As filed with the Securities and Exchange Commission on September 4, 2020
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)
115 South LaSalle Street, 34th Floor
Chicago, IL 60603
(Address of principal executive offices) (Zip code)
Christopher M. Graff
115 South LaSalle Street, 34th Floor
Chicago, IL 60603
(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, 2020
Item 1. Reports to Stockholders.
| | | Page | | |||
Management’s Discussion of Fund Performance (Unaudited) | | | | | 1 | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 5 | | | |
| | | | 7 | | | |
| | | | 9 | | | |
| | | | 11 | | | |
Fund Information (Unaudited) | | | | | 13 | | |
Portfolio Holdings | | | | | 14 | | |
Statements of Assets and Liabilities | | | | | 23 | | |
Statements of Operations | | | | | 25 | | |
Statements of Changes in Net Assets | | | | | 27 | | |
Financial Highlights | | | | | 32 | | |
Notes to Financial Statements | | | | | 36 | | |
Other Information (Unaudited) | | | | | 45 | | |
| | | | 47 | | | |
Liquidity Risk Management Program | | | | | 50 | | |
Privacy Notice | | | | | 51 | | |
Sectors | | | % of net assets | | |||
Information Technology | | | | | 27.2% | | |
Health Care | | | | | 18.4% | | |
Financials | | | | | 15.5% | | |
Consumer Discretionary | | | | | 12.5% | | |
Industrials | | | | | 5.5% | | |
Real Estate | | | | | 5.2% | | |
Communication Services | | | | | 4.7% | | |
Energy | | | | | 4.1% | | |
Consumer Staples | | | | | 2.9% | | |
Materials | | | | | 2.8% | | |
| | | | | 98.8% | | |
Cash & Other Assets, Less Liabilities | | | | | 1.2% | | |
Total | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
Microsoft Corp. | | | | | 7.6% | | |
Apple, Inc. | | | | | 5.7% | | |
American Tower Corp. | | | | | 5.2% | | |
Alphabet, Inc. — Class A | | | | | 4.7% | | |
Visa, Inc. — Class A | | | | | 4.5% | | |
Morgan Stanley | | | | | 3.6% | | |
IHS Markit, Ltd. | | | | | 3.4% | | |
Danaher Corp. | | | | | 3.3% | | |
UnitedHealth Group, Inc. | | | | | 3.0% | | |
Diageo PLC — ADR | | | | | 2.9% | | |
| | | | | 43.9% | | |
|
Average Annual Total Returns | | | with max. sales charge or CDSC | | | with no sales charges or CDSC | | | S&P 500® Total Return Index* | | | Russell 3000® Total Return Index* | |
Class A | | | | | | | | | | | | | |
Six Months** | | | (11.59)% | | | (6.95)% | | | (3.08)% | | | (3.48)% | |
One year | | | (2.01)% | | | 3.14% | | | 7.51% | | | 6.53% | |
Three years | | | 8.87% | | | 10.75% | | | 10.73% | | | 10.04% | |
Five years | | | 6.78% | | | 7.89% | | | 10.73% | | | 10.03% | |
Ten years | | | 11.46% | | | 12.03% | | | 13.99% | | | 13.72% | |
Class C | | | | | | | | | | | | | |
Six Months | | | (8.22)% | | | (7.29)% | | | (3.08)% | | | (3.48)% | |
One year | | | 1.38% | | | 2.38% | | | 7.51% | | | 6.53% | |
Three years | | | 9.92% | | | 9.92% | | | 10.73% | | | 10.04% | |
Five years | | | 7.08% | | | 7.08% | | | 10.73% | | | 10.03% | |
Ten years | | | 11.19% | | | 11.19% | | | 13.99% | | | 13.72% | |
Class I | | | | | | | | | | | | | |
Six Months | | | (6.83)% | | | (6.83)% | | | (3.08)% | | | (3.48)% | |
One year | | | 3.41% | | | 3.41% | | | 7.51% | | | 6.53% | |
Three years | | | 11.04% | | | 11.04% | | | 10.73% | | | 10.04% | |
Since inception (02/01/17) | | | 12.72% | | | 12.72% | | | 11.66% | | | 10.94% | |
Industries | | | Long % | | | Short % | | | % of net assets | | |||||||||
Banks | | | | | 86.5% | | | | | | -0.7% | | | | | | 85.8% | | |
Diversified Financials | | | | | 12.5% | | | | | | -0.2% | | | | | | 12.3% | | |
| | | | | 99.0% | | | | | | -0.9% | | | | | | 98.1% | | |
Cash & Other Assets, Less Liabilities | | | | | 1.9% | | | | | | 0.0% | | | | | | 1.9% | | |
Total | | | | | 100.9% | | | | | | -0.9% | | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
FB Financial Corp. | | | | | 7.1% | | |
Veritex Holdings, Inc. | | | | | 6.5% | | |
Live Oak Bancshares, Inc. | | | | | 6.4% | | |
Ameris Bancorp | | | | | 6.2% | | |
Equity Bancshares, Inc. — Class A | | | | | 5.9% | | |
First Bancshares, Inc. (The) | | | | | 5.2% | | |
Far Point Acquisition Corp. — Class A | | | | | 4.3% | | |
First Horizon National Corp. | | | | | 4.2% | | |
Spirit of Texas Bancshares, Inc. | | | | | 3.7% | | |
TCF Financial Corp. | | | | | 3.5% | | |
| | | | | 53.0% | | |
|
Average Annual Total Returns | | | with max. sales charge or CDSC | | | with no sales charges or CDSC | | | NASDAQ Bank Total Return Index* | |
Class A | | | | | | | | | | |
Six Months** | | | (38.10)% | | | (34.84)% | | | (30.06)% | |
One year | | | (30.52)% | | | (26.86)% | | | (23.53)% | |
Three years | | | (12.06)% | | | (10.54)% | | | (7.88)% | |
Five years | | | 0.53% | | | 1.57% | | | 1.19% | |
Ten years | | | 6.64% | | | 7.18% | | | 7.31% | |
Class C | | | | | | | | | | |
Six Months | | | (35.76)% | | | (35.11)% | | | (30.06)% | |
One year | | | (28.14)% | | | (27.42)% | | | (23.53)% | |
Three years | | | (11.22)% | | | (11.22)% | | | (7.88)% | |
Five years | | | 0.81% | | | 0.81% | | | 1.19% | |
Ten years | | | 6.38% | | | 6.38% | | | 7.31% | |
Class I | | | | | | | | | | |
Six Months | | | (34.77)% | | | (34.77)% | | | (30.06)% | |
One year | | | (26.68)% | | | (26.68)% | | | (23.53)% | |
Three years | | | (10.32)% | | | (10.32)% | | | (7.88)% | |
Since inception (02/01/17) | | | (7.92)% | | | (7.92)% | | | (6.89)% | |
Sectors | | | % of net assets | | |||
Industrials | | | | | 18.3% | | |
Health Care | | | | | 15.6% | | |
Financials | | | | | 15.1% | | |
Information Technology | | | | | 11.8% | | |
Consumer Staples | | | | | 11.2% | | |
Consumer Discretionary | | | | | 8.4% | | |
Communication Services | | | | | 5.7% | | |
Materials | | | | | 5.0% | | |
Real Estate | | | | | 3.2% | | |
Energy | | | | | 2.3% | | |
| | | | | 96.6% | | |
Cash & Other Assets, Less Liabilities | | | | | 3.4% | | |
Total | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
Lonza Group AG | | | | | 4.4% | | |
Novartis AG | | | | | 4.1% | | |
Rentokil Initial PLC | | | | | 4.0% | | |
Kerry Group PLC — Class A | | | | | 3.7% | | |
Grifols S.A. | | | | | 3.6% | | |
Shionogi & Co. Ltd. | | | | | 3.5% | | |
Schneider Electric SE | | | | | 3.2% | | |
STMicroelectronics N.V. | | | | | 3.2% | | |
Takuma Co. Ltd. | | | | | 3.0% | | |
BASF SE | | | | | 2.9% | | |
| | | | | 35.6% | | |
|
Average Annual Total Returns | | | with no sales charges or CDSC | | | MSCI EAFE Index* | |
Class I | | | | | | | |
Six Months** | | | (11.09)% | | | (11.34)% | |
One year | | | (6.26)% | | | (5.13)% | |
Since inception (12/27/17) | | | (7.18)% | | | (2.56)% | |
Sectors | | | % of net assets | | |||
Industrials | | | | | 22.2% | | |
Consumer Discretionary | | | | | 15.3% | | |
Information Technology | | | | | 14.7% | | |
Communication Services | | | | | 11.6% | | |
Health Care | | | | | 8.2% | | |
Consumer Staples | | | | | 8.2% | | |
Financials | | | | | 7.0% | | |
Materials | | | | | 5.6% | | |
Real Estate | | | | | 3.8% | | |
| | | | | 96.6% | | |
Cash & Other Assets, Less Liabilities | | | | | 3.4% | | |
Total | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
Toyota Motor Corp. | | | | | 4.9% | | |
Shionogi & Co. Ltd. | | | | | 4.8% | | |
Sony Corp. | | | | | 4.6% | | |
Murata Manufacturing Co. Ltd. | | | | | 4.0% | | |
Shin-Etsu Chemical Co. Ltd. | | | | | 3.7% | | |
Takuma Co. Ltd. | | | | | 3.5% | | |
TV Asahi Holdings Corp. | | | | | 3.4% | | |
Nidec Corp. | | | | | 3.2% | | |
COMSYS Holdings Corp. | | | | | 3.2% | | |
Horiba Ltd. | | | | | 3.1% | | |
| | | | | 38.4% | | |
|
Average Annual Total Returns | | | with no sales charges or CDSC | | | MSCI Japan Index* | |
Class I | | | | | | | |
Six Months** | | | (7.11)% | | | (7.12)% | |
One year | | | 2.46% | | | 3.10% | |
Since inception (12/27/17) | | | (2.41)% | | | (1.35)% | |
Sectors | | | % of net assets | | |||
Health Care | | | | | 20.0% | | |
Industrials | | | | | 17.5% | | |
Information Technology | | | | | 16.6% | | |
Financials | | | | | 16.0% | | |
Consumer Discretionary | | | | | 9.7% | | |
Real Estate | | | | | 7.1% | | |
Materials | | | | | 4.4% | | |
Energy | | | | | 1.5% | | |
Utilities | | | | | 1.3% | | |
Consumer Staples | | | | | 1.0% | | |
| | | | | 95.1% | | |
Cash & Other Assets, Less Liabilities | | | | | 4.9% | | |
Total | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
West Pharmaceutical Services, Inc. | | | | | 3.8% | | |
Pool Corp. | | | | | 3.1% | | |
EastGroup Properties, Inc. | | | | | 2.9% | | |
Repligen Corp. | | | | | 2.9% | | |
Fair Isaac Corp. | | | | | 2.7% | | |
TriCo Bancshares | | | | | 2.7% | | |
Seacoast Banking Corp. of Florida | | | | | 2.6% | | |
Catalent, Inc. | | | | | 2.3% | | |
Exponent, Inc. | | | | | 2.2% | | |
Neogen Corp. | | | | | 2.2% | | |
| | | | | 27.4% | | |
|
Average Annual Total Returns | | | with no sales charges or CDSC | | | Russell 2000® Total Return Index* | |
Class I | | | | | | | |
Six Months** | | | (11.50)% | | | (12.98)% | |
One year | | | (5.89)% | | | (6.63)% | |
Three years | | | 4.87% | | | 2.01% | |
Five years | | | 4.82% | | | 4.29% | |
Ten years | | | 9.92% | | | 10.50% | |
Sectors | | | % of net assets | | |||
Information Technology | | | | | 19.1% | | |
Industrials | | | | | 17.7% | | |
Health Care | | | | | 15.6% | | |
Financials | | | | | 14.3% | | |
Consumer Discretionary | | | | | 9.7% | | |
Materials | | | | | 9.3% | | |
Real Estate | | | | | 7.1% | | |
Energy | | | | | 1.7% | | |
Communication Services | | | | | 0.6% | | |
| | | | | 95.1% | | |
Cash & Other Assets, Less Liabilities | | | | | 4.9% | | |
Total | | | | | 100.0% | | |
Top 10 Common Stock Holdings | | | % of net assets | | |||
West Pharmaceutical Services, Inc. | | | | | 3.4% | | |
Fair Isaac Corp. | | | | | 3.1% | | |
Vail Resorts, Inc. | | | | | 2.7% | | |
Catalent, Inc. | | | | | 2.6% | | |
Copart, Inc. | | | | | 2.6% | | |
Bio-Techne Corp. | | | | | 2.5% | | |
EastGroup Properties, Inc. | | | | | 2.4% | | |
First Republic Bank | | | | | 2.4% | | |
Repligen Corp. | | | | | 2.4% | | |
Alexandria Real Estate Equities, Inc. | | | | | 2.3% | | |
| | | | | 26.4% | | |
|
Average Annual Total Returns | | | with no sales charges or CDSC | | | Russell 2500™ Total Return Index* | |
Class I | | | | | | | |
Six Months** | | | (6.30)% | | | (11.05)% | |
One year | | | 1.26% | | | (4.70)% | |
Three years | | | 8.16% | | | 4.08% | |
Five years | | | 7.31% | | | 5.41% | |
Ten years | | | 10.98% | | | 11.46% | |
| | | | | | Number of Shares | | | Value | | ||||||
| | | Common Stocks 98.8% (percentage of net assets) | | ||||||||||||
| | | COMMUNICATION SERVICES 4.7% | | ||||||||||||
* | | | Alphabet, Inc. — Class A | | | | | 3,231 | | | | | $ | 4,581,720 | | |
| | | CONSUMER DISCRETIONARY 12.5% | | ||||||||||||
* | | | Booking Holdings, Inc. | | | | | 1,573 | | | | | | 2,504,751 | | |
| | | Home Depot, Inc. (The) | | | | | 8,500 | | | | | | 2,129,335 | | |
* | | | ServiceMaster Global Holdings, Inc. | | | | | 70,000 | | | | | | 2,498,300 | | |
* | | | Skyline Champion Corp. | | | | | 47,000 | | | | | | 1,143,980 | | |
| | | Starbucks Corp. | | | | | 22,000 | | | | | | 1,618,980 | | |
| | | Vail Resorts, Inc. | | | | | 12,000 | | | | | | 2,185,800 | | |
| | | | | | | | | | | | | | 12,081,146 | | |
| | | CONSUMER STAPLES 2.9% | | ||||||||||||
| | | Diageo PLC — ADR | | | | | 21,000 | | | | | | 2,822,190 | | |
| | | ENERGY 4.1% | | ||||||||||||
| | | Chevron Corp. | | | | | 20,700 | | | | | | 1,847,061 | | |
| | | Kinder Morgan, Inc. | | | | | 142,100 | | | | | | 2,155,657 | | |
| | | | | | | | | | | | | | 4,002,718 | | |
| | | FINANCIALS 15.5% | | ||||||||||||
| | | JPMorgan Chase & Co. | | | | | 24,000 | | | | | | 2,257,440 | | |
| | | MarketAxess Holdings, Inc. | | | | | 5,000 | | | | | | 2,504,600 | | |
| | | Marsh & McLennan Cos., Inc. | | | | | 19,500 | | | | | | 2,093,715 | | |
| | | Morgan Stanley | | | | | 72,200 | | | | | | 3,487,260 | | |
| | | Progressive Corp. (The) | | | | | 30,000 | | | | | | 2,403,300 | | |
* | | | SVB Financial Group | | | | | 10,200 | | | | | | 2,198,406 | | |
| | | | | | | | | | | | | | 14,944,721 | | |
| | | HEALTH CARE 18.4% | | ||||||||||||
| | | Becton, Dickinson and Co. | | | | | 9,100 | | | | | | 2,177,357 | | |
| | | Cerner Corp. | | | | | 34,000 | | | | | | 2,330,700 | | |
| | | Cooper Cos., Inc. | | | | | 8,200 | | | | | | 2,325,848 | | |
| | | Danaher Corp. | | | | | 18,000 | | | | | | 3,182,940 | | |
* | | | Edwards Lifesciences Corp. | | | | | 39,300 | | | | | | 2,716,023 | | |
| | | STERIS PLC | | | | | 14,064 | | | | | | 2,157,980 | | |
| | | UnitedHealth Group, Inc. | | | | | 9,800 | | | | | | 2,890,510 | | |
| | | | | | | | | | | | | | 17,781,358 | | |
| | | INDUSTRIALS 5.5% | | ||||||||||||
| | | IHS Markit, Ltd. | | | | | 43,000 | | | | | | 3,246,500 | | |
| | | Raytheon Technologies Corp. | | | | | 32,920 | | | | | | 2,028,530 | | |
| | | | | | | | | | | | | | 5,275,030 | | |
| | | INFORMATION TECHNOLOGY 27.2% | | ||||||||||||
| | | Accenture PLC — Class A | | | | | 12,500 | | | | | | 2,684,000 | | |
| | | Analog Devices, Inc. | | | | | 22,250 | | | | | | 2,728,740 | | |
| | | Apple, Inc. | | | | | 15,230 | | | | | | 5,555,904 | | |
| | | Microsoft Corp. | | | | | 36,200 | | | | | | 7,367,062 | | |
* | | | PTC, Inc. | | | | | 35,000 | | | | | | 2,722,650 | | |
* | | | Tyler Technologies, Inc. | | | | | 2,700 | | | | | | 936,576 | | |
| | | Visa, Inc. — Class A | | | | | 22,400 | | | | | | 4,327,008 | | |
| | | | | | | | | | | | | | 26,321,940 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
MATERIALS 2.8% | | |||||||||||||||
Avery Dennison Corp. | | | | | 23,500 | | | | | $ | 2,681,115 | | | |||
REAL ESTATE 5.2% | | |||||||||||||||
American Tower Corp. | | | | | 19,500 | | | | | | 5,041,530 | | | |||
Total Common Stocks (Cost: $60,474,856) | | | | | 95,533,468 | | | |||||||||
Short-Term Investments 1.3% (percentage of net assets) | | |||||||||||||||
MONEY MARKET FUNDS 1.3% | | |||||||||||||||
First American Government Obligations Fund — Class X — 0.09%a | | | | | 1,281,329 | | | | | | 1,281,329 | | | |||
Total Short-Term Investments (Cost: $1,281,329) | | | | | 1,281,329 | | | |||||||||
Total Investments 100.1% (Cost: $61,756,185) | | | | $ | 96,814,797 | | | |||||||||
Liabilities, less cash and other assets (0.1)% | | | | | (101,941) | | | |||||||||
Net Assets 100.0% | | | | $ | 96,712,856 | | | |||||||||
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | Common Stocks 98.9% (percentage of net assets) | | ||||||||||||
| | | BANKS 86.5% | | ||||||||||||
| | | Ameris Bancorpa | | | | | 500,000 | | | | | $ | 11,795,000 | | �� |
| | | Banc of California, Inc. | | | | | 155,416 | | | | | | 1,683,155 | | |
| | | BancorpSouth Bank | | | | | 75,000 | | | | | | 1,705,500 | | |
| | | Bank of America Corp.a,b | | | | | 44,613 | | | | | | 1,059,559 | | |
| | | BankUnited, Inc. | | | | | 120,000 | | | | | | 2,430,000 | | |
| | | Business First Bancshares, Inc. | | | | | 30,678 | | | | | | 470,907 | | |
| | | Byline Bancorp, Inc. | | | | | 500,000 | | | | | | 6,550,000 | | |
| | | Citigroup, Inc. | | | | | 6,965 | | | | | | 355,911 | | |
| | | Civista Bancshares, Inc. | | | | | 100,009 | | | | | | 1,540,139 | | |
* | | | Equity Bancshares, Inc. — Class A | | | | | 650,000 | | | | | | 11,336,000 | | |
* | | | Esquire Financial Holdings, Inc. | | | | | 76,628 | | | | | | 1,295,013 | | |
| | | FB Financial Corp. | | | | | 550,000 | | | | | | 13,623,500 | | |
| | | First Bancorp | | | | | 175,000 | | | | | | 4,389,000 | | |
| | | First BanCorp | | | | | 350,000 | | | | | | 1,956,500 | | |
| | | First Bancshares, Inc. (The) | | | | | 446,068 | | | | | | 10,036,530 | | |
| | | First Busey Corp. | | | | | 164,562 | | | | | | 3,069,081 | | |
| | | First Horizon National Corp.a,b | | | | | 800,000 | | | | | | 7,968,000 | | |
| | | Hilltop Holdings, Inc. | | | | | 100,000 | | | | | | 1,845,000 | | |
* | | | Howard Bancorp, Inc. | | | | | 518,448 | | | | | | 5,505,918 | | |
| | | Huntington Bancshares, Inc. | | | | | 150,000 | | | | | | 1,355,250 | | |
| | | JPMorgan Chase & Co. | | | | | 5,000 | | | | | | 470,300 | | |
* | | | Limestone Bancorp, Inc. | | | | | 10,014 | | | | | | 131,684 | | |
| | | Live Oak Bancshares, Inc. | | | | | 850,000 | | | | | | 12,333,500 | | |
| | | Old Second Bancorp, Inc. | | | | | 150,529 | | | | | | 1,171,116 | | |
| | | Origin Bancorp, Inc. | | | | | 298,128 | | | | | | 6,558,816 | | |
| | | Peoples Bancorp, Inc. | | | | | 66,086 | | | | | | 1,406,310 | | |
| | | PNC Financial Services Group, Inc. (The)a,b | | | | | 10,000 | | | | | | 1,052,100 | | |
| | | Popular, Inc. | | | | | 49,358 | | | | | | 1,834,637 | | |
* | | | Professional Holding Corp. — Class Ac | | | | | 248,430 | | | | | | 3,448,208 | | |
| | | Reliant Bancorp, Inc. | | | | | 109,128 | | | | | | 1,777,695 | | |
* | | | Seacoast Banking Corp. of Florida | | | | | 89,740 | | | | | | 1,830,696 | | |
| | | South State Corp. | | | | | 60,000 | | | | | | 2,859,600 | | |
* | | | Spirit of Texas Bancshares, Inc. | | | | | 576,460 | | | | | | 7,096,223 | | |
| | | Synovus Financial Corp.a,b | | | | | 246,411 | | | | | | 5,058,818 | | |
| | | TCF Financial Corp.a | | | | | 225,000 | | | | | | 6,619,500 | | |
* | | | Triumph Bancorp, Inc. | | | | | 150,000 | | | | | | 3,640,500 | | |
| | | Veritex Holdings, Inc. | | | | | 700,000 | | | | | | 12,390,000 | | |
| | | Wells Fargo & Co.a,b | | | | | 130,000 | | | | | | 3,328,000 | | |
| | | Wintrust Financial Corp. | | | | | 55,000 | | | | | | 2,399,100 | | |
| | | | | | | | | | | | | | 165,376,766 | | |
| | | DIVERSIFIED FINANCIALS 12.4% | | ||||||||||||
| | | Ally Financial, Inc.a,b | | | | | 168,316 | | | | | | 3,337,706 | | |
| | | Bank of New York Mellon Corp. (The)a,b | | | | | 50,000 | | | | | | 1,932,500 | | |
* | | | Cannae Holdings, Inc.a,b | | | | | 75,000 | | | | | | 3,082,500 | | |
| | Cowen, Inc. — Class A | | | | | 107,400 | | | | | | 1,740,954 | | |
| | | | | | Number of Shares | | | Value | | ||||||
* | | | Far Point Acquisition Corp. — Class A | | | | | 800,000 | | | | | $ | 8,192,000 | | |
* | | | Foley Trasimene Acquisition Corp. — Unitd | | | | | 200,000 | | | | | | 2,134,000 | | |
| | | Goldman Sachs Group, Inc. (The)a,b | | | | | 2,550 | | | | | | 503,931 | | |
| | | Manning & Napier, Inc. | | | | | 521,582 | | | | | | 1,491,725 | | |
| | | Morgan Stanley | | | | | 8,037 | | | | | | 388,187 | | |
| | | OneMain Holdings, Inc. | | | | | 9,011 | | | | | | 221,130 | | |
* | | | Oportun Financial Corp. | | | | | 50,000 | | | | | | 672,000 | | |
| | | | | | | | | | | | | | 23,696,633 | | |
| | | Total Common Stocks (Cost: $208,582,837) | | | | | 189,073,399 | | | ||||||
| | | Warrants 0.1% (percentage of net assets) | | ||||||||||||
| | | DIVERSIFIED FINANCIALS 0.1% | | ||||||||||||
* | | | Far Point Acquisition Corp. | | | | | 340,518 | | | | | | 170,259 | | |
| | | Total Warrants (Cost: $426,033) | | | | | 170,259 | | | ||||||
| | | Short-Term Investments 0.0% (percentage of net assets) | | ||||||||||||
| | | MONEY MARKET FUNDS 0.0% | | ||||||||||||
| | | First American Government Obligations Fund — Class X — 0.09%e | | | | | 796 | | | | | | 796 | | |
| | | Total Short-Term Investments (Cost: $796) | | | | | 796 | | | ||||||
| | | Total Investments 99.0% (Cost: $209,009,666) | | | | $ | 189,244,454 | | | ||||||
| | | Call option written (0.9)% (Premiums received: $1,627,516) | | | | | (1,742,490) | | | ||||||
| | | Cash and other assets, less liabilities 1.9% | | | | | 3,747,612 | | | ||||||
| | | Net Assets 100.0% | | | | $ | 191,249,576 | | | ||||||
|
| | | Number of Contracts | | | | | | | | |||
Call Option Written (0.9)% (percentage of net assets) | | ||||||||||||
BANKS (0.7)% | | ||||||||||||
Ameris Bancorp | | | | | | | | | | | | | |
@ 30, Notional Amount: $(3,000,000), due Jan 21 | | | | | (1,000) | | | | | | (210,000) | | |
Bank of America Corp. | | | | | | | | | | | | | |
@ 25, Notional Amount: $(500,000), due Aug 20 | | | | | (200) | | | | | | (21,400) | | |
@ 27, Notional Amount: $(540,000), due Nov 20 | | | | | (200) | | | | | | (26,000) | | |
First Horizon National Corp. | | | | ||||||||||
@ 9, Notional Amount: $(450,000), due Aug 20 | | | | | (500) | | | | | | (72,500) | | |
@ 11, Notional Amount: $(1,100,000), due Nov 20 | | | | | (1,000) | | | | | | (95,000) | | |
| | | Number of Contracts | | | Value | | ||||||
@ 12, Notional Amount: $(1,200,000), due Jan 21 | | | | | (1,000) | | | | | $ | (85,000) | | |
@ 13, Notional Amount: $(1,300,000), due Jan 21 | | | | | (1,000) | | | | | | (60,000) | | |
PNC Financial Services Group, Inc. (The) | | | | ||||||||||
@ 110, Notional Amount: $(550,000), due Aug 20 | | | | | (50) | | | | | | (21,000) | | |
@ 120, Notional Amount: $(600,000), due Nov 20 | | | | | (50) | | | | | | (22,625) | | |
Synovus Financial Corp. | | | | ||||||||||
@ 21, Notional Amount: $(630,000), due Nov 20 | | | | | (300) | | | | | | (89,250) | | |
@ 24, Notional Amount: $(2,400,000), due Feb 21 | | | | | (1,000) | | | | | | (210,000) | | |
@ 25, Notional Amount: $(1,250,000), due Nov 20 | | | | | (500) | | | | | | (72,500) | | |
TCF Financial Corp. | | | | ||||||||||
@ 35, Notional Amount: $(3,500,000), due Jan 21 | | | | | (1,000) | | | | | | (225,000) | | |
Wells Fargo & Co. | | | | ||||||||||
@ 30, Notional Amount: $(900,000), due Oct 20 | | | | | (300) | | | | | | (35,250) | | |
@ 35, Notional Amount: $(1,750,000), due Jan 21 | | | | | (500) | | | | | | (47,500) | | |
| | | | | | | | | | | (1,293,025) | | |
DIVERSIFIED FINANCIALS (0.2)% | | ||||||||||||
Ally Financial, Inc. | | | | ||||||||||
@ 24, Notional Amount: $(1,200,000), due Dec 20 | | | | | (500) | | | | | | (87,500) | | |
Bank of New York Mellon Corp. (The) | | | | ||||||||||
@ 40, Notional Amount: $(1,000,000), due Jan 21 | | | | | (250) | | | | | | (83,750) | | |
@ 45, Notional Amount: $(1,125,000), due Jan 21 | | | | | (250) | | | | | | (37,875) | | |
Cannae Holdings, Inc. | | | | ||||||||||
@ 45, Notional Amount: $(1,125,000), due Feb 21 | | | | | (250) | | | | | | (130,000) | | |
@ 50, Notional Amount: $(1,250,000), due Feb 21 | | | | | (250) | | | | | | (86,250) | | |
Goldman Sachs Group, Inc. (The) | | | | ||||||||||
@ 200, Notional Amount: $(240,000), due Jul 20 | | | | | (12) | | | | | | (7,440) | | |
@ 205, Notional Amount: $(246,000), due Oct 20 | | | | | (12) | | | | | | (16,650) | | |
| | | | | | | | | | | (449,465) | | |
Total Call Option Written (Premiums received $1,627,516) | | | | | (1,742,490) | | |
| | | Number of Shares | | | Value | | ||||||
Common Stocks 96.6% (percentage of net assets) | | ||||||||||||
AUSTRALIA 1.5% | | | | | | | | | | | | | |
National Australia Bank Ltd. | | | | | 237,956 | | | | | $ | 3,015,456 | | |
CANADA 2.7% | | | | | | | | | | | | | |
Open Text Corp. | | | | | 131,390 | | | | | | 5,579,430 | | |
FINLAND 2.4% | | | | | | | | | | | | | |
Sampo OYJ — Class A | | | | | 140,795 | | | | | | 4,853,152 | | |
FRANCE 9.3% | | | | | | | | | | | | | |
Atos SE | | | | | 59,474 | | | | | | 5,098,869 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 7,348 | | | | | | 3,244,092 | | |
Safran S.A. | | | | | 41,309 | | | | | | 4,155,307 | | |
Schneider Electric SE | | | | | 59,397 | | | | | | 6,607,096 | | |
| | | | | | | | | | | 19,105,364 | | |
GERMANY 2.9% | | | | | | | | | | | | | |
BASF SE | | | | | 107,013 | | | | | | 6,010,820 | | |
HONG KONG 4.5% | | | | | | | | | | | | | |
Hong Kong Exchanges & Clearing Ltd. | | | | | 140,925 | | | | | | 6,002,240 | | |
Link REIT | | | | | 400,105 | | | | | | 3,284,929 | | |
| | | | | | | | | | | 9,287,169 | | |
IRELAND 5.7% | | | | | | | | | | | | | |
Glanbia PLC | | | | | 364,058 | | | | | | 4,137,084 | | |
Kerry Group PLC — Class A | | | | | 61,069 | | | | | | 7,586,405 | | |
| | | | | | | | | | | 11,723,489 | | |
JAPAN 31.9% | | | | | | | | | | | | | |
Japan Hotel REIT Investment Corp. | | | | | 7,864 | | | | | | 3,262,102 | | |
Kao Corp. | | | | | 71,888 | | | | | | 5,704,875 | | |
Keyence Corp. | | | | | 6,340 | | | | | | 2,656,850 | | |
MS&AD Insurance Group Holdings, Inc. | | | | | 169,700 | | | | | | 4,673,319 | | |
Murata Manufacturing Co. Ltd. | | | | | 73,700 | | | | | | 4,344,505 | | |
Nippon Telegraph & Telephone Corp. | | | | | 171,370 | | | | | | 3,992,827 | | |
ORIX Corp. | | | | | 322,000 | | | | | | 3,998,356 | | |
Recruit Holdings Co. Ltd. | | | | | 114,100 | | | | | | 3,923,922 | | |
Shionogi & Co. Ltd. | | | | | 112,400 | | | | | | 7,051,233 | | |
SoftBank Group Corp. | | | | | 45,129 | | | | | | 2,275,750 | | |
Sony Corp. | | | | | 63,400 | | | | | | 4,376,513 | | |
Stanley Electric Co. Ltd. | | | | | 82,600 | | | | | | 1,999,548 | | |
Takuma Co. Ltd. | | | | | 440,300 | | | | | | 6,072,301 | | |
Toyota Motor Corp. | | | | | 88,279 | | | | | | 5,551,344 | | |
TV Asahi Holdings Corp. | | | | | 377,768 | | | | | | 5,503,891 | | |
| | | | | | | | | | | 65,387,336 | | |
|
| | | Number of Shares | | | Value | | ||||||
NETHERLANDS 2.3% | | | | | | | | | | | | | |
Royal Dutch Shell PLC — Class B | | | | | 316,406 | | | | | $ | 4,796,792 | | |
SPAIN 5.4% | | | | ||||||||||
Bankinter S.A. | | | | | 742,478 | | | | | | 3,558,773 | | |
Grifols S.A. | | | | | 243,563 | | | | | | 7,406,239 | | |
| | | | | | | | | | | 10,965,012 | | |
SWEDEN 1.7% | | | | | | | | | | | | | |
Alfa Laval AB | | | | | 159,172 | | | | | | 3,511,364 | | |
SWITZERLAND 11.7% | | | | | | | | | | | | | |
Lonza Group AG | | | | | 16,957 | | | | | | 8,982,084 | | |
Novartis AG | | | | | 97,347 | | | | | | 8,480,975 | | |
STMicroelectronics N.V. | | | | | 240,646 | | | | | | 6,559,568 | | |
| | | | | | | | | | | 24,022,627 | | |
UNITED KINGDOM 14.6% | | | | | | | | | | | | | |
Compass Group PLC | | | | | 146,081 | | | | | | 2,009,842 | | |
Diageo PLC | | | | | 162,938 | | | | | | 5,415,610 | | |
Intertek Group PLC | | | | | 73,236 | | | | | | 4,932,505 | | |
Lloyds Banking Group PLC | | | | | 12,748,996 | | | | | | 4,918,041 | | |
Rentokil Initial PLC | | | | | 1,294,966 | | | | | | 8,188,263 | | |
Rio Tinto PLC | | | | | 76,872 | | | | | | 4,326,077 | | |
| | | | | | | | | | | 29,790,338 | | |
Total Common Stocks (Cost $195,088,639) | | | | | 198,048,349 | | | ||||||
Short-Term Investments 2.6% (percentage of net assets) | | ||||||||||||
MONEY MARKET FUNDS 2.6% | | | | | | | | | | | | | |
First American Government Obligations Fund — Class X — 0.09%a | | | | | | | | | | | 5,341,059 | | |
Total Short-Term Investments (Cost $5,341,059) | | | | | 5,341,059 | | | ||||||
Total Investments 99.2% (Cost $200,429,698) | | | | $ | 203,389,408 | | | ||||||
Cash and other assets, less liabilities 0.8% | | | | | 1,532,543 | | | ||||||
Net Assets 100.0% | | | | $ | 204,921,951 | | | ||||||
|
| | | Number of Shares | | | Value | | ||||||
Common Stocks 96.6% (percentage of net assets) | | ||||||||||||
JAPAN 96.6% | | | | | | | | | | | | | |
COMSYS Holdings Corp. | | | | | 73,500 | | | | | $ | 2,179,645 | | |
Daiichi Sankyo Co. Ltd. | | | | | 8,200 | | | | | | 670,691 | | |
Digital Holdings, Inc. | | | | | 100,700 | | | | | | 1,347,416 | | |
Hitachi Ltd. | | | | | 50,980 | | | | | | 1,620,391 | | |
Horiba Ltd. | | | | | 39,100 | | | | | | 2,068,572 | | |
Isuzu Motors Ltd. | | | | | 146,100 | | | | | | 1,327,661 | | |
ITOCHU Corp. | | | | | 48,000 | | | | | | 1,038,615 | | |
Japan Hotel REIT Investment Corp. | | | | | 2,584 | | | | | | 1,071,881 | | |
Kao Corp. | | | | | 14,000 | | | | | | 1,111,009 | | |
Keyence Corp. | | | | | 4,200 | | | | | | 1,760,058 | | |
Kubota Corp. | | | | | 98,800 | | | | | | 1,477,924 | | |
Matsumotokiyoshi Holdings Co Ltd. | | | | | 34,700 | | | | | | 1,260,950 | | |
Mitsubishi UFJ Financial Group, Inc. | | | | | 316,600 | | | | | | 1,245,987 | | |
MS&AD Insurance Group Holdings, Inc. | | | | | 68,970 | | | | | | 1,899,345 | | |
Murata Manufacturing Co. Ltd. | | | | | 45,300 | | | | | | 2,670,366 | | |
Nidec Corp. | | | | | 32,500 | | | | | | 2,189,486 | | |
Nihon Kohden Corp. | | | | | 17,700 | | | | | | 594,904 | | |
Nippon Telegraph & Telephone Corp. | | | | | 48,700 | | | | | | 1,134,683 | | |
Nishimoto Co. Ltd. | | | | | 54,721 | | | | | | 1,081,898 | | |
Nomura Real Estate Holdings, Inc. | | | | | 81,600 | | | | | | 1,519,181 | | |
Oracle Corp. Japan | | | | | 15,000 | | | | | | 1,779,190 | | |
ORIX Corp. | | | | | 125,639 | | | | | | 1,560,092 | | |
OSG Corp. | | | | | 66,600 | | | | | | 1,021,764 | | |
Otsuka Holdings Co. Ltd. | | | | | 23,500 | | | | | | 1,024,176 | | |
Recruit Holdings Co. Ltd. | | | | | 46,900 | | | | | | 1,612,900 | | |
Shimano, Inc. | | | | | 5,200 | | | | | | 999,902 | | |
Shin-Etsu Chemical Co. Ltd. | | | | | 21,259 | | | | | | 2,494,989 | | |
Shionogi & Co. Ltd. | | | | | 51,500 | | | | | | 3,230,769 | | |
SMC Corp. | | | | | 2,675 | | | | | | 1,374,739 | | |
SoftBank Group Corp. | | | | | 28,402 | | | | | | 1,432,247 | | |
Sony Corp. | | | | | 44,428 | | | | | | 3,066,873 | | |
Stanley Electric Co. Ltd. | | | | | 68,700 | | | | | | 1,663,062 | | |
Sumitomo Bakelite Co. Ltd. | | | | | 45,606 | | | | | | 1,288,044 | | |
Suntory Beverage & Food Ltd. | | | | | 52,900 | | | | | | 2,064,065 | | |
Taisei Corp. | | | | | 33,700 | | | | | | 1,228,234 | | |
Takuma Co. Ltd. | | | | | 171,128 | | | | | | 2,360,074 | | |
Toei Co. Ltd. | | | | | 11,700 | | | | | | 1,566,555 | | |
Tokyu Corp. | | | | | 35,270 | | | | | | 496,544 | | |
Toyota Motor Corp. | | | | | 52,300 | | | | | | 3,288,838 | | |
TV Asahi Holdings Corp. | | | | | 158,910 | | | | | | 2,315,240 | | |
| | | | | | | | | | | 65,138,960 | | |
Total Common Stocks (Cost $61,229,415) | | | | | 65,138,960 | | | ||||||
|
| | | Number of Shares | | | Value | | ||||||
Short-Term Investments 3.9% (percentage of net assets) | | ||||||||||||
MONEY MARKET FUNDS 3.9% | | | | | | | | | | | | | |
First American Government Obligations Fund — Class X — 0.09%a | | | | | 2,643,329 | | | | | $ | 2,643,329 | | |
Total Short-Term Investments (Cost $2,643,329) | | | | | 2,643,329 | | | ||||||
Total Investments 100.5% (Cost $63,872,744) | | | | $ | 67,782,289 | | | ||||||
Liabilities, less cash and other assets (0.5)% | | | | | (340,975) | | | ||||||
Net Assets 100.0% | | | | $ | 67,441,314 | | | ||||||
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | Common Stocks 95.1% (percentage of net assets) | | | | | | | | ||||||
| | | AEROSPACE & DEFENSE 2.8% | | | | | | | | ||||||
| | | Curtiss-Wright Corp. | | | | | 15,175 | | | | | $ | 1,354,824 | | |
* | | | Teledyne Technologies, Inc. | | | | | 4,988 | | | | | | 1,551,019 | | |
| | | | | | | | | | | | | | 2,905,843 | | |
| | | AUTO COMPONENTS 2.7% | | | | | | | | ||||||
* | | | Fox Factory Holding Corp. | | | | | 19,649 | | | | | | 1,623,204 | | |
* | | | Visteon Corp. | | | | | 16,597 | | | | | | 1,136,894 | | |
| | | | | | | | | | | | | | 2,760,098 | | |
| | | BANKS 10.8% | | | | | | | | ||||||
| | | CVB Financial Corp. | | | | | 80,645 | | | | | | 1,511,287 | | |
| | | Investors Bancorp, Inc. | | | | | 216,071 | | | | | | 1,836,603 | | |
| | | PacWest Bancorp | | | | | 51,365 | | | | | | 1,012,404 | | |
* | | | Seacoast Banking Corp. of Florida | | | | | 129,854 | | | | | | 2,649,022 | | |
| | | Stock Yards Bancorp, Inc. | | | | | 31,505 | | | | | | 1,266,501 | | |
| | | TriCo Bancshares | | | | | 91,226 | | | | | | 2,777,832 | | |
| | | | | | | | | | | | | | 11,053,649 | | |
| | | BIOTECHNOLOGY 4.4% | | | | | | | | ||||||
* | | | Allogene Therapeutics, Inc. | | | | | 18,229 | | | | | | 780,566 | | |
* | | | Bluebird Bio, Inc. | | | | | 9,423 | | | | | | 575,180 | | |
* | | | CareDx, Inc. | | | | | 31,849 | | | | | | 1,128,410 | | |
* | | | Iovance Biotherapeutics, Inc. | | | | | 27,338 | | | | | | 750,428 | | |
* | | | Ultragenyx Pharmaceutical, Inc. | | | | | 10,277 | | | | | | 803,867 | | |
* | | | Veratyce, Inc. | | | | | 20,239 | | | | | | 524,190 | | |
| | | | | | | | | | | | | | 4,562,641 | | |
| | | BUILDING PRODUCTS 1.6% | | | | | | | | ||||||
* | | | Trex Co., Inc. | | | | | 12,716 | | | | | | 1,653,970 | | |
| | | CAPITAL MARKETS 1.8% | | | | | | | | ||||||
| | | Stifel Financial Corp. | | | | | 38,022 | | | | | | 1,803,383 | | |
| | | COMMERCIAL SERVICES & SUPPLIES 1.4% | | | | | | | | ||||||
| | | Brink’s Co. (The) | | | | | 31,924 | | | | | | 1,452,861 | | |
| | | CONSTRUCTION & ENGINEERING 0.9% | | | | | | | | ||||||
| | | Valmont Industries, Inc. | | | | | 7,967 | | | | | | 905,211 | | |
| | | CONSTRUCTION MATERIALS 1.4% | | | | | | | | ||||||
| | | Eagle Materials, Inc. | | | | | 20,643 | | | | | | 1,449,551 | | |
| | | CONTAINERS & PACKAGING 1.7% | | | | | | | | ||||||
| | | AptarGroup, Inc. | | | | | 15,893 | | | | | | 1,779,698 | | |
| | | DISTRIBUTORS 3.1% | | | | | | | | ||||||
| | | Pool Corp. | | | | | 11,907 | | | | | | 3,237,156 | | |
| | | DIVERSIFIED CONSUMER SERVICES 1.9% | | | | | | | | ||||||
* | | | Bright Horizons Family Solutions, Inc. | | | | | 7,029 | | | | | | 823,799 | | |
* | | | Grand Canyon Education, Inc. | | | | | 12,774 | | | | | | 1,156,430 | | |
| | | | | | | | | | | | | | 1,980,229 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | ELECTRICAL EQUIPMENT 1.6% | | | | | | | | ||||||
| | | EnerSys, Inc. | | | | | 25,020 | | | | | $ | 1,610,788 | | |
| | | ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 0.5% | | ||||||||||||
| | | Badger Meter, Inc. | | | | | 8,108 | | | | | | 510,155 | | |
| | | EQUITY REAL ESTATE INVESTMENT 7.1% | | | | | | | | ||||||
| | | CatchMark Timber Trust, Inc. — Class A | | | | | 225,114 | | | | | | 1,992,259 | | |
| | | CoreSite Realty Corp. | | | | | 7,342 | | | | | | 888,822 | | |
| | | EastGroup Properties, Inc. | | | | | 25,226 | | | | | | 2,992,056 | | |
| | | Equity Commonwealth | | | | | 45,213 | | | | | | 1,455,858 | | |
| | | | | | | | | | | | | | 7,328,995 | | |
| | | FOOD PRODUCTS 1.0% | | | | | | | | ||||||
| | | J&J Snack Foods Corp. | | | | | 7,996 | | | | | | 1,016,532 | | |
| | | GAS UTILITIES 1.3% | | | | | | | | ||||||
| | | Chesapeake Utilities Corp. | | | | | 16,149 | | | | | | 1,356,516 | | |
| | | HEALTH CARE EQUIPMENT & SUPPLIES 6.0% | | | | | | | | ||||||
* | | | Neogen Corp. | | | | | 28,553 | | | | | | 2,215,713 | | |
| | | West Pharmaceutical Services, Inc. | | | | | 17,260 | | | | | | 3,920,954 | | |
| | | | | | | | | | | | | | 6,136,667 | | |
| | | HEALTH CARE TECHNOLOGY 2.4% | | | | | | | | ||||||
* | | | Omnicell, Inc. | | | | | 27,443 | | | | | | 1,938,025 | | |
* | | | Tabula Rasa HealthCare, Inc. | | | | | 9,729 | | | | | | 532,468 | | |
| | | | | | | | | | | | | | 2,470,493 | | |
| | | INSURANCE 3.5% | | | | | | | | ||||||
| | | American Financial Group, Inc. | | | | | 26,914 | | | | | | 1,707,962 | | |
| | | Argo Group International Holdings Ltd. | | | | | 53,795 | | | | | | 1,873,680 | | |
| | | | | | | | | | | | | | 3,581,642 | | |
| | | LIFE SCIENCES TOOLS & SERVICES 4.9% | | | | | | | | ||||||
* | | | NeoGenomics, Inc. | | | | | 65,108 | | | | | | 2,017,046 | | |
* | | | Repligen Corp. | | | | | 24,186 | | | | | | 2,989,631 | | |
| | | | | | | | | | | | | | 5,006,677 | | |
| | | MACHINERY 7.1% | | | | | | | | ||||||
* | | | Chart Industries, Inc. | | | | | 33,685 | | | | | | 1,633,386 | | |
| | | ITT, Inc. | | | | | 28,298 | | | | | | 1,662,225 | | |
| | | Kadant, Inc. | | | | | 16,825 | | | | | | 1,676,779 | | |
| | | Lincoln Electric Holdings, Inc. | | | | | 11,897 | | | | | | 1,002,203 | | |
* | | | RBC Bearings, Inc. | | | | | 9,625 | | | | | | 1,290,135 | | |
| | | | | | | | | | | | | | 7,264,728 | | |
| | | METALS & MINING 1.3% | | | | | | | | ||||||
| | | Carpenter Technology Corp. | | | | | 54,693 | | | | | | 1,327,946 | | |
| | | OIL, GAS & CONSUMABLE FUELS 1.4% | | | | | | | | ||||||
* | | | WPX Energy, Inc. | | | | | 232,896 | | | | | | 1,485,877 | | |
| | | PHARMACEUTICALS 2.3% | | | | | | | | ||||||
* | | | Catalent, Inc. | | | | | 32,391 | | | | | | 2,374,260 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | PROFESSIONAL SERVICES 2.2% | | | | | | | | ||||||
| | | Exponent, Inc. | | | | | 27,427 | | | | | $ | 2,219,667 | | |
| | | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 4.2% | | ||||||||||||
| | | MKS Instruments, Inc. | | | | | 19,296 | | | | | | 2,185,079 | | |
| | | Monolithic Power Systems, Inc. | | | | | 9,165 | | | | | | 2,172,105 | | |
| | | | | | | | | | | | | | 4,357,184 | | |
| | | SOFTWARE 11.8% | | | | | | | | ||||||
* | | | Digimarc Corp. | | | | | 28,282 | | | | | | 452,229 | | |
* | | | Fair Isaac Corp. | | | | | 6,675 | | | | | | 2,790,417 | | |
* | | | Five9, Inc. | | | | | 8,695 | | | | | | 962,276 | | |
* | | | Guidewire Software, Inc. | | | | | 19,531 | | | | | | 2,165,011 | | |
* | | | Proofpoint, Inc. | | | | | 11,788 | | | | | | 1,309,883 | | |
* | | | PTC, Inc. | | | | | 23,081 | | | | | | 1,795,471 | | |
* | | | Q2 Holdings, Inc. | | | | | 9,287 | | | | | | 796,732 | | |
* | | | Tyler Technologies, Inc. | | | | | 5,480 | | | | | | 1,900,903 | | |
| | | | | | | | | | | | | | 12,172,922 | | |
| | | TEXTILES, APPAREL & LUXURY GOODS 2.0% | | | | | | | | ||||||
| | | Columbia Sportswear Co. | | | | | 24,989 | | | | | | 2,013,614 | | |
| | | Total Common Stocks (Cost: $70,078,136) | | | | | 97,778,953 | | | ||||||
| | | Short-Term Investments 4.9% (percentage of net assets) | | | | | | | | ||||||
| | | MONEY MARKET FUNDS 4.9% | | | | | | | | ||||||
| | | First American Government Obligations Fund — Class X — 0.09%a | | | | | 4,998,285 | | | | | | 4,998,285 | | |
| | | Total Short-Term Investments (Cost: $4,998,285) | | | | | 4,998,285 | | | ||||||
| | | Total Investments 100.0% (Cost: $75,076,421) | | | | | | | | | | $ | 102,777,238 | | |
| | | Liabilities, less cash and other assets (0.0)% | | | | | (29,761) | | | ||||||
| | | Net Assets 100.0% | | | | | | | | | | $ | 102,747,477 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | Common Stocks 95.1% (percentage of net assets) | | | | | | | | ||||||
| | | AEROSPACE & DEFENSE 4.2% | | | | | | | | ||||||
| | | HEICO Corp. | | | | | 34,794 | | | | | $ | 3,467,222 | | |
* | | | Teledyne Technologies, Inc. | | | | | 11,505 | | | | | | 3,577,480 | | |
| | | | | | | | | | | | | | 7,044,702 | | |
| | | AUTO COMPONENTS 2.2% | | | | | | | | ||||||
* | | | Fox Factory Holding Corp. | | | | | 19,295 | | | | | | 1,593,960 | | |
* | | | Visteon Corp. | | | | | 30,779 | | | | | | 2,108,361 | | |
| | | | | | | | | | | | | | 3,702,321 | | |
| | | BANKS 8.2% | | | | | | | | ||||||
| | | First Republic Bank | | | | | 38,173 | | | | | | 4,045,956 | | |
| | | Pinnacle Financial Partners, Inc. | | | | | 70,554 | | | | | | 2,962,563 | | |
| | | ServisFirst Bancshares, Inc. | | | | | 77,105 | | | | | | 2,757,275 | | |
* | | | SVB Financial Group | | | | | 10,690 | | | | | | 2,304,016 | | |
| | | Webster Financial Corp. | | | | | 52,133 | | | | | | 1,491,525 | | |
| | | | | | | | | | | | | | 13,561,335 | | |
| | | BIOTECHNOLOGY 2.0% | | | | | | | | ||||||
* | | | Bluebird Bio, Inc. | | | | | 8,177 | | | | | | 499,124 | | |
* | | | Exact Sciences Corp. | | | | | 19,711 | | | | | | 1,713,674 | | |
* | | | Ultragenyx Pharmaceutical, Inc. | | | | | 14,885 | | | | | | 1,164,305 | | |
| | | | | | | | | | | | | | 3,377,103 | | |
| | | BUILDING PRODUCTS 1.4% | | | | | | | | ||||||
* | | | Trex Co., Inc. | | | | | 18,274 | | | | | | 2,376,899 | | |
| | | CAPITAL MARKETS 1.9% | | | | | | | | ||||||
| | | MarketAxess Holdings, Inc. | | | | | 3,867 | | | | | | 1,937,057 | | |
| | | Stifel Financial Corp. | | | | | 26,776 | | | | | | 1,269,986 | | |
| | | | | | | | | | | | | | 3,207,043 | | |
| | | CHEMICALS 2.0% | | | | | | | | ||||||
�� | | | RPM International, Inc. | | | | | 43,780 | | | | | | 3,286,127 | | |
| | | COMMERCIAL SERVICES & SUPPLIES 3.8% | | | | | | | | ||||||
| | | Brink’s Co. (The) | | | | | 46,279 | | | | | | 2,106,157 | | |
* | | | Copart, Inc. | | | | | 51,182 | | | | | | 4,261,925 | | |
| | | | | | | | | | | | | | 6,368,082 | | |
| | | CONSTRUCTION MATERIALS 3.6% | | | | | | | | ||||||
| | | Eagle Materials, Inc. | | | | | 42,274 | | | | | | 2,968,480 | | |
| | | Martin Marietta Materials, Inc. | | | | | 14,252 | | | | | | 2,944,036 | | |
| | | | | | | | | | | | | | 5,912,516 | | |
| | | CONTAINERS & PACKAGING 1.9% | | | | | | | | ||||||
| | | Avery Dennison Corp. | | | | | 27,261 | | | | | | 3,110,207 | | |
| | | DISTRIBUTORS 1.2% | | | | | | | | ||||||
| | | Pool Corp. | | | | | 7,102 | | | | | | 1,930,821 | | |
| | | DIVERSIFIED CONSUMER SERVICES 0.9% | | | | | | | | ||||||
* | | | Bright Horizons Family Solutions, Inc. | | | | | 13,083 | | | | | | 1,533,328 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 3.0% | | ||||||||||||
| | | FLIR Systems, Inc. | | | | | 59,805 | | | | | $ | 2,426,289 | | |
* | | | Trimble, Inc. | | | | | 58,704 | | | | | | 2,535,426 | | |
| | | | | | | | | | | | | | 4,961,715 | | |
| | | ENTERTAINMENT 0.6% | | | | | | | | ||||||
* | | | Roku, Inc. | | | | | 8,773 | | | | | | 1,022,318 | | |
| | | EQUITY REAL ESTATE INVESTMENT 7.1% | | | | | | | | ||||||
| | | Alexandria Real Estate Equities, Inc. | | | | | 23,739 | | | | | | 3,851,653 | | |
| | | CyrusOne, Inc. | | | | | 27,825 | | | | | | 2,024,269 | | |
| | | EastGroup Properties, Inc. | | | | | 34,172 | | | | | | 4,053,141 | | |
| | | Equity Commonwealth | | | | | 60,031 | | | | | | 1,932,998 | | |
| | | | | | | | | | | | | | 11,862,061 | | |
| | | HEALTH CARE EQUIPMENT & SUPPLIES 5.7% | | | | | | | | ||||||
* | | | IDEXX Laboratories, Inc. | | | | | 5,550 | | | | | | 1,832,388 | | |
* | | | Insulet Corp. | | | | | 3,649 | | | | | | 708,855 | | |
| | | Teleflex, Inc. | | | | | 3,500 | | | | | | 1,273,930 | | |
| | | West Pharmaceutical Services, Inc. | | | | | 24,990 | | | | | | 5,676,978 | | |
| | | | | | | | | | | | | | 9,492,151 | | |
| | | HEALTH CARE TECHNOLOGY 0.5% | | | | | | | | ||||||
* | | | Tabula Rasa HealthCare, Inc. | | | | | 14,043 | | | | | | 768,573 | | |
| | | HOTELS, RESTAURANTS & LEISURE 2.7% | | | | | | | | ||||||
| | | Vail Resorts, Inc. | | | | | 24,336 | | | | | | 4,432,802 | | |
| | | HOUSEHOLD DURABLES 1.2% | | | | | | | | ||||||
* | | | NVR, Inc. | | | | | 603 | | | | | | 1,965,026 | | |
| | | INDUSTRIAL CONGLOMERATES 1.2% | | | | | | | | ||||||
| | | Carlisle Cos., Inc. | | | | | 16,615 | | | | | | 1,988,317 | | |
| | | INFORMATION TECHNOLOGY SERVICES 1.8% | | | | | | | | ||||||
| | | Jack Henry & Associates, Inc. | | | | | 15,864 | | | | | | 2,919,452 | | |
| | | INSURANCE 4.3% | | | | | | | | ||||||
| | | American Financial Group, Inc. | | | | | 52,116 | | | | | | 3,307,281 | | |
* | | | Markel Corp. | | | | | 4,091 | | | | | | 3,776,689 | | |
| | | | | | | | | | | | | | 7,083,970 | | |
| | | LIFE SCIENCES TOOLS & SERVICES 4.8% | | | | | | | | ||||||
| | | Bio-Techne Corp. | | | | | 15,387 | | | | | | 4,063,245 | | |
* | | | Repligen Corp. | | | | | 31,877 | | | | | | 3,940,316 | | |
| | | | | | | | | | | | | | 8,003,561 | | |
| | | MACHINERY 5.2% | | | | | | | | ||||||
| | | Graco, Inc. | | | | | 57,620 | | | | | | 2,765,184 | | |
| | | IDEX Corp. | | | | | 20,758 | | | | | | 3,280,594 | | |
| | | ITT, Inc. | | | | | 44,633 | | | | | | 2,621,742 | | |
| | | | | | | | | | | | | | 8,667,520 | | |
| | | METALS & MINING 1.9% | | | | | | | | ||||||
| | | Steel Dynamics, Inc. | | | | | 119,543 | | | | | | 3,118,877 | | |
|
| | | | | | Number of Shares | | | Value | | ||||||
| | | OIL, GAS & CONSUMABLE FUELS 1.7% | | | | | | | | ||||||
| | | Diamondback Energy, Inc. | | | | | 30,263 | | | | | $ | 1,265,599 | | |
* | | | WPX Energy, Inc. | | | | | 248,711 | | | | | | 1,586,776 | | |
| | | | | | | | | | | | | | 2,852,375 | | |
| | | PHARMACEUTICALS 2.6% | | | | | | | | ||||||
* | | | Catalent, Inc. | | | | | 59,768 | | | | | | 4,380,994 | | |
| | | ROAD & RAIL 1.7% | | | | | | | | ||||||
| | | Old Dominion Freight Line, Inc. | | | | | 17,122 | | | | | | 2,903,720 | | |
| | | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 4.2% | | ||||||||||||
| | | MKS Instruments, Inc. | | | | | 30,790 | | | | | | 3,486,660 | | |
| | | Monolithic Power Systems, Inc. | | | | | 14,969 | | | | | | 3,547,653 | | |
| | | | | | | | | | | | | | 7,034,313 | | |
| | | SOFTWARE 10.1% | | | | | | | | ||||||
* | | | Digimarc Corp. | | | | | 62,520 | | | | | | 999,695 | | |
* | | | Fair Isaac Corp. | | | | | 12,235 | | | | | | 5,114,719 | | |
* | | | Guidewire Software, Inc. | | | | | 21,654 | | | | | | 2,400,346 | | |
* | | | Proofpoint, Inc. | | | | | 16,519 | | | | | | 1,835,591 | | |
* | | | PTC, Inc. | | | | | 43,317 | | | | | | 3,369,630 | | |
* | | | Tyler Technologies, Inc. | | | | | 8,806 | | | | | | 3,054,625 | | |
| | | | | | | | | | | | | | 16,774,606 | | |
| | | TEXTILES, APPAREL & LUXURY GOODS 1.5% | | | | | | | | ||||||
| | | Columbia Sportswear Co. | | | | | 30,967 | | | | | | 2,495,321 | | |
| | | Total Common Stocks (Cost: $110,996,434) | | | | | 158,138,156 | | | ||||||
| | | Short-Term Investments 4.7% (percentage of net assets) | | | | | | | | ||||||
| | | MONEY MARKET FUNDS 4.7% | | | | | | | | ||||||
| | | First American Government Obligations Fund — Class X — 0.09%a | | | | | 7,753,733 | | | | | | 7,753,733 | | |
| | | Total Short-Term Investments (Cost: $7,753,733) | | | | | 7,753,733 | | | ||||||
| | | Total Investments 99.8% (Cost: $118,750,167) | | | | $ | 165,891,889 | | | ||||||
| | | Cash and other assets, less liabilities 0.2% | | | | | 308,427 | | | ||||||
| | | Net Assets 100.0% | | | | | | | | | | $ | 166,200,316 | | |
|
| | | RMB Fund | | | RMB Mendon Financial Services Fund | | ||||||
Assets: | | ||||||||||||
Investments at cost | | | | $ | 61,756,185 | | | | | $ | 209,009,666 | | |
Investments at value | | | | $ | 96,814,797 | | | | | $ | 189,244,454 | | |
Cash on deposit for written options | | | | | — | | | | | | 271,881 | | |
Dividends and interest receivable | | | | | 30,922 | | | | | | 405,617 | | |
Receivable for capital stock sold | | | | | 21,771 | | | | | | 375,280 | | |
Receivable for investments sold | | | | | — | | | | | | 5,224,624 | | |
Prepaid expenses | | | | | 31,618 | | | | | | 34,567 | | |
Total assets | | | | | 96,899,108 | | | | | | 195,556,423 | | |
Liabilities: | | | | | | | | | | | | | |
Payable for fund shares redeemed | | | | | 73,549 | | | | | | 2,234,959 | | |
Options written at value** | | | | | — | | | | | | 1,742,490 | | |
Payable for investment advisory fees (Note 2) | | | | | 47,676 | | | | | | 115,296 | | |
Payable for distribution fees and service fees (Note 3) | | | | | 16,352 | | | | | | 30,451 | | |
Payable to line of credit (Note 7) | | | | | — | | | | | | 13,000 | | |
Payable for transfer agent fees | | | | | 10,523 | | | | | | 67,764 | | |
Payable for administration fees | | | | | 10,266 | | | | | | 20,338 | | |
Payable for audit fees | | | | | 9,446 | | | | | | 9,446 | | |
Payable for legal fees | | | | | 6,399 | | | | | | 15,140 | | |
Payable for custody fees | | | | | 743 | | | | | | 4,343 | | |
Accrued expenses and other payables | | | | | 11,298 | | | | | | 53,620 | | |
Total liabilities | | | | | 186,252 | | | | | | 4,306,847 | | |
Net assets | | | | $ | 96,712,856 | | | | | $ | 191,249,576 | | |
Net Assets Consists Of: | | | | | | | | | | | | | |
Capital paid-in | | | | $ | 58,866,060 | | | | | $ | 246,128,862 | | |
Total distributable earnings | | | | | 37,846,796 | | | | | | (54,879,286) | | |
Net assets | | | | $ | 96,712,856 | | | | | $ | 191,249,576 | | |
By share class: | | ||||||||||||
Net assets: | | ||||||||||||
Class A | | | | $ | 69,184,210 | | | | | $ | 61,632,108 | | |
Class C | | | | $ | 2,263,119 | | | | | $ | 21,147,179 | | |
Class I | | | | $ | 25,265,527 | | | | | $ | 108,470,289 | | |
NAV (par value $0.10 per share) | | ||||||||||||
Class A | | | | $ | 26.23 | | | | | $ | 27.17 | | |
Class C | | | | $ | 21.24 | | | | | $ | 24.27 | | |
Class I | | | | $ | 26.34 | | | | | $ | 27.65 | | |
Capital shares outstanding: (unlimited number of shares has been authorized) | | ||||||||||||
Class A | | | | | 2,637,311 | | | | | | 2,268,757 | | |
Class C | | | | | 106,543 | | | | | | 871,264 | | |
Class I | | | | | 959,272 | | | | | | 3,923,303 | | |
| | | RMB International Fund | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments at cost | | | | $ | 200,429,698 | | | | | $ | 63,872,744 | | ��� | | | $ | 75,076,421 | | | | | $ | 118,750,167 | | |
Investments at value | | | | $ | 203,389,408 | | | | | $ | 67,782,289 | | | | | $ | 102,777,238 | | | | | $ | 165,891,889 | | |
Dividends and interest receivable | | | | | 421,616 | | | | | | 132,497 | | | | | | 69,816 | | | | | | 125,785 | | |
Receivable for capital stock sold | | | | | 1,391,058 | | | | | | 97,347 | | | | | | 239,029 | | | | | | 280,000 | | |
Prepaid expenses | | | | | 13,192 | | | | | | 11,004 | | | | | | 17,472 | | | | | | 16,156 | | |
Total assets | | | | | 205,215,274 | | | | | | 68,023,137 | | | | | | 103,103,555 | | | | | | 166,313,830 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for fund shares redeemed | | | | | 115,523 | | | | | | 494,016 | | | | | | 266,206 | | | | | | — | | |
Payable for investment advisory fees (Note 2) | | | | | 125,977 | | | | | | 47,908 | | | | | | 51,889 | | | | | | 69,925 | | |
Payable for legal fees | | | | | 12,475 | | | | | | 4,773 | | | | | | 7,023 | | | | | | 9,750 | | |
Payable for administration fees | | | | | 10,421 | | | | | | 10,442 | | | | | | 10,360 | | | | | | 10,284 | | |
Payable for transfer agent fees | | | | | 8,041 | | ��� | | | | 7,950 | | | | | | 7,513 | | | | | | 5,507 | | |
Payable for custody fees | | | | | 7,976 | | | | | | 3,952 | | | | | | 1,590 | | | | | | 1,582 | | |
Payable for audit fees | | | | | 7,460 | | | | | | 7,460 | | | | | | 8,959 | | | | | | 9,455 | | |
Accrued expenses and other payables | | | | | 5,450 | | | | | | 5,322 | | | | | | 2,538 | | | | | | 7,011 | | |
Total liabilities | | | | | 293,323 | | | | | | 581,823 | | | | | | 356,078 | | | | | | 113,514 | | |
Net assets | | | | $ | 204,921,951 | | | | | $ | 67,441,314 | | | | | $ | 102,747,477 | | | | | $ | 166,200,316 | | |
Net Assets Consists Of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid-in | | | | $ | 229,650,884 | | | | | $ | 69,698,129 | | | | | $ | 75,402,682 | | | | | $ | 110,699,764 | | |
Total distributable earnings | | | | | (24,728,933) | | | | | | (2,256,815) | | | | | | 27,344,795 | | | | | | 55,500,552 | | |
Net assets | | | | $ | 204,921,951 | | | | | $ | 67,441,314 | | | | | $ | 102,747,477 | | | | | $ | 166,200,316 | | |
By share class: | | ||||||||||||||||||||||||
Net assets: | | ||||||||||||||||||||||||
Class I | | | | $ | 204,921,951 | | | | | $ | 67,441,314 | | | | | $ | 102,747,477 | | | | | $ | 166,200,316 | | |
NAV (par value $0.10 per share) | | ||||||||||||||||||||||||
Class I | | | | $ | 8.18 | | | | | $ | 9.27 | | | | | $ | 12.24 | | | | | $ | 10.12 | | |
Capital shares outstanding: (unlimited number of shares has been authorized) | | ||||||||||||||||||||||||
Class I | | | | | 25,039,845 | | | | | | 7,272,169 | | | | | | 8,393,303 | | | | | | 16,419,694 | | |
| | | RMB Fund | | | RMB Mendon Financial Services Fund | | ||||||
Investment Income: | | | | | | | | | | | | | |
Dividends | | | | $ | 608,549 | | | | | $ | 1,917,4641 | | |
Interest | | | | | 6,227 | | | | | | 42,301 | | |
Total income | | | | | 614,776 | | | | | | 1,959,765 | | |
Expenses: | | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | | | 288,726 | | | | | | 940,303 | | |
Service fees (Class C) (Note 3) | | | | | 3,011 | | | | | | 29,003 | | |
Distribution fees (Class A) (Note 3) | | | | | 85,374 | | | | | | 94,099 | | |
Distribution fees (Class C) (Note 3) | | | | | 9,032 | | | | | | 87,008 | | |
Registration fees and expenses | | | | | 31,087 | | | | | | 34,153 | | |
Transfer agent fees | | | | | 31,007 | | | | | | 189,999 | | |
Administration fees | | | | | 29,099 | | | | | | 28,781 | | |
Trustee fees | | | | | 27,560 | | | | | | 64,380 | | |
Interest expense (Note 7) | | | | | 481 | | | | | | 519 | | |
Other expenses | | | | | 77,079 | | | | | | 129,126 | | |
Total expenses before extraordinary expense | | | | | 582,456 | | | | | | 1,597,371 | | |
Extraordinary Expense (Note 5) | | | | | — | | | | | | 44,400 | | |
Total expenses | | | | | 582,456 | | | | | | 1,641,771 | | |
Net investment income | | | | $ | 32,320 | | | | | $ | 317,994 | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Written Options | | | | | | | | | | | | | |
Realized gain/(loss) on: | | | | | | | | | | | | | |
Investments | | | | | 962,871 | | | | | | (31,209,854) | | |
Written options | | | | | — | | | | | | 462,895 | | |
Net realized gain/(loss) from investments and written options | | | | | 962,871 | | | | | | (30,746,959) | | |
Change in unrealized appreciation/depreciation on: | | | | | | | | | | | | | |
Investments | | | | | (8,318,044) | | | | | | (102,928,137) | | |
Written options | | | | | — | | | | | | (132,852) | | |
Net unrealized appreciation/depreciation on investments and written options | | | | | (8,318,044) | | | | | | (103,060,989) | | |
Net realized and unrealized loss on investments and written options | | | | | (7,355,173) | | | | | | (133,807,948) | | |
Net decrease in net assets resulting from operations | | | | $ | (7,322,853) | | | | | $ | (133,489,954) | | |
| | | RMB International Fund | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends | | | | $ | 2,501,5601 | | | | | $ | 549,9141 | | | | | $ | 589,578 | | | | | $ | 723,136 | | |
Interest | | | | | 32,760 | | | | | | 12,589 | | | | | | 7,817 | | | | | | 11,343 | | |
Total income | | | | | 2,534,320 | | | | | | 562,503 | | | | | | 597,395 | | | | | | 734,479 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | | | 726,071 | | | | | | 287,962 | | | | | | 447,190 | | | | | | 566,204 | | |
Trustee fees | | | | | 55,386 | | | | | | 16,997 | | | | | | 25,032 | | | | | | 36,588 | | |
Administration fees | | | | | 29,535 | | | | | | 29,430 | | | | | | 29,211 | | | | | | 29,151 | | |
Transfer agent fees | | | | | 24,306 | | | | | | 23,538 | | | | | | 23,118 | | | | | | 15,953 | | |
Registration fees and expenses | | | | | 20,442 | | | | | | 14,107 | | | | | | 6,496 | | | | | | 7,073 | | |
Interest expense (Note 7) | | | | | 28 | | | | | | — | | | | | | 956 | | | | | | 61 | | |
Other expenses | | | | | 118,085 | | | | | | 57,368 | | | | | | 52,628 | | | | | | 62,372 | | |
Total expenses before extraordinary expense | | | | | 973,853 | | | | | | 429,402 | | | | | | 584,631 | | | | | | 717,402 | | |
Less: reimbursement of expenses by adviser | | | | | — | | | | | | (13,456) | | | | | | (89,318) | | | | | | (80,365) | | |
Total expenses | | | | | 973,853 | | | | | | 415,946 | | | | | | 495,313 | | | | | | 637,037 | | |
Net investment income | | | | $ | 1,560,467 | | | | | $ | 146,557 | | | | | $ | 102,082 | | | | | $ | 97,442 | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | | | | | | | | | | | | | | | | | | | | | | | | | |
Realized gain/(loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | (15,683,518) | | | | | | (576,726) | | | | | | (4,102,999) | | | | | | 4,760,413 | | |
Foreign currency transactions | | | | | 3,547 | | | | | | 2,908 | | | | | | — | | | | | | — | | |
Net realized gain/(loss) from investments and foreign currency | | | | | (15,679,971) | | | | | | (573,818) | | | | | | (4,102,999) | | | | | | 4,760,413 | | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | (8,775,380) | | | | | | (3,444,497) | | | | | | (6,251,618) | | | | | | (14,788,623) | | |
Foreign currency translations | | | | | 766 | | | | | | (1,682) | | | | | | — | | | | | | — | | |
Net unrealized appreciation/depreciation from investments and foreign currency | | | | | (8,774,614) | | | | | | (3,446,179) | | | | | | (6,251,618) | | | | | | (14,788,623) | | |
Net realized and unrealized loss on investments and foreign currency | | | | | (24,454,585) | | | | | | (4,019,997) | | | | | | (10,354,617) | | | | | | (10,028,210) | | |
Net decrease in net assets resulting from operations | | | | $ | (22,894,118) | | | | | $ | (3,873,440) | | | | | $ | (10,252,535) | | | | | $ | (9,930,768) | | |
| | | RMB Fund | | | RMB Mendon Financial Services Fund | | ||||||||||||||||||
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||||||||
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 32,320 | | | | | $ | 98,850 | | | | | $ | 317,994 | | | | | $ | (105,654) | | |
Net realized gain/(loss) on transactions | | | | | 962,871 | | | | | | 2,726,284 | | | | | | (30,746,959) | | | | | | 3,745,669 | | |
Change in unrealized appreciation/depreciation | | | | | (8,318,044) | | | | | | 27,526,913 | | | | | | (103,060,989) | | | | | | 87,141,866 | | |
Net increase/(decrease) in net assets resulting from operations | | | | | (7,322,853) | | | | | | 30,352,047 | | | | | | (133,489,954) | | | | | | 90,781,881 | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net distributions to shareholders – Class A Shares | | | | | — | | | | | | (1,257,925) | | | | | | — | | | | | | (1,008,714) | | |
Net distributions to shareholders – Class C Shares | | | | | — | | | | | | (57,967) | | | | | | — | | | | | | (332,287) | | |
Net distributions to shareholders – Class I Shares | | | | | — | | | | | | (573,970) | | | | | | — | | | | | | (1,969,257) | | |
Total distributions to shareholders | | | | | — | | | | | | (1,889,862) | | | | | | — | | | | | | (3,310,258) | | |
Increase/(decrease) in net assets derived from capital share transactions | | | | | (7,257,588) | | | | | | 9,117,490 | | | | | | (61,975,303) | | | | | | (232,573,111) | | |
Total increase/(decrease) in net assets | | | | | (14,580,441) | | | | | | 37,579,675 | | | | | | (195,465,257) | | | | | | (145,101,488) | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 111,293,297 | | | | | | 73,713,622 | | | | | | 386,714,833 | | | | | | 531,816,321 | | |
End of period | | | | $ | 96,712,856 | | | | | $ | 111,293,297 | | | | | $ | 191,249,576 | | | | | $ | 386,714,833 | | |
|
| | | RMB Fund | | | RMB Mendon Financial Services Fund | | ||||||||||||||||||
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||||||||
Capital stock transactions in dollars: | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sales of shares | | | | $ | 108,143 | | | | | $ | 641,024 | | | | | $ | 3,736,624 | | | | | $ | 9,618,632 | | |
Net proceeds from issuance of shares in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 7,055,269 | | | | | | — | | |
Net proceeds from reinvestment of dividends | | | | | — | | | | | | 1,142,217 | | | | | | — | | | | | | 967,597 | | |
Cost of shares redeemed | | | | | (2,629,550) | | | | | | (7,856,665) | | | | | | (27,311,692) | | | | | | (97,976,980) | | |
Net decrease | | | | $ | (2,521,407) | | | | | $ | (6,073,424) | | | | | $ | (16,519,799) | | | | | $ | (87,390,751) | | |
Class C shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sales of shares | | | | $ | 124,035 | | | | | $ | 76,197 | | | | | $ | 1,489,286 | | | | | $ | 2,764,941 | | |
Net proceeds from issuance of shares in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 2,813,344 | | | | | | — | | |
Net proceeds from reinvestment of dividends | | | | | — | | | | | | 52,136 | | | | | | — | | | | | | 306,124 | | |
Cost of shares redeemed | | | | | (579,587) | | | | | | (576,343) | | | | | | (6,617,191) | | | | | | (15,566,610) | | |
Net decrease | | | | $ | (455,552) | | | | | $ | (448,010) | | | | | $ | (2,314,561) | | | | | $ | (12,495,545) | | |
Class I shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sales of shares | | | | $ | 4,106,028 | | | | | $ | 20,519,655 | | | | | $ | 22,257,112 | | | | | $ | 79,761,006 | | |
Net proceeds from issuance of shares in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 8,887,299 | | | | | | — | | |
Net proceeds from reinvestment of dividends | | | | | — | | | | | | 560,008 | | | | | | — | | | | | | 1,818,140 | | |
Cost of shares redeemed | | | | | (8,386,657) | | | | | | (5,440,739) | | | | | | (74,285,354) | | | | | | (214,265,961) | | |
Net increase/(decrease) | | | | $ | (4,280,629) | | | | | $ | 15,638,924 | | | | | $ | (43,140,943) | | | | | $ | (132,686,815) | | |
Net increase/(decrease) in net assets derived from capital share transactions | | | | $ | (7,257,588) | | | | | $ | 9,117,490 | | | | | $ | (61,975,303) | | | | | $ | (232,573,111) | | |
Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 4,002 | | | | | | 25,191 | | | | | | 132,944 | | | | | | 256,958 | | |
Shares issued in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 260,632 | | | | | | — | | |
Shares issued on reinvestment of distributions | | | | | — | | | | | | 41,459 | | | | | | — | | | | | | 23,486 | | |
Shares redeemed | | | | | (103,629) | | | | | | (306,513) | | | | | | (945,215) | | | | | | (2,645,905) | | |
Net decrease in shares outstanding | | | | | (99,627) | | | | | | (239,863) | | | | | | (551,639) | | | | | | (2,365,461) | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 6,709 | | | | | | 3,563 | | | | | | 68,272 | | | | | | 80,920 | | |
Shares issued in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 116,297 | | | | | | — | | |
Shares issued on reinvestment of distributions | | | | | — | | | | | | 2,327 | | | | | | — | | | | | | 8,283 | | |
Shares redeemed | | | | | (28,667) | | | | | | (27,816) | | | | | | (243,748) | | | | | | (462,407) | | |
Net decrease in shares outstanding | | | | | (21,958) | | | | | | (21,926) | | | | | | (59,179) | | | | | | (373,204) | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 173,311 | | | | | | 871,371 | | | | | | 770,190 | | | | | | 2,116,610 | | |
Shares issued in connection with reorganization1 | | | | | — | | | | | | — | | | | | | 322,605 | | | | | | — | | |
Shares issued on reinvestment of distributions | | | | | — | | | | | | 20,276 | | | | | | — | | | | | | 43,424 | | |
Shares redeemed | | | | | (317,693) | | | | | | (212,901) | | | | | | (2,697,047) | | | | | | (5,669,779) | | |
Net increase/(decrease) in shares outstanding | | | | | (144,382) | | | | | | 678,746 | | | | | | (1,604,252) | | | | | | (3,509,745) | | |
| | | RMB International Fund | | | RMB Japan Fund | | ||||||||||||||||||
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||||||||
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,560,467 | | | | | $ | 2,213,957 | | | | | $ | 146,557 | | | | | $ | 490,253 | | |
Net realized loss on transactions | | | | | (15,679,971) | | | | | | (10,792,673) | | | | | | (573,818) | | | | | | (1,163,840) | | |
Change in unrealized appreciation/depreciation | | | | | (8,774,614) | | | | | | 36,633,583 | | | | | | (3,446,179) | | | | | | 10,669,269 | | |
Net increase/(decrease) in net assets resulting from operations | | | | | (22,894,118) | | | | | | 28,054,867 | | | | | | (3,873,440) | | | | | | 9,995,682 | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net distributions to shareholders – Class I Shares | | | | | — | | | | | | (2,510,320) | | | | | | — | | | | | | (798,824) | | |
Total distributions to shareholders | | | | | — | | | | | | (2,510,320) | | | | | | — | | | | | | (798,824) | | |
Capital stock transactions in dollars: | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sales of shares | | | | | 41,124,984 | | | | | | 102,154,868 | | | | | | 11,975,756 | | | | | | 32,294,573 | | |
Net proceeds from reinvestment of dividends | | | | | — | | | | | | 2,442,833 | | | | | | — | | | | | | 762,854 | | |
Cost of shares redeemed | | | | | (29,338,856) | | | | | | (26,910,988) | | | | | | (10,905,711) | | | | | | (16,323,652) | | |
Increase in net assets derived from capital share transactions | | | | | 11,786,128 | | | | | | 77,686,713 | | | | | | 1,070,045 | | | | | | 16,733,775 | | |
Total increase/(decrease) in net assets | | | | $ | (11,107,990) | | | | | $ | 103,231,260 | | | | | $ | (2,803,395) | | | | | $ | 25,930,633 | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 216,029,941 | | | | | | 112,798,681 | | | | | | 70,244,709 | | | | | | 44,314,076 | | |
End of period | | | | $ | 204,921,951 | | | | | $ | 216,029,941 | | | | | $ | 67,441,314 | | | | | $ | 70,244,709 | | |
Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 5,273,418 | | | | | | 11,850,953 | | | | | | 1,459,656 | | | | | | 3,567,086 | | |
Shares issued on reinvestment of distributions | | | | | — | | | | | | 269,035 | | | | | | — | | | | | | 75,158 | | |
Shares redeemed | | | | | (3,715,813) | | | | | | (3,089,358) | | | | | | (1,224,035) | | | | | | (1,769,303) | | |
Net increase in shares outstanding | | | | | 1,557,605 | | | | | | 9,030,630 | | | | | | 235,621 | | | | | | 1,872,941 | | |
|
| | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Period Ended December 31, 20191 | | | Year Ended June 30, 2019 | | | Six Months Ended June 30, 2020 (Unaudited) | | | Period Ended December 31, 20191 | | | Year Ended June 30, 2019 | | ||||||||||||||||||
Increase/(Decrease) in Net Assets | | ||||||||||||||||||||||||||||||||||||
From operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 102,082 | | | | | $ | 204,541 | | | | | $ | 385,289 | | | | | $ | 97,442 | | | | | $ | 300,385 | | | | | $ | 402,946 | | |
Net realized gain/(loss) on transactions | | | | | (4,102,999) | | | | | | 8,942,587 | | | | | | 19,852,083 | | | | | | 4,760,413 | | | | | | 13,499,295 | | | | | | 10,469,599 | | |
Change in unrealized appreciation/depreciation | | | | | (6,251,618) | | | | | | (1,869,369) | | | | | | (16,340,739) | | | | | | (14,788,623) | | | | | | (1,264,618) | | | | | | (1,514,558) | | |
Net increase/(decrease) in net assets resulting from operations | | | | | (10,252,535) | | | | | | 7,277,759 | | | | | | 3,896,633 | | | | | | (9,930,768) | | | | | | 12,535,062 | | | | | | 9,357,987 | | |
Distributions to shareholders: | | ||||||||||||||||||||||||||||||||||||
Net distributions to shareholders – Class I Shares | | | | | — | | | | | | (5,505,586) | | | | | | (32,279,821) | | | | | | — | | | | | | (20,620,227) | | | | | | (21,935,430) | | |
Total distributions to shareholders | | | | | — | | | | | | (5,505,586) | | | | | | (32,279,821) | | | | | | — | | | | | | (20,620,227) | | | | | | (21,935,430) | | |
Capital stock transactions in dollars: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds from sales of shares | | | | | 25,953,254 | | | | | | 3,132,723 | | | | | | 24,683,760 | | | | | | 23,152,453 | | | | | | 4,509,403 | | | | | | 11,577,055 | | |
Net proceeds from reinvestment of dividends | | | | | — | | | | | | 4,721,272 | | | | | | 27,431,100 | | | | | | — | | | | | | 19,054,442 | | | | | | 20,627,666 | | |
Cost of shares redeemed | | | | | (14,153,948) | | | | | | (26,846,595) | | | | | | (53,155,030) | | | | | | (5,764,677) | | | | | | (38,323,170) | | | | | | (31,577,749) | | |
Increase/(decrease) in net assets derived from capital share transactions | | | | | 11,799,306 | | | | | | (18,992,600) | | | | | | (1,040,170) | | | | | | 17,387,776 | | | | | | (14,759,325) | | | | | | 626,972 | | |
Total increase/(decrease) in net assets | | | | $ | 1,546,771 | | | | | $ | (17,220,427) | | | | | $ | (29,423,358) | | | | | $ | 7,457,008 | | | | | $ | (22,844,490) | | | | | $ | (11,950,471) | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year/period | | | | | 101,200,706 | | | | | | 118,421,133 | | | | | | 147,844,491 | | | | | | 158,743,308 | | | | | | 181,587,798 | | | | | | 193,538,269 | | |
End of year/period | | | | $ | 102,747,477 | | | | | $ | 101,200,706 | | | | | $ | 118,421,133 | | | | | $ | 166,200,316 | | | | | $ | 158,743,308 | | | | | $ | 181,587,798 | | |
Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 2,320,428 | | | | | | 227,706 | | | | | | 1,739,990 | | | | | | 2,341,593 | | | | | | 405,298 | | | | | | 987,315 | | |
Shares issued on reinvestment of distributions | | | | | — | | | | | | 345,881 | | | | | | 2,287,832 | | | | | | — | | | | | | 1,800,987 | | | | | | 2,098,440 | | |
Shares redeemed | | | | | (1,243,668) | | | | | | (1,942,481) | | | | | | (3,224,844) | | | | | | (623,283) | | | | | | (3,359,533) | | | | | | (2,773,444) | | |
Net increase/(decrease) in shares outstanding | | | | | 1,076,760 | | | | | | (1,368,894) | | | | | | 802,978 | | | | | | 1,718,310 | | | | | | (1,153,248) | | | | | | 312,311 | | |
| | | Income from investment operations | | | Less distributions | | | | | ||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of period | | | Net investment income (loss)a | | | Net realized and unrealized gain (loss) on securities and options | | | Total from investment operations | | | Dividends from net investment income | | | Distributions from capital gains (from securities transactions) | | | Total distributions | | | | | |||||||||||||||||||||
RMB Fund | | | ||||||||||||||||||||||||||||||||||||||||||||
CLASS A SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 28.19 | | | | | $ | 0.00b | | | | | $ | (1.96) | | | | | $ | (1.96) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 20.90 | | | | | | 0.01 | | | | | | 7.75 | | | | | | 7.76 | | | | | | (0.01) | | | | | | (0.46) | | | | | | (0.47) | | | | | |
12/31/2018 | | | | | 23.56 | | | | | | 0.04 | | | | | | (0.61) | | | | | | (0.57) | | | | | | — | | | | | | (2.09) | | | | | | (2.09) | | | | | |
12/31/2017 | | | | | 25.93 | | | | | | 0.08 | | | | | | 5.77 | | | | | | 5.85 | | | | | | (0.08) | | | | | | (8.14) | | | | | | (8.22) | | | | | |
12/31/2016 | | | | | 34.90 | | | | | | 0.01 | | | | | | 0.60 | | | | | | 0.61 | | | | | | (0.09) | | | | | | (9.50) | | | | | | (9.59) | | | | | |
12/31/2015 | | | | | 37.64 | | | | | | 0.11 | | | | | | 0.58 | | | | | | 0.69 | | | | | | — | | | | | | (3.43) | | | | | | (3.43) | | | | | |
CLASS C SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 22.91 | | | | | $ | (0.08) | | | | | $ | (1.59) | | | | | $ | (1.67) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 17.18 | | | | | | (0.14) | | | | | | 6.33 | | | | | | 6.19 | | | | | | — | | | | | | (0.46) | | | | | | (0.46) | | | | | |
12/31/2018 | | | | | 19.87 | | | | | | (0.12) | | | | | | (0.48) | | | | | | (0.60) | | | | | | — | | | | | | (2.09) | | | | | | (2.09) | | | | | |
12/31/2017 | | | | | 23.02 | | | | | | (0.12) | | | | | | 5.11 | | | | | | 4.99 | | | | | | — | | | | | | (8.14) | | | | | | (8.14) | | | | | |
12/31/2016 | | | | | 32.19 | | | | | | (0.22) | | | | | | 0.55 | | | | | | 0.33 | | | | | | — | | | | | | (9.50) | | | | | | (9.50) | | | | | |
12/31/2015 | | | | | 35.23 | | | | | | (0.17) | | | | | | 0.56 | | | | | | 0.39 | | | | | | — | | | | | | (3.43) | | | | | | (3.43) | | | | | |
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 28.27 | | | | | $ | 0.04 | | | | | $ | (1.97) | | | | | $ | (1.93) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 20.96 | | | | | | 0.08 | | | | | | 7.76 | | | | | | 7.84 | | | | | | (0.07) | | | | | | (0.46) | | | | | | (0.53) | | | | | |
12/31/2018 | | | | | 23.56 | | | | | | 0.10 | | | | | | (0.61) | | | | | | (0.51) | | | | | | — | | | | | | (2.09) | | | | | | (2.09) | | | | | |
For the period from 2/1/2017g through 12/31/2017 | | | | | 26.41 | | | | | | 0.15 | | | | | | 5.30 | | | | | | 5.45 | | | | | | (0.16) | | | | | | (8.14) | | | | | | (8.30) | | | | | |
RMB Mendon Financial Services Fund | | | ||||||||||||||||||||||||||||||||||||||||||||
CLASS A SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 41.70 | | | | | $ | 0.03 | | | | | $ | (14.56) | | | | | $ | (14.53) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 34.25 | | | | | | (0.04) | | | | | | 7.85 | | | | | | 7.81 | | | | | | — | | | | | | (0.36) | | | | | | (0.36) | | | | | |
12/31/2018 | | | | | 43.40 | | | | | | (0.07) | | | | | | (7.23) | | | | | | (7.30) | | | | | | — | | | | | | (1.85) | | | | | | (1.85) | | | | | |
12/31/2017 | | | | | 41.30 | | | | | | (0.17) | | | | | | 5.15 | | | | | | 4.98 | | | | | | — | | | | | | (2.88) | | | | | | (2.88) | | | | | |
12/31/2016 | | | | | 32.31 | | | | | | 0.02 | | | | | | 9.58 | | | | | | 9.60 | | | | | | — | | | | | | (0.62) | | | | | | (0.62) | | | | | |
12/31/2015 | | | | | 27.88 | | | | | | — | | | | | | 5.70 | | | | | | 5.70 | | | | | | — | | | | | | (1.27) | | | | | | (1.27) | | | | | |
CLASS C SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 37.40 | | | | | $ | (0.08) | | | | | $ | (13.05) | | | | | $ | (13.13) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
12/31/2019 | | | | | 30.98 | | | | | | (0.29) | | | | | | 7.07 | | | | | | 6.78 | | | | | | — | | | | | | (0.36) | | | | | | (0.36) | | | | | |
12/31/2018 | | | | | 39.76 | | | | | | (0.36) | | | | | | (6.57) | | | | | | (6.93) | | | | | | — | | | | | | (1.85) | | | | | | (1.85) | | | | | |
12/31/2017 | | | | | 38.32 | | | | | | (0.45) | | | | | | 4.77 | | | | | | 4.32 | | | | | | — | | | | | | (2.88) | | | | | | (2.88) | | | | | |
12/31/2016 | | | | | 30.25 | | | | | | (0.22) | | | | | | 8.91 | | | | | | 8.69 | | | | | | — | | | | | | (0.62) | | | | | | (0.62) | | | | | |
12/31/2015 | | | | | 26.36 | | | | | | (0.21) | | | | | | 5.37 | | | | | | 5.16 | | | | | | — | | | | | | (1.27) | | | | | | (1.27) | | | | | |
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 42.39 | | | | | $ | 0.07 | | | | | $ | (14.81) | | | | | $ | (14.74) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 34.72 | | | | | | 0.05 | | | | | | 7.98 | | | | | | 8.03 | | | | | | — | | | | | | (0.36) | | | | | | (0.36) | | | | | |
12/31/2018 | | | | | 43.87 | | | | | | 0.06 | | | | | | (7.36) | | | | | | (7.30) | | | | | | — | | | | | | (1.85) | | | | | | (1.85) | | | | | |
For the period from 2/1/2017g through 12/31/2017 | | | | | 41.33 | | | | | | (0.06) | | | | | | 5.48 | | | | | | 5.42 | | | | | | — | | | | | | (2.88) | | | | | | (2.88) | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Ratio to average net assets % | | | | | |||||||||||||||||||||
| Redemption fees | | | Net asset value, end of period | | | Total return % | | | Net assets, end of period (in $000’s) | | | Ratio of total expenses after extraordinary expense and reimbursement / recovery (Note 5) | | | Ratio of total expenses before extraordinary expense and reimbursement / recovery (Note 5) | | | Ratio of net investment income (loss) | | | Portfolio turnover rate % | | | ||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 26.23 | | | | | | (6.95)c | | | | | $ | 69,184 | | | | | | 1.26d,e | | | | | | 1.26d,e | | | | | | 0.02d | | | | | | 12f | | | | ||
| | | — | | | | | | 28.19 | | | | | | 37.16 | | | | | | 77,152 | | | | | | 1.16 | | | | | | 1.16 | | | | | | 0.06 | | | | | | 22 | | | | ||
| | | — | | | | | | 20.90 | | | | | | (2.84) | | | | | | 62,225 | | | | | | 1.25 | | | | | | 1.25 | | | | | | 0.14 | | | | | | 23 | | | | ||
| | | 0.00b | | | | | | 23.56 | | | | | | 22.49 | | | | | | 72,848 | | | | | | 1.29 | | | | | | 1.29 | | | | | | 0.27 | | | | | | 45 | | | | ||
| | | 0.01 | | | | | | 25.93 | | | | | | 1.36 | | | | | | 78,787 | | | | | | 1.63 | | | | | | 1.55 | | | | | | 0.02 | | | | | | 51 | | | | ||
| | | 0.00b | | | | | | 34.90 | | | | | | 1.52 | | | | | | 110,275 | | | | | | 1.38 | | | | | | 1.38 | | | | | | 0.28 | | | | | | 17 | | | | ||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 21.24 | | | | | | (7.29)c | | | | | $ | 2,263 | | | | | | 2.01d,e | | | | | | 2.01d,e | | | | | | (0.74)d | | | | | | 12f | | | | ||
| | | — | | | | | | 22.91 | | | | | | 36.07 | | | | | | 2,944 | | | | | | 1.91 | | | | | | 1.91 | | | | | | (0.69) | | | | | | 22 | | | | ||
| | | — | | | | | | 17.18 | | | | | | (3.51) | | | | | | 2,584 | | | | | | 2.00 | | | | | | 2.00 | | | | | | (0.60) | | | | | | 23 | | | | ||
| | | — | | | | | | 19.87 | | | | | | 21.57 | | | | | | 3,823 | | | | | | 2.04 | | | | | | 2.04 | | | | | | (0.48) | | | | | | 45 | | | | ||
| | | 0.00b | | | | | | 23.02 | | | | | | 0.57 | | | | | | 4,927 | | | | | | 2.39 | | | | | | 2.30 | | | | | | (0.73) | | | | | | 51 | | | | ||
| | | 0.00b | | | | | | 32.19 | | | | | | 0.77 | | | | | | 11,507 | | | | | | 2.13 | | | | | | 2.13 | | | | | | (0.47) | | | | | | 17 | | | | ||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 26.34 | | | | | | (6.83)c | | | | | $ | 25,266 | | | | | | 1.00d,e | | | | | | 1.00d,e | | | | | | 0.28d | | | | | | 12f | | | | ||
| | | — | | | | | | 28.27 | | | | | | 37.53 | | | | | | 31,197 | | | | | | 0.91 | | | | | | 0.91 | | | | | | 0.32 | | | | | | 22 | | | | ||
| | | — | | | | | | 20.96 | | | | | | (2.62) | | | | | | 8,905 | | | | | | 1.02 | | | | | | 1.02 | | | | | | 0.43 | | | | | | 23 | | | | ||
| | | 0.00b | | | | | | 23.56 | | | | | | 20.52c | | | | | | 5,586 | | | | | | 1.04d | | | | | | 1.04d | | | | | | 0.52d | | | | | | 45f | | | | ||
| | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 27.17 | | | | | | (34.84)c | | | | | $ | 61,632 | | | | | | 1.39d,h | | | | | | 1.35d,h | | | | | | 0.17d | | | | | | 42f | | | | ||
| | | — | | | | | | 41.70 | | | | | | 22.80 | | | | | | 117,615 | | | | | | 1.28i | | | | | | 1.28i | | | | | | (0.12) | | | | | | 27 | | | | ||
| | | 0.00 b | | | | | | 34.25 | | | | | | (17.02) | | | | | | 177,624 | | | | | | 1.27 | | | | | | 1.27 | | | | | | (0.15) | | | | | | 58 | | | | ||
| | | 0.00b | | | | | | 43.40 | | | | | | 11.99 | | | | | | 333,628 | | | | | | 1.33 | | | | | | 1.33 | | | | | | (0.39) | | | | | | 59 | | | | ||
| | | 0.01 | | | | | | 41.30 | | | | | | 29.77 | | | | | | 420,479 | | | | | | 1.42 | | | | | | 1.41 | | | | | | 0.05 | | | | | | 71 | | | | ||
| | | 0.00b | | | | | | 32.31 | | | | | | 20.43 | | | | | | 224,755 | | | | | | 1.71 | | | | | | 1.61 | | | | | | 0.02 | | | | | | 62 | | | | ||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 24.27 | | | | | | (35.11)c | | | | | $ | 21,147 | | | | | | 2.15d,h | | | | | | 2.11d,h | | | | | | (0.55)d | | | | | | 42f | | | | ||
| | | — | | | | | | 37.40 | | | | | | 21.88 | | | | | | 34,797 | | | | | | 2.03i | | | | | | 2.03i | | | | | | (0.87) | | | | | | 27 | | | | ||
| | | 0.00b | | | | | | 30.98 | | | | | | (17.65) | | | | | | 40,385 | | | | | | 2.02 | | | | | | 2.02 | | | | | | (0.89) | | | | | | 58 | | | | ||
| | | 0.00b | | | | | | 39.76 | | | | | | 11.17 | | | | | | 58,027 | | | | | | 2.08 | | | | | | 2.08 | | | | | | (1.14) | | | | | | 59 | | | | ||
| | | 0.00b | | | | | | 38.32 | | | | | | 28.76 | | | | | | 47,247 | | | | | | 2.17 | | | | | | 2.16 | | | | | | (0.73) | | | | | | 71 | | | | ||
| | | 0.00b | | | | | | 30.25 | | | | | | 19.55 | | | | | | 27,017 | | | | | | 2.46 | | | | | | 2.36 | | | | | | (0.73) | | | | | | 62 | | | | ||
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | $ | — | | | | | $ | 27.65 | | | | | | (34.77)c | | | | | $ | 108,470 | | | | | | 1.14d,h | | | | | | 1.11d,h | | | | | | 0.42d | | | | | | 42f | | | | ||
| | | — | | | | | | 42.39 | | | | | | 23.13 | | | | | | 234,303 | | | | | | 1.03i | | | | | | 1.03i | | | | | | 0.14 | | | | | | 27 | | | | ||
| | | 0.00b | | | | | | 34.72 | | | | | | (16.84) | | | | | | 313,808 | | | | | | 1.02 | | | | | | 1.02 | | | | | | 0.13 | | | | | | 58 | | | | ||
| | | 0.00b | | | | | | 43.87 | | | | | | 13.02c | | | | | | 242,342 | | | | | | 1.08d | | | | | | 1.08d | | | | | | (0.14)d | | | | | | 59f | | | |
| | | Income from investment operations | | | Less distributions | | | | | ||||||||||||||||||||||||||||||||||||
| | | Net asset value, beginning of period | | | Net investment income (loss) | | | Net realized and unrealized gain (loss) on securities | | | Total from investment operations | | | Dividends from net investment income | | | Distributions from capital gains (from securities transactions) | | | Total distributions | | | | | |||||||||||||||||||||
RMB International Fund | | | ||||||||||||||||||||||||||||||||||||||||||||
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 9.20 | | | | | $ | 0.07a | | | | | $ | (1.09) | | | | | $ | (1.02) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 7.81 | | | | | | 0.11a | | | | | | 1.39 | | | | | | 1.50 | | | | | | (0.11) | | | | | | — | | | | | | (0.11) | | | | | |
12/31/2018 | | | | | 10.01 | | | | | | 0.04a | | | | | | (2.22) | | | | | | (2.18) | | | | | | (0.02) | | | | | | — | | | | | | (0.02) | | | | | |
For the period from 12/27/2017c through 12/31/2017 | | | | | 10.00 | | | | | | —a | | | | | | 0.01 | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | — | | | | | |
RMB Japan Fund | | | ||||||||||||||||||||||||||||||||||||||||||||
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 9.98 | | | | | $ | 0.02a | | | | | $ | (0.73) | | | | | $ | (0.71) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
12/31/2019 | | | | | 8.58 | | | | | | 0.07a | | | | | | 1.44 | | | | | | 1.51 | | | | | | (0.11) | | | | | | — | | | | | | (0.11) | | | | | |
12/31/2018 | | | | | 9.96 | | | | | | 0.06a | | | | | | (1.41) | | | | | | (1.35) | | | | | | (0.03) | | | | | | — | | | | | | (0.03) | | | | | |
For the period from 12/27/2017c through 12/31/2017 | | | | | 10.00 | | | | | | (0.00)a,f | | | | | | (0.04) | | | | | | (0.04) | | | | | | — | | | | | | — | | | | | | — | | | | | |
RMB Small Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 13.83 | | | | | $ | 0.01 | | | | | $ | (1.60) | | | | | $ | (1.59) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
For the period from 7/1/2019 through 12/31/2019h | | | | | 13.63 | | | | | | 0.03 | | | | | | 0.82 | | | | | | 0.85 | | | | | | (0.06) | | | | | | (0.59) | | | | | | (0.65) | | | | | |
6/30/2019 | | | | | 18.76 | | | | | | 0.04 | | | | | | (0.00)f | | | | | | 0.04 | | | | | | — | | | | | | (5.17) | | | | | | (5.17) | | | | | |
6/30/2018 | | | | | 19.33 | | | | | | 0.08 | | | | | | 3.00 | | | | | | 3.08 | | | | | | (0.09) | | | | | | (3.56) | | | | | | (3.65) | | | | | |
6/30/2017 | | | | | 17.91 | | | | | | 0.03 | | | | | | 2.09 | | | | | | 2.12 | | | | | | (0.04) | | | | | | (0.66) | | | | | | (0.70) | | | | | |
6/30/2016 | | | | | 19.97 | | | | | | 0.03 | | | | | | (0.49) | | | | | | (0.46) | | | | | | (0.01) | | | | | | (1.59) | | | | | | (1.60) | | | | | |
6/30/2015 | | | | | 22.96 | | | | | | — | | | | | | 1.33 | | | | | | 1.33 | | | | | | — | | | | | | (4.32) | | | | | | (4.32) | | | | | |
RMB SMID Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CLASS I SHARES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6/30/2020 (unaudited) | | | | $ | 10.80 | | | | | $ | 0.01 | | | | | $ | (0.69) | | | | | $ | (0.68) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
For the period from 7/1/2019 through 12/31/2019h | | | | | 11.45 | | | | | | 0.03 | | | | | | 0.86 | | | | | | 0.89 | | | | | | (0.06) | | | | | | (1.48) | | | | | | (1.54) | | | | | |
6/30/2019 | | | | | 12.45 | | | | | | 0.03 | | | | | | 0.44 | | | | | | 0.47 | | | | | | — | | | | | | (1.47) | | | | | | (1.47) | | | | | |
6/30/2018 | | | | | 12.12 | | | | | | 0.07 | | | | | | 1.94 | | | | | | 2.01 | | | | | | (0.07) | | | | | | (1.61) | | | | | | (1.68) | | | | | |
6/30/2017 | | | | | 12.93 | | | | | | 0.02 | | | | | | 1.33 | | | | | | 1.35 | | | | | | (0.03) | | | | | | (2.13) | | | | | | (2.16) | | | | | |
6/30/2016 | | | | | 13.61 | | | | | | 0.02 | | | | | | 0.08 | | | | | | 0.10 | | | | | | — | | | | | | (0.78) | | | | | | (0.78) | | | | | |
6/30/2015 | | | | | 16.31 | | | | | | 0.01 | | | | | | 0.33 | | | | | | 0.34 | | | | | | (0.01) | | | | | | (3.03) | | | | | | (3.04) | | | | | |
| | | | | | | | | | | | | | | | | | | Ratio to average net assets % | | | | | | | | |||||||||||||||||||||
| Net asset value, end of period | | | Total return % | | | Net assets, end of period (in $000’s) | | | Ratio of total expenses after reimbursement/ recovery | | | Ratio of total expenses before reimbursement/ recovery | | | Ratio of net investment income (loss) after reimbursement/ recovery | | | Ratio of net investment income (loss) before reimbursement/ recovery | | | Portfolio turnover rate % | | ||||||||||||||||||||||||
| | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | $ | 8.18 | | | | | | (11.09)b | | | | | $ | 204,922 | | | | | | 1.01d,e | | | | | | 1.01d,e | | | | | | 1.61d | | | | | | 1.61d | | | | | | 21b | | |
| | | 9.20 | | | | | | 19.20 | | | | | | 216,030 | | | | | | 0.95 | | | | | | 0.94 | | | | | | 1.27 | | | | | | 1.28 | | | | | | 112 | | |
| | | 7.81 | | | | | | (21.81) | | | | | | 112,799 | | | | | | 1.15 | | | | | | 1.16 | | | | | | 0.38 | | | | | | 0.37 | | | | | | 28 | | |
| | | 10.01 | | | | | | 0.10b | | | | | | 100 | | | | | | 1.15d | | | | | | 229.01d | | | | | | (1.15)d | | | | | | (229.01)d | | | | | | — | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | $ | 9.27 | | | | | | (7.11)b | | | | | $ | 67,441 | | | | | | 1.30d | | | | | | 1.34d | | | | | | 0.46d | | | | | | 0.42d | | | | | | 20b | | |
| | | 9.98 | | | | | | 17.63 | | | | | | 70,245 | | | | | | 1.30g | | | | | | 1.28g | | | | | | 0.77 | | | | | | 0.79 | | | | | | 76 | | |
| | | 8.58 | | | | | | (13.57) | | | | | | 44,314 | | | | | | 1.30 | | | | | | 1.84 | | | | | | 0.61 | | | | | | 0.07 | | | | | | 135 | | |
| | | 9.96 | | | | | | (0.40)b | | | | | | 100 | | | | | | 1.30d | | | | | | 230.16d | | | | | | (1.30)d | | | | | | (230.16)d | | | | | | — | | |
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | $ | 12.24 | | | | | | (11.50)b | | | | | $ | 102,747 | | | | | | 1.05d,e | | | | | | 1.24d,e | | | | | | 0.22d | | | | | | 0.03d | | | | | | 24b | | |
| | | 13.83 | | | | | | 6.33b | | | | | | 101,201 | | | | | | 1.10d,g | | | | | | 1.24d,g | | | | | | 0.35d | | | | | | 0.21d | | | | | | 6b | | |
| | | 13.63 | | | | | | 3.96 | | | | | | 118,421 | | | | | | 1.10 | | | | | | 1.23 | | | | | | 0.32 | | | | | | 0.19 | | | | | | 19 | | |
| | | 18.76 | | | | | | 17.88 | | | | | | 147,844 | | | | | | 1.10 | | | | | | 1.16 | | | | | | 0.53 | | | | | | 0.47 | | | | | | 20 | | |
| | | 19.33 | | | | | | 11.90 | | | | | | 295,401 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 0.15 | | | | | | 0.15 | | | | | | 32 | | |
| | | 17.91 | | | | | | (1.94) | | | | | | 422,127 | | | | | | 1.09 | | | | | | 1.09 | | | | | | 0.19 | | | | | | 0.19 | | | | | | 31 | | |
| | | 19.97 | | | | | | 7.14 | | | | | | 443,004 | | | | | | 1.09 | | | | | | 1.09 | | | | | | (0.04) | | | | | | (0.04) | | | | | | 31 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | $ | 10.12 | | | | | | (6.30)b | | | | | $ | 166,200 | | | | | | 0.90d,e | | | | | | 1.01d,e | | | | | | 0.14d | | | | | | 0.03d | | | | | | 16b | | |
| | | 10.80 | | | | | | 8.06b | | | | | | 158,743 | | | | | | 0.96d,g | | | | | | 1.04d,g | | | | | | 0.35d | | | | | | 0.27d | | | | | | 4b | | |
| | | 11.45 | | | | | | 5.71 | | | | | | 181,588 | | | | | | 0.95 | | | | | | 1.05 | | | | | | 0.22 | | | | | | 0.12 | | | | | | 16 | | |
| | | 12.45 | | | | | | 18.20 | | | | | | 193,538 | | | | | | 0.95 | | | | | | 1.00 | | | | | | 0.58 | | | | | | 0.53 | | | | | | 14 | | |
| | | 12.12 | | | | | | 11.28 | | | | | | 310,879 | | | | | | 0.95 | | | | | | 0.96 | | | | | | 0.12 | | | | | | 0.11 | | | | | | 34 | | |
| | | 12.93 | | | | | | 1.07 | | | | | | 394,652 | | | | | | 0.95 | | | | | | 0.99 | | | | | | 0.11 | | | | | | 0.07 | | | | | | 31 | | |
| | | 13.61 | | | | | | 3.34 | | | | | | 725,952 | | | | | | 0.95 | | | | | | 0.96 | | | | | | 0.05 | | | | | | 0.04 | | | | | | 37 | | |
| 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% | | |
| | | Class A | | | Class C | | ||||||
RMB Fund | | | | | 0.25% | | | | | | 0.75% | | |
RMB Mendon Financial Services Fund | | | | | 0.25% | | | | | | 0.75% | | |
| | | Class C | | |||
RMB Fund | | | | | 0.25% | | |
RMB Mendon Financial Services Fund | | | | | 0.25% | | |
| | | Class A | | | Class C | | | Class I | | |||||||||
RMB Fund | | | | | 1.59% | | | | | | 2.34% | | | | | | 1.34% | | |
RMB Mendon Financial Services Fund | | | | | 1.80% | | | | | | 2.55% | | | | | | 1.55% | | |
RMB International Fund | | | | | | | | | | | | | | | | | 1.15% | | |
RMB Japan Fund | | | | | | | | | | | | | | | | | 1.30% | | |
RMB Small Cap Fund | | | | | | | | | | | | | | | | | 0.95% | | |
RMB SMID Cap Fund | | | | | | | | | | | | | | | | | 0.80% | | |
Year Incurred | | | Expiration Year | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||
2018 | | | | | 2021 | | | | | $ | 110,503 | | | | | $ | — | | | | | $ | — | | |
2019 | | | | | 2022 | | | | | $ | 15,745 | | | | | $ | 81,482 | | | | | $ | 75,354 | | |
2020 | | | | | 2023 | | | | | $ | 18,509 | | | | | $ | 89,318 | | | | | $ | 80,365 | | |
| | | Purchases | | | Sales | | ||||||
RMB Fund | | | | $ | 11,287,973 | | | | | $ | 17,378,600 | | |
RMB Mendon Financial Services Fund1 | | | | $ | 104,747,322 | | | | | $ | 156,292,494 | | |
RMB International Fund | | | | $ | 55,328,220 | | | | | $ | 38,911,280 | | |
RMB Japan Fund | | | | $ | 15,908,340 | | | | | $ | 12,312,769 | | |
RMB Small Cap Fund | | | | $ | 28,976,466 | | | | | $ | 21,879,966 | | |
RMB SMID Cap Fund | | | | $ | 35,543,000 | | | | | $ | 23,111,717 | | |
| | | Outstanding Daily Average Balance for the Period | | | Maximum Amounts Outstanding for the Period | | | Interest Expense for the Period | | | Average Interest Rate | | | Outstanding Balance at 6/30/2020 | | |||||||||||||||
RMB Fund | | | | $ | 640,250 | | | | | $ | 1,085,000 | | | | | $ | 481 | | | | | | 3.25% | | | | | $ | 0 | | |
RMB Mendon Financial Services Fund | | | | | 717,800 | | | | | | 4,004,000 | | | | | | 519 | | | | | | 2.95% | | | | | | 13,000 | | |
RMB International Fund | | | | | 455,000 | | | | | | 455,000 | | | | | | 28 | | | | | | 2.25% | | | | | | 0 | | |
RMB Small Cap Fund | | | | | 2,939,600 | | | | | | 6,727,000 | | | | | | 956 | | | | | | 2.85% | | | | | | 0 | | |
RMB SMID Cap Fund | | | | | 245,750 | | | | | | 281,000 | | | | | | 61 | | | | | | 2.25% | | | | | | 0 | | |
Fiscal year ended 12/31/2019 | | | RMB Fund | | | RMB Mendon Financial Services Fund | | | RMB International Fund | | | RMB Japan Fund | | ||||||||||||
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary income | | | | $ | 668,228 | | | | | $ | — | | | | | $ | 2,510,320 | | | | | $ | 798,824 | | |
Long-Term Capital Gain | | | | | 1,221,634 | | | | | | 3,310,235 | | | | | | — | | | | | | — | | |
Total Distributions Paid | | | | $ | 1,889,862 | | | | | $ | 3,310,235 | | | | | $ | 2,510,320 | | | | | $ | 798,824 | | |
|
For the period from 7/1/19 to 12/31/20191 | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||
Distributions paid from: | | | | | | | | | | | | | |
Ordinary income | | | | $ | 678,779 | | | | | $ | 756,944 | | |
Long-Term Capital Gain | | | | | 4,826,807 | | | | | | 19,863,283 | | |
Total Distributions Paid | | | | $ | 5,505,586 | | | | | $ | 20,620,227 | | |
|
Fiscal year ended 12/31/2018 | | | RMB Fund | | | RMB Mendon Financial Services Fund | | | RMB International Fund | | | RMB Japan Fund | | ||||||||||||
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary income | | | | $ | 2,667 | | | | | $ | 11,459,795 | | | | | $ | 258,083 | | | | | $ | 168,775 | | |
Long-Term Capital Gain | | | | | 6,780,004 | | | | | | 18,024,374 | | | | | | — | | | | | | — | | |
Total Distributions Paid | | | | $ | 6,782,671 | | | | | $ | 29,484,169 | | | | | $ | 258,083 | | | | | $ | 168,775 | | |
|
Fiscal year ended 6/30/20191 | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||
Distributions paid from: | | | | | | | | | | | | | |
Ordinary income | | | | $ | — | | | | | $ | 4,808,485 | | |
Long-Term Capital Gain | | | | | 32,279,821 | | | | | | 17,126,945 | | |
Total Distributions Paid | | | | $ | 32,279,821 | | | | | $ | 21,935,430 | | |
|
Fiscal year ended 6/30/20181 | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||
Distributions paid from: | | | | | | | | | | | | | |
Ordinary income | | | | $ | 4,794,030 | | | | | $ | 4,523,434 | | |
Long-Term Capital Gain | | | | | 44,024,773 | | | | | | 31,938,075 | | |
Total Distributions Paid | | | | $ | 48,818,803 | | | | | $ | 36,461,509 | | |
2019 | | | RMB Fund | | | RMB Mendon Financial Services Fund | | | RMB International Fund | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||||||||
Tax cost of Investments | | | | $ | 68,035,672 | | | | | $ | 304,008,716 | | | | | $ | 204,126,656 | | | | | $ | 63,821,732 | | | | | $ | 67,185,794 | | | | | $ | 96,707,215 | | |
Unrealized appreciation | | | | | 43,619,204 | | | | | | 90,846,708 | | | | | | 15,862,836 | | | | | | 8,144,153 | | | | | | 35,407,836 | | | | | | 64,108,431 | | |
Unrealized depreciation | | | | | (222,764) | | | | | | (7,512,503) | | | | | | (4,127,745) | | | | | | (1,881,405) | | | | | | (1,555,586) | | | | | | (2,616,305) | | |
Net unrealized appreciation | | | | | 43,396,440 | | | | | | 83,334,205 | | | | | | 11,735,091 | | | | | | 6,262,748 | | | | | | 33,852,250 | | | | | | 61,492,126 | | |
Undistributed ordinary income | | | | | 352,332 | | | | | | — | | | | | | 519,239 | | | | | | 2,312 | | | | | | — | | | | | | — | | |
Undistributed long-term capital gains | | | | | 1,420,877 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,014,765 | | | | | | 4,423,306 | | |
Total distributable earnings | | | | | 1,773,209 | | | | | | — | | | | | | 519,239 | | | | | | 2,312 | | | | | | 4,014,765 | | | | | | 4,423,306 | | |
Other accumulated losses | | | | | — | | | | | | (3,353,954) | | | | | | (14,089,145) | | | | | | (4,648,435) | | | | | | (269,685) | | | | | | (484,112) | | |
Total accumulated gain/(loss) | | | | $ | 45,169,649 | | | | | $ | 79,980,251 | | | | | $ | (1,834,815) | | | | | $ | 1,616,625 | | | | | $ | 37,597,330 | | | | | $ | 65,431,320 | | |
Not Subject to Expiration | | | RMB Fund | | | RMB Mendon Financial Services Fund | | | RMB International Fund | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||||||||
Short-Term | | | | $ | — | | | | | $ | (3,353,955) | | | | | $ | (7,668,904) | | | | | $ | (4,478,621) | | | | | $ | — | | | | | $ | — | | |
Long-Term | | | | $ | — | | | | | $ | — | | | | | $ | (5,531,626) | | | | | $ | (171,820) | | | | | $ | — | | | | | $ | — | | |
Increase/(Decrease) | | | RMB Fund | | | RMB Mendon Financial Services Fund | | | RMB International Fund | | | RMB Japan Fund | | | RMB Small Cap Fund | | | RMB SMID Cap Fund | | ||||||||||||||||||
Distributable Earnings | | | | $ | (316,271) | | | | | $ | 105,677 | | | | | $ | — | | | | | $ | — | | | | | $ | (232,903) | | | | | $ | 9,752,423 | | |
Paid-In Capital | | | | $ | 316,271 | | | | | $ | (105,677) | | | | | $ | — | | | | | $ | — | | | | | $ | 232,903 | | | | | $ | (9,752,423) | | |
Affiliate | | | Value at 12/31/19 | | | Cost of Purchases | | | Proceeds from Sales | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | Value at 06/30/20 | | | Dividend Income | | |||||||||||||||||||||
Equity Bancshares, Inc. – Class A1 | | | | $ | 25,431,725 | | | | | $ | — | | | | | $ | 3,188,281 | | | | | $ | (2,980,949) | | | | | $ | (7,926,495) | | | | | $ | 11,336,000 | | | | | $ | — | | |
Totals | | | | $ | 25,431,725 | | | | | $ | — | | | | | $ | 3,188,281 | | | | | $ | (2,980,949) | | | | | $ | (7,926,495) | | | | | $ | 11,336,000 | | | | | $ | — | | |
|
Affiliate | | | Shares at 12/31/19 | | | Purchases | | | Sales | | | Shares at 06/30/20 | | ||||||||||||
Equity Bancshares, Inc. – Class A1 | | | | | 823,833 | | | | | | — | | | | | | 173,833 | | | | | | 650,000 | | |
Totals | | | | | 823,833 | | | | | | — | | | | | | 173,833 | | | | | | 650,000 | | |
| | | Common Stock | | | Cost | | | Value at June 30, 2020 | | | Percentage of Net Assets | | |||||||||
RMB Mendon Financial Services Fund | | | Professional Holding Corp. – Class A | | | | $ | 4,595,955 | | | | | $ | 3,448,208 | | | | | | 1.80% | | |
At June 30, 2020 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
RMB Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks1 | | | | $ | 95,533,468 | | | | | $ | — | | | | | $ | — | | | | | $ | 95,533,468 | | |
Short-Term Investments | | | | | 1,281,329 | | | | | | — | | | | | | — | | | | | | 1,281,329 | | |
Total Investments in Securities | | | | $ | 96,814,797 | | | | | $ | — | | | | | $ | — | | | | | $ | 96,814,797 | | |
RMB Mendon Financial Services Fund | | ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks1 | | | | $ | 189,073,399 | | | | | $ | — | | | | | $ | — | | | | | $ | 189,073,399 | | |
Warrants | | | | | 170,259 | | | | | | — | | | | | | — | | | | | | 170,259 | | |
Short-Term Investments | | | | | 796 | | | | | | — | | | | | | — | | | | | | 796 | | |
Total | | | | $ | 189,244,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 189,244,454 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Written Options1 | | | | | (645,000) | | | | | | (1,097,490) | | | | | | — | | | | | | (1,742,490) | | |
Total Investments in Securities | | | | $ | 188,599,454 | | | | | $ | (1,097,490) | | | | | $ | — | | | | | $ | 187,501,964 | | |
RMB International Fund | | ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2020 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks1,2 | | | | $ | 5,579,430 | | | | | $ | 192,468,919 | | | | | $ | — | | | | | $ | 198,048,349 | | |
Short-Term Investments | | | | | 5,341,059 | | | | | | — | | | | | | — | | | | | | 5,341,059 | | |
Total Investments in Securities | | | | $ | 10,920,489 | | | | | $ | 192,468,919 | | | | | $ | — | | | | | $ | 203,389,408 | | |
RMB Japan Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks1,2 | | | | $ | — | | | | | $ | 65,138,960 | | | | | $ | — | | | | | $ | 65,138,960 | | |
Short-Term Investments | | | | | 2,643,329 | | | | | | — | | | | | | — | | | | | | 2,643,329 | | |
Total Investments in Securities | | | | $ | 2,643,329 | | | | | $ | 65,138,960 | | | | | $ | — | | | | | $ | 67,782,289 | | |
RMB Small Cap Fund | | ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks1 | | | | $ | 97,778,953 | | | | | $ | — | | | | | $ | — | | | | | $ | 97,778,953 | | |
Short-Term Investments | | | | | 4,998,285 | | | | | | — | | | | | | — | | | | | | 4,998,285 | | |
Total Investments in Securities | | | | $ | 102,777,238 | | | | | $ | — | | | | | $ | — | | | | | $ | 102,777,238 | | |
RMB SMID Cap Fund | | ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks1 | | | | $ | 158,138,156 | | | | | $ | — | | | | | $ | — | | | | | $ | 158,138,156 | | |
Short-Term Investments | | | | | 7,753,733 | | | | | | — | | | | | | — | | | | | | 7,753,733 | | |
Total Investments in Securities | | | | $ | 165,891,889 | | | | | $ | — | | | | | $ | — | | | | | $ | 165,891,889 | | |
|
| | | RMB International Fund | | | RMB Japan Fund | | ||||||
Australia | | | | $ | 3,015,456 | | | | | $ | — | | |
Finland | | | | | 4,853,152 | | | | | | — | | |
France | | | | | 19,105,364 | | | | | | — | | |
Germany | | | | | 6,010,820 | | | | | | — | | |
Hong Kong | | | | | 9,287,169 | | | | | | — | | |
Ireland | | | | | 11,723,489 | | | | | | — | | |
Japan | | | | | 65,387,336 | | | | | | 65,138,960 | | |
Netherlands | | | | | 4,796,792 | | | | | | — | | |
Spain | | | | | 10,965,012 | | | | | | — | | |
Sweden | | | | | 3,511,364 | | | | | | — | | |
Switzerland | | | | | 24,022,627 | | | | | | — | | |
United Kingdom | | | | | 29,790,338 | | | | | | — | | |
Total | | | | $ | 192,468,919 | | | | | $ | 65,138,960 | | |
As of June 30, 2020
Fund | | | Derivatives not accounted for as hedging instruments under ASC 815 | | | Statements of Assets & Liabilities Location | | | Asset or Liability | | | Fair Value | | |||
RMB Mendon Financial Services Fund | | | Equity Contracts | | | Options written, at value | | | Liability | | | | $ | 1,742,490 | | |
Statements of Operations
For the year ended June 30, 2020
Fund | | | Changes in Derivatives not accounted for as hedging instruments under ASC 815 | | | Location of Gain or (Loss) on Derivatives | | | Realized Gain or (Loss) on Derivatives | | | Change in Unrealized Appreciation or (Depreciation) | | ||||||
RMB Mendon Financial Services Fund | | | Equity Contracts | | | Realized gain on written options | | | | $ | 462,895 | | | | | | | | |
| | | | Net unrealized appreciation/ depreciation on written options | | | | | | | | | | $ | (132,852) | | |
Fund | | | Derivative | | | Instrument | | | Number of Contracts | | | Notional Value | | ||||||
RMB Mendon Financial Services Fund | | | Equity Contracts | | | Call Option Written | | | | | (4,564) | | | | | $ | (740,881) | | |
Target Fund | | | RMB Mendon Financial Long/Short Fund – Class A | | | RMB Mendon Financial Long/Short Fund – Class C | | | RMB Mendon Financial Long/Short Fund – Class I | | |||||||||
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) | | |
Acquiring Fund | | | RMB Mendon Financial Services Fund – Class A | | | RMB Mendon Financial Services Fund – Class C | | | RMB Mendon Financial Services Fund – Class I | | |||||||||
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 | | |
| | | RMB Mendon Financial Services Fund | | |||
Net investment income | | | | $ | 147,618 | | |
Net realized loss on investments | | | | | (63,418,709) | | |
Change in net unrealized appreciation/depreciation on investments | | | | | (119,310,519) | | |
Total decrease in net assets resulting from operations | | | | $ | (182,581,610) | | |
Predecessor Fund | | | Successor Fund | |
IronBridge Small Cap Fund | | | RMB Small Cap Fund | |
IronBridge SMID Cap Fund | | | RMB SMID Cap Fund | |
IronBridge Large Cap Fund | | | RMB Dividend Growth Fund | |
| | | IronBridge Small Cap Fund | | | IronBridge SMID Cap Fund | | | IronBridge Large Cap Fund | | |||||||||
Net assets | | | | $ | 118,978,909 | | | | | $ | 180,094,492 | | | | | $ | 35,972,500 | | |
Shares outstanding | | | | | 8,810,935 | | | | | | 15,862,806 | | | | | | 2,512,941 | | |
Net asset value | | | | $ | 13.50 | | | | | $ | 11.35 | | | | | $ | 14.31 | | |
Investments at fair value | | | | $ | 118,971,223 | | | | | $ | 180,272,938 | | | | | $ | 35,944,378 | | |
Unrealized appreciation/ depreciation | | | | $ | 37,133,236 | | | | | $ | 63,269,701 | | | | | $ | 9,404,823 | | |
Undistributed net investment income | | | | $ | 457,490 | | | | | $ | 421,764 | | | | | $ | 120,294 | | |
Accumulated net realized gain | | | | $ | 5,928,943 | | | | | $ | 16,842,391 | | | | | $ | 5,134,790 | | |
RMB Funds | | | Beginning Account Value 1/1/2020 | | | Ending Account Value 6/30/2020 | | | Actual Expenses Paid During Period* 1/1/2020 – 6/30/2020 | | | Beginning Account Value 1/1/2020 | | | Ending Account Value 6/30/2020 | | | Hypothetical Expenses Paid During Period* 1/1/2020 – 6/30/2020 | | | Expense Ratio* | | |||||||||||||||||||||
RMB Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | $ | 1,000.00 | | | | | $ | 930.50 | | | | | $ | 6.05 | | | | | $ | 1,000.00 | | | | | $ | 1,018.60 | | | | | $ | 6.32 | | | | | | 1.26% | | |
Class C | | | | $ | 1,000.00 | | | | | $ | 927.10 | | | | | $ | 9.63 | | | | | $ | 1,000.00 | | | | | $ | 1,014.87 | | | | | $ | 10.07 | | | | | | 2.01% | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 931.70 | | | | | $ | 4.80 | | | | | $ | 1,000.00 | | | | | $ | 1,019.89 | | | | | $ | 5.02 | | | | | | 1.00% | | |
RMB Mendon Financial Services Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | $ | 1,000.00 | | | | | $ | 651.60 | | | | | $ | 5.54 | | | | | $ | 1,000.00 | | | | | $ | 1,018.15 | | | | | $ | 6.77 | | | | | | 1.35% | | |
Class C | | | | $ | 1,000.00 | | | | | $ | 648.90 | | | | | $ | 8.65 | | | | | $ | 1,000.00 | | | | | $ | 1,014.37 | | | | | $ | 10.57 | | | | | | 2.11% | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 652.30 | | | | | $ | 4.56 | | | | | $ | 1,000.00 | | | | | $ | 1,019.34 | | | | | $ | 5.57 | | | | | | 1.11% | | |
RMB International Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 889.10 | | | | | $ | 4.74 | | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.07 | | | | | | 1.01% | | |
RMB Japan Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 928.90 | | | | | $ | 6.23 | | | | | $ | 1,000.00 | | | | | $ | 1,018.40 | | | | | $ | 6.52 | | | | | | 1.30% | | |
RMB Small Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 885.00 | | | | | $ | 4.92 | | | | | $ | 1,000.00 | | | | | $ | 1,019.64 | | | | | $ | 5.27 | | | | | | 1.05% | | |
RMB SMID Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | $ | 1,000.00 | | | | | $ | 937.00 | | | | | $ | 4.33 | | | | | $ | 1,000.00 | | | | | $ | 1,020.39 | | | | | $ | 4.52 | | | | | | 0.90% | | |
Advisory and Sub-Advisory Agreements
Advisory and Sub-Advisory Agreements (Continued)
Advisory and Sub-Advisory Agreements (Continued)
3 Canal Plaza, Suite 100
Portland, ME 04101
http://www.rmbfunds.com.
| Adviser RMB Capital Management, LLC 115 South LaSalle Street, 34th Floor Chicago, IL 60603 | | | Independent Trustee Counsel Perkins Coie LLP 700 13th Street NW, Suite 600 Washington, DC 20005 | |
| Transfer Agent BNY Mellon Investment Servicing (US) Inc. 4400 Computer Drive Westborough, MA 01581 | | | Independent Registered Public Accounting Firm Tait, Weller & Baker LLP 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Custodian U.S. Bank, N.A. 1555 North River Center Drive, Suite 302 Milwaukee, WI 53212 | | | Administrator U.S. Bancorp Fund Services, LLC 2020 East Financial Way, Suite 100 Glendora, CA 91741 | |
| Legal Counsel Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601 | | | | |
Anti-Money Laundering Compliance Officer
Peter Borish
Robert Sabelhaus
James M. Snyder
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 as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RMB Investors Trust
By /s/ Christopher M. Graff
Christopher M. Graff, President
Date: September 3, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Christopher M. Graff
Christopher M. Graff, President
Date: September 3, 2020
By /s/ Maher Harb
Maher Harb, Chief Financial Officer and Treasurer
Date: September 3, 2020