0001104659-12-076709.txt : 20121109 0001104659-12-076709.hdr.sgml : 20121109 20121109170400 ACCESSION NUMBER: 0001104659-12-076709 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121109 DATE AS OF CHANGE: 20121109 EFFECTIVENESS DATE: 20121109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRM Mutual Fund Trust CENTRAL INDEX KEY: 0001322252 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-123998 FILM NUMBER: 121194473 BUSINESS ADDRESS: STREET 1: C/O CRAMER ROSENTHAL MCGLYNN, LLC STREET 2: 520 MADISON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212.326.5334 MAIL ADDRESS: STREET 1: C/O CRAMER ROSENTHAL MCGLYNN, LLC STREET 2: 520 MADISON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRM Mutual Fund Trust CENTRAL INDEX KEY: 0001322252 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21749 FILM NUMBER: 121194474 BUSINESS ADDRESS: STREET 1: C/O CRAMER ROSENTHAL MCGLYNN, LLC STREET 2: 520 MADISON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212.326.5334 MAIL ADDRESS: STREET 1: C/O CRAMER ROSENTHAL MCGLYNN, LLC STREET 2: 520 MADISON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 0001322252 S000001322 CRM MID CAP VALUE FUND C000003538 INSTITUTIONAL CRIMX C000003539 INVESTOR CRMMX 0001322252 S000001323 CRM SMALL CAP VALUE FUND C000003540 INSTITUTIONAL CRISX C000003541 INVESTOR CRMSX 0001322252 S000001325 CRM SMALL/MID CAP VALUE FUND C000003543 INSTITUTIONAL CRIAX C000003544 INVESTOR CRMAX 0001322252 S000002555 CRM LARGE CAP OPPORTUNITY FUND C000007040 INSTITUTIONAL CRIGX C000033263 INVESTOR CRMGX 0001322252 S000013816 CRM All Cap Value Fund C000037908 Investor Shares CRMEX C000037909 Institutional Shares CRIEX 0001322252 S000024465 CRM Global Opportunity Fund C000072581 Investor Shares CRMWX C000072582 Institutional Shares CRIWX 0001322252 S000024466 CRM International Opportunity Fund C000072583 Investor Shares CRMIX C000072584 Institutional Shares CRIIX 485BPOS 1 a12-25353_1485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on November 9, 2012

 

File Nos. 333-123998

811-21749

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

Post-Effective Amendment No. 18

 

AND

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

Amendment No. 20

 

CRM Mutual Fund Trust

(Exact Name of Registrant as Specified in Charter)

 

c/o BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number, including Area Code: 212-326-5334

 

Corporation Service Company

2711 Centerville Road Suite 400

Wilmington, DE 19808

(Name and Address of Agent for Service)

 

Copy to:

 

Lea Anne Copenhefer, Esq.

Bingham McCutchen LLP

One Federal Street

Boston, Massachusetts 02110

 

It is proposed that this filing will become effective (check appropriate box):

 

 

x

Immediately upon filing pursuant to paragraph (b)

 

o

On [                  ] pursuant to paragraph (b)

 

o

60 days after filing pursuant to paragraph a(1)

 

o

On [                  ] pursuant to paragraph a(1)

 

o

75 days after filing pursuant to paragraph a(2)

 

o

On [date] pursuant to paragraph (a)(2) of Rule 485

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485 (b) under the Securities Act and has duly caused this Post-Effective Amendment No. 18 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on November 9, 2012.

 

 

 

CRM MUTUAL FUND TRUST

 

 

 

 

 

By:

/s/ Ronald H. McGlynn

 

Ronald H. McGlynn

 

Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated below on November 9, 2012.

 

SIGNATURE

 

TITLE

 

 

 

/s/ Ronald H. McGlynn

 

Chief Executive Officer

Ronald H. McGlynn

 

 

 

 

 

* /s/ Louis Ferrante

 

Trustee

Louis Ferrante

 

 

 

 

 

* /s/ Louis Klein, Jr.

 

Trustee

Louis Klein, Jr.

 

 

 

 

 

/s/ Carlos A. Leal

 

Chief Financial Officer and Trustee

Carlos A. Leal

 

 

 

 

 

* /s/ Clement C. Moore, II

 

Trustee

Clement C. Moore, II

 

 

 

* By

/s/ Carlos A. Leal

 

 

 

Carlos A. Leal, Attorney-in-Fact

 

 

 



 

Exhibit Index

 

Exhibit No.

 

Description

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxomony Extension Presentation Linkbase

 


EX-101.INS 2 ck0001322252-20120630.xml XBRL INSTANCE DOCUMENT 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> <div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000024466Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000024466Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 &amp; 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 />&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25.82%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(25.94)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2009&#xA0;&#xA0;&#xA0;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> <div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000024466Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000024466Member 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. <div style="display:none">~ http://www.crmfunds.com/role/ShareholderFeesData_S000024466Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> <div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000024465Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000024465Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 &amp; 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 />&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;25.54%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(25.69)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2009&#xA0;&#xA0;&#xA0;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> <div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000024465Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000024465Member 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. <div style="display:none">~ http://www.crmfunds.com/role/ShareholderFeesData_S000024465Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 />&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;17.89%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(23.47)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2009&#xA0;&#xA0;&#xA0;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> <div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000013816Member 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 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> <div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000002555Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 />&#xA0;&#xA0;&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;14.15%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(20.18)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2009&#xA0;&#xA0;&#xA0;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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<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 />&#xA0;&#xA0;<br />These and other risks are discussed in more detail later in this prospectus or<br />in the statement of additional information.<br />&#xA0;&#xA0;<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> <div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000001325Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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&amp;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&amp;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 />&#xA0;&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;15.75%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(22.70)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended December 31, 2010&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;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> <div style="display:none">~ http://www.crmfunds.com/role/OperatingExpensesData_S000001325Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000001325Member 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 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> <div style="display:none">~ http://www.crmfunds.com/role/ExpenseExample_S000001323Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.crmfunds.com/role/BarChartData_S000001323Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 />&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;27.38%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(24.58)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2003&#xA0;&#xA0;&#xA0;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> <div style="display:none">~ http://www.crmfunds.com/role/PerformanceTableData_S000001323Member 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 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 />&#xA0;&#xA0;&#xA0;&#xA0;Best Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter During the Period&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Covered in the Bar Chart&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;18.00%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(22.24)%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />For the quarter ended June 30, 2003&#xA0;&#xA0;&#xA0;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 0001322252 ck0001322252:SummaryS000001322Memberck0001322252:S000001322Memberck0001322252:C000003538Member 2012-10-26 2012-10-26 0001322252 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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. 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