Performance / Quarter-End

CRM Performance

Quarter-End Performance (as of 12/31/11 )

• Quarter-End
• Month-End
• Daily

Our Funds	Q4'11	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception2	Inception Date	Net Expense Ratio	Gross Expense Ratio1
CRM Small Cap Value
CRISX - Institutional Shares	11.50%	-13.28%	-13.28%	13.03%	-0.54%	5.98%	7.31%	01/27/98	0.86%	0.86%
CRMSX - Investor Shares	11.45%	-13.48%	-13.48%	12.78%	-0.78%	5.72%	9.85%	10/01/95	1.09%	1.09%
Russell 2000 Value Index	15.97%	-5.50%	-5.50%	12.36%	-1.87%	6.40%	8.82%
CRM Small/Mid Cap Value
CRIAX - Institutional Shares	14.96%	-5.20%	-5.20%	14.44%	2.22%	-	7.14%	09/01/04	0.87%	0.87%
CRMAX - Investor Shares	14.86%	-5.38%	-5.38%	14.15%	1.97%	-	6.88%	09/01/04	1.09%	1.09%
Russell 2500 Value Index	15.45%	-3.36%	-3.36%	15.48%	-0.58%	-	5.44%
CRM Mid Cap Value
CRIMX - Institutional Shares	9.34%	-6.94%	-6.94%	12.48%	0.42%	6.69%	10.34%	01/06/98	0.81%	0.81%
CRMMX - Investor Shares	9.29%	-7.13%	-7.13%	12.24%	0.21%	6.44%	8.73%	09/20/00	1.02%	1.02%
Russell Midcap Value Index	13.37%	-1.38%	-1.38%	18.19%	0.04%	7.67%	7.33%
CRM Large Cap Opportunity
CRIGX - Institutional Shares	10.28%	-2.73%	-2.73%	9.74%	-1.28%	-	1.53%	12/01/05	0.90%	1.07%
CRMGX - Investor Shares	10.23%	-2.91%	-2.91%	9.49%	-1.51%	-	1.28%	12/01/05	1.15%	1.30%
Russell 1000 Value Index	13.11%	0.39%	0.39%	11.55%	-2.64%	-	1.21%
CRM All Cap Value
CRIEX - Institutional Shares	8.96%	-9.67%	-9.67%	12.09%	-1.31%	-	-0.69%	10/24/06	1.25%	1.54%
CRMEX - Investor Shares	8.90%	-9.91%	-9.91%	11.81%	-1.57%	-	-0.95%	10/24/06	1.50%	1.78%
Russell 3000 Index	12.12%	1.03%	1.03%	14.88%	-0.01%	-	0.66%
CRM Global Opportunity
CRIWX - Institutional Shares	4.95%	-19.07%	-19.07%	13.23%	-	-	13.23%	12/31/2008	1.25%	1.31%
CRMWX - Investor Shares	4.90%	-19.25%	-19.25%	12.95%	-	-	12.95%	12/31/2008	1.50%	1.56%
MSCI World	7.59%	-5.54%	-5.54%	11.13%	-	-	11.13%
CRM International Opportunity
CRIIX - Institutional Shares	4.98%	-18.34%	-18.34%	13.35%	-	-	13.35%	12/31/2008	1.25%	3.11%
CRMIX - Investor Shares	4.93%	-18.54%	-18.54%	13.07%	-	-	13.07%	12/31/2008	1.50%	3.33%
MSCI EAFE	3.33%	-12.14%	-12.14%	7.65%	-	-	7.65%

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.

¹ The gross expense ratios for the CRM Small Cap Value Fund, CRM Small/Mid Cap Value, CRM Mid Cap Value Fund, CRM Large Cap Opportunity Fund, CRM All Cap Value Fund, CRM Global Opportunity Fund and the CRM International Opportunity Fund are the ratios listed in the CRM Funds Prospectus, dated October 28, 2011. Expense ratios will fluctuate over time. CRM has a contractual obligation to waive a portion of fees through November 1, 2012 and to assume certain expenses. This agreement may change or end at any time. Excluding the Small Cap Value, Small/Mid Cap Value and Mid Cap Value Funds, 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 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.