 7.07%  |
| Five years | 8.80%  | 8.80%  | 9.42%  | 8.79%  |
| Ten years | 9.52%  | 9.52%  | 12.56%  | 12.13%  |
| **Class I** |  |  |  |  |
| One year | -21.02%  | -21.02%  | -18.11%  | -19.21%  |
| Three years | 6.15%  | 6.15%  | 7.66%  | 7.07%  |
| Five years | 9.88%  | 9.88%  | 9.42%  | 8.79%  |
| Since inception (02/01/17) | 11.77%  | 11.77%  | 11.22%  | 10.57%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB Fund Class A is 1.12%, for Class C is 1.87% and Class I is 0.87% as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. Total return figures include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares incur a maximum initial sales charge of 5.00%. Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB FUND

------

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

Management's Discussion of Fund Performance (Unaudited) (Continued)

#### RMB Mendon Financial Services Fund
For the year ended December 31, 2022, the RMB Mendon Financial Services Fund (the "Fund") Class A shares returned -19.00% (net of fees), versus the NASDAQ Bank Index Total Return (the "Benchmark") return of -16.28%. Relative to the Benchmark, the Fund was underweight mid-cap holdings ($5B to $50B market cap), which was the main detractor of the Fund's returns against the Benchmark, and the Fund was overweight small-cap holdings ($1B to $5B market cap) where the Fund's performance lagged the Benchmark. Some of this underperformance was attributable to holdings of non-traditional banks where there was greater volatility in 2022.

After strong outperformance for Financials in 2021 (especially the latter part of the year), 2022 witnessed the sector trading in line with the weakness of the overall market, despite improving fundamentals. Although historically bank's returns and subsequent valuations have fared much better in rising rate environments, the market narrative has quickly moved beyond recognizing the benefit of higher rates for spread lenders to imputing an immediate U.S. recession that includes severe credit deterioration and fear of all the bad things that are still in our collective consciousnesses from the Global Financial Crisis.

Macroeconomic factors roiled markets in 2022, dominated by the Federal Reserve's monetary policy. In a year where the Fed Funds target rate started at basically zero, the Fed raised rates by 425 basis points, mostly in increments of 75 basis points at a time, while also shifting from quantitative easing to quantitative tightening. Throughout the year, the market was concerned about inflation and the Fed causing a recession by raising rates too aggressively. The steeply inverted yield curve caused by these moves certainly reinforced this narrative.

Looking forward, we are constructive on our current holdings as we own a portfolio of companies that should do well whether on offense or defense. Large cap banks face higher regulatory scrutiny going forward and will be subject to nationwide financial trends, so we largely avoid them. We think that dispersion in small and mid-cap banks will be very wide in 2023, allowing active stock pickers meaningful opportunities that indexes will not be able to capitalize upon. Owning banks in specific U.S. regions continues to be a tenet of the Fund. Many, if not all, of our holdings have optionality that will allow them to thrive regardless of which direction the economy takes. In our view, a big change has happened to the sector post-Global Financial Crisis. We define optionality as a company that has multiple ways to win — it can increase shareholder value either by being a buyer, a seller, or a high-performing standalone company.

While there continues to be uncertainty to the path of the Fed, interest rates and the economy, we believe our strong relationships and countless meetings with bank management teams, their bankers, regulators and other industry participants provide us a real time, bottom-up view that informs our investment posture so that we can take advantage of the disconnects we see between market expectations and our proprietary research. Our deep industry experience helps give us context and allows us to form independent opinions outside of consensus that have enabled us to add value for our shareholders over the long-term.

RMB MENDON FINANCIAL SERVICES FUND

------

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

## RMB Mendon Financial Services Fund PORTFOLIO INVESTMENTS

---

| | | | |
|:---|:---|:---|:---|
| **Industries**  | **Long %** | **Short<br>Options %** | **% of net<br>assets** |
| Banks | 93.7% | -0.1% | 93.6% |
| Thrifts & Mortgage Finance | 4.0% | 0.0% | 4.0% |
| Information Technology Services | 1.1% | 0.0% | 1.1% |
| Diversified Financials | 1.0% | 0.0% | 1.0% |
|  | 99.8% | -0.1% | 99.7% |
| Cash & Other Assets, Less Liabilities | 0.3% | 0.0% | 0.3% |
| Total | 100.1% | -0.1% | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| Equity Bancshares, Inc. — Class A | 6.8% |
| First Bancshares, Inc. (The) | 5.7% |
| Business First Bancshares, Inc. | 5.1% |
| Byline Bancorp, Inc. | 4.8% |
| USCB Financial Holdings, Inc. | 4.6% |
| Veritex Holdings, Inc. | 4.5% |
| First Interstate BancSystem, Inc. — Class A | 4.5% |
| Origin Bancorp, Inc. | 4.0% |
| FB Financial Corp. | 3.3% |
| Coastal Financial Corp. | 3.3% |
|  | 46.6% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Over Ten Years
![[MISSING IMAGE: lc_financ-bw.jpg]](lc_financ-bw.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **with max.<br>sales<br>charge<br>or CDSC^**  | **with no<br>sales<br>charges<br>or CDSC^**  | **NASDAQ<br>Bank<br>Index Total<br>Return\***  |
| **Class A** |  |  |  |
| One year | -23.05%  | -19.00%  | -16.28%  |
| Three years | 4.31%  | 6.11%  | 3.44%  |
| Five years | 2.95%  | 4.01%  | 2.90%  |
| Ten years | 11.78%  | 12.36%  | 10.51%  |
| **Class C** |  |  |  |
| One year | -20.27%  | -19.59%  | -16.28%  |
| Three years | 5.31%  | 5.31%  | 3.44%  |
| Five years | 3.23%  | 3.23%  | 2.90%  |
| Ten years | 11.52%  | 11.52%  | 10.51%  |
| **Class I** |  |  |  |
| One year | -18.80%  | -18.80%  | -16.28%  |
| Three years | 6.37%  | 6.37%  | 3.44%  |
| Five years | 4.27%  | 4.27%  | 2.90%  |
| Since inception (02/01/17) | 5.76%  | 5.76%  | 3.71%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB Mendon Financial Services Fund Class A is 1.27%, for Class C is 2.02% and Class I is 1.02% as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. Total return figures include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares incur a maximum initial sales charge of 5.00%. Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB MENDON FINANCIAL SERVICES FUND

------

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

Management's Discussion of Fund Performance (Unaudited) (Continued)

#### RMB International Fund
For the year ending December 31, 2022, the RMB International Fund (the "Fund") Class I shares declined -16.94%, net of fees, underperforming the MSCI EAFE Index (the "Benchmark"), which declined -14.45%, as measured in U.S. dollars.

The Fund's underperformance was driven primarily by stock selection, while sector allocation and country allocation were neutral. By sector, the Fund's overweight in Information Technology detracted from performance as the sector was particularly affected by concerns around the growth prospects of the businesses in the sector. Stock selection was strongest in Financials and Consumer Discretionary, yet detracted in Health Care, Industrials and Materials. In Financials, stock selection was driven by strong banking franchises such as Bankinter and National Australia Bank and by the solid performance of insurance businesses such as Sampo Oyj. Consumer Discretionary was led by hospitality businesses such as Compass Group. Our ownership in life science tool companies such as Evotec, Lonza and Sartorius Stedim Biotech, all in the Healthcare sector, detracted from results. The Fund's country exposure did not change materially this year as we remain overweight the UK and Japan while underweight Asia ex-Japan.

2022 was another challenging year across the world, starting with the war in Ukraine, surging inflation and rate hikes by central banks. A strong US dollar and weaker international currencies turned out to be a headwind for international equity investing. However, we observed several signs of macro trend shifts that would be positive for our investing in international equities toward the end of the year. Specifically, the US dollar seems to be peaking in its value; inflation, though it remains high, is slowing down; and Japan and China, key late re-opening economies, are finally resuming economic activities. We maintain our tight risk control measures while exploring idiosyncratic investment opportunities we find across the international equity space.

RMB INTERNATIONAL FUND

------

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

## RMB International Fund PORTFOLIO INVESTMENTS

---

| | |
|:---|:---|
| **Sectors**  | **% of net<br>assets** |
| Financials | 18.5% |
| Health Care | 13.0% |
| Consumer Discretionary | 12.8% |
| Industrials | 12.2% |
| Consumer Staples | 9.7% |
| Information Technology | 7.1% |
| Materials | 5.7% |
| Energy | 5.4% |
| Communication Services | 3.8% |
| Real Estate | 3.1% |
| Utilities | 2.1% |
|  | 93.4% |
| Cash & Other Assets, Less Liabilities | 6.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| Shell PLC | 5.4% |
| Sampo OYJ — Class A | 5.2% |
| Novartis AG | 5.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.4% |
| Anglo American PLC | 4.3% |
| Nestle S.A. | 3.9% |
| Compass Group PLC | 3.6% |
| Schneider Electric SE | 3.6% |
| Mitsui Fudosan Co. Ltd. | 3.1% |
| Bankinter S.A. | 3.1% |
|  | 41.6% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Since Inception
![[MISSING IMAGE: lc_interntl-bw.jpg]](lc_interntl-bw.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**  | **with no<br>sales<br>charges<br>or CDSC**  | **MSCI<br>EAFE<br>Index\***  |
| **Class I** |  |  |
| One year | -16.94%  | -14.45%  |
| Three years | -0.89%  | 0.87%  |
| Five years | -1.91%  | 1.54%  |
| Since inception (12/27/17) | -1.90%  | 1.64%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB International Fund Class I is 0.91% as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. The Fund's total return figures include the reinvestment of dividends. The Benchmark's total return figures do not include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/27/17 commencement of operations.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB INTERNATIONAL FUND

------

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

Management's Discussion of Fund Performance (Unaudited) (Continued)

#### RMB Japan Fund
For the year ending December 31, 2022, the RMB Japan Fund (the "Fund") Class I shares declined -14.52% net of fees, outperforming the MSCI Japan Index (the "Benchmark") return of -16.65% as measured in U.S. dollars.

During the period, the Fund's outperformance was attributable to both favorable sector allocation and stock selection. At the sector allocation level, being underweight in Information Technology and overweight in Communication Services meaningfully contributed to the Fund's performance, while being underweight in Consumer Staples and Health Care negatively affected performance. Stock selection was particularly strong in Consumer Discretionary, Information Technology, Materials, and Real Estate, with contributions from automakers, fashion retailers, steel manufacturers, and real estate developers. On the other hand, the positive allocation effect from Communication Services was offset by our underweight in defensive sub-sectors such as mobile service providers. Stock selection was also weak in Health Care and Industrials, reflecting the underperformance of our remaining holdings in global top-tier companies typically trading at high multiples.

While the macroeconomic environment remains uncertain, we believe that Japan is an exciting place to invest as we believe the country is about to move out of the decades-long deflation and come back to a normal inflationary economy. Further, we believe the country's equity market clearly remains undervalued relative to its developed market peers as well as its own history, despite the economic momentum that is building up in the country, providing attractive risk-reward asymmetry. We are committed to identifying and investing in attractively valued stocks that could outperform over a full market cycle.

RMB JAPAN FUND

------

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

## RMB Japan Fund PORTFOLIO INVESTMENTS

---

| | |
|:---|:---|
| **Sectors**  | **% of net<br>assets** |
| Consumer Discretionary | 20.7% |
| Industrials | 16.9% |
| Communication Services | 15.3% |
| Financials | 12.4% |
| Information Technology | 7.3% |
| Health Care | 7.0% |
| Materials | 5.0% |
| Consumer Staples | 4.2% |
| Real Estate | 3.7% |
| Utilities | 1.9% |
| Energy | 0.9% |
|  | 95.3% |
| Cash & Other Assets, Less Liabilities | 4.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| Mitsubishi UFJ Financial Group, Inc. | 7.6% |
| ITOCHU Corp. | 5.0% |
| TV Asahi Holdings Corp. | 4.9% |
| Ono Pharmaceutical Co. Ltd. | 4.5% |
| Sanyo Shokai Ltd. | 4.1% |
| Mitsui Fudosan Co. Ltd. | 3.8% |
| Hitachi Ltd. | 3.7% |
| Subaru Corp. | 3.4% |
| Sony Group Corp. | 3.4% |
| GungHo Online Entertainment, Inc. | 3.3% |
|  | 43.7% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Since Inception
![[MISSING IMAGE: lc_japanf-bw.jpg]](lc_japanf-bw.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**  | **with no<br>sales<br>charges<br>or CDSC**  | **MSCI<br>Japan<br>Index\***  |
| **Class I** |  |  |
| One year | -14.52%  | -16.65%  |
| Three years | -1.98%  | -0.99%  |
| Five years | -0.94%  | 0.23%  |
| Since inception (12/27/17) | -0.94%  | 0.20%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB Japan Fund Class I is 1.38% (gross) and 1.30% (after fee waiver and expense reimbursement pursuant to an Expense Limitation Agreement effective through April 30, 2023. See Note 5) as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. The Fund's total return figures include the reinvestment of dividends. The Benchmark's total return figures do not include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/27/17 commencement of operations.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB JAPAN FUND

------

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

Management's Discussion of Fund Performance (Unaudited) (Continued)

#### RMB Small Cap Fund
For the year ended December 31, 2022, the RMB Small Cap Fund (the "Fund") lagged the Russell 2000<sup>®</sup> Index (the "Benchmark"), with Class I shares returning -24.80% (net of fees), compared with the Benchmark return of -20.44% for the same period.

Stock selection among our Healthcare holdings was the primary driver behind the Fund's underperformance this year, detracting 650 basis points from the Fund's return. All other sectors combined added 281 basis points of excess return over the Benchmark. More specifically, our life sciences Healthcare holdings concentrated among companies benefitting from the biotech revolution gave back some of the Fund's excess return earned over the last few years. Our life sciences and biotech holdings underperformed this year as tailwinds from the COVID-19 pandemic were exacerbated on the downside from supply chain challenges, labor issues and tough comparables. We are playing the long game and still have high conviction in these names. We have no problem staying patient and are reminded of Warren Buffet's words, "The stock market is a device for transferring money from the impatient to the patient."

Volatility is likely to remain elevated as the market tries to price inflation, recession, and earnings risks. All three risks are elevated and highly uncertain with what we believe is an equally probable bullish or bearish outlook.

The bearish outlook is based on a belief that all three risks are currently mispriced — too optimistically. Bears are betting inflation will remain above the Fed's 2% target. Getting below 4% will be difficult due to a tight labor market and trillions of dollars in new government spending creating excess demand while supply chains are still trying to adapt to a post COVID-19 world. Thus, the Federal Reserve would have to raise rates higher than the market is expecting, and for longer, to reduce demand. This leads to the second mispriced risk related to recession. While most investors, economists and a vast majority of CEOs concede a recession is likely in 2023, there is little consensus around how deep or long it might last. The bears argue the Fed cannot hit its 2% target without causing a deep recession, much deeper than currently implied by earnings estimates — the third mispriced risk. Earnings estimates are forecast to decline 9%, but a typical recession results in about a 20-30% earnings decline. A deep recession could result in earnings declines of greater than 30%, which is not priced in.

The bullish outlook is based on the belief that all three risks are mispriced — too pessimistically. The bulls argue inflation has peaked and is coming down rapidly. Several commodities have come down to pre-inflation levels, for example lumber, oil and natural gas. As it relates to recession risk, when a vast majority of the CEOs expect one, the only way to surprise anyone is if there isn't one! Economic data continues to surprise on the upside. The Infrastructure Investment and Jobs Act and the Inflation Reduction Act, reshoring by corporate America, and a strong labor market all point to either no or a modest recession. The housing market is already in deep recession, yet housing stocks have stopped going down indicating a lot of bad news is priced in, including further negative earnings revisions. Bulls also believe that if they are wrong, meaning the economy rapidly transitions into a hard landing, the Fed will capitulate and lower interest rates, start buying debt and ignite another "risk on" bull market. Heads I win. Tails you lose.

Unfortunately, we don't know which is more likely. We are playing the long game but suspect there will be a tug of war between the bulls and the bears leading to another volatile year as the market digests data on inflation, the economy, and earnings. Our dual diversification portfolio construction process, which diversifies the Fund's portfolio by both sector and life cycle, recognizes the axiom that more things can happen than will happen. We seek to own great companies that can create value over the long term with a portfolio constructed in a way that can perform well even when factor volatility increases.

As always, we believe the companies we invest in demonstrate high managerial skill in capital allocation and adaptability, which we believe can create value for customers, employees, communities, and shareholders.

Thank you for your commitment to the Fund. Should you have any questions regarding your investment, please do not hesitate to reach out to us.

RMB SMALL CAP FUND

------

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

## RMB Small Cap Fund PORTFOLIO INVESTMENTS

---

| | |
|:---|:---|
| **Sectors**  | **% of net<br>assets** |
| Industrials | 19.2% |
| Financials | 16.7% |
| Information Technology | 16.2% |
| Health Care | 13.1% |
| Real Estate | 9.3% |
| Consumer Discretionary | 9.0% |
| Materials | 6.4% |
| Energy | 5.3% |
| Utilities | 0.6% |
|  | 95.8% |
| Cash & Other Assets, Less Liabilities | 4.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| TriCo Bancshares | 4.4% |
| Seacoast Banking Corp. of Florida | 3.9% |
| Valmont Industries, Inc. | 3.4% |
| Repligen Corp. | 3.4% |
| PTC, Inc. | 3.1% |
| Exponent, Inc. | 3.0% |
| Devon Energy Corp. | 3.0% |
| EastGroup Properties, Inc. | 3.0% |
| Curtiss-Wright Corp. | 2.8% |
| American Financial Group, Inc. | 2.8% |
|  | 32.8% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Over Ten Years
![[MISSING IMAGE: lc_smcf-bw.jpg]](lc_smcf-bw.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**  | **with no<br>sales<br>charges<br>or CDSC**  | **Russell<br>2000<sup>®</sup><br>Index\***  |
| **Class I** |  |  |
| One year | -24.80%  | -20.44%  |
| Three years | 3.22%  | 3.10%  |
| Five years | 5.91%  | 4.13%  |
| Ten years | 8.78%  | 9.01%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB Small Cap Fund Class I is 1.06% (gross) and 0.95% (after fee waiver and expense reimbursement pursuant to an Expense Limitation Agreement effective through April 30, 2023. See Note 5) as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. The Fund's total return figures include the reinvestment of dividends. The Benchmark's total return figures do not include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB SMALL CAP FUND

------

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

Management's Discussion of Fund Performance (Unaudited) (Continued)

#### RMB SMID Cap Fund
For the year ended December 31, 2022, the RMB SMID Cap Fund (the "Fund") underperformed the Russell 2500<sup>TM</sup> Index (the "Benchmark"), with Class I shares returning -20.87% (net of fees), compared with the Benchmark return of -18.37% for the same period.

Stock selection among our Healthcare holdings was the primary driver behind the Fund's underperformance this year, detracting 315 basis points from the Fund's return. All other sectors combined added approximately 75 basis points of excess return over the Benchmark. More specifically, our life sciences Healthcare holdings concentrated among companies benefitting from the biotech revolution gave back some of the Fund's excess return earned over the last few years. Our life sciences and biotech holdings underperformed this year as tailwinds from the COVID-19 pandemic were exacerbated on the downside from supply chain challenges, labor issues and tough comparables. We are playing the long game and still have high conviction in these names. We have no problem staying patient and are reminded of Warren Buffett's words, "The stock market is a device for transferring money from the impatient to the patient."

Volatility is likely to remain elevated as the market tries to price inflation, recession, and earnings risks. All three risks are elevated and highly uncertain with what we believe is an equally probable bullish or bearish outlook.

The bearish outlook is based on a belief that all three risks are currently mispriced — too optimistically. Bears are betting inflation will remain above the Fed's 2% target. Getting below 4% will be difficult due to a tight labor market and trillions of dollars in new government spending creating excess demand while supply chains are still trying to adapt to a post COVID-19 world. Thus, the Federal Reserve would have to raise rates higher than the market is expecting, and for longer, to reduce demand. This leads to the second mispriced risk related to recession. While most investors, economists and a vast majority of CEOs concede a recession is likely in 2023, there is little consensus around how deep or long it might last. The bears argue the Fed cannot hit its 2% target without causing a deep recession, much deeper than currently implied by earnings estimates — the third mispriced risk. Earnings estimates are forecast to decline 9%, but a typical recession results in about a 20-30% earnings decline. A deep recession could result in earnings declines of greater than 30%, which is not priced in.

The bullish outlook is based on the belief that all three risks are mispriced — too pessimistically. The bulls argue inflation has peaked and is coming down rapidly. Several commodities have come down to pre-inflation levels, for example lumber, oil and natural gas. As it relates to recession risk, when a vast majority of the CEOs expect one, the only way to surprise anyone is if there isn't one! Economic data continues to surprise on the upside. The Infrastructure Investment and Jobs Act and the Inflation Reduction Act, reshoring by corporate America, and a strong labor market all point to either no or a modest recession. The housing market is already in deep recession, yet housing stocks have stopped going down indicating a lot of bad news is priced in, including further negative earnings revisions. Bulls also believe that if they are wrong, meaning the economy rapidly transitions into a hard landing, the Fed will capitulate and lower interest rates, start buying debt and ignite another "risk on" bull market. Heads I win. Tails you lose.

Unfortunately, we don't know which is more likely. We are playing the long game but suspect there will be a tug of war between the bulls and the bears leading to another volatile year as the market digests data on inflation, the economy, and earnings. Our dual diversification portfolio construction process, which diversifies the Fund's portfolio by both sector and life cycle, recognizes the axiom that more things can happen than will happen. We seek to own great companies that can create value over the long term with a portfolio constructed in a way that can perform well even when factor volatility increases.

As always, we believe the companies we invest in demonstrate high managerial skill in capital allocation and adaptability, which we believe can create value for customers, employees, communities, and shareholders.

Thank you for your commitment to the Fund. Should you have any questions regarding your investment, please do not hesitate to reach out to us.

RMB SMID CAP FUND

------

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

## RMB SMID Cap Fund PORTFOLIO INVESTMENTS

---

| | |
|:---|:---|
| **Sectors**  | **% of net<br>assets** |
| Information Technology | 18.0% |
| Industrials | 16.9% |
| Financials | 15.1% |
| Health Care | 11.8% |
| Materials | 11.2% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.7% |
| Utilities | 0.5% |
|  | 94.7% |
| Cash & Other Assets, Less Liabilities | 5.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Common Stock Holdings**  | **% of net<br>assets** |
| Fair Isaac Corp. | 4.1% |
| Teledyne Technologies, Inc. | 3.3% |
| Copart, Inc. | 3.0% |
| Avery Dennison Corp. | 3.0% |
| Pinnacle Financial Partners, Inc. | 2.9% |
| Devon Energy Corp. | 2.9% |
| Markel Corp. | 2.8% |
| American Financial Group, Inc. | 2.8% |
| Repligen Corp. | 2.7% |
| EastGroup Properties, Inc. | 2.7% |
|  | 30.2% |

---

#### TOTAL RETURN† (Through December 31, 2022)

#### Growth of $10,000 Over Ten Years
![[MISSING IMAGE: lc_smidcf-bw.jpg]](lc_smidcf-bw.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**  | **with no<br>sales<br>charges<br>or CDSC**  | **Russell<br>2500<sup>TM</sup><br>Index\***  |
| **Class I** |  |  |
| One year | -20.87%  | -18.37%  |
| Three years | 8.03%  | 5.00%  |
| Five years | 9.56%  | 5.89%  |
| Ten years | 10.53%  | 10.03%  |

---

**Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The expense ratio of the RMB SMID Cap Fund Class I is 0.84% (gross) and 0.80% (after fee waiver and expense reimbursement pursuant to an Expense Limitation Agreement effective through April 30, 2023. See Note 5) as set forth in the Fund's prospectus dated May 1, 2022.** 

†

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not indicative of future results. The Fund's total return figures include the reinvestment of dividends. The Benchmark's total return figures do not include the reinvestment of dividends. Investment return and principal value will fluctuate with market conditions and an investor's shares when redeemed may be worth more or less than their original cost.

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keep in mind that indices have no management fees or brokerage costs.

RMB SMID CAP FUND

------

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

## Fund Information (Unaudited)

#### About Fund Performance
***Performance information reflects past performance and does not guarantee future results.*** Current performance of each of the RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Japan Fund, RMB Small Cap Fund, and RMB SMID Cap Fund (each, a "Fund" and collectively, the "Funds") may be lower or higher than performance data quoted. Refer to www.rmbfunds.com to obtain performance data current to the most recent quarter- and month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund performance figures shown in each of the performance tables assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend dates. Performance figures shown for the S&P 500<sup>®</sup> Index Total Return, the Russell 3000<sup>®</sup> Index Total Return (the RMB Fund's Benchmarks), and the NASDAQ Bank Index Total Return (the RMB Mendon Financial Services Fund's Benchmark) each reflect reinvestment of dividends in the Benchmark. Performance figures shown for other Benchmarks do not reflect the reinvestment of dividends in the Benchmark. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

#### Fund Risks
***Mutual fund investing involves risk; loss of principal is possible.*** The RMB Fund invests in larger, more established companies, which may not respond as quickly to competitive challenges or have growth rates as high as those of smaller companies during periods of economic expansion.

The RMB Mendon Financial Services Fund is a sector fund. These types of funds may be susceptible to factors affecting the sector in which they invest (financial services), and the net asset values of these funds may fluctuate more than a fund that invests in a wider range of sectors. Because the Fund concentrates its investments in one sector of the economy, investors should consider the risk that the Fund may experience greater volatility than funds that invest across several sectors. The Fund utilizes derivative instruments, including futures and options, which can have increased price volatility, liquidity risk, and risk of loss.

The RMB International Fund and RMB Japan Fund invest in foreign securities which may be more volatile than U.S. securities and are also subject to risks of currency exchange rate fluctuation, illiquidity, inflation, and political instability. The RMB Small Cap Fund and the RMB SMID Cap Fund invest primarily in companies with small and small-to-medium market capitalizations, respectively. Securities of companies with small-to-medium market capitalizations are often more volatile, less liquid and more susceptible to market pressures than securities of larger issuers. Each Fund's prospectus contains more information about these and other risks.

#### Market Indexes
The following are definitions for indexes used in Management's Discussion of each Fund's performance and the accompanying performance summary tables. These indexes are unmanaged and do not reflect the payment of transaction costs and

advisory and other fees associated with an investment in the Funds. The securities that comprise these indexes may differ substantially from the securities in the Funds' portfolios. A Fund's specific investment strategy and restrictions may exclude certain investments that reflect the makeup of its benchmark index. It is not possible to invest directly in an index. Each index named is not the only index which may be used to evaluate performance of a specific Fund and other indexes may portray different comparative performance.

**S&P 500**<sup>®</sup> **Index (Total Return)**, is a capital weighted, unmanaged index that represents the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange, and includes the reinvestment of dividends in the index.

**NASDAQ Bank Index (Total Return)**, contains securities of NASDAQ-listed companies classified according to the Industry Classification Benchmark as banks, and includes the reinvestment of dividends in the index. These banks provide a broad range of financial services, including retail banking, loans and money transmissions.

**Morgan Stanley Capital International (MSCI) Europe, Australia, and Far East (EAFE) Index**, is an equity index which captures large- and mid-cap representation across 21 developed market countries around the world, excluding the US and Canada. With more than 750 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

**Morgan Stanley Capital International (MSCI) Japan Index**, is designed to measure the performance of the large- and mid-cap segments of the Japanese market. With more than 200 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan.

#### Russell 2000 <sup>®</sup> Index
The Russell 2000<sup>®</sup> Index measures the performance of the 2,000 smallest companies in the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

#### Russell 2500 <sup>TM</sup> Index
The Russell 2500<sup>TM</sup> Index measures the performance of the 2,500 smallest companies in the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

*The management's discussion of fund performance reflects the opinions of Fund managers as of December 31, 2022. They are subject to change and any forecasts made cannot be guaranteed. The Funds might not continue to hold any securities mentioned and have no obligation to disclose purchases or sales in these securities. Please refer to the Portfolio Holdings in this report for a complete list of Fund holdings as of December 31, 2022.* 

*Basis Point (bps) is a unit that is equal to 1/100th of 1%.* 

*The price-earnings ratio (P/E ratio) relates a company's share price to its earnings per share.* 

FUND INFORMATION

------

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

RMB Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | **Common Stocks 99.8%**<br> *(percentage of net assets)* | **Common Stocks 99.8%**<br> *(percentage of net assets)* | **Common Stocks 99.8%**<br> *(percentage of net assets)* |
|  | **COMMUNICATION SERVICES 6.6%** | **COMMUNICATION SERVICES 6.6%** | **COMMUNICATION SERVICES 6.6%** |
| \* | Alphabet, Inc. — Class A | 58740 | $5182630 |
| \* | Walt Disney Co. (The) | 16000 | 1390080 |
|  |  |  | 6572710 |
|  | **CONSUMER DISCRETIONARY 13.8%** | **CONSUMER DISCRETIONARY 13.8%** | **CONSUMER DISCRETIONARY 13.8%** |
| \* | Amazon.com, Inc. | 33000 | 2772000 |
| \* | Booking Holdings, Inc. | 1223 | 2464687 |
|  | Dollar General Corp. | 12270 | 3021488 |
|  | Home Depot, Inc. (The) | 3900 | 1231854 |
|  | TJX Cos., Inc. (The) | 28030 | 2231188 |
|  | Vail Resorts, Inc. | 8800 | 2097480 |
|  |  |  | 13818697 |
|  | **CONSUMER STAPLES 6.1%** | **CONSUMER STAPLES 6.1%** | **CONSUMER STAPLES 6.1%** |
|  | Diageo PLC — ADR | 16500 | 2940135 |
|  | Keurig Dr. Pepper, Inc. | 89109 | 3177627 |
|  |  |  | 6117762 |
|  | **FINANCIALS 17.1%** | **FINANCIALS 17.1%** | **FINANCIALS 17.1%** |
|  | Chubb Ltd. | 11700 | 2581020 |
|  | CME Group, Inc. | 13000 | 2186080 |
|  | First Republic Bank | 14700 | 1791783 |
|  | JPMorgan Chase & Co. | 14200 | 1904220 |
|  | MarketAxess Holdings, Inc. | 9500 | 2649455 |
|  | Morgan Stanley | 27706 | 2355564 |
|  | Progressive Corp. (The) | 12000 | 1556520 |
|  | S&P Global, Inc. | 6139 | 2056197 |
|  |  |  | 17080839 |
|  | **HEALTH CARE 16.4%** | **HEALTH CARE 16.4%** | **HEALTH CARE 16.4%** |
|  | Becton, Dickinson and Co. | 11100 | 2822730 |
| \* | Catalent, Inc. | 20000 | 900200 |
|  | Cooper Cos., Inc. (The) | 8200 | 2711494 |
|  | Danaher Corp. | 13429 | 3564325 |
| \* | Edwards Lifesciences Corp. | 23800 | 1775718 |
|  | STERIS PLC | 9864 | 1821782 |
|  | UnitedHealth Group, Inc. | 5360 | 2841765 |
|  |  |  | 16438014 |
|  | **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** |
|  | Nordson Corp. | 8700 | 2068164 |
|  | Union Pacific Corp. | 9700 | 2008579 |
|  |  |  | 4076743 |
|  | **INFORMATION TECHNOLOGY 29.4%** | **INFORMATION TECHNOLOGY 29.4%** | **INFORMATION TECHNOLOGY 29.4%** |
|  | Accenture PLC — Class A | 6700 | 1787828 |
|  | Analog Devices, Inc. | 11506 | 1887329 |
|  | Apple, Inc. | 28780 | 3739385 |
|  | CDW Corp. | 17100 | 3053718 |
|  | Entegris, Inc. | 13000 | 852670 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | Intuit, Inc. | 3400 | $1323348 |
|  | Microsoft Corp. | 31224 | 7488140 |
| \* | PTC, Inc. | 12900 | 1548516 |
| \* | Synopsys, Inc. | 6700 | 2139243 |
| \* | Tyler Technologies, Inc. | 5150 | 1660412 |
|  | Visa, Inc. — Class A | 18945 | 3936013 |
|  |  |  | 29416602 |
|  | **MATERIALS 2.8%** | **MATERIALS 2.8%** | **MATERIALS 2.8%** |
|  | Avery Dennison Corp. | 15400 | 2787400 |
|  | **REAL ESTATE 3.5%** | **REAL ESTATE 3.5%** | **REAL ESTATE 3.5%** |
|  | American Tower Corp. | 11500 | 2436390 |
|  | Equinix, Inc. | 1600 | 1048048 |
|  |  |  | 3484438 |
|  | *Total Common Stocks<br>(Cost: $61,562,272)* | *Total Common Stocks<br>(Cost: $61,562,272)* | *99793205* |
|  | **Short-Term Investments 0.1%**<br> *(percentage of net assets)* | **Short-Term Investments 0.1%**<br> *(percentage of net assets)* | **Short-Term Investments 0.1%**<br> *(percentage of net assets)* |
|  | **MONEY MARKET FUNDS 0.1%** | **MONEY MARKET FUNDS 0.1%** | **MONEY MARKET FUNDS 0.1%** |
|  | First American Government Obligations <br>Fund — Class X — 4.09% <sup>a</sup> | 151089 | 151089 |
|  | *Total Short-Term Investments<br>(Cost: $151,089)* | *Total Short-Term Investments<br>(Cost: $151,089)* | *151089* |
|  | **Total Investments 99.9%<br>(Cost: $61,713,361)** | **Total Investments 99.9%<br>(Cost: $61,713,361)** | $**99944294** |
|  | **Cash and other assets, less liabilities 0.1%** | **Cash and other assets, less liabilities 0.1%** | **96779** |
|  | **Net Assets 100.0%** | **Net Assets 100.0%** | $**100041073** |

---

ADR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicates securities that do not produce income.

<sup>a</sup>

Rate quoted is seven-day yield at period end.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB FUND

See Notes to Financial Statements

------

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

RMB Mendon Financial Services Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | **Common Stocks 99.8%**<br> *(percentage of net assets)* | **Common Stocks 99.8%**<br> *(percentage of net assets)* | **Common Stocks 99.8%**<br> *(percentage of net assets)* |
|  | **BANKS 93.7%** | **BANKS 93.7%** | **BANKS 93.7%** |
|  | Amerant Bancorp, Inc. | 175000 | $4697000 |
|  | Ameris Bancorp | 100000 | 4714000 |
|  | Atlantic Union Bankshares Corp. | 200000 | 7028000 |
|  | Banc of California, Inc. | 298600 | 4756698 |
|  | Bank of NT Butterfield & Son Ltd. (The)  | 200000 | 5962000 |
|  | Business First Bancshares, Inc. | 500000 | 11070000 |
|  | Byline Bancorp, Inc. | 450000 | 10336500 |
|  | Cadence Bank | 75000 | 1849500 |
|  | Civista Bancshares, Inc. | 200000 | 4402000 |
|  | CNB Financial Corp. | 57000 | 1356030 |
| \* | Coastal Financial Corp. | 150000 | 7128000 |
|  | Colony Bankcorp, Inc. | 300000 | 3807000 |
|  | Equity Bancshares, Inc. — Class A | 450000 | 14701500 |
|  | FB Financial Corp. | 200000 | 7228000 |
|  | First Bancshares, Inc. (The) | 390000 | 12483900 |
|  | First Citizens BancShares, Inc. — Class A  | 4000 | 3033440 |
|  | First Interstate BancSystem, Inc. — Class A  | 251123 | 9705904 |
|  | Home BancShares, Inc. | 125000 | 2848750 |
|  | Lakeland Bancorp, Inc. | 150000 | 2641500 |
|  | Live Oak Bancshares, Inc. <sup>a,b</sup> | 200000 | 6040000 |
| \* | Metropolitan Bank Holding Corp. | 50000 | 2933500 |
|  | NBT Bancorp, Inc. | 40000 | 1736800 |
| \* | Nicolet Bankshares, Inc. | 50000 | 3989500 |
|  | OceanFirst Financial Corp. | 200000 | 4250000 |
|  | Old Second Bancorp, Inc. | 350000 | 5614000 |
|  | Origin Bancorp, Inc. | 235000 | 8624500 |
|  | Primis Financial Corp. | 448818 | 5318493 |
| \* | Silvergate Capital Corp. — Class A <sup>a,b</sup> | 67500 | 1174500 |
|  | SmartFinancial, Inc. | 71966 | 1979065 |
|  | Southern States Bancshares, Inc. | 151926 | 4398258 |
| \* | Third Coast Bancshares, Inc. | 357773 | 6593756 |
| \* | Triumph Financial, Inc. <sup>a,b</sup> | 50000 | 2443500 |
|  | United Community Banks, Inc. | 40000 | 1352000 |
|  | Unity Bancorp, Inc. | 40275 | 1100716 |
| \* | USCB Financial Holdings, Inc. | 828269 | 10104882 |
|  | Veritex Holdings, Inc. | 350000 | 9828000 |
|  | VersaBank | 553108 | 4209152 |
|  | Wells Fargo & Co. | 50000 | 2064500 |
|  |  |  | 203504844 |
|  | **DIVERSIFIED FINANCIALS 1.0%** | **DIVERSIFIED FINANCIALS 1.0%** | **DIVERSIFIED FINANCIALS 1.0%** |
|  | AGNC Investment Corp. | 200000 | 2070000 |
|  | **INFORMATION TECHNOLOGY SERVICES 1.1%** | **INFORMATION TECHNOLOGY SERVICES 1.1%** | **INFORMATION TECHNOLOGY SERVICES 1.1%** |
|  | EVERTEC, Inc. <sup>a,b</sup> | 75000 | 2428500 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | **THRIFTS & MORTGAGE FINANCE 4.0%** | **THRIFTS & MORTGAGE FINANCE 4.0%** | **THRIFTS & MORTGAGE FINANCE 4.0%** |
|  | New York Community Bancorp, Inc. | 700000 | $6020000 |
| | Provident Financial Services, Inc. | 125000 | 2670000 |
| | | | 8690000 |
|  | *Total Common Stocks (Cost: $191,352,077)* |  | *216693344* |
|  | **Warrants 0.0%**<br> *(percentage of net assets)* | **Warrants 0.0%**<br> *(percentage of net assets)* | **Warrants 0.0%**<br> *(percentage of net assets)* |
|  | **INFORMATION TECHNOLOGY SERVICES 0.0%** | **INFORMATION TECHNOLOGY SERVICES 0.0%** | **INFORMATION TECHNOLOGY SERVICES 0.0%** |
| \* | Global Blue Group Holding AG | 131385 | 40874 |
|  | *Total Warrants<br>(Cost: $97,225)* |  | *40874* |
|  | **Short-Term Investments 0.0%**<br> *(percentage of net assets)* | **Short-Term Investments 0.0%**<br> *(percentage of net assets)* | **Short-Term Investments 0.0%**<br> *(percentage of net assets)* |
|  | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** |
|  | First American Government <br>Obligations Fund — Class X — 4.09% <sup>c</sup> | 56 | 56 |
|  | *Total Short-Term Investments<br>(Cost: $56)* | *Total Short-Term Investments<br>(Cost: $56)* | *56* |
|  | **Total Investments 99.8%<br>(Cost: $191,449,358)** | **Total Investments 99.8%<br>(Cost: $191,449,358)** | $**216734274** |
|  | **Call option written (0.1)%<br>(Premiums received: $1,015,190)** | **Call option written (0.1)%<br>(Premiums received: $1,015,190)** | **(101750)** |
|  | **Cash and other assets, less liabilities 0.3%** | **Cash and other assets, less liabilities 0.3%** | **604465** |
|  | **Net Assets 100.0%** | **Net Assets 100.0%** | $**217236989** |

---

RMB MENDON FINANCIAL SERVICES FUND

See Notes to Financial Statements

------

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

RMB Mendon Financial Services Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts**  | **Value** |
| &nbsp;&nbsp;&nbsp; **Call Option Written (0.1)%**<br> *(percentage of net assets)* | &nbsp;&nbsp;&nbsp; **Call Option Written (0.1)%**<br> *(percentage of net assets)* | &nbsp;&nbsp;&nbsp; **Call Option Written (0.1)%**<br> *(percentage of net assets)* |
| &nbsp;&nbsp;&nbsp; **BANKS (0.1)%** | &nbsp;&nbsp;&nbsp; **BANKS (0.1)%** | &nbsp;&nbsp;&nbsp; **BANKS (0.1)%** |
| &nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 40, Notional Amount: $(1000000), due Mar 23  | (250) | $(31875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 45, Notional Amount: $(1125000), due Mar 23 <sup>d</sup> | (250) |  |
| &nbsp;&nbsp;&nbsp; Silvergate Capital Corp. — Class A  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 35, Notional Amount: $(525000), due May 23  | (150) | (19875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 125, Notional Amount: $(1875000), due Jan 23 <sup>d</sup> | (150) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 125, Notional Amount: $(2500000), due May 23 <sup>d</sup> | (200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 190, Notional Amount: $(2375000), due Jan 23 <sup>d</sup> | (125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 210, Notional Amount: $(1050000), due Jan 23 <sup>d</sup> | (50) |  |
| &nbsp;&nbsp;&nbsp; Triumph Financial, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 85, Notional Amount: $(2125000), due Feb 23 <sup>d</sup> | (250) |  |
|  |  | (51750) |
| &nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY SERVICES (0.0)%** | &nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY SERVICES (0.0)%** | &nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY SERVICES (0.0)%** |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; @ 35, Notional Amount: $(875000), due May 23  | (250) | (50000) |
| &nbsp;&nbsp;&nbsp; *Total Call Option Written (Premiums received $1,015,190)*  |  | *(101750)* |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicates securities that do not produce income.

<sup>a</sup>

Securities or partial securities on which call options were written.

<sup>b</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security or partial security segregated as collateral for written options. The Fund is required to establish a margin account with the broker lending the written options. The aggregate market value of collateral posted was $6,225,750. The Fund is obligated to pay the counterparty any interest due on written options. Such interests are recorded as an expense to the Fund.

<sup>c</sup>

Rate quoted is seven-day yield at period end.

<sup>d</sup>

Fair-valued security. (Note 13)

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB MENDON FINANCIAL SERVICES FUND

See Notes to Financial Statements

------

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

RMB International Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Common Stocks 93.4%**<br> *(percentage of net assets)* | **Common Stocks 93.4%**<br> *(percentage of net assets)* | **Common Stocks 93.4%**<br> *(percentage of net assets)* |
| **AUSTRALIA 2.0%** | **AUSTRALIA 2.0%** | **AUSTRALIA 2.0%** |
| National Australia Bank Ltd. | 239770 | $4868203 |
| **DENMARK 1.5%** | **DENMARK 1.5%** | **DENMARK 1.5%** |
| Novozymes A/S — Class B | 69853 | 3543902 |
| **FINLAND 5.2%** | **FINLAND 5.2%** | **FINLAND 5.2%** |
| Sampo OYJ — Class A | 240919 | 12583034 |
| **FRANCE 10.4%** | **FRANCE 10.4%** | **FRANCE 10.4%** |
| Dassault Systemes SE | 159425 | 5732849 |
| LVMH Moet Hennessy Louis Vuitton SE  | 14843 | 10801111 |
| Schneider Electric SE | 61424 | 8626026 |
|  |  | 25159986 |
| **IRELAND 2.8%** | **IRELAND 2.8%** | **IRELAND 2.8%** |
| Kerry Group PLC — Class A | 75809 | 6847827 |
| **ITALY 1.3%** | **ITALY 1.3%** | **ITALY 1.3%** |
| Stevanato Group SpA | 176454 | 3170878 |
| **JAPAN 21.9%** | **JAPAN 21.9%** | **JAPAN 21.9%** |
| FANUC Corp. | 22100 | 3307189 |
| ITOCHU Corp. | 123400 | 3871398 |
| Kansai Electric Power Co., Inc. (The) | 523100 | 5079754 |
| Mitsui Fudosan Co. Ltd. | 416100 | 7605049 |
| Murata Manufacturing Co. Ltd. | 62523 | 3083334 |
| Nintendo Co. Ltd. | 119000 | 5003543 |
| Ono Pharmaceutical Co. Ltd. | 185700 | 4340475 |
| ORIX Corp. | 263300 | 4214552 |
| Recruit Holdings Co. Ltd. | 36400 | 1139392 |
| Sony Group Corp. | 45600 | 3475706 |
| Stanley Electric Co. Ltd. | 153100 | 2895695 |
| Subaru Corp. | 333946 | 5055969 |
| TV Asahi Holdings Corp. | 418527 | 4241756 |
|  |  | 53313812 |
| **NETHERLANDS 2.3%** | **NETHERLANDS 2.3%** | **NETHERLANDS 2.3%** |
| ASML Holding N.V. | 10257 | 5592630 |
| **SPAIN 3.0%** | **SPAIN 3.0%** | **SPAIN 3.0%** |
| Bankinter S.A. | 1105365 | 7405408 |
| **SWEDEN 2.9%** | **SWEDEN 2.9%** | **SWEDEN 2.9%** |
| Svenska Handelsbanken AB — Class A  | 690297 | 6949907 |
| **SWITZERLAND 12.8%** | **SWITZERLAND 12.8%** | **SWITZERLAND 12.8%** |
| Lonza Group AG | 13562 | 6657253 |
| Nestle S.A. | 81665 | 9433078 |
| Novartis AG | 135339 | 12247835 |
| STMicroelectronics N.V. | 76339 | 2712778 |
|  |  | 31050944 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **UNITED KINGDOM 27.3%** | **UNITED KINGDOM 27.3%** | **UNITED KINGDOM 27.3%** |
| Anglo American PLC | 265428 | $10394182 |
| AstraZeneca PLC | 38615 | 5225384 |
| Compass Group PLC | 378865 | 8748806 |
| Diageo PLC | 163597 | 7160983 |
| Intertek Group PLC | 148494 | 7224594 |
| Lloyds Banking Group PLC | 10014036 | 5464826 |
| London Stock Exchange Group PLC | 40615 | 3489707 |
| Rentokil Initial PLC | 881164 | 5413694 |
| Shell PLC | 463912 | 13078123 |
|  |  | 66200299 |
| *Total Common Stocks<br>(Cost: $215,182,036)* |  | *226686830* |
| **Short-Term Investments 6.8%**<br> *(percentage of net assets)* | **Short-Term Investments 6.8%**<br> *(percentage of net assets)* |  |
| **MONEY MARKET FUNDS 6.8%** | **MONEY MARKET FUNDS 6.8%** | **MONEY MARKET FUNDS 6.8%** |
| First American Government Obligations <br>Fund — Class X — 4.09% <sup>a</sup> | 12237491 | 12237491 |
| First American Treasury <br>Obligations <br>Fund — Class X — 4.19% <sup>a</sup> | 4235772 | 4235772 |
|  |  | 16473263 |
| *Total Short-Term Investments<br>(Cost: $16,473,263)* |  | *16473263* |
| **Total Investments 100.2%<br>(Cost: $231,655,299)** |  | $**243160093** |
| **Liabilities, less cash and other assets (0.2)%** | **Liabilities, less cash and other assets (0.2)%** | **(361994)** |
| **Net Assets 100.0%** |  | $**242798099** |

---

<sup>a</sup>

Rate quoted is seven-day yield at period end.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB INTERNATIONAL FUND

See Notes to Financial Statements

------

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

RMB Japan Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | **Common Stocks — Japan 95.3%<br> *(percentage of net assets)*** | **Common Stocks — Japan 95.3%<br> *(percentage of net assets)*** | **Common Stocks — Japan 95.3%<br> *(percentage of net assets)*** |
|  | **COMMUNICATION SERVICES 15.3%**  | | |
|  | Amuse, Inc. | 36700 | $487361 |
|  | GungHo Online Entertainment, Inc. | 52100 | 841521 |
|  | Nintendo Co. Ltd. | 19300 | 811499 |
|  | SoftBank Group Corp. | 12302 | 520288 |
|  | TV Asahi Holdings Corp. | 122851 | 1245090 |
|  |  |  | 3905759 |
|  | **CONSUMER DISCRETIONARY 20.7%** | **CONSUMER DISCRETIONARY 20.7%** | **CONSUMER DISCRETIONARY 20.7%** |
|  | Fast Retailing Co. Ltd. | 300 | 182560 |
|  | Isuzu Motors Ltd. | 52100 | 603989 |
|  | Nikon Corp. | 82400 | 728641 |
|  | Ohashi Technica, Inc. | 19300 | 205711 |
| \* | Sanyo Shokai Ltd. | 99100 | 1047831 |
|  | Sony Group Corp. | 11528 | 878683 |
|  | Stanley Electric Co. Ltd. | 40600 | 767898 |
|  | Subaru Corp. | 58129 | 880078 |
|  |  |  | 5295391 |
|  | **CONSUMER STAPLES 4.2%** | **CONSUMER STAPLES 4.2%** | **CONSUMER STAPLES 4.2%** |
|  | Kao Corp. | 19500 | 774159 |
|  | Yakult Honsha Co. Ltd. | 4800 | 312468 |
|  |  |  | 1086627 |
|  | **ENERGY 0.9%** |  |  |
|  | Inpex Corp. | 20700 | 222430 |
|  | **FINANCIALS 12.4%** |  |  |
|  | Mitsubishi UFJ Financial Group, Inc.  | 291000 | 1953604 |
|  | ORIX Corp. | 35639 | 570461 |
|  | Sompo Holdings, Inc. | 15000 | 663647 |
|  |  |  | 3187712 |
|  | **HEALTH CARE 7.0%** |  |  |
|  | Ono Pharmaceutical Co. Ltd. | 49600 | 1159330 |
|  | Shionogi & Co. Ltd. | 5500 | 274412 |
|  | Sysmex Corp. | 5800 | 350150 |
|  |  |  | 1783892 |
|  | **INDUSTRIALS 16.9%** |  |  |
|  | FANUC Corp. | 3700 | 553692 |
|  | Hitachi Ltd. | 18880 | 949971 |
|  | ITOCHU Corp. | 40400 | 1267459 |
|  | Mitsui OSK Lines Ltd. | 5700 | 142431 |
|  | Nidec Corp. | 4300 | 221274 |
|  | Recruit Holdings Co. Ltd. | 8400 | 262937 |
|  | SMC Corp. | 700 | 292288 |
|  | Takuma Co. Ltd. | 67128 | 625623 |
|  |  |  | 4315675 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **INFORMATION TECHNOLOGY 7.3%**  | | |
| Keyence Corp. | 1200 | $465894 |
| Murata Manufacturing Co. Ltd. | 16535 | 815427 |
| Ulvac, Inc. | 13900 | 579280 |
|  |  | 1860601 |
| **MATERIALS 5.0%** |  |  |
| Nippon Steel Corp. | 34800 | 603820 |
| Shin-Etsu Chemical Co. Ltd. | 5459 | 666611 |
|  |  | 1270431 |
| **REAL ESTATE 3.7%** |  |  |
| Mitsui Fudosan Co. Ltd. | 52400 | 957714 |
| **UTILITIES 1.9%** |  |  |
| Kansai Electric Power Co., Inc. (The)  | 51100 | 496225 |
| *Total Common Stocks<br>(Cost: $23,553,582)* | *Total Common Stocks<br>(Cost: $23,553,582)* | *24382457* |
| **Short-Term Investments 3.8%**<br> *(percentage of net assets)* | **Short-Term Investments 3.8%**<br> *(percentage of net assets)* | **Short-Term Investments 3.8%**<br> *(percentage of net assets)* |
| **MONEY MARKET FUNDS 3.8%** | **MONEY MARKET FUNDS 3.8%** | **MONEY MARKET FUNDS 3.8%** |
| First American Government Obligations <br>Fund — Class X — 4.09% <sup>a</sup> | 976948 | 976948 |
| *Total Short-Term Investments<br>(Cost: $976,948)* |  | *976948* |
| **Total Investments 99.1%<br>(Cost: $24,530,530)** | **Total Investments 99.1%<br>(Cost: $24,530,530)** | $**25359405** |
| **Cash and other assets, less liabilities 0.9%** | **Cash and other assets, less liabilities 0.9%** | **237223** |
| **Net Assets 100.0%** |  | $**25596628** |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicates securities that do not produce income.

<sup>a</sup>

Rate quoted is seven-day yield at period end.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB JAPAN FUND

See Notes to Financial Statements

------

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

RMB Small Cap Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
|  | **Common Stocks 95.8%**<br> *(percentage of net assets)* | **Common Stocks 95.8%**<br> *(percentage of net assets)* | **Common Stocks 95.8%**<br> *(percentage of net assets)* |
|  | **AEROSPACE & DEFENSE 3.0%** | **AEROSPACE & DEFENSE 3.0%** | **AEROSPACE & DEFENSE 3.0%** |
|  | Curtiss-Wright Corp. | 15934 | $2660819 |
|  | **AUTO COMPONENTS 4.4%** | **AUTO COMPONENTS 4.4%** | **AUTO COMPONENTS 4.4%** |
| \* | Fox Factory Holding Corp. | 23267 | 2122648 |
| \* | Visteon Corp. | 13908 | 1819584 |
|  |  |  | 3942232 |
|  | **BANKS 11.9%** | **BANKS 11.9%** | **BANKS 11.9%** |
|  | Seacoast Banking Corp. of Florida | 113428 | 3537819 |
|  | ServisFirst Bancshares, Inc. | 6584 | 453704 |
|  | Stock Yards Bancorp, Inc. | 27628 | 1795268 |
|  | TriCo Bancshares | 76983 | 3925363 |
| \* | Triumph Financial, Inc. | 9037 | 441638 |
|  | Veritex Holdings, Inc. | 18453 | 518160 |
|  |  |  | 10671952 |
|  | **BIOTECHNOLOGY 2.4%** | **BIOTECHNOLOGY 2.4%** | **BIOTECHNOLOGY 2.4%** |
| \* | Allogene Therapeutics, Inc. | 28979 | 182278 |
| \* | CareDx, Inc. | 21402 | 244197 |
| \* | Caribou Biosciences, Inc. | 23415 | 147046 |
| \* | CRISPR Therapeutics AG | 10864 | 441622 |
| \* | Editas Medicine, Inc. | 24536 | 217634 |
| \* | Intellia Therapeutics, Inc. | 7344 | 256232 |
| \* | Iovance Biotherapeutics, Inc. | 34791 | 222315 |
| \* | Veracyte, Inc. | 20239 | 480271 |
|  |  |  | 2191595 |
|  | **BUILDING PRODUCTS 1.1%** | **BUILDING PRODUCTS 1.1%** | **BUILDING PRODUCTS 1.1%** |
| \* | Trex Co., Inc. | 23609 | 999369 |
|  | **CAPITAL MARKETS 2.0%** | **CAPITAL MARKETS 2.0%** | **CAPITAL MARKETS 2.0%** |
|  | Stifel Financial Corp. | 29888 | 1744563 |
|  | **CONSTRUCTION & ENGINEERING 3.4%** | **CONSTRUCTION & ENGINEERING 3.4%** | **CONSTRUCTION & ENGINEERING 3.4%** |
|  | Valmont Industries, Inc. | 9248 | 3058036 |
|  | **CONSTRUCTION MATERIALS 2.5%** | **CONSTRUCTION MATERIALS 2.5%** | **CONSTRUCTION MATERIALS 2.5%** |
|  | Eagle Materials, Inc. | 16982 | 2256059 |
|  | **CONTAINERS & PACKAGING 2.0%** | **CONTAINERS & PACKAGING 2.0%** | **CONTAINERS & PACKAGING 2.0%** |
|  | AptarGroup, Inc. | 15893 | 1747912 |
|  | **DISTRIBUTORS 2.8%** | **DISTRIBUTORS 2.8%** | **DISTRIBUTORS 2.8%** |
|  | Pool Corp. | 8344 | 2522642 |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.5%** |
|  | Badger Meter, Inc. | 12139 | 1323515 |
|  | **EQUITY REAL ESTATE INVESTMENT 9.3%** | **EQUITY REAL ESTATE INVESTMENT 9.3%** | **EQUITY REAL ESTATE INVESTMENT 9.3%** |
|  | Community Healthcare Trust, Inc. | 30581 | 1094800 |
|  | EastGroup Properties, Inc. | 18196 | 2694100 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Number of<br>Shares**  | **Value**  | **Value**  |
|  | | | 77291 | $| 1814020 |
|  | | | 47272 |  | 2079495 |
| | Essential Properties Realty Trust, Inc. <br>PotlatchDeltic Corp.<br>UMH Properties, Inc. | &nbsp;&nbsp;<br>&nbsp;&nbsp;<br>&nbsp;&nbsp; | 42504 | | 684314 |
| | |  | | | 8366729 |
|  | **GAS UTILITIES 0.6%** | **GAS UTILITIES 0.6%** | **GAS UTILITIES 0.6%** | **GAS UTILITIES 0.6%** | **GAS UTILITIES 0.6%** |
| | Chesapeake Utilities Corp. |  | 4226 | | 499429 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES 2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES 2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES 2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES 2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES 2.2%** |
| \* | Neogen Corp. |  | 51640 |  | 786477 |
| \* | Omnicell, Inc. |  | 22759 |  | 1147509 |
|  |  |  |  |  | 1933986 |
|  | **INSURANCE 2.8%** | **INSURANCE 2.8%** | **INSURANCE 2.8%** | **INSURANCE 2.8%** | **INSURANCE 2.8%** |
|  | American Financial Group, Inc. |  | 18465 |  | 2534875 |
|  | **LIFE SCIENCES TOOLS & SERVICES 7.0%** | **LIFE SCIENCES TOOLS & SERVICES 7.0%** | **LIFE SCIENCES TOOLS & SERVICES 7.0%** | **LIFE SCIENCES TOOLS & SERVICES 7.0%** | **LIFE SCIENCES TOOLS & SERVICES 7.0%** |
| \* | BioLife Solutions, Inc. |  | 55043 |  | 1001783 |
| \* | Repligen Corp. |  | 16678 |  | 2823752 |
|  | West Pharmaceutical Services, Inc. |  | 10479 |  | 2466233 |
|  |  |  |  |  | 6291768 |
|  | **MACHINERY 8.7%** | **MACHINERY 8.7%** | **MACHINERY 8.7%** | **MACHINERY 8.7%** | **MACHINERY 8.7%** |
|  | ITT, Inc. |  | 30893 |  | 2505422 |
|  | Kadant, Inc. |  | 12741 |  | 2263184 |
|  | Lincoln Electric Holdings, Inc. |  | 11897 |  | 1718997 |
| \* | RBC Bearings, Inc. |  | 6411 |  | 1342143 |
|  |  |  |  |  | 7829746 |
|  | **METALS & MINING 1.9%** | **METALS & MINING 1.9%** | **METALS & MINING 1.9%** | **METALS & MINING 1.9%** | **METALS & MINING 1.9%** |
|  | Carpenter Technology Corp. |  | 47007 |  | 1736439 |
|  | **OIL, GAS & CONSUMABLE FUELS 5.3%** | **OIL, GAS & CONSUMABLE FUELS 5.3%** | **OIL, GAS & CONSUMABLE FUELS 5.3%** | **OIL, GAS & CONSUMABLE FUELS 5.3%** | **OIL, GAS & CONSUMABLE FUELS 5.3%** |
|  | Devon Energy Corp. |  | 44013 |  | 2707239 |
|  | Matador Resources Co. |  | 18386 |  | 1052415 |
|  | Range Resources Corp. |  | 39112 |  | 978582 |
|  |  |  |  |  | 4738236 |
|  | **PHARMACEUTICALS 1.5%** | **PHARMACEUTICALS 1.5%** | **PHARMACEUTICALS 1.5%** | **PHARMACEUTICALS 1.5%** | **PHARMACEUTICALS 1.5%** |
| \* | Catalent, Inc. |  | 30640 |  | 1379106 |
|  | **PROFESSIONAL SERVICES 3.0%** | **PROFESSIONAL SERVICES 3.0%** | **PROFESSIONAL SERVICES 3.0%** | **PROFESSIONAL SERVICES 3.0%** | **PROFESSIONAL SERVICES 3.0%** |
|  | Exponent, Inc. |  | 27427 |  | 2717741 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5.2%** |
|  | MKS Instruments, Inc. |  | 22568 |  | 1912187 |
|  | Monolithic Power Systems, Inc. |  | 6197 |  | 2191321 |
| \* | Synaptics, Inc. |  | 6017 |  | 572578 |
|  |  |  |  |  | 4676086 |
|  | **SOFTWARE 9.5%** | **SOFTWARE 9.5%** | **SOFTWARE 9.5%** | **SOFTWARE 9.5%** | **SOFTWARE 9.5%** |
| \* | Digimarc Corp. |  | 21355 |  | 394854 |
| \* | Fair Isaac Corp. |  | 3623 |  | 2168655 |
| \* | Five9, Inc. |  | 12413 |  | 842346 |
| \* | PTC, Inc. |  | 23081 |  | 2770643 |

---

RMB SMALL CAP FUND

See Notes to Financial Statements

------

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

RMB Small Cap Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>Shares**  | **Value**  |
| \* | Q2 Holdings, Inc. | 20748 | $557499 |
| \* | Tyler Technologies, Inc. | 5480 | 1766807 |
|  |  |  | 8500804 |
|  | **TEXTILES, APPAREL & LUXURY GOODS 1.8%** | **TEXTILES, APPAREL & LUXURY GOODS 1.8%** | **TEXTILES, APPAREL & LUXURY GOODS 1.8%** |
|  | Columbia Sportswear Co. | 18010 | 1577316 |
|  | *Total Common Stocks<br>(Cost: $55,316,424)* | *Total Common Stocks<br>(Cost: $55,316,424)* | *85900955* |
|  | **Short-Term Investments 4.2%**<br> *(percentage of net assets)* | **Short-Term Investments 4.2%**<br> *(percentage of net assets)* | **Short-Term Investments 4.2%**<br> *(percentage of net assets)* |
|  | **MONEY MARKET FUNDS 4.2%** | **MONEY MARKET FUNDS 4.2%** | **MONEY MARKET FUNDS 4.2%** |
|  | First American Government Obligations <br>Fund — Class X — 4.09% <sup>a</sup> | 3814807 | 3814807 |
|  | *Total Short-Term Investments<br>(Cost: $3,814,807)* | *Total Short-Term Investments<br>(Cost: $3,814,807)* | *3814807* |
|  | **Total Investments 100.0%<br>(Cost: $59,131,231)** | **Total Investments 100.0%<br>(Cost: $59,131,231)** | $**89715762** |
|  | **Liabilities, less cash and other assets (0.0)%** | **Liabilities, less cash and other assets (0.0)%** | **(21716)** |
|  | **Net Assets 100.0%** | **Net Assets 100.0%** | $**89694046** |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicates securities that do not produce income.

<sup>a</sup>

Rate quoted is seven-day yield at period end.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB SMALL CAP FUND

See Notes to Financial Statements

------

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

RMB SMID Cap Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of <br>Shares**  | **Value**  |
|  | **Common Stocks 94.7%**<br> *(percentage of net assets)* | **Common Stocks 94.7%**<br> *(percentage of net assets)* | **Common Stocks 94.7%**<br> *(percentage of net assets)* |
|  | **AEROSPACE & DEFENSE 2.8%** | **AEROSPACE & DEFENSE 2.8%** | **AEROSPACE & DEFENSE 2.8%** |
|  | Curtiss-Wright Corp. | 7989 | $1334083 |
|  | HEICO Corp. | 7716 | 1185486 |
|  |  |  | 2519569 |
|  | **AUTO COMPONENTS 3.1%** | **AUTO COMPONENTS 3.1%** | **AUTO COMPONENTS 3.1%** |
| \* | Fox Factory Holding Corp. | 9592 | 875078 |
| \* | Visteon Corp. | 14475 | 1893764 |
|  |  |  | 2768842 |
|  | **BANKS 8.4%** | **BANKS 8.4%** | **BANKS 8.4%** |
|  | First Republic Bank | 12539 | 1528379 |
|  | Pinnacle Financial Partners, Inc. | 35115 | 2577441 |
|  | ServisFirst Bancshares, Inc. | 19131 | 1318317 |
|  | Webster Financial Corp. | 43194 | 2044804 |
|  |  |  | 7468941 |
|  | **BIOTECHNOLOGY 1.1%** | **BIOTECHNOLOGY 1.1%** | **BIOTECHNOLOGY 1.1%** |
| \* | Caribou Biosciences, Inc. | 20874 | 131089 |
| \* | CRISPR Therapeutics AG | 9153 | 372069 |
| \* | Exact Sciences Corp. | 4958 | 245471 |
| \* | Intellia Therapeutics, Inc. | 7500 | 261675 |
|  |  |  | 1010304 |
|  | **BUILDING PRODUCTS 3.0%** | **BUILDING PRODUCTS 3.0%** | **BUILDING PRODUCTS 3.0%** |
|  | Carlisle Cos., Inc. | 8367 | 1971684 |
| \* | Trex Co., Inc. | 15846 | 670761 |
|  |  |  | 2642445 |
|  | **CAPITAL MARKETS 1.1%** | **CAPITAL MARKETS 1.1%** | **CAPITAL MARKETS 1.1%** |
|  | Stifel Financial Corp. | 16276 | 950030 |
|  | **CHEMICALS 1.5%** | **CHEMICALS 1.5%** | **CHEMICALS 1.5%** |
|  | RPM International, Inc. | 13789 | 1343738 |
|  | **COMMERCIAL SERVICES & SUPPLIES 3.1%** | **COMMERCIAL SERVICES & SUPPLIES 3.1%** | **COMMERCIAL SERVICES & SUPPLIES 3.1%** |
| \* | Copart, Inc. | 44542 | 2712162 |
|  | **CONSTRUCTION MATERIALS 3.2%** | **CONSTRUCTION MATERIALS 3.2%** | **CONSTRUCTION MATERIALS 3.2%** |
|  | Eagle Materials, Inc. | 17447 | 2317834 |
|  | Martin Marietta Materials, Inc. | 1438 | 486001 |
|  |  |  | 2803835 |
|  | **CONTAINERS & PACKAGING 3.0%** | **CONTAINERS & PACKAGING 3.0%** | **CONTAINERS & PACKAGING 3.0%** |
|  | Avery Dennison Corp. | 14853 | 2688393 |
|  | **DISTRIBUTORS 1.2%** | **DISTRIBUTORS 1.2%** | **DISTRIBUTORS 1.2%** |
|  | Pool Corp. | 3636 | 1099272 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of <br>Shares**  | **Value**  |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 4.4%** |
| \* | Teledyne Technologies, Inc. | 7438 | $2974530 |
| \* | Trimble, Inc. | 18885 | 954826 |
|  |  |  | 3929356 |
|  | **EQUITY REAL ESTATE INVESTMENT 6.5%** | **EQUITY REAL ESTATE INVESTMENT 6.5%** | **EQUITY REAL ESTATE INVESTMENT 6.5%** |
|  | Alexandria Real Estate Equities, Inc.  | 10807 | 1574256 |
|  | EastGroup Properties, Inc. | 15959 | 2362889 |
|  | PotlatchDeltic Corp. | 41438 | 1822858 |
|  |  |  | 5760003 |
|  | **FOOD & STAPLES RETAILING 0.5%** | **FOOD & STAPLES RETAILING 0.5%** | **FOOD & STAPLES RETAILING 0.5%** |
| \* | BJ's Wholesale Club Holdings, Inc. | 6632 | 438773 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES 1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES 1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES 1.3%** |
| \* | IDEXX Laboratories, Inc. | 1647 | 671910 |
| \* | Insulet Corp. | 1748 | 514594 |
|  |  |  | 1186504 |
|  | **HOTELS, RESTAURANTS & LEISURE 2.5%** | **HOTELS, RESTAURANTS & LEISURE 2.5%** | **HOTELS, RESTAURANTS & LEISURE 2.5%** |
|  | Vail Resorts, Inc. | 9210 | 2195204 |
|  | **HOUSEHOLD DURABLES 1.2%** | **HOUSEHOLD DURABLES 1.2%** | **HOUSEHOLD DURABLES 1.2%** |
| \* | NVR, Inc. | 235 | 1083956 |
|  | **INFORMATION TECHNOLOGY SERVICES 1.6%** | **INFORMATION TECHNOLOGY SERVICES 1.6%** | **INFORMATION TECHNOLOGY SERVICES 1.6%** |
|  | Jack Henry & Associates, Inc. | 8122 | 1425898 |
|  | **INSURANCE 5.6%** | **INSURANCE 5.6%** | **INSURANCE 5.6%** |
|  | American Financial Group, Inc. | 17946 | 2463627 |
| \* | Markel Corp. | 1890 | 2490056 |
|  |  |  | 4953683 |
|  | **LIFE SCIENCES TOOLS & SERVICES 8.1%** | **LIFE SCIENCES TOOLS & SERVICES 8.1%** | **LIFE SCIENCES TOOLS & SERVICES 8.1%** |
| \* | BioLife Solutions, Inc. | 35769 | 650996 |
|  | Bio-Techne Corp. | 26976 | 2235771 |
| \* | Repligen Corp. | 14098 | 2386932 |
|  | West Pharmaceutical Services, Inc. | 8047 | 1893862 |
|  |  |  | 7167561 |
|  | **MACHINERY 3.9%** | **MACHINERY 3.9%** | **MACHINERY 3.9%** |
|  | Graco, Inc. | 16392 | 1102526 |
|  | IDEX Corp. | 5437 | 1241430 |
|  | ITT, Inc. | 14341 | 1163055 |
|  |  |  | 3507011 |
|  | **METALS & MINING 3.5%** | **METALS & MINING 3.5%** | **METALS & MINING 3.5%** |
|  | Royal Gold, Inc. | 13168 | 1484297 |
|  | Steel Dynamics, Inc. | 16414 | 1603648 |
|  |  |  | 3087945 |

---

RMB SMID CAP FUND

See Notes to Financial Statements

------

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

RMB SMID Cap Fund

Portfolio Holdings *As of December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Number of <br>Shares**  | **Number of <br>Shares**  | **Value**  |
|  | **OIL, GAS & CONSUMABLE FUELS 4.7%** | **OIL, GAS & CONSUMABLE FUELS 4.7%** | **OIL, GAS & CONSUMABLE FUELS 4.7%** | **OIL, GAS & CONSUMABLE FUELS 4.7%** |
|  | Devon Energy Corp. |  | 41224 | $2535688 |
| | Diamondback Energy, Inc. |  | 11978 | 1638351 |
| | |  | | 4174039 |
|  | **PHARMACEUTICALS 1.3%** | **PHARMACEUTICALS 1.3%** | **PHARMACEUTICALS 1.3%** | **PHARMACEUTICALS 1.3%** |
| \* | Catalent, Inc. |  | 25037 | 1126915 |
|  | **ROAD & RAIL 1.9%** | **ROAD & RAIL 1.9%** | **ROAD & RAIL 1.9%** | **ROAD & RAIL 1.9%** |
|  | Old Dominion Freight Line, Inc. |  | 5900 | 1674302 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 3.7%** |
|  | MKS Instruments, Inc. |  | 12793 | 1083951 |
|  | Monolithic Power Systems, Inc. |  | 6252 | 2210770 |
|  |  |  |  | 3294721 |
|  | **SOFTWARE 8.3%** | **SOFTWARE 8.3%** | **SOFTWARE 8.3%** | **SOFTWARE 8.3%** |
| \* | Fair Isaac Corp. |  | 6024 | 3605846 |
| \* | PTC, Inc. |  | 19651 | 2358906 |
| \* | Tyler Technologies, Inc. |  | 4305 | 1387975 |
|  |  |  |  | 7352727 |
|  | **TEXTILES, APPAREL & LUXURY GOODS 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS 2.0%** |
|  | Columbia Sportswear Co. |  | 20346 | 1781903 |
|  | **TRADING COMPANIES & DISTRIBUTORS 2.2%** | **TRADING COMPANIES & DISTRIBUTORS 2.2%** | **TRADING COMPANIES & DISTRIBUTORS 2.2%** | **TRADING COMPANIES & DISTRIBUTORS 2.2%** |
|  | Watsco, Inc. |  | 7916 | 1974250 |
|  | *Total Common Stocks<br>(Cost: $48,648,556)* | *Total Common Stocks<br>(Cost: $48,648,556)* | *Total Common Stocks<br>(Cost: $48,648,556)* | *84122282* |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>Shares**  | **Value**  |
| **Short-Term Investments 2.9%**<br> *(percentage of net assets)* | **Short-Term Investments 2.9%**<br> *(percentage of net assets)* | **Short-Term Investments 2.9%**<br> *(percentage of net assets)* |
| **MONEY MARKET FUNDS 2.9%** | **MONEY MARKET FUNDS 2.9%** | **MONEY MARKET FUNDS 2.9%** |
| First American Government Obligations <br>Fund — Class X — 4.09% <sup>a</sup> | 2554824 | $2554824 |
| *Total Short-Term Investments<br>(Cost: $2,554,824)* | *Total Short-Term Investments<br>(Cost: $2,554,824)* | *2554824* |
| **Total Investments 97.6%<br>(Cost: $51,203,380)** | **Total Investments 97.6%<br>(Cost: $51,203,380)** | $**86677106** |
| **Cash and other assets, less liabilities 2.4%** | **Cash and other assets, less liabilities 2.4%** | **2146485** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $**88823591** |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicates securities that do not produce income.

<sup>a</sup>

Rate quoted is seven-day yield at period end.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI Inc. 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 RMB Capital Management, LLC.

RMB SMID CAP FUND

See Notes to Financial Statements

------

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

Statements of Assets and Liabilities *As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **RMB Fund**  | **RMB Mendon<br>Financial<br>Services Fund**  |
| **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp; Investments at cost  | $61713361 | $191449358 |
| &nbsp;&nbsp;&nbsp; Investments at value  | $99944294 | $216734274 |
| &nbsp;&nbsp;&nbsp; Cash on deposit for written options  |  | 23 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 120948 | 133234 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 72701 | 279089 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  | 1046074 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 28832 | 33802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 100166775 | 218226496 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 4646 | 488482 |
| &nbsp;&nbsp;&nbsp; Payable to line of credit (Note 7)  |  | 140000 |
| &nbsp;&nbsp;&nbsp; Options written at value  |  | 1017501 |
| &nbsp;&nbsp;&nbsp; Payable for investment advisory fees (Note 2)  | 52249 | 144191 |
| &nbsp;&nbsp;&nbsp; Payable for audit fees  | 19176 | 19176 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder service fees (Note 3)  | 17524 | 33770 |
| &nbsp;&nbsp;&nbsp; Payable for administration fees  | 10644 | 10583 |
| &nbsp;&nbsp;&nbsp; Payable for accounting fees  | 6976 | 6959 |
| &nbsp;&nbsp;&nbsp; Payable for transfer agent fees  | 6916 | 23367 |
| &nbsp;&nbsp;&nbsp; Payable for legal fees  | 1865 | 4526 |
| &nbsp;&nbsp;&nbsp; Payable for custody fees  | 1044 | 2499 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables  | 4662 | 14204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 125702 | 989507 |
| *Net assets* | $*100041073* | $*217236989* |
| **Net Assets Consists Of:** |  |  |
| Capital paid-in | $60368514 | $231506655 |
| Total distributable earnings | 39672559 | (14269666) |
| *Net assets* | $*100041073* | $*217236989* |
| **By share class:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  |
| &nbsp;&nbsp;&nbsp; Class A  | $73375096 | $67571394 |
| &nbsp;&nbsp;&nbsp; Class C  | $1483187 | $22193210 |
| &nbsp;&nbsp;&nbsp; Class I  | $25182790 | $127472385 |
| &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  |
| &nbsp;&nbsp;&nbsp; Class A  | $27.51 | $42.09 |
| &nbsp;&nbsp;&nbsp; Class C  | $20.68 | $36.48 |
| &nbsp;&nbsp;&nbsp; Class I  | $27.76 | $43.04 |
| &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  |
| &nbsp;&nbsp;&nbsp; Class A  | 2667445 | 1605428 |
| &nbsp;&nbsp;&nbsp; Class C  | 71716 | 608444 |
| &nbsp;&nbsp;&nbsp; Class I  | 907042 | 2961795 |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The payable for options written include premiums received of $1,015,190.

ASSETS AND LIABILITIES

See Notes to Financial Statements

------

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

Statements of Assets and Liabilities *As of December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at cost  | $231655299 | $24530530 | $59131231 | $51203380 |
| &nbsp;&nbsp;&nbsp; Foreign currency at cost  |  | 370895 |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value  | $243160093 | $25359405 | $89715762 | $86677106 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value  |  | 390530 |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 626197 | 36735 | 83249 | 104234 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  | 2435144 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 112296 | 3274 | 12752 | 199902 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 31880 | 16734 | 14221 | 19670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 243930466 | 25806678 | 89825984 | 89436056 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased |  |  |  | 440381 |
| &nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 925136 | 162224 | 40060 | 105675 |
| &nbsp;&nbsp;&nbsp; Payable for investment advisory fees (Note 2)  | 154258 | 6646 | 45239 | 16312 |
| &nbsp;&nbsp;&nbsp; Payable for audit fees  | 15562 | 15562 | 18452 | 19185 |
| &nbsp;&nbsp;&nbsp; Payable for administration fees  | 10626 | 10822 | 10574 | 10576 |
| &nbsp;&nbsp;&nbsp; Payable for custody fees  | 9022 | 3652 | 1020 | 1811 |
| &nbsp;&nbsp;&nbsp; Payable for transfer agent fees  | 6260 | 5463 | 5630 | 4357 |
| &nbsp;&nbsp;&nbsp; Payable for legal fees  | 4393 | 1328 | 5441 | 8626 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables  | 7110 | 4353 | 5522 | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1132367 | 210050 | 131938 | 612465 |
| *Net assets* | $*242798099* | $*25596628* | $*89694046* | $*88823591* |
| **Net Assets Consists Of:** |  |  |  |  |
| Capital paid-in | $265750856 | $25973521 | $55781290 | $53030331 |
| Total distributable earnings | (22952757) | (376893) | 33912756 | 35793260 |
| *Net assets* | $*242798099* | $*25596628* | $*89694046* | $*88823591* |
| **By share class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  | &nbsp;&nbsp;&nbsp; **Net assets:<br>**  |
| &nbsp;&nbsp;&nbsp; Class I  | $242798099 | $25596628 | $89694046 | $88823591 |
| &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  | &nbsp;&nbsp;&nbsp; **NAV (par value $0.10 per share)<br>**  |
| &nbsp;&nbsp;&nbsp; Class I  | $8.63 | $8.58 | $13.30 | $11.26 |
| &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  | &nbsp;&nbsp;&nbsp; **Capital shares outstanding:<br>(unlimited number of shares has been authorized)<br>**  |
| &nbsp;&nbsp;&nbsp; Class I  | 28142940 | 2981995 | 6745761 | 7891147 |

---

ASSETS AND LIABILITIES

See Notes to Financial Statements

------

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

Statements of Operations *For the year ended December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **RMB Fund**  | **RMB Mendon<br>Financial<br>Services Fund**  |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $13280141 | $45652012 |
| &nbsp;&nbsp;&nbsp; Interest  | 3065 | 50282 |
| &nbsp;&nbsp;&nbsp; Total income  | 1331079 | 4615483 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 701484 | 1909270 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class A) (Note 3)  | 205317 | 195976 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class C) (Note 3)  | 14408 | 191392 |
| &nbsp;&nbsp;&nbsp; Shareholder service fees (Class C) (Note 3)  | 4803 | 63797 |
| &nbsp;&nbsp;&nbsp; Administration fees  | 65757 | 68980 |
| &nbsp;&nbsp;&nbsp; Legal fees | 60244 | 135967 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 59130 | 201007 |
| &nbsp;&nbsp;&nbsp; Registration fees and expenses  | 53707 | 61475 |
| &nbsp;&nbsp;&nbsp; Accounting fees  | 41560 | 42298 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 38166 | 81910 |
| &nbsp;&nbsp;&nbsp; Audit fees | 19250 | 19250 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 10690 | 29596 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 6902 | 16246 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 7)  | 3682 | 672 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 42412 | 82904 |
| &nbsp;&nbsp;&nbsp; Total expenses  | 1327512 | 3100740 |
| *Net investment income* | $*3567* | $*1514743* |
|  **Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign <br>Currency**  |  |  |
| **Realized gain/(loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | 7305499 | 25049283 |
| &nbsp;&nbsp;&nbsp; Written options  |  | 3935098 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions  |  | (114) |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments, written options, and foreign currency  | 7305499 | 28984267 |
| **Change in unrealized appreciation/depreciation on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (37525217) | (89720769) |
| &nbsp;&nbsp;&nbsp; Written options  |  | 2345735 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations  |  | (93) |
| &nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments, written options, and foreign currency  | (37525217) | (87375127) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments, written options, and foreign currency  | (30219718) | (58390860) |
| *Net decrease in net assets resulting from operations* | $*(30216151)* | $*(56876117)* |

---

<sup>1</sup>

Net of foreign taxes withheld of $1,800.

<sup>2</sup>

Net of foreign taxes withheld of $6,561.

OPERATIONS

See Notes to Financial Statements

------

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

Statements of Operations *For the year ended December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $68534451 | $7402832 | $1735211 | $29191173 |
| &nbsp;&nbsp;&nbsp; Interest  | 124915 | 22907 | 67323 | 111971 |
| &nbsp;&nbsp;&nbsp; Total income  | 6978360 | 763190 | 1802534 | 3031088 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 2028981 | 291476 | 982834 | 1402004 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 141409 | 17170 | 64014 | 110164 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 86838 | 10904 | 37396 | 69178 |
| &nbsp;&nbsp;&nbsp; Administration fees  | 69482 | 64329 | 65718 | 68026 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 59872 | 21086 | 6727 | 11650 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 52889 | 48174 | 48403 | 40186 |
| &nbsp;&nbsp;&nbsp; Registration fees and expenses  | 28125 | 23441 | 25045 | 26514 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 15607 | 15607 | 18505 | 19250 |
| &nbsp;&nbsp;&nbsp; Accounting fees  | 12117 | 11535 | 11652 | 12085 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 9287 | 6373 | 8885 | 7912 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 7)  | 18 | 246 | 422 | 3449 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 78321 | 19228 | 39038 | 64775 |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 2582946 | 529569 | 1308639 | 1835193 |
| &nbsp;&nbsp;&nbsp; Less: waiver of advisory fees by adviser  |  | (108303) | (209754) | (229454) |
| &nbsp;&nbsp;&nbsp; Total expenses  | 2582946 | 421266 | 1098885 | 1605739 |
| *Net investment income* | $*4395414* | $*341924* | $*703649* | $*1425349* |
|  **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency**  |  |  |  |  |
| **Realized gain/(loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (12168999) | (186767) | 8520577 | 15419035 |
| &nbsp;&nbsp;&nbsp; In-kind redemptions  |  |  |  | 45703110 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions  | (229523) | (110278) |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments and foreign currency  | (12398522) | (297045) | 8520577 | 61122145 |
| **Change in unrealized appreciation/depreciation on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (47994297) | (6233636) | (44565938) | (114117603) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations  | (13424) | 19064 |  |  |
| &nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments and foreign currency  | (48007721) | (6214572) | (44565938) | (114117603) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments and foreign currency  | (60406243) | (6511617) | (36045361) | (52995458) |
| *Net decrease in net assets resulting from operations* | $*(56010829)* | $*(6169693)* | $*(35341712)* | $*(51570109)* |

---

<sup>1</sup>

Net of foreign taxes withheld of $750,660.

<sup>2</sup>

Net of foreign taxes withheld of $82,927.

<sup>3</sup>

Net of foreign taxes withheld of $23,066.

OPERATIONS

See Notes to Financial Statements

------

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

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RMB Fund**  | **RMB Fund**  | **RMB Mendon<br>Financial Services Fund**  | **RMB Mendon<br>Financial Services Fund**  |
| | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $3567 | $46174 | $1514743 | $1504002 |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions  | 7305499 | 11293104 | 28984267 | 37090108 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation  | (37525217) | 23202048 | (87375127) | 73178512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (30216151) | 34541326 | (56876117) | 111772622 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders – Class A Shares  | (6602685) | (5670422) | (10279885) | (1275278) |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders – Class C Shares  | (179274) | (189605) | (3661180) | (341053) |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders – Class I Shares  | (2244780) | (2398434) | (19185920) | (2801974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (9026739) | (8258461) | (33126985) | (4418305) |
|  Increase/(decrease) in net assets derived from capital share transactions  | (5567943) | (484145) | (3024804) | 3698632 |
| Total increase/(decrease) in net assets | (44810833) | 25798720 | (93027906) | 111052949 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 144851906 | 119053186 | 310264895 | 199211946 |
| *End of year* | $*100041073* | $*144851906* | $*217236989* | $*310264895* |

---

CHANGES IN NET ASSETS

See Notes to Financial Statements

------

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

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<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  |
| **Capital stock transactions in dollars:** |  |  |  |  |
| **Class A shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares  | $151843 | $197791 | $3721314 | $7193851 |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends  | 6064324 | 5214927 | 9702186 | 1189406 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (4712557) | (6378628) | (13198160) | (16435246) |
| *Net increase/(decrease)* | $*1503610* | $*(965910)* | $*225340* | $*(8051989)* |
| **Class C shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares  | $505 | $481 | $861518 | $573198 |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends  | 131268 | 153939 | 3229764 | 308052 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (545144) | (606909) | (3096229) | (6301260) |
| *Net increase/(decrease)* | $*(413371)* | $*(452489)* | $*995053* | $*(5420010)* |
| **Class I shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares  | $5866034 | $13550638 | $43167192 | $55876422 |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends  | 2179170 | 2350669 | 17481188 | 2546427 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (14703386) | (14967053) | (64893577) | (41252218) |
| *Net increase/(decrease)* | $*(6658182)* | $*934254* | $*(4245197)* | $*17170631* |
|  *Net increase/(decrease) in net assets derived from capital share transactions*  | $*(5567943)* | $*(484145)* | $*(3024804)* | $*3698632* |
| **Share Transactions** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 4802 | 5307 | 67528 | 134947 |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions  | 210129 | 139810 | 222885 | 20363 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (149120) | (180561) | (253284) | (318716) |
| *Net increase/(decrease) in shares outstanding* | *65811* | *(35444)* | *37129* | *(163406)* |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 20 | 17 | 18280 | 12145 |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions  | 6047 | 5299 | 85579 | 5953 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (22238) | (21389) | (66716) | (136882) |
| *Net increase/(decrease) in shares outstanding* | *(16171)* | *(16073)* | *37143* | *(118784)* |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 180596 | 370035 | 806797 | 1051371 |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions  | 74809 | 62651 | 392747 | 42761 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (469344) | (412600) | (1220606) | (781611) |
| *Net increase/(decrease) in shares outstanding* | *(213939)* | *20086* | *(21062)* | *312521* |

---

CAPITAL STOCK ACTIVITY

See Notes to Financial Statements

------

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

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RMB International Fund**  | **RMB International Fund**  | **RMB Japan Fund**  | **RMB Japan Fund**  |
| | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $4395414 | $2892375 | $341924 | $235393 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions  | (12398522) | 5592973 | (297045) | 5706331 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation  | (48007721) | 16907195 | (6214572) | (7012319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (56010829) | 25392543 | (6169693) | (1070595) |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders – Class I Shares  | (4823617) | (3226519) | (271407) | (3239540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (4823617) | (3226519) | (271407) | (3239540) |
| **Capital stock transactions in dollars:** |  |  |  |  |
| **Class I shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares  | 66243872 | 67804572 | 4758492 | 4139029 |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends  | 4525666 | 3028491 | 259456 | 3139730 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (84208462) | (33634093) | (15685079) | (23032460) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets derived from capital share transactions  | (13438924) | 37198970 | (10667131) | (15753701) |
| Total increase/(decrease) in net assets | $(74273370) | $59364994 | $(17108231) | $(20063836) |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 317071469 | 257706475 | 42704859 | 62768695 |
| *End of year* | $*242798099* | $*317071469* | $*25596628* | $*42704859* |
| **Share Transactions** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7380130 | 6536843 | 546283 | 368699 |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions  | 508502 | 293743 | 29891 | 309638 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (9658491) | (3259943) | (1804400) | (2045526) |
| *Net increase/(decrease) in shares outstanding* | *(1769859)* | *3570643* | *(1228226)* | *(1367189)* |

---

CHANGES IN NET ASSETS

See Notes to Financial Statements

------

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

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RMB Small Cap Fund**  | **RMB Small Cap Fund**  | **RMB SMID Cap Fund**  | **RMB SMID Cap Fund**  |
| | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $703649 | $595730 | $1425349 | $1442586 |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions  | 8520577 | 5545187 | 15419035 | 11630022 |
| &nbsp;&nbsp;&nbsp; In-kind redemptions  |  |  | 45703110 |  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation  | (44565938) | 22242423 | (114117603) | 51649898 |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (35341712) | 28383340 | (51570109) | 64722506 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings – Class I Shares  | (2686332) | (8650961) | (13825951) | (14823254) |
| &nbsp;&nbsp;&nbsp; Distributions from return of capital – Class I Shares  |  |  |  | (158733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (2686332) | (8650961) | (13825951) | (14981987) |
| **Capital stock transactions in dollars:** |  |  |  |  |
| **Class I shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of shares  | 19478623 | 15549922 | 11621975 | 11621451 |
| &nbsp;&nbsp;&nbsp; Net proceeds from reinvestment of dividends  | 2447425 | 7940860 | 12761469 | 14151789 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (35721372) | (18356564) | (157752333) | (19582586) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets derived from capital share transactions  | (13795324) | 5134218 | (133368889) | 6190654 |
| Total increase/(decrease) in net assets | $(51823368) | $24866597 | $(198764949) | $55931173 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 141517414 | 116650817 | 287588540 | 231657367 |
| *End of year* | $*89694046* | $*141517414* | $*88823591* | $*287588540* |
| **Share Transactions** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1268906 | 883715 | 919584 | 778161 |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions  | 175695 |  | 1136271 | 942824 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2497222) | (1035205) | (12797729) | (1292057) |
| *Net increase/(decrease) in shares outstanding* | *(1052621)* | *(151490)* | *(10741874)* | *428928* |

---

CHANGES IN NET ASSETS

See Notes to Financial Statements

------

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

(This page intentionally left blank)

See Notes to Financial Statements

------

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

Financial Highlights *For a share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income from investment operations**  | **Income from investment operations**  | **Income from investment operations**  | **Income from investment operations**  | **Less distributions**  | **Less distributions**  | **Less distributions**  |
| | **Net asset <br>value,<br>beginning<br>of period**  | **Net<br>investment<br>income<br>(loss)<sup>a</sup>**  | **Net realized<br>and<br>unrealized<br>gain (loss)<br>on securities<br>and options**  | **Total from<br>investment<br>operations**  | **Dividends<br>from net<br>investment<br>income**  | **Distributions<br>from capital<br>gains (from<br>securities<br>and options<br>transactions)**  | **Total<br>distributions**  |
| **RMB Fund** | **RMB Fund** | **RMB Fund** | **RMB Fund** | **RMB Fund** | **RMB Fund** | **RMB Fund** | **RMB Fund** |
| &nbsp;&nbsp;&nbsp; **CLASS A SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $38.14 | $(0.02) | $(7.94) | $(7.96) | $(0.01) | $(2.66) | $(2.67) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 31.13 | (0.01) | 9.30 | 9.29 | (0.02) | (2.26) | (2.28) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 28.19 | 0.00d | 4.45 | 4.45 | (0.01) | (1.50) | (1.51) |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 20.90 | 0.01 | 7.75 | 7.76 | (0.01) | (0.46) | (0.47) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 23.56 | 0.04 | (0.61) | (0.57) |  | (2.09) | (2.09) |
| &nbsp;&nbsp;&nbsp; **CLASS C SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $29.70 | $(0.20) | $(6.15) | $(6.35) | $(0.01) | $(2.66) | $(2.67) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 24.82 | (0.21) | 7.37 | 7.16 | (0.02) | (2.26) | (2.28) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 22.91 | (0.16) | 3.57 | 3.41 |  | (1.50) | (1.50) |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 17.18 | (0.14) | 6.33 | 6.19 |  | (0.46) | (0.46) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 19.87 | (0.12) | (0.48) | (0.60) |  | (2.09) | (2.09) |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $38.37 | $0.06 | $(8.00) | $(7.94) | $(0.01) | $(2.66) | $(2.67) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 31.23 | 0.08 | 9.34 | 9.42 | (0.02) | (2.26) | (2.28) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 28.27 | 0.07 | 4.47 | 4.54 | (0.08) | (1.50) | (1.58) |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 20.96 | 0.08 | 7.76 | 7.84 | (0.07) | (0.46) | (0.53) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 23.56 | 0.10 | (0.61) | (0.51) |  | (2.09) | (2.09) |
| **RMB Mendon Financial Services Fund**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **CLASS A SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $60.65 | $0.27 | $(11.55) | $(11.28) | $(0.34) | $(6.94) | $(7.28) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 39.31 | 0.26 | 21.90 | 22.16 | (0.42) | (0.40) | (0.82) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 41.70 | 0.13 | (2.52) | (2.39) |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 34.25 | (0.04) | 7.85 | 7.81 |  | (0.36) | (0.36) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 43.40 | (0.07) | (7.23) | (7.30) |  | (1.85) | (1.85) |
| &nbsp;&nbsp;&nbsp; **CLASS C SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $53.71 | $(0.10) | $(10.19) | $(10.29) | $— | $(6.94) | $(6.94) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 34.99 | (0.12) | 19.44 | 19.32 | (0.20) | (0.40) | (0.60) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 37.40 | (0.09) | (2.32) | (2.41) |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 30.98 | (0.29) | 7.07 | 6.78 |  | (0.36) | (0.36) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 39.76 | (0.36) | (6.57) | (6.93) |  | (1.85) | (1.85) |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $61.84 | $0.42 | $(11.80) | $(11.38) | $(0.48) | $(6.94) | $(7.42) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 40.06 | 0.41 | 22.32 | 22.73 | (0.55) | (0.40) | (0.95) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 42.39 | 0.20 | (2.53) | (2.33) |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 34.72 | 0.05 | 7.98 | 8.03 |  | (0.36) | (0.36) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 43.87 | 0.06 | (7.36) | (7.30) |  | (1.85) | (1.85) |

---

a

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share values have been calculated using the average shares method.

b

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $2,702 or 0.00% for Class A, $55 or 0.00% for Class C and $925 or 0.00% for Class I of average net assets for the year ended December 31, 2022.

c

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $459 or 0.00% for Class A, $13 or 0.00% for Class C and $191 or 0.00% for Class I of average net assets for the year ended December 31, 2021.

d

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than $0.01 per share.

e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $409 or 0.00% for Class A, $15 or 0.00% for Class C and $143 or 0.00% for Class I of average net assets for the year ended December 31, 2020.

f

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.01%.

g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $211 or 0.00% for Class A, $69 or 0.00% for Class C and $392 or 0.00% for Class I of average net assets for the year ended December 31, 2022.

h

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $203 or 0.00% for Class A, $68 or 0.00% for Class C and $361 or 0.00% for Class I of average net assets for the year ended December 31, 2021.

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $303 or 0.00% for Class A, $101 or 0.00% for Class C and $582 or 0.00% for Class I of average net assets for the year ended December 31, 2020.

j

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $39 or 0.00% for Class A, $11 or 0.00% for Class C and $78 or 0.00% for Class I of average net assets for the year ended December 31, 2019.

FINANCIAL HIGHLIGHTS

See Notes to Financial Statements

------

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

Financial Highlights *For a share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratio to average net assets %**  | **Ratio to average net assets %**  | **Ratio to average net assets %**  | |
| <br> **Redemption<br>fees**  | <br> **Net asset<br>value, end<br>of period**  | <br> **Total<br>return %**  | <br> **Net assets,<br>end of period<br>(in $000's)**  | **Ratio of total<br>expenses after<br>extraordinary<br>expense and<br>reimbursement /<br>recovery (Note 5)**  | **Ratio of total<br>expenses before<br>extraordinary<br>expense and<br>reimbursement /<br>recovery (Note 5)**  | **Ratio of net<br>investment<br>income (loss)**  | <br> **Portfolio<br>turnover rate %**  |
| $— | $27.51 | (21.20) | $73375 | 1.20b | 1.20b | (0.05) | 18 |
|  | 38.14 | 29.99 | 99229 | 1.12c | 1.12c | (0.02) | 12 |
|  | 31.13 | 15.93 | 82093 | 1.23e | 1.23e | 0.00f | 29 |
|  | 28.19 | 37.16 | 77152 | 1.16 | 1.16 | 0.06 | 22 |
|  | 20.90 | (2.84) | 62225 | 1.25 | 1.25 | 0.14 | 23 |
| $— | $20.68 | (21.81) | $1483 | 1.94b | 1.94b | (0.81) | 18 |
|  | 29.70 | 29.03 | 2610 | 1.87c | 1.87c | (0.77) | 12 |
|  | 24.82 | 15.07 | 2580 | 1.98e | 1.98e | (0.75) | 29 |
|  | 22.91 | 36.07 | 2944 | 1.91 | 1.91 | (0.69) | 22 |
|  | 17.18 | (3.51) | 2584 | 2.00 | 2.00 | (0.60) | 23 |
| $— | $27.76 | (21.02) | $25183 | 0.94b | 0.94b | 0.19 | 18 |
|  | 38.37 | 30.31 | 43013 | 0.87c | 0.87c | 0.22 | 12 |
|  | 31.23 | 16.22 | 34380 | 0.97e | 0.97e | 0.26 | 29 |
|  | 28.27 | 37.53 | 31197 | 0.91 | 0.91 | 0.32 | 22 |
|  | 20.96 | (2.62) | 8905 | 1.02 | 1.02 | 0.43 | 23 |
| $— | $42.09 | (19.00) | $67571 | 1.29g | 1.29g | 0.52 | 42 |
|  | 60.65 | 56.44 | 95124 | 1.24h | 1.24h | 0.49 | 70 |
|  | 39.31 | (5.73) | 68082 | 1.43i | 1.41i | 0.41 | 82 |
|  | 41.70 | 22.80 | 117615 | 1.28j | 1.28j | (0.12) | 27 |
| 0.00d | 34.25 | (17.02) | 177624 | 1.27 | 1.27 | (0.15) | 58 |
| $— | $36.48 | (19.59) | $22193 | 2.04g | 2.04g | (0.23) | 42 |
|  | 53.71 | 55.28 | 30687 | 1.99h | 1.99h | (0.27) | 70 |
|  | 34.99 | (6.44) | 24150 | 2.19i | 2.17i | (0.32) | 82 |
|  | 37.40 | 21.88 | 34797 | 2.03j | 2.03j | (0.87) | 27 |
| 0.00d | 30.98 | (17.65) | 40385 | 2.02 | 2.02 | (0.89) | 58 |
| $— | $43.04 | (18.80) | $127472 | 1.04g | 1.04g | 0.77 | 42 |
|  | 61.84 | 56.84 | 184454 | 0.99h | 0.99h | 0.75 | 70 |
|  | 40.06 | (5.50) | 106981 | 1.18i | 1.16i | 0.63 | 82 |
|  | 42.39 | 23.13 | 234303 | 1.03j | 1.03j | 0.14 | 27 |
| 0.00d | 34.72 | (16.84) | 313808 | 1.02 | 1.02 | 0.13 | 58 |

---

FINANCIAL HIGHLIGHTS

See Notes to Financial Statements

------

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

Financial Highlights *For a share outstanding throughout each period.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income from investment operations**  | **Income from investment operations**  | **Income from investment operations**  | **Income from investment operations**  | **Less distributions**  | **Less distributions**  | **Less distributions**  | **Less distributions**  |
| | **Net asset <br>value,<br>beginning<br>of period**  | **Net<br>investment<br>income<br>(loss)**  | **Net realized<br>and<br>unrealized<br>gain (loss)<br>on securities**  | **Total from<br>investment<br>operations**  | **Dividends<br>from net<br>investment<br>income**  | **Distributions<br>from<br>return of<br>capital**  | **Distributions<br>from<br>capital<br>gains (from<br>securities<br>transactions)**  | **Total<br>distributions**  |
| **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $10.60 | $0.15a | $(1.94) | $(1.79) | $(0.18) | $— | $— | $(0.18) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 9.78 | 0.10a | 0.83 | 0.93 | (0.11) |  |  | (0.11) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 9.20 | 0.07a | 0.57 | 0.64 | (0.06) |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 7.81 | 0.11a | 1.39 | 1.50 | (0.11) |  |  | (0.11) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 10.01 | 0.04a | (2.22) | (2.18) | (0.02) |  |  | (0.02) |
| **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $10.14 | $0.09a | $(1.56) | $(1.47) | $— | $— | $(0.09) | $(0.09) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 11.25 | 0.05a | (0.34) | (0.29) | (0.30) |  | (0.52) | (0.82) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 9.98 | 0.05a | 1.25 | 1.30 | (0.03) |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp; 12/31/2019  | 8.58 | 0.07a | 1.44 | 1.51 | (0.11) |  |  | (0.11) |
| &nbsp;&nbsp;&nbsp; 12/31/2018  | 9.96 | 0.06a | (1.41) | (1.35) | (0.03) |  |  | (0.03) |
| **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $18.15 | $0.09a | $(4.58) | $(4.49) | $(0.09) | $— | $(0.27) | $(0.36) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 15.56 | 0.08a | 3.68 | 3.76 | (0.09) |  | (1.08) | (1.17) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 13.83 | (0.00)<sup>a,f</sup> | 2.41 | 2.41 |  |  | (0.68) | (0.68) |
| &nbsp;&nbsp;&nbsp; For the period from 7/1/2019 through 12/31/2019<sup>g</sup> | 13.63 | 0.03 | 0.82 | 0.85 | (0.06) |  | (0.59) | (0.65) |
| &nbsp;&nbsp;&nbsp; 6/30/2019  | 18.76 | 0.04 | (0.00)<sup>f</sup> | 0.04 |  |  | (5.17) | (5.17) |
| &nbsp;&nbsp;&nbsp; 6/30/2018  | 19.33 | 0.08 | 3.00 | 3.08 | (0.09) |  | (3.56) | (3.65) |
| **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** |
| &nbsp;&nbsp;&nbsp; **CLASS I SHARES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/2022  | $15.43 | $0.09a | $(3.31) | $(3.22) | $(0.15) | $— | $(0.80) | $(0.95) |
| &nbsp;&nbsp;&nbsp; 12/31/2021  | 12.73 | 0.08a | 3.47 | 3.55 | (0.08) | (0.01) | (0.76) | (0.85) |
| &nbsp;&nbsp;&nbsp; 12/31/2020  | 10.80 | 0.00a,f | 2.61 | 2.61 | (0.03) |  | (0.65) | (0.68) |
| &nbsp;&nbsp;&nbsp; For the period from 7/1/2019 through 12/31/2019<sup>g</sup> | 11.45 | 0.03 | 0.86 | 0.89 | (0.06) |  | (1.48) | (1.54) |
| &nbsp;&nbsp;&nbsp; 6/30/2019  | 12.45 | 0.03 | 0.44 | 0.47 |  |  | (1.47) | (1.47) |
| &nbsp;&nbsp;&nbsp; 6/30/2018  | 12.12 | 0.07 | 1.94 | 2.01 | (0.07) |  | (1.61) | (1.68) |

---

a

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share values have been calculated using the average shares method.

b

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $18 or 0.00% of average net assets for RMB International Fund, $246 or 0.00% for RMB Japan Fund, $422 or 0.00% for RMB Small Cap Fund, and $3,449 or 0.00% for RMB SMID Cap Fund for the year ended December 31, 2022.

c

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $28 or 0.00% of average net assets for RMB International Fund, $2,436 or 0.00% for RMB Japan Fund, $2,336 or 0.00% for RMB Small Cap Fund, and $61 or 0.00% for RMB SMID Cap Fund for the year ended December 31, 2020.

d

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $1,563 or 0.00% of average net assets for RMB Japan Fund and $586 or 0.00% for RMB SMID Cap Fund for the year ended December 31, 2021.

e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes interest expense of $83 or 0.00% of average net assets for RMB Japan Fund, $4,073 or 0.00% for RMB Small Cap Fund, and $7,786 or 0.00% for RMB SMID Cap Fund for the year/period ended December 31, 2019.

f

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than $0.01 per share.

g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMB Small Cap Fund and RMB SMID Cap Fund changed fiscal year end from June 30 to December 31 effective close of business September 5, 2019.

h

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Annualized.

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

FINANCIAL HIGHLIGHTS

See Notes to Financial Statements

------

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

Financial Highlights *For a share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratio to average net assets %**  | **Ratio to average net assets %**  | **Ratio to average net assets %**  | **Ratio to average net assets %**  | |
| <br> **Net asset<br>value, end<br>of period**  | <br> **Total<br>return %**  | <br> **Net assets,<br>end of period<br>(in $000's)**  | **Ratio of total<br>expenses after<br>reimbursement /<br>recovery<br>(Note 5)**  | **Ratio of total<br>expenses before<br>reimbursement /<br>recovery<br>(Note 5)**  | **Ratio of net<br>investment<br>income<br>(loss) after<br>reimbursement /<br>recovery**  | **Ratio of net<br>investment<br>income (loss)<br>before<br>reimbursement /<br>recovery**  | <br> **Portfolio<br>turnover rate %**  |
| $8.63 | (16.94) | $242798 | 0.95b | 0.95b | 1.62 | 1.62 | 30 |
| 10.60 | 9.53 | 317071 | 0.91 | 0.91 | 0.99 | 0.99 | 21 |
| 9.78 | 7.01 | 257706 | 0.98c | 0.98c | 0.83 | 0.83 | 51 |
| 9.20 | 19.20 | 216030 | 0.95 | 0.94 | 1.27 | 1.28 | 112 |
| 7.81 | (21.81) | 112799 | 1.15 | 1.16 | 0.38 | 0.37 | 28 |
| $8.58 | (14.52) | $25597 | 1.30b | 1.63b | 1.05 | 0.72 | 32 |
| 10.14 | (2.56) | 42705 | 1.30d | 1.38d | 0.45 | 0.37 | 18 |
| 11.25 | 13.06 | 62769 | 1.30c | 1.32c | 0.51 | 0.49 | 75 |
| 9.98 | 17.63 | 70245 | 1.30e | 1.28e | 0.77 | 0.79 | 76 |
| 8.58 | (13.57) | 44314 | 1.30 | 1.84 | 0.61 | 0.07 | 135 |
| $13.30 | (24.80) | $89694 | 0.95b | 1.13b | 0.61 | 0.43 | 15 |
| 18.15 | 24.38 | 141517 | 0.95 | 1.06 | 0.44 | 0.33 | 7 |
| 15.56 | 17.59 | 116651 | 1.00c | 1.18c | (0.02) | (0.02) | 35 |
| 13.83 | 6.33<sup>h</sup> | 101201 | 1.10<sup>e</sup><sup>,i</sup> | 1.24<sup>e</sup><sup>,i</sup> | 0.35<sup>i</sup> | 0.21<sup>i</sup> | 6<sup>h</sup> |
| 13.63 | 3.96 | 118421 | 1.10 | 1.23 | 0.32 | 0.19 | 19 |
| 18.76 | 17.88 | 147844 | 1.10 | 1.16 | 0.53 | 0.47 | 20 |
| $11.26 | (20.87) | $88824 | 0.80b | 0.91b | 0.71 | 0.60 | 4 |
| 15.43 | 28.10 | 287589 | 0.80d | 0.84d | 0.54 | 0.50 | 9 |
| 12.73 | 24.39 | 231657 | 0.84c | 0.94c | 0.02 | (0.08) | 21 |
| 10.80 | 8.06<sup>h</sup> | 158743 | 0.96<sup>e</sup><sup>,i</sup> | 1.04<sup>e</sup><sup>,i</sup> | 0.35<sup>i</sup> | 0.27<sup>i</sup> | 4<sup>h</sup> |
| 11.45 | 5.71 | 181588 | 0.95 | 1.05 | 0.22 | 0.12 | 16 |
| 12.45 | 18.20 | 193538 | 0.95 | 1.00 | 0.58 | 0.53 | 14 |

---

FINANCIAL HIGHLIGHTS

See Notes to Financial Statements

------

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

## Notes to Financial Statements

#### 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 six series: RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Japan Fund, RMB Small Cap Fund, and RMB SMID Cap Fund (each, a "Fund" and collectively, the "Funds"). RMB Capital Management, LLC ("RMB" or the "Adviser") serves as the investment adviser to the Funds. Mendon Capital Advisors Corp. (the "Sub-Adviser") serves as sub-adviser to the RMB Mendon Financial Services Fund.

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

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

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

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

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

Prior to May 1, 2018, RMB Fund and RMB Mendon Financial Services Fund charged a 2.00% short-term redemption fee on proceeds from shares redeemed (either by selling or exchange into another Fund) within 30 days after purchase.

1. Significant Accounting Policies

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

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

*Exchange-Listed Equities and Funds and Depositary Receipts* 

The market value of an equity security, exchange-traded fund (e.g., ETF or closed-end fund), or depositary receipt (e.g., ADR

or GDR) traded on a national stock exchange (other than Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, "Nasdaq")) is the last reported sale price on the exchange on which the security trades on the valuation date. If there is no such last sale reported, the security is valued at the mean between the last bid and asked prices on the exchange.

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

*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.

NOTES TO FINANCIAL STATEMENTS

------

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

## Notes to Financial Statements (Continued)
*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.

#### 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.

2. Adviser Fees

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

---

| | |
|:---|:---|
| **RMB Fund** | 0.60% |
| **RMB Mendon Financial Services Fund** | 0.75% |
| **RMB International Fund** | 0.75% |
| **RMB Japan Fund** | 0.90% |
| **RMB Small Cap Fund** | 0.85% |
| **RMB SMID Cap Fund** | 0.70% |

---

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

3. Distribution Fees and Commissions

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

#### Distribution Fees:

---

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

---

#### Shareholder Service Fees:

---

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

---

NOTES TO FINANCIAL STATEMENTS

------

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

## Notes to Financial Statements (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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** | 1.59% | 2.34% | 1.34% |
| **RMB Mendon Financial Services Fund** | 1.80% | 2.55% | 1.55% |
| **RMB International Fund** |  |  | 1.15% |
| **RMB Japan Fund** |  |  | 1.30% |
| **RMB Small Cap Fund** |  |  | 0.95% |
| **RMB SMID Cap Fund** |  |  | 0.80% |

---

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

In accordance with the Agreement, the Adviser will not reimburse a Fund for certain expenses, such as interest, taxes, brokerage commissions, dealer spreads and other transaction costs, capitalized expenditures, acquired fund fees and expenses, short sale dividends, extraordinary expenses not incurred in the ordinary course of the Fund's business (e.g., litigation, indemnification) and any other costs and expenses approved by the Board. For the year ended December 31, 2020, there were extraordinary expenses of $46,906 allocated to the RMB Mendon Financial Services Fund related to the reorganization (See Note 15).

The Agreement will remain in effect through April 30, 2023 and may be continued from year to year thereafter, if agreed by all parties to the Agreement. While in effect the Agreement may be terminated with respect to a Fund by agreement of the

Adviser and the Board and shall terminate automatically upon the termination of the Fund's Advisory Agreement.

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>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| 2020 | 2023 | $20598 | $182479 | $159722 |
| 2021 | 2024 | $41579 | $152690 | $107893 |
| 2022 | 2025 | $108303 | $209754 | $229454 |

---

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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| **RMB Fund** | $20841996 | $35405657 |
|  **RMB Mendon Financial Services Fund** | $106641311 | $138436158 |
| **RMB International Fund** | $77318023 | $93086512 |
| **RMB Japan Fund** | $9691140 | $20055169 |
| **RMB Small Cap Fund** | $16218316 | $31004920 |
| **RMB SMID Cap Fund** | $7836069 | $65604630 |

---

The RMB SMID Cap Fund had sales in the amount of $86,318,022 representing the value of securities transferred in payment of redemptions in kind, resulting in realized gains of $45,703,110.

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 33<sup>1</sup>∕3% of the net asset market value of the unencumbered assets of the Fund. Borrowing by the Japan Fund under the Loan Agreement is further limited to 15% of the Japan Fund's gross market value. The interest rate on loans under the Loan Agreement equals the prime rate minus one percent per annum, payable monthly. For the year ended December 31, 2022, borrowing activity under the Loan Agreement was as follows:

NOTES TO FINANCIAL STATEMENTS

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Outstanding<br>Daily<br>Average<br>Balance for<br>the Period<sup>1</sup>**  | **Maximum<br>Amounts<br>Outstanding<br>for the<br>Period**  | **Interest<br>Expense<br>for the<br>Period**  | **Average<br>Interest<br>Rate**  | **Outstanding<br>Balance at<br>12/31/2022**  |
| **RMB Fund** | $857650 | $5256000 | $3682 | 4.93% | $0 |
|  **RMB Mendon <br>Financial <br>Services <br>Fund** | 846500 | 3852000 | 672 | 4.81% | 140000 |
|  **RMB <br>International <br>Fund** | 27000 | 27000 | 18 | 6.00% | 0 |
|  **RMB Japan Fund** | 187111 | 362000 | 246 | 5.25% | 0 |
|  **RMB Small Cap Fund** | 1170000 | 1615000 | 422 | 6.50% | 0 |
|  **RMB SMID Cap Fund** | 15854667 | 18543000 | 3449 | 2.67% | 0 |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 (2019 - 2021), or expected to be taken in the Funds' 2022 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.

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 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal year ended 12/31/2022**  | **RMB<br>Fund**  | **RMB Mendon<br>Financial<br>Services Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary Income | $489866 | $6603273 | $4823617 | $— | $780310 | $1425349 |
| Long-Term Capital Gain | 8536873 | 26523712 |  | 271407 | 1906022 | 12400602 |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid | $9026739 | $33126985 | $4823617 | $271407 | $2686332 | $13825951 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal year ended 12/31/2021**  | **RMB<br>Fund**  | **RMB Mendon<br>Financial<br>Services Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary Income | $262951 | $4418305 | $3226519 | $1200779 | $843366 | $3571949 |
| Long-Term Capital Gain | 7995510 |  |  | 2038761 | 7807595 | 11251305 |
| Return of Capital |  |  |  |  |  | 158733 |
| &nbsp;&nbsp;&nbsp; Total Distributions Paid | $8258461 | $4418305 | $3226519 | $3239540 | $8650961 | $14981987 |

---

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, 2022.

NOTES TO FINANCIAL STATEMENTS

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

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2022**  | **RMB<br>Fund**  | **RMB Mendon<br>Financial<br>Services<br>Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| Tax cost of Investments | $61774101 | $191279396 | $232399624 | $25653363 | $60898368 | $51401333 |
| Unrealized appreciation | 41204562 | 40619781 | 31110482 | 3817090 | 38790036 | 38932933 |
| Unrealized depreciation | (3034369) | (15266653) | (20350013) | (4111048) | (9972642) | (3657160) |
|  Net unrealized appreciation/(depreciation) | 38170193 | 25353128 | 10760469 | (293958) | 28817394 | 35275773 |
| Undistributed ordinary income | 3546 |  | 468596 | 292523 | 27086 |  |
| Undistributed long-term capital gains | 1498820 |  |  |  | 5068276 | 517487 |
| Total distributable earnings | 1502366 |  | 468596 | 292523 | 5095362 | 517487 |
| Other accumulated losses |  | (39622794)<sup>1</sup> | (34181822) | (375458) |  |  |
| Total accumulated gain/(loss) | $39672559 | $(14269666) | $(22952757) | $(376893) | $33912756 | $35793260 |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes $31,914,057 of short-term and $7,254,794 of long-term capital losses acquired from the Target Fund in the Reorganization (Note 15). Per the IRS, use of these losses is limited to $204,497 per year.

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, 2022 and the capital loss carryforwards utilized by the Funds in 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Not Subject to Expiration**  | **RMB<br>Fund**  | **RMB Mendon<br>Financial<br>Services<br>Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| Short-Term | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(30136795) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Long-Term | $— | $— | $(4026746) | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2022**  | **RMB<br>Fund**  | **RMB Mendon<br>Financial<br>Services<br>Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
|  Capital Loss Carryforward <br>Utilized | $&nbsp;&nbsp;&nbsp;&nbsp;— | $204497 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

At December 31, 2022, RMB Mendon Financial Services Fund and RMB Japan Fund had Deferred Post-October losses of $453,867 and $394,499, 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, 2022, the permanent book and tax basis differences were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Increase/(Decrease)**  | **RMB<br>Fund**  | **RMB<br>Mendon<br>Financial<br>Services<br>Fund**  | **RMB<br>International<br>Fund**  | **RMB<br>Japan<br>Fund**  | **RMB<br>Small Cap<br>Fund**  | **RMB<br>SMID Cap<br>Fund**  |
| Distributable Earnings | $(1276497) | $(4890486) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(117221) | $(661889) | $(47965645) |
| Paid-In Capital | $1276497 | $4890486 | $— | $117221 | $661889 | $47965645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022, 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.

NOTES TO FINANCIAL STATEMENTS

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

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

11. Restricted Securities

Except the Japan Fund, 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. The Japan Fund may not invest more than 15% of its net assets in restricted securities (both liquid and illiquid). At December 31, 2022, the Funds held no restricted securities.

12. Fund Risks

Each of the Funds is subject to market risk, equity securities risk, management risk, and other risks. Market risk is the risk that the price of a security held by a Fund may decline, sometimes rapidly or unpredictably, due to changing economic, political or market conditions that are not specifically related to the issuer of the security. Equity securities risk is the risk that the price of an equity security held by a 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, and general economic and market conditions. Also, changing regulation of Financial Services companies may adversely or positively affect companies in which the Funds invest.

In addition, the coronavirus disease 2019 (COVID-19) pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, decreased demand, and supply chain disruption, among others. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, or other infectious illness outbreaks, epidemics or pandemics that may arise in the future, as well as actions that have been or could be taken by governmental authorities or other third parties, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. The disruptions caused by COVID-19 or other infectious illness outbreaks, epidemics or pandemics could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds.

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

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

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 RMB's Valuation Committee's own assumptions about the factors that market participants would use in pricing an investment and are based on the best information available. These inputs include, but are not limited to, the cost of the 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, 2022. 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.

NOTES TO FINANCIAL STATEMENTS

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At December 31, 2022**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **RMB Fund** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks<sup>1</sup> | $99793205 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $99793205 |
| Short-Term Investments | 151089 |  |  | 151089 |
|  Total Investments in Securities | $99944294 | $— | $— | $99944294 |
| **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** | **RMB Mendon Financial Services Fund** |
| Assets |  |  |  |  |
| Common Stocks<sup>1</sup> | $216693344 | $— | $— | $216693344 |
| Warrants<sup>1</sup> | 40874 |  |  | 40874 |
| Short-Term Investments | 56 |  |  | 56 |
| Total | $216734274 | $— | $— | $216734274 |
| Liabilities |  |  |  |  |
| Written Options<sup>1</sup> |  | (101750) | 0<sup>2</sup> | (101750) |
|  Total Investments in Securities | $216734274 | $(101750) | $0 | $216632524 |
| **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** | **RMB International Fund** |
| Assets |  |  |  |  |
| Common Stocks<sup>1,3</sup> | $3170878 | $223515952 | $— | $226686830 |
| Short-Term Investments | 16473263 |  |  | 16473263 |
|  Total Investments in Securities | $19644141 | $223515952 | $— | $243160093 |
| **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** | **RMB Japan Fund** |
| Assets |  |  |  |  |
| Common Stocks<sup>1,3</sup> | $— | $24382457 | $— | $24382457 |
| Short-Term Investments | 976948 |  |  | 976948 |
|  Total Investments in Securities | $976948 | $24382457 | $— | $25359405 |
| **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** | **RMB Small Cap Fund** |
| Assets |  |  |  |  |
| Common Stocks<sup>1</sup> | $85900955 | $— | $— | $85900955 |
| Short-Term Investments | 3814807 |  |  | 3814807 |
|  Total Investments in Securities | $89715762 | $— | $— | $89715762 |
| **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** | **RMB SMID Cap Fund** |
| Assets |  |  |  |  |
| Common Stocks<sup>1</sup> | $84122282 | $— | $— | $84122282 |
| Short-Term Investments | 2554824 |  |  | 2554824 |
|  Total Investments in Securities | $86677106 | $— | $— | $86677106 |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refer to Management's Discussion of Fund Performance or the Portfolio Holdings section of the applicable Fund in this Annual Report for a breakdown of holdings by sector or industry.

<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign securities valued using systemic fair valuation are moved from Level 1 to Level 2. The table below provides a breakdown, by country, of the RMB International Fund's and the RMB Japan Fund's Level 2 securities at December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **RMB<br>International<br>Fund**  | **RMB Japan<br>Fund**  |
| Australia | $4868203 | $— |
| Denmark | 3543902 |  |
| Finland | 12583034 |  |
| France | 25159986 |  |
| Ireland | 6847827 |  |
| Japan | 53313812 | 24382457 |
| Netherlands | 5592630 |  |
| Spain | 7405408 |  |
| Sweden | 6949907 |  |
| Switzerland | 31050944 |  |
| United Kingdom | 66200299 |  |
| Total | $223515952 | $24382457 |

---

14. Disclosures about Derivative Instruments and Hedging Activities

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

The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure as of December 31, 2022:

#### Fair Value of Deriviative Instruments As of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Derivatives not<br>accounted for<br>as hedging<br>instruments<br>under<br>ASC 815**  | **Statements<br>of Assets &<br>Liabilities<br>Location**  | **Asset or<br>Liability**  | **Fair Value**  |
| **RMB Mendon Financial Services Fund** | Equity <br>Contracts | Options <br>written, at <br>value | Liability | $101750 |

---

#### The Effect of Derivative Instruments on the Statements of Operations For the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Changes in<br>Derivatives not<br>accounted for<br>as hedging<br>instruments<br>under<br>ASC 815**  | **Location<br>of Gain or<br>(Loss) on<br>Derivatives**  | **Realized Gain<br>or (Loss) on<br>Derivatives**  | **Change in<br>Unrealized<br>Appreciation<br>or<br>(Depreciation)**  |
| **RMB Mendon <br>Financial <br>Services Fund** | Equity <br>Contracts | Realized gain on <br>written options | $3935098 |  |
| **RMB Mendon <br>Financial <br>Services Fund** |  | Net unrealized <br>appreciation/<br>depreciation <br>on written options |  | $2345735 |

---

NOTES TO FINANCIAL STATEMENTS

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

## Notes to Financial Statements (Continued)
The derivative instruments outstanding as of the year ended December 31, 2022 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, 2022 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, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Derivative**  | **Instrument**  | **Number of<br>Contracts**  | **Notional<br>Value**  |
| **RMB Mendon Financial Services Fund** | Equity <br>Contracts | Call Option <br>Written | (4536) | $(1323130) |

---

The average number of derivative instruments is based on the average quarter end balances for the period January 1, 2022 to December 31, 2022.

15. Fund Reorganizations

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

---

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

---

---

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

---

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

---

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

---

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

16. Subsequent Events

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

NOTES TO FINANCIAL STATEMENTS

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

## Other Information (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 to December 31, 2022.

#### Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" that corresponds to your Fund and share class in order to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the costs of investing in other mutual funds. To do so, compare the amount under the heading entitled "Hypothetical Expenses Paid During Period" that corresponds to your Fund and share class with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **RMB Funds**  | **Beginning<br>Account<br>Value<br>7/1/2022**  | **Ending<br>Account<br>Value<br>12/31/2022**  | **Actual<br>Expenses Paid<br>During Period<sup>1</sup><br>7/1/2022 – <br>12/31/2022**  | **Beginning<br>Account<br>Value<br>7/1/2022**  | **Ending<br>Account<br>Value<br>12/31/2022**  | **Hypothetical<br>Expenses Paid<br>During Period<sup>1</sup><br>7/1/2022 – <br>12/31/2022**  | **Expense<br>Ratio<sup>1</sup>**  |
| **RMB Fund** |  |  |  |  |  |  |  |
| Class A | $1000.00 | $987.70 | $6.21 | $1000.00 | $1018.95 | $6.31 | 1.24% |
| Class C | $1000.00 | $984.00 | $9.95 | $1000.00 | $1015.17 | $10.11 | 1.99% |
| Class I | $1000.00 | $988.70 | $4.96 | $1000.00 | $1020.21 | $5.04 | 0.99% |
| **RMB Mendon Financial Services Fund** |  |  |  |  |  |  |  |
| Class A | $1000.00 | $1033.20 | $6.82 | $1000.00 | $1018.50 | $6.77 | 1.33% |
| Class C | $1000.00 | $1029.50 | $10.64 | $1000.00 | $1014.72 | $10.56 | 2.08% |
| Class I | $1000.00 | $1034.50 | $5.54 | $1000.00 | $1019.76 | $5.50 | 1.08% |
| **RMB International Fund** |  |  |  |  |  |  |  |
| Class I | $1000.00 | $1032.10 | $5.07 | $1000.00 | $1020.21 | $5.04 | 0.99% |
| **RMB Japan Fund** |  |  |  |  |  |  |  |
| Class I | $1000.00 | $1031.90 | $6.66 | $1000.00 | $1018.65 | $6.61 | 1.30% |
| **RMB Small Cap Fund** |  |  |  |  |  |  |  |
| Class I | $1000.00 | $998.40 | $4.79 | $1000.00 | $1020.42 | $4.84 | 0.95% |
| **RMB SMID Cap Fund** |  |  |  |  |  |  |  |
| Class I | $1000.00 | $1032.10 | $4.10 | $1000.00 | $1021.17 | $4.08 | 0.80% |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days in the most recent fiscal half-year, divided by 365 days in the year (to reflect the one-half year period).

OTHER INFORMATION

------

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

## Other Information (Unaudited) (Continued)

#### 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 December 31 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, 2022, 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 | 100.00% |
| RMB Mendon Financial Services Fund | 71.02% |
| RMB International Fund | 100.00% |
| RMB Japan Fund | 100.00% |
| RMB Small Cap Fund | 100.00% |
| RMB SMID Cap Fund | 100.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
| RMB Fund | 100.00% |
| RMB Mendon Financial Services Fund | 71.16% |
| RMB International Fund | 0.00% |
| RMB Japan Fund | 0.00% |
| RMB Small Cap Fund | 100.00% |
| RMB SMID Cap Fund | 100.00% |

---

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, 2022 were as follows:

---

| | |
|:---|:---|
| RMB Fund | 90.57% |
| RMB Mendon Financial Services Fund | 75.21% |
| RMB International Fund | 0.00% |
| RMB Japan Fund | 0.00% |
| RMB Small Cap Fund | 13.30% |
| RMB SMID Cap Fund | 0.00% |

---

OTHER INFORMATION

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

Auditor Opinion

---

| | |
|:---|:---|
| ![[MISSING IMAGE: lg_taitweller-bw.jpg]](lg_taitweller-bw.jpg)  | taitweller.com |

---

#### 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 the RMB Fund, the RMB Mendon Financial Services Fund, the RMB International Fund, the RMB Japan Fund, the RMB Small Cap Fund, and RMB SMID Cap Fund, (the "Funds"), each a series of the RMB Investors Trust (the "Trust"), including the portfolio holdings, as of December 31, 2022, 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, 2022, 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 constituting RMB Investors <br> Trust** | **Statement of <br> operations**  | **Statements of <br> changes in net assets**  | **Financial highlights**  |
| RMB Fund, RMB Mendon Financial Services Fund, RMB International Fund, RMB Japan Fund | For the year ended December 31, 2022 | For each of the two years in the period ended December 31, 2022 | For each of the five years in the period ended December 31, 2022 |
| RMB Small Cap Fund, RMB SMID Cap Fund | For the year ended December 31, 2022 | For each of the two years in the period ended December 31, 2022 | For each of the three years in the period ended December 31, 2022, for the six month period ended December 31, 2019 and for the year ended June 30, 2019 |

---

With respect to RMB Small Cap Fund and RMB SMID Cap Fund, the financial highlights for each of the two years in the period ended June 30, 2018 were audited by other auditors whose report dated August 27, 2018, expressed an unqualified opinion on those financial statements and financial highlights.

OTHER INFORMATION

------

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

Auditor Opinion (Continued)

#### To the Shareholders and Board of Trustees of the RMB Investors Trust Pag Two

#### 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, 2022 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: sg_taitweller-bw.jpg]](sg_taitweller-bw.jpg)

#### TAIT, WELLER & BAKER LLP

#### Philadelphia, Pennsylvania February 28, 2023
OTHER INFORMATION

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

#### INDEPENDENT TRUSTEES (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position Held<br>with the Funds** | **Term of<br>Office and<br>Time Served** | **Principal Occupation<br>During the Past 5 Years** | **Number of<br>Funds Overseen<br>within Trust** | **Other Directorships held by<br>Trustee During the Past 5 Years** |
| **Margaret M. Eisen** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1953) | Trustee and Chair | Since <br> 2013 | Trustee, Smith College (2012–2016); Chief Investment Officer, EAM International LLC (finance and asset management) (2003–2013); and Managing Director, CFA Institute (2005–2008). | 6  | Board of Trustees, Columbia Acorn Trust (6 series) and Wanger Advisors Trust (3 series) (2002–Present); Board of Directors, IronBridge Funds (3 series) (2017–2019). |
| **Peter Borish** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1959) | Trustee | Since <br> 2015 | President, Computer Trading Corporation (financial consulting firm) (since 1995). | 6  | None. |
| **James M. Snyder** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1947) | Trustee | Since <br> 2019 | Mr. Snyder is a private investor, manages a family foundation and serves on corporate and not for profit boards. He spent his entire professional career at The Northern Trust Company, retiring as Executive Vice President, Chief Investment Officer. Mr. Snyder is a Chartered Financial Analyst (CFA). | 6  | Board of Directors, Frontier Funds, Inc. (6 series) (2002–Present); Board of Directors, IronBridge Funds (3 series) (2010–2019). |
| **PRINCIPAL OFFICERS** | **PRINCIPAL OFFICERS** | **PRINCIPAL OFFICERS** | **PRINCIPAL OFFICERS** | **PRINCIPAL OFFICERS** | **PRINCIPAL OFFICERS** |
| **Christopher M. Graff** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1973) | President | Since <br> 2019 | Co-Chief Investment Officer of the Adviser (since 2018); Managing Director of Asset Management of the Adviser (since 2011). | N/A  | N/A |
| **Maher A. Harb** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1968) | Chief Financial Officer and <br> Treasurer | Since <br> 2016 | Chief Financial Officer of the Adviser (since 2008). | N/A  | N/A |
| **Joseph McDermott** <br> RMB Investors Trust <br> 115 South LaSalle <br> Street, 34th Floor <br> Chicago, IL 60603 <br> (1969) | Chief Compliance <br> Officer | Since Janaury 1, 2023 | Managing Director, Alaric Compliance Services, LLC (2019–2022); Chief Compliance Officer, THL Credit Senior Loan Fund (2018–2019); Compliance Manager, THL Credit Senior Loan Strategies, LLC (2018–2019); Chief Compliance Officer, Aviva Investors Americas LLC (2015–2018); Chief Compliance Officer, Aviva Investors Canada Inc. (2016–2018). | N/A  | N/A |
| **Frank A. Passantino** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1964) | First Vice <br> President, <br> Assistant <br> Secretary and <br> Anti-Money <br> Laundering <br> Compliance <br> Officer | Since <br> 1990 | Manager of Mutual Fund Operations of the Adviser (since 2016); First Vice President, Burnham Asset Management Corporation (Funds' former investment adviser) (1990–2016); and First Vice President, Burnham Securities, Inc. (1990–2016). | N/A  | N/A |
| **Laura A. Flentye** <br> RMB Investors Trust <br> 115 South LaSalle Street, <br> 34th Floor <br> Chicago, IL 60603 <br> (1969) | Senior Vice President and Secretary | Since <br> 2017 | Vice President, Chief Administration Officer, of the Adviser (since 2017); Chief Operating Officer and Chief Compliance Officer, Cupps Capital Management (2000–2016). | N/A  | N/A |

---

------

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

## Privacy Notice
Protecting the privacy of Fund shareholders is important to us. The following is a description of the practices and policies through which the Fund maintains the confidentiality and protects the security of your non-public personal information.

#### What Information We Collect
In the course of providing services to you, we may collect the following types of "non-public personal information" about you:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information we receive from you on applications or other forms, such as your name, address and social security number, the types and amounts of investments and bank account information, and

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information about your transactions with us, our affiliates and others, as well as other account data.

"Non-public personal information" is non-public information about you that we obtain in connection with providing a financial product or service to you, such as the information described in the above examples.

"Affiliates" include the Funds' investment adviser and companies that are related to RMB Investors Trust through common control or ownership. The Funds' investment adviser, RMB Capital Management, LLC, is an affiliate of the Funds.

#### What Information We Disclose
We do not disclose non-public personal information about you or any of our former shareholders to anyone, except as permitted by law. We are permitted by law to share any of the information we collect, as described above, with our affiliates. In addition, in the normal course of serving shareholders, information we collect may be shared with companies that perform various services such as transfer agents, custodians and broker-dealers. These companies will use this information only for the services for which we hired them and as allowed by applicable law.

#### Confidentiality and Security Procedures
To protect your personal information, we permit access only by authorized personnel. We maintain physical, electronic and procedural safeguards to protect the confidentiality, integrity and security of your non-public personal information.

We will continue to adhere to the privacy policies and practices in this notice even after your account is closed or becomes inactive.

#### Additional Rights
You may have other privacy protections under applicable state laws. To the extent those state laws apply, we will comply with them with respect to your non-public personal information.

PRIVACY NOTICE

------

[**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>RMB Capital Management, LLC <br>115 South LaSalle Street, 34th Floor <br>Chicago, IL 60603 | **Independent Trustee Counsel** <br>Perkins Coie LLP <br>700 13th Street NW, Suite 600<br>Washington, DC 20005 |
| **Transfer Agent** <br>BNY Mellon Investment Servicing (US) Inc.<br>500 Ross Street, 154-0520<br>Pittsburgh, PA 15262 | **Independent Registered Public Accounting Firm** <br>Tait, Weller & Baker LLP <br>50 South 16th Street, Suite 2900 <br>Philadelphia, PA 19102 |
| **Custodian** <br>U.S. Bank, N.A.<br>1555 North River Center Drive, Suite 302<br>Milwaukee, WI 53212 | **Administrator** <br>U.S. Bancorp Fund Services, LLC<br>2020 East Financial Way, Suite 100<br>Glendora, CA 91741 |
| **Legal Counsel** <br>Vedder Price P.C. <br>222 North LaSalle Street <br>Chicago, IL 60601 |  |

---

#### OFFICERS OF THE TRUST
Christopher M. Graff

*President* 

Maher A. Harb

*Chief Financial Officer and Treasurer* 

Joseph McDermott

*Chief Compliance Officer* 

#### Frank A. Passantino
*First Vice President, Assistant Secretary and Anti-Money Laundering Compliance Officer* 

Laura A. Flentye

*Senior Vice President and Secretary* 

#### BOARD OF TRUSTEES

#### Independent Chair
Margaret M. Eisen

#### Trustees
Peter Borish

James M. Snyder

*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 and the managers' views 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.

![[MISSING IMAGE: lg_rmbfunds-4c.jpg]](lg_rmbfunds-4c.jpg)

------

&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 officers and principal financial officer. The registrant has not made any 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.

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| (a) Audit Fees | $90350 | $89250 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $17500 | $17000 |
| (d) All Other Fees | $0 | $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:

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(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 entity controlling, controlled by, or under common control with the investment adviser) for the last two years.

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(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>**

(a) The registrant's Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 11. Controls and Procedures.</u>**

(a) The Registrant's President and Treasurer/Chief 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.

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

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/30126/000089418918001589/coe.htm) [(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) *A separate certification for each principal executive and principal financial officer pursuant to Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).* Filed herewith.](tm234613d2_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

[*(b)*](tm234613d2_ex99-906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tm234613d2_ex99-906cert.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.

---

| | |
|:---|:---|
| RMB Investors Trust | RMB Investors Trust |
| By | /s/ Christopher M. Graff |
|  | Christopher M. Graff, President |
| Date | March 6, 2023 |

---

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 | /s/ Christopher M. Graff |
|  | Christopher M. Graff, President |
| Date | March 6, 2023 |
| By | /s/ Maher A. Harb |
|  | Maher A. Harb, Chief Financial Officer and Treasurer |
| Date | March 3, 2023 |

---

## Ex-99.Cert

EX.99.CERT

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

I, Christopher M. Graff, certify that:

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

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

3. Based on my knowledge, the 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;

4. The registrant's other certifying officers 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;(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;(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;(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;(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

5. The registrant's other certifying officers 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;(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;(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: | March 6, 2023 | /s/ Christopher M. Graff |
|  |  | Christopher M. Graff, President |

---

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

I, Maher A. Harb, certify that:

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

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

3. Based on my knowledge, the 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;

4. The registrant's other certifying officers 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;(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;(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;(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;(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

5. The registrant's other certifying officers 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;(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;(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: | March 3, 2023 | /s/ Maher A. Harb |
|  |  | Maher A. Harb, Chief Financial Officer and Treasurer |

---

## 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, 2022 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 | /s/ Christopher M. Graff |
| Christopher M. Graff, President | Christopher M. Graff, President |
| RMB Investors Trust | RMB Investors Trust |
| Dated: | March 6, 2023 |
| /s/ Maher A. Harb | /s/ Maher A. Harb |
| Maher A. Harb, Chief Financial Officer and Treasurer | Maher A. Harb, Chief Financial Officer and Treasurer |
| RMB Investors Trust | RMB Investors Trust |
| Dated: | March 3, 2023 |

---

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 the Securities Exchange Act of 1934.