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Fund Summary
INVESTMENT OBJECTIVE
<p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_ztAcPjRRlLjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The investment objective of the CM Advisors Fixed Income Fund (the “Fund”) is to seek to preserve capital and maximize total return.</span></p>
FEES AND EXPENSES OF THE FUND
<p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z8zcXlR4noE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p>
<div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_z0tLBrkGvFul"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zNELx7eiWwjg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees">
<tr style="font-family: Times New Roman, Times, Serif; background-color: white">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"> </td>
<td id="xdx_490_20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member__oef--ClassAxis__custom--C000029067Member_z76OjQnQNyJg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"> </td></tr>
<tr id="xdx_40F_eoef--ShareholderFeeOther_dn_ztcN7s4UtVJb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Shareholder Fees </b>(fees paid directly from your investment)</span></td>
<td style="font-family: Times New Roman, Times, Serif; width: 15%; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
<tr id="xdx_40D_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zDSQbTBdZ9qc" style="font-family: Times New Roman, Times, Serif; background-color: white">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
<tr id="xdx_408_eoef--MaximumDeferredSalesChargeOverOther_dpn_zDn3ypr94Sc3" style="font-family: Times New Roman, Times, Serif; background-color: gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Maximum Deferred Sales Charge (Load)</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
<tr id="xdx_407_eoef--RedemptionFee_dn_zzYJaLKaWoia" style="font-family: Times New Roman, Times, Serif; background-color: white">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Redemption Fee</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
<tr id="xdx_404_eoef--ExchangeFee_dn_zDqUIAoor7m2" style="font-family: Times New Roman, Times, Serif; background-color: gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Exchange Fee</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
</table>
0
0
0
0
0
<div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zhxbgb0h24Wk"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z5UVyFq7j9x1" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="font-family: Times New Roman, Times, Serif">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"> </td>
<td id="xdx_498_20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member__oef--ClassAxis__custom--C000029067Member_zTZrrELiZ3Ge" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td colspan="2" style="font-family: Times New Roman, Times, Serif; padding-left: 1.5pt; text-align: justify">
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr>
<tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zLbWGvz0SuG3" style="font-family: Times New Roman, Times, Serif; background-color: Gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top; width: 85%"><span style="font-family: Times New Roman, Times, Serif">Management Fees</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 3pt; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif">0.50%</span></td></tr>
<tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPEWjp9ul3Yf" style="font-family: Times New Roman, Times, Serif; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Distribution and/or Service (12b-1) Fees</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td></tr>
<tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zX9nDXEmrjP7" style="font-family: Times New Roman, Times, Serif; background-color: Gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Other Expenses</span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1.05%</span></td></tr>
<tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIfEn2KiQeU2" style="font-family: Times New Roman, Times, Serif; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top">Acquired Fund Fees and Expenses</td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center">0.01%</td></tr>
<tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zJHgHf9kyfhj" style="font-family: Times New Roman, Times, Serif; background-color: Gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zaq7LWzpDuJf">1</sup></span></td>
<td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1.56%</span></td></tr>
<tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zkhR7nE08ZJ5" style="font-family: Times New Roman, Times, Serif; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Fee Waivers and Expense Reimbursements<sup id="xdx_F49_zmKiUpppZSq">2</sup></span></td>
<td style="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(0.68)%</span></td></tr>
<tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_z8DwXGwN4UN1" style="font-family: Times New Roman, Times, Serif; background-color: Gainsboro">
<td style="text-indent: -0.125in; padding-left: 0.25in; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements<sup id="xdx_F48_zGPJolQ74Eck">1,2</sup></span></td>
<td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.88%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse">
<tr style="vertical-align: top">
<td id="xdx_F0B_zTegailD7wvh" style="text-align: justify; width: 0.25in">1</td>
<td id="xdx_F11_zA3jFlxOquH" style="text-align: justify">“Total Annual Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td id="xdx_F03_zZkaFZ2EolRg" style="width: 0.25in; text-align: left">2</td>
<td id="xdx_F1C_zFIWbq821aL" style="text-align: justify">
The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed until July 1, 2027 to waive its fees and to reimburse other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, dividend expense on securities sold short, Acquired Fund Fees and Expenses, and amounts, if any, under a Rule 12b-1 Plan) to not more than 0.87% of its average daily net assets. The Expense Limitation Agreement cannot be terminated prior to <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zFxIefkuTw31">July 1, 2027</span> without the approval of the Board of Trustees (the “Board”) of the CM Advisors Family of Funds (the “Trust”).</td> </tr>
</table>
0.0050
0
0.0105
0.0001
0.0156
-0.0068
0.0088
July 1, 2027
Example
<p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zCe6iHlf3Pnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <span id="xdx_90E_eoef--ExpenseExampleByYearCaption_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zcdxHDvlfie3">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Fund expenses remains in effect only until July 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Fund expenses remains in effect only until July 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBfY2NuRcFwj"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zGTb92sh5sX9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td id="xdx_484_eoef--ExpenseExampleYear01_zf8MTwqMGj5" style="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>1 Year</b></span></td>
<td style="width: 1%"> </td>
<td id="xdx_48C_eoef--ExpenseExampleYear03_zmVKc16KOClk" style="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>3 Years</b></span></td>
<td style="width: 1%"> </td>
<td id="xdx_48E_eoef--ExpenseExampleYear05_zb3yeBUFFeW6" style="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>5 Years</b></span></td>
<td style="width: 1%"> </td>
<td id="xdx_482_eoef--ExpenseExampleYear10_zSEa8ws7TDHl" style="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>10 Years</b></span></td></tr>
<tr id="xdx_41D_20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member__oef--ClassAxis__custom--C000029067Member_zGdkd4j3xBo8" style="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
<td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$90</span></td>
<td> </td>
<td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$427</span></td>
<td> </td>
<td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$788</span></td>
<td> </td>
<td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$1,805</span></td></tr>
</table>
90
427
788
1805
Portfolio Turnover
<p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zaDVXhFskrc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zQlIfhS873vg">29%</span> of the average value of its portfolio.</span></p>
0.29
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
<p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zdBrklH2LQ79" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">To meet its investment objective, the Fund invests primarily in U.S. dollar denominated fixed income securities that the Advisor believes are undervalued. The Fund may invest in all types of fixed income securities but will typically invest in fixed income securities such as corporate bonds, U.S. government securities and mortgage-backed securities. <span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zkuznWLVRaNd">Under normal circumstances, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in fixed income investments, which include fixed income securities and shares of other registered investment companies (“RICs”) that invest primarily in fixed income securities.</span> Fund shareholders will be provided with at least 60 days’ prior notice of any change in the foregoing policy.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">While the Advisor considers potential income from fixed income securities (interest payments to be made on bonds and notes) when evaluating possible investments for the Fund, the Advisor’s primary criteria for fixed income securities relates to their appreciation potential. In selecting fixed income securities for the Fund, the Advisor generally:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td>
<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Reviews the maturity, yield, and ratings from nationally recognized statistical rating organizations (e.g., Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) of a fixed income security, both independently and in relation to the Fund’s current portfolio;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Seeks to purchase fixed income securities that the Advisor believes (i) fit the desired mix of fixed income securities for the portfolio (e.g., the types of securities, maturities and yields then targeted for the Fund); and (ii) offer opportunities for price appreciation.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The Fund may, without limitation, purchase fixed income securities of any credit quality, maturity, or yield. Accordingly, the Fund may hold fixed income securities that receive the highest ratings from Moody’s, S&P, Fitch or a similar rating agency, and fixed income securities that receive lower or the lowest ratings. There is no limitation on the number or amount of lower-rated fixed income securities, such as high-yield or junk bonds, that the Fund may purchase. The Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">While the Fund’s primary focus is investing in fixed income securities, the Fund may invest in cash or cash equivalent positions (e.g., money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes the fixed income securities markets offer limited investment opportunity or are overpriced. At times the Fund may hold a significant portion of its assets in cash or cash equivalent positions for extended periods of time while the Advisor waits for the fixed income securities markets to offer more attractive opportunities. </span></p>
Under normal circumstances, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in fixed income investments, which include fixed income securities and shares of other registered investment companies (“RICs”) that invest primarily in fixed income securities.
<p id="xdx_A85_eoef--RiskTextBlock_zK1vdqk2dsD" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">All investments carry risks, and an investment in the Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. <span id="xdx_901_eoef--RiskTextBlock_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zh3P0q63UMV7">You may lose money on your investment in the Fund.</span> To help you understand the risks of investing in the Fund, the principal risks of an investment in the Fund are generally described below:</span></p>
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You may lose money on your investment in the Fund.
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<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Events and Geopolitical Risk</b> – Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Fund’s performance per share will change daily based on many factors, including fluctuation in interest rates, the quality of the instruments in the Fund’s investment portfolio, national and international economic conditions, and general fixed income market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes and associated tariffs or the threat of such tariffs, military hostilities and epidemics, pandemics or other public health issues, such as COVID-19. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets for whatever reason may negatively affect many issuers domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and therefore adversely affect the Fund, and you could lose money over short- or long-term periods.</span></td> </tr>
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<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk</b> – One of the Fund’s primary sources of income will be derived from the receipt of interest payments from fixed income securities. An economic downturn or an increase in interest rates may have a negative or adverse effect on an issuer’s ability to timely make payments of principal and interest. If the issuer fails to make timely interest and/or principal payments, then the Fund’s current income will be adversely affected and reduced.</span></td></tr>
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<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk</b> – The price of a fixed income security is dependent upon interest rates. The share price and total return of the Fund, when investing a significant portion of its assets in fixed income securities, will vary in response to changes in interest rates. A rise in interest rates will cause the value of fixed income securities to decrease. Conversely, a decrease in interest rates will cause the value of fixed income securities to increase. Consequently, changes in interest rates may have a significant effect on the Fund, including greater fluctuation in the Fund’s share price, especially if the Fund is holding a significant portion of its assets in fixed income securities that are particularly sensitive to interest rate fluctuations, such as fixed income securities with long-term-maturities, zero coupon bonds, and debentures. During periods of raising interest rates, the Fund may be subject to heightened levels of interest risk.</span></td> </tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk</b> – Liquidity risk is the risk that a particular investment cannot be sold at an advantageous time or price. For example, if a fixed income security is downgraded or drops in price, the market demand for that security may be limited, making that security difficult to sell. Additionally, the market for certain securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer. Investments in fixed income securities, including below investment grade securities, tend to involve greater liquidity risk.</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b> – Credit risk is the risk that the issuer of a fixed income security (including corporate, government and mortgage-backed securities) will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer fails to pay interest, the Fund’s income will be reduced. If the issuer fails to repay principal, the value of that security and of the Fund’s shares may be reduced. To the extent the Fund invests in lower rated fixed income securities, the Fund will be subject to a higher level of credit risk than a fund that invests only in the highest rated fixed income securities.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in;text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Corporate and municipal fixed income securities purchased by the Fund may be of any credit quality, maturity or yield. Accordingly, the Fund’s fixed income securities may include “investment grade” securities (those rated at least Baa by Moody’s, BBB by S&P or Fitch or, if not rated, of equivalent quality in the Advisor’s opinion). However, the Fund’s fixed income securities may also include lower-rated securities including, without limitation, high-yield securities (“junk bonds”) rated below Baa by Moody’s or BBB by S&P or Fitch (see “Junk Bonds or Lower-Rated Securities Risk” below). The Fund’s fixed income security investments are subject to risks of non-payment of interest and principal, the risk that bond demand in the marketplace will decrease periodically, and the risk that ratings of the various credit services (and the Advisor’s independent assessments of the securities’ creditworthiness) are or may become inaccurate.</span></p>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Junk Bonds or Lower-Rated Securities Risk</b> – Fixed income securities rated below Baa by Moody’s and BBB by S&P or Fitch are generally considered speculative in nature and are generally subject to greater risks with respect to the non-payment of interest and principal and greater market fluctuations than higher-rated fixed income securities. Lower-rated fixed income securities are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These fixed income securities are considered below “investment-grade.” The retail secondary market for these “junk bonds” may be less liquid than that of higher-rated fixed income securities, and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund’s net asset value (“NAV”). These risks can reduce the value of the Fund’s shares and the income it earns.</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Maturity Risk</b> – Maturity risk is another factor that can affect the value of the Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Fund will be subject to greater maturity risk to the extent it is invested in fixed income securities with longer maturities. </span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Management Style Risk</b> – The share price of the Fund changes daily based on the performance of the securities in which it invests. The ability of the Fund to meet its investment objective is directly related to the Advisor’s allocation of the Fund’s assets and selection of securities. The Advisor’s judgments about the attractiveness, value, and potential income and appreciation of particular fixed income securities, cash or cash equivalents or other securities in which the Fund invests may prove to be incorrect and there is no assurance that the Advisor’s judgment will produce the desired results. In addition, the Fund may allocate its assets so as to under-emphasize or </span>over-emphasize fixed income securities, cash or cash equivalents, or other investments under the wrong market conditions, in which case the value of the Fund’s portfolio may be adversely affected.</td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Mortgage Risk</b> – Because rising interest rates reduce the tendency of mortgage borrowers to prepay or refinance their loans, rising interest rates tend to increase the effective maturity of mortgage-related securities, resulting in greater losses when interest rates rise. This is known as extension risk. Conversely, falling interest rates may encourage borrowers to pay off or refinance their mortgages sooner than expected. This can reduce the effective maturity of mortgage-related securities and lower the returns of the Fund because the Fund will have to reinvest its assets at the lower prevailing interest rates. This is known as prepayment risk.</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Regional and Sector Risk</b> – Regional and sector risk is the risk that if the Fund invests heavily in securities within the same country, state, region, currency, industry or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if its investments were not so focused. To the extent the Fund invests heavily in securities in any such area that experiences an adverse development, the value of the Fund’s portfolio may be negatively affected.</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>U.S. Government Obligations Risk</b> – Securities issued by the U.S. government or its agencies are subject to risks related to the creditworthiness of the U.S. government. In addition, such securities may not be backed by the “full faith and credit” of the U.S. government, but rather by a right to borrow from the U.S. government or the creditworthiness of the issuer itself. The value of any such securities may fluctuate with changes in credit ratings and market perceptions of the U.S. government and the issuers of the securities, as well as interest rates and other risks applicable to fixed income securities generally.</span></td></tr>
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<td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Risks of Investments in Other RICs</b> – To the extent that it invests in other RICs, the Fund incurs greater expenses, such as its own management fees and other operating expenses, than an investor would incur who invested directly in the RICs. The Fund’s investments in other RICs are subject to all of the underlying risks of such RICs. These include such general risks as market risk and management risk. In addition to these risks, the Fund’s investment in a closed-end fund or an exchange-traded fund (“ETF”) is subject to the risk that the closed-end fund or ETF may trade at prices significantly different from its NAV. Investments in a closed-end fund may be subject to liquidity risk (that is, the potential that the fund may be unable to dispose of the closed-end fund shares promptly or at a reasonable price).</span></td></tr>
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PERFORMANCE SUMMARY
<p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zIoj6ChdKeT" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zHLEXlNpmXxb">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad-based securities market index.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zAuTEAsIv267">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, current to the most recent month end, is available by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zWZxZRFZd08h">1-888-859-5856</span>.</span></p>
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad-based securities market index.
How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
1-888-859-5856
CM Advisors Fixed Income Fund Calendar Year Returns
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<table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zOwuHxDtbh5c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns">
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<th style="display: none; text-align: center">Years</th>
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<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center; width: 50%">2016</td>
<td id="xdx_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000029067Member_zmEdfdkAUou3" style="display: none; text-align: center; width: 50%">6.93%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2017</td>
<td id="xdx_980_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000029067Member_zKTIMd9CbB4l" style="display: none; text-align: center">2.30%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2018</td>
<td id="xdx_98A_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000029067Member_zoXAuWbOsB9j" style="display: none; text-align: center">-1.63%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2019</td>
<td id="xdx_988_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000029067Member_z6E2bNc1Gpa6" style="display: none; text-align: center">2.82%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2020</td>
<td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000029067Member_z3IoeFNlajqf" style="display: none; text-align: center">0.89%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2021</td>
<td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000029067Member_zMzc5lK3catk" style="display: none; text-align: center">3.06%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2022</td>
<td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000029067Member_zZwTt86HoGli" style="display: none; text-align: center">-3.67%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2023</td>
<td id="xdx_985_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000029067Member_z8eP5PiNYO85" style="display: none; text-align: center">12.39%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2024</td>
<td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000029067Member_zHjgFJbLT2Z3" style="display: none; text-align: center">4.55%</td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; text-align: center">2025</td>
<td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000029067Member_zAzNo1uzfg5g" style="display: none; text-align: center">8.67%</td></tr>
</table>
0.0693
0.0230
-0.0163
0.0282
0.0089
0.0306
-0.0367
0.1239
0.0455
0.0867
<p id="xdx_A8B_eoef--BarChartClosingTextBlock_zaDefXvEI4b2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eoef--YearToDateReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zP5O2oFycB7g">The Fund’s year-to-date return</span> through <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zPwERBRFcMZ">March 31, 2026</span> is <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zr06JrYdgTAc">0.38%</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Quarterly Returns During This Time Period</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 45%; border-collapse: collapse; margin-right: auto">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zuivpWCJmUzg">Highest:</span></span></td>
<td style="font-family: Times New Roman, Times, Serif; width: 82%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zwzgsx7KzgT4">4.88%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zvTeJw5rD90k">September 30, 2023</span>)</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_z5q6Dz8TNEI3">Lowest:</span></span></td>
<td style="padding-right: 0.25in; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zuLEPx4LU7B">(2.36)%</span> (quarter ended <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zDLUq6qy9Vxk">June 30, 2022</span>)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 5in"> </p>
The Fund’s year-to-date return
2026-03-31
0.0038
Highest:
0.0488
2023-09-30
Lowest:
-0.0236
2022-06-30
<div id="xdx_A88_eoef--PerformanceTableTextBlock_zdW43hnAujs2"></div>
<table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zLsE9zJBnmt1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns">
<tr style="vertical-align: bottom">
<td id="xdx_981_eoef--PerformanceTableHeading_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zYJ4SXVagrt9" style="border: Black 1pt solid; width: 64%; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Average Annual Total Returns<br/> for Periods Ended December 31, 2025</b></span></td>
<td id="xdx_494_20250101__20251231_z8CFcqKj0hDg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>One Year</b></span></td>
<td id="xdx_498_20210101__20251231_zmBU8mlLHZea" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Five Years</b></span></td>
<td id="xdx_49A_20160101__20251231_zzgLFIlsY6G4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Ten Years</b></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: justify; text-indent: 0in">CM Advisors Fixed Income Fund</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center"> </td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center"> </td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr>
<tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029067Member_zQGwcD4T44Z8" style="background-color: White">
<td style="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-left: 24.75pt; text-align: justify; text-indent: -13.5pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260629__20260629__oef--ClassAxis__custom--C000029067Member_ze6XuF4R2Pok">Return Before Taxes</span></td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">8.67%</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">4.86%</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">3.53%</td></tr>
<tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029067Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbdBhC2IbJk5" style="background-color: Gainsboro">
<td style="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-left: 24.75pt; text-align: justify; text-indent: -13.5pt">Return After Taxes on Distributions</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">6.92%</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">3.59%</td>
<td style="border-right: Black 1pt solid; vertical-align: bottom; text-align: center">2.32%</td></tr>
<tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029067Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zt3JnpYdL35d" style="background-color: White">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-left: 24.75pt; text-align: left; text-indent: -13.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">5.17%</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">3.24%</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2.22%</td></tr>
<tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029067Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zEvz39QG7aV1" style="background-color: Gainsboro">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-left: 2.25pt; text-align: left; text-indent: 0in">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zVAXT1v9bZ4i">reflects no deduction for fees, expenses or taxes</span>)</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">7.30%</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">(0.36)%</td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2.01%</td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
Average Annual Total Returns for Periods Ended December 31, 2025
Return Before Taxes
0.0867
0.0486
0.0353
0.0692
0.0359
0.0232
0.0517
0.0324
0.0222
reflects no deduction for fees, expenses or taxes
0.0730
-0.0036
0.0201
<p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_z3HWjoFnI3H3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zfQs1Y96r4Zd">After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_zg6hDPzDybWf">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”).</span> <span id="xdx_901_eoef--PerformanceTableExplanationAfterTaxHigher_c20260629__20260629__dei--LegalEntityAxis__custom--S000010534Member_ztWSIJBRiYe4">Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.</span></span></p>
After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.