Performance

Quarter-End

as of June 30, 2021
Our Funds Q2'21 YTD 1YR 3YR 5YR 10YR Since Inception2 Inception Date Net Expense Ratio Gross Expense Ratio1
CRM Long/Short Opportunities  
CRIHX - Institutional Shares -0.85% 0.96% 19.49% 6.67% 5.54% August 16, 2016 2.96% 3.04%
S&P 500 Index 8.55% 15.25% 40.79% 18.67% 17.19%
CRM Small Cap Value  
CRISX - Institutional Shares 2.49% 18.17% 55.68% 7.03% 10.85% 9.22% 9.08% January 27, 1998 0.93% 0.93%
CRMSX - Investor Shares 2.42% 18.03% 55.36% 6.77% 10.59% 8.97% 10.45% October 1, 1995 1.17% 1.17%
Russell 2000 Value Index 4.56% 26.69% 73.28% 10.27% 13.62% 10.85% 10.19%
CRM Small/Mid Cap Value  
CRIAX - Institutional Shares 7.89% 22.45% 68.26% 14.76% 15.49% 11.44% 10.66% September 1, 2004 0.96% 0.96%
CRMAX - Investor Shares 7.78% 22.28% 67.80% 14.51% 15.23% 11.19% 10.42% September 1, 2004 1.18% 1.18%
Russell 2500 Value Index 5.00% 22.68% 63.23% 10.60% 12.29% 10.93% 9.41%
CRM Mid Cap Value  
CRIMX - Institutional Shares 8.01% 19.49% 54.44% 12.58% 14.37% 11.56% 11.80% January 6, 1998 0.97% 0.97%
CRMMX - Investor Shares 7.95% 19.34% 54.09% 12.35% 14.14% 11.33% 11.00% September 20, 2000 1.17% 1.17%
Russell Midcap Value Index 5.66% 19.45% 53.06% 11.86% 11.79% 11.75% 9.77%
CRM All Cap Value  
CRIEX - Institutional Shares 6.29% 16.03% 54.66% 11.52% 12.56% 10.21% 7.74% October 24, 2006 1.21% 1.26%
CRMEX - Investor Shares 6.22% 15.93% 54.42% 11.27% 12.31% 9.95% 7.47% October 24, 2006 1.46% 1.51%
Russell 3000 Value Index 5.16% 17.67% 45.40% 12.23% 11.99% 11.54% 7.52%

Month-End

as of June 30, 2021
Our Funds JUNE'21 YTD 1YR 3YR 5YR 10YR Since Inception2 Inception Date Net Expense Ratio Gross Expense Ratio1
CRM Long/Short Opportunities  
CRIHX – Institutional Shares -4.05% 0.96% 19.49% 6.67% 5.54% August 16, 2016 2.96% 3.04%
S&P 500 Index 2.33% 15.25% 40.79% 18.67% 17.19%
CRM Small Cap Value  
CRISX - Institutional Shares -1.44% 18.17% 55.68% 7.03% 10.85% 9.22% 9.08% January 27, 1998 0.93% 0.93%
CRMSX - Investor Shares -1.42% 18.03% 55.36% 6.77% 10.59% 8.97% 10.45% October 1, 1995 1.17% 1.17%
Russell 2000 Value Index -0.61% 26.69% 73.28% 10.27% 13.62% 10.85% 10.19%
CRM Small/Mid Cap Value  
CRIAX - Institutional Shares -1.12% 22.45% 68.26% 14.76% 15.49% 11.44% 10.66% September 1, 2004 0.96% 0.96%
CRMAX - Investor Shares -1.16% 22.28% 67.80% 14.51% 15.23% 11.19% 10.42% September 1, 2004 1.18% 1.18%
Russell 2500 Value Index -1.32% 22.68% 63.23% 10.60% 12.29% 10.93% 9.41%
CRM Mid Cap Value  
CRIMX - Institutional Shares -0.99% 19.49% 54.44% 12.58% 14.37% 11.56% 11.80% January 6, 1998 0.97% 0.97%
CRMMX - Investor Shares -1.00% 19.34% 54.09% 12.35% 14.14% 11.33% 11.00% September 20, 2000 1.17% 1.17%
Russell Midcap Value Index -1.16% 19.45% 53.06% 11.86% 11.79% 11.75% 9.77%
CRM All Cap Value  
CRIEX - Institutional Shares -1.51% 16.03% 54.66% 11.52% 12.56% 10.21% 7.74% October 24, 2006 1.21% 1.26%
CRMEX - Investor Shares -1.55% 15.93% 54.42% 11.27% 12.31% 9.95% 7.47% October 24, 2006 1.46% 1.51%
Russell 3000 Value Index -1.11% 17.67% 45.40% 12.23% 11.99% 11.54% 7.52%

Daily

as of July 27, 2021
Our Funds Current Price Change YTD Inception Date Net Expense Ratio Gross Expense Ratio1
CRM Long/Short Opportunities  
CRIHX - Institutional Shares 11.64 -0.34 1.13 August 16, 2016 2.96% 3.04%
CRM Small Cap Value  
CRISX - Institutional Shares 19.81 -0.55 13.92 January 27, 1998 0.93% 0.93%
CRMSX - Investor Shares 16.72 -0.54 13.74 October 1, 1995 1.17% 1.17%
CRM Small/Mid Cap Value  
CRIAX - Institutional Shares 15.43 -0.45 19.06 September 1, 2004 0.96% 0.96%
CRMAX - Investor Shares 14.95 -0.4 18.93 September 1, 2004 1.18% 1.18%
CRM Mid Cap Value  
CRIMX - Institutional Shares 28.55 -0.38 17.63 January 6, 1998 0.97% 0.97%
CRMMX - Investor Shares 27.28 -0.37 17.48 September 20, 2000 1.17% 1.17%
CRM All Cap Value  
CRIEX - Institutional Shares 8.96 -0.55 13.99 October 24, 2006 1.21% 1.26%
CRMEX - Investor Shares 8.72 -0.57 13.84 October 24, 2006 1.46% 1.51%

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 28, 2020, for the
CRM Long/Short Opportunities Fund, CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund, and CRM All
Cap Value Fund and will fluctuate over time. CRM has a contractual obligation to waive a portion of its fees through November 1, 2021 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 1.45% and 1.20% of average daily net assets of Investor Shares and Institutional Shares, respectively
for the CRM All Cap Value Fund. These expense limitations are in effect until November 1, 2021. 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, CRM Mid Cap Value Fund, and CRM All Cap Value Fund. For the index performance information for all other share classes, please see the performance listed for each Fund at CRM Funds.