0001104659-13-085015.txt : 20131115 0001104659-13-085015.hdr.sgml : 20131115 20131115103321 ACCESSION NUMBER: 0001104659-13-085015 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131115 DATE AS OF CHANGE: 20131115 EFFECTIVENESS DATE: 20131115 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: 131222776 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: 131222777 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 a13-23034_1485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on November 15, 2013

 

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. 20

 

AND

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

Amendment No. 22

 

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. 20 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 15, 2013.

 

 

 

 

CRM MUTUAL FUND TRUST

 

 

 

 

 

 

 

 

By:

/s/Ronald H. McGlynn

 

 

Ronald H. McGlynn

 

 

President

 

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 15, 2013.

 

SIGNATURE

 

TITLE

 

 

 

/s/Ronald H. McGlynn

 

President

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

 


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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, 2014. Prior to that date, the arrangement may be terminated for a class only by the vote of the Board of Trustees of the Fund. Effective July 2013, the primary benchmark for the Fund changed from the MSCI World Index to the MSCI ACWI Index because the Fund's adviser believes that the MSCI ACWI Index better reflects the Fund's investment approach and portfolio composition. 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, 2014. Prior to that date, the arrangement may be terminated for a class only by the vote of the Board of Trustees of the Fund. Effective July 2013, the primary benchmark for the Fund changed from the MSCI EAFE Index to the MSCI ACWI Index (ex U.S.) because the Fund's investment adviser believes that the MSCI ACWI Index (ex U.S.) better reflects the Fund's investment approach and portfolio composition. CRM Mutual Fund Trust 485BPOS false 0001322252 2013-06-30 2013-10-28 2013-10-28 2013-10-28 CRM SMALL CAP VALUE FUND CRISX CRMSX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to calendar year for Institutional Shares. The table shows how the Fund&#8217;s average annual total returns for one, five and ten&#160;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. This performance information includes performance of the Fund&#8217;s predecessor, the CRM Small Cap Value Fund (a series of WT Mutual Fund), for periods from January 1, 2003 through September&#160;30, 2005. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.4869 0.1811 0.1064 0.1475 -0.0312 -0.3044 0.2944 0.2864 -0.1328 0.1636 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_LegalEntityAxis compact ck0001322252_S000001323Member column rr_ProspectusShareClassAxis compact ck0001322252_C000003540Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.2738 2003-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2458 2011-09-30 YTD Total Return 0.2592 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 25.92% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="3%"> &#160; </td> <td width="43%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">27.38%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(24.58)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2003</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For&#160;the&#160;quarter&#160;ended&#160;September&#160;30,&#160;2011</font> </p> </td> </tr> </table> 0.1636 0.0317 0.0970 0.1602 0.0257 0.0826 0.1106 0.0263 0.0815 0.1608 0.0293 0.0944 0.1805 0.0355 0.0972 0.1635 0.0356 0.0950 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_LegalEntityAxis compact ck0001322252_S000001323Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.</font> </p> 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. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx 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. (reflects no deduction for fees, expenses or taxes) After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. Average Annual Total Returns as of December 31, 2012 INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM Small Cap Value Fund seeks long-term capital appreciation.</font> </p> PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 77% of the average value of its portfolio.</font> </p> 0.77 EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 111 347 601 1329 88 274 477 1061 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001322252_S000001323Member row primary compact * ~ PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Selection Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Small Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it invests in small capitalization companies. Small capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Securities of smaller companies may have limited liquidity and may be difficult to value or to sell at an advantageous time or without a substantial drop in price.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Arial; color: #6b8836; font-size: 13;"><strong>Risks of Foreign Investments.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, imposition of currency controls or restrictions, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid. Currency fluctuations could erase investment gains or add to investment losses.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological change, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Expense Risk.</b></font> <font size="2" style="font-family:Times New Roman">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> 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. It is possible to lose money by investing in the Fund. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase within the range of those in the Russell 2000 Value Index (&#8220;small cap companies&#8221;) that are publicly traded on a U.S. securities market. The market capitalization range of the Index changes constantly, and as a result, the capitalization of small cap companies in which the Fund will invest will also change. As of September 30, 2013, the market capitalization range of the Index was approximately $42&#160;million to $4.4&#160;billion. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it</font> <font size="2" style="font-family:Times New Roman">believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0075 0.0075 0.0000 0.0000 0.0025 0.0000 0.0008 0.0010 0.0033 0.0010 0.0001 0.0001 0.0109 0.0086 ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001322252_S000001323Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. CRM SMALL/MID CAP VALUE FUND CRIAX CRMAX CRAAX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to calendar year for Institutional Shares. The table shows how the Fund&#8217;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. This performance information includes performance of the Fund&#8217;s predecessor, the CRM Small/Mid Cap Value Fund (a series of WT Mutual Fund) for periods from September&#160;1, 2004 (commencement of operations) through September&#160;30, 2005. Total returns would have been lower had certain fees and expenses not been waived. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.0676 0.1935 0.0849 -0.3136 0.2749 0.2401 -0.0520 0.1851 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_LegalEntityAxis compact ck0001322252_S000001325Member column rr_ProspectusShareClassAxis compact ck0001322252_C000003543Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.1575 2010-12-31 Worst Quarter During the Period Covered in the Bar Chart -0.2270 2011-09-30 YTD Total Return 0.2217 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 22.17% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="3%"> &#160; </td> <td width="43%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">15.75%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(22.70)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended December&#160;31, 2010</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For&#160;the&#160;quarter&#160;ended&#160;September&#160;30,&#160;2011</font> </p> </td> </tr> </table> 0.1851 0.0404 0.0845 0.1813 0.0363 0.0776 0.1252 0.0337 0.0716 0.1826 0.0381 0.0819 0.1921 0.0454 0.0700 0.1788 0.0434 0.0778 2004-09-01 2004-09-01 2004-09-01 2004-09-01 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_LegalEntityAxis compact ck0001322252_S000001325Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.</font> </p> 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. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM Small/Mid Cap Value Fund seeks long-term capital appreciation.</font> </p> EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 111 347 601 1329 90 281 488 1084 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20008 column dei_LegalEntityAxis compact ck0001322252_S000001325Member row primary compact * ~ PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 96% of the average value of its portfolio.</font> </p> 0.96 PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that</font> <font size="2" style="font-family:Times New Roman">affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Selection Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Small and Mid Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it invests in small and/or mid capitalization companies. Small and mid capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Securities of smaller companies may have limited liquidity and may be difficult to value or to sell at an advantageous time or without a substantial drop in price.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, imposition of currency controls or restrictions, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid. Currency fluctuations could erase investment gains or add to investment losses.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of taxable costs, as well as income or capital gains.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Expense Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0075 0.0075 0.0000 0.0000 0.0025 0.0000 0.0008 0.0012 0.0033 0.0012 0.0001 0.0001 0.0109 0.0088 ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20007 column dei_LegalEntityAxis compact ck0001322252_S000001325Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase within the range of those in the Russell 2500 Value Index or in the S&amp;P Mid Cap 400 Value Index (together, &#8220;small/mid cap companies&#8221;) that are publicly traded on a U.S. securities market. The market capitalization ranges of the Indices change constantly, and as a result, the capitalization of small/mid cap companies in which the Fund will invest will also change. As of September 30, 2013, the market capitalization range of the Russell 2500 Value Index was approximately $42&#160;million to $9.4&#160;billion, and the market capitalization range of the S&amp;P Mid Cap 400 Value Index was approximately $479&#160;million to $11.3&#160;billion. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> CRM MID CAP VALUE FUND CRIMX CRMMX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to calendar year for Institutional Shares. The table shows how the Fund&#8217;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. This performance information includes performance of the Fund&#8217;s predecessor, the CRM Mid Cap Value Fund (a series of WT Mutual Fund), for periods from January 1, 2003 through September&#160;30, 2005. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.4192 0.2498 0.0796 0.1726 0.1043 -0.3503 0.2865 0.1888 -0.0694 0.1782 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20015 column dei_LegalEntityAxis compact ck0001322252_S000001322Member column rr_ProspectusShareClassAxis compact ck0001322252_C000003538Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.1800 2003-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2224 2008-12-31 YTD Total Return 0.2128 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 21.28% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td width="46%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">18.00%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(22.24)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2003</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For&#160;the&#160;quarter&#160;ended&#160;December 31, 2008</font> </p> </td> </tr> </table> 0.1782 0.0173 0.1045 0.1759 0.0159 0.0977 0.1188 0.0145 0.0907 0.1761 0.0152 0.1020 0.1851 0.0379 0.1063 0.1728 0.0357 0.1065 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20016 column dei_LegalEntityAxis compact ck0001322252_S000001322Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.</font> </p> 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. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM Mid Cap Value Fund seeks long-term capital appreciation.</font> </p> EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 105 328 569 1259 84 262 455 1014 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20014 column dei_LegalEntityAxis compact ck0001322252_S000001322Member row primary compact * ~ PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 91% of the average value of its portfolio.</font> </p> 0.91 PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that</font> <font size="2" style="font-family:Times New Roman">affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Selection Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Mid Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it invests in mid capitalization companies. Mid capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, imposition of currency controls or restrictions, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid. Currency fluctuations could erase investment gains or add to investment losses.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Expense Risk.</b></font> <font size="2" style="font-family:Times New Roman">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0070 0.0070 0.0000 0.0000 0.0025 0.0000 0.0007 0.0011 0.0032 0.0011 0.0001 0.0001 0.0103 0.0082 ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20013 column dei_LegalEntityAxis compact ck0001322252_S000001322Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase within the range of those in the Russell Midcap Value Index (&#8220;mid cap companies&#8221;) that are publicly traded on a U.S. securities market. The market capitalization range of the Index changes constantly, and as a result, the capitalization of mid cap companies in which the Fund will invest will also change. As of September&#160;30, 2013, the market capitalization range of the Index was approximately $888&#160;million to $26.2&#160;billion. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it</font> <font size="2" style="font-family:Times New Roman">believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> CRM LARGE CAP OPPORTUNITY FUND CRIGX CRMGX CRAGX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to&#160;calendar year for Institutional Shares. The table shows how the Fund&#8217;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. Total returns would have been lower had certain fees and expenses not been waived. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.1694 0.0780 -0.3416 0.2242 0.1098 -0.0273 0.1652 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001322252_S000002555Member column rr_ProspectusShareClassAxis compact ck0001322252_C000007040Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.1415 2009-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2018 2008-12-31 YTD Total Return 0.1989 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 19.89% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="2%"> &#160; </td> <td width="44%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">14.15%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(20.18)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2009</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended December 31, 2008</font> </p> </td> </tr> </table> 0.1652 0.0027 0.0352 0.1548 0.0001 0.0306 0.1212 0.0022 0.0290 0.1624 0.0003 0.0327 0.1751 0.0059 0.0337 0.1642 0.0192 0.0427 2005-12-01 2005-12-01 2005-12-01 2005-12-01 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001322252_S000002555Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will&#160;vary.</font> </p> 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. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM Large Cap Opportunity Fund seeks long-term capital appreciation.</font> </p> EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses (reflecting applicable contractual fee waivers and expense reimbursement arrangements) are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 118 403 708 1576 93 327 579 1302 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20020 column dei_LegalEntityAxis compact ck0001322252_S000002555Member row primary compact * ~ PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 113% of the average value of its portfolio.</font> </p> 1.13 PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Selection Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, imposition of currency controls or restrictions, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid. Currency fluctuations could erase investment gains or add to investment losses.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Expense Risk.</b></font> <font size="2" style="font-family:Times New Roman">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0075 0.0075 0.0000 0.0000 0.0025 0.0000 0.0031 0.0032 0.0056 0.0032 0.0001 0.0001 0.0132 0.0108 -0.0016 -0.0017 0.0116 0.0091 ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20019 column dei_LegalEntityAxis compact ck0001322252_S000002555Member row primary compact * ~ 2014-11-01 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and <font style="white-space:nowrap">non-U.S.</font> companies with market capitalizations at the time of initial purchase within the range of those in the Russell 1000 Value Index (&#8220;large cap companies&#8221;) that are publicly traded on a U.S. securities market. The market capitalization range of the Index changes constantly, and as a result, the capitalization of large cap companies in which the Fund will invest will also change. As of September&#160;30, 2013, the market capitalization range of the Index was approximately $888&#160;million to $433.1&#160;billion. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify</font> <font size="2" style="font-family:Times New Roman">those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> CRM All Cap Value Fund CRMEX CRIEX CRAEX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to&#160;calendar year for Institutional Shares. The table shows how the Fund&#8217;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. Total returns would have been lower had certain fees and expenses not been waived. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.0429 -0.3626 0.3167 0.1842 -0.0967 0.1851 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0001322252_S000013816Member column rr_ProspectusShareClassAxis compact ck0001322252_C000037909Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.1789 2009-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2347 2008-12-31 YTD Total Return 0.1934 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 19.34% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="2%"> &#160; </td> <td width="44%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">17.89%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(23.47)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2009</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended December 31, 2008</font> </p> </td> </tr> </table> 0.1851 0.0124 0.0218 0.1825 0.0111 0.0197 0.1238 0.0104 0.0181 0.1813 0.0098 0.0191 0.1755 0.0083 0.0126 0.1642 0.0204 0.0306 2006-10-24 2006-10-24 2006-10-24 2006-10-24 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0001322252_S000013816Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will&#160;vary.</font> </p> 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. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM All Cap Value Fund seeks long-term capital appreciation.</font> </p> EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 153 474 818 1791 127 397 686 1511 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20026 column dei_LegalEntityAxis compact ck0001322252_S000013816Member row primary compact * ~ PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 113% of the average value of its portfolio.</font> </p> 1.13 PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Selection Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Small and Mid Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it also invests in small and/or mid capitalization companies. Small and mid capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Securities of smaller companies may have limited liquidity and may be difficult to value or to sell at an advantageous time or without a substantial drop in price.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, imposition of currency controls or restrictions, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid. Currency fluctuations could erase investment gains or add to investment losses.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Expense Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0095 0.0095 0.0000 0.0000 0.0025 0.0000 0.0029 0.0029 0.0054 0.0029 0.0001 0.0001 0.0150 0.0125 ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20025 column dei_LegalEntityAxis compact ck0001322252_S000013816Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and <font style="white-space:nowrap">non-U.S.</font> companies that are publicly traded on a U.S. securities market. There are no limits on the market capitalizations of the companies in which the Fund may invest. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on</font> <font size="2" style="font-family:Times New Roman">these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> CRM Global Opportunity Fund CRMWX CRIWX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to calendar year for Institutional Shares. The table shows how the Fund&#8217;s average annual total returns for one year and since inception, both before and after taxes, compare with those of the MSCI ACWI Index and the MSCI World Index, two broad-based measures of market performance. Total returns would have been lower had certain fees and expenses not been waived. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.4480 0.2388 -0.1907 0.1692 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20034 column dei_LegalEntityAxis compact ck0001322252_S000024465Member column rr_ProspectusShareClassAxis compact ck0001322252_C000072582Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.2554 2009-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2569 2011-09-30 YTD Total Return 0.1633 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 16.33% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="3%"> &#160; </td> <td width="43%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">25.54%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(25.69)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2009</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended September 30, 2011</font> </p> </td> </tr> </table> 0.1692 0.1414 0.1692 0.1272 0.1100 0.1159 0.1661 0.1385 0.1613 0.1302 0.1583 0.1227 2008-12-31 2008-12-31 2008-12-31 2008-12-31 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20035 column dei_LegalEntityAxis compact ck0001322252_S000024465Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.</font> </p> Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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 ACWI Index and the MSCI World Index, two broad-based measures of market performance. 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. www.crmfunds.com/performance_daily.aspx (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM Global Opportunity Fund seeks long-term capital appreciation.</font> </p> PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 122% of the average value of its portfolio.</font> </p> 1.22 EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses (reflecting applicable contractual fee waivers and expense reimbursement arrangements) are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 154 513 897 1973 128 438 770 1709 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20033 column dei_LegalEntityAxis compact ck0001322252_S000024465Member row primary compact * ~ PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Portfolio Selection Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Currency Risk.</b></font> <font size="2" style="font-family:Times New Roman">The Fund generally invests in securities denominated in foreign currencies, and could experience gains or losses solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, and the imposition of currency controls or restrictions and speculation.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Emerging Markets Risk.</b></font> <font size="2" style="font-family:Times New Roman">The risks of investing in foreign securities are generally greater in emerging markets, or to the extent that the Fund invests significantly in one region or country. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight can be less than in more developed markets. The economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Small and Mid Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it also invests in small and/or mid capitalization companies. Small and mid capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Securities of smaller companies may have limited liquidity and may be difficult to value or sell at advantageous time or without a substantial drop in price.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Portfolio Turnover Risk.</b></font> <font size="2" style="font-family:Times New Roman">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Expense Risk.</b></font> <font size="2" style="font-family:Times New Roman">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of U.S. and foreign companies. The Fund normally invests in the securities of companies that are tied economically to at least 10 countries, including the U.S. The Fund may invest in companies located in developed and emerging markets. Emerging markets include countries that have an emerging stock market as defined by Standard &amp; Poor&#8217;s, Inc., countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics. The Fund may at any one time invest all or substantially all of its assets in foreign companies and at another time invest substantially in U.S. companies, although, under normal market conditions, it is expected that a majority of the Fund&#8217;s assets will be invested in foreign companies. The Fund may invest in companies of any size. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these</font> <font size="2" style="font-family:Times New Roman">attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. After a decision to sell is made, the investment generally is replaced by either a new idea or existing holdings which the Adviser believes offers greater upside.</font> </p> FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> -0.0150 -0.0150 0.0090 0.0090 0.0000 0.0000 0.0025 0.0000 0.0052 0.0053 0.0077 0.0053 0.0001 0.0001 0.0168 0.0144 -0.0017 -0.0018 0.0151 0.0126 ~ http://crm.com/20131028/role/ScheduleShareholderFees20031 column dei_LegalEntityAxis compact ck0001322252_S000024465Member row primary compact * ~ ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20032 column dei_LegalEntityAxis compact ck0001322252_S000024465Member row primary compact * ~ 2014-11-01 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. SHAREHOLDER FEES (fees paid directly from your investment) CRM International Opportunity Fund CRMIX CRIIX PERFORMANCE INFORMATION <p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: 13;">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&#8217;s performance from calendar year to calendar year for Institutional Shares. The table shows how the Fund&#8217;s average annual total returns for one year and since inception, both before and after taxes, compare with those of the MSCI ACWI Index (ex U.S.) and the MSCI EAFE Index, two broad-based measures of market performance. Total returns would have been lower had certain fees and expenses not been waived. The Fund makes updated performance information available at the Fund&#8217;s website, www.crmfunds.com/performance_daily.aspx, or at the following telephone number: 800-CRM-2883. Of course, the Fund&#8217;s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</font> </p> ANNUAL TOTAL RETURNS FOR THE INSITUTIONAL SHARES FOR CALENDAR YEARS ENDED DECEMBER 31 0.4684 0.2144 -0.1834 0.1902 ~ http://crm.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20041 column dei_LegalEntityAxis compact ck0001322252_S000024466Member column rr_ProspectusShareClassAxis compact ck0001322252_C000072584Member row primary compact * ~ Best Quarter During the Period Covered in the Bar Chart 0.2582 2009-06-30 Worst Quarter During the Period Covered in the Bar Chart -0.2594 2011-09-30 YTD Total Return 0.0969 2013-09-30 <p> Calendar YTD Total Return as of September 30, 2013: 9.69% </p> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="51%"> &#160; </td> <td valign="bottom" width="3%"> &#160; </td> <td width="43%"> &#160; </td> </tr> <tr style="background-color: #b5c39a;"> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Best Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <font style="font-family: ARIAL; font-size: small;"><strong>Worst Quarter During the Period<br/> Covered in the Bar Chart</strong></font> </td> </tr> <tr> <td height="8"> &#160; </td> <td colspan="2" height="8"> &#160; </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">25.82%</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">(25.94)%</font> </p> </td> </tr> <tr> <td align="center" valign="top"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended June 30, 2009</font> </p> </td> <td valign="bottom"> <font style="font-size: xx-small;">&#160;&#160;</font> </td> <td align="center" valign="bottom"> <p align="center" style="margin-left: 1.00em; text-indent: -1.00em;"> <font style="font-family: Times New Roman; font-size: small;">For the quarter ended September&#160;30,&#160;2011</font> </p> </td> </tr> </table> 0.1902 0.1474 0.1902 0.1323 0.1236 0.1216 0.1871 0.1445 0.1683 0.1220 0.1732 0.0998 2008-12-31 2008-12-31 2008-12-31 2008-12-31 ~ http://crm.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20042 column dei_LegalEntityAxis compact ck0001322252_S000024466Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"><font style="white-space:nowrap">After-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual <font style="white-space:nowrap">after-tax</font> returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through <font style="white-space:nowrap">tax-deferred</font> arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary.</font> </p> 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 ACWI Index (ex U.S.) and the MSCI EAFE Index, two broad-based measures of market performance. Of course, the Fund's past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. 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. www.crmfunds.com/performance_daily.aspx Effective July 2013, the primary benchmark for the Fund changed from the MSCI EAFE Index to the MSCI ACWI Index (ex U.S.) because the Fund's investment adviser believes that the MSCI ACWI Index (ex U.S.) better reflects the Fund's investment approach and portfolio composition. (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns as of December 31, 2012 After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. INVESTMENT OBJECTIVE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">CRM International Opportunity Fund seeks long-term capital appreciation.</font> </p> EXAMPLE <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund&#8217;s total operating expenses (reflecting applicable contractual fee waivers and expense reimbursement arrangements) are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 154 603 1079 2394 128 501 899 2012 ~ http://crm.com/20131028/role/ScheduleExpenseExampleTransposed20040 column dei_LegalEntityAxis compact ck0001322252_S000024466Member row primary compact * ~ PORTFOLIO TURNOVER <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 134% of the average value of its portfolio.</font> </p> 1.34 PRINCIPAL INVESTMENT RISKS <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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. The following is a summary description of certain risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Market Risk.</b></font> <font size="2" style="font-family:Times New Roman">Stock markets are volatile and can decline significantly in response to adverse issuer, industry, regulatory, market or economic developments. Different parts of the U.S. market and different markets around the world can react differently to these developments. When market prices fall, the value of your investment will go down. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and <font style="white-space:nowrap">non-governmental</font> issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, these events could negatively affect the value and liquidity of the Fund&#8217;s investments. The Fund may experience a substantial or complete loss on any individual security. In addition, policy and legislative changes in the U.S. and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Company Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. This may result from a wide variety of factors that affect particular companies or industries, including changes in market demand for particular goods and services, increases in costs of supply, changes in management, increased competition and changes in regulatory environment.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Value Investing Risk.</b></font> <font size="2" style="font-family:Times New Roman">Value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. The Adviser may be incorrect when it determines that a stock is undervalued by the market.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Portfolio Selection Risk.</b></font> <font size="2" style="font-family:Times New Roman">The value of your investment may decrease if the Adviser&#8217;s judgment about the attractiveness, value of, or market trends affecting a particular security, industry or sector, country or region, or about market movements, is incorrect.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Foreign Investments.</b></font> <font size="2" style="font-family:Times New Roman">Investing in foreign securities involves special risks that can increase the potential for losses. These risks may include nationalization or expropriation of assets, illiquid foreign securities markets, confiscatory taxation, foreign withholding taxes, natural disasters and political, economic or social instability. Because many foreign markets are smaller, less liquid and more volatile, the Fund may not be able to sell portfolio securities at times, in amounts and at prices it considers reasonable. In some foreign countries, less information is available about issuers and markets. Foreign markets may offer less protection to investors. Foreign stocks can fluctuate more widely in price than comparable U.S. stocks, and they may also be less liquid.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Currency Risk.</b></font> <font size="2" style="font-family:Times New Roman">The Fund generally invests in securities denominated in foreign currencies, and could experience gains or losses solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, and the imposition of currency controls or restrictions and speculation.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Emerging Markets Risk.</b></font> <font size="2" style="font-family:Times New Roman">The risks of investing in foreign securities are generally greater in emerging markets, or to the extent that the Fund invests significantly in one region or country. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight can be less than in more developed markets. The economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Risks of Small and Mid Cap Companies.</b></font> <font size="2" style="font-family:Times New Roman">Compared to mutual funds that focus exclusively on large capitalization companies, the Fund may be more volatile because it also invests in small and/or mid capitalization companies. Small and mid capitalization companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Securities of smaller companies may have limited liquidity and may be difficult to value or to sell at an advantageous time or without a substantial drop in price.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman"/><font color="#6B8836" size="2" style="font-family:ARIAL"><b>Focus Risk.</b></font> <font size="2" style="font-family:Times New Roman">To the extent that the Fund invests in a smaller number of issuers or emphasizes investments in particular industries or market sectors, the Fund will be subject to a greater degree to any market price movements, regulatory or technological changes, economic conditions or other developments affecting those issuers or companies in those industries or market sectors.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Portfolio Turnover Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of costs, as well as taxable income or capital gains.</font> </p> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: ARIAL; color: #6b8836; font-size: 13;"><strong>Expense Risk.</strong></font> <font style="font-family: Times New Roman; font-size: 13;">Your actual costs of investing in the Fund may be higher than the expenses shown in &#8220;Annual Fund Operating Expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">These and other risks are discussed in more detail later in this prospectus or in the statement of additional information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">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.</font> </p> It is possible to lose money by investing in the Fund. 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. FEES AND EXPENSES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">This table sets forth the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> -0.0150 -0.0150 0.0090 0.0090 0.0000 0.0000 0.0025 0.0000 0.0095 0.0083 0.0120 0.0083 0.0001 0.0001 0.0211 0.0174 -0.0060 -0.0048 0.0151 0.0126 ~ http://crm.com/20131028/role/ScheduleShareholderFees20038 column dei_LegalEntityAxis compact ck0001322252_S000024466Member row primary compact * ~ ~ http://crm.com/20131028/role/ScheduleAnnualFundOperatingExpenses20039 column dei_LegalEntityAxis compact ck0001322252_S000024466Member row primary compact * ~ 2014-11-01 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. SHAREHOLDER FEES (fees paid directly from your investment) PRINCIPAL INVESTMENT STRATEGIES <p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Fund, under normal circumstances, invests at least 80% of its assets in equity and equity related securities of foreign companies. The Fund normally invests in the securities of companies that are tied economically to at least 10 countries, other than the U.S. The Fund may invest in companies located in developed and emerging markets. Emerging markets include countries that have an emerging stock market as defined by Standard &amp; Poor&#8217;s, Inc., countries or markets with low- to- middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics. The Fund may invest in companies of any size. For purposes of the 80% investment policy, equity and equity related securities include: common and preferred stocks, securities convertible into common stock, and warrants on common stock.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font size="2" style="font-family:Times New Roman">The Adviser evaluates investment opportunities for the Fund using a proprietary value-oriented process that seeks to identify companies characterized by three attributes: change, neglect and relative valuation. The Adviser seeks to identify those changes that are material to a company&#8217;s operations, outlook and prospects while also identifying companies that it believes have been neglected by other investors. The Adviser utilizes a primarily qualitative research process focused on these attributes to identify and invest in relatively undervalued companies. These factors formulate the Adviser&#8217;s</font> <font size="2" style="font-family:Times New Roman">investment case for each company under consideration for investment. The Adviser&#8217;s process is focused not only on building the investment case, but also on understanding how the case might deteriorate. The Adviser&#8217;s sell discipline is ultimately dependent upon the written investment case for the stock. A position generally will be sold when one or more of the following occurs: (i) an established price target is approaching or is attained, implying the stock has reached an estimation of fair valuation; (ii) a factor in the initial investment thesis has deteriorated causing the Adviser to reassess the potential for the company; or (iii) the Adviser identifies what it believes is a more promising investment opportunity. 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