CRM Small/Mid Cap Value Fund (CRIAX/CRMAX)

CRM Small/Mid Cap Value Fund seeks long-term capital appreciation. The CRM Small/Mid Cap Value Fund, under normal circumstances, invests at least 80% of its assets in a diversified portfolio of equity and equity related securities of companies with market capitalizations at the time of initial purchase similar to those in the Russell 2500 Value Index or in the S&P MidCap 400 Value Index (together, “small/mid cap companies”) that are publicly traded on a U.S. securities market.

The market capitalization ranges of the Russell 2500 Value Index and/or the S&P MidCap 400 Value Index change constantly, and as a result, the capitalization of small/mid cap companies in which the Fund will invest will also change. As of June 30, 2021, the market capitalization range of the Russell 2500 Value Index was approximately $30 million to $26 billion and the market capitalization range of the S&P MidCap 400 Value Index was approximately $1.8 billion to $16 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 Fund. This Fund typically will be invested in 35 to 50 stocks. Although the Fund is built from the bottom up, stock-specific risks, sector weightings and risk/reward characteristics are all considered during the portfolio construction process.