Performance / Month-End

CRM Performance

Month-End Performance (as of 04/30/08)

Our Funds APR 08 YTD 1 Yr 3 Yr 5 Yr 10 Yr Since
Incep3		 Incep
Date		 Net
Expense
Ratio2		 Gross
Expense
Ratio
CRM Small Cap Value  
CRISX - Institutional Shares 2.23% -1.68% -8.94% 9.36% 15.16% 8.11% 9.83% 01/27/98 0.86% 0.86%
CRMSX - Investor Shares 2.24% -1.71% -9.16% 9.09% 14.87% 7.84% 12.78% 10/01/95 1.11% 1.11%
Russell 2000 Value Index 3.16% -3.57% -15.13% 7.29% 14.08% 7.74% 11.15%      
CRM Small/Mid Cap Value  
CRIAX - Institutional Shares 5.77% -2.20% -2.29% 13.26% - - 13.24% 09/01/04 1.06% 1.06%
CRMAX - Investor Shares 5.65% -2.29% -2.57% 12.96% - - 12.94% 09/01/04 1.27% 1.27%
Russell 2500 Value Index 4.62% -2.94% -14.48% 7.35% - - 8.74%      
CRM Mid Cap Value  
CRIMX - Institutional Shares 5.94% -3.07% -1.94% 12.02% 18.05% 13.72% 14.80% 01/06/98 0.81% 0.81%
CRMMX - Investor Shares 5.93% -3.16% -2.15% 11.77% 17.76% - 14.03% 09/20/00 1.02% 1.02%
Russell Midcap Value Index 6.10% -3.08% -11.65% 9.66% 16.44% 8.86% 9.67%      
CRM Large Cap Opportunity1  
CRIGX - Institutional Shares 4.57% -4.10% -3.22% - - - 8.18% 12/01/05 1.15% 1.34%
CRMGX - Investor Shares 4.48% -4.20% -3.47% - - - 7.92% 12/01/05 1.40% 1.58%
CRAGX - Advisor Shares 4.47% -4.19% -3.22% - - - 4.19% 10/24/06 1.15% 1.83%
Russell 1000 Index 5.07% -4.89% -4.62% - - - 5.93%      
CRM All Cap Value  
CRIEX - Institutional Shares 6.45% -2.29% -4.16% - - - 3.26% 10/24/06 1.25% 4.14%
CRMEX - Investor Shares 6.47% -2.39% -4.35% - - - 2.98% 10/24/06 1.50% 4.38%
CRAEX - Advisor Shares 6.56% -2.20% -4.07% - - - 3.27% 10/24/06 1.25% 4.70%
Russell 3000 Value Index 4.74% -4.21% -9.49% - - - -0.50%      
CRM 130/30 Value  
CRITX - Institutional Shares 5.06% -4.50% - - - - -4.50% 12/31/07 1.75% 3.80%
CRMTX - Investor Shares 5.06% -4.50% - - - - -4.50% 12/31/07 1.99% 4.02%
Russell 1000 Index 5.07% -4.89% - - - - -4.89%      

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or 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.

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 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%.

3 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 Small/Mid Cap Value Fund, CRM Mid Cap Value Fund and CRM Large Cap Opportunity Fund. For the index performance information for all other share classes, please see the performance listed for each Fund at CRM Funds.

Russell 2000 Value, Russell 2500 Value, Russell Midcap Value, Russell 1000 and Russell 3000 Indices are unmanaged market indexes and should not be considered indicative of any Cramer Rosenthal McGlynn, LLC investment. It is not possible to directly invest in an index. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. Past performance is no guarantee of future results.

Investments in small capitalization companies present a greater risk of loss than investments in large companies due to greater volatility and less liquidity. Investments in mid capitalization companies present greater risk of loss than investments in large companies.

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.