CRM Small Cap Value Fund

Under ordinary conditions, the fund dedicates at least 80% of its portfolio to common stocks and other equity-related instruments. These investments are in U.S. and non-U.S. companies, specifically those classified as 'small cap' because their market capitalization, at the point of initial acquisition, falls within the range of companies listed in the Russell 2000 Value Index. All such companies must be publicly traded on a U.S. securities exchange.