CRM All Cap Value Fund

Institutional Class (CRIEX)

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about CRM All Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$128	1.20%

How did the Fund perform during the reporting period?

During the fiscal year, the Fund underperformed the Primary Benchmark Index (Russell 3000 Total Return Index) and outperformed the Secondary Benchmark Index (Russell 3000 Value Total Return Index). Against the Secondary Benchmark Index, relative outperformance was attributed to stock selection within the Consumer Discretionary, Industrials, and Materials sectors. Conversely, stock selection within the Consumer Staples, Information Technology, and Real Estate sectors was a headwind to relative performance. We saw an improving earnings outlook for small to mid-cap companies as we progressed through 2024. Down cap companies’ earnings were more negatively impacted by the inflationary pressures and rise in interest rates than larger cap companies in 2023. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	CRM All Cap Value Fund - Institutional Class	Russell 3000^® Total Return Index	Russell 3000^® Value Index
Jun-2014	$1,000,000	$1,000,000	$1,000,000
Jun-2015	$1,058,164	$1,072,942	$1,038,621
Jun-2016	$1,070,916	$1,095,885	$1,063,729
Jun-2017	$1,249,906	$1,298,727	$1,236,135
Jun-2018	$1,395,242	$1,490,655	$1,325,770
Jun-2019	$1,388,140	$1,624,553	$1,423,059
Jun-2020	$1,251,143	$1,730,629	$1,288,997
Jun-2021	$1,935,045	$2,494,951	$1,874,152
Jun-2022	$1,745,151	$2,149,011	$1,734,307
Jun-2023	$1,835,577	$2,556,327	$1,928,888
Jun-2024	$2,088,245	$3,147,480	$2,178,363

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM All Cap Value Fund - Institutional Class	13.77%	8.51%	7.64%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 3000^® Value Index	12.93%	8.89%	8.10%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell 3000 Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell 3000 Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$23,338,121
Number of Portfolio Holdings	47
Advisory Fee (net of waivers)	$152,323
Portfolio Turnover	54%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	0.8%
Common Stocks	96.3%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.8%
Repurchase Agreements	0.8%
Consumer Staples	1.4%
Utilities	2.4%
Money Market Funds	2.9%
Energy	6.5%
Consumer Discretionary	8.6%
Real Estate	9.5%
Health Care	9.7%
Industrials	12.1%
Materials	12.7%
Financials	14.0%
Technology	20.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity National Information Services, Inc.	3.7%
Marathon Oil Corporation	3.7%
Terreno Realty Corporation	3.1%
CRH PLC	2.9%
Sun Communities, Inc.	2.9%
ChampionX Corporation	2.8%
Burlington Stores, Inc.	2.8%
Advanced Drainage Systems, Inc.	2.8%
BioLife Solutions, Inc.	2.7%
PTC, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM All Cap Value Fund

Institutional Class (CRIEX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-ACT-AR 063024

Distributed by ALPS Distributors, Inc.

CRM All Cap Value Fund

Investor Class (CRMEX)

Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$155	1.45%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	CRM All Cap Value Fund - Investor Class	Russell 3000^® Total Return Index	Russell 3000^® Value Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,548	$10,729	$10,386
Jun-2016	$10,640	$10,959	$10,637
Jun-2017	$12,413	$12,987	$12,361
Jun-2018	$13,803	$14,907	$13,258
Jun-2019	$13,704	$16,246	$14,231
Jun-2020	$12,312	$17,306	$12,890
Jun-2021	$19,013	$24,950	$18,742
Jun-2022	$17,095	$21,490	$17,343
Jun-2023	$17,939	$25,563	$19,289
Jun-2024	$20,355	$31,475	$21,784

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM All Cap Value Fund - Investor Class	13.47%	8.23%	7.37%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 3000^® Value Index	12.93%	8.89%	8.10%

Fund Statistics

Net Assets	$23,338,121
Number of Portfolio Holdings	47
Advisory Fee (net of waivers)	$152,323
Portfolio Turnover	54%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	0.8%
Common Stocks	96.3%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.8%
Repurchase Agreements	0.8%
Consumer Staples	1.4%
Utilities	2.4%
Money Market Funds	2.9%
Energy	6.5%
Consumer Discretionary	8.6%
Real Estate	9.5%
Health Care	9.7%
Industrials	12.1%
Materials	12.7%
Financials	14.0%
Technology	20.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity National Information Services, Inc.	3.7%
Marathon Oil Corporation	3.7%
Terreno Realty Corporation	3.1%
CRH PLC	2.9%
Sun Communities, Inc.	2.9%
ChampionX Corporation	2.8%
Burlington Stores, Inc.	2.8%
Advanced Drainage Systems, Inc.	2.8%
BioLife Solutions, Inc.	2.7%
PTC, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM All Cap Value Fund

Investor Class (CRMEX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-ACV-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Long/Short Opportunities Fund

Institutional Class (CRIHX)

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about CRM Long/Short Opportunities Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$236	2.25%

How did the Fund perform during the reporting period?

Despite positive absolute performance during the fiscal year, the Fund underperformed relative to the stated benchmark during the period. From a sector perspective, Industrials, Information Technology, and Materials contributed most to Fund performance during the fiscal year. The Consumer Staples and Consumer Discretionary sectors were the largest detractors to performance. In terms of exposure during the period, the Fund averaged approximately 94% gross long, 45% gross short, and 49% net long. Fund net exposure increased during the period from roughly 37% net long to 55% net long, largely through the reduction in short exposure. The largest sector exposure changes were: Consumer Discretionary and Financials net exposure increased by over 7% each while Real Estate and Information Technology increased by a more modest amount. At the same time, both Consumer Staples and Health Care net exposure decreased by roughly 2% each. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	CRM Long/Short Opportunities Fund - Institutional Class	S&P 500^® Index
Aug-16	$1,000,000	$1,000,000
Jun-17	1,025,000	1,132,863
Jun-18	1,071,538	1,295,702
Jun-19	1,047,197	1,430,681
Jun-20	1,088,390	1,538,054
Jun-21	1,300,532	2,165,491
Jun-22	1,257,278	1,935,607
Jun-23	1,386,638	2,314,870
Jun-24	1,526,286	2,883,313

Average Annual Total Returns

	1 Year	5 Years	Since Inception (August 16, 2016)
CRM Long/Short Opportunities Fund - Institutional Class	10.07%	7.83%	5.52%
S&P 500^® Index	24.56%	15.05%	14.40%

Fund Statistics

Net Assets	$195,995,806
Number of Portfolio Holdings	106
Advisory Fee (net of waivers)	$2,519,234
Portfolio Turnover	113%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	85.9%
Exchange-Traded Funds	2.3%
Money Market Funds	11.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	26.2%
Consumer Staples	- 0.5%
Energy	1.3%
Communications	1.9%
Health Care	2.2%
Equity Fund	2.3%
Real Estate	3.5%
Financials	4.9%
Utilities	5.0%
Materials	6.2%
Technology	8.4%
Consumer Discretionary	10.8%
Money Market Funds	11.7%
Industrials	16.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Blackrock Liquidity Funds T-Fund, Institutional Shares	5.8%
Federated Hermes Treasury Obligations Fund, Institutional Shares	5.8%
Arcosa, Inc.	4.0%
Burlington Stores, Inc.	3.9%
Canadian Pacific Kansas City Ltd.	3.7%
Clean Harbors, Inc.	3.6%
Itron, Inc.	3.1%
NextEra Energy, Inc.	3.1%
Skyline Champion Corporation	3.0%
Digital Realty Trust, Inc.	2.8%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Long/Short Opportunities Fund

Institutional Class (CRIHX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-LS-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Mid Cap Value Fund

Institutional Class (CRIMX)

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about CRM Mid Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$104	0.99%

How did the Fund perform during the reporting period?

During the fiscal year, the Fund underperformed both the Primary Benchmark Index (Russell 3000 Total Return Index) and Secondary Benchmark Index (Russell MidCap Value Total Return Index). Against the Secondary Benchmark Index, relative underperformance during the fiscal year was mainly attributed to stock selection within the Industrials, Health Care, and Utilities sectors. Stock selection within the Consumer Discretionary and Materials sectors was a tailwind to performance. We saw an improving earnings outlook for mid-cap companies as we progressed through 2024. Down cap companies’ earnings were more negatively impacted by the inflationary pressures and rise in interest rates than larger cap companies in 2023. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	CRM Mid Cap Value Fund - Institutional Class	Russell Midcap Value Index	Russell 3000^® Total Return Index
Jun-2014	$1,000,000	$1,000,000	$1,000,000
Jun-2015	$1,059,112	$1,036,717	$1,072,942
Jun-2016	$1,076,173	$1,070,367	$1,095,885
Jun-2017	$1,250,393	$1,240,829	$1,298,727
Jun-2018	$1,476,002	$1,335,073	$1,490,655
Jun-2019	$1,529,270	$1,384,221	$1,624,553
Jun-2020	$1,363,659	$1,220,718	$1,730,629
Jun-2021	$2,105,998	$1,868,481	$2,494,951
Jun-2022	$1,968,100	$1,681,690	$2,149,011
Jun-2023	$2,086,229	$1,858,313	$2,556,327
Jun-2024	$2,303,040	$2,080,892	$3,147,480

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Mid Cap Value Fund - Institutional Class	10.39%	8.53%	8.70%
Russell Midcap Value Index	11.98%	8.49%	7.60%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell MidCap Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell MidCap Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$372,057,285
Number of Portfolio Holdings	62
Advisory Fee	$2,889,555
Portfolio Turnover	47%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	1.1%
Common Stocks	96.6%
Money Market Funds	2.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.1%
Repurchase Agreements	0.4%
Collateral for Securities Loaned	0.7%
Money Market Funds	2.3%
Health Care	3.5%
Utilities	5.3%
Energy	6.2%
Consumer Discretionary	7.9%
Real Estate	7.6%
Financials	10.1%
Technology	16.9%
Materials	17.5%
Industrials	22.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity National Information Services, Inc.	3.7%
Vontier Corporation	3.5%
ChampionX Corporation	2.9%
Burlington Stores, Inc.	2.9%
Nisource, Inc.	2.9%
Terreno Realty Corporation	2.8%
Woodward, Inc.	2.8%
Martin Marietta Materials, Inc.	2.8%
Canadian Pacific Kansas City Ltd.	2.8%
Ashland, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Mid Cap Value Fund - Institutional (CRIMX)

Institutional Class (CRIMX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-MCT-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Mid Cap Value Fund

Investor Class (CRMMX)

Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$122	1.16%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	CRM Mid Cap Value Fund - Investor Class	Russell Midcap Value Index	Russell 3000^® Total Return Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,573	$10,367	$10,729
Jun-2016	$10,724	$10,704	$10,959
Jun-2017	$12,432	$12,408	$12,987
Jun-2018	$14,646	$13,351	$14,907
Jun-2019	$15,143	$13,842	$16,246
Jun-2020	$13,480	$12,207	$17,306
Jun-2021	$20,771	$18,685	$24,950
Jun-2022	$19,384	$16,817	$21,490
Jun-2023	$20,505	$18,583	$25,563
Jun-2024	$22,611	$20,809	$31,475

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Mid Cap Value Fund - Investor Class	10.27%	8.35%	8.50%
Russell Midcap Value Index	11.98%	8.49%	7.60%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell MidCap Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell MidCap Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$372,057,285
Number of Portfolio Holdings	62
Advisory Fee	$2,889,555
Portfolio Turnover	47%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	1.1%
Common Stocks	96.6%
Money Market Funds	2.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.1%
Repurchase Agreements	0.4%
Collateral for Securities Loaned	0.7%
Money Market Funds	2.3%
Health Care	3.5%
Utilities	5.3%
Energy	6.2%
Consumer Discretionary	7.9%
Real Estate	7.6%
Financials	10.1%
Technology	16.9%
Materials	17.5%
Industrials	22.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity National Information Services, Inc.	3.7%
Vontier Corporation	3.5%
ChampionX Corporation	2.9%
Burlington Stores, Inc.	2.9%
Nisource, Inc.	2.9%
Terreno Realty Corporation	2.8%
Woodward, Inc.	2.8%
Martin Marietta Materials, Inc.	2.8%
Canadian Pacific Kansas City Ltd.	2.8%
Ashland, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Mid Cap Value Fund - Investor (CRMMX)

Investor Class (CRMMX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-MCV-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Small Cap Value Fund

Institutional Class (CRISX)

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about CRM Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$114	1.07%

How did the Fund perform during the reporting period?

During the fiscal year, the Fund underperformed the Primary Benchmark Index (Russell 3000 Total Return Index) and outperformed the Secondary Benchmark Index (Russell 2000 Value Total Return Index). Against the Secondary Benchmark Index, stock selection was the primary driver of outperformance during the period, most notably in the Information Technology, Industrials, and Consumer Staples sectors. The portfolio also benefited from our underweight to the Communication Services sector relative to the Russell 2000^® Value Total Return Index. We saw an improving earnings outlook for small-cap companies as we progressed through 2024. Down cap companies’ earnings were more negatively impacted by the inflationary pressures and rise in interest rates than larger cap companies in 2023. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	CRM Small Cap Value Fund - Institutional Class	Russell 3000^® Total Return Index	Russell 2000^® Value Index
Jun-2014	$1,000,000	$1,000,000	$1,000,000
Jun-2015	$1,073,833	$1,072,942	$1,007,756
Jun-2016	$1,053,585	$1,095,885	$981,738
Jun-2017	$1,290,740	$1,298,727	$1,225,768
Jun-2018	$1,438,359	$1,490,655	$1,386,334
Jun-2019	$1,439,982	$1,624,553	$1,299,890
Jun-2020	$1,132,771	$1,730,629	$1,072,708
Jun-2021	$1,763,548	$2,494,951	$1,858,785
Jun-2022	$1,489,719	$2,149,011	$1,556,166
Jun-2023	$1,673,336	$2,556,327	$1,649,653
Jun-2024	$1,896,900	$3,147,480	$1,829,395

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Small Cap Value Fund - Institutional Class	13.36%	5.67%	6.61%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 2000^® Value Index	10.90%	7.07%	6.23%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell 2000 Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell 2000 Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$75,275,015
Number of Portfolio Holdings	48
Advisory Fee	$556,273
Portfolio Turnover	77%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	1.7%
Common Stocks	95.2%
Money Market Funds	3.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.9%
Repurchase Agreements	1.7%
Money Market Funds	3.2%
Materials	4.4%
Utilities	4.5%
Health Care	5.0%
Energy	5.5%
Consumer Discretionary	7.2%
Real Estate	9.5%
Technology	13.0%
Financials	22.1%
Industrials	25.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Arcosa, Inc.	3.7%
Envestnet, Inc.	3.5%
ChampionX Corporation	3.1%
Central Pacific Financial Corporation	3.0%
ACV Auctions, Inc.	3.0%
Skyline Champion Corporation	2.9%
Horace Mann Educators Corporation	2.9%
Mueller Water Products, Inc.	2.8%
Itron, Inc.	2.7%
Stericycle, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Small Cap Value Fund - Institutional (CRISX)

Institutional Class (CRISX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-SCT-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Small Cap Value Fund

Investor Class (CRMSX)

Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$134	1.26%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	CRM Small Cap Value Fund - Investor Class	Russell 3000^® Total Return Index	Russell 2000^® Value Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,714	$10,729	$10,078
Jun-2016	$10,486	$10,959	$9,817
Jun-2017	$12,823	$12,987	$12,258
Jun-2018	$14,255	$14,907	$13,863
Jun-2019	$14,231	$16,246	$12,999
Jun-2020	$11,167	$17,306	$10,727
Jun-2021	$17,350	$24,950	$18,588
Jun-2022	$14,620	$21,490	$15,562
Jun-2023	$16,388	$25,563	$16,497
Jun-2024	$18,547	$31,475	$18,294

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Small Cap Value Fund - Investor Class	13.17%	5.44%	6.37%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 2000^® Value Index	10.90%	7.07%	6.23%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell 2000 Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell 2000 Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$75,275,015
Number of Portfolio Holdings	48
Advisory Fee	$556,273
Portfolio Turnover	77%

Asset Weighting (% of total investments)

Value	Value
Collateral for Securities Loaned	1.7%
Common Stocks	95.2%
Money Market Funds	3.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.9%
Repurchase Agreements	1.7%
Money Market Funds	3.2%
Materials	4.4%
Utilities	4.5%
Health Care	5.0%
Energy	5.5%
Consumer Discretionary	7.2%
Real Estate	9.5%
Technology	13.0%
Financials	22.1%
Industrials	25.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Arcosa, Inc.	3.7%
Envestnet, Inc.	3.5%
ChampionX Corporation	3.1%
Central Pacific Financial Corporation	3.0%
ACV Auctions, Inc.	3.0%
Skyline Champion Corporation	2.9%
Horace Mann Educators Corporation	2.9%
Mueller Water Products, Inc.	2.8%
Itron, Inc.	2.7%
Stericycle, Inc.	2.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Small Cap Value Fund - Investor (CRMSX)

Investor Class (CRMSX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-SCV-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Small/Mid Cap Value Fund

Institutional Class (CRIAX)

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about CRM Small/Mid Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$110	1.05%

How did the Fund perform during the reporting period?

During the fiscal year, the Fund underperformed both the Primary Benchmark Index (Russell 3000 Total Return Index) and Secondary Benchmark Index (Russell 2500 Value Total Return Index). Against the Secondary Benchmark Index, relative underperformance during the period was mainly attributed to stock selection, most notably in the Utilities, Financials, and Consumer Staples sectors. Conversely, stock selection in Materials, Information Technology, and Consumer Discretionary was a positive contributor to performance. We saw an improving earnings outlook for small to mid-cap companies as we progressed through 2024. Down cap companies’ earnings were more negatively impacted by the inflationary pressures and rise in interest rates than larger cap companies in 2023. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	CRM Small/Mid Cap Value Fund - Institutional Class	Russell 3000^® Total Return Index	Russell 2500^® Value Index
Jun-2014	$1,000,000	$1,000,000	$1,000,000
Jun-2015	$1,034,074	$1,072,942	$1,009,939
Jun-2016	$964,358	$1,095,885	$1,012,110
Jun-2017	$1,120,461	$1,298,727	$1,197,940
Jun-2018	$1,311,266	$1,490,655	$1,335,570
Jun-2019	$1,339,182	$1,624,553	$1,309,872
Jun-2020	$1,177,754	$1,730,629	$1,106,860
Jun-2021	$1,981,669	$2,494,951	$1,806,736
Jun-2022	$1,748,309	$2,149,011	$1,568,366
Jun-2023	$1,910,634	$2,556,327	$1,731,014
Jun-2024	$2,077,817	$3,147,480	$1,925,611

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Small/Mid Cap Value Fund - Institutional Class	8.75%	9.18%	7.59%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 2500^® Value Index	11.24%	8.01%	6.77%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell 2500 Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell 2500 Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$169,225,405
Number of Portfolio Holdings	48
Advisory Fee	$1,526,156
Portfolio Turnover	72%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.3%
Money Market Funds	1.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.6%
Money Market Funds	1.7%
Consumer Staples	2.2%
Energy	3.4%
Utilities	4.5%
Materials	8.1%
Real Estate	8.3%
Health Care	8.6%
Consumer Discretionary	12.0%
Technology	13.3%
Financials	16.5%
Industrials	22.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Burlington Stores, Inc.	4.3%
Ashland, Inc.	4.0%
Stericycle, Inc.	3.6%
Itron, Inc.	3.5%
Matador Resources Company	3.5%
Terreno Realty Corporation	3.2%
Clean Harbors, Inc.	3.1%
Arcosa, Inc.	3.1%
First American Financial Corporation	3.0%
BioLife Solutions, Inc.	2.8%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Small/Mid Cap Value Fund - Institutional (CRIAX)

Institutional Class (CRIAX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-SMCT-AR 063024

Distributed by ALPS Distributors, Inc.

CRM Small/Mid Cap Value Fund

Investor Class (CRMAX)

Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$126	1.21%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	CRM Small/Mid Cap Value Fund - Investor Class	Russell 3000^® Total Return Index	Russell 2500^® Value Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,316	$10,729	$10,099
Jun-2016	$9,604	$10,959	$10,121
Jun-2017	$11,127	$12,987	$11,979
Jun-2018	$12,992	$14,907	$13,356
Jun-2019	$13,239	$16,246	$13,099
Jun-2020	$11,627	$17,306	$11,069
Jun-2021	$19,509	$24,950	$18,067
Jun-2022	$17,185	$21,490	$15,684
Jun-2023	$18,743	$25,563	$17,310
Jun-2024	$20,350	$31,475	$19,256

Average Annual Total Returns

	1 Year	5 Years	10 Years
CRM Small/Mid Cap Value Fund - Investor Class	8.57%	8.98%	7.36%
Russell 3000^® Total Return Index	23.13%	14.14%	12.15%
Russell 2500^® Value Index	11.24%	8.01%	6.77%

Effective May 23, 2024, the Fund adopted the Russell 3000 Total Return Index as its broad-based benchmark index that represents the overall equity market. The Fund also compares its performance to the Russell 2500 Value Index, which is a more narrowly based index that reflects the market sector in which the Fund invests. The Russell 2500 Value Index was formerly the Fund's primary benchmark. These changes were made to comply with a new regulatory requirement.

Fund Statistics

Net Assets	$169,225,405
Number of Portfolio Holdings	48
Advisory Fee	$1,526,156
Portfolio Turnover	72%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.3%
Money Market Funds	1.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.6%
Money Market Funds	1.7%
Consumer Staples	2.2%
Energy	3.4%
Utilities	4.5%
Materials	8.1%
Real Estate	8.3%
Health Care	8.6%
Consumer Discretionary	12.0%
Technology	13.3%
Financials	16.5%
Industrials	22.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Burlington Stores, Inc.	4.3%
Ashland, Inc.	4.0%
Stericycle, Inc.	3.6%
Itron, Inc.	3.5%
Matador Resources Company	3.5%
Terreno Realty Corporation	3.2%
Clean Harbors, Inc.	3.1%
Arcosa, Inc.	3.1%
First American Financial Corporation	3.0%
BioLife Solutions, Inc.	2.8%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

CRM Small/Mid Cap Value Fund - Investor (CRMAX)

Investor Class (CRMAX)

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( http://www.crmfunds.com/funds-overview/shareholder-resources/documents/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-CRM-SMCV-AR 063024

Distributed by ALPS Distributors, Inc.

(a)(1) The Registrant’s board of trustees has determined that F. Gregory Ahern and Rodney P. Wood are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Ahern and Mr. Wood are independent for purposes of this Item 3.

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

Item 6. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

A summary of inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2 in Notes to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

A summary of inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2 in Notes to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

A summary of inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2 in Notes to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

A summary of inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2 in Notes to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

A summary of inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2 to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1057) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1058) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1059) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1060) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1061) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1062) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1063) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1064) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1065) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1066) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1067) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1068) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1069) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1070) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1071) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1072) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1073) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1074) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1075) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1076) Index total return swap with Morgan Stanley Bank as of June 30, 2024, termination date 7/31/24:

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. The total returns in the tables represent the rate an investor would have earned or lost on an investment in the funds (assuming reinvestment of all dividends and distributions). This information should be read in conjunction with the financial statements and notes thereto.

Small Cap Value Fund, Small/Mid Cap Value Fund, Mid Cap Value Fund, and All Cap Value Fund: Each Fund offers Investor and Institutional Shares. Each class has different minimum investment requirements, fees and expenses. All classes of shares have identical voting, dividend and liquidation rights. Investor Shares are available to all investors and are subject to a shareholder servicing fee. Institutional Shares are offered only to those investors who invest in a Fund through an intermediary (i.e. broker) or through a consultant and who invest $1,000,000 or more or where related accounts total $1,000,000 or more when combined.

Long/Short Opportunities Fund: The Fund offers Institutional Shares. Shares are generally available for purchase and sale by registered investment advisers acting in a fiduciary capacity on behalf of their clients and by or through other qualified intermediaries and programs sponsored by such qualified financial intermediaries. Initial investments in the Fund are subject to a $10,000 minimum per registered investment adviser or qualified financial intermediary.

Security Valuation. The Funds value their investment securities based on current market values when such values are available. These prices normally are supplied by a pricing service.

In valuing a Fund’s investment securities, a security listed on the New York Stock Exchange (the “Exchange”) (and not subject to restrictions against sale by the Fund on the Exchange) will be valued at its last sale price on the Exchange on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the closing asked price and the closing bid price. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Securities that are quoted on the NASDAQ Stock Market, for which there have been sales of such securities on such day, shall be valued at the last sale price reported on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the closing asked price and the closing bid price. The value of such securities quoted on the stock market system, but not listed on the national market system, shall be valued at the mean between the closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ Stock Market and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and asked prices for such security in the over-the-counter market.

Short-term investments with remaining maturities of less than 61 days are valued at amortized cost, provided such amount approximates fair value. A Fund’s currency valuations, if any, are also valued at the close of regular trading on the Exchange. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations provided by a third-party pricing service. Option contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the “Board” or “Trustees”) has designated Cramer Rosenthal McGlynn, LLC, the adviser, to serve as the Trust’s Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which market quotations are not readily available in accordance with the

Trust’s Securities Pricing Procedures. In addition, the Funds may use fair value methodologies if it is determined that a significant event has occurred between the time at which a market price is determined and the time at which the Fund’s net asset value (“NAV”) is calculated and that may materially affect the value of the security. In particular, the value of foreign securities may be materially affected by events occurring after the close of the market on which they are valued, but before a Fund prices its shares. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas market but prior to the close of the U.S. market. In addition, arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to profit at the expense of long-term investors. Valuing securities using fair value methodologies involves greater reliance on judgment than valuing securities based on readily available market quotations. A Fund, when using fair value methodologies to price securities, may value those securities higher or lower than another fund using market quotations or its own fair value methodologies to price the same securities. There can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security.

The Funds disclose the value of their investments in a hierarchy based on the inputs used to value the investments. The disclosure hierarchy consists of three broad levels:

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equity securities. The Funds do not adjust the quoted price for such investments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are

classified as Level 2 prices. These generally include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds and less liquid listed equity securities.

In addition, foreign securities may require revised valuations if the values of the securities are materially affected by events occurring after the close of the market on which they are valued, but before a Fund prices its shares. As investments whose values are classified as Level 2 prices may include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the Funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for comparable companies or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting value and therefore the Funds’ results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any inputs both individually and in the aggregate that is significant to the fair value measurement. The Funds’ policy is to recognize transfers among levels as of the beginning of the reporting period. A summary of the inputs used to value the Funds’ investments as of June 30, 2024 is included with each Fund’s Schedule of Investments.

Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of those investments. Such fluctuations are included with the net realized and unrealized gain or loss from investments that are disclosed within each Fund’s statement of operations, as applicable.

Federal Income Taxes. Each Fund is treated as a separate entity for federal income tax purposes and intends to continue to qualify as a “regulated investment company” (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income tax provision has been made.

Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed each of the Fund’s tax positions and has concluded that no provision for U.S. income tax is required in each of the Fund’s financial statements. Each of the Fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. On an ongoing basis, management monitors the Funds’ tax positions to determine if any adjustments to its conclusions are necessary.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended June 30, 2024, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income. Investment security transactions are accounted for on a trade date basis for financial reporting purposes. Each Fund uses the specific identification method for determining realized gains and losses on investments for both financial and federal income tax reporting purposes. Interest income is recorded on the accrual basis and includes the amortization of premium and the accretion of discount. Dividend income

and expense are recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. The Funds record expenses as incurred. Common expenses of the Trust are allocated on a pro-rata basis amongst the series of the Trust based on relative net assets.

The Funds’ investments in certain countries are subjected to additional capital gain taxes. Such taxes are due upon sale of individual securities. The Funds accrue for taxes on the capital gains throughout the holding period based on the unrealized gain of the underlying securities, as applicable. The Funds held no such securities during the year ended June 30, 2024.

Class Accounting. In calculating the NAV per share for each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Repurchase Agreements. Each Fund (except Long/Short Opportunities Fund) may, through its custodian, receive delivery of the underlying securities used to collateralize repurchase agreements, the market value of which is required to be in an amount at least equal to 101% of the resale price. The Funds’ investment adviser is responsible for determining that the market value of these underlying securities is maintained at all times at a level at least equal to 101% of the resale price. In event of default of the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Provisions of each agreement require that the market value of the collateral is sufficient in the event of default; however, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset

payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

At June 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Distributions to Shareholders. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized gains, if any, will be declared and paid annually.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

CRM has contractually agreed to waive a portion of its fees and assume certain expenses of the Funds to the extent that total annual fund operating expenses (excluding taxes, extraordinary expenses, brokerage commissions, acquired fund fees and expenses and interest) exceeds the percentage of average daily net assets as follows:

For its advisory services to Long/Short Opportunities Fund, CRM receives 1.50% of the Fund’s first $1 billion of average daily net assets; 1.45% of the Fund’s next $1 billion of average daily net assets; and 1.40% of the Fund’s average daily net assets in excess of $2 billion. CRM has contractually agreed to waive a portion of its fees and assume certain expenses of Long/Short Opportunities Fund to the extent that total annual fund operating expenses (excluding taxes, extraordinary expenses, brokerage commissions, interest, dividend and interest expenses related to short sales, and acquired fund fees and expenses) exceeds the percentage of average daily net assets as follows:

The expense limitations are in effect until November 1, 2025. Prior to that date, the arrangement may be terminated for a class of a Fund only by the vote of the Board of Trustees of the Funds.

Compliance Services. Northern Lights Compliance Services, LLC provides compliance services to the Trust, including the services of a Chief Compliance Officer. The fees payable to Northern Lights are included in the Statements of Operations under other expenses.

Compensation of Trustees and Officers. Trustees and officers of the Funds who are interested persons of CRM, as defined in the 1940 Act, receive no compensation from the Funds.

Trustees of the Funds who are not interested persons of CRM, as defined in the 1940 Act (each an “Independent Trustee”), receive compensation and reimbursement of expenses. Each Independent Trustee receives aggregate annual compensation from the Trust at an annual rate of $60,000 which is allocated on a pro-rata basis amongst the series of the Trust based on relative net assets. Under a Deferred Compensation Plan (the “Plan”) adopted August 12, 2005, an Independent Trustee may elect to defer receipt of all, or a portion, of his annual compensation. If an Independent Trustee opts for deferral, then the deferred amounts are credited to an Independent Trustee’s deferral account and invested and reinvested in Institutional Shares of one or more of the Funds in the series of the Trust until such amounts are distributed in accordance with the Plan. No Independent Trustee deferred their compensation earned for the year ended June 30, 2024. Trustees’ fees reflected in the accompanying financial statements include total compensation earned, which were paid in cash. Each trustee serves during the continued lifetime of the Funds, or the earlier of when his or her successor is elected or qualified, the Trustee dies, resigns, is removed or becomes disqualified.

Shareholder Servicing Fees. The Board has adopted a Shareholder Servicing Plan which allows each Fund to obtain, for its Investor Shares, the services of CRM and other qualified financial institutions to act as shareholder servicing agents for its shareholders. Under the Shareholder Servicing Plan, each Fund may pay shareholder servicing agents, including CRM, monthly fees at an annual rate not to exceed 0.25% of the Fund’s average daily net assets attributable to its Investor Shares.

Sub-Transfer Agent Fees. Institutional Shares of each Fund are sold through certain intermediaries that provide accounting, recordkeeping, and/or other services to shareholders. The Board of Trustees has approved payment of the fees charged by these intermediaries for providing these sub-transfer agency services from the assets of the Institutional Shares of each Fund based on reasonable charges for similar services in the industry, subject to certain limitations. CRM, as the Funds’ agent, remits these payments to the intermediaries. In some cases, where the sub-transfer agency fees of an intermediary are greater than the amounts paid to CRM by the Funds for that intermediary, CRM will pay the balance of those fees itself.

The Bank of New York Mellon and the lender retain a portion of the earnings from the collateral investments, with the remainder being retained by the Fund. The Funds record securities lending income net of such allocations.

In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, The Bank of New York Mellon has agreed to pay the amount of the shortfall to the Funds, or at its discretion, replace the loaned securities. In the event of default or bankruptcy by The Bank of New York Mellon, realization and/or retention of the collateral may be subject to legal proceedings.

gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that the Fund will be able to close out a short position at a particular time or at an acceptable price.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash that has been pledged to secure the Fund’s obligation to cover the short positions is reported separately on the Statements of Assets and Liabilities. The Fund may receive from or pay to the broker the net of the following amounts: (i) income on cash collateral held at the broker and (ii) a financing charge to the extent the cash collateral is less than the margin requirement. The net amounts of income or fees are included as interest income or expense, as applicable, on securities sold short in the Statements of Operations.

During the year ended June 30, 2024, Long/Short Opportunities Fund participated in short sale transactions.

The tax character of distributions utilized during the fiscal years ended June 30, 2024 and June 30, 2023 was as follows:

As of June 30, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

The difference between book basis and tax basis unrealized appreciation, undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open Swaps, deferral of unsettled short sale losses, and C-Corporation return of capital distributions.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes.

The CRM All Cap Value Fund incurred and elected to defer such late year losses of $19.

During the fiscal year ended June 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and the book/tax basis treatment of equalization credits, resulted in reclassifications for the Funds for the fiscal year ended June 30, 2024 as follows:

The total cost of investments and net unrealized appreciation or depreciation for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, and related gross unrealized appreciation and depreciation of securities held by the Funds as of June 30, 2024 were as follows:

hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. Using swaps, options and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund.

Options. A Fund purchases and writes call and put options to increase or decrease its exposure to underlying instruments (including credit risk, equity risk, foreign currency exchange rate risk and/or interest rate risk) and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Fund writes an option, such option is covered by cash in an amount sufficient to cover the obligation. In purchasing and writing options, the Fund bears the risk of an

unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Forward Foreign Currency Exchange Contracts. A Fund enters into forward foreign currency exchange contracts to gain or reduce exposure, to foreign currencies (foreign currency exchange rate risk). A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and, in some cases, may be used to obtain exposure to a particular market.

The contract is marked to market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

As of June 30, 2024, the Funds did not hold any forward foreign currency exchange contracts.

Swaps. A Fund enters into swap contracts to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap

premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the OTC swap. Payments received or made by the Fund for OTC swaps are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statements of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Collateral Requirements. For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA MA”), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business

day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA MA, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

The following is a summary of the location of derivatives on Long/Short Opportunities Fund’s Statement of Assets and Liabilities as of June 30, 2024:

The following is a summary of the location of derivatives on Long/Short Opportunities Fund’s Statement of Operations for the year ended June 30, 2024:

The table below summarizes the average balance of derivative holdings by Long/Short Opportunities Fund during the year ended June 30, 2024. The average balance of derivatives held is indicative of the trading volume of the Long/Short Opportunities Fund.

In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an ISDA MA or similar agreement with its counterparties. An ISDA MA is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA

MA, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA MA typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA MA, such laws may prohibit the Fund from setting off amounts owed to a defaulting counterparty under an ISDA MA against amounts owed to the Fund by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts. In addition, certain ISDA MA allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA MA, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Offsetting of Financial and Derivative Assets and Liabilities. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following table presents derivative assets and liabilities net of amounts available for offset under an ISDA MA or similar agreement and, as applicable, the related collateral and potential loss exposure to Long/Short Opportunities Fund as of June 30, 2024:

At June 30, 2024, derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA MA and net of the related collateral received by the Long/Short Opportunities Fund are as follows:

In addition to the risks discussed above, Long/Short Opportunities Fund may also be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that CRM believes have the financial resources to honor its obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately its value recorded in the Statements of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Fund.

For OTC options purchased, a Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. A Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option. With exchange-traded options purchased and centrally cleared swaps, there is less counterparty credit risk to a Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

has reviewed the Funds’ existing contracts and expects the risk of liability for indemnity claims to be remote.

We have audited the accompanying statements of assets and liabilities of CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund, CRM All Cap Value Fund, and the CRM Long/Short Opportunities Fund (the “Funds”), each a series of CRM Mutual Fund Trust (the “Trust”), including the schedules of investments, as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2020.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

For the fiscal year ended June 30, 2024, certain dividends may be subject to a maximum tax rate of 20%. For individual shareholders, a percentage of the ordinary income dividends (dividends from net investment income and short-term capital gains, if any) from the Funds qualifies for a maximum tax rate of 20%. Complete information is computed and reported in conjunction with your Form 1099-DIV.

For corporate shareholders, a percentage of the ordinary income dividends from the Funds qualify for the dividends-received deduction.

The percentages of ordinary income dividends which qualify for the maximum tax rate of 20% (“Qualified Dividends”) and the dividends-received deduction are as follows:

In January 2025, shareholders of the Funds will receive Federal income tax information on all distributions paid to their accounts in calendar year 2024, including any distributions paid between July 1, 2024 and December 31, 2024.

Discussion of Board Considerations in Approving Continuance and Renewal of the Investment Advisory Agreement with CRM

In order for Cramer Rosenthal McGlynn, LLC (“CRM”) to remain the Funds’ investment adviser, the Board of Trustees (the “Board”) of CRM Mutual Fund Trust (the “Trust”) must determine annually whether to renew the Investment Advisory Agreement between the Trust and CRM with respect to the Funds. The Board evaluates CRM’s services, performance, personnel, profitability, risk management, compliance programs and other relevant factors throughout the year. In addition, in connection with its review of the Investment Advisory Agreement, the Board reviewed and considered materials provided by CRM at a meeting held on May 23, 2024.

The materials and information reviewed and considered by the Board in connection with its review of the Investment Advisory Agreement included, among other items: (1) a memorandum from independent counsel setting forth the legal standards under the Investment Company Act of 1940, as amended, and the factors the Board could consider in its evaluation of the Investment Advisory Agreement; and (2) reports prepared by CRM, based on information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and Morningstar, Inc. (“Morningstar”), comparing each Fund’s investment performance to the performance of the Fund’s then-current benchmark indices¹ and other mutual funds, and comparing each Fund’s investment advisory fee and net expenses to those of other mutual funds. The Board also discussed and considered, with the assistance of independent counsel, information provided by CRM that described: (i) the nature, extent and quality of CRM’s services provided to the Funds; (ii) the experience and qualifications of the personnel providing those services; (iii) CRM’s investment philosophies and processes; (iv) CRM’s assets under management (“AUM”); (v) the investment advisory fees charged by CRM to the Funds as compared with the fees charged by CRM to other advisory accounts with similar investment objectives and strategies; (vi) CRM’s compliance and risk management procedures; and (vii) an analysis of the profits of CRM related to its services to the Funds. In addition, the Board considered information related to the Funds and CRM previously provided at Board meetings or otherwise.

At the meeting held on May 23, 2024, the Board, including the Independent Trustees voting separately, in the exercise of the Trustees’ business judgment, approved the continuance and renewal of the Investment Advisory Agreement for another year with respect to each Fund.

In considering the continuance and renewal of the Investment Advisory Agreement, the Board considered the following factors, none of which was determinative or controlling, and reached the following conclusions:

The Board considered the nature, extent and quality of services provided by CRM to the Funds and expected to be provided in the future. The Board reviewed the quality, size and experience of, and changes in, CRM’s professional portfolio management team. The Board reviewed CRM’s investment approach and research process, including CRM’s capabilities and experience in the development and implementation of its value-oriented investment process. Additionally, the Board considered CRM’s compliance programs and compliance record, marketing strategies, CRM’s personnel and the Board’s dealings with CRM. Based on the foregoing, the Board concluded that CRM is able to provide investment and related services that are appropriate in nature, extent and quality in light of the Funds’ investment objectives, policies, strategies and operations, the competitive landscape of the investment company business and investor needs.

In reaching its conclusions, the Board considered the investment performance of each Fund. The Board considered CRM’s focus on achieving long-term performance in a manner consistent with each Fund’s investment objective and investment strategies, as well as CRM’s value-oriented, research-driven investment philosophy. The Board considered CRM’s experience in implementing its investment philosophy and concluded that this, along with CRM’s overall approach to investing, supported approval of the continuance of the Investment Advisory Agreement. The Board also considered reports prepared by CRM which compared each Fund’s performance against its benchmark, an additional index (other than for the CRM Long/Short Opportunities Fund), and other mutual funds with similar investment objectives and strategies using peer groups provided by Broadridge for each Fund (a “Fund’s peer group”) and performance data provided by Morningstar (“Focused Performance Information”). The Board also received

relative performance information for a broader universe of comparable funds prepared by Broadridge. Where the Funds had underperformed their peer groups and/or benchmark indices, the Board considered CRM’s explanations for such underperformance and, as applicable, measures CRM had taken or proposed to take to improve performance. In particular, because CRM pursues a value strategy with respect to the Funds, the Board noted CRM’s explanation regarding past underperformance of value strategies generally versus growth strategies. Further, the Board considered that, in order to provide a relevant sample size, the peer groups for the Funds (other than CRM Long/Short Opportunities Fund) consisted of funds that pursue a “core” strategy. In comparing performance, it was observed that the funds in the 1st percentile represented the best-performing funds, while the funds in the 99th percentile represented the worst-performing funds. The Focused Performance Information is summarized below.

The Board noted that Institutional Shares of CRM Small Cap Value Fund had underperformed the Fund’s benchmark, the Russell 2000 Value Index, as well as the Russell 2000 Index, for the one-year, five-year and ten-year periods ended December 31, 2023. Further, the Board noted that the Fund had outperformed the Russell 2000 Index but underperformed the Russell 2000 Value Index for the three-year period ended December 31, 2023. The Board noted that Institutional Shares of the Fund ranked in the bottom quartile of the Fund’s peer group for the one-year and five-year periods ended December 31, 2023 and ranked in the third quartile of the Fund’s peer group for the three-year and ten-year periods ended December 31, 2023.

The Board noted that Institutional Shares of CRM Small/Mid Cap Value Fund had underperformed the Fund’s benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, for the one-year period ended December 31, 2023. Further, the Board noted that the Fund outperformed the Russell 2500 Index and underperformed the Russell 2500 Value Index for the three-year period ended December 31, 2023. Further, the Board noted that the Fund had outperformed both the Russell 2500 Index and the Russell 2500 Value Index for the five-year period ended December 31, 2023. Further, the Board noted that the Fund underperformed the Russell 2500 Index and outperformed the Russell 2500 Value Index for the ten-year period ended December 31, 2023. The Board noted that Institutional Shares

of the Fund ranked in the bottom quartile of the Fund’s peer group for the one-year and three-year periods ended December 31, 2023, and ranked in the second quartile of the Fund’s peer group for the five-year and ten-year periods ended December 31, 2023.

The Board noted that Institutional Shares of CRM Mid Cap Value Fund had underperformed the Fund’s benchmark, the Russell Midcap Value Index, as well as the Russell Midcap Index, for the one-year period ended December 31, 2023. Further, the Board noted that the Fund outperformed the Russell Midcap Index and underperformed the Russell MidCap Value Index for the three-year period ended December 31, 2023. Further, the Board noted that the Fund had outperformed the Russell Midcap Value Index for the five-year and ten-year periods ended December 31, 2023 and underperformed the Russell Midcap Index for the same periods. The Board noted further that Institutional Shares of the Fund ranked in the bottom quartile of the Fund’s peer group for the one-year and three-year periods ended December 31, 2023, the third quartile of the Fund’s peer group for the five-year period ended December 31, 2023 and the second quartile of the Fund’s peer group for the ten-year period ended December 31, 2023.

The Board noted that Institutional Shares of CRM All Cap Value Fund had underperformed the Fund’s benchmark, the Russell 3000 Value Index, as well as the Russell 3000 Index, for the one-year, three-year, five-year and ten-year periods ended December 31, 2023. The Board also noted that Institutional Shares of the Fund ranked in the bottom quartile of the Fund’s peer group for the one-year, three-year, five-year and ten-year periods ended December 31, 2023.

The Board noted that Institutional Shares of CRM Long/Short Opportunities Fund had underperformed the Fund’s benchmark, the S&P 500 Index, for the one-year, three-year and five-year periods ended December 31, 2023. The Board also noted that Institutional Shares of the Fund ranked in the third quartile of the Fund’s peer group for the one-year and five-year periods ended December 31, 2023, and in the bottom quartile of the Fund’s peer group for the three-year period ended December 31, 2023.

The Board determined that it would continue to monitor each Fund’s performance, but that the information it considered supported approval of the Investment Advisory Agreement.

In reaching its conclusions, the Board considered the fees and expenses paid by each class of each Fund.

The Board considered the research and analysis conducted by CRM in order to identify investment opportunities for the Funds and attempt to distinguish itself from each Fund’s respective benchmark. The Board observed that CRM relies heavily on its own proprietary research to implement its value-oriented investment philosophy, and considered CRM’s experience in implementing its value-oriented investment philosophy. Further, the Board compared the management fee schedule for each Fund with the standard management fee schedule applicable to institutional separate accounts managed by CRM in a similar investment strategy to that of the applicable Fund. The Board noted the fee schedule for each Fund was lower than or equal to the standard management fee schedule applicable to the respective institutional separate accounts managed by CRM in a similar investment strategy up to an AUM size of $25 million. However, citing the fee schedule detailed in Item 5 of Part 2A of CRM’s Form ADV, the Board noted that, for certain Funds, investors in comparable separate accounts may ultimately pay lower fees than the Funds. In comparing the overall expenses paid by the Funds to the overall expenses paid by institutional separate accounts, the Board considered that the costs associated with the management of the Funds generally are greater than those associated with providing investment advisory services to separately managed accounts. The Board noted the additional complexities involved in the management of the Funds resulting from more frequent and less predictable cash flows and regulatory requirements, among other factors. The Board considered the additional services provided to the Funds that CRM does not perform for its separate account clients, or services that are broader in scope, including oversight of compliance with the regulatory and tax regimes to which the Funds are subject, oversight of third-party service providers, preparation of prospectuses, shareholder reports and other disclosure documents and preparation of materials for, and participation in, Board meetings. Additionally, the Board considered the risks that CRM faces regarding the Funds, including regulatory and reputational risks with respect to CRM’s investment decisions and

compliance oversight on behalf of the Funds, and the substantial entrepreneurial risks that CRM assumes with respect to its sponsorship of the Funds. The Board also considered that there may be historical reasons for certain separate account fees, and the element of negotiation with respect to the level of fees paid by CRM’s separate account clients.

The Board received information related to fees and expenses of a universe of comparable funds prepared by Broadridge. The Board also considered a report prepared by CRM which compared the fees and expenses paid by each Fund with the fees and expenses paid by other mutual funds with similar investment objectives and strategies using peer groups provided by Broadridge and fee and expense data provided by Morningstar. In comparing expenses, it was observed that the funds in the 1st percentile represented the most expensive funds, while the funds in the 99th percentile represented the least expensive funds. It was also observed that, for purposes of the comparison of investment advisory fees, the CRM report presented the Funds’ and their peers’ contractual management fees exclusive of any separate administrative fees and net of waivers/reimbursements. The data referenced below is based on the information included in the report prepared by CRM.

The Board noted that, based on the information provided, the investment advisory fee for CRM Small Cap Value Fund ranked at the 75th percentile for the Fund’s peer group. The Board noted that the Fund’s investment advisory fee was lower than both the median and average advisory fee paid by funds in the Fund’s peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Small Cap Value Fund ranked approximately in the 50th percentile for the Fund’s peer group. The Board noted that the total net annual operating expenses of Institutional Shares of the Fund were lower than the average and higher than the median net expenses paid by funds in the Fund’s peer group.

The Board noted that, based on the information provided, the investment advisory fee for CRM Small/Mid Cap Value Fund fell in between the 50th and 75th percentiles for the Fund’s peer group. The Board noted that the Fund’s investment advisory fee was the same as the median and lower than the average advisory fee paid by funds in the Fund’s peer group. The Board noted that, based on the information provided,

the total net annual operating expenses of Institutional Shares of CRM Small/Mid Cap Value Fund ranked approximately in the 25th percentile for the Fund’s peer group. The Board noted that the total net annual operating expenses of Institutional Shares of the Fund were higher than both the median and the average net expenses paid by funds in the Fund’s peer group.

The Board noted that based on the information provided, the investment advisory fee for CRM Mid Cap Value Fund fell in between the 25th and 50th percentiles for the Fund’s peer group. The Board noted that the Fund’s investment advisory fee was equal to the median and higher than the average advisory fee paid by funds in the Fund’s peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Mid Cap Value Fund ranked in the first percentile for the Fund’s peer group. The Board noted that the total net annual operating expenses of Institutional Shares of the Fund were higher than both the median and the average net expenses paid by funds in the Fund’s peer group.

The Board noted that, based on the information provided, the investment advisory fee for CRM All Cap Value Fund ranked in the 50th percentile for the Fund’s peer group. The Board noted that the Fund’s current investment advisory fee was equal to the median and lower than the average advisory fees paid by funds in the Fund’s peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM All Cap Value Fund ranked in the first percentile for the Fund’s peer group. The Board noted that the total net annual operating expenses of Institutional Shares of the Fund were higher than both the median and the average net expenses paid by funds in the Fund’s peer group.

The Board noted that, based on the information provided, the investment advisory fee for CRM Long/Short Opportunities Fund ranked in the first percentile for the Fund’s peer group. The Board noted that the Fund’s investment advisory fee was higher than both the median and average advisory fees paid by funds in the Fund’s peer group. The Board noted that, based on the information provided, the

total net annual operating expenses of Institutional Shares of CRM Long/Short Opportunities Fund ranked in the first percentile for the Fund’s peer group. The Board noted that the total net annual operating expenses of Institutional Shares of the Fund were higher than both the median and the average net expenses paid by funds in the Fund’s peer group.

In view of what it understood to be the costs of CRM’s proprietary research and CRM’s experience in implementing its value-oriented investment philosophy, the Board concluded that the investment advisory fee paid by each Fund was reasonable in relation to the nature and quality of the services provided by CRM. The Board also indicated it would continue to monitor the Funds’ fees and expenses.

The Board considered whether economies of scale would be realized by CRM as each Fund’s assets increased, and the extent to which such economies of scale were reflected in the fees charged under the Investment Advisory Agreement. The Board observed that the Investment Advisory Agreement contains breakpoints that reduce the investment advisory fee rate paid by each Fund on assets above specified levels. The Board concluded that breakpoints were an effective way to share any economies of scale or other efficiencies with Fund shareholders as the Funds grow larger. In addition, the Board noted that expense subsidization (where applicable), investment by CRM in proprietary research, and CRM’s commitment and resource allocation to the Funds may be relevant in considering the sharing of economies of scale, and that profitability also may be an indicator of the existence of any economies of scale. Accordingly, the Board determined that economies of scale, if any, were being appropriately shared with the Funds.

The Board considered the information provided by CRM regarding CRM’s profitability in relation to the Funds and considered the methodology used by CRM in preparing the profitability information. The Board reviewed the financial results of CRM in relation to the Funds for the year ended December 31, 2023. The Board considered CRM’s profit margins with respect to the Funds. The Board indicated that the profitability of any adviser was affected by numerous factors, including its organizational structure, method for allocating expenses and the compensation to be

paid to its employees, and, therefore, acknowledged the limitations inherent in any comparison of adviser profitability information. The Board concluded that, based on the information provided, the profit to CRM on the fees paid by the Funds was not excessive in view of the nature, quality and extent of services provided.

The Board considered the other benefits which CRM receives from its relationship with the Funds. The Board noted that CRM acts as the shareholder servicing agent for Investor Shares of the Funds and receives fees under a shareholder service plan in connection with the services CRM provides or arranges as the Funds’ shareholder servicing agent. The Board considered the fees received by CRM under the shareholder service plan, and the amounts paid by CRM to third-party shareholder servicing agents. The Board considered how CRM uses “soft” commission dollars generated by the Funds to pay for research and brokerage services and the ways in which CRM conducts portfolio transactions for the Funds and selects brokers. The Board concluded that any other benefits derived by CRM from managing the Funds were reasonable.

Based on the foregoing considerations, the Board, including the Independent Trustees voting separately, in the exercise of the Trustees’ business judgment, concluded that the terms of the Investment Advisory Agreement, including the fees payable thereunder, are fair and reasonable, and voted to approve the continuance and renewal of the Investment Advisory Agreement.

INVESTMENT ADVISER
Cramer Rosenthal McGlynn, LLC
300 First Stamford Place, Suite 440
Stamford, CT 06902

ADMINISTRATOR & TRANSFER AGENT
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246

CUSTODIAN
The Bank of New York Mellon
2 Hanson Place, 7th Floor
Brooklyn, NY 11217

This report is authorized for distribution only to shareholders and to others who have received current prospectuses of the CRM Funds.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

(b)	Not applicable
(c)	During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e)	Not applicable
(f)	See Item 19(a)(1)

(g)	All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2023 and 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.
(h)	Not applicable.
(i)	Not applicable.
(j)	Not applicable.

	Shares			Value
COMMON STOCK — 97.0%
Consumer Discretionary — 7.2%
Apparel & Textile Products — 1.4%
		24,539	Steven Madden Ltd.	$	1,038,000
Home Construction — 2.9%
		32,668	Skyline Champion Corporation¹		2,213,256
Leisure Facilities & Services — 2.0%
		42,276	BJ’s Restaurants, Inc.¹		1,466,977
Retail — Discretionary — 0.9%
		40,177	Victoria’s Secret & Company¹		709,928
Total Consumer Discretionary					5,428,161
Energy — 5.5%
Oil & Gas Producers — 2.4%
		31,008	Matador Resources Company		1,848,077
Oil & Gas Services & Equipment — 3.1%
		69,694	ChampionX Corporation		2,314,538
Total Energy					4,162,615
Financials — 22.1%
Banking — 14.8%
		13,206	Bank of Hawaii Corporation		755,515
		52,911	Cadence Bank		1,496,323
		286,018	Capitol Federal Financial, Inc.		1,570,239
		107,568	Central Pacific Financial Corporation		2,280,441
		25,027	First Interstate Bancsystem, Inc., Class A		695,000
		37,654	Hancock Whitney Corporation		1,800,991
		140,624	TFS Financial Corporation		1,774,675
		26,580	TrustCo Bank Corporation		764,707
					11,137,891

	Shares			Value
Financials — (continued)
Institutional Financial Services — 2.0%
		27,351	Moelis & Company, Class A	$	1,555,178
Insurance — 2.9%
		66,945	Horace Mann Educators Corporation		2,183,746
Specialty Finance — 2.4%
		28,762	Stewart Information Services Corporation		1,785,545
Total Financials					16,662,360
Health Care — 5.0%
Medical Equipment & Devices — 5.0%
		83,378	BioLife Solutions Inc¹		1,786,791
		23,817	LeMaitre Vascular, Inc.		1,959,662
Total Health Care					3,746,453
Industrials — 25.8%
Commercial Support Services — 5.2%
		8,259	Clean Harbors, Inc.¹		1,867,773
		34,947	Stericycle, Inc.¹		2,031,469
					3,899,242
Electrical Equipment — 6.4%
		105,322	Hayward Holdings, Inc.¹		1,295,461
		20,745	Itron, Inc.¹		2,052,924
		10,613	SPX Technologies, Inc.¹		1,508,532
					4,856,917
Engineering & Construction — 4.2%
		33,666	Arcosa, Inc.		2,808,081
		16,664	Centuri Holdings, Inc.^1,2		324,615
					3,132,696
Industrial Support Services — 1.3%
		4,848	Applied Industrial Technologies, Inc.		940,512
Machinery — 4.5%
		24,271	Cactus, Inc., Class A²		1,280,053

See accompanying notes to financial statements.		CRM Funds
	1

	Shares			Value
Industrials — (continued)
Machinery — (continued)
		118,381	Mueller Water Products, Inc.	$	2,121,387
					3,401,440
Transportation & Logistics — 4.2%
		31,060	Hub Group, Inc., Class A		1,337,133
		15,580	Kirby Corporation¹		1,865,393
					3,202,526
Total Industrials					19,433,333
Materials — 4.4%
Chemicals — 4.4%
		18,451	HB Fuller Company		1,419,989
		15,488	Rogers Corporation¹		1,868,008
Total Materials					3,287,997
Real Estate — 9.5%
REIT — 9.5%
		79,487	COPT Defense Properties		1,989,559
		31,232	Terreno Realty Corporation		1,848,310
		83,870	Urban Edge Properties		1,549,079
		121,472	Xenia Hotels & Resorts, Inc.		1,740,694
Total Real Estate					7,127,642
Technology — 13.0%
Software — 10.9%
		122,802	ACV Auctions, Inc.¹		2,241,137
		15,539	Agilysys, Inc.¹		1,618,231
		41,825	Envestnet, Inc.¹		2,617,828
		48,047	Intapp Inc¹		1,761,883
					8,239,079
Technology Hardware — 2.1%
		89,355	Knowles Corporation¹		1,542,267
Total Technology					9,781,346

	Shares			Value
Utilities — 4.5%
Gas & Water Utilities — 4.5%
		17,520	Chesapeake Utilities Corporation	$	1,860,624
		29,259	Middlesex Water Company		1,529,075
Total Utilities					3,389,699
TOTAL COMMON STOCK (Cost $57,905,749)					73,019,606
SHORT-TERM INVESTMENTS — 3.2%
		1,185,836	Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.83%³		1,185,836
		1,185,836	Federated Hermes Treasury Obligations Fund, Institutional Shares, 5.17%³		1,185,836
TOTAL SHORT-TERM INVESTMENTS (Cost $2,371,672)					2,371,672
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES – 100.2% (Cost $60,277,421)					75,391,278

	Principal ($)			Value
COLLATERAL FOR SECURITIES LOANED — 1.7%
		298,767	With Mizuho Securities USA LLC: at 5.32%, dated 6/28/24, to be repurchased on 7/1/24, repurchase price $298,899 (collateralized by US Treasury Securities, par values ranging from $597 - $140,677, coupon rates ranging from 0.50% to 5.00%, 7/31/24 - 9/30/29; total market value $304,742)	$	298,767

	Principal ($)			Value
COLLATERAL FOR SECURITIES LOANED — (continued)
		1,000,000	With National Bank Financial, Inc.: at 5.34%, dated 6/28/24, to be repurchased on 7/1/24, repurchase price $1,000,445 (collateralized by US Treasury Securities, par values ranging from $1 - $313,333, coupon rates ranging from 0.75% to 4.375%, 7/1/24 - 9/9/49; total market value $1,020,003)	$	1,000,000
TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $1,298,767)					1,298,767
TOTAL INVESTMENTS — 101.9% (Cost $61,576,188)				$	76,690,045	⁴
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%					(1,415,030	)
NET ASSETS — 100.0%				$	75,275,015

Assets	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Investments in Securities (Value)
Common Stock	$	73,019,606		—		—	$	73,019,606
Short-Term Investments		2,371,672		—		—		2,371,672
Short-Term Investments Held As Collateral for Loaned Securities		—	$	1,298,767		—		1,298,767
Total	$	75,391,278	$	1,298,767		—	$	76,690,045

	Shares			Value
COMMON STOCK — 98.9%
Consumer Discretionary — 12.0%
Apparel & Textile Products — 1.7%
		65,346	Steven Madden Ltd.	$	2,764,136
Home & Office Products — 1.5%
		34,007	SharkNinja, Inc.¹		2,555,626
Home Construction — 2.5%
		62,282	Skyline Champion Corporation¹		4,219,606
Retail — Discretionary — 6.3%
		30,555	Burlington Stores, Inc.¹		7,333,199
		7,914	RH¹		1,934,498
		81,386	Victoria’s Secret & Company¹		1,438,091
					10,705,788
Total Consumer Discretionary					20,245,156
Consumer Staples — 2.2%
Food — 2.2%
		16,918	Lamb Weston Holdings, Inc.		1,422,465
		11,952	Lancaster Colony Corporation		2,258,570
Total Consumer Staples					3,681,035
Energy — 3.4%
Oil & Gas Producers — 3.4%
		98,027	Matador Resources Company		5,842,409
Financials — 16.5%
Banking — 5.6%
		30,169	Bank of Hawaii Corporation		1,725,968
		146,091	Cadence Bank		4,131,454
		286,467	TFS Financial Corporation		3,615,214
					9,472,636
Institutional Financial Services — 5.3%
		20,014	Evercore Partners, Inc., Class A		4,171,518

	Shares			Value
Technology — (continued)
Technology Hardware — 1.9%
		67,254	Ciena Corporation¹	$	3,240,298
Technology Services — 2.1%
		11,891	Morningstar, Inc.		3,517,952
Total Technology					22,454,908
Utilities — 4.5%
Gas & Water Utilities — 4.5%
		28,833	Atmos Energy Corporation		3,363,369
		150,132	Nisource, Inc.		4,325,303
Total Utilities					7,688,672
TOTAL COMMON STOCK (Cost $133,148,922)					167,409,943
SHORT-TERM INVESTMENTS — 1.7%
		1,420,236	Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.83%²		1,420,236
		1,420,235	Federated Hermes Treasury Obligations Fund, Institutional Shares, 5.17%²		1,420,235
TOTAL SHORT-TERM INVESTMENTS (Cost $2,840,471)					2,840,471
TOTAL INVESTMENTS — 100.6% (Cost $135,989,393)				$	170,250,414
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%					(1,025,009	)
NET ASSETS — 100.0%				$	169,225,405

	Shares			Value
COMMON STOCK — 97.7%
Consumer Discretionary — 7.9%
Apparel & Textile Products — 1.5%
		128,305	Steven Madden Ltd.	$	5,427,302
Home & Office Products — 2.0%
		100,267	SharkNinja, Inc.¹		7,535,065
Retail — Discretionary — 4.4%
		45,405	Burlington Stores, Inc.¹		10,897,200
		126,390	Valvoline, Inc.¹		5,460,048
					16,357,248
Total Consumer Discretionary					29,319,615
Energy — 6.2%
Oil & Gas Producers — 3.3%
		308,918	Marathon Oil Corporation		8,856,679
		54,449	Matador Resources Company		3,245,161
					12,101,840
Oil & Gas Services & Equipment — 2.9%
		329,190	ChampionX Corporation		10,932,400
Total Energy					23,034,240
Financials — 10.1%
Banking — 5.4%
		208,733	Cadence Bank		5,902,969
		232,178	Truist Financial Corporation		9,020,116
		114,832	Webster Financial Corporation		5,005,527
					19,928,612
Insurance — 2.3%
		53,337	Allstate Corporation		8,515,785
Specialty Finance — 2.4%
		166,583	First American Financial Corporation		8,987,153
Total Financials					37,431,550

	Shares			Value
Health Care — 3.5%
Biotech & Pharma — 1.2%
		319,576	Elanco Animal Health, Inc.¹	$	4,611,482
Medical Equipment & Devices — 2.3%
		117,922	Bio-Techne Corporation		8,449,111
Total Health Care					13,060,593
Industrials — 22.7%
Aerospace & Defense — 5.0%
		20,787	Teledyne Technologies, Inc.¹		8,064,940
		60,259	Woodward, Inc.		10,507,965
					18,572,905
Commercial Support Services — 2.4%
		153,419	Stericycle, Inc.¹		8,918,246
Electrical Equipment — 6.1%
		57,498	AMETEK, Inc.		9,585,491
		343,013	Vontier Corporation		13,103,096
					22,688,587
Industrial Support Services — 1.5%
		29,645	Applied Industrial Technologies, Inc.		5,751,130
Machinery — 4.9%
		63,020	Regal Rexnord Corporation		8,521,564
		72,888	Xylem, Inc.		9,885,800
					18,407,364
Transportation & Logistics — 2.8%
		131,087	Canadian Pacific Kansas City Ltd.²		10,320,480
Total Industrials					84,658,712
Materials — 17.5%
Chemicals — 9.7%
		107,374	Ashland, Inc.		10,145,768
		45,405	Avery Dennison Corporation		9,927,803
		179,364	Corteva, Inc.		9,674,894

	Shares			Value
Materials — (continued)
Chemicals — (continued)
		57,107	RPM International, Inc.	$	6,149,282
					35,897,747
Construction Materials — 7.8%
		58,302	Advanced Drainage Systems, Inc.		9,351,058
		123,835	CRH PLC³		9,285,148
		19,267	Martin Marietta Materials, Inc.		10,438,861
					29,075,067
Total Materials					64,972,814
Real Estate — 7.6%
REIT — 7.6%
		102,863	CBRE Group, Inc., Class A¹		9,166,122
		71,446	Sun Communities, Inc.		8,597,812
		177,646	Terreno Realty Corporation		10,513,090
Total Real Estate					28,277,024
Technology — 16.9%
Semiconductors — 1.3%
		54,099	Microchip Technology, Inc.		4,950,059
Software — 6.0%
		483,741	CCC Intelligent Solutions Holdings, Inc.¹		5,374,363
		48,516	PTC, Inc.¹		8,813,902
		188,173	Tenable Holdings, Inc.¹		8,200,579
					22,388,844
Technology Hardware — 2.1%
		160,011	Ciena Corporation¹		7,709,330
Technology Services — 7.5%
		1,123,683	Clarivate PLC^1,2,3		6,393,756
		184,980	Fidelity National Information Services, Inc.		13,940,092

	Principal ($)			Value
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 1.1%
TIME DEPOSITS — 0.7%
		180,000	Banco Santander SA, 5.31%, due 7/1/24	$	180,000
		180,000	BNP Paribas SA, 5.29%, due 7/1/24		180,000
		180,000	Canadian Imperial Bank of Commerce, 5.31%, due 7/1/24		180,000
		180,000	Credit Agricole Corporate and Investment Bank, 5.30%, due 7/1/24		180,000
		170,000	DNB Bank ASA, 5.31%, due 7/1/24		170,000
		170,000	DZ Bank AG, 5.30%, due 7/1/24		170,000
		180,000	HSBC Bank PLC, 5.38%, due 7/1/24³		180,000
		180,000	KBC Bank NV, 5.31%, due 7/1/24		180,000
		170,000	Landesbank Baden Wurttemberg, 5.32%, due 7/1/24		170,000
		160,000	Landesbank Hessen Thueringen Girozentrale, 5.32%, due 7/1/24		160,000
		180,000	Mizuho Bank Ltd., 5.32%, due 7/1/24		180,000
		170,000	Nordea Bank Abp, 5.30%, due 7/1/24		170,000
		180,000	Royal Bank of Canada, 5.32%, due 7/1/24		180,000
		180,000	Skandinaviska Enskilda Banken AB, 5.31%, due 7/1/24		180,000
		170,000	Svenska Handelsbanken AB, 5.31%, due 7/1/24		170,000
					2,630,000

	Principal ($)			Value
REPURCHASE AGREEMENTS — 0.4%
		466,232	With Mizuho Securities USA LLC: at 5.32%, dated 6/28/24, to be repurchased on 7/1/24, repurchase price $468,439 (collateralized by US Treasury Securities, par values ranging from $932 - $219,529, coupon rates ranging from 0.50% to 5.00%, 7/31/24 - 9/30/29; total market value $475,557)	$	466,232
		1,032,077	With National Bank Financial, Inc.: at 5.34%, dated 6/28/24, to be repurchased on 7/1/24, repurchase price $1,032,536 (collateralized by US Treasury Securities, par values ranging from $1 - $323,384, coupon rates ranging from 0.75% to 4.375%, 7/1/24 - 9/9/49; total market value $1,052,722)		1,032,077
					1,498,309
TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $4,128,309)					4,128,309
TOTAL INVESTMENTS — 101.1% (Cost $283,806,374)				$	376,169,342	⁵
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%					(4,112,057	)
NET ASSETS — 100.0%				$	372,057,285

	Shares			Value
COMMON STOCK — 97.1%
Consumer Discretionary — 8.6%
Apparel & Textile Products — 1.4%
		7,779	Steven Madden Ltd.	$	329,052
Home & Office Products — 1.8%
		5,586	SharkNinja, Inc.¹		419,788
Home Construction — 1.2%
		4,022	Skyline Champion Corporation¹		272,491
Retail — Discretionary — 4.2%
		2,754	Burlington Stores, Inc.¹		660,959
		7,651	Valvoline, Inc.¹		330,523
					991,482
Total Consumer Discretionary					2,012,813
Consumer Staples — 1.4%
Household Products — 1.4%
		3,162	Estee Lauder Companies, Inc. (The), Class A		336,437
Energy — 6.5%
Oil & Gas Producers — 3.7%
		29,759	Marathon Oil Corporation		853,191
Oil & Gas Services & Equipment — 2.8%
		19,973	ChampionX Corporation		663,303
Total Energy					1,516,494
Financials — 14.0%
Asset Management — 2.4%
		7,440	Charles Schwab Corporation (The)		548,254
Banking — 6.3%
		6,172	Bank of Hawaii Corporation		353,100
		8,074	Citigroup, Inc.		512,376
		15,762	Truist Financial Corporation		612,353
					1,477,829

	Shares			Value
COMMON STOCK — 85.0%
Communications — 2.7%
Internet Media & Services — 2.7%
		10,505	Meta Platforms, Inc., Class A	$	5,296,832
Consumer Discretionary — 14.9%
Apparel & Textile Products — 1.8%
		84,863	Steven Madden Ltd.		3,589,705
Automotive — 1.5%
		105,474	Mobileye Global, Inc., Class A¹		2,962,237
Home & Office Products — 1.8%
		47,465	SharkNinja, Inc.¹		3,566,995
Home Construction — 3.0%
		87,902	Skyline Champion Corporation¹		5,955,360
Leisure Facilities & Services — 1.3%
		74,522	BJ’s Restaurants, Inc.¹		2,585,914
Retail — Discretionary — 5.5%
		31,710	Burlington Stores, Inc.¹		7,610,400
		6,498	RH¹		1,588,371
		92,544	Victoria’s Secret & Company¹		1,635,252
					10,834,023
Total Consumer Discretionary					29,494,234
Consumer Staples — 2.7%
Beverages — 2.0%
		2,218,034	Becle SAB de CV		4,000,717
Household Products — 0.7%
		12,499	Estee Lauder Companies, Inc. (The), Class A		1,329,894
Total Consumer Staples					5,330,611
Energy — 1.6%
Oil & Gas Producers — 1.6%
		54,248	Matador Resources Company		3,233,181

	Shares			Value
Financials — 7.1%
Institutional Financial Services — 2.5%
		23,645	Evercore Partners, Inc., Class A	$	4,928,328
Insurance — 2.1%
		25,558	Allstate Corporation		4,080,590
Specialty Finance — 2.5%
		90,505	First American Financial Corporation		4,882,744
Total Financials					13,891,662
Health Care — 3.7%
Biotech & Pharma — 0.9%
		121,259	Elanco Animal Health, Inc.¹		1,749,767
Medical Equipment & Devices — 2.8%
		17,596	BioLife Solutions, Inc.¹		377,082
		20,242	Danaher Corporation		5,057,464
					5,434,546
Total Health Care					7,184,313
Industrials — 26.2%
Commercial Support Services — 3.6%
		31,351	Clean Harbors, Inc.¹		7,090,029
Electrical Equipment — 9.1%
		22,167	GE Vernova LLC¹		3,801,862
		333,034	Hayward Holdings, Inc.¹		4,096,318
		60,846	Itron, Inc.¹		6,021,321
		101,551	Vontier Corporation		3,879,248
					17,798,749
Engineering & Construction — 4.0%
		94,726	Arcosa, Inc.		7,901,096
Machinery — 2.2%
		31,584	Xylem, Inc.		4,283,738
Transportation & Logistics — 7.3%
		93,116	Canadian Pacific Kansas City Ltd.		7,331,022
		80,725	Hub Group, Inc., Class A		3,475,211

	Shares				Value
COMMON STOCK SOLD SHORT — (25.2)%
Communications — (0.8)%
Advertising & Marketing — (0.8)%
		(17,305	)	Omnicom Group, Inc.	$	(1,552,258	)
Consumer Discretionary — (4.1)%
Leisure Facilities & Services — (1.5)%
		(14,134	)	Dutch Bros, Inc.		(585,148	)
		(15,210	)	Hyatt Hotels Corporation, Class A		(2,310,703	)
						(2,895,851	)
Leisure Products — (0.7)%
		(38,025	)	Yeti Holdings, Inc.		(1,450,654	)
Retail - Discretionary — (1.9)%
		(7,133	)	Abercrombie & Fitch Company, Class A		(1,268,533	)
		(11,341	)	Bath & Body Works, Inc.		(442,866	)
		(22,532	)	Caleres, Inc.		(757,075	)
		(35,729	)	Kohl’s Corporation		(821,410	)
		(3,265	)	Pandora A/S		(491,486	)
						(3,781,370	)
Total Consumer Discretionary						(8,127,875	)

Consumer Staples — (3.2)%
Food — (0.9)%
		(27,556	)	Simply Good Foods Company (The)		(995,599	)
		(43,894	)	WK Kellogg Company		(722,495	)
						(1,718,094	)
Retail - Consumer Staples — (2.3)%
		(49,794	)	Kroger Company (The)		(2,486,214	)
		(24,633	)	Sprouts Farmers Market, Inc.		(2,060,797	)
						(4,547,011	)
Total Consumer Staples						(6,265,105	)
Energy — (0.3)%
Renewable Energy — (0.3)%
		(29,123	)	Fluence Energy, Inc.		(504,993	)

	Shares				Value
Financials — (2.2)%
Banking — (0.4)%
		(19,808	)	Bank OZK	$	(812,128	)
Insurance — (0.8)%
		(22,960	)	Trupanion, Inc.		(675,024	)
		(12,405	)	W.R. Berkley Corporation		(974,785	)
						(1,649,809	)
Specialty Finance — (1.0)%
		(38,321	)	Arbor Realty Trust, Inc.		(549,906	)
		(25,262	)	Blackstone Mortgage Trust, Inc., Class A		(440,064	)
		(1,843	)	Credit Acceptance Corporation		(948,555	)
						(1,938,525	)
Total Financials						(4,400,462	)
Health Care — (1.5)%
Health Care Facilities & Services — (1.5)%
		(12,442	)	Ensign Group, Inc. (The)		(1,538,951	)
		(49,549	)	Option Care Health, Inc.		(1,372,507	)
Total Health Care						(2,911,458	)
Industrials — (10.1)%
Diversified Industrials — (0.8)%
		(20,972	)	Pentair PLC³		(1,607,923	)
Electrical Equipment — (3.3)%
		(12,373	)	Acuity Brands, Inc.		(2,987,337	)
		(93,840	)	Bloom Energy Corporation, Class A		(1,148,602	)
		(15,477	)	Carrier Global Corporation		(976,289	)
		(9,807	)	Generac Holdings, Inc.		(1,296,682	)
						(6,408,910	)
Industrial Intermediate Products — (0.9)%
		(6,699	)	Valmont Industries, Inc.		(1,838,541	)

	Level 1		Level 2		Level 3		Total
Assets: Investments in Securities: Common Stocks	$	166,633,222		—		—	$	166,633,222
Exchange-Traded Funds		4,529,532		—		—		4,529,532
Short-Term Investments		22,874,026		—		—		22,874,026
Total Assets – Investments in Securities	$	194,036,780		—		—	$	194,036,780
*Other Financial Instruments:Total Return Swap Agreements**
— Equity Contracts		—	$	2,429,323		—	$	2,429,323
Total Assets – Other Financial Instruments		—	$	2,429,323		—	$	2,429,323

Liabilities: Investments in Securities: Common Stock Sold Short	$	(49,411,936	)		—		—	$	(49,411,936	)
Total Liabilities – Investments in Securities	$	(49,411,936	)		—		—	$	(49,411,936	)
*Other Financial Instruments:Total Return Swap Agreements**
— Equity Contracts		—		$	(71,391	)	—	$	(71,391	)
Total Liabilities – Other Financial Instruments		—		$	(71,391	)	—	$	(71,391	)

Counterparty	Financing Rate⁽¹⁾	Termination Date		Long (Short) Notional Amount⁽²⁾			Reference Entity	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Morgan Stanley	5.98% (Fed Funds Rate + 0.65%)		3/25/2025	$	3,312,386		Eagle Materials, Inc.	$	1,177,429		$	—	$	1,177,429
Morgan Stanley	5.98% (Fed Funds Rate + 0.65%)		3/25/2025		6,886,393		Microsoft Corporation		1,113,101			—		1,113,101
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,303,533	)	Morgan Stanley Custom Swap (MSCM1057) Index⁽³⁾		(3,859	)		—		(3,859	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,304,224	)	Morgan Stanley Custom Swap (MSCM1058) Index⁽³⁾		33,769			—		33,769
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,299,795	)	Morgan Stanley Custom Swap (MSCM1059) Index⁽³⁾		(12,926	)		—		(12,926	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,289,698	)	Morgan Stanley Custom Swap (MSCM1060) Index⁽³⁾		14,821			—		14,821
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,312,154	)	Morgan Stanley Custom Swap (MSCM1061) Index⁽³⁾		11,711			—		11,711
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,299,050	)	Morgan Stanley Custom Swap (MSCM1062) Index⁽³⁾		(12,900	)		—		(12,900	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,293,223	)	Morgan Stanley Custom Swap (MSCM1063) Index⁽³⁾		(12,854	)		—		(12,854	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,300,415	)	Morgan Stanley Custom Swap (MSCM1064) Index⁽³⁾		(7,580	)		—		(7,580	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,310,083	)	Morgan Stanley Custom Swap (MSCM1065) Index⁽³⁾		9,623			—		9,623
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,309,646	)	Morgan Stanley Custom Swap (MSCM1066) Index⁽³⁾		16,362			—		16,362
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,295,200	)	Morgan Stanley Custom Swap (MSCM1067) Index⁽³⁾		5,437			—		5,437
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,292,553	)	Morgan Stanley Custom Swap (MSCM1068) Index⁽³⁾		(11,609	)		—		(11,609	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,299,733	)	Morgan Stanley Custom Swap (MSCM1069) Index⁽³⁾		4,278			—		4,278
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,294,472	)	Morgan Stanley Custom Swap (MSCM1070) Index⁽³⁾		10,672			—		10,672
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,294,247	)	Morgan Stanley Custom Swap (MSCM1071) Index⁽³⁾		15,934			—		15,934
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,296,968	)	Morgan Stanley Custom Swap (MSCM1072) Index⁽³⁾		14,279			—		14,279
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,309,494	)	Morgan Stanley Custom Swap (MSCM1073) Index⁽³⁾		(5,970	)		—		(5,970	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,282,427	)	Morgan Stanley Custom Swap (MSCM1074) Index⁽³⁾		1,907			—		1,907
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,294,354	)	Morgan Stanley Custom Swap (MSCM1075) Index⁽³⁾		(2,512	)		—		(2,512	)
Morgan Stanley	4.88% (Fed Funds Rate - 0.45%)		7/31/2024		(1,299,150	)	Morgan Stanley Custom Swap (MSCM1076) Index⁽³⁾		(1,181	)		—		(1,181	)
							Total Unrealized Appreciation						$	2,429,323
							Total Unrealized (Depreciation)						$	(71,391	)
							Total	$	2,357,932		$	—	$	2,357,932

Reference Entity	Shares		Market Value		% of Total Index Value
Iron Mountain, Inc.		292	$	26,166		2.00	%
NetApp, Inc.		200		25,707		1.97	%
Apple, Inc.		122		25,601		1.96	%
AT&T, Inc.		1,320		25,218		1.93	%
Discover Financial Services		192		25,114		1.92	%
Motorola Solutions, Inc.		65		24,956		1.91	%
Rockwell Automation, Inc.		90		24,888		1.90	%
General Motors Company		536		24,885		1.90	%
Ford Motor Company		1,976		24,773		1.89	%
Moody’s Corporation		59		24,747		1.89	%
Cognizant Technology Solutions Corporation		359		24,408		1.87	%
Cintas Corporation		35		24,330		1.86	%
Constellation Brands, Inc.		94		24,260		1.86	%
Ecolab, Inc.		102		24,197		1.85	%
Amgen, Inc.		77		24,136		1.85	%
Blackstone, Inc.		195		24,123		1.84	%
Old Dominion Freight Line, Inc.		134		23,730		1.81	%
Capital One Financial Corporation		171		23,639		1.81	%
Mettler-Toledo International, Inc.		17		23,487		1.80	%
Cardinal Health, Inc.		238		23,397		1.79	%
CDW Corporation		104		23,356		1.79	%
Progressive Corporation		112		23,339		1.79	%
Western Digital Corporation		308		23,332		1.78	%
West Pharmaceutical Services, Inc.		71		23,271		1.78	%
United Parcel Service - Class B		170		23,250		1.78	%
International Flavors & Fragrances, Inc.		243		23,172		1.77	%
Sysco Corporation		325		23,167		1.77	%
W. W. Grainger, Inc.		26		23,118		1.77	%
Church & Dwight Company, Inc.		223		23,100		1.77	%
Emerson Electric Company		210		23,097		1.77	%
Pfizer, Inc.		825		23,070		1.76	%
Cummins, Inc.		83		23,069		1.76	%
Automatic Data Processing, Inc.		97		23,038		1.76	%
Sherwin-Williams Company (The)		77		22,973		1.76	%
Agilent Technologies, Inc.		177		22,935		1.75	%
Steris Corporation		104		22,868		1.75	%
LyondellBasell Industries N.V. - Class A		239		22,860		1.75	%
Caterpillar, Inc.		69		22,830		1.75	%

	CRM Small Cap Value Fund		CRM Small/Mid Cap Value Fund		CRM Mid Cap Value Fund
ASSETS:
Investments in securities
Investments in securities, at cost	$	61,576,188	$	135,989,393	$	283,806,374
Net unrealized appreciation		15,113,857		34,261,021		92,362,968
Total investments in securities, at value¹		76,690,045		170,250,414		376,169,342
Dividends and interest receivable		119,391		174,079		340,645
Receivable for fund shares sold		1,187		15,741		87,934
Receivable for securities lending income		113		2		192
Other assets		2,993		15,065		30,378
Total Assets		76,813,729		170,455,301		376,628,491

LIABILITIES:
Obligation to return securities lending collateral		1,298,767		—		4,128,309
Payable for securities purchased		12,225		848,508		—
Payable for fund shares redeemed		129,082		167,378		23,456
Accrued advisory fee		46,022		104,912		230,364
Audit and tax fees		13,034		20,823		31,685
Trustees fees payable		597		1,847		3,273
Other accrued expenses		38,987		86,428		154,119
Total Liabilities		1,538,714		1,229,896		4,571,206
NET ASSETS	$	75,275,015	$	169,225,405	$	372,057,285
COMPONENTS OF NET ASSETS
Paid in capital	$	58,069,476	$	123,699,748	$	264,854,425
Total distributable earnings		17,205,539		45,525,657		107,202,860
NET ASSETS	$	75,275,015	$	169,225,405	$	372,057,285
NET ASSET VALUE PER SHARE
INVESTOR CLASS SHARES
Net assets	$	28,176,976	$	21,540,946	$	146,456,783
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		2,087,846		1,958,163		6,530,621
Net asset value, offering and redemption price per share	$	13.50	$	11.00	$	22.43
INSTITUTIONAL CLASS SHARES
Net assets	$	47,098,039	$	147,684,459	$	225,600,502
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		2,781,004		12,822,192		9,469,338
Net asset value, offering and redemption price per share	$	16.94	$	11.52	$	23.82

¹ Includes securities loaned of:	$	1,288,332	$	—	$	3,974,192

	CRM All Cap Value Fund		CRM Long/Short Opportunities Fund
ASSETS:
Investments in securities
Investments in securities, at cost	$	19,037,864	$	163,747,286
Net unrealized appreciation		4,481,294		30,289,494
Total investments in securities, at value1		23,519,158		194,036,780
Cash pledged with broker for securities sold short		—		51,123,884
Unrealized appreciation on swap agreements		—		2,429,323
Receivable for securities sold		—		2,041,088
Receivable for fund shares sold		—		186,416
Dividends and interest receivable		21,337		137,044
Receivable for securities lending income		22		—
Other assets		14,427		24,137
Total Assets		23,554,944		249,978,672

LIABILITIES:
Obligation to return securities lending collateral		183,480		—
Cash received from broker for swap agreements		—		2,444,895
Due to Broker - Short Sales				855,487
Securities sold short, at value (proceeds $0 and $47,286,645, respectively)		—		49,411,936
Payable for fund shares redeemed		—		433,785
Payable for securities purchased		—		413,011
Unrealized depreciation on swap agreements		—		71,391
Payable for dividends on securities sold short		—		50,076
Accrued advisory fee		10,285		215,449
Audit and tax fees		9,960		22,498
Trustees fees payable		161		2,429
Other accrued expenses		12,937		61,909
Total Liabilities		216,823		53,982,866
NET ASSETS	$	23,338,121	$	195,995,806
COMPONENTS OF NET ASSETS
Paid in capital	$	17,999,007	$	161,798,599
Total distributable earnings		5,339,114		34,197,207
NET ASSETS	$	23,338,121	$	195,995,806
NET ASSET VALUE PER SHARE
INVESTOR CLASS SHARES
Net assets	$	6,767,058
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		959,584
Net asset value, offering and redemption price per share	$	7.05
INSTITUTIONAL CLASS SHARES
Net assets	$	16,571,063	$	195,995,806
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		2,266,955		15,051,006
Net asset value, offering and redemption price per share	$	7.31	$	13.02

¹ Includes securities loaned of:	$	173,243	$	—

	CRM All Cap Value Fund			CRM Long/Short Opportunities Fund
INVESTMENT INCOME:
Dividends and interest	$	351,763		$	5,590,520
Securities lending income		2,424			—
Foreign tax withheld		(784	)		(7,370	)
Total investment income		353,403			5,583,150

EXPENSES:
Investment advisory fees		159,832			2,813,860
Dividend expense on securities sold short		—			1,226,837
Sub-Transfer agent fees - Institutional Shares		1,913			103,792
Shareholder Services - Investor Shares		16,815			—
Registration fees		34,614			34,000
Administration and accounting fees		16,931			87,250
Custody fees		15,000			21,466
Transfer agent fees		13,968			44,290
Audit and tax fees		9,960			22,498
Trustee fees and expenses		4,334			38,335
Insurance fees		3,757			37,234
Legal fees		2,537			22,188
Shareholder reports		2,522			25,091
Other expenses		15,731			38,928
Total expenses		297,914			4,515,769
Expenses waived		(7,509	)		(294,626	)
Net expenses		290,405			4,221,143
NET INVESTMENT INCOME		62,998			1,362,007

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN CURRENCY
Net realized gain (loss) from:
Investments		1,727,332			18,133,715
Securities sold short		—			976,609
Swap agreements		—			2,409,956
Foreign currency transactions		(131	)		143,191
Net realized gain		1,727,201			21,663,471
Net change in unrealized appreciation (depreciation) on:
Investments		1,079,275			(3,411,542	)
Securities sold short		—			(8,112,498	)
Swap agreements		—			386,367
Foreign currency transactions		—			(223,361	)
Net change in unrealized appreciation (depreciation)		1,079,275			(11,361,034	)
Net realized and unrealized gain on investments, derivatives and foreign currency		2,806,476			10,302,437
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,869,474		$	11,664,444

	CRM Small Cap Value Fund
	Year Ended June 30, 2024			Year Ended June 30, 2023
NET ASSETS - BEGINNING OF YEAR	$	77,425,561		$	118,775,543

OPERATIONS
Net investment income		403,786			1,269,438
Net realized gain from investments		3,784,811			3,970,360
Net change in unrealized appreciation on investments		5,091,061			7,709,116
Net increase in net assets resulting from operations		9,279,658			12,948,914

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(1,207,084	)		(711,393	)
Institutional Class		(1,757,607	)		(1,651,048	)
Total distributions to shareholders		(2,964,691	)		(2,362,441	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Investor Shares		121,454			119,137
Sale of shares - Institutional Shares		3,450,999			6,581,186
Reinvestment of distributions - Investor Class		1,113,318			667,950
Reinvestment of distributions - Institutional Class		1,492,966			1,285,743
Redemption of shares - Investor Class		(3,867,972	)		(3,097,537	)
Redemption of shares - Institutional Class		(10,776,278	)		(57,492,934	)
Net decrease from capital share transactions		(8,465,513	)		(51,936,455	)
Total decrease in net assets		(2,150,546	)		(41,349,982	)

NET ASSETS - END OF YEAR	$	75,275,015		$	77,425,561

SHARE ACTIVITY
Investor Class:
Sold		9,523			9,584
Issued on reinvestment of distributions		92,010			53,181
Redeemed		(307,693	)		(253,170	)
Net decrease		(206,160	)		(190,405	)

Institutional Class:
Sold		219,901			431,761
Issued on reinvestment of distributions		98,416			82,419
Redeemed		(677,114	)		(3,789,373	)
Net decrease		(358,797	)		(3,275,193	)