| RMB Japan Fund | | | | |
Portfolio Holdings As of March 31, 2020 (Unaudited) | | | | |
| | | | | | | |
| | | Number of | | | | |
| | | Shares | | | Value | |
| Common Stocks 95.5% | | | | | | |
| (percentage of net assets) | | | | | | |
| JAPAN 95.5% | | | | | | |
| COMSYS Holdings Corp. | | | 73,500 | | | $ | 1,882,317 | |
| Daiichi Sankyo Co. Ltd. | | | 8,200 | | | | 563,148 | |
| Hitachi Ltd. | | | 43,380 | | | | 1,246,152 | |
| Horiba Ltd. | | | 34,000 | | | | 1,679,333 | |
| Invincible Investment Corp. | | | 4,072 | | | | 918,646 | |
| Isuzu Motors Ltd. | | | 120,500 | | | | 797,454 | |
| ITOCHU Corp. | | | 48,000 | | | | 993,342 | |
| Kao Corp. | | | 14,000 | | | | 1,140,555 | |
| Keyence Corp. | | | 9,600 | | | | 3,086,520 | |
| Kubota Corp. | | | 81,500 | | | | 1,036,602 | |
| Matsumotokiyoshi Holdings Co. Ltd. | | | 31,200 | | | | 1,137,346 | |
| MS&AD Insurance Group Holdings, Inc. | | | 63,970 | | | | 1,784,836 | |
| Murata Manufacturing Co. Ltd. | | | 45,300 | | | | 2,252,078 | |
| Nidec Corp. | | | 31,000 | | | | 1,597,570 | |
| Nihon Kohden Corp. | | | 17,700 | | | | 668,446 | |
| Nippon Telegraph & Telephone Corp. | | | 40,600 | | | | 971,015 | |
| Nishimoto Co. Ltd. | | | 41,321 | | | | 771,805 | |
| Nomura Real Estate Holdings, Inc. | | | 90,400 | | | | 1,462,741 | |
| OPT Holding, Inc. | | | 100,700 | | | | 1,283,742 | |
| Oracle Corp. Japan | | | 15,000 | | | | 1,308,344 | |
| ORIX Corp. | | | 125,639 | | | | 1,498,957 | |
| OSG Corp. | | | 50,600 | | | | 670,967 | |
| Otsuka Holdings Co. Ltd. | | | 23,500 | | | | 916,932 | |
| Recruit Holdings Co. Ltd. | | | 62,800 | | | | 1,622,204 | |
| Shimano, Inc. | | | 6,600 | | | | 941,248 | |
| Shin-Etsu Chemical Co. Ltd. | | | 18,859 | | | | 1,853,599 | |
| Shionogi & Co. Ltd. | | | 51,500 | | | | 2,536,864 | |
| SMC Corp. | | | 3,375 | | | | 1,414,948 | |
| SoftBank Group Corp. | | | 34,402 | | | | 1,217,913 | |
| Sony Corp. | | | 24,228 | | | | 1,435,111 | |
| Sumitomo Bakelite Co. Ltd. | | | 36,206 | | | | 761,591 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 48,100 | | | | 1,168,512 | |
| Suntory Beverage & Food Ltd. | | | 59,500 | | | | 2,248,440 | |
| Taisei Corp. | | | 33,700 | | | | 1,027,785 | |
| Takuma Co. Ltd. | | | 185,028 | | | | 2,043,319 | |
| Toei Co. Ltd. | | | 10,100 | | | | 1,264,712 | |
| Tokyu Corp. | | | 35,270 | | | | 554,248 | |
| Toyota Motor Corp. | | | 43,000 | | | | 2,591,392 | |
| TV Asahi Holdings Corp. | | | 114,810 | | | | 1,740,044 | |
| | | | | | | | 54,090,778 | |
| Total Common Stocks (Cost $58,393,782) | | | | | | | 54,090,778 | |
| | | | | | | | | |
| Short-Term Investments 2.0% | | | | | | | | |
| (percentage of net assets) | | | | | | | | |
| MONEY MARKET FUNDS 2.0% | | | | | | | | |
First American Government Obligations Fund - Class X - 0.43% a | | | 1,147,780 | | | | 1,147,780 | |
| Total Short-Term Investments (Cost $1,147,780) | | | | | | | 1,147,780 | |
| | | | | | | | | |
| Total Investments 97.5% (Cost $59,541,562) | | | | | | $ | 55,238,558 | |
| Cash and other assets, less liabilities 2.5% | | | | | | | 1,389,297 | |
| Net Assets 100.0% | | | | | | $ | 56,627,855 | |
Investment Valuation
Portfolio securities and any other Fund assets shall be valued each day on which the New York Stock Exchange is open for business, using readily available market quotations at such times as are established in the Trust’s registration statement. The valuation methods below are listed in order of priority; the highest priority shall be employed when available, portfolio securities shall be fair valued by RMB’s Valuation Committee in conformity with the fair valuation provisions below. If none of the listed valuation methods are available, portfolio securities shall be fair valued by RMB’s Valuation Committee in conformity with the fair valuation provisions below.
Equity Securities, Warrants, Exchange Trading Funds (‘‘ETFs’’), and American Depository Receipts (‘‘ADRs’’) Listed on a U.S. Exchange. The market value shall be the last reported sale price on the market on which the security primarily trades. If there is no such last sale reported, securities will be valued at the mean between the closing bid and closing asked prices on the primary market.
Equity Securities on NASDAQ. The market value shall be the NASDAQ Official Closing Price or ‘‘NOCP.’’ The NOCP is determined by NASDAQ to be the last reported sale price, unless the last sale price is above or below the last reported bid and asked prices. If the last reported bid and asked price is above the last sale price, the last reported bid is used; conversely, if the last reported bid and asked price is below the last sale price, the last reported asked price will serve as the NOCP. If no last sales price is reported, the securities will be valued at the mean between the closing bid and closing asked price on the market on which the security primarily trades.
Equity Securities traded on the Over-The-Counter (“OTC”) Market. The market value shall be the last reported sale in the OTC market on which the security primarily trades, such as the OTC Bulletin Board, Pink OTC Markets, Inc., or other recognized OTC market. If no last sale is reported, the securities will be valued at the mean between the closing bid and the closing asked price on the primary market.
Procedures to Address After-Market Events. If a significant event occurs in a foreign market on which a security primarily trades after the security’s closing price was established on the foreign exchange but before the Fund calculates its NAV, and causing the foreign security’s valuation price to no longer reflect actual value, such security’s fair value shall be determined through the use of an independent pricing service’s proprietary fair value pricing model. When fair value pricing is employed, the value of the portfolio security used to calculate the Funds’ NAV may differ from quoted or official closing prices. Due to the subjective and variable nature of fair value pricing, it is possible that the value determined for a particular security may be materially different from the value realized upon its sale. It is possible that market timers may attempt to buy or sell Fund shares to profit from price movements in foreign markets that are not yet reflected in a Fund’s NAV. Such trades may have the effect of reducing the value of existing shareholders’ investments. The Funds’ use of fair value pricing is designed to more accurately reflect the current market value of a portfolio security and to minimize the possibilities for time-zone arbitrage; however, the Funds’
process may not be effective in preventing short-term NAV arbitrage trading.
