CRM Funds / Large Cap Opportunity Fund

LARGE CAP OPPORTUNITY FUND1

The CRM Large Cap Opportunity Fund began in December 2005.

As of March 31, 2008
$47 million Jay Abramson & Dave Tillson
Ticker Inception Cusip Net Expense Ratio2 Gross Expense Ratio Current Assets Minimum Investment
CRIGX 12/1/2005 12628J105 1.15% 1.34% $24 million $1,000,000
CRMGX 12/1/2005 12628J204 1.40% 1.58% $23 million $2,500
CRAGX 10/24/2006 12626X817 1.15% 1.83% $25,000 $1,000

The Large Cap Opportunity 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 Value Index (“mid/large cap companies”) that are publicly traded on a U.S. securities market.

The market capitalization range of the Russell 1000 Value Index changes constantly, and as a result, the capitalization of mid/large cap companies in which the Large Cap Opportunity Fund will invest will also change. As of September 30, 2006, the market capitalization range of the Russell 1000 Value Index was from approximately $2 billion to $406 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 Large Cap Opportunity Fund. This Fund typically will be invested in 45 to 55 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 4.1%
C. R. Bard, Inc. 4.0%
Trane Inc. 3.6%
NCR Corporation 3.5%
United Technologies Corp 3.1%
Bank of New York Mellon Corp 2.7%
Invesco Ltd. 2.6%
Roche Holdings Ltd 2.6%
Teradata Corporation 2.6%
Sony Corporation 2.4%
TOTAL 31.2%

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 Large Cap Opportunity Fund
Institutional Class $0.52570 $0.20105 $0.05100 $0.77775
Investor Class $0.52570 $0.20105 $0.02124 $0.74799
Advisor Class $0.52570 $0.20105 $0.05126 $0.77801

View historical distribution information.

Performance (as of 03/31/08)

Annual Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
2007 7.80 -0.17 5.77
2006 16.94 22.25 15.46

Annual Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
2007 7.55 -0.17 5.77
2006 16.62 22.25 15.46

Annual Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
2007 8.00 -0.17 5.77

Annualized Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
Q1'08 -8.29 -8.72 -9.48
YTD -8.29 -8.72 -9.48
1 Yr -3.39 -9.99 -5.40
ICD 6.42 4.47 3.92

Q1'08 CRM: -8.29
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
YTD CRM: -8.29
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
1 Yr CRM: -3.39
Russell<br>1000V: -9.99
Russell<br>1000: -5.40
ICD CRM: 6.42
Russell<br>1000V: 4.47
Russell<br>1000: 3.92

  • Large Cap
    Opportunity

  • Russell
    1000V

  • Russell
    1000

Annualized Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
Q1'08 -8.31 -8.72 -9.48
YTD -8.31 -8.72 -9.48
1 Yr -3.55 -9.99 -5.40
ICD 6.19 4.47 3.92

Q1'08 CRM: -8.31
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
YTD CRM: -8.31
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
1 Yr CRM: -3.55
Russell<br>1000V: -9.99
Russell<br>1000: -5.40
ICD CRM: 6.19
Russell<br>1000V: 4.47
Russell<br>1000: 3.92

  • Large Cap
    Opportunity

  • Russell
    1000V

  • Russell
    1000

Annualized Returns

Year Large Cap
Opportunity		 Russell
1000V		 Russell
1000
Q1'08 -8.29 -8.72 -9.48
YTD -8.29 -8.72 -9.48
1 Yr -3.30 -9.99 -5.40
ICD 1.29 -3.23 -0.60

Q1'08 CRM: -8.29
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
YTD CRM: -8.29
Russell<br>1000V: -8.72
Russell<br>1000: -9.48
1 Yr CRM: -3.30
Russell<br>1000V: -9.99
Russell<br>1000: -5.40
ICD CRM: 1.29
Russell<br>1000V: -3.23
Russell<br>1000: -0.60

  • Large Cap
    Opportunity

  • Russell
    1000V

  • 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 exposure to 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%.