UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00994
RMB Investors Trust
(Exact name of registrant as specified in charter)
One North Wacker Drive, Suite 3500
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Graff
One North Wacker Drive, Suite 3500
Chicago, IL 60606
(Name and address of agent for service)
(800) 462-2392
Registrant’s telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Stockholders.
| | |
| RMB Fund | |
| Class A | RMBHX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $63 | 1.22% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $113,522,039 |
Number of Holdings | 43 |
Portfolio Turnover | 4% |
30-Day SEC Yield (Class-Specific) | -0.18% |
Visit www.rmbfunds.com/our-funds/rmb-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Microsoft Corp. | 10.9% |
Alphabet, Inc. | 8.4% |
Amazon.com, Inc. | 5.6% |
Apple, Inc. | 4.4% |
Visa, Inc. | 3.8% |
Keurig Dr Pepper, Inc. | 2.5% |
TJX Cos., Inc. (The) | 2.5% |
Tyler Technologies, Inc. | 2.3% |
Synopsys, Inc. | 2.3% |
Cooper Cos., Inc. (The) | 2.2% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Fund | PAGE 1 | TSR-SAR-74968B605 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Fund | PAGE 2 | TSR-SAR-74968B605 |
32.814.413.811.59.86.85.43.02.00.522.78.47.85.65.34.43.83.73.434.9
| | |
| RMB Fund | |
| Class C | RMBJX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $102 | 1.97% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $113,522,039 |
Number of Holdings | 43 |
Portfolio Turnover | 4% |
30-Day SEC Yield (Class-Specific) | -0.91% |
Visit www.rmbfunds.com/our-funds/rmb-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Microsoft Corp. | 10.9% |
Alphabet, Inc. | 8.4% |
Amazon.com, Inc. | 5.6% |
Apple, Inc. | 4.4% |
Visa, Inc. | 3.8% |
Keurig Dr Pepper, Inc. | 2.5% |
TJX Cos., Inc. (The) | 2.5% |
Tyler Technologies, Inc. | 2.3% |
Synopsys, Inc. | 2.3% |
Cooper Cos., Inc. (The) | 2.2% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Fund | PAGE 1 | TSR-SAR-74968B704 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Fund | PAGE 2 | TSR-SAR-74968B704 |
32.814.413.811.59.86.85.43.02.00.522.78.47.85.65.34.43.83.73.434.9
| | |
| RMB Fund | |
| Class I | RMBGX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $50 | 0.97% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $113,522,039 |
Number of Holdings | 43 |
Portfolio Turnover | 4% |
30-Day SEC Yield (Class-Specific) | 0.06% |
Visit www.rmbfunds.com/our-funds/rmb-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Microsoft Corp. | 10.9% |
Alphabet, Inc. | 8.4% |
Amazon.com, Inc. | 5.6% |
Apple, Inc. | 4.4% |
Visa, Inc. | 3.8% |
Keurig Dr Pepper, Inc. | 2.5% |
TJX Cos., Inc. (The) | 2.5% |
Tyler Technologies, Inc. | 2.3% |
Synopsys, Inc. | 2.3% |
Cooper Cos., Inc. (The) | 2.2% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Fund | PAGE 1 | TSR-SAR-74968B886 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Fund | PAGE 2 | TSR-SAR-74968B886 |
32.814.413.811.59.86.85.43.02.00.522.78.47.85.65.34.43.83.73.434.9
| | |
| RMB Mendon Financial Services Fund | |
| Class A | RMBKX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $68 | 1.40% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $154,181,332 |
Number of Holdings | 57 |
Portfolio Turnover | 28% |
30-Day SEC Yield (Class-Specific) | 1.15% |
Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Equity Bancshares, Inc. | 8.0% |
Primis Financial Corp. | 5.9% |
Business First Bancshares, Inc. | 5.2% |
USCB Financial Holdings, Inc. | 5.1% |
First Bancshares, Inc. (The) | 4.9% |
Byline Bancorp, Inc. | 4.5% |
Veritex Holdings, Inc. | 4.3% |
Origin Bancorp, Inc. | 4.2% |
First Horizon Corp. | 4.0% |
VersaBank | 3.6% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Mendon Financial Services Fund | PAGE 1 | TSR-SAR-74968B407 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Mendon Financial Services Fund | PAGE 2 | TSR-SAR-74968B407 |
98.21.895.33.01.7
| | |
| RMB Mendon Financial Services Fund | |
| Class C | RMBNX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $104 | 2.15% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $154,181,332 |
Number of Holdings | 57 |
Portfolio Turnover | 28% |
30-Day SEC Yield (Class-Specific) | 0.51% |
Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Equity Bancshares, Inc. | 8.0% |
Primis Financial Corp. | 5.9% |
Business First Bancshares, Inc. | 5.2% |
USCB Financial Holdings, Inc. | 5.1% |
First Bancshares, Inc. (The) | 4.9% |
Byline Bancorp, Inc. | 4.5% |
Veritex Holdings, Inc. | 4.3% |
Origin Bancorp, Inc. | 4.2% |
First Horizon Corp. | 4.0% |
VersaBank | 3.6% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Mendon Financial Services Fund | PAGE 1 | TSR-SAR-74968B506 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Mendon Financial Services Fund | PAGE 2 | TSR-SAR-74968B506 |
98.21.895.33.01.7
| | |
| RMB Mendon Financial Services Fund | |
| Class I | RMBLX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Mendon Financial Services Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $56 | 1.15% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $154,181,332 |
Number of Holdings | 57 |
Portfolio Turnover | 28% |
30-Day SEC Yield (Class-Specific) | 1.44% |
Visit www.rmbfunds.com/our-funds/rmb-mendon-financial-services-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Equity Bancshares, Inc. | 8.0% |
Primis Financial Corp. | 5.9% |
Business First Bancshares, Inc. | 5.2% |
USCB Financial Holdings, Inc. | 5.1% |
First Bancshares, Inc. (The) | 4.9% |
Byline Bancorp, Inc. | 4.5% |
Veritex Holdings, Inc. | 4.3% |
Origin Bancorp, Inc. | 4.2% |
First Horizon Corp. | 4.0% |
VersaBank | 3.6% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Mendon Financial Services Fund | PAGE 1 | TSR-SAR-74968B803 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Mendon Financial Services Fund | PAGE 2 | TSR-SAR-74968B803 |
98.21.895.33.01.7
| | |
| RMB International Fund | |
| Class I | RMBTX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB International Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $51 | 0.98% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $248,696,201 |
Number of Holdings | 38 |
Portfolio Turnover | 9% |
30-Day SEC Yield (Class-Specific) | 1.80% |
Visit www.rmbfunds.com/our-funds/rmb-international-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Shell PLC | 4.9% |
Novartis AG | 4.5% |
AstraZeneca PLC | 4.4% |
Schneider Electric SE | 4.2% |
Compass Group PLC | 4.0% |
ASML Holding N.V. | 4.0% |
ITOCHU Corp. | 3.5% |
BAE Systems PLC | 3.5% |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.4% |
Nestle SA | 3.4% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit https://rmbfunds.com/documents
| RMB International Fund | PAGE 1 | TSR_SAR_74968B860 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB International Fund | PAGE 2 | TSR_SAR_74968B860 |
28.126.012.37.16.95.12.92.72.46.511.710.26.35.44.94.24.24.24.044.9
| | |
| RMB Japan Fund | |
| Class I | RMBPX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Japan Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $68 | 1.30% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $26,937,204 |
Number of Holdings | 37 |
Portfolio Turnover | 18% |
30-Day SEC Yield (Class-Specific) | 1.07% |
Visit www.rmbfunds.com/our-funds/rmb-japan-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Mitsubishi UFJ Financial Group, Inc. | 7.6% |
ITOCHU Corp. | 5.8% |
Toyota Motor Corp. | 5.7% |
Hitachi Ltd. | 5.3% |
Mitsui Fudosan Co. Ltd. | 4.3% |
Tokio Marine Holdings, Inc. | 4.2% |
ORIX Corp. | 3.8% |
Nintendo Co. Ltd. | 3.7% |
NEC Corp. | 3.0% |
Stanley Electric Co. Ltd. | 2.9% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Japan Fund | PAGE 1 | TSR_SAR_74968B852 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Japan Fund | PAGE 2 | TSR_SAR_74968B852 |
96.53.59.28.58.25.45.34.84.44.34.345.6
| | |
| RMB Small Cap Fund | |
| Class I | RMBBX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB Small Cap Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $48 | 0.95% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $137,477,063 |
Number of Holdings | 56 |
Portfolio Turnover | 2% |
30-Day SEC Yield (Class-Specific) | 0.23% |
Visit www.rmbfunds.com/our-funds/rmb-small-cap-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top 10 Holdings | (%) |
Monolithic Power Systems, Inc. | 4.8% |
Curtiss-Wright Corp. | 4.5% |
Fair Isaac Corp. | 4.1% |
PTC, Inc. | 4.1% |
Kadant, Inc. | 3.8% |
ITT, Inc. | 3.7% |
EastGroup Properties, Inc. | 3.2% |
West Pharmaceutical Services, Inc. | 3.1% |
Eagle Materials, Inc. | 3.1% |
Carpenter Technology Corp. | 3.0% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB Small Cap Fund | PAGE 1 | TSR-SAR-74968B837 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB Small Cap Fund | PAGE 2 | TSR-SAR-74968B837 |
22.121.813.612.38.37.86.05.41.21.513.510.39.07.86.46.05.94.53.133.5
| | |
| RMB SMID Cap Fund | |
| Class I | RMBMX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the RMB SMID Cap Fund (the “Fund”) for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at www.rmbfunds.com/documents. You can also request this information by contacting us at 1-800-462-2392.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $41 | 0.80% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $84,052,925 |
Number of Holdings | 53 |
Portfolio Turnover | 2% |
30-Day SEC Yield (Class-Specific) | 0.49% |
Visit www.rmbfunds.com/our-funds/rmb-smid-cap-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of June 30, 2024)1
| |
Top Holdings | (%) |
Fair Isaac Corp. | 5.6% |
Monolithic Power Systems, Inc. | 4.5% |
Copart, Inc. | 4.5% |
First American Government Obligations Fund - Class X | 4.3% |
Watsco, Inc. | 4.0% |
PTC, Inc. | 3.6% |
Carlisle Cos., Inc. | 3.3% |
Avery Dennison Corp. | 3.2% |
Pinnacle Financial Partners, Inc. | 3.2% |
Eagle Materials, Inc. | 2.9% |
| 1 | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC. |
For additional information about the Fund, including its financial information, prospectus, statement of additional information, holdings and proxy information, scan the QR code or visit www.rmbfunds.com/documents
| RMB SMID Cap Fund | PAGE 1 | TSR-SAR-74968B811 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Curi RMB Capital, LLC at 1-800-462-2392, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Curi RMB Capital, LLC or your financial intermediary.
| RMB SMID Cap Fund | PAGE 2 | TSR-SAR-74968B811 |
24.518.513.311.410.16.35.34.41.94.311.97.46.46.15.55.34.94.94.543.1
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
RMB Investors Trust
RMB Fund
RMB Mendon Financial Services Fund
RMB International Fund
RMB Japan Fund
RMB Small Cap Fund
RMB SMID Cap Fund
Core Financial Statements
June 30, 2024
TABLE OF CONTENTS
RMB Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - 99.5%
| |
| | Communication Services - 9.8%
| | | | | | | |
| | Alphabet, Inc. - Class A | | | 52,240 | | | $ 9,515,516 | |
| | Walt Disney Co. (The) | | | 16,000 | | | 1,588,640 | |
| | | | | | | | 11,104,156 | |
| | Consumer Discretionary - 11.5%
| | | | | |
| | Amazon.com, Inc.(a) | | | 33,000 | | | 6,377,250 | |
| | Booking Holdings, Inc. | | | 573 | | | 2,269,940 | |
| | TJX Cos., Inc. (The) | | | 25,730 | | | 2,832,873 | |
| | Vail Resorts, Inc. | | | 8,800 | | | 1,585,144 | |
| | | | | | | | 13,065,207 | |
| | Consumer Staples - 5.4%
| | | | | |
| | Diageo PLC - ADR | | | 10,700 | | | 1,349,056 | |
| | Kenvue, Inc. | | | 108,000 | | | 1,963,440 | |
| | Keurig Dr Pepper, Inc. | | | 85,109 | | | 2,842,641 | |
| | | | | | | | 6,155,137 | |
| | Financials - 14.4%
| | | | | |
| | Chubb Ltd. | | | 6,300 | | | 1,607,004 | |
| | CME Group, Inc. | | | 10,600 | | | 2,083,960 | |
| | JPMorgan Chase & Co. | | | 11,200 | | | 2,265,312 | |
| | Morgan Stanley | | | 16,006 | | | 1,555,623 | |
| | Progressive Corp. (The) | | | 9,900 | | | 2,056,329 | |
| | S&P Global, Inc. | | | 5,339 | | | 2,381,194 | |
| | Visa, Inc. - Class A | | | 16,645 | | | 4,368,813 | |
| | | | | | | | 16,318,235 | |
| | Health Care - 13.8%
| | | | | |
| | Becton Dickinson & Co. | | | 10,200 | | | 2,383,842 | |
| | Cooper Cos., Inc. (The) | | | 29,200 | | | 2,549,160 | |
| | Danaher Corp. | | | 8,000 | | | 1,998,800 | |
| | Edwards Lifesciences Corp.(a) | | | 18,500 | | | 1,708,845 | |
| | STERIS PLC | | | 9,864 | | | 2,165,542 | |
| | UnitedHealth Group, Inc. | | | 4,860 | | | 2,475,004 | |
| | Zoetis, Inc. | | | 13,400 | | | 2,323,024 | |
| | | | | | | | 15,604,217 | |
| | Industrials - 6.8%
| | | | | |
| | AMETEK, Inc. | | | 14,300 | | | 2,383,953 | |
| | IDEX Corp. | | | 6,749 | | | 1,355,531 | |
| | Nordson Corp. | | | 7,800 | | | 1,809,132 | |
| | Union Pacific Corp. | | | 9,700 | | | 2,194,722 | |
| | | | | | | | 7,743,338 | |
| | Information Technology - 32.8%
| | | | | |
| | Accenture PLC - Class A | | | 4,900 | | | 1,486,709 | |
| | Analog Devices, Inc. | | | 4,906 | | | 1,119,843 | |
| | Apple, Inc. | | | 23,630 | | | 4,976,951 | |
| | CDW Corp. | | | 8,900 | | | 1,992,176 | |
| | Entegris, Inc. | | | 13,000 | | | 1,760,200 | |
| | Intuit, Inc. | | | 3,400 | | | 2,234,514 | |
| | Microsoft Corp. | | | 27,674 | | | 12,368,894 | |
| | Palo Alto Networks, Inc.(a) | | | 5,700 | | | 1,932,357 | |
| | PTC, Inc.(a) | | | 12,900 | | | 2,343,543 | |
| | | | | | | | | |
| | | | | | | | | |
| | Salesforce, Inc. | | | 7,000 | | | $1,799,700 | |
| | Synopsys, Inc.(a) | | | 4,300 | | | 2,558,758 | |
| | Tyler Technologies, Inc.(a) | | | 5,150 | | | 2,589,317 | |
| | | | | | | | 37,162,962 | |
| | Materials - 2.0%
| | | | | |
| | Avery Dennison Corp. | | | 10,500 | | | 2,295,825 | |
| | Real Estate - 3.0%
| | | | | |
| | American Tower Corp. | | | 11,500 | | | 2,235,370 | |
| | Equinix, Inc. | | | 1,600 | | | 1,210,560 | |
| | | | | | | | 3,445,930 | |
| | TOTAL COMMON STOCKS
(Cost $54,022,205) | | | | | | 112,895,007 | |
| | SHORT-TERM INVESTMENTS - 0.3%
| |
| | Money Market Funds - 0.3%
| |
| | First American Government Obligations Fund -
Class X, 5.23%(b) | | | 382,860 | | | 382,860 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $382,860) | | | | | | 382,860 | |
| | TOTAL INVESTMENTS - 99.8% (Cost $54,405,065) | | | | | | $113,277,867 | |
| | Other Assets in Excess of
Liabilities - 0.2% | | | | | | 244,172 | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $113,522,039 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Mendon Financial Services Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - 98.8%
| |
| | Banks - 95.8%
| | | | | | | |
| | Amerant Bancorp, Inc. | | | 200,000 | | | $4,540,000 | |
| | Ameris Bancorp(a)(b) | | | 45,000 | | | 2,265,750 | |
| | Atlantic Union Bankshares Corp. | | | 25,000 | | | 821,250 | |
| | Banc of California, Inc.(a)(b) | | | 219,293 | | | 2,802,565 | |
| | Bank of NT Butterfield &
Son Ltd. (The) | | | 100,000 | | | 3,512,000 | |
| | Business First Bancshares, Inc. | | | 370,000 | | | 8,051,200 | |
| | Byline Bancorp, Inc. | | | 290,000 | | | 6,884,600 | |
| | Cadence Bank(a)(b) | | | 100,000 | | | 2,828,000 | |
| | California BanCorp(c) | | | 232,886 | | | 5,007,049 | |
| | Civista Bancshares, Inc. | | | 200,000 | | | 3,098,000 | |
| | Coastal Financial Corp.(c) | | | 40,000 | | | 1,845,600 | |
| | Colony Bankcorp, Inc. | | | 100,000 | | | 1,225,000 | |
| | Equity Bancshares, Inc. -
Class A | | | 350,000 | | | 12,320,000 | |
| | FB Financial Corp.(a)(b) | | | 100,000 | | | 3,903,000 | |
| | First Bancshares, Inc. (The) | | | 290,000 | | | 7,534,200 | |
| | First Foundation, Inc. | | | 646,691 | | | 4,235,826 | |
| | First Horizon Corp.(a)(b) | | | 390,000 | | | 6,150,300 | |
| | First Western Financial, Inc.(c) | | | 71,415 | | | 1,214,055 | |
| | Five Star Bancorp(a)(b) | | | 129,651 | | | 3,066,246 | |
| | HomeStreet, Inc. | | | 363,000 | | | 4,138,200 | |
| | Live Oak Bancshares, Inc.(a)(b) | | | 50,000 | | | 1,753,000 | |
| | NBT Bancorp, Inc.(a)(b) | | | 40,000 | | | 1,544,000 | |
| | New York Community
Bancorp, Inc.(a)(b) | | | 600,000 | | | 1,932,000 | |
| | Nicolet Bankshares, Inc. | | | 20,000 | | | 1,660,800 | |
| | OceanFirst Financial Corp. | | | 75,000 | | | 1,191,750 | |
| | Old Second Bancorp, Inc. | | | 150,000 | | | 2,221,500 | |
| | Origin Bancorp, Inc. | | | 205,000 | | | 6,502,600 | |
| | Primis Financial Corp. | | | 873,536 | | | 9,154,657 | |
| | Provident Financial Services, Inc. | | | 300,000 | | | 4,305,000 | |
| | Renasant Corp. | | | 25,000 | | | 763,500 | |
| | Shore Bancshares, Inc. | | | 153,973 | | | 1,762,991 | |
| | SmartFinancial, Inc. | | | 66,990 | | | 1,585,653 | |
| | Southern California Bancorp(c) | | | 65,475 | | | 881,948 | |
| | Southern States Bancshares, Inc. | | | 125,000 | | | 3,392,500 | |
| | Stellar Bancorp, Inc. | | | 75,000 | | | 1,722,000 | |
| | Triumph Financial, Inc.(a)(b)(c) | | | 12,500 | | | 1,021,875 | |
| | United Community Banks, Inc. | | | 30,000 | | | 763,800 | |
| | USCB Financial Holdings, Inc. | | | 610,136 | | | 7,828,045 | |
| | Veritex Holdings, Inc. | | | 315,000 | | | 6,643,350 | |
| | VersaBank | | | 513,550 | | | 5,551,476 | |
| | | | | | | | 147,625,286 | |
| | Insurance - 3.0%
| | | | | | | |
| | Abacus Life, Inc.(c) | | | 537,235 | | | 4,647,082 | |
| | TOTAL COMMON STOCKS
(Cost $131,322,496) | | | | | | 152,272,368 | |
| | | | | | | | | |
| | | | | | | | | |
| | SHORT-TERM INVESTMENTS - 0.1%
| |
| | Money Market Funds - 0.1%
| | | | | | | |
| | First American Government Obligations Fund -
Class X, 5.23%(d) | | | 225,498 | | | $225,498 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $225,498) | | | | | | 225,498 | |
| | TOTAL INVESTMENTS - 98.9% (Cost $131,547,994) | | | | | | $152,497,866 | |
| | Other Assets in Excess of
Liabilities - 1.1% | | | | | | 1,683,466 | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $154,181,332 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Held in connection with written option contracts. See Schedule of Written Options for further information.
|
(b)
| Security or partial security segregated as collateral for written options. For the written options, the Fund is required to establish a margin account with the broker. The aggregate market value of collateral posted was $12,959,825.
|
(c)
| Non-income producing security.
|
(d)
| The rate shown represents the 7-day effective yield as of June 30, 2024.
|
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Mendon Financial Services Fund
Schedule of Written Options
as of June 30, 2024 (Unaudited)
| | | | | | | | | | | | |
| | WRITTEN OPTIONS - (0.5)%(a)(b)
| | | | |
| | Call Options - (0.5)%
| | | | | | | | | | |
| | Ameris Bancorp,
Expiration: 10/18/2024; Exercise
Price: $50.00 | | | $(1,250,000) | | | (250) | | | $ (96,875) | |
| | Banc of California, Inc.
Expiration: 12/20/2024; Exercise
Price: $15.00 | | | (750,000) | | | (500) | | | (17,500) | |
| | Expiration: 01/17/2025; Exercise
Price: $15.00 | | | (750,000) | | | (500) | | | (32,500) | |
| | Cadence Bank,
Expiration: 12/20/2024;
Exercise
Price: $15.00 | | | (750,000) | | | (500) | | | (85,000) | |
| | FB Financial Corp.
Expiration: 07/19/2024; Exercise Price: $40.00(c) | | | (1,000,000) | | | (250) | | | 0 | |
| | Expiration: 10/18/2024; Exercise Price: $40.00(c) | | | (1,000,000) | | | (250) | | | 0 | |
| | First Horizon Corp.
Expiration: 08/16/2024; Exercise
Price: $14.00 | | | (700,000) | | | (500) | | | (112,500) | |
| | Expiration: 01/17/2025; Exercise
Price: $17.00 | | | (850,000) | | | (500) | | | (46,250) | |
| | Five Star Bancorp, Expiration: 11/15/2024;
Exercise
Price: $25.00 | | | (1,250,000) | | | (500) | | | (52,500) | |
| | Live Oak Bancshares, Inc., Expiration: 12/20/2024;
Exercise
Price: $40.00 | | | (800,000) | | | (200) | | | (49,500) | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | NBT Bancorp, Inc., Expiration: 11/15/2024;
Exercise
Price: $40.00 | | | $(1,000,000) | | | (250) | | | $(57,500) | |
| | New York Community Bancorp, Inc.
Expiration: 12/20/2024; Exercise
Price: $3.50 | | | (700,000) | | | (2,000) | | | (95,000) | |
| | Expiration: 01/17/2025; Exercise
Price: $4.00 | | | (800,000) | | | (2,000) | | | (65,000) | |
| | Expiration: 01/17/2025; Exercise
Price: $4.50 | | | (450,000) | | | (1,000) | | | (22,500) | |
| | Triumph Financial, Inc., Expiration: 11/15/2024;
Exercise
Price: $80.00 | | | (1,000,000) | | | (125) | | | (110,000) | |
| | Total Call Options | | | | | | | | | (842,625) | |
| | TOTAL WRITTEN OPTIONS
| | | | | | | |
| | (Premiums received $781,139) | | | | | | | | | (842,625) | |
| | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
(b)
| 100 shares per contract.
|
(c)
| Fair-valued security (Note 13) |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB International Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - 98.1%
| |
| | Australia - 2.2%
| |
| | Rio Tinto Ltd. | | | 68,985 | | | $5,464,415 | |
| | Denmark - 2.7%
| |
| | Novo Nordisk A/S - Class B | | | 47,337 | | | 6,773,208 | |
| | Finland - 2.9%
| |
| | Sampo OYJ - Class A | | | 166,182 | | | 7,166,477 | |
| | France - 6.9%
| |
| | LVMH Moet Hennessy Louis Vuitton SE | | | 8,695 | | | 6,675,946 | |
| | Schneider Electric SE | | | 43,262 | | | 10,371,882 | |
| | | | | | | | 17,047,828 | |
| | Germany - 5.1%
| |
| | Bayerische Motoren Werke AG | | | 44,490 | | | 4,208,374 | |
| | Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen | | | 17,137 | | | 8,567,738 | |
| | | | | | | | 12,776,112 | |
| | Hong Kong - 1.5%
| |
| | Hong Kong Exchanges &
Clearing Ltd. | | | 113,700 | | | 3,638,758 | |
| | Italy - 0.9%
| |
| | UniCredit SpA | | | 63,537 | | | 2,351,253 | |
| | Japan - 28.1%
| |
| | FANUC Corp. | | | 136,300 | | | 3,741,807 | |
| | ITOCHU Corp. | | | 178,900 | | | 8,794,403 | |
| | Kansai Electric Power Co., Inc. (The) | | | 437,700 | | | 7,349,775 | |
| | Kao Corp. | | | 119,400 | | | 4,834,145 | |
| | Mitsubishi UFJ Financial Group, Inc. | | | 652,000 | | | 7,036,402 | |
| | Mitsui Fudosan Co. Ltd. | | | 622,200 | | | 5,726,677 | |
| | Murata Manufacturing Co. Ltd. | | | 248,269 | | | 5,141,248 | |
| | NEC Corp. | | | 62,300 | | | 5,137,045 | |
| | Nintendo Co. Ltd. | | | 103,600 | | | 5,532,404 | |
| | Nippon Steel Corp. | | | 130,700 | | | 2,770,635 | |
| | ORIX Corp. | | | 348,900 | | | 7,732,978 | |
| | Toyota Motor Corp. | | | 301,100 | | | 6,177,812 | |
| | | | | | | | 69,975,331 | |
| | Netherlands - 7.1%
| |
| | ASML Holding N.V. | | | 9,686 | | | 9,871,650 | |
| | ING Groep N.V. | | | 447,848 | | | 7,695,223 | |
| | | | | | | | 17,566,873 | |
| | Sweden - 2.4%
| |
| | Atlas Copco AB - Class A | | | 311,183 | | | 5,842,852 | |
| | Switzerland - 12.3%
| |
| | Lonza Group AG | | | 4,687 | | | 2,551,626 | |
| | Nestle SA | | | 81,665 | | | 8,335,897 | |
| | | | | | | | | |
| | | | | | | | | |
| | Novartis AG | | | 105,904 | | | $11,275,776 | |
| | Sika AG | | | 17,073 | | | 4,873,654 | |
| | STMicroelectronics N.V. | | | 93,285 | | | 3,653,782 | |
| | | | | | | | 30,690,735 | |
| | United Kingdom - 26.0%
| |
| | AstraZeneca PLC | | | 70,481 | | | 10,969,127 | |
| | BAE Systems PLC | | | 521,506 | | | 8,686,500 | |
| | Compass Group PLC | | | 363,387 | | | 9,899,832 | |
| | Diageo PLC | | | 99,173 | | | 3,113,425 | |
| | Intertek Group PLC | | | 79,045 | | | 4,778,261 | |
| | Lloyds Banking Group PLC | | | 11,934,389 | | | 8,231,301 | |
| | London Stock Exchange
Group PLC | | | 58,199 | | | 6,901,114 | |
| | Shell PLC | | | 338,520 | | | 12,141,985 | |
| | | | | | | | 64,721,545 | |
| | TOTAL COMMON STOCKS
(Cost $186,940,345) | | | | | | 244,015,387 | |
| | SHORT-TERM INVESTMENTS - 2.7%
| |
| | Money Market Funds - 2.7%
| |
| | First American Government Obligations Fund -
Class X, 5.23%(a) | | | 6,769,705 | | | 6,769,705 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $6,769,705) | | | | | | 6,769,705 | |
| | TOTAL INVESTMENTS - 100.8% (Cost $193,710,050) | | | | | | $250,785,092 | |
| | Liabilities in Excess of
Other Assets - (0.8)% | | | | | | (2,088,891) | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $248,696,201 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Japan Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - JAPAN - 96.5%
| |
| | Communication Services - 3.7%
| |
| | Nintendo Co. Ltd. | | | 18,900 | | | $ 1,009,290 | |
| | Consumer Discretionary - 16.4%
| |
| | Isuzu Motors Ltd. | | | 57,300 | | | 761,773 | |
| | Nikon Corp. | | | 67,100 | | | 680,953 | |
| | Sanyo Shokai Ltd. | | | 15,031 | | | 224,541 | |
| | Sony Group Corp. | | | 4,828 | | | 411,448 | |
| | Stanley Electric Co. Ltd. | | | 44,100 | | | 790,217 | |
| | Toyota Motor Corp. | | | 74,800 | | | 1,534,707 | |
| | | | | | | | 4,403,639 | |
| | Consumer Staples - 5.1%
| |
| | Cosmos Pharmaceutical Corp. | | | 4,300 | | | 346,712 | |
| | Kao Corp. | | | 19,500 | | | 789,496 | |
| | Yakult Honsha Co. Ltd. | | | 13,400 | | | 240,080 | |
| | | | | | | | 1,376,288 | |
| | Energy - 2.0%
| |
| | Inpex Corp. | | | 37,300 | | | 547,769 | |
| | Financials - 17.2%
| |
| | Mitsubishi UFJ Financial Group, Inc. | | | 189,200 | | | 2,041,851 | |
| | ORIX Corp. | | | 46,539 | | | 1,031,485 | |
| | Sumitomo Mitsui Financial Group, Inc. | | | 6,600 | | | 443,025 | |
| | Tokio Marine Holdings, Inc. | | | 30,000 | | | 1,127,372 | |
| | | | | | | | 4,643,733 | |
| | Health Care - 5.9%
| |
| | Shionogi & Co. Ltd. | | | 15,800 | | | 615,387 | |
| | Sysmex Corp. | | | 26,700 | | | 430,990 | |
| | Takeda Pharmaceutical Co. Ltd. | | | 21,200 | | | 549,891 | |
| | | | | | | | 1,596,268 | |
| | Industrials - 21.6%
| |
| | FANUC Corp. | | | 18,700 | | | 513,366 | |
| | Hitachi Ltd. | | | 62,900 | | | 1,416,277 | |
| | ITOCHU Corp. | | | 31,600 | | | 1,553,399 | |
| | Komatsu Ltd. | | | 23,400 | | | 683,503 | |
| | Mabuchi Motor Co. Ltd. | | | 18,300 | | | 273,177 | |
| | Mitsubishi Corp. | | | 32,600 | | | 640,847 | |
| | Mitsui OSK Lines Ltd. | | | 4,900 | | | 147,327 | |
| | Recruit Holdings Co. Ltd. | | | 11,000 | | | 591,879 | |
| | | | | | | | 5,819,775 | |
| | Information Technology - 13.1%
| |
| | Hamamatsu Photonics KK | | | 14,700 | | | 394,895 | |
| | Keyence Corp. | | | 900 | | | 393,910 | |
| | Murata Manufacturing Co. Ltd. | | | 31,905 | | | 660,701 | |
| | NEC Corp. | | | 9,700 | | | 799,829 | |
| | Tokyo Electron Ltd. | | | 2,400 | | | 525,361 | |
| | Ulvac, Inc. | | | 11,500 | | | 755,958 | |
| | | | | | | | 3,530,654 | |
| | | | | | | | | |
| | | | | | | | | |
| | Materials - 4.4%
| |
| | Nippon Steel Corp. | | | 21,200 | | | $449,407 | |
| | Shin-Etsu Chemical Co. Ltd. | | | 18,795 | | | 730,780 | |
| | | | | | | | 1,180,187 | |
| | Real Estate - 4.3%
| |
| | Mitsui Fudosan Co. Ltd. | | | 125,700 | | | 1,156,932 | |
| | Utilities - 2.8%
| |
| | Kansai Electric Power Co., Inc. (The) | | | 44,200 | | | 742,198 | |
| | TOTAL COMMON STOCKS
(Cost $19,649,735) | | | | | | 26,006,733 | |
| | SHORT-TERM INVESTMENTS - 1.3%
| |
| | Money Market Funds - 1.3%
| |
| | First American Government Obligations Fund -
Class X, 5.23%(a) | | | 338,635 | | | 338,635 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $338,635) | | | | | | 338,635 | |
| | TOTAL INVESTMENTS - 97.8% (Cost $19,988,370) | | | | | | $26,345,368 | |
| | Other Assets in Excess of
Liabilities - 2.2% | | | | | | 591,836 | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $ 26,937,204 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Small Cap Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - 98.5%
| |
| | Aerospace & Defense - 4.5%
| |
| | Curtiss-Wright Corp. | | | 22,770 | | | $ 6,170,215 | |
| | Automobile Components - 1.2%
| |
| | Visteon Corp.(a) | | | 15,090 | | | 1,610,103 | |
| | Banks - 9.0%
| |
| | Seacoast Banking Corp.
of Florida | | | 121,547 | | | 2,873,371 | |
| | Stock Yards Bancorp, Inc. | | | 57,525 | | | 2,857,267 | |
| | TriCo Bancshares | | | 98,059 | | | 3,880,194 | |
| | Triumph Financial, Inc.(a) | | | 17,269 | | | 1,411,741 | |
| | Veritex Holdings, Inc. | | | 64,800 | | | 1,366,632 | |
| | | | | | | | 12,389,205 | |
| | Biotechnology - 2.9%
| |
| | Allogene Therapeutics, Inc.(a) | | | 101,375 | | | 236,204 | |
| | CareDx, Inc.(a) | | | 40,547 | | | 629,695 | |
| | Caribou Biosciences, Inc.(a) | | | 60,116 | | | 98,590 | |
| | CRISPR Therapeutics AG(a) | | | 20,142 | | | 1,087,870 | |
| | Intellia Therapeutics, Inc.(a) | | | 23,198 | | | 519,171 | |
| | Iovance Biotherapeutics, Inc.(a) | | | 71,520 | | | 573,590 | |
| | Veracyte, Inc.(a) | | | 36,418 | | | 789,178 | |
| | | | | | | | 3,934,298 | |
| | Building Products - 2.9%
| |
| | AAON, Inc. | | | 18,403 | | | 1,605,478 | |
| | Trex Co., Inc.(a) | | | 32,066 | | | 2,376,732 | |
| | | | | | | | 3,982,210 | |
| | Capital Markets - 2.3%
| |
| | Stifel Financial Corp. | | | 37,908 | | | 3,189,958 | |
| | Construction & Engineering - 0.7%
| |
| | Valmont Industries, Inc. | | | 3,243 | | | 890,041 | |
| | Construction Materials - 3.1%
| | | | | | | |
| | Eagle Materials, Inc. | | | 19,724 | | | 4,289,181 | |
| | Containers & Packaging - 2.2%
| |
| | AptarGroup, Inc. | | | 21,092 | | | 2,969,964 | |
| | Distributors - 2.5%
| |
| | Pool Corp. | | | 11,208 | | | 3,444,555 | |
| | Diversified Consumer Services - 0.2%
| |
| | Duolingo, Inc.(a) | | | 1,590 | | | 331,785 | |
| | Electronic Equipment, Instruments
& Components - 2.4%
| |
| | Badger Meter, Inc. | | | 17,681 | | | 3,294,854 | |
| | Equity Real Estate Investment - 7.8%
| |
| | Community Healthcare Trust, Inc. | | | 38,175 | | | 892,913 | |
| | EastGroup Properties, Inc. | | | 25,914 | | | 4,407,971 | |
| | | | | | | | | |
| | | | | | | | | |
| | Essential Properties Realty Trust, Inc. | | | 102,700 | | | $ 2,845,817 | |
| | PotlatchDeltic Corp. | | | 65,181 | | | 2,567,480 | |
| | | | | | | | 10,714,181 | |
| | Gas Utilities - 1.2%
| |
| | Chesapeake Utilities Corp. | | | 16,031 | | | 1,702,492 | |
| | Health Care Equipment & Supplies - 1.6%
| |
| | Neogen Corp.(a) | | | 90,679 | | | 1,417,313 | |
| | Omnicell, Inc.(a) | | | 28,929 | | | 783,108 | |
| | | | | | | | 2,200,421 | |
| | Health Care Providers &
Services - 0.5%
| |
| | CorVel Corp.(a) | | | 2,903 | | | 738,146 | |
| | Insurance - 2.2%
| |
| | American Financial Group, Inc. | | | 24,939 | | | 3,067,996 | |
| | Life Sciences Tools &
Services - 6.4%
| |
| | BioLife Solutions, Inc.(a) | | | 77,955 | | | 1,670,575 | |
| | Repligen Corp.(a) | | | 22,231 | | | 2,802,440 | |
| | West Pharmaceutical Services, Inc. | | | 13,125 | | | 4,323,244 | |
| | | | | | | | 8,796,259 | |
| | Machinery - 10.3%
| | | | | | | |
| | ITT, Inc. | | | 39,567 | | | 5,111,265 | |
| | Kadant, Inc. | | | 17,613 | | | 5,174,347 | |
| | Lincoln Electric Holdings, Inc. | | | 8,148 | | | 1,537,039 | |
| | RBC Bearings, Inc.(a) | | | 8,478 | | | 2,287,195 | |
| | | | | | | | 14,109,846 | |
| | Metals & Mining - 3.0%
| | | | | | | |
| | Carpenter Technology Corp. | | | 37,998 | | | 4,163,821 | |
| | Oil, Gas & Consumable Fuels - 6.0%
| | | | |
| | Devon Energy Corp. | | | 38,135 | | | 1,807,599 | |
| | Matador Resources Co. | | | 59,532 | | | 3,548,107 | |
| | Range Resources Corp. | | | 86,596 | | | 2,903,564 | |
| | | | | | | | 8,259,270 | |
| | Pharmaceuticals - 0.9%
| |
| | Catalent, Inc.(a) | | | 22,723 | | | 1,277,714 | |
| | Professional Services - 1.9%
| |
| | Exponent, Inc. | | | 27,182 | | | 2,585,552 | |
| | Semiconductors & Semiconductor
Equipment - 5.9%
| |
| | MKS Instruments, Inc. | | | 12,012 | | | 1,568,527 | |
| | Monolithic Power Systems, Inc. | | | 7,972 | | | 6,550,433 | |
| | | | | | | | 8,118,960 | |
| | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Small Cap Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)(Continued)
| | | | | | | | | |
| | Software - 13.5%
| | | | | | | |
| | Digimarc Corp.(a) | | | 27,612 | | | $856,248 | |
| | Fair Isaac Corp.(a) | | | 3,816 | | | 5,680,727 | |
| | Five9, Inc.(a) | | | 18,819 | | | 829,918 | |
| | PTC, Inc.(a) | | | 30,913 | | | 5,615,965 | |
| | Q2 Holdings, Inc.(a) | | | 31,380 | | | 1,893,155 | |
| | Tyler Technologies, Inc.(a) | | | 7,172 | | | 3,605,938 | |
| | | | | | | | 18,481,951 | |
| | Textiles, Apparel & Luxury Goods - 1.5%
| | | | | | | | | | |
| | Columbia Sportswear Co. | | | 25,626 | | | 2,026,504 | |
| | Trading Companies & Distributors - 1.9%
| | | | | | | |
| | Applied Industrial Technologies, Inc. | | | 13,698 | | | 2,657,412 | |
| | TOTAL COMMON STOCKS
(Cost $83,682,535) | | | | | | 135,396,894 | |
| | SHORT-TERM INVESTMENTS - 1.5%
| |
| | Money Market Funds - 1.5%
| | | | | | | |
| | First American Government Obligations Fund -
Class X, 5.23%(b) | | | 2,125,470 | | | 2,125,470 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $2,125,470) | | | | | | 2,125,470 | |
| | TOTAL INVESTMENTS - 100.0% (Cost $85,808,005) | | | | | | $137,522,364 | |
| | Liabilities in Excess of
Other Assets - 0.0%(c) | | | | | | (45,301) | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $137,477,063 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(c)
| Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB SMID Cap Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | COMMON STOCKS - 95.7%
| |
| | Aerospace & Defense - 4.9%
| | | | | | | |
| | BWX Technologies, Inc. | | | 9,054 | | | $ 860,130 | |
| | Curtiss-Wright Corp. | | | 6,247 | | | 1,692,812 | |
| | HEICO Corp. | | | 7,070 | | | 1,580,923 | |
| | | | | | | | 4,133,865 | |
| | Automobile Components - 1.3%
| | | | | | | |
| | Visteon Corp.(a) | | | 10,503 | | | 1,120,670 | |
| | Banks - 6.4%
| | | | | | | |
| | Pinnacle Financial Partners, Inc. | | | 33,186 | | | 2,656,207 | |
| | Stock Yards Bancorp, Inc. | | | 17,471 | | | 867,785 | |
| | Webster Financial Corp. | | | 41,711 | | | 1,818,182 | |
| | | | | | | | 5,342,174 | |
| | Biotechnology - 1.4%
| | | | | | | |
| | Caribou Biosciences, Inc.(a) | | | 55,309 | | | 90,707 | |
| | CRISPR Therapeutics AG(a) | | | 11,345 | | | 612,743 | |
| | Exact Sciences Corp.(a) | | | 6,778 | | | 286,371 | |
| | Intellia Therapeutics, Inc.(a) | | | 7,500 | | | 167,850 | |
| | | | | | | | 1,157,671 | |
| | Building Products - 4.4%
| | | | | | | |
| | Carlisle Cos., Inc. | | | 6,912 | | | 2,800,811 | |
| | Trex Co., Inc.(a) | | | 11,540 | | | 855,345 | |
| | | | | | | | 3,656,156 | |
| | Capital Markets - 1.3%
| | | | | | | |
| | Stifel Financial Corp. | | | 12,818 | | | 1,078,635 | |
| | Chemicals - 1.2%
| | | | | | | |
| | RPM International, Inc. | | | 9,578 | | | 1,031,359 | |
| | Commercial Services &
Supplies - 4.5%
| |
| | Copart, Inc.(a) | | | 69,048 | | | 3,739,640 | |
| | Construction Materials - 2.9%
| | | | | | | |
| | Eagle Materials, Inc. | | | 11,258 | | | 2,448,165 | |
| | Consumer Staples Distribution & Retail - 1.9%
| | | | | | | |
| | BJ's Wholesale Club Holdings, Inc.(a) | | | 17,847 | | | 1,567,680 | |
| | Containers & Packaging - 3.2%
| | | | | | | |
| | Avery Dennison Corp. | | | 12,277 | | | 2,684,366 | |
| | Distributors - 0.8%
| | | | | | | |
| | Pool Corp. | | | 2,302 | | | 707,474 | |
| | Electronic Equipment, Instruments
& Components - 1.0%
| |
| | Teledyne Technologies, Inc.(a) | | | 1 | | | 388 | |
| | Trimble, Inc.(a) | | | 15,534 | | | 868,661 | |
| | | | | | | | 869,049 | |
| | | | | | | | | |
| | | | | | | | | |
| | Equity Real Estate
Investment - 5.3%
| |
| | Alexandria Real Estate Equities, Inc. | | | 10,807 | | | $ 1,264,095 | |
| | EastGroup Properties, Inc. | | | 10,754 | | | 1,829,255 | |
| | PotlatchDeltic Corp. | | | 34,866 | | | 1,373,372 | |
| | | | | | | | 4,466,722 | |
| | Financial Services - 0.8%
| | | | | | | |
| | Jack Henry & Associates, Inc. | | | 3,871 | | | 642,663 | |
| | Ground Transportation - 2.0%
| | | | | | | |
| | Old Dominion Freight Line, Inc. | | | 9,406 | | | 1,661,100 | |
| | Health Care Equipment & Supplies - 1.6%
| | | | | | | |
| | IDEXX Laboratories, Inc.(a) | | | 1,787 | | | 870,627 | |
| | Insulet Corp.(a) | | | 2,334 | | | 471,001 | |
| | | | | | | | 1,341,628 | |
| | Hotels, Restaurants & Leisure - 0.9%
| |
| | Vail Resorts, Inc. | | | 4,320 | | | 778,162 | |
| | Household Durables - 2.0%
| | | | | | | |
| | NVR, Inc.(a) | | | 224 | | | 1,699,837 | |
| | Insurance - 4.9%
| | | | | | | |
| | American Financial Group, Inc. | | | 15,812 | | | 1,945,192 | |
| | Markel Group, Inc.(a) | | | 1,394 | | | 2,196,470 | |
| | | | | | | | 4,141,662 | |
| | Life Sciences Tools & Services - 7.4%
| |
| | BioLife Solutions, Inc.(a) | | | 35,769 | | | 766,530 | |
| | Bio-Techne Corp. | | | 22,179 | | | 1,589,125 | |
| | Repligen Corp.(a) | | | 12,692 | | | 1,599,953 | |
| | West Pharmaceutical Services, Inc. | | | 6,958 | | | 2,291,896 | |
| | | | | | | | 6,247,504 | |
| | Machinery - 2.7%
| | | | | | | |
| | IDEX Corp. | | | 4,928 | | | 991,513 | |
| | ITT, Inc. | | | 9,766 | | | 1,261,572 | |
| | | | | | | | 2,253,085 | |
| | Metals & Mining - 2.8%
| | | | | | | |
| | Royal Gold, Inc. | | | 6,902 | | | 863,854 | |
| | Steel Dynamics, Inc. | | | 11,344 | | | 1,469,048 | |
| | | | | | | | 2,332,902 | |
| | Oil, Gas & Consumable Fuels - 4.4%
| |
| | Devon Energy Corp. | | | 42,036 | | | 1,992,506 | |
| | Diamondback Energy, Inc. | | | 8,378 | | | 1,677,192 | |
| | | | | | | | 3,669,698 | |
| | Pharmaceuticals - 1.0%
| | | | | | | |
| | Catalent, Inc.(a) | | | 15,146 | | | 851,660 | |
| | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB SMID Cap Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)(Continued)
| | | | | | | | | |
| | Semiconductors & Semiconductor
Equipment - 5.5%
| | | | | | | |
| | MKS Instruments, Inc. | | | 6,795 | | | $887,291 | |
| | Monolithic Power Systems, Inc. | | | 4,594 | | | 3,774,798 | |
| | | | | | | | 4,662,089 | |
| | Software - 11.9%
| | | | | | | |
| | Fair Isaac Corp.(a) | | | 3,134 | | | 4,665,460 | |
| | PTC, Inc.(a) | | | 16,822 | | | 3,056,053 | |
| | Tyler Technologies, Inc.(a) | | | 4,515 | | | 2,270,052 | |
| | | | | | | | 9,991,565 | |
| | Textiles, Apparel & Luxury Goods - 1.2%
| | | | | | | |
| | Columbia Sportswear Co. | | | 13,102 | | | 1,036,106 | |
| | Trading Companies & Distributors - 6.1%
| | | | | | | |
| | Applied Industrial Technologies, Inc. | | | 9,189 | | | 1,782,666 | |
| | Watsco, Inc. | | | 7,225 | | | 3,346,909 | |
| | | | | | | | 5,129,575 | |
| | TOTAL COMMON STOCKS
(Cost $38,114,772) | | | | | | 80,442,862 | |
| | SHORT-TERM INVESTMENTS - 4.3%
| |
| | Money Market Funds - 4.3%
| | | | | | | |
| | First American Government Obligations Fund -
Class X, 5.23%(b) | | | 3,610,375 | | | 3,610,375 | |
| | TOTAL SHORT-TERM INVESTMENTS
(Cost $3,610,375) | | | | | | 3,610,375 | |
| | TOTAL INVESTMENTS - 100.0% (Cost $41,725,147) | | | | | | $84,053,237 | |
| | Liabilities in Excess of
Other Assets - 0.0%(c) | | | | | | (312) | |
| | TOTAL NET ASSETS - 100.0% | | | | | | $84,052,925 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(c)
| Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Curi RMB Capital, LLC.
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
as of June 30, 2024 (Unaudited)
| | | | | | | | | |
| | Assets:
| | | | | | | |
| | Investments at cost | | | $54,405,065 | | | $ 131,547,994 | |
| | Investments at value | | | $ 113,277,867 | | | $ 152,497,866 | |
| | Dividends and interest receivable | | | 67,177 | | | 181,134 | |
| | Receivable for capital stock sold | | | 898 | | | 36,184 | |
| | Receivable for investments sold | | | 1,670,824 | | | 3,101,629 | |
| | Prepaid expenses | | | 30,825 | | | 36,597 | |
| | Total assets | | | 115,047,591 | | | 155,853,410 | |
| | Liabilities:
| | | | | | | |
| | Payable for fund shares redeemed | | | 145 | | | 579,170 | |
| | Payable for investments purchased | | | 1,355,531 | | | — | |
| | Options written at value | | | — | | | 842,6251 | |
| | Payable for investment advisory fees (Note 2) | | | 55,306 | | | 91,748 | |
| | Payable for legal fees | | | 28,821 | | | 40,198 | |
| | Payable for distribution and shareholder service fees (Note 3) | | | 18,940 | | | 21,045 | |
| | Payable for transfer agent fees | | | 17,601 | | | 40,991 | |
| | Payable for administration fees | | | 15,305 | | | 15,600 | |
| | Payable for accounting fees | | | 11,368 | | | 11,476 | |
| | Payable for audit fees | | | 9,995 | | | 10,095 | |
| | Payable for custody fees | | | 1,541 | | | 3,113 | |
| | Accrued expenses and other payables | | | 10,999 | | | 16,017 | |
| | Total liabilities | | | 1,525,552 | | | 1,672,078 | |
| | Net assets | | | $ 113,522,039 | | | $ 154,181,332 | |
| | Net Assets Consists of:
| | | | | | | |
| | Capital paid-in | | | $47,041,867 | | | $ 176,092,294 | |
| | Total distributable earnings | | | 66,480,172 | | | (21,910,962) | |
| | Net assets | | | $ 113,522,039 | | | $ 154,181,332 | |
| | By Share Class:
| | | | | | | |
| | Net Assets:
| | | | | | | |
| | Class A | | | $85,935,963 | | | $50,640,998 | |
| | Class C | | | $1,531,505 | | | $15,107,058 | |
| | Class I | | | $26,054,571 | | | $88,433,276 | |
| | NAV (par value $0.10 per share)
| | | | | | | |
| | Class A | | | $35.42 | | | $41.42 | |
| | Class C | | | $26.20 | | | $35.67 | |
| | Class I | | | $35.89 | | | $42.43 | |
| | Capital Shares Outstanding:
(unlimited number of shares has been authorized)
| | | | | | | |
| | Class A | | | 2,426,265 | | | 1,222,582 | |
| | Class C | | | 58,462 | | | 423,572 | |
| | Class I | | | 725,977 | | | 2,084,392 | |
| | | | | | | | | |
1
| The payable for options written include premiums recieved of $781,139. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
as of June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | |
| | Assets:
| | | | | | | | | | | | | |
| | Investments at cost | | | $ 193,710,050 | | | $ 19,988,370 | | | $85,808,005 | | | $ 41,725,147 | |
| | Foreign currency at cost | | | — | | | 312,746 | | | — | | | — | |
| | Investments at value | | | $ 250,785,092 | | | $ 26,345,368 | | | $ 137,522,364 | | | $ 84,053,237 | |
| | Foreign currency at value | | | — | | | 308,665 | | | — | | | — | |
| | Receivable for investments sold | | | 1,479,852 | | | 292,000 | | | — | | | — | |
| | Dividends and interest receivable | | | 1,136,911 | | | 44,293 | | | 134,005 | | | 95,809 | |
| | Receivable for capital stock sold | | | 52,315 | | | 4,902 | | | 47,923 | | | — | |
| | Prepaid expenses | | | 15,770 | | | 12,314 | | | 19,204 | | | 20,004 | |
| | Total assets | | | 253,469,940 | | | 27,007,542 | | | 137,723,496 | | | 84,169,050 | |
| | Liabilities:
| | | | | | | | | | | | | |
| | Payable for investments purchased | | | 4,378,548 | | | — | | | — | | | — | |
| | Payable for fund shares redeemed | | | 100,636 | | | 4,649 | | | 86,045 | | | 19,837 | |
| | Payable for investment advisory fees (Note 2) | | | 154,795 | | | 4,331 | | | 66,709 | | | 26,479 | |
| | Payable for legal fees | | | 65,143 | | | 6,966 | | | 36,389 | | | 22,330 | |
| | Payable for transfer agent fees | | | 16,464 | | | 14,587 | | | 14,925 | | | 10,103 | |
| | Payable for custody fees | | | 16,409 | | | 4,968 | | | 2,067 | | | 1,429 | |
| | Payable for administration fees | | | 15,567 | | | 15,565 | | | 15,387 | | | 15,284 | |
| | Payable for audit fees | | | 8,198 | | | 8,198 | | | 9,506 | | | 9,650 | |
| | Payable for accounting fees | | | 4,007 | | | 3,956 | | | 4,049 | | | 4,095 | |
| | Accrued expenses and other payables | | | 13,972 | | | 7,118 | | | 11,356 | | | 6,918 | |
| | Total liabilities | | | 4,773,739 | | | 70,338 | | | 246,433 | | | 116,125 | |
| | Net assets | | | $ 248,696,201 | | | $ 26,937,204 | | | $ 137,477,063 | | | $ 84,052,925 | |
| | Net Assets Consists of:
| | | | | | | | | | | | | |
| | Capital paid-in | | | $ 226,889,095 | | | $ 21,764,690 | | | $86,731,217 | | | $ 37,201,994 | |
| | Total distributable earnings | | | 21,807,106 | | | 5,172,514 | | | 50,745,846 | | | 46,850,931 | |
| | Net assets | | | $ 248,696,201 | | | $ 26,937,204 | | | $ 137,477,063 | | | $ 84,052,925 | |
| | By Share Class:
| | | | | | | | | | | | | |
| | Net Assets:
| | | | | | | | | | | | | |
| | Class I | | | $ 248,696,201 | | | $ 26,937,204 | | | $ 137,477,063 | | | $ 84,052,925 | |
| | NAV (par value $0.10 per share)
| | | | | | | | | | | | | |
| | Class I | | | $10.35 | | | $10.70 | | | $15.44 | | | $12.77 | |
| | Capital Shares Outstanding:
(unlimited number of shares has been authorized)
| | | | | | | | | | | | | |
| | Class I | | | 24,024,690 | | | 2,517,208 | | | 8,904,508 | | | 6,583,496 | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
For the Six Months Ended June 30, 2024 (Unaudited)
| | | | | | | | | |
| | Investment Income:
| | | | | | | |
| | Dividends | | | $631,4911 | | | $2,307,3182 | |
| | Interest | | | 5,124 | | | 43,308 | |
| | Total income | | | 636,615 | | | 2,350,626 | |
| | Expenses:
| | | | | | | |
| | Investment advisory fees (Note 2) | | | 331,183 | | | 627,214 | |
| | Distribution fees (Class A) (Note 3) | | | 104,607 | | | 64,464 | |
| | Distribution fees (Class C) (Note 3) | | | 5,661 | | | 57,431 | |
| | Shareholder service fees (Class C) (Note 3) | | | 1,887 | | | 19,144 | |
| | Transfer agent fees | | | 33,445 | | | 95,011 | |
| | Administration fees | | | 31,159 | | | 31,312 | |
| | Legal fees | | | 26,620 | | | 37,616 | |
| | Registration fees and expenses | | | 26,170 | | | 31,724 | |
| | Trustee fees | | | 22,920 | | | 35,340 | |
| | Accounting fees | | | 22,736 | | | 23,132 | |
| | Audit fees | | | 9,990 | | | 10,289 | |
| | Reports to shareholders | | | 5,670 | | | 10,938 | |
| | Custody fees | | | 3,454 | | | 6,483 | |
| | Interest expense (Note 7) | | | 1,220 | | | 9,358 | |
| | Tax expense | | | — | | | 6,650 | |
| | Other expenses | | | 21,776 | | | 34,393 | |
| | Total expenses | | | 648,498 | | | 1,100,499 | |
| | Net investment income/(loss) | | | $(11,883) | | | $1,250,127 | |
| | Net Realized and Unrealized Gain/(Loss) on Investments,
Written Options, and Foreign Currency
| |
| | Realized gain/(loss) on:
| | | | | | | |
| | Investments | | | 5,447,227 | | | 5,339,050 | |
| | Written options | | | — | | | (700,616) | |
| | Foreign currency transactions | | | — | | | — | |
| | Net realized gain on investments, written options, and foreign currency | | | 5,447,227 | | | 4,638,434 | |
| | Change in unrealized appreciation/depreciation on:
| |
| | Investments | | | 2,927,243 | | | (18,636,981) | |
| | Written options | | | — | | | 1,959,777 | |
| | Foreign currency translations | | | — | | | (36) | |
| | Net unrealized appreciation/depreciation on investments, written options, and foreign currency | | | 2,927,243 | | | (16,677,240) | |
| | Net realized and unrealized gain/(loss) on investments, written options, and foreign currency | | | 8,374,470 | | | (12,038,806) | |
| | Net increase/(decrease) in net assets resulting from operations | | | $ 8,362,587 | | | $ (10,788,679) | |
| | | | | | | | | |
1
| Net of foreign taxes withheld of $1,389.
|
2
| Net of foreign taxes withheld of $3,172. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
For the Six Months Ended June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | |
| | Investment Income:
| | | | | | | | | | | | | |
| | Dividends | | | $4,184,2521 | | | $291,4802 | | | $821,872 | | | $516,473 | |
| | Interest | | | 107,233 | | | 21,289 | | | 72,639 | | | 38,601 | |
| | Total income | | | 4,291,485 | | | 312,769 | | | 894,511 | | | 555,074 | |
| | Expenses:
| | | | | | | | | | | | | |
| | Investment advisory fees (Note 2) | | | 915,206 | | | 117,025 | | | 575,879 | | | 302,887 | |
| | Legal fees | | | 59,479 | | | 7,616 | | | 40,860 | | | 24,799 | |
| | Trustee fees | | | 51,748 | | | 5,224 | | | 27,712 | | | 18,076 | |
| | Administration fees | | | 31,573 | | | 31,421 | | | 31,234 | | | 31,203 | |
| | Transfer agent fees | | | 31,133 | | | 27,465 | | | 28,221 | | | 18,236 | |
| | Custody fees | | | 30,805 | | | 9,307 | | | 4,722 | | | 2,609 | |
| | Registration fees and expenses | | | 11,678 | | | 11,157 | | | 10,796 | | | 12,801 | |
| | Accounting fees | | | 8,282 | | | 8,145 | | | 8,282 | | | 8,267 | |
| | Audit fees | | | 8,196 | | | 8,196 | | | 9,515 | | | 9,715 | |
| | Reports to shareholders | | | 4,968 | | | 3,618 | | | 4,349 | | | 3,177 | |
| | Interest expense (Note 7) | | | 391 | | | 41 | | | — | | | 1,549 | |
| | Other expenses | | | 38,942 | | | 8,867 | | | 21,111 | | | 15,768 | |
| | Total expenses before advisory fee waiver | | | 1,192,401 | | | 238,082 | | | 762,681 | | | 449,087 | |
| | Less: waiver of advisory fees by adviser | | | — | | | (69,045) | | | (119,051) | | | (102,931) | |
| | Total expenses | | | 1,192,401 | | | 169,037 | | | 643,630 | | | 346,156 | |
| | Net investment income | | | $3,099,084 | | | $143,732 | | | $250,881 | | | $208,918 | |
| | Net Realized and Unrealized Gain/(Loss)
on Investments and Foreign Currency
| |
| | Realized gain/(loss) on:
| | | | | | | | | | | | | |
| | Investments | | | 2,962,199 | | | 571,332 | | | 909,491 | | | 4,592,420 | |
| | Foreign currency transactions | | | (59,568) | | | (30,881) | | | — | | | — | |
| | Net realized gain on investments and foreign currency | | | 2,902,631 | | | 540,451 | | | 909,491 | | | 4,592,420 | |
| | Change in unrealized appreciation/depreciation on:
| | | | | | | | | | | | | |
| | Investments | | | 13,664,724 | | | 1,616,492 | | | 4,055,268 | | | (1,285,635) | |
| | Foreign currency translations | | | (180,419) | | | (70,297) | | | — | | | — | |
| | Net unrealized appreciation/depreciation on investments and foreign currency | | | 13,484,305 | | | 1,546,195 | | | 4,055,268 | | | (1,285,635) | |
| | Net realized and unrealized gain on investments and foreign currency | | | 16,386,936 | | | 2,086,646 | | | 4,964,759 | | | 3,306,785 | |
| | Net increase in net assets resulting from operations
| | | $ 19,486,020 | | | $ 2,230,378 | | | $ 5,215,640 | | | $3,515,703 | |
| | | | | | | | | | | | | | | |
1
| Net of foreign taxes withheld of $430,241.
|
2
| Net of foreign taxes withheld of $32,387. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Changes in Net Assets
| | | | | | | | | |
| | Increase/(Decrease) in Net Assets
| |
| | FROM Operations:
| | | | | | | | | | | | | |
| | Net investment income/
(loss) | | | $(11,883) | | | $27,442 | | | $1,250,127 | | | $2,914,361 | |
| | Net realized gain/(loss) on transactions | | | 5,447,227 | | | 2,545,132 | | | 4,638,434 | | | (8,444,818) | |
| | Change in unrealized appreciation/
depreciation | | | 2,927,243 | | | 17,714,626 | | | (16,677,240) | | | 11,367,258 | |
| | Net increase/(decrease) in net assets resulting from operations | | | 8,362,587 | | | 20,287,200 | | | (10,788,679) | | | 5,836,801 | |
| | Distributions to shareholders:
| |
| | Net distributions to shareholders - Class A Shares | | | — | | | (1,228,480) | | | — | | | (758,759) | |
| | Net distributions to shareholders - Class C Shares | | | — | | | (27,879) | | | — | | | (147,104) | |
| | Net distributions to shareholders - Class I Shares | | | — | | | (389,853) | | | — | | | (1,783,555) | |
| | Total distributions to shareholders | | | — | | | (1,646,212) | | | — | | | (2,689,418) | |
| | Decrease in net assets derived from capital share transactions | | | (6,322,377) | | | (7,200,232) | | | (33,203,754) | | | (22,210,607) | |
| | Total increase/(decrease) in net assets | | | 2,040,210 | | | 11,440,756 | | | (43,992,433) | | | (19,063,224) | |
| | Net assets:
| | | | | | | | | | | | | |
| | Beginning of period | | | 111,481,829 | | | 100,041,073 | | | 198,173,765 | | | 217,236,989 | |
| | End of period | | | $ 113,522,039 | | | $111,481,829 | | | $ 154,181,332 | | | $ 198,173,765 | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Changes in Net Assets - Capital Stock Activity
| | | | | | | | | |
| | Capital stock transactions in dollars:
| |
| | Class A Shares
| | | | | | | | | | | | | |
| | Net proceeds from sales of
shares | | | $33,297 | | | $74,646 | | | $621,931 | | | $2,427,454 | |
| | Net proceeds from reinvestment of dividends | | | — | | | 1,122,788 | | | — | | | 722,531 | |
| | Cost of shares redeemed | | | (3,480,073) | | | (5,292,064) | | | (6,235,704) | | | (12,193,038) | |
| | Net decrease | | | $(3,446,776) | | | $(4,094,630) | | | $(5,613,773) | | | $(9,043,053) | |
| | Class C Shares
| |
| | Net proceeds from sales of shares | | | $240 | | | $182,509 | | | $303,220 | | | $653,900 | |
| | Net proceeds from reinvestment of dividends | | | — | | | 21,462 | | | — | | | 127,356 | |
| | Cost of shares redeemed | | | (125,901) | | | (368,219) | | | (2,332,675) | | | (4,912,716) | |
| | Net decrease | | | $(125,661) | | | $(164,248) | | | $(2,029,455) | | | $(4,131,460) | |
| | Class I Shares
| | | | | | | | | | | | | |
| | Net proceeds from sales of shares | | | $1,145,940 | | | $3,992,314 | | | $10,571,866 | | | $35,435,645 | |
| | Net proceeds from reinvestment of dividends | | | — | | | 379,426 | | | — | | | 1,627,278 | |
| | Cost of shares redeemed | | | (3,895,880) | | | (7,313,094) | | | (36,132,392) | | | (46,099,017) | |
| | Net decrease | | | $(2,749,940) | | | $(2,941,354) | | | $(25,560,526) | | | $(9,036,094) | |
| | Net decrease in net assets derived from capital share transactions | | | $(6,322,377) | | | $(7,200,232) | | | $(33,203,754) | | | $(22,210,607) | |
| | Share Transactions
| |
| | Class A
| |
| | Shares sold | | | 992 | | | 2,460 | | | 15,168 | | | 66,457 | |
| | Shares issued on reinvestment of distributions | | | — | | | 34,760 | | | — | | | 16,671 | |
| | Shares redeemed | | | (102,703) | | | (176,689) | | | (155,228) | | | (325,914) | |
| | Net decrease in shares outstanding | | | (101,711) | | | (139,469) | | | (140,060) | | | (242,786) | |
| | Class C
| | | | | | | | | | | | | |
| | Shares sold | | | 10 | | | 7,594 | | | 8,808 | | | 20,862 | |
| | Shares issued on reinvestment of distributions | | | — | | | 894 | | | — | | | 3,398 | |
| | Shares redeemed | | | (5,018) | | | (16,734) | | | (67,315) | | | (150,625) | |
| | Net decrease in shares outstanding | | | (5,008) | | | (8,246) | | | (58,507) | | | (126,365) | |
| | Class I
| | | | | | | | | | | | | |
| | Shares sold | | | 33,269 | | | 133,868 | | | 249,944 | | | 912,911 | |
| | Shares issued on reinvestment of distributions | | | — | | | 11,603 | | | — | | | 36,700 | |
| | Shares redeemed | | | (117,005) | | | (242,800) | | | (886,437) | | | (1,190,521) | |
| | Net decrease in shares outstanding | | | (83,736) | | | (97,329) | | | (636,493) | | | (240,910) | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Changes in Net Assets
| | | | | | | | | |
| | Increase/(Decrease) in Net Assets
| |
| | From operations:
| |
| | Net investment income | | | $3,099,084 | | | $4,616,343 | | | $143,732 | | | $302,305 | |
| | Net realized gain/(loss) on transactions | | | 2,902,631 | | | (6,421,671) | | | 540,451 | | | 90,427 | |
| | Change in unrealized appreciation/
depreciation | | | 13,484,305 | | | 32,093,663 | | | 1,546,195 | | | 3,955,624 | |
| | Net increase in net assets resulting from
operations | | | 19,486,020 | | | 30,288,335 | | | 2,230,378 | | | 4,348,356 | |
| | Distributions to shareholders:
| |
| | Net distributions to shareholders - Class I Shares | | | — | | | (5,014,492) | | | — | | | (1,029,327) | |
| | Total distributions to shareholders | | | — | | | (5,014,492) | | | — | | | (1,029,327) | |
| | Capital stock transactions in dollars:
| |
| | Class I shares
| | | | | | | | | | | | | |
| | Net proceeds from sales of shares | | | 10,467,760 | | | 30,764,373 | | | 3,114,763 | | | 2,067,105 | |
| | Net proceeds from reinvestment of dividends | | | — | | | 4,700,255 | | | — | | | 965,745 | |
| | Cost of shares redeemed | | | (31,561,143) | | | (53,233,006) | | | (2,502,261) | | | (7,855,492) | |
| | Other capital contribution | | | — | | | — | | | — | | | 1,309 | |
| | Increase/(decrease) in net assets derived from capital share transactions | | | (21,093,383) | | | (17,768,378) | | | 612,502 | | | (4,821,333) | |
| | Total increase/(decrease) in net assets | | | (1,607,363) | | | 7,505,465 | | | 2,842,880 | | | (1,502,304) | |
| | Net assets:
| | | | | | | | | | | | | |
| | Beginning of period | | | 250,303,564 | | | 242,798,099 | | | 24,094,324 | | | 25,596,628 | |
| | End of period | | | $ 248,696,201 | | | $ 250,303,564 | | | $ 26,937,204 | | | $ 24,094,324 | |
| | Share Transactions
| |
| | Class I
| |
| | Shares sold | | | 1,054,446 | | | 3,349,441 | | | 300,434 | | | 223,617 | |
| | Shares issued on reinvestment of distributions | | | — | | | 498,965 | | | — | | | 99,870 | |
| | Shares redeemed | | | (3,231,628) | | | (5,789,474) | | | (243,082) | | | (845,626) | |
| | Net increase/(decrease) in shares outstanding | | | (2,177,182) | | | (1,941,068) | | | 57,352 | | | (522,139) | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Changes in Net Assets
| | | | | | | | | |
| | Increase/(Decrease) in Net Assets
| |
| | From operations:
| |
| | Net investment income | | | $250,881 | | | $344,448 | | | $208,918 | | | $499,054 | |
| | Net realized gain on transactions | | | 909,491 | | | 277,157 | | | 4,592,420 | | | 7,306,226 | |
| | Change in unrealized appreciation/
depreciation | | | 4,055,268 | | | 17,074,560 | | | (1,285,635) | | | 8,139,999 | |
| | Net increase in net assets resulting from
operations | | | 5,215,640 | | | 17,696,165 | | | 3,515,703 | | | 15,945,279 | |
| | Distributions to shareholders:
| |
| | Net distributions to shareholders - Class I Shares | | | — | | | (6,078,715) | | | — | | | (8,028,332) | |
| | Total distributions to shareholders | | | — | | | (6,078,715) | | | — | | | (8,028,332) | |
| | Capital stock transactions in dollars:
| |
| | Class I shares
| | | | | | | | | | | | | |
| | Net proceeds from sales of shares | | | 27,872,943 | | | 26,910,904 | | | 474,169 | | | 6,979,797 | |
| | Net proceeds from reinvestment of dividends | | | — | | | 5,479,447 | | | — | | | 7,712,864 | |
| | Cost of shares redeemed | | | (9,139,144) | | | (20,174,223) | | | (6,404,764) | | | (24,965,382) | |
| | Increase/(decrease) in net assets derived from capital share transactions | | | 18,733,799 | | | 12,216,128 | | | (5,930,595) | | | (10,272,721) | |
| | Total increase/(decrease) in net assets | | | 23,949,439 | | | 23,833,578 | | | (2,414,892) | | | (2,355,774) | |
| | Net assets:
| |
| | Beginning of period | | | 113,527,624 | | | 89,694,046 | | | 86,467,817 | | | 88,823,591 | |
| | End of period | | | $ 137,477,063 | | | $ 113,527,624 | | | $ 84,052,925 | | | $86,467,817 | |
| | Share Transactions
| |
| | Class I
| |
| | Shares sold | | | 1,895,932 | | | 1,916,655 | | | 37,555 | | | 580,197 | |
| | Shares issued on reinvestment of distributions | | | — | | | 369,484 | | | — | | | 631,684 | |
| | Shares redeemed | | | (600,712) | | | (1,422,612) | | | (503,847) | | | (2,053,240) | |
| | Net increase/(decrease) in shares outstanding | | | 1,295,220 | | | 863,527 | | | (466,292) | | | (841,359) | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $32.84 | | | $27.51 | | | $38.14 | | | $31.13 | | | $28.19 | | | $20.90 | |
| | Income from investment operations
| |
| | Net investment income (loss)a | | | (0.01) | | | (0.01) | | | (0.02) | | | (0.01) | | | 0.00b | | | 0.01 | |
| | Net realized and unrealized gain (loss) on securities | | | 2.59 | | | 5.83 | | | (7.94) | | | 9.30 | | | 4.45 | | | 7.75 | |
| | Total from investment operations | | | 2.58 | | | 5.82 | | | (7.96) | | | 9.29 | | | 4.45 | | | 7.76 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.00)b | | | (0.01) | | | (0.02) | | | (0.01) | | | (0.01) | |
| | Distributions from capital gains (from securities transactions) | | | — | | | (0.49) | | | (2.66) | | | (2.26) | | | (1.50) | | | (0.46) | |
| | Total distributions | | | — | | | (0.49) | | | (2.67) | | | (2.28) | | | (1.51) | | | (0.47) | |
| | Net asset value, end of period | | | $35.42 | | | $32.84 | | | $27.51 | | | $38.14 | | | $31.13 | | | $28.19 | |
| | Total return % | | | 7.86c | | | 21.19 | | | (21.20) | | | 29.99 | | | 15.93 | | | 37.16 | |
| | Net assets, end of period (in $000’s) | | | $ 85,936 | | | $ 83,023 | | | $ 73,375 | | | $ 99,229 | | | $ 82,093 | | | $ 77,152 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 1.22d,e | | | 1.24f | | | 1.20g | | | 1.12h | | | 1.23i | | | 1.16 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 1.22d,e | | | 1.24f | | | 1.20g | | | 1.12h | | | 1.23i | | | 1.16 | |
| | Ratio of net investment income (loss) | | | (0.07)d | | | (0.03) | | | (0.05) | | | (0.02) | | | 0.00j | | | 0.06 | |
| | Portfolio turnover rate % | | | 4k | | | 8 | | | 18 | | | 12 | | | 29 | | | 22 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Less than $0.01 per share.
|
c
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
e
| Includes interest expense of $925 or 0.00% of average net assets.
|
f
| Includes interest expense of $269 or 0.00% of average net assets.
|
g
| Includes interest expense of $2,702 or 0.00% of average net assets.
|
h
| Includes interest expense of $459 or 0.00% of average net assets.
|
i
| Includes interest expense of $409 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $ 24.38 | | | $20.68 | | | $29.70 | | | $24.82 | | | $22.91 | | | $17.18 | |
| | Income from investment operations
| |
| | Net investment lossa | | | (0.10) | | | (0.17) | | | (0.20) | | | (0.21) | | | (0.16) | | | (0.14) | |
| | Net realized and unrealized gain (loss) on securities | | | 1.92 | | | 4.36 | | | (6.15) | | | 7.37 | | | 3.57 | | | 6.33 | |
| | Total from investment operations | | | 1.82 | | | 4.19 | | | (6.35) | | | 7.16 | | | 3.41 | | | 6.19 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.00)b | | | (0.01) | | | (0.02) | | | — | | | — | |
| | Distributions from capital gains (from securities transactions) | | | — | | | (0.49) | | | (2.66) | | | (2.26) | | | (1.50) | | | (0.46) | |
| | Total distributions | | | — | | | (0.49) | | | (2.67) | | | (2.28) | | | (1.50) | | | (0.46) | |
| | Net asset value, end of period | | | $ 26.20 | | | $ 24.38 | | | $20.68 | | | $ 29.70 | | | $ 24.82 | | | $ 22.91 | |
| | Total return % | | | 7.47c | | | 20.30 | | | (21.81) | | | 29.03 | | | 15.07 | | | 36.07 | |
| | Net assets, end of period (in $000’s) | | | $ 1,532 | | | $ 1,547 | | | $1,483 | | | $ 2,610 | | | $ 2,580 | | | $ 2,944 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 1.97d,e | | | 1.99f | | | 1.94g | | | 1.87h | | | 1.98i | | | 1.91 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 1.97d,e | | | 1.99f | | | 1.94g | | | 1.87h | | | 1.98i | | | 1.91 | |
| | Ratio of net investment loss | | | (0.82)d | | | (0.77) | | | (0.81) | | | (0.77) | | | (0.75) | | | (0.69) | |
| | Portfolio turnover rate % | | | 4j | | | 8 | | | 18 | | | 12 | | | 29 | | | 22 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Less than $0.01 per share.
|
c
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
e
| Includes interest expense of $925 or 0.00% of average net assets.
|
f
| Includes interest expense of $269 or 0.00% of average net assets.
|
g
| Includes interest expense of $2,702 or 0.00% of average net assets.
|
h
| Includes interest expense of $459 or 0.00% of average net assets.
|
i
| Includes interest expense of $409 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $33.24 | | | $27.76 | | | $38.37 | | | $31.23 | | | $28.27 | | | $20.96 | |
| | Income from investment operations
| |
| | Net investment incomea | | | 0.03 | | | 0.07 | | | 0.06 | | | 0.08 | | | 0.07 | | | 0.08 | |
| | Net realized and unrealized gain (loss) on securities | | | 2.62 | | | 5.90 | | | (8.00) | | | 9.34 | | | 4.47 | | | 7.76 | |
| | Total from investment operations | | | 2.65 | | | 5.97 | | | (7.94) | | | 9.42 | | | 4.54 | | | 7.84 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.00)b | | | (0.01) | | | (0.02) | | | (0.08) | | | (0.07) | |
| | Distributions from capital gains (from securities transactions) | | | — | | | (0.49) | | | (2.66) | | | (2.26) | | | (1.50) | | | (0.46) | |
| | Total distributions | | | — | | | (0.49) | | | (2.67) | | | (2.28) | | | (1.58) | | | (0.53) | |
| | Net asset value, end of period | | | $35.89 | | | $33.24 | | | $27.76 | | | $38.37 | | | $31.23 | | | $28.27 | |
| | Total return % | | | 7.97c | | | 21.54 | | | (21.02) | | | 30.31 | | | 16.22 | | | 37.53 | |
| | Net assets, end of period (in $000’s) | | | $26,055 | | | $26,912 | | | $25,183 | | | $43,013 | | | $34,380 | | | $31,197 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 0.97d,e | | | 0.99f | | | 0.94g | | | 0.87h | | | 0.97i | | | 0.91 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 0.97d,e | | | 0.99f | | | 0.94g | | | 0.87h | | | 0.97i | | | 0.91 | |
| | Ratio of net investment income | | | 0.18d | | | 0.22 | | | 0.19 | | | 0.22 | | | 0.26 | | | 0.32 | |
| | Portfolio turnover rate % | | | 4j | | | 8 | | | 18 | | | 12 | | | 29 | | | 22 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Less than $0.01 per share.
|
c
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
e
| Includes interest expense of $278 or 0.00% of average net assets.
|
f
| Includes interest expense of $89 or 0.00% of average net assets.
|
g
| Includes interest expense of $925 or 0.00% of average net assets.
|
h
| Includes interest expense of $191 or 0.00% of average net assets.
|
i
| Includes interest expense of $143 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Mendon Financial Services Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $43.43 | | | $42.09 | | | $60.65 | | | $39.31 | | | $41.70 | | | $34.25 | |
| | Income from investment operations
| |
| | Net investment income (loss)a | | | 0.28 | | | 0.58 | | | 0.27 | | | 0.26 | | | 0.13 | | | (0.04) | |
| | Net realized and unrealized gain (loss) on securities and options | | | (2.29) | | | 1.32 | | | (11.55) | | | 21.90 | | | (2.52) | | | 7.85 | |
| | Total from investment operations | | | (2.01) | | | 1.90 | | | (11.28) | | | 22.16 | | | (2.39) | | | 7.81 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.56) | | | (0.34) | | | (0.42) | | | — | | | — | |
| | Distributions from capital gains (from securities and options transactions) | | | — | | | — | | | (6.94) | | | (0.40) | | | — | | | (0.36) | |
| | Total distributions | | | — | | | (0.56) | | | (7.28) | | | (0.82) | | | — | | | (0.36) | |
| | Net asset value, end of period | | | $41.42 | | | $43.43 | | | $42.09 | | | $60.65 | | | $39.31 | | | $41.70 | |
| | Total return % | | | (4.60)b | | | 4.52 | | | (19.00) | | | 56.44 | | | (5.73) | | | 22.80 | |
| | Net assets, end of period (in $000’s) | | | $ 50,641 | | | $ 59,184 | | | $ 67,571 | | | $ 95,124 | | | $ 68,082 | | | $ 117,615 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after extraordinary expense and reimbursement / recovery (Note 5) | | | 1.40c,d | | | 1.37e | | | 1.29f | | | 1.24g | | | 1.43h | | | 1.28i | |
| | Ratio of total expenses before extraordinary expense and reimbursement / recovery (Note 5) | | | 1.40c,d | | | 1.37e | | | 1.29f | | | 1.24g | | | 1.41h | | | 1.28i | |
| | Ratio of net investment income (loss) | | | 1.41c | | | 1.55 | | | 0.52 | | | 0.49 | | | 0.41 | | | (0.12) | |
| | Portfolio turnover rate % | | | 28j | | | 49 | | | 42 | | | 70 | | | 82 | | | 27 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
d
| Includes interest expense of $2,885 or 0.01% of average net assets.
|
e
| Includes interest expense of $625 or 0.00% of average net assets.
|
f
| Includes interest expense of $211 or 0.00% of average net assets.
|
g
| Includes interest expense of $203 or 0.00% of average net assets.
|
h
| Includes interest expense of $303 or 0.00% of average net assets.
|
i
| Includes interest expense of $39 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Mendon Financial Services Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $37.54 | | | $36.48 | | | $53.71 | | | $34.99 | | | $37.40 | | | $30.98 | |
| | Income from investment operations
| |
| | Net investment income (loss)a | | | 0.11 | | | 0.26 | | | (0.10) | | | (0.12) | | | (0.09) | | | (0.29) | |
| | Net realized and unrealized gain (loss) on securities and options | | | (1.98) | | | 1.10 | | | (10.19) | | | 19.44 | | | (2.32) | | | 7.07 | |
| | Total from investment operations | | | (1.87) | | | 1.36 | | | (10.29) | | | 19.32 | | | (2.41) | | | 6.78 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.30) | | | — | | | (0.20) | | | — | | | — | |
| | Distributions from capital gains (from securities and options transactions) | | | — | | | — | | | (6.94) | | | (0.40) | | | — | | | (0.36) | |
| | Total distributions | | | — | | | (0.30) | | | (6.94) | | | (0.60) | | | — | | | (0.36) | |
| | Net asset value, end of period | | | $35.67 | | | $37.54 | | | $36.48 | | | $53.71 | | | $34.99 | | | $37.40 | |
| | Total return % | | | (4.98)b | | | 3.73 | | | (19.59) | | | 55.28 | | | (6.44) | | | 21.88 | |
| | Net assets, end of period (in $000’s) | | | $ 15,107 | | | $ 18,096 | | | $22,193 | | | $ 30,687 | | | $ 24,150 | | | $ 34,797 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after extraordinary expense and reimbursement / recovery (Note 5) | | | 2.15c,d | | | 2.12e | | | 2.04f | | | 1.99g | | | 2.19h | | | 2.03i | |
| | Ratio of total expenses before extraordinary expense and reimbursement / recovery (Note 5) | | | 2.15c,d | | | 2.12e | | | 2.04f | | | 1.99g | | | 2.17h | | | 2.03i | |
| | Ratio of net investment income (loss) | | | 0.65c | | | 0.80 | | | (0.23) | | | (0.27) | | | (0.32) | | | (0.87) | |
| | Portfolio turnover rate % | | | 28j | | | 49 | | | 42 | | | 70 | | | 82 | | | 27 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
d
| Includes interest expense of $857 or 0.01% of average net assets.
|
e
| Includes interest expense of $203 or 0.00% of average net assets.
|
f
| Includes interest expense of $69 or 0.00% of average net assets.
|
g
| Includes interest expense of $68 or 0.00% of average net assets.
|
h
| Includes interest expense of $101 or 0.00% of average net assets.
|
i
| Includes interest expense of $11 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Mendon Financial Services Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $44.43 | | | $43.04 | | | $61.84 | | | $40.06 | | | $42.39 | | | $34.72 | |
| | Income from investment operations
| |
| | Net investment incomea | | | 0.34 | | | 0.71 | | | 0.42 | | | 0.41 | | | 0.20 | | | 0.05 | |
| | Net realized and unrealized gain (loss) on securities and options | | | (2.34) | | | 1.34 | | | (11.80) | | | 22.32 | | | (2.53) | | | 7.98 | |
| | Total from investment operations | | | (2.00) | | | 2.05 | | | (11.38) | | | 22.73 | | | (2.33) | | | 8.03 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.66) | | | (0.48) | | | (0.55) | | | — | | | — | |
| | Distributions from capital gains (from securities and options transactions) | | | — | | | — | | | (6.94) | | | (0.40) | | | — | | | (0.36) | |
| | Total distributions | | | — | | | (0.66) | | | (7.42) | | | (0.95) | | | — | | | (0.36) | |
| | Net asset value, end of period | | | $42.43 | | | $44.43 | | | $43.04 | | | $61.84 | | | $40.06 | | | $42.39 | |
| | Total return % | | | (4.50)b | | | 4.77 | | | (18.80) | | | 56.84 | | | (5.50) | | | 23.13 | |
| | Net assets, end of period (in $000’s) | | | $ 88,433 | | | $ 120,894 | | | $ 127,472 | | | $ 184,454 | | | $ 106,981 | | | $ 234,303 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after extraordinary expense and reimbursement / recovery (Note 5) | | | 1.15c,d | | | 1.13e | | | 1.04f | | | 0.99g | | | 1.18h | | | 1.03i | |
| | Ratio of total expenses before extraordinary expense and reimbursement / recovery (Note 5) | | | 1.15c,d | | | 1.13e | | | 1.04f | | | 0.99g | | | 1.16h | | | 1.03i | |
| | Ratio of net investment income | | | 1.67c | | | 1.84 | | | 0.77 | | | 0.75 | | | 0.63 | | | 0.14 | |
| | Portfolio turnover rate % | | | 28j | | | 49 | | | 42 | | | 70 | | | 82 | | | 27 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
b
| Total Return was not annualized for periods less than one year, assumes dividend reinvestment and does not reflect the effect of sales charges. Total return would have been lower in the absence of the expense waiver.
|
d
| Includes interest expense of $5,616 or 0.01% of average net assets.
|
e
| Includes interest expense of $1,107 or 0.00% of average net assets.
|
f
| Includes interest expense of $392 or 0.00% of average net assets.
|
g
| Includes interest expense of $361 or 0.00% of average net assets.
|
h
| Includes interest expense of $582 or 0.00% of average net assets.
|
i
| Includes interest expense of $78 or 0.00% of average net assets.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB International Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $9.55 | | | $8.63 | | | $10.60 | | | $9.78 | | | $9.20 | | | $7.81 | |
| | Income from investment operations
| |
| | Net investment incomea | | | 0.13 | | | 0.16 | | | 0.15 | | | 0.10 | | | 0.07 | | | 0.11 | |
| | Net realized and unrealized gain (loss) on securities | | | 0.67 | | | 0.95 | | | (1.94) | | | 0.83 | | | 0.57 | | | 1.39 | |
| | Total from investment operations | | | 0.80 | | | 1.11 | | | (1.79) | | | 0.93 | | | 0.64 | | | 1.50 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.19) | | | (0.18) | | | (0.11) | | | (0.06) | | | (0.11) | |
| | Distributions from capital gains (from securities transactions) | | | — | | | — | | | — | | | — | | | — | | | — | |
| | Total distributions | | | — | | | (0.19) | | | (0.18) | | | (0.11) | | | (0.06) | | | (0.11) | |
| | Net asset value, end of period | | | $10.35 | | | $9.55 | | | $8.63 | | | $10.60 | | | $9.78 | | | $9.20 | |
| | Total return % | | | 8.38b | | | 12.94 | | | (16.94) | | | 9.53 | | | 7.01 | | | 19.20 | |
| | Net assets, end of period (in $000’s) | | | $ 248,696 | | | $ 250,304 | | | $ 242,798 | | | $ 317,071 | | | $ 257,706 | | | $ 216,030 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 0.98c,d | | | 0.99 | | | 0.95e | | | 0.91 | | | 0.98f | | | 0.95 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 0.98c,d | | | 0.99 | | | 0.95e | | | 0.91 | | | 0.98f | | | 0.94 | |
| | Ratio of net investment income after reimbursement / recovery | | | 2.54c | | | 1.80 | | | 1.62 | | | 0.99 | | | 0.83 | | | 1.27 | |
| | Ratio of net investment income before reimbursement / recovery | | | 2.54c | | | 1.80 | | | 1.62 | | | 0.99 | | | 0.83 | | | 1.28 | |
| | Portfolio turnover rate % | | | 9b | | | 44 | | | 30 | | | 21 | | | 51 | | | 112 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
d
| Includes interest expense of $391 or 0.00% of average net assets.
|
e
| Includes interest expense of $18 or 0.00% of average net assets.
|
f
| Includes interest expense of $28 or 0.00% of average net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Japan Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $9.80 | | | $8.58 | | | $10.14 | | | $11.25 | | | $9.98 | | | $8.58 | |
| | Income from investment operations
| |
| | Net investment incomea | | | 0.06 | | | 0.11 | | | 0.09 | | | 0.05 | | | 0.05 | | | 0.07 | |
| | Net realized and unrealized gain (loss) on securities | | | 0.84 | | | 1.54 | | | (1.56) | | | (0.34) | | | 1.25 | | | 1.44 | |
| | Total from investment operations | | | 0.90 | | | 1.65 | | | (1.47) | | | (0.29) | | | 1.30 | | | 1.51 | |
| | Less distributions
| |
| | Dividends from net investment
income | | | — | | | (0.43) | | | — | | | (0.30) | | | (0.03) | | | (0.11) | |
| | Distributions from capital gains (from securities transactions) | | | — | | | — | | | (0.09) | | | (0.52) | | | — | | | — | |
| | Total distributions | | | — | | | (0.43) | | | (0.09) | | | (0.82) | | | (0.03) | | | (0.11) | |
| | Net asset value, end of period | | | $10.70 | | | $9.80 | | | $8.58 | | | $10.14 | | | $11.25 | | | $9.98 | |
| | Total return % | | | 9.18b | | | 19.35 | | | (14.52) | | | (2.56) | | | 13.06 | | | 17.63 | |
| | Net assets, end of period (in $000’s) | | | $ 26,937 | | | $ 24,094 | | | $ 25,597 | | | $ 42,705 | | | $ 62,769 | | | $ 70,245 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 1.30c,d | | | 1.30e | | | 1.30f | | | 1.30g | | | 1.30h | | | 1.30i | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 1.83c,d | | | 1.88e | | | 1.63f | | | 1.38g | | | 1.32h | | | 1.28i | |
| | Ratio of net investment income after reimbursement / recovery | | | 1.10c | | | 1.24 | | | 1.05 | | | 0.45 | | | 0.51 | | | 0.77 | |
| | Ratio of net investment income before reimbursement / recovery | | | 0.57c | | | 0.66 | | | 0.72 | | | 0.37 | | | 0.49 | | | 0.79 | |
| | Portfolio turnover rate % | | | 18b | | | 52 | | | 32 | | | 18 | | | 75 | | | 76 | |
| | | | | | | | | | | | | | | | | | | | | |
a
| Per share values have been calculated using the average shares method.
|
d
| Includes interest expense of $41 or 0.00% of average net assets.
|
e
| Includes interest expense of $339 or 0.00% of average net assets.
|
f
| Includes interest expense of $246 or 0.00% of average net assets.
|
g
| Includes interest expense of $1,536 or 0.00% of average net assets.
|
h
| Includes interest expense of $2,436 or 0.00% of average net assets.
|
i
| Includes interest expense of $83 or 0.00% of average net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB Small Cap Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $14.92 | | | $13.30 | | | $18.15 | | | $15.56 | | | $13.83 | | | $13.63 | | | $18.76 | |
| | Income from investment operations
| |
| | Net investment income (loss) | | | 0.03b | | | 0.05 b | | | 0.09b | | | 0.08b | | | (0.00)b,c | | | 0.03 | | | 0.04 | |
| | Net realized and unrealized gain (loss) on securities | | | 0.49 | | | 2.41 | | | (4.58) | | | 3.68 | | | 2.41 | | | 0.82 | | | (0.00)c | |
| | Total from investment operations | | | 0.52 | | | 2.46 | | | (4.49) | | | 3.76 | | | 2.41 | | | 0.85 | | | 0.04 | |
| | Less distributions
| |
| | Dividends from net investment income | | | — | | | (0.04) | | | (0.09) | | | (0.09) | | | — | | | (0.06) | | | — | |
| | Distributions from capital gains (from securities transactions) | | | — | | | (0.80) | | | (0.27) | | | (1.08) | | | (0.68) | | | (0.59) | | | (5.17) | |
| | Total distributions | | | — | | | (0.84) | | | (0.36) | | | (1.17) | | | (0.68) | | | (0.65) | | | (5.17) | |
| | Net asset value, end of period | | | $15.44 | | | $14.92 | | | $13.30 | | | $18.15 | | | $15.56 | | | $13.83 | | | $13.63 | |
| | Total return % | | | 3.49d | | | 18.53 | | | (24.80) | | | 24.38 | | | 17.59 | | | 6.33d | | | 3.96 | |
| | Net assets, end of period (in $000’s) | | | $ 137,477 | | | $ 113,528 | | | $ 89,694 | | | $ 141,517 | | | $ 116,651 | | | $ 101,201 | | | $ 118,421 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 0.95e | | | 0.95 | | | 0.95f | | | 0.95 | | | 1.00g | | | 1.10e,h | | | 1.10 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 1.13e | | | 1.17 | | | 1.13f | | | 1.06 | | | 1.18g | | | 1.24e,h | | | 1.23 | |
| | Ratio of net investment income (loss) after reimbursement / recovery | | | 0.37e | | | 0.35 | | | 0.61 | | | 0.44 | | | (0.02) | | | 0.35e | | | 0.32 | |
| | Ratio of net investment income (loss) before reimbursement / recovery | | | 0.19e | | | 0.13 | | | 0.43 | | | 0.33 | | | (0.02) | | | 0.21e | | | 0.19 | |
| | Portfolio turnover rate % | | | 2d | | | 12 | | | 15 | | | 7 | | | 35 | | | 6d | | | 19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
a
| The Fund changed fiscal year end from June 30 to December 31 effective close of business September 5, 2019.
|
b
| Per share values have been calculated using the average shares method.
|
c
| Less than $0.01 per share.
|
f
| Includes interest expense of $422 or 0.00% of average net assets.
|
g
| Includes interest expense of $2,336 or 0.00% of average net assets.
|
h
| Includes interest expense of $4,073 or 0.00% of average net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
RMB SMID Cap Fund
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
| | | | | | |
| | Net asset value, beginning of period | | | $12.27 | | | $11.26 | | | $15.43 | | | $12.73 | | | $10.80 | | | $11.45 | | | $12.45 | |
| | Income from investment operations
| |
| | Net investment incomea | | | 0.03b | | | 0.07 b | | | 0.09 b | | | 0.08 b | | | 0.00 b,c | | | 0.03 | | | 0.03 | |
| | Net realized and unrealized gain (loss) on securities | | | 0.47 | | | 2.18 | | | (3.31) | | | 3.47 | | | 2.61 | | | 0.86 | | | 0.44 | |
| | Total from investment operations | | | 0.50 | | | 2.25 | | | (3.22) | | | 3.55 | | | 2.61 | | | 0.89 | | | 0.47 | |
| | Less distributions
| |
| | Dividends from net investment income | | | — | | | (0.13) | | | (0.15) | | | (0.08) | | | (0.03) | | | (0.06) | | | — | |
| | Distributions from return of capital | | | — | | | — | | | — | | | (0.01) | | | — | | | — | | | — | |
| | Distributions from capital gains (from securities transactions) | | | — | | | (1.11) | | | (0.80) | | | (0.76) | | | (0.65) | | | (1.48) | | | (1.47) | |
| | Total distributions | | | — | | | (1.24) | | | (0.95) | | | (0.85) | | | (0.68) | | | (1.54) | | | (1.47) | |
| | Net asset value, end of period | | | $12.77 | | | $12.27 | | | $11.26 | | | $15.43 | | | $12.73 | | | $10.80 | | | $11.45 | |
| | Total return % | | | 4.07d | | | 20.06 | | | (20.87) | | | 28.10 | | | 24.39 | | | 8.06d | | | 5.71 | |
| | Net assets, end of period (in $000’s) | | | $ 84,053 | | | $ 86,468 | | | $ 88,824 | | | $ 287,589 | | | $ 231,657 | | | $ 158,743 | | | $ 181,588 | |
| | Ratio to average net assets %
| | | | | | | | | | | | | | | | | | | |
| | Ratio of total expenses after reimbursement / recovery (Note 5) | | | 0.80e,f | | | 0.80g | | | 0.80h | | | 0.80i | | | 0.84j | | | 0.96e,k | | | 0.95 | |
| | Ratio of total expenses before reimbursement / recovery (Note 5) | | | 1.04e,f | | | 1.05g | | | 0.91h | | | 0.84i | | | 0.94j | | | 1.04e,k | | | 1.05 | |
| | Ratio of net investment income after
reimbursement / recovery | | | 0.48e | | | 0.58 | | | 0.71 | | | 0.54 | | | 0.02 | | | 0.35e | | | 0.22 | |
| | Ratio of net investment income (loss) before
reimbursement / recovery | | | 0.24e | | | 0.33 | | | 0.60 | | | 0.50 | | | (0.08) | | | 0.27e | | | 0.12 | |
| | Portfolio turnover rate % | | | 2d | | | 4 | | | 4 | | | 9 | | | 21 | | | 4d | | | 16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
a
| The Fund changed fiscal year end from June 30 to December 31 effective close of business September 5, 2019.
|
b
| Per share values have been calculated using the average shares method.
|
c
| Less than $0.01 per share.
|
f
| Includes interest expense of $1,549 or 0.00% of average net assets.
|
g
| Includes interest expense of $3,783 or 0.00% of average net assets.
|
h
| Includes interest expense of $3,449 or 0.00% of average net assets.
|
i
| Includes interest expense of $586 or 0.00% of average net assets.
|
j
| Includes interest expense of $61 or 0.00% of average net assets.
|
k
| Includes interest expense of $7,786 or 0.00% of average net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)
Organization
RMB Investors Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Trust currently consists of 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”). Curi RMB Capital, LLC (“Curi RMB” or the “Adviser”) serves as the investment adviser to the Funds. Mendon Capital Advisors Corp. (“Mendon” or the “Sub-Adviser”) serves as sub-adviser to the RMB Mendon Financial Services Fund.
Each Fund’s 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.
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.
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
Over-the-Counter Securities. Securities traded over-the-counter (“OTC”) are valued at the last reported sale in the OTC market on which the security trades, such as the OTC Bulletin Board, Pink OTC Markets, Inc. or other recognized OTC market, on the valuation date. If no last sale is reported, the security is valued at the mean between the closing bid and the closing asked prices on the market on which the security trades.
Foreign Securities. Foreign securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund’s NAV. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates. For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange (“NYSE”), which is generally 4:00 p.m., Eastern time, a fair value price provided by an Adviser-approved pricing service (“Pricing Service”) is generally used in order to capture events occurring after the applicable foreign exchange closes that may affect the value of certain portfolio holdings traded on that foreign exchange.
Options. Options traded on an exchange are valued at the last reported sale price. If no sales are reported on a particular business day, the average of the highest bid and lowest asked quotations across the exchanges on which the option is traded is used.
Open-end Registered Investment Companies (excluding ETFs and Closed-End Funds). Shares of open-end registered investment companies (“funds”) are valued using their respective NAVs. If a fund’s NAV is not available, the last reported NAV of the fund may be used for one day.
Fixed-Income Securities. Fixed-income securities, including bonds, notes, debentures, certificates of deposit, and commercial paper, generally are valued at the evaluated mean between the closing bid and closing asked prices provided by the Pricing Service. Pricing Services generally take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data and may provide a price determined by a matrix pricing method or other analytical pricing models.
Shares Valuation. The NAV per share of each share class of each Fund is calculated by dividing the net assets (total assets, minus all liabilities including accrued expenses) of the share class by the total number of shares outstanding of the share class, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading.
Foreign Currency Translation. Values of investments, receivables and payables denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange each day. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the dates of such transactions. The portion of security gains and losses resulting from changes in foreign exchange rates are included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes. The Funds bear the risk of changes in the foreign currency exchange rates and the impact on the value of assets and liabilities denominated in foreign currency. The Funds also bear the risk of a counterparty failing to fulfill its obligation under a foreign currency contract. Investments in securities of foreign companies involve additional risks including: less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates and political and economic instability. The risks of foreign investments are typically greater in emerging and less-developed markets.
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
Multiple Class Allocations. Each class of shares of a Fund has equal rights as to earnings and assets, except that each class bears different distribution and shareholder servicing expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
Accounting for Portfolio Transactions. The Funds account for purchases and sales of portfolio securities as of each security’s trade date. The Funds determine realized gains and losses based on identified cost (the same basis used for federal income tax purposes). When the Funds earn dividends, they record the income on the ex-dividend date, minus any foreign taxes. The Funds record interest income on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Use of Management Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions in computing net asset value and preparing the financial statements, so the actual cash amounts received or paid for a Fund’s assets, liabilities, income, and other items may ultimately differ from what is shown here.
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:
| | | | | | | | | |
| | RMB Fund | | | 0.25% | | | 0.75% | |
| | RMB Mendon Financial Services Fund | | | 0.25% | | | 0.75% | |
| | | | | | | | | |
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
Shareholder Service Fees:
| | | | | | |
| | RMB Fund | | | 0.25% | |
| | RMB Mendon Financial Services Fund | | | 0.25% | |
| | | | | | |
4. Offering Price
For Class A shares, the offering price includes a maximum 5% sales charge. The redemption price is NAV. Class C shares are offered at NAV without the imposition of an initial sales charge and the redemption price is NAV, subject to any applicable CDSC. Class I shares are offered at NAV without the imposition of an initial sales charge or a CDSC.
5. Expenses
Expenses directly charged or attributable to any Fund will be paid from the assets of that Fund. Generally, expenses of the Trust will be allocated among and charged to each Fund on a basis deemed fair and equitable, generally pro-rata based on the relative assets of each Fund. Fund expenses that are not class specific are allocated to each class based on relative net assets. Differences in class-level expenses may result in payment of different per share dividends by class.
The Adviser and the Trust entered into an Expense Limitation Agreement (the “Agreement”) for the Funds. Under the Agreement, the Adviser contractually limits certain operating expenses (including advisory, distribution and service fees, among others) of the following Funds and share classes to the rates below based on average daily net assets by waiving its advisory fees and reimbursing Fund operating expenses.
| | | | | | | | | | | | |
| | 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, 2025 and will be automatically renewed for successive one-year periods ending April 30, unless either party cancels the automatic renewal provision. While in effect the Agreement may be terminated with respect to a Fund by agreement of the Adviser and the Board.
Amounts waived or reimbursed by the Adviser with respect to a Fund may be recouped for a period of three years from the date an amount was waived or reimbursed to the extent the Fund’s actual fees and expenses for a fiscal period, including recoupments paid to the Adviser, are less than the Fund’s
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
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:
| | | | | | | | | | | | | | | |
| | 2021 | | | 2024 | | | $22,964 | | | $88,129 | | | $64,840 | |
| | 2022 | | | 2025 | | | $108,303 | | | $209,754 | | | $229,454 | |
| | 2023 | | | 2026 | | | $140,102 | | | $217,357 | | | $213,349 | |
| | 2024 | | | 2027 | | | $69,045 | | | $119,051 | | | $102,931 | |
| | | | | | | | | | | | | | | |
The RMB Fund, RMB Mendon Financial Services Fund, and RMB International Fund do not have any previously waived or reimbursed expenses subject to recoupment by the Adviser.
6. Investment Transactions
The aggregate cost of purchases and proceeds from sales of securities, excluding short-term investments for each Fund, for the six months ended June 30, 2024, were as follows:
| | | | | | | | | |
| | RMB Fund | | | $3,879,470 | | | $10,546,428 | |
| | RMB Mendon Financial Services Fund | | | $47,187,983 | | | $76,214,354 | |
| | RMB International Fund | | | $22,469,173 | | | $27,319,626 | |
| | RMB Japan Fund | | | $5,504,689 | | | $4,402,054 | |
| | RMB Small Cap Fund | | | $21,153,807 | | | $3,055,285 | |
| | RMB SMID Cap Fund | | | $2,070,492 | | | $10,786,390 | |
| | | | | | | | | |
7. Line of Credit
The Trust has a Loan Agreement with U.S. Bank, N.A. to provide the Funds with a temporary liquidity source, as needed, to fulfill shareholder redemptions. Under the terms of the Loan Agreement, the aggregate borrowing for all Funds cannot exceed $75 million. Each Fund’s borrowing under the Loan Agreement is further limited to the lesser of: (i) 331∕3% of the net market value of the unencumbered assets of the Fund; and (ii) 25% of the Fund’s gross market value (15% of gross market value for the Japan Fund). The interest rate on loans under the Loan Agreement equals the prime rate minus one percent per annum, payable monthly. For the six months ended June 30, 2024, borrowing activity under the Loan Agreement was as follows:
| | | | | | | | | | | | | | | | | | |
| | RMB Fund | | | $488,000 | | | $1,309,000 | | | $1,220 | | | 7.50% | | | $ 0 | |
| | RMB Mendon Financial Services Fund | | | 3,743,333 | | | 10,501,000 | | | 9,358 | | | 7.50% | | | 0 | |
| | RMB International Fund | | | 626,000 | | | 626,000 | | | 391 | | | 7.50% | | | 0 | |
| | RMB Japan Fund | | | 66,333 | | | 120,000 | | | 41 | | | 7.50% | | | 0 | |
| | RMB SMID Cap Fund | | | 1,858,750 | | | 3,608,000 | | | 1,549 | | | 7.50% | | | 0 | |
| | | | | | | | | | | | | | | | | | |
1
| Excludes days where there was no activity on the line of credit. |
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
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 (2021 − 2023), or expected to be taken in the Funds’ 2024 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 2023 and 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | Fiscal year ended 12/31/2023
| |
| | Distributions paid from:
| | | | | | | | | | | | | | | | | | | |
| | Ordinary Income | | | $3,546 | | | $2,689,418 | | | $5,014,492 | | | $1,029,327 | | | $465,883 | | | $1,123,614 | |
| | Long-Term Capital Gain | | | 1,642,666 | | | — | | | — | | | — | | | 5,612,832 | | | 6,904,718 | |
| | Total Distributions Paid | | | $1,646,212 | | | $2,689,418 | | | $5,014,492 | | | $1,029,327 | | | $6,078,715 | | | $8,028,332 | |
| | Fiscal year ended 12/31/2022
| |
| | Distributions paid from:
| | | | | | | | | | | | | | | | | | | |
| | Ordinary Income | | | $489,866 | | | $6,603,273 | | | $4,823,617 | | | $— | | | $780,310 | | | $1,425,349 | |
| | Long-Term Capital Gain | | | 8,536,873 | | | 26,523,712 | | | — | | | 271,407 | | | 1,906,022 | | | 12,400,602 | |
| | Total Distributions Paid | | | $9,026,739 | | | $33,126,985 | | | $4,823,617 | | | $271,407 | | | $2,686,332 | | | $13,825,951 | |
| | | | | | | | | | | | | | | | | | | | | |
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, 2023.
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
As of December 31, 2023, the components of distributable earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | Tax cost of Investments | | | $55,567,720 | | | $158,670,289 | | | $204,984,819 | | | $18,941,113 | | | $67,382,700 | | | $43,083,100 | |
| | Unrealized appreciation | | | 56,284,524 | | | 44,072,705 | | | 45,767,625 | | | 5,479,440 | | | 52,947,525 | | | 46,231,722 | |
| | Unrealized depreciation | | | (338,965) | | | (7,822,948) | | | (4,094,391) | | | (1,525,891) | | | (6,821,182) | | | (2,788,819) | |
| | Net unrealized appreciation/
(depreciation) | | | 55,945,559 | | | 36,249,757 | | | 41,673,234 | | | 3,953,549 | | | 46,126,343 | | | 43,442,903 | |
| | Undistributed ordinary
income | | | 27,442 | | | 225,036 | | | 531,351 | | | 32,749 | | | — | | | — | |
| | Undistributed long-term capital gains | | | 2,144,584 | | | — | | | — | | | — | | | — | | | — | |
| | Total distributable earnings | | | 2,172,026 | | | 225,036 | | | 531,351 | | | 32,749 | | | — | | | — | |
| | Other accumulated losses | | | — | | | (47,597,076)1 | | | (39,883,499) | | | (1,044,162) | | | (596,137) | | | (107,675) | |
| | Total accumulated gain/
(loss) | | | $58,117,585 | | | $(11,122,283) | | | $2,321,086 | | | $2,942,136 | | | $45,530,206 | | | $43,335,228 | |
| | | | | | | | | | | | | | | | | | | | | |
1
| Includes $31,747,437 of short-term and $7,216,917 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, 2023 and the capital loss carryforwards utilized by the Funds in 2023:
| | | | | | | | | | | | | | | | | | | | | |
| | Not Subject to Expiration
| |
| | Short-Term | | | $ — | | | $— | | | $(30,031,020) | | | $(71,336) | | | $ — | | | $ — | |
| | Long-Term | | | $— | | | $(8,632,670) | | | $(10,022,337) | | | $(1,035,860) | | | $— | | | $— | |
| | 2023
| |
| | Capital Loss Carryforward
| | | | | | | | | | | | | | | | | | | |
| | Utilized | | | $— | | | $204,497 | | | $— | | | $— | | | $ — | | | $— | |
| | | | | | | | | | | | | | | | | | | | | |
At December 31, 2023, RMB Small Cap Fund and RMB SMID Cap Fund had Deferred
Post-October losses of $596,137 and $107,675, respectively.
TABLE OF CONTENTS
Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
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, 2023, the permanent book and tax basis differences were as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | Increase/(Decrease)
| |
| | Distributable Earnings | | | $(195,962) | | | $ — | | | $— | | | $ — | | | $ — | | | $(374,979) | |
| | Paid-In Capital | | | $195,962 | | | $— | | | $— | | | $— | | | $— | | | $374,979 | |
| | | | | | | | | | | | | | | | | | | | | |
9. Disclosure of Certain Commitments and Contingencies
Under the Funds’ organizational documents, officers and trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and based on experience expect the risk of loss to be remote.
10. Transactions with Affiliated Securities
During the six months ended June 30, 2024, the Funds held no affiliated securities. An affiliated security is a security in which the Fund has ownership of at least 5% of the outstanding voting securities.
11. Restricted Securities
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 June 30, 2024, 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, bank failures and other financial crises, and general economic and market conditions. Also, changing regulation of Financial Services companies may adversely or positively affect companies in which the Funds invest.
The Japanese economy is characterized by an aging demographic, declining population, large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the
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Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
U.S., also impacts growth, and adverse economic conditions in the U.S. or other such trade partners may affect Japan. Any restrictions on global trade are likely to have a significant adverse effect on the country. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, or social instability in those countries (whether resulting from local or global events).
These risks, and other risks applicable to the Funds, are further described in the Funds’ Prospectus and Statement of Additional Information.
13. Fair Value Measurements
U.S. GAAP defines fair value as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Various inputs are used in determining the fair value of a Fund’s investments, other assets, and liabilities. These inputs are classified into one of three broad levels that comprise the fair value hierarchy. The lowest level for any significant input used in determining the fair value of an investment, other asset, or liability determines the classification of that asset or liability in the hierarchy. The three levels of the fair value hierarchy are as follows:
Level 1 –
Prices are determined using unadjusted exchange-traded prices in active markets for identical securities. This technique is used for exchange-traded domestic common and preferred equities and certain options.
Level 2 –
Prices are determined using significant observable inputs. “Observable inputs” reflect the assumptions that market participants would use in valuing an asset or liability based on market data obtained from independent sources. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and are based on an evaluation of the inputs described. These techniques are used for certain domestic preferred equities, unlisted rights and warrants and certain options.
Level 3 –
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect 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 June 30, 2024. 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
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Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
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.
| | | | | | | | | | | | | | | |
| | RMB Fund
| | | | | | | | | | | | | |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1 | | | $112,895,007 | | | $— | | | $— | | | $112,895,007 | |
| | Short-Term Investments | | | 382,860 | | | — | | | — | | | 382,860 | |
| | Total Investments in Securities | | | $113,277,867 | | | $— | | | $— | | | $113,277,867 | |
| | RMB Mendon Financial Services Fund
| |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1 | | | $152,272,368 | | | $— | | | $— | | | $152,272,368 | |
| | Short-Term Investments | | | 225,498 | | | — | | | — | | | 225,498 | |
| | Total | | | $152,497,866 | | | $— | | | $— | | | $152,497,866 | |
| | Liabilities | | | | | | | | | | | | | |
| | Written Options1 | | | — | | | (842,625) | | | 02 | | | (842,625) | |
| | Total Investments in Securities | | | $152,497,866 | | | $(842,625) | | | $0 | | | $151,655,241 | |
| | RMB International Fund
| | | | | | | | | | | | | |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1,3 | | | $— | | | $244,015,387 | | | $— | | | $244,015,387 | |
| | Short-Term Investments | | | 6,769,705 | | | — | | | — | | | 6,769,705 | |
| | Total Investments in Securities | | | $6,769,705 | | | 244,015,387 | | | $— | | | $250,785,092 | |
| | RMB Japan Fund
| | | | | | | | | | | | | |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1,3 | | | $— | | | $26,006,733 | | | $— | | | $26,006,733 | |
| | Short-Term Investments | | | 338,635 | | | — | | | — | | | 338,635 | |
| | Total Investments in Securities | | | $338,635 | | | $26,006,733 | | | $— | | | $26,345,368 | |
| | RMB Small Cap Fund
| | | | | | | | | | | | | |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1 | | | $135,396,894 | | | $— | | | $— | | | $135,396,894 | |
| | Short-Term Investments | | | 2,125,470 | | | — | | | — | | | 2,125,470 | |
| | Total Investments in Securities | | | $137,522,364 | | | $— | | | $— | | | $137,522,364 | |
| | RMB SMID Cap Fund
| | | | | | | | | | | | | |
| | Assets
| | | | | | | | | | | | | |
| | Common Stocks1 | | | $80,442,862 | | | $— | | | $— | | | $80,442,862 | |
| | Short-Term Investments | | | 3,610,375 | | | — | | | — | | | 3,610,375 | |
| | Total Investments in Securities | | | $84,053,237 | | | $— | | | $— | | | $84,053,237 | |
| | | | | | | | | | | | | | | |
1
| Refer to the Schedule of Investments section of the applicable Fund in this Core Financial Statements for a breakdown of holdings by sector or industry.
|
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Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
2
| The option is categorized as Level 3 and has a value of $0. Due to immateriality, no Level 3 rollforward has been presented. |
3
| Foreign securities valued using systemic fair valuation are categorized as Level 2. The table below provides a breakdown, by country, of the RMB International Fund’s and the RMB Japan Fund’s Level 2 securities at June 30, 2024. |
| | | | | | | | | |
| | Australia | | | $5,464,415 | | | $— | |
| | Denmark | | | 6,773,208 | | | — | |
| | Finland | | | 7,166,477 | | | — | |
| | France | | | 17,047,828 | | | — | |
| | Germany | | | 12,776,112 | | | — | |
| | Hong Kong | | | 3,638,758 | | | — | |
| | Italy | | | 2,351,253 | | | — | |
| | Japan | | | 69,975,331 | | | 26,006,733 | |
| | Netherlands | | | 17,566,873 | | | — | |
| | Sweden | | | 5,842,852 | | | — | |
| | Switzerland | | | 30,690,735 | | | — | |
| | United Kingdom | | | 64,721,545 | | | — | |
| | Total | | | $244,015,387 | | | $26,006,733 | |
| | | | | | | | | |
14. Disclosures about Derivative Instruments and Hedging Activities
Accounting Standards Codification Topic 815 — Disclosures about Derivative Instruments and Hedging Activities (“ASC 815”) requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment of derivatives and the effect derivatives have on financial performance.
The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure as of June 30, 2024:
Fair Value of Deriviative Instruments
As of June 30, 2024
| | | | | | | | | | | | | | | |
| | RMB Mendon Financial Services Fund | | | Equity Contracts | | | Options written, at value | | | Liability | | | $842,625 | |
| | | | | | | | | | | | | | | |
The Effect of Derivative Instruments on the Statements of Operations
For the six months ended June 30, 2024
| | | | | | | | | | | | | | | |
| | RMB Mendon Financial Services Fund | | | Equity Contracts | | | Realized loss on written
options | | | $(700,616) | | | | |
| | | | | | | | Net unrealized
appreciation/
depreciation on written
options | | | | | | $1,959,777 | |
| | | | | | | | | | | | | | | |
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Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
The derivative instruments outstanding as of the six months ended June 30, 2024 as disclosed in the Funds’ portfolio holdings and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the six months ended June 30, 2024 as disclosed in the statements of operations serve as indicators of the volume of derivative activity for the Funds.
The quarterly average volumes of derivative instruments as of June 30, 2024 are as follows:
| | | | | | | | | | | | | | | |
| | RMB Mendon Financial Services Fund | | | Equity Contracts | | | Call Option Written | | | (6,283) | | | $(1,671,458) | |
| | | | | | | | | | | | | | | |
The average number of derivative instruments is based on the average quarter end balances for the period January 1, 2024 to June 30, 2024.
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:
| | | | | | | | | | | | |
| | Net Assets | | | $7,055,269 | | | $2,813,344 | | | $8,887,299 | |
| | Shares Outstanding | | | 1,091,425 | | | 477,605 | | | 1,352,940 | |
| | Net Asset Value | | | 6.46 | | | 5.89 | | | 6.57 | |
| | Unrealized appreciation/depreciation | | | 10,737,461 | | | 637,179 | | | (12,744,223) | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | Net Assets immediately prior to Reorganization | | | $55,428,864 | | | $18,752,274 | | | $103,747,910 | |
| | Net Assets immediately after Reorganization | | | $62,484,133 | | | $21,565,618 | | | $112,635,209 | |
| | Fund Shares issued in exchange for acquired fund | | | 260,632 | | | 116,297 | | | 322,605 | |
| | 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:
| | | | | | |
| | Net investment income | | | $830,750 | |
| | Net realized loss on investments | | | (56,319,647) | |
| | Change in net unrealized appreciation/depreciation on investments | | | (59,031,070) | |
| | Total decrease in net assets resulting from operations | | | $(114,519,967) | |
| | | | | | |
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Notes to Financial Statements
June 30, 2024 (Unaudited)(Continued)
Since the combined investment portfolios have been managed as a single integrated portfolio from the time the Reorganization was completed, it is not practical to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s statements of operations since June 19, 2020.
16. Subsequent Events
The Adviser has evaluated the impact to these financial statements of all subsequent events occurring after the date of this report and has determined that there were no events that require recognition or disclosure in the financial statements.
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Other Information (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies is available in the most recent Statement of Additional Information, which can be obtained without charge by (1) calling (800) 462-2392; (2) visiting the Funds’ website located at http://www.rmbfunds.com; and (3) visiting the U.S. Securities and Exchange Commission’s (“SEC”) website located at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge by calling (800) 462-2392 or on the SEC’s website at www.sec.gov.
Portfolio Holdings
The Funds file their complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year (quarters ended March 31 and September 30) on Form N-PORT. Portfolio holdings filed on Form N-PORT are publicly available 60 days after the end of the applicable quarter on the SEC’s website at www.sec.gov. A complete listing of each Fund’s portfolio holdings is also available monthly, with approximately a 30-day lag, by visiting the Funds’ website located at www.rmbfunds.com or by calling (800) 462-2392.
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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
Curi RMB Capital, LLC
115 South LaSalle Street, 34th Floor
Chicago, IL 60603
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Custodian
U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, WI 53212
Legal Counsel
Vedder Price P.C.
222 North LaSalle Street
Chicago, IL 60601 | | | Independent Trustee Counsel
Perkins Coie LLP
700 13th Street NW, Suite 800
Washington, DC 20005
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
50 South 16th Street, Suite 2900
Philadelphia, PA 19102
Administrator
U.S. Bancorp Fund Services, LLC
2020 East Financial Way, Suite 100
Glendora, CA 91741 |
| | | | |
| | | | |
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 | | | 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 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.
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
A special meeting of shareholders (the “Special Meeting”) of the RMB Investors Trust (the “Trust”), and each of its series (each a “Fund,” and collectively, the “Funds”), was held on March 20, 2024. At the Special Meeting, shareholders voted on a proposal to approve (i) a new
investment advisory agreement between Curi RMB Capital, LLC (“Curi RMB Capital”), the surviving entity following a merger of the Funds’ investment adviser, and the Trust and (ii) a new sub-advisory agreement between Curi RMB Capital and Mendon Capital Advisors Corp. (“Mendon”) with respect to the RMB Mendon Financial Services Fund (“Financial Services Fund”). Further details regarding the proposals and the Special Meeting are contained in a definitive proxy statement filed with the SEC on January 30, 2024.
At the Special Meeting held on March 20, 2024, the new investment advisory agreement between Curi RMB Capital and the Trust was approved by shareholders of the RMB Fund, RMB International Fund, RMB Japan Fund, RMB Small Cap Fund, and RMB SMID Cap Fund. The Special Meeting of shareholders of the Financial Services Fund was adjourned to provide shareholders more time to cast their proxy vote. The March 20, 2024 voting results were as follows:
| | Votes For | Votes Against | Abstained | Broker Non-Votes |
| RMB Fund | 1,671,104 | 13,679 | 145,973 | N/A |
| RMB International Fund | 22,337,260 | 1,142 | 3,782 | N/A |
| RMB Japan Fund | 2,281,879 | - | 322 | N/A |
| RMB Small Cap Fund | 4,484,509 | 2,371 | 28,523 | N/A |
| RMB SMID Cap Fund | 3,674,361 | 1,521 | 77,600 | N/A |
At the reconvened Special Meeting on May 14, 2024, shareholders of the Financial Services Fund approved (i) the new investment advisory agreement between Curi RMB Capital and the Trust, on behalf of the Financial Services Fund and (ii) the new sub-advisory agreement between Curi RMB Capital and Mendon with respect to the Financial Services Fund. The May 14, 2024 voting results were as follows:
| | Votes For | Votes Against | Abstained | Broker Non-Votes |
| RMB Mendon Financial Services Fund (Advisory Agreement) | 1,729,153 | 69,718 | 497,533 | N/A |
| RMB Mendon Financial Services Fund (Sub-Advisory Agreement) | 1,726,137 | 70,277 | 499,991 | N/A |
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
| (1) | See the financial statements included in the response to Item 7(a) for information on the remuneration paid by RMB Investors Trust to all trustees for regular compensation. |
| (3) | A portion of the Trust Chief Compliance Officer’s compensation is paid by the Trust, and during the period covered by this report the amount paid by the Trust was $26,913. |
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable for the period covered by this report.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for the period covered by this report. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(5) Change in the registrant’s independent public accountant.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | (Registrant) | RMB Investors Trust | |
| | By (Signature and Title)* | /s/ Christopher M. Graff | |
| | | Christopher M. Graff, President | |
| | | (Principal Executive Officer) | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | By (Signature and Title)* | /s/ Christopher M. Graff | |
| | | Christopher M. Graff, President | |
| | | (Principal Executive Officer) | |
| | By (Signature and Title)* | /s/ Maher A. Harb | |
| | | Maher A. Harb, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
| | | | |
