CRM Funds / 130/30 Value Fund

130/30 VALUE FUND

The CRM 130/30 Value Fund began in December 2007.

As of March 31, 2008
$ 9 million Jay Abramson, David Tillson,
Kevin Chin, Chip Rewey & Steven Schuster
Ticker Inception Cusip Net Expense Ratio2 Gross Expense Ratio Current Assets Minimum Investment
CRITX 12/31/2007 US12628J4022 1.75% 3.80% $6 million $1,000,000
CRMTX 12/31/2007 US12628J3032 1.99% 4.02% $ 3 million $ 2,500

The 130/30 Value Fund, under normal circumstances, invests at least 80% of its assets in a diversified portfolio of equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase similar to those in the Russell 1000 Index (the “Index”) that are publicly traded on a U.S. securities market.

The Fund will hold long equity securities that Cramer Rosenthal McGlynn, LLC (“CRM” or the “Adviser”), the Fund’s investment adviser, has identified as undervalued and take short positions in equity securities that the Adviser has identified as overvalued or poised for underperformance. The Adviser believes that a long/short strategy will enable the Fund to reflect the Adviser’s positive and negative views on individual stocks and to seek higher performance. In rising markets, the fund expects that the long positions will appreciate to a greater extent than the short positions, and in declining markets, the short positions will gain in value relative to the long positions. However, there can be no guarantee that this result will be achieved. The market capitalization range of the Russell 1000 Index changes constantly, and as a result, the capitalization of companies in which the Fund will invest will also change. As of September 30, 2007, the market capitalization range of the Russell 1000 Index was from approximately $901 million to $521 billion.

Supported by an experienced team of investment professionals, the portfolio managers make judgments about the relative attractiveness of various securities in selecting stocks for the 130/30 Value Mutual Fund. Although the Fund is built from the bottom up, stock-specific risks, sector weightings and risk/reward characteristics are all taken into account in the portfolio construction process.

Top Ten Equity Holdings (as of 12/31/07)

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TOTAL -

Most Recent Fund Distribution - 2007

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Performance (as of 03/31/08)

Annual Returns

Year 130/30
Value Fund 		Russell
1000
- - -

Annual Returns

Year 130/30
Value Fund		 Russell
1000
- - -

Annualized Returns

Year 130/30
Value Fund 		Russell
1000
Q1'08 -9.10 -9.48
YTD -9.10 -9.48
ICD -9.10 -9.48

Q1'08 CRM: -9.10
Russell<br>1000: -9.48
YTD CRM: -9.10
Russell<br>1000: -9.48
ICD CRM: -9.10
Russell<br>1000: -9.48

  • 130/30
    Value Fund

  • Russell
    1000

Annualized Returns

Year 130/30
Value Fund		 Russell
1000
Q1'08 -9.10 -9.48
YTD -9.10 -9.48
ICD -9.10 -9.48

Q1'08 CRM: -9.10
Russell<br>1000: -9.48
YTD CRM: -9.10
Russell<br>1000: -9.48
ICD CRM: -9.10
Russell<br>1000: -9.48

  • 130/30
    Value Fund

  • Russell
    1000

The information on the Funds’ performance represent past performance, which does not guarantee future results. If you invest in a Fund, your investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more of less than their original cost. The Funds’ current performance may be lower or higher than the performance above. For most recent month-end performance, please click here.

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.

1 Formerly, CRM Mid/Large Cap Value Fund. The Fund name change was effective October 26, 2007. The Fund has not changed its investment strategy.

2 The net expense ratio for the CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund, CRM Large Cap Value Fund and CRM All Cap Value Fund is the ratio listed in the CRM Funds Semi-Annual Report, for the six months ended December 31, 2007. This figure will fluctuate over time. CRM has a contractual obligation to waive fees or assume expenses through November 1, 2010 to the extent necessary so that the total annual expenses do not exceed the following ratios: Institutional Shares, 1.20%; Investor Shares, 1.50%; Advisor Shares, 1.75%.

The net expense ratio for the CRM 130/30 Value Fund is the ratio listed in the Prospectus dated December 21, 2007. This figure will fluctuate over time. CRM has a contractual obligation to waive fees or assume expenses through November 1, 2010 to the extent necessary so that the total annual expenses do not exceed the following ratios: Institutional Shares, 1.75%; Investor Shares, 2.00%.