485BPOS
2012-06-30
0001322252
2012-10-26
CRM Mutual Fund Trust
false
2012-10-26
2012-10-26
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 220%<br />of the average value of its portfolio.</tt>
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<tt>CRM International Opportunity Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses<br />(reflecting applicable contractual fee waivers and expense reimbursement<br />arrangements) are charged and remain the same over the time periods; and you<br />redeemed all of your investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of foreign companies. The Fund normally<br />invests in the securities of companies that are tied economically to at least <br />10 countries, other than the U.S. The Fund may invest in companies located in<br />developed and emerging markets. Emerging markets include countries that have <br />an emerging stock market as defined by Standard & Poor's, Inc., countries or<br />markets with low- to- middle-income economies as classified by the World Bank,<br />and other countries or markets with similar emerging characteristics. The Fund<br />may invest in companies of any size. For purposes of the 80% investment policy,<br />equity and equity related securities include: common and preferred stocks,<br />securities convertible into common stock, and warrants on common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to identify <br />those changes that are material to a company's operations, outlook and prospects <br />while also identifying companies that it believes have been neglected by other <br />investors. The Adviser utilizes a primarily qualitative research process focused <br />on these attributes to identify and invest in relatively undervalued companies. <br />These factors formulate the Adviser's investment case for each company under <br />consideration for investment. An important function of the Adviser's investment <br />process is to set a price target at which the security will be sold, provided <br />that there has been no fundamental change in the investment case. The Adviser <br />monitors each security held by the Fund to determine if the security continues <br />to act in accordance with the Adviser's initial assessment. Ordinarily, once the <br />Adviser believes that an investment case has realized its anticipated prospects, <br />the security will be sold. Additionally, the security would typically be sold if <br />the identified change does not have the expected impact on earnings and cash flow <br />of the company or a company's fundamentals deteriorate, or due to other market<br />conditions that would cause the Adviser to believe a sale would be advisable.</tt>
CRM INTERNATIONAL OPPORTUNITY FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to
average net assets that is included in the Fund's financial highlights, which
reflects the operating expenses of the Fund and does not include Acquired Fund
Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does not
necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
SHAREHOLDER FEES (fees paid directly from your investment)
2.20
Actual after-tax returns will depend on your tax situation, may differ from
those shown and are not relevant if you hold your shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEAR ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the
risks and volatility of an investment in the Fund. The bar chart shows changes
in the Fund's performance from calendar year to calendar year for Institutional
Shares. The table shows how the Fund's average annual total returns for one year
and since inception, both before and after taxes, compare with those of the MSCI
EAFE Index, a broad-based measure of market performance.
<tt>Calendar YTD Total Return as af September 30, 2012: 13.51%<br /><br />  Best Quarter During the Period          Worst Quarter During the Period     <br />       Covered in the Bar Chart                 Covered in the Bar Chart        <br />                                      <br />                25.82%                                  (25.94)%                <br />For the quarter ended June 30, 2009   For the quarter ended September 30, 2011</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications for<br />market participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that affect <br />particular companies or industries, including changes in market demand for <br />particular goods and services, increases in costs of supply, changes in management, <br />increased competition and changes in regulatory environment.<br /><br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the <br />Adviser's judgment about the attractiveness, value of, or market trends affecting <br />a particular security, industry or sector, country or region, or about market <br />movements, is incorrect.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, natural disasters and<br />political, economic or social instability. Because many foreign markets are<br />smaller, less liquid and more volatile, the Fund may not be able to sell<br />portfolio securities at times, in amounts and at prices it considers reasonable.<br />In some foreign countries, less information is available about issuers and<br />markets. Foreign markets may offer less protection to investors. Foreign stocks<br />can fluctuate more widely in price than comparable U.S. stocks, and they may<br />also be less liquid.<br /><br />Currency Risk. The Fund generally invests in securities denominated in foreign<br />currencies, and could experience gains or losses solely on changes in the<br />exchange rate between foreign currencies and the U.S. dollar. Currency exchange<br />rates can be volatile, and are affected by factors such as general economic<br />conditions, the actions of the U.S. and foreign governments or central banks,<br />and the imposition of currency controls or restrictions and speculation.<br /><br />Emerging Markets Risk.The risks of investing in foreign securities are generally<br />greater in emerging markets, or to the extent that the Fund invests significantly <br />in one region or country. The extent of economic development, political stability, <br />market depth, infrastructure, capitalization and regulatory oversight can be less <br />than in more developed markets. The economies of emerging market countries may be <br />dependent on relatively few industries that are more susceptible to local and <br />global changes. Emerging market countries may experience rising interest rates, <br />or, more significantly, rapid inflation or hyperinflation.<br /><br />Risks of Small and Mid Cap Companies. Compared to mutual funds that focus<br />exclusively on large capitalization companies, the Fund may be more volatile<br />because it also invests in small and/or mid capitalization companies. Small and<br />mid capitalization companies are more likely to have more limited product lines,<br />fewer capital resources and less depth of management than larger companies.<br />Securities of smaller companies may have limited liquidity and may be difficult<br />to value or to sell at an advantageous time or without a substantial drop in<br />price.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk.If the Fund does a lot of trading, it may incur additional <br />operating expenses, which would reduce performance, and could cause shareowners to <br />incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate the risks <br />and volatility of an investment in the Fund. The bar chart shows changes in the <br />Fund's performance from calendar year to calendar year for Institutional Shares. <br />The table shows how the Fund's average annual total returns for one year and since <br />inception, both before and after taxes, compare with those of the MSCI EAFE Index, <br />a broad-based measure of market performance. Total returns would have been lower <br />had certain fees and expenses not been waived. The Fund makes updated performance <br />information available at the Fund's website, www.crmfunds.com/performance_daily.aspx, <br />or at the following telephone number: 800-CRM-2883. Of course, the Fund's past <br />performance, both before and after taxes, does not necessarily indicate how the <br />Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
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MSCI EAFE Index (reflects no deduction for fees, expenses or taxes)
-0.1214
0.0765
2008-12-31
After Taxes on Distributions and Sale of Shares
-0.1110
0.1059
2008-12-31
After Taxes on Distributions
-0.2133
0.1120
2008-12-31
CRIIX
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
128
2009-06-30
732
-0.2594
-0.0159
0.2144
3061
-0.0150
1363
0.2582
-0.1834
0.0194
0.0090
2013-11-01
2011-09-30
0.4684
YTD Total Return
0.0194
-0.1834
0.00
0.0126
0.0285
0.1335
2008-12-31
0.1351
0.0001
CRMIX
Before Taxes
0.0025
154
777
-0.0144
3168
-0.0150
1426
-0.1854
0.0204
0.0090
2013-11-01
0.0179
0.00
0.0151
0.0295
0.1307
2008-12-31
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 191%<br />of the average value of its portfolio.</tt>
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<tt>CRM Global Opportunity Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses<br />(reflecting applicable contractual fee waivers and expense reimbursement<br />arrangements) are charged and remain the same over the time periods; and you<br />redeemed all of your investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and foreign companies. The Fund<br />normally invests in the securities of companies that are tied economically to at<br />least 10 countries, including the U.S. The Fund may invest in companies located<br />in developed and emerging markets. Emerging markets include countries that have<br />an emerging stock market as defined by Standard & Poor's, Inc., countries or<br />markets with low- to middle-income economies as classified by the World Bank,<br />and other countries or markets with similar emerging characteristics. The Fund<br />may at any one time invest all or substantially all of its assets in foreign<br />companies and at another time invest substantially in U.S. companies, although,<br />under normal market conditions, it is expected that a majority of the Fund's<br />assets will be invested in foreign companies. The Fund may invest in companies<br />of any size. For purposes of the 80% investment policy, equity and equity<br />related securities include: common and preferred stocks, securities convertible<br />into common stock, and warrants on common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to identify <br />those changes that are material to a company's operations, outlook and prospects <br />while also identifying companies that it believes have been neglected by other <br />investors. The Adviser utilizes a primarily qualitative research process focused <br />on these attributes to identify and invest in relatively undervalued companies. <br />These factors formulate the Adviser's investment case for each company under<br />consideration for investment. An important function of the Adviser's investment<br />process is to set a price target at which the security will be sold, provided<br />that there has been no fundamental change in the investment case. The Adviser<br />monitors each security held by the Fund to determine if the security continues<br />to act in accordance with the Adviser's initial assessment. Ordinarily, once the<br />Adviser believes that an investment case has realized its anticipated prospects,<br />the security will be sold. Additionally, the security would typically be sold if<br />the identified change does not have the expected impact on earnings and cash<br />flow of the company or a company's fundamentals deteriorate, or due to other<br />market conditions that would cause the Adviser to believe a sale would be advisable.</tt>
CRM GLOBAL OPPORTUNITY FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to
average net assets that is included in the Fund's financial highlights, which
reflects the operating expenses of the Fund and does not include Acquired Fund
Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does not
necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
SHAREHOLDER FEES (fees paid directly from your investment)
1.91
Actual after-tax returns will depend on your tax situation, may differ from
those shown and are not relevant if you hold your shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEAR ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the
risks and volatility of an investment in the Fund. The bar chart shows changes
in the Fund's performance from calendar year to calendar year for Institutional
Shares. The table shows how the Fund's average annual total returns for one year
and since inception, both before and after taxes, compare with those of the MSCI
World Index, a broad-based measure of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 14.24%<br /><br />  Best Quarter During the Period          Worst Quarter During the Period     <br />       Covered in the Bar Chart                 Covered in the Bar Chart        <br />                                      <br />                25.54%                                  (25.69)%                <br />For the quarter ended June 30, 2009   For the quarter ended September 30, 2011</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications for<br />market participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that affect <br />particular companies or industries, including changes in market demand for <br />particular goods and services, increases in costs of supply, changes in management, <br />increased competition and changes in regulatory environment.<br /><br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the Adviser's <br />judgment about the attractiveness, value of, or market trends affecting a particular <br />security, industry or sector, country or region, or about market movements, is <br />incorrect.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, natural disasters and<br />political, economic or social instability. Because many foreign markets are<br />smaller, less liquid and more volatile, the Fund may not be able to sell<br />portfolio securities at times, in amounts and at prices it considers reasonable.<br />In some foreign countries, less information is available about issuers and<br />markets. Foreign markets may offer less protection to investors. Foreign stocks<br />can fluctuate more widely in price than comparable U.S. stocks, and they may<br />also be less liquid.<br /><br />Currency Risk. The Fund generally invests in securities denominated in foreign<br />currencies, and could experience gains or losses solely on changes in the<br />exchange rate between foreign currencies and the U.S. dollar. Currency exchange<br />rates can be volatile, and are affected by factors such as general economic<br />conditions, the actions of the U.S. and foreign governments or central banks,<br />and the imposition of currency controls or restrictions and speculation.<br /><br />Emerging Markets Risk.The risks of investing in foreign securities are generally<br />greater in emerging markets, or to the extent that the Fund invests significantly <br />in one region or country. The extent of economic development, political stability, <br />market depth, infrastructure, capitalization and regulatory oversight can be less <br />than in more developed markets. The economies of emerging market countries may be <br />dependent on relatively few industries that are more susceptible to local and <br />global changes. Emerging market countries may experience rising interest rates, <br />or, more significantly, rapid inflation or hyperinflation.<br /><br />Risks of Small and Mid Cap Companies. Compared to mutual funds that focus<br />exclusively on large capitalization companies, the Fund may be more volatile<br />because it also invests in small and/or mid capitalization companies. Small and<br />mid capitalization companies are more likely to have more limited product lines,<br />fewer capital resources and less depth of management than larger companies.<br />Securities of smaller companies may have limited liquidity and may be difficult<br />to value or sell at advantageous time or without a substantial drop in price.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk. If the Fund does a lot of trading, it may incur<br />additional operating expenses, which would reduce performance, and could cause<br />shareowners to incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate the risks <br />and volatility of an investment in the Fund. The bar chart shows changes in the <br />Fund's performance from calendar year to calendar year for Institutional Shares. <br />The table shows how the Fund's average annual total returns for one year and since <br />inception, both before and after taxes, compare with those of the MSCI World Index, <br />a broad-based measure of market performance. Total returns would have been lower <br />had certain fees and expenses not been waived. The Fund makes updated performance <br />information available at the Fund's website, www.crmfunds.com/performance_daily.aspx, <br />or at the following telephone number: 800-CRM-2883. Of course, the Fund's past <br />performance, both before and after taxes, does not necessarily indicate how the <br />Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
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MSCI World Index (reflects no deduction for fees, expenses or taxes)
-0.0554
0.1113
2008-12-31
After Taxes on Distributions and Sale of Shares
-0.1186
0.1041
2008-12-31
After Taxes on Distributions
-0.2286
0.1121
2008-12-31
CRIWX
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
128
2009-06-30
427
-0.2569
-0.0013
0.2388
1657
-0.0150
748
0.2554
-0.1907
0.0048
0.0090
2013-11-01
2011-09-30
0.4480
YTD Total Return
0.0048
-0.1907
0.00
0.0126
0.0139
0.1323
2008-12-31
0.1424
0.0001
CRMWX
Before Taxes
0.0025
154
502
-0.0012
1923
-0.0150
875
-0.1925
0.0072
0.0090
2013-11-01
0.0047
0.00
0.0151
0.0163
0.1295
2008-12-31
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 145%<br />of the average value of its portfolio.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000013816Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000013816Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>CRM All Cap Value Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses<br />(reflecting applicable contractual fee waivers and expense reimbursement<br />arrangements) are charged and remain the same over the time periods; and <br />you redeemed all of your investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and non-U.S. companies that are<br />publicly traded on a U.S. securities market. There are no limits on the market<br />capitalizations of the companies in which the Fund may invest. For purposes of<br />the 80% investment policy, equity and equity related securities include: common<br />and preferred stocks, securities convertible into common stock, and warrants on<br />common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to identify <br />those changes that are material to a company's operations, outlook and prospects <br />while also identifying companies that it believes have been neglected by other <br />investors. The Adviser utilizes a primarily qualitative research process focused <br />on these attributes to identify and invest in relatively undervalued companies.<br />These factors formulate the Adviser's investment case for each company under<br />consideration for investment. An important function of the Adviser's investment<br />process is to set a price target at which the security will be sold, provided<br />that there has been no fundamental change in the investment case. The Adviser<br />monitors each security held by the Fund to determine if the security continues<br />to act in accordance with the Adviser's initial assessment. Ordinarily, once the<br />Adviser believes that an investment case has realized its anticipated prospects,<br />the security will be sold. Additionally, the security would typically be sold if<br />the identified change does not have the expected impact on earnings and cash flow <br />of the company or a company's fundamentals deteriorate, or due to other market <br />conditions that would cause the Adviser to believe a sale would be advisable.</tt>
CRM ALL CAP VALUE FUND
EXAMPLE
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses
to average net assets that is included in the Fund's financial highlights, which
reflects the operating expenses of the Fund and does not include Acquired Fund
Fees and Expenses.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does not
necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee that
the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
1.45
Actual after-tax returns will depend on your tax situation, may differ
from those shown and are not relevant if you hold your shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the
risks and volatility of an investment in the Fund. The bar chart shows changes
in the Fund's performance from calendar year to calendar year for Institutional
Shares. The table shows how the Fund's average annual total returns for one year,
five years and since inception, both before and after taxes, compare with those
of the Russell 3000 Value Index and the Russell 3000 Index, two broad-based
measures of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 16.23%<br /><br />  Best Quarter During the Period        Worst Quarter During the Period    <br />       Covered in the Bar Chart               Covered in the Bar Chart        <br />                                      <br />                17.89%                                 (23.47)%                <br />For the quarter ended June 30, 2009   For the quarter ended December 31, 2008</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in response <br />to adverse issuer, regulatory, market or economic developments. Different parts <br />of the U.S. market and different markets around the world can react differently <br />to these developments. When market prices fall, the value of your investment <br />will go down. The financial crisis that began in 2008 has caused a significant <br />decline in the value and liquidity of many securities of issuers worldwide. <br />Some governmental and non-governmental issuers (notably in Europe) have <br />defaulted on, or been forced to restructure, their debts, and many other issuers <br />have faced difficulties obtaining credit. These market conditions may continue, <br />worsen or spread, including in the U.S., Europe and beyond. Further defaults or <br />restructurings by governments and others of their debt could have additional <br />adverse effects on economies, financial markets and asset valuations around the <br />world. Whether or not the Fund invests in securities of issuers located in or <br />with significant exposure to countries experiencing economic and financial <br />difficulties, these events could negatively affect the value and liquidity of <br />the Fund's investments. The Fund may experience a substantial or complete loss <br />on any individual security. In addition, legislation recently enacted in the <br />U.S. calls for changes in many aspects of financial regulation. The impact of <br />the legislation on the markets, and the practical implications for market <br />participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that affect <br />particular companies or industries, including changes in market demand for <br />particular goods and services, increases in costs of supply, changes in management, <br />increased competition and changes in regulatory environment.<br /><br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the<br />Adviser's judgment about the attractiveness, value of, or market trends affecting <br />a particular security, industry or sector, country or region, or about market <br />movements, is incorrect.<br /><br />Risks of Small and Mid Cap Companies. Compared to mutual funds that focus<br />exclusively on large capitalization companies, the Fund may be more volatile<br />because it also invests in small and/or mid capitalization companies. Small and<br />mid capitalization companies are more likely to have more limited product lines,<br />fewer capital resources and less depth of management than larger companies.<br />Securities of smaller companies may have limited liquidity and may be difficult<br />to value or to sell at an advantageous time or without a substantial drop in<br />price.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, imposition of currency<br />controls or restrictions, natural disasters and political, economic or social<br />instability. Because many foreign markets are smaller, less liquid and more<br />volatile, the Fund may not be able to sell portfolio securities at times, in<br />amounts and at prices it considers reasonable. In some foreign countries, less<br />information is available about issuers and markets. Foreign markets may offer<br />less protection to investors. Foreign stocks can fluctuate more widely in price<br />than comparable U.S. stocks, and they may also be less liquid. Currency<br />fluctuations could erase investment gains or add to investment losses.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk. If the Fund does a lot of trading, it may incur<br />additional operating expenses, which would reduce performance, and could cause<br />shareowners to incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate the risks <br />and volatility of an investment in the Fund. The bar chart shows changes in the <br />Fund's performance from calendar year to calendar year for Institutional Shares. <br />The table shows how the Fund's average annual total returns for one year, five <br />years and since inception, both before and after taxes, compare with those of the <br />Russell 3000 Value Index and the Russell 3000 Index, two broad-based measures of <br />market performance. Total returns would have been lower had certain fees and <br />expenses not been waived. The Fund makes updated performance information available <br />at the Fund's website, www.crmfunds.com/performance_daily.aspx, or at the following <br />telephone number: 800-CRM-2883. Of course, the Fund's past performance, both before <br />and after taxes, does not necessarily indicate how the Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000013816Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Russell 3000 Index (reflects no deduction for fees, expenses or taxes)
0.0103
-0.0001
0.0066
2006-10-24
Russell 3000 Value Index (reflects no deduction for fees, expenses or taxes)
-0.0010
-0.0258
-0.0161
2006-10-24
After Taxes on Distributions and Sale of Shares
-0.0588
-0.0116
-0.0064
2006-10-24
After Taxes on Distributions
-0.1001
-0.0152
-0.0091
2006-10-24
CRIEX
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
128
2009-06-30
417
-0.2347
-0.0008
0.1842
1606
726
0.0429
0.1789
-0.0967
0.0038
-0.3626
0.0095
2013-11-01
2008-12-31
0.3167
-0.0131
YTD Total Return
0.0038
-0.0967
0.00
0.0126
0.0134
-0.0069
2006-10-24
0.1623
0.0001
CRMEX
Before Taxes
0.0025
154
494
-0.0008
1882
858
-0.0991
0.0063
0.0095
2013-11-01
-0.0157
0.0038
0.00
0.0151
0.0159
-0.0095
2006-10-24
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 126%<br />of the average value of its portfolio.</tt>
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<div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000002555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>CRM Large Cap Opportunity Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses (reflecting <br />applicable contractual fee waivers and expense reimbursement arrangements) are <br />charged and remain the same over the time periods; and you redeemed all of your <br />investment at the end of each time period. <br /><br />Although your actual costs may be higher or lower based on these assumptions, <br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and non-U.S. companies with market<br />capitalizations at the time of initial purchase within the range of those in the<br />Russell 1000 Value Index ("large cap companies") that are publicly traded on a<br />U.S. securities market. The market capitalization range of the Index changes<br />constantly, and as a result, the capitalization of large cap companies in which<br />the Fund will invest will also change. As of September 30, 2012, the market<br />capitalization range of the Index was approximately $300 million to $427.6 billion. <br />For purposes of the 80% investment policy, equity and equity related securities <br />include: common and preferred stocks, securities convertible into common stock, <br />and warrants on common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to identify <br />those changes that are material to a company's operations, outlook and prospects <br />while also identifying companies that it believes have been neglected by other <br />investors. The Adviser utilizes a primarily qualitative research process focused <br />on these attributes to identify and invest in relatively undervalued companies. <br />These factors formulate the Adviser's investment case for each company under <br />consideration for investment. An important function of the Adviser's investment <br />process is to set a price target at which the security will be sold, provided <br />that there has been no fundamental change in the investment case. The Adviser <br />monitors each security held by the Fund to determine if the security continues <br />to act in accordance with the Adviser's initial assessment. Ordinarily, once the <br />Adviser believes that an investment case has realized its anticipated prospects, <br />the security will be sold. Additionally, the security would typically be sold if <br />the identified change does not have the expected impact on earnings and cash flow <br />of the company or a company's fundamentals deteriorate, or due to other market <br />conditions that would cause the Adviser to believe a sale would be advisable.</tt>
CRM LARGE CAP OPPORTUNITY FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses
to average net assets that is included in the Fund's financial highlights,
which reflects the operating expenses of the Fund and does not include Acquired
Fund Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does
not necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
1.26
Actual after-tax returns will depend on your tax situation, may differ from
those shown and are not relevant if you hold your shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the
risks and volatility of an investment in the Fund. The bar chart shows changes
in the Fund's performance from calendar year to calendar year for Institutional
Shares. The table shows how the Fund's average annual total returns for one year,
five years and since inception, both before and after taxes, compare with those
of the Russell 1000 Value Index and the Russell 1000 Index, two broad-based
measures of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 16.45%<br /> <br />    Best Quarter During the Period          Worst Quarter During the Period    <br />       Covered in the Bar Chart                Covered in the Bar Chart        <br />                                      <br />                14.15%                                 (20.18)%                <br />For the quarter ended June 30, 2009   For the quarter ended December 31, 2008</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br />  <br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications <br />for market participants, may not be fully known for some time.<br />  <br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that<br />affect particular companies or industries, including changes in market demand<br />for particular goods and services, increases in costs of supply, changes in<br />management, increased competition and changes in regulatory environment.<br /> <br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br />  <br />Portfolio Selection Risk. The value of your investment may decrease if the<br />Adviser's judgment about the attractiveness, value of, or market trends<br />affecting a particular security, industry or sector, country or region, or <br />about market movements, is incorrect.<br />  <br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, imposition of currency<br />controls or restrictions, natural disasters and political, economic or social<br />instability. Because many foreign markets are smaller, less liquid and more<br />volatile, the Fund may not be able to sell portfolio securities at times, in<br />amounts and at prices it considers reasonable. In some foreign countries, less<br />information is available about issuers and markets. Foreign markets may offer<br />less protection to investors. Foreign stocks can fluctuate more widely in price<br />than comparable U.S. stocks, and they may also be less liquid. Currency<br />fluctuations could erase investment gains or add to investment losses.<br />  <br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br />  <br />Portfolio Turnover Risk. If the Fund does a lot of trading, it may incur additional <br />operating expenses, which would reduce performance, and could cause shareowners to <br />incur a higher level of taxable income or capital gains.<br />  <br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br />  <br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br />  <br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate <br />the risks and volatility of an investment in the Fund. The bar chart shows <br />changes in the Fund's performance from calendar year to calendar year for <br />Institutional Shares. The table shows how the Fund's average annual total <br />returns for one year, five years and since inception, both before and after <br />taxes, compare with those of the Russell 1000 Value Index and the Russell <br />1000 Index, two broad-based measures of market performance. Total returns <br />would have been lower had certain fees and expenses not been waived. The <br />Fund makes updated performance information available at the Fund's website,<br />www.crmfunds.com/performance_daily.aspx, or at the following telephone number:<br />800-CRM-2883. Of course, the Fund's past performance, both before and after<br />taxes, does not necessarily indicate how the Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000002555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000002555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Russell 1000 Index (reflects no deduction for fees, expenses or taxes)
0.0150
-0.0002
0.0240
2005-12-01
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
0.0039
-0.0264
0.0121
2005-12-01
After Taxes on Distributions and Sale of Shares
-0.0178
-0.0124
0.0116
2005-12-01
After Taxes on Distributions
-0.0297
-0.0171
0.0113
2005-12-01
CRMGX
Before Taxes
0.0025
118
407
-0.0018
1597
717
-0.0291
0.0058
0.0075
2013-11-01
-0.0151
0.0033
0.00
0.0116
0.0134
0.0128
2005-12-01
0.0001
CRIGX
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
93
2009-06-30
331
-0.2018
-0.0019
0.1098
1323
588
0.0780
0.1415
-0.0273
0.0034
-0.3416
0.0075
2013-11-01
2008-12-31
0.2242
-0.0128
Calendar YTD Total Return
0.0034
-0.0273
0.00
0.0091
0.0110
0.1694
0.0153
2005-12-01
0.1645
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 96%<br />of the average value of its portfolio.</tt>
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<div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000001325Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>CRM Small/Mid Cap Value Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses are<br />charged and remain the same over the time periods; and you redeemed all of your<br />investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and non-U.S. companies with market<br />capitalizations at the time of initial purchase within the range of those in <br />the Russell 2500 Value Index or in the S&P Mid Cap 400 Value Index (together,<br />"small/mid cap companies") that are publicly traded on a U.S. securities market.<br />The market capitalization ranges of the Indices change constantly, and as a<br />result, the capitalization of small/mid cap companies in which the Fund will<br />invest will also change. As of September 30, 2012, the market capitalization<br />range of the Russell 2500 Value Index was approximately $45 million to $8.5 <br />billion, and the market capitalization range of the S&P Mid Cap 400 Value<br />Index was approximately $237 million to $14.7 billion. For purposes of the 80%<br />investment policy, equity and equity related securities include: common and<br />preferred stocks, securities convertible into common stock, and warrants on<br />common stock.<br /> <br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to identify <br />those changes that are material to a company's operations, outlook and prospects <br />while also identifying companies that it believes have been neglected by other <br />investors. The Adviser utilizes a primarily qualitative research process focused <br />on these attributes to identify and invest in relatively undervalued companies. <br />These factors formulate the Adviser's investment case for each company under <br />consideration for investment. An important function of the Adviser's investment <br />process is to set a price target at which the security will be sold, provided <br />that there has been no fundamental change in the investment case. The Adviser <br />monitors each security held by the Fund to determine if the security continues <br />to act in accordance with the Adviser's initial assessment. Ordinarily, once <br />the Adviser believes that an investment case has realized its anticipated <br />prospects, the security will be sold. Additionally, the security would typically <br />be sold if the identified change does not have the expected impact on earnings <br />and cash flow of the company or a company's fundamentals deteriorate, or due to <br />other market conditions that would cause the Adviser to believe a sale would be <br />advisable.</tt>
SMALL/MID CAP VALUE FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to
average net assets that is included in the Fund's financial highlights, which reflects
the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does not
necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
0.96
Actual after-tax returns will depend on your tax situation, may differ from
those shown and are not relevant if you hold your shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the risks
and volatility of an investment in the Fund. The bar chart shows changes in the Fund's
performance from calendar year to calendar year for Institutional Shares. The table
shows how the Fund's average annual total returns for one year, five years and since
inception, both before and after taxes, compare with those of the Russell 2500 Value
Index and the Russell 2500 Index, two broad based measures of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 14.12%<br /><br />   Best Quarter During the Period             Worst Quarter During the Period     <br />        Covered in the Bar Chart                    Covered in the Bar Chart        <br />                                         <br />                 15.75%                                     (22.70)%                <br />For the quarter ended December 31, 2010     For the quarter ended September 30, 2011</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications for<br />market participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that affect <br />particular companies or industries, including changes in market demand for <br />particular goods and services, increases in costs of supply, changes in <br />management, increased competition and changes in regulatory environment.<br /> <br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the <br />Adviser's judgment about the attractiveness, value of, or market trends affecting <br />a particular security, industry or sector, country or region, or about market <br />movements, is incorrect.<br /><br />Risks of Small and Mid Cap Companies. Compared to mutual funds that focus<br />exclusively on large capitalization companies, the Fund may be more volatile<br />because it invests in small and/or mid capitalization companies. Small and mid<br />capitalization companies are more likely to have more limited product lines,<br />fewer capital resources and less depth of management than larger companies.<br />Securities of smaller companies may have limited liquidity and may be difficult<br />to value or to sell at an advantageous time or without a substantial drop in<br />price.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, imposition of currency<br />controls or restrictions, natural disasters and political, economic or social<br />instability. Because many foreign markets are smaller, less liquid and more<br />volatile, the Fund may not be able to sell portfolio securities at times, in<br />amounts and at prices it considers reasonable. In some foreign countries, less<br />information is available about issuers and markets. Foreign markets may offer<br />less protection to investors. Foreign stocks can fluctuate more widely in price<br />than comparable U.S. stocks, and they may also be less liquid. Currency<br />fluctuations could erase investment gains or add to investment losses.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk.If the Fund does a lot of trading, it may incur additional <br />operating expenses, which would reduce performance, and could cause shareowners to <br />incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate the risks <br />and volatility of an investment in the Fund. The bar chart shows changes in the <br />Fund's performance from calendar year to calendar year for Institutional Shares. <br />The table shows how the Fund's average annual total returns for one year, five <br />years and since inception, both before and after taxes, compare with those of the <br />Russell 2500 Value Index and the Russell 2500 Index, two broad based measures of <br />market performance. This performance information includes performance of the Fund's <br />predecessor, the CRM Small/Mid Cap Value Fund (a series of WT Mutual Fund) for <br />periods from September 1, 2004 (commencement of operations) through September 30, <br />2005. Total returns would have been lower had certain fees and expenses not been <br />waived. The Fund makes updated performance information available at the Fund's <br />website, www.crmfunds.com/performance_daily.aspx, or at the following telephone <br />number: 800-CRM-2883. Of course, the Fund's past performance, both before and <br />after taxes, does not necessarily indicate how the Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Russell 2500 Index (reflects no deduction for fees, expenses or taxes)
-0.0251
0.0124
0.0647
2004-09-01
Russell 2500 Value Index (reflects no deduction for fees, expenses or taxes)
-0.0336
-0.0058
0.0544
2004-09-01
After Taxes on Distributions and Sale of Shares
-0.0224
0.0167
0.0595
2004-09-01
After Taxes on Distributions
-0.0678
0.0152
0.0639
2004-09-01
CRMAX
Before Taxes
0.0025
111
347
1329
601
-0.0538
0.0033
0.0075
0.0197
0.0008
0.00
0.0109
0.0688
2004-09-01
0.0001
CRIAX
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
90
2010-12-31
281
-0.2270
0.2401
1084
488
0.0849
0.1575
-0.0520
0.0012
-0.3136
0.0075
2011-09-30
0.2749
0.0222
0.0676
YTD Total Return
0.0012
-0.0520
0.00
0.0088
0.1935
0.0714
2004-09-01
0.1412
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 103%<br />of the average value of its portfolio.</tt>
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<tt>CRM Small Cap Value Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses are<br />charged and remain the same over the time periods; and you redeemed all of your<br />investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and non-U.S. companies with market<br />capitalizations at the time of initial purchase within the range of those in the<br />Russell 2000 Value Index ("small cap companies") that are publicly traded on a<br />U.S. securities market. The market capitalization range of the Index changes<br />constantly, and as a result, the capitalization of small cap companies in which<br />the Fund will invest will also change. As of September 30, 2012, the market<br />capitalization range of the Index was approximately $45 million to $3.8 billion.<br />For purposes of the 80% investment policy, equity and equity related securities<br />include: common and preferred stocks, securities convertible into common stock,<br />and warrants on common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to<br />identify those changes that are material to a company's operations, outlook and<br />prospects while also identifying companies that it believes have been neglected <br />by other investors. The Adviser utilizes a primarily qualitative research process <br />focused on these attributes to identify and invest in relatively undervalued <br />companies. These factors formulate the Adviser's investment case for each company <br />under consideration for investment. An important function of the Adviser's <br />investment process is to set a price target at which the security will be sold, <br />provided that there has been no fundamental change in the investment case. The <br />Adviser monitors each security held by the Fund to determine if the security <br />continues to act in accordance with the Adviser's initial assessment. Ordinarily, <br />once the Adviser believes that an investment case has realized its anticipated <br />prospects, the security will be sold. Additionally, the security would typically <br />be sold if the identified change does not have the expected impact on earnings <br />and cash flow of the company, the company's fundamentals deteriorate, or due to <br />other market conditions that would cause the Adviser to believe a sale would be <br />advisable.</tt>
CRM SMALL CAP VALUE FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses
to average net assets that is included in the Fund's financial highlights,
which reflects the operating expenses of the Fund and does not include Acquired
Fund Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does
not necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund holds will increase in value.
PRINCIPAL INVESTMENT RISKS
1.03
Actual after-tax returns will depend on your tax situation, may differ from those
shown and are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate the
risks and volatility of an investment in the Fund. The bar chart shows changes
in the Fund's performance from calendar year to calendar year for Institutional
Shares. The table shows how the Fund's average annual total returns for one,
five and ten years, both before and after taxes, compare with those of the
Russell 2000 Value Index and the Russell 2000 Index, two broad based measures
of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 13.16%<br /><br />  Best Quarter During the Period          Worst Quarter During the Period     <br />       Covered in the Bar Chart                 Covered in the Bar Chart        <br />                                      <br />                27.38%                                  (24.58)%                <br />For the quarter ended June 30, 2003   For the quarter ended September 30, 2011</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund holds will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications for<br />market participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that<br />affect particular companies or industries, including changes in market demand<br />for particular goods and services, increases in costs of supply, changes in<br />management, increased competition and changes in regulatory environment.<br /><br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the<br />Adviser's judgment about the attractiveness, value of, or market trends affecting <br />a particular security, industry or sector, country or region, or about market <br />movements, is incorrect.<br /><br />Risks of Small Cap Companies. Compared to mutual funds that focus exclusively on<br />large capitalization companies, the Fund may be more volatile because it invests<br />in small capitalization companies. Small capitalization companies are more likely <br />to have more limited product lines, fewer capital resources and less depth of <br />management than larger companies. Securities of smaller companies may have <br />limited liquidity and may be difficult to value or to sell at an advantageous <br />time or without a substantial drop in price.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, imposition of currency<br />controls or restrictions, natural disasters and political, economic or social<br />instability. Because many foreign markets are smaller, less liquid and more<br />volatile, the Fund may not be able to sell portfolio securities at times, in<br />amounts and at prices it considers reasonable. In some foreign countries, less<br />information is available about issuers and markets. Foreign markets may offer<br />less protection to investors. Foreign stocks can fluctuate more widely in price<br />than comparable U.S. stocks, and they may also be less liquid. Currency<br />fluctuations could erase investment gains or add to investment losses.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological change, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk. If the Fund does a lot of trading, it may incur<br />additional operating expenses, which would reduce performance, and could cause<br />shareowners to incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate <br />the risks and volatility of an investment in the Fund. The bar chart shows <br />changes in the Fund's performance from calendar year to calendar year for <br />Institutional Shares. The table shows how the Fund's average annual total <br />returns for one, five and ten years, both before and after taxes, compare <br />with those of the Russell 2000 Value Index and the Russell 2000 Index, two <br />broad based measures of market performance. This performance information <br />includes performance of the Fund's predecessor, the CRM Small Cap Value Fund <br />(a series of WT Mutual Fund), for periods from January 1, 2002 through September<br />30, 2005. The Fund makes updated performance information available at the Fund's <br />website, www.crmfunds.com/performance_daily.aspx, or at the following telephone <br />number: 800-CRM-2883. Of course, the Fund's past performance, both before and <br />after taxes, does not necessarily indicate how the Fund will perform in the <br />future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000001323Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Russell 2000 Index (reflects no deduction for fees, expenses or taxes)
-0.0418
0.0015
0.0562
Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes)
-0.0550
-0.0187
0.0640
After Taxes on Distributions and Sale of Shares
-0.0607
-0.0066
0.0482
After Taxes on Distributions
-0.1552
-0.0171
0.0452
CRMSX
Before Taxes
0.0025
111
347
1329
601
-0.1348
0.0033
0.0075
-0.0078
0.0008
0.00
0.0572
0.0109
0.0001
CRISX
-0.1760
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
88
2003-06-30
274
-0.2458
0.1811
0.2864
1061
477
-0.0312
0.2738
-0.1328
0.0010
-0.3044
0.0075
2011-09-30
0.2944
-0.0054
0.1064
YTD Total Return
0.0010
-0.1328
0.4869
0.00
0.0598
0.0086
0.1475
0.1316
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 105%<br />of the average value of its portfolio.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000001322Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000001322Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>CRM Mid Cap Value Fund seeks long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example below shows what<br />you would pay if you invested $10,000 over the various time periods indicated.<br />The Example assumes that you reinvested all dividends and other distributions;<br />the average annual return was 5%; the Fund's total operating expenses are<br />charged and remain the same over the time periods; and you redeemed all of your<br />investment at the end of each time period.<br /><br />Although your actual costs may be higher or lower based on these assumptions,<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund, under normal circumstances, invests at least 80% of its assets in<br />equity and equity related securities of U.S. and non-U.S. companies with market<br />capitalizations at the time of initial purchase within the range of those in <br />the Russell Midcap Value Index ("mid cap companies") that are publicly traded <br />on a U.S. securities market. The market capitalization range of the Index <br />changes constantly, and as a result, the capitalization of mid cap companies <br />in which the Fund will invest will also change. As of September 30, 2012, the <br />market capitalization range of the Index was approximately $300 million to <br />$18.7 billion. For purposes of the 80% investment policy, equity and equity<br />related securities include: common and preferred stocks, securities convertible<br />into common stock, and warrants on common stock.<br /><br />The Adviser evaluates investment opportunities for the Fund using a proprietary<br />value-oriented process that seeks to identify companies characterized by three<br />attributes: change, neglect and relative valuation. The Adviser seeks to<br />identify those changes that are material to a company's operations, outlook and<br />prospects while also identifying companies that it believes have been neglected <br />by other investors. The Adviser utilizes a primarily qualitative research process <br />focused on these attributes to identify and invest in relatively undervalued <br />companies. These factors formulate the Adviser's investment case for each company <br />under consideration for investment. An important function of the Adviser's <br />investment process is to set a price target at which the security will be sold, <br />provided that there has been no fundamental change in the investment case. The <br />Adviser monitors each security held by the Fund to determine if the security <br />continues to act in accordance with the Adviser's initial assessment. Ordinarily, <br />once the Adviser believes that an investment case has realized its anticipated <br />prospects, the security will be sold. Additionally, the security would typically <br />be sold if the identified change does not have the expected impact on earnings and <br />cash flow of the company or a company's fundamentals deteriorate, or due to other <br />market conditions that would cause the Adviser to believe a sale would be advisable.</tt>
CRM MID CAP VALUE FUND
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to
average net assets that is included in the Fund's financial highlights, which
reflects the operating expenses of the Fund and does not include Acquired Fund
Fees and Expenses.
EXAMPLE
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
Of course, the Fund's past performance, both before and after taxes, does
not necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund. There is no guarantee
that the stock market or the stocks the Fund buys will increase in value.
PRINCIPAL INVESTMENT RISKS
1.05
Actual after-tax returns will depend on your tax situation, may differ from
those shown and are not relevant if you hold your shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
ANNUAL TOTAL RETURNS FOR INSTITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31
PERFORMANCE INFORMATION
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns will depend on your tax situation, may differ from those <br />shown and are not relevant if you hold your shares through tax-deferred arrangements, <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for Institutional Shares. After-tax returns for Investor Shares will vary.</tt>
The bar chart and the average annual total return table below illustrate
the risks and volatility of an investment in the Fund. The bar chart shows
changes in the Fund's performance from calendar year to calendar year for
Institutional Shares. The table shows how the Fund's average annual total
returns for one, five and ten years, both before and after taxes, compare
with those of the Russell Midcap Value Index and the Russell Midcap Index,
two broad based measures of market performance.
<tt>Calendar YTD Total Return as of September 30, 2012: 13.60%<br /><br />    Best Quarter During the Period          Worst Quarter During the Period    <br />       Covered in the Bar Chart                Covered in the Bar Chart        <br />                                      <br />                18.00%                                 (22.24)%                <br />For the quarter ended June 30, 2003   For the quarter ended December 31, 2008</tt>
800-CRM-2883
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
PORTFOLIO TURNOVER
<tt>It is possible to lose money by investing in the Fund. There is no guarantee<br />that the stock market or the stocks the Fund buys will increase in value. The<br />following is a summary description of certain risks of investing in the Fund.<br /><br />Market Risk. Stock markets are volatile and can decline significantly in<br />response to adverse issuer, regulatory, market or economic developments.<br />Different parts of the U.S. market and different markets around the world can<br />react differently to these developments. When market prices fall, the value of<br />your investment will go down. The financial crisis that began in 2008 has caused<br />a significant decline in the value and liquidity of many securities of issuers<br />worldwide. Some governmental and non-governmental issuers (notably in Europe)<br />have defaulted on, or been forced to restructure, their debts, and many other<br />issuers have faced difficulties obtaining credit. These market conditions may<br />continue, worsen or spread, including in the U.S., Europe and beyond. Further<br />defaults or restructurings by governments and others of their debt could have<br />additional adverse effects on economies, financial markets and asset valuations<br />around the world. Whether or not the Fund invests in securities of issuers<br />located in or with significant exposure to countries experiencing economic and<br />financial difficulties, these events could negatively affect the value and<br />liquidity of the Fund's investments. The Fund may experience a substantial or<br />complete loss on any individual security. In addition, legislation recently<br />enacted in the U.S. calls for changes in many aspects of financial regulation.<br />The impact of the legislation on the markets, and the practical implications for<br />market participants, may not be fully known for some time.<br /><br />Company Risk. The value of an individual security or particular type of security<br />can be more volatile than the market as a whole and can perform differently from<br />the market as a whole. This may result from a wide variety of factors that<br />affect particular companies or industries, including changes in market demand<br />for particular goods and services, increases in costs of supply, changes in<br />management, increased competition and changes in regulatory environment.<br /><br />Value Investing Risk. Value stocks can perform differently from the market as a<br />whole and other types of stocks and can continue to be undervalued by the market<br />for long periods of time. The Adviser may be incorrect when it decides that a<br />stock is undervalued by the market.<br /><br />Portfolio Selection Risk. The value of your investment may decrease if the<br />Adviser's judgment about the attractiveness, value of, or market trends affecting <br />a particular security, industry or sector, country or region, or about market <br />movements, is incorrect.<br /><br />Risks of Mid Cap Companies. Compared to mutual funds that focus exclusively on<br />large capitalization companies, the Fund may be more volatile because it invests<br />in mid capitalization companies. Mid capitalization companies are more likely to<br />have more limited product lines, fewer capital resources and less depth of<br />management than larger companies.<br /><br />Risks of Foreign Investments. Investing in foreign securities involves special<br />risks that can increase the potential for losses. These risks may include<br />nationalization or expropriation of assets, illiquid foreign securities markets,<br />confiscatory taxation, foreign withholding taxes, imposition of currency<br />controls or restrictions, natural disasters and political, economic or social<br />instability. Because many foreign markets are smaller, less liquid and more<br />volatile, the Fund may not be able to sell portfolio securities at times, in<br />amounts and at prices it considers reasonable. In some foreign countries, less<br />information is available about issuers and markets. Foreign markets may offer<br />less protection to investors. Foreign stocks can fluctuate more widely in price<br />than comparable U.S. stocks, and they may also be less liquid. Currency<br />fluctuations could erase investment gains or add to investment losses.<br /><br />Focus Risk. To the extent that the Fund invests in a smaller number of issuers<br />or emphasizes investments in particular industries or market sectors, the Fund<br />will be subject to a greater degree to any market price movements, regulatory or<br />technological changes, economic conditions or other developments affecting those<br />issuers or companies in those industries or market sectors.<br /><br />Portfolio Turnover Risk. If the Fund does a lot of trading, it may incur additional <br />operating expenses, which would reduce performance, and could cause shareowners to <br />incur a higher level of taxable income or capital gains.<br /><br />Expense Risk. Your actual costs of investing in the Fund may be higher than the<br />expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For<br />example, expense ratios may be higher than those shown if overall net assets<br />decrease. Net assets are more likely to decrease and Fund expense ratios are<br />more likely to increase when markets are volatile.<br /><br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.</tt>
FEES AND EXPENSES
After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.crmfunds.com/performance_daily.aspx
<tt>The bar chart and the average annual total return table below illustrate the<br />risks and volatility of an investment in the Fund. The bar chart shows changes<br />in the Fund's performance from calendar year to calendar year for Institutional<br />Shares. The table shows how the Fund's average annual total returns for one,<br />five and ten years, both before and after taxes, compare with those of the<br />Russell Midcap Value Index and the Russell Midcap Index, two broad based<br />measures of market performance. This performance information includes<br />performance of the Fund's predecessor, the CRM Mid Cap Value Fund (a series of<br />WT Mutual Fund), for periods from January 1, 2002 through September 30, 2005.<br />The Fund makes updated performance information available at the Fund's website,<br />www.crmfunds.com/performance_daily.aspx, or at the following telephone number:<br />800-CRM-2883. Of course, the Fund's past performance, both before and after<br />taxes, does not necessarily indicate how the Fund will perform in the future.</tt>
<tt>This table sets forth the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000001322Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000001322Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Russell Midcap Index (reflects no deduction for fees, expenses or taxes)
-0.0155
0.0141
0.0699
Russell Midcap Value Index (reflects no deduction for fees, expenses or taxes)
-0.0138
0.0004
0.0767
After Taxes on Distributions and Sale of Shares
-0.0452
0.0014
0.0565
After Taxes on Distributions
-0.0720
-0.0021
0.0603
CRMMX
Before Taxes
0.0025
105
328
1259
569
-0.0713
0.0033
0.0069
0.0021
0.0008
0.00
0.0644
0.0103
0.0001
CRIMX
-0.1667
Worst Quarter During the Period Covered in the Bar Chart
Best Quarter During the Period Covered in the Bar Chart
2012-09-30
Before Taxes
0.0000
84
2003-06-30
262
-0.2224
0.2498
0.1888
1014
455
0.1043
0.1800
-0.0694
0.0012
-0.3503
0.0069
2008-12-31
0.2865
0.0042
0.0796
YTD Total Return
0.0012
-0.0694
0.4192
0.00
0.0669
0.0082
0.1726
0.1360
0.0001
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Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets that is included in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
The Adviser has a contractual obligation to waive a portion of its fees and to assume certain expenses of the Fund to the extent that the total annual fund operating expenses, excluding taxes, extraordinary expenses, brokerage commissions, interest and acquired fund fees and expenses, exceed 1.15% and 0.90% of average daily net assets of Investor Shares and Institutional Shares, respectively. These expense limitations are in effect until November 1, 2013. Prior to that date, the arrangement may be terminated for a class only by the vote of the Board of Trustees of the Fund.
The Adviser has a contractual obligation to waive a portion of its fees and to assume certain expenses of the Fund to the extent that the total annual fund operating expenses, excluding taxes, extraordinary expenses, brokerage commissions, interest and acquired fund fees and expenses, exceed 1.50% and 1.25% of average daily net assets of Investor Shares and Institutional Shares, respectively. These expense limitations are in effect until November 1, 2013. Prior to that date, the arrangement may be terminated for a class only by the vote of the Board of Trustees of the Fund.