Exchanging Shares

Each exchange between accounts much be at least $1,000. The NAV of shares exchanged is determined as of the close of trading that day. An exchange is a sale of one fund, using the proceeds to purchase another fund, and may have tax consequences for you.

Before you exchange into a fund in which you haven’t invested previously, please read the fund’s prospectus. You must also meet the fund’s minimum initial investment requirement.

For information on how to exchange shares of the CRM Funds, scroll to a specific section that interests you, and consult the relevant prospectus.

By Mail

Individual, Joint Owners, Sole Proprietorships and UGMA/UTMA

Mail a letter of instruction including: the names of the Funds you wish to exchange from and to; your account number(s); each owner’s name and address; the dollar amount or number of shares to be exchanged; and the signature of each owner as it appears on the account.

Trust

All Trustees must sign the letter of instruction.

For regular mail delivery:
CRM Funds
c/o PFPC
P.O. Box 9812
Providence, RI 02940

For overnight delivery:
CRM Funds
c/o PFPC
101 Sabin Street
Pawtucket, RI 02860

All Others

Call 800.276.2883 for instructions.

By Telephone — 800.276.2883

You may exchange shares by calling an CRM Funds Customer Service Representative during normal business hours, Monday through Friday from 8:00 a.m. to 6:00 p.m. Eastern Time. Follow these two steps to reach a representative.

Dial 800.276.2883
Press 3 to speak with an CRM Funds Representative

Telephone Exchange Option restrictions:

If you wish to exchange between Funds, be sure both accounts are registered in the same name, with the same address and taxpayer identification number.

You may open a Fund account by telephone exchange from another CRM Fund account only if you previously chose the Telephone Exchange Option for the Fund from which you want to make the exchange.
If your account is subject to backup withholding, you may not use the Telephone Exchange Option.
Excessive trading can hurt both fund performance and shareholders. If you intend to trade frequently or use market timing investment strategies, you should not purchase shares of the Funds. The Funds reserve the right to reject any purchase order or exchange request at any time and for any reason, without prior written notice. The Funds also reserve the right to revoke the exchange privileges of any person at any time and for any reason.
CRM Funds reserves the right to terminate or modify the Telephone Exchange Option at any time. If CRM Funds finds it necessary to do either, it will try to notify you in advance.

You should consider the investment objectives, risks, charges and expenses of the Funds before investing. You may obtain the prospectus here or by calling 800.276.2883. The Funds are subject to risks, which are described in the prospectus. In particular, when compared to mutual funds that focus on larger capitalization companies, shares of the Funds may be more volatile because of the focus on smaller capitalization companies, which may have more limited product lines and fewer capital resources. The Funds’ value investing strategy also involves risks. Value stocks can perform differently from the market as a whole and can be undervalued by the market for long periods of time. You should read the prospectus carefully before investing.