CRM Funds / All Cap Value Fund

All CAP VALUE FUND

The CRM All Cap Value Fund began in October 2006.

As of March 31, 2008
$8 million Kevin Chin & Ron McGlynn
Ticker Inception Cusip Net Expense Ratio2 Gross Expense Ratio Current Assets Minimum Investment
CRIEX 10/24/2006 12626X833 1.25% 4.14% $3 million $1,000,000
CRMEX 10/24/2006 12626X841 1.50% 4.38% $5 million $2,500
CRAEX 10/24/2006 12626X858 1.25% 4.70% $25,000 $1,000

The All Cap 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 that are publicly traded on a U.S. securities market. There are no limits on the market capitalizations of companies in which the All Cap Value Fund may invest.

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 portfolio. All stocks held in the other products are not held in the All Cap Value Fund, and it falls upon the portfolio managers to decide which holdings are the most attractive in this portfolio. This strategy will typically be invested in 40 to 50 stocks. 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)

Questar Corporation 4.7%
NCR Corporation 4.0%
C. R. Bard Inc 3.9%
Goodrich Corp 3.6%
Bank of New York Mellon Corp 3.5%
Trane Inc. 3.5%
Teradata Corporation 3.3%
Kaydon Corporation 2.8%
People's United Financial, Inc. 2.8%
Parametric Technology Corp 2.7%
TOTAL 34.5%

Most Recent Fund Distribution - 2007

As a shareholder of a Fund, you are entitled to dividends and other distributions arising from net investment income and net realized gains, if any, earned on the investments held by the Funds. Dividends and distributions, if any, are declared and paid annually to you. Each Fund expects to distribute any net realized gains once a year.

Distributions are payable to the shareholders of record at the time the distributions are declared (including holders of shares being redeemed, but excluding holders of shares being purchased). All distributions are reinvested in additional Fund shares unless you have elected to receive the distributions in cash.

  • Date of Record: 12/14/2007
  • Ex-Date: 12/17/2007
  • Payment Date: 12/18/2007
Name Short Term Long Term Ordinary Income Total
CRM All Cap Value Fund
Institutional Class $0.19825 $0.02547 $0.02030 $0.24402
Investor Class $0.19825 $0.02547 $0.00068 $0.22440
Advisor Class $0.19825 $0.02547 $0.02030 $0.24402

View historical distribution information.

Performance (as of 03/31/08)

Annual Returns

Year All Cap Value Russell
3000V		 Russell
3000
2007 4.29 -1.01 5.14

Annual Returns

Year All Cap Value Russell
3000V		 Russell
3000
2007 3.99 -1.01 5.14

Annual Returns

Year All Cap Value Russell
3000V		 Russell
3000
2007 4.29 -1.01 5.14

Annualized Returns

Year All Cap Value Russell
3000V		 Russell
3000
Q1'08 -8.21 -8.55 -9.52
YTD -8.21 -8.55 -9.52
1 Yr -7.08 -10.60 -6.06
ICD -0.96 -3.70 -1.04

Q1'08 CRM: -8.21
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
YTD CRM: -8.21
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
1 Yr CRM: -7.08
Russell<br>3000V: -10.60
Russell<br>3000: -6.06
ICD CRM: -0.96
Russell<br>3000V: -3.70
Russell<br>3000: -1.04

  • All Cap Value

  • Russell
    3000V

  • Russell
    3000

Annualized Returns

Year All Cap Value Russell
3000V		 Russell
3000
Q1'08 -8.32 -8.55 -9.52
YTD -8.32 -8.55 -9.52
1 Yr -7.36 -10.60 -6.06
ICD -1.26 -3.70 -1.04

Q1'08 CRM: -8.32
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
YTD CRM: -8.32
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
1 Yr CRM: -7.36
Russell<br>3000V: -10.60
Russell<br>3000: -6.06
ICD CRM: -1.26
Russell<br>3000V: -3.70
Russell<br>3000: -1.04

  • All Cap Value

  • Russell
    3000V

  • Russell
    3000

Annualized Returns

Year All Cap Value Russell
3000V		 Russell
3000
Q1'08 -8.21 -8.55 -9.52
YTD -8.21 -8.55 -9.52
1 Yr -7.08 -10.60 -6.06
ICD -1.03 -3.70 -1.04

Q1'08 CRM: -8.21
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
YTD CRM: -8.21
Russell<br>3000V: -8.55
Russell<br>3000: -9.52
1 Yr CRM: -7.08
Russell<br>3000V: -10.60
Russell<br>3000: -6.06
ICD CRM: -1.03
Russell<br>3000V: -3.70
Russell<br>3000: -1.04

  • All Cap Value

  • Russell
    3000V

  • Russell
    3000

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 exposure to smaller and mid 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%.