Performance

Shares of CRM Funds are distributed by ALPS Distributors, Inc.

Cramer Rosenthal McGlynn, LLC is the investment advisor to the CRM Funds and is not affiliated with ALPS.

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.

¹The net expense ratios are the current annualized expense ratio as stated in the CRM Funds prospectus dated October 26, 2018,  for the CRM Long/Short Opportunities Fund, CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, and CRM Mid Cap Value Fund, and will fluctuate over time. CRM has a contractual obligation to waive a portion of its fees through November 1, 2019 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 1.60% for the CRM Long/Short Opportunities Fund of average daily net assets of Institutional Shares, and may be terminated by a vote of the Board of Trustees. The net expense ratio for the CRM All Cap Value Fund is the ratio listed in the CRM All Cap Value Fund Summary Prospectus, dated July 1, 2019. CRM has a contractual obligation to waive a portion of fees and to assume certain expense 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 1.45% and 1.20% of average daily net assets of Investor Shares and Institutional Shares, respectively. These expense limitations are in effect until November 1, 2020. Prior to that date, the arrangement may be terminated for a class only by the vote of the Board of Trustees of the Fund. Performance would have been lower in the absence of fee waivers and expense reimbursements. ² The Since Inception performance return for the indices represent the Investor Shares for the CRM Small Cap Value Fund and the Institutional Shares for the CRM Long/Short Opportunities Fund, CRM Small/Mid Cap Value Fund, and CRM Mid Cap Value Fund. For the index performance information for all other share classes, please see the performance listed for each Fund at CRM Funds.