CRM All Cap Value Fund

Institutional Class (CRIEX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about CRM All Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$65	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$19,629,680
Number of Portfolio Holdings	49
Advisory Fee (net of waivers)	$59,949
Portfolio Turnover	42%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	4.5%
Common Stocks	92.6%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.2%
Utilities	1.5%
Energy	2.8%
Real Estate	5.0%
Health Care	7.4%
Money Market Funds	7.6%
Consumer Discretionary	10.3%
Materials	10.9%
Financials	17.2%
Industrials	17.9%
Technology	23.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco Government & Agency Portfolio, Institutional Shares	4.6%
Regal Rexnord Corporation	4.1%
Microchip Technology, Inc.	3.4%
Champion Homes, Inc.	3.4%
Broadcom, Inc.	3.4%
Qnity Electronics, Inc.	3.2%
Global Payments, Inc.	3.1%
Woodward, Inc.	2.9%
WillScot Holdings Corporation	2.7%
Concentra Group Holdings Parent, Inc.	2.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM All Cap Value Fund

Institutional Class (CRIEX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRIEX

Distributed by ALPS Distributors, Inc.

CRM All Cap Value Fund

Investor Class (CRMEX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$78	1.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$19,629,680
Number of Portfolio Holdings	49
Advisory Fee (net of waivers)	$59,949
Portfolio Turnover	42%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	4.5%
Common Stocks	92.6%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.2%
Utilities	1.5%
Energy	2.8%
Real Estate	5.0%
Health Care	7.4%
Money Market Funds	7.6%
Consumer Discretionary	10.3%
Materials	10.9%
Financials	17.2%
Industrials	17.9%
Technology	23.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco Government & Agency Portfolio, Institutional Shares	4.6%
Regal Rexnord Corporation	4.1%
Microchip Technology, Inc.	3.4%
Champion Homes, Inc.	3.4%
Broadcom, Inc.	3.4%
Qnity Electronics, Inc.	3.2%
Global Payments, Inc.	3.1%
Woodward, Inc.	2.9%
WillScot Holdings Corporation	2.7%
Concentra Group Holdings Parent, Inc.	2.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM All Cap Value Fund

Investor Class (CRMEX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRMEX

Distributed by ALPS Distributors, Inc.

CRM Long/Short Opportunities Fund

Institutional Class (CRIHX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about CRM Long/Short Opportunities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$98	1.91%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$455,821,940
Number of Portfolio Holdings	91
Advisory Fee (net of waivers)	$2,689,887
Portfolio Turnover	134%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.8%
Money Market Funds	7.1%
Purchased Options	0.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.8%
Put Options Purchased	0.1%
Communications	0.9%
Consumer Staples	1.0%
Real Estate	2.3%
Health Care	2.9%
Energy	4.3%
Utilities	5.5%
Money Market	7.1%
Financials	10.4%
Consumer Discretionary	20.2%
Technology	20.6%
Industrials	23.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Semtech Corporation	4.8%
BankUnited, Inc.	4.6%
Regal Rexnord Corporation	4.3%
Hub Group, Inc., Class A	4.0%
Champion Homes, Inc.	3.9%
Canadian Pacific Kansas City Ltd.	3.6%
Federated Hermes Treasury Obligations Fund, Institutional Shares	3.5%
Blackrock Liquidity Funds T-Fund, Institutional Shares	3.5%
WillScot Holdings Corporation	3.4%
Knowles Corporation	3.3%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Long/Short Opportunities Fund

Institutional Class (CRIHX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRIHX

Distributed by ALPS Distributors, Inc.

CRM Mid Cap Value Fund

Institutional Class (CRIMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about CRM Mid Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$54	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$264,409,524
Number of Portfolio Holdings	51
Advisory Fee	$978,652
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	2.4%
Common Stocks	95.4%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Energy	1.1%
Money Market Funds	4.6%
Utilities	5.2%
Health Care	5.8%
Real Estate	7.8%
Consumer Discretionary	8.7%
Financials	11.4%
Materials	14.3%
Technology	18.8%
Industrials	24.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Regal Rexnord Corporation	3.8%
Teledyne Technologies, Inc.	3.4%
Champion Homes, Inc.	3.3%
Microchip Technology, Inc.	3.3%
Atmos Energy Corporation	3.1%
Woodward, Inc.	3.1%
AMETEK, Inc.	2.9%
Vontier Corporation	2.9%
BankUnited, Inc.	2.7%
Ashland, Inc.	2.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Mid Cap Value Fund

Institutional Class (CRIMX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRIMX

Distributed by ALPS Distributors, Inc.

CRM Mid Cap Value Fund

Investor Class (CRMMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$63	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$264,409,524
Number of Portfolio Holdings	51
Advisory Fee	$978,652
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	2.4%
Common Stocks	95.4%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Energy	1.1%
Money Market Funds	4.6%
Utilities	5.2%
Health Care	5.8%
Real Estate	7.8%
Consumer Discretionary	8.7%
Financials	11.4%
Materials	14.3%
Technology	18.8%
Industrials	24.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Regal Rexnord Corporation	3.8%
Teledyne Technologies, Inc.	3.4%
Champion Homes, Inc.	3.3%
Microchip Technology, Inc.	3.3%
Atmos Energy Corporation	3.1%
Woodward, Inc.	3.1%
AMETEK, Inc.	2.9%
Vontier Corporation	2.9%
BankUnited, Inc.	2.7%
Ashland, Inc.	2.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Mid Cap Value Fund

Investor Class (CRMMX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRMMX

Distributed by ALPS Distributors, Inc.

CRM Small Cap Value Fund

Institutional Class (CRISX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about CRM Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$54	1.02%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$70,847,339
Number of Portfolio Holdings	46
Advisory Fee	$252,470
Portfolio Turnover	51%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	3.9%
Common Stocks	92.0%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.0%
Consumer Staples	1.5%
Utilities	3.5%
Energy	4.0%
Materials	5.4%
Health Care	6.7%
Real Estate	7.7%
Money Market Funds	8.2%
Industrials	11.4%
Technology	12.4%
Consumer Discretionary	17.3%
Financials	25.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco Government & Agency Portfolio, Institutional Shares	4.1%
Capitol Federal Financial, Inc.	4.0%
BankUnited, Inc.	3.8%
Champion Homes, Inc.	3.5%
Knowles Corporation	3.4%
Xenia Hotels & Resorts, Inc.	3.2%
LendingClub Corporation	3.2%
Moelis & Company, Class A	3.0%
BJ's Restaurants, Inc.	2.9%
Steven Madden Ltd.	2.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Small Cap Value Fund

Institutional Class (CRISX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRISX

Distributed by ALPS Distributors, Inc.

CRM Small Cap Value Fund

Investor Class (CRMSX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$66	1.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$70,847,339
Number of Portfolio Holdings	46
Advisory Fee	$252,470
Portfolio Turnover	51%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	3.9%
Common Stocks	92.0%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.0%
Consumer Staples	1.5%
Utilities	3.5%
Energy	4.0%
Materials	5.4%
Health Care	6.7%
Real Estate	7.7%
Money Market Funds	8.2%
Industrials	11.4%
Technology	12.4%
Consumer Discretionary	17.3%
Financials	25.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco Government & Agency Portfolio, Institutional Shares	4.1%
Capitol Federal Financial, Inc.	4.0%
BankUnited, Inc.	3.8%
Champion Homes, Inc.	3.5%
Knowles Corporation	3.4%
Xenia Hotels & Resorts, Inc.	3.2%
LendingClub Corporation	3.2%
Moelis & Company, Class A	3.0%
BJ's Restaurants, Inc.	2.9%
Steven Madden Ltd.	2.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Small Cap Value Fund

Investor Class (CRMSX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRMSX

Distributed by ALPS Distributors, Inc.

CRM Small/Mid Cap Value Fund

Institutional Class (CRIAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about CRM Small/Mid Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$55	1.02%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$156,378,298
Number of Portfolio Holdings	45
Advisory Fee	$522,783
Portfolio Turnover	61%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	2.4%
Common Stocks	95.1%
Money Market Funds	2.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.1%
Utilities	3.7%
Energy	3.7%
Real Estate	4.0%
Money Market Funds	5.0%
Health Care	6.4%
Materials	12.5%
Financials	14.1%
Consumer Discretionary	16.0%
Industrials	17.2%
Technology	17.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Regal Rexnord Corporation	4.2%
BankUnited, Inc.	4.1%
Hub Group, Inc., Class A	4.1%
Semtech Corporation	3.8%
MKS, Inc.	3.6%
Champion Homes, Inc.	3.5%
Knowles Corporation	3.3%
Teledyne Technologies, Inc.	3.0%
First Interstate BancSystem, Inc., Class A	2.9%
HB Fuller Company	2.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Small/Mid Cap Value Fund

Institutional Class (CRIAX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRIAX

Distributed by ALPS Distributors, Inc.

CRM Small/Mid Cap Value Fund

Investor Class (CRMAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$64	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$156,378,298
Number of Portfolio Holdings	45
Advisory Fee	$522,783
Portfolio Turnover	61%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	2.4%
Common Stocks	95.1%
Money Market Funds	2.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.1%
Utilities	3.7%
Energy	3.7%
Real Estate	4.0%
Money Market Funds	5.0%
Health Care	6.4%
Materials	12.5%
Financials	14.1%
Consumer Discretionary	16.0%
Industrials	17.2%
Technology	17.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Regal Rexnord Corporation	4.2%
BankUnited, Inc.	4.1%
Hub Group, Inc., Class A	4.1%
Semtech Corporation	3.8%
MKS, Inc.	3.6%
Champion Homes, Inc.	3.5%
Knowles Corporation	3.3%
Teledyne Technologies, Inc.	3.0%
First Interstate BancSystem, Inc., Class A	2.9%
HB Fuller Company	2.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

CRM Small/Mid Cap Value Fund

Investor Class (CRMAX)

Semi-Annual Shareholder Report - April 30, 2026

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-SAR 043026-CRMAX

Distributed by ALPS Distributors, Inc.

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 April 30, 2026 is as follows (see Note 2 to Financial Statements):

There were no transfers into or out of Level 3 related to securities held at April 30, 2026.

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1515) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1516) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1517) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1518) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1519) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1520) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1521) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1522) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1523) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1524) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1525) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1526) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1527) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1528) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1529) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1530) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1531) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1532) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1533) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1534) Index total return swap with Morgan Stanley Bank as of April 30, 2026, termination date 7/28/26:

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.

(“U.S. GAAP”). The Funds are investment companies and follow the accounting and reporting requirements for investment companies under Financial Accounting Standards Board (“FASB”), Accounting Standards Codification Topic 946. The following is a summary of the significant accounting policies of the Funds:

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 (“CRM”), 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 April 30, 2026 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.

The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.

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 six months ended April 30, 2026, 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 six months ended April 30, 2026.

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.

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.

Cap Value Fund, CRM receives 0.70% of the Fund’s first $1 billion of average daily net assets; 0.65% of the Fund’s next $1 billion of average daily net assets; and 0.60% of the Fund’s average daily net assets in excess of $2 billion. Advisory fees are paid monthly in arrears.

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. Advisory fees are paid monthly in arrears. 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, 2026. Fees waived by the Advisor are not subject to recoupment in future periods. 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 $19,000 which is allocated on a pro-rata basis amongst the series of the Trust based on relative net assets. In addition, the Chairman of the Audit Committee receives $3,500 annually. 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 period ended April 30, 2026. 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.

For the six months ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of portfolio securities for in-kind transactions was as follows:

rating category by nationally recognized statistical rating organizations (or of comparable quality if unrated) with a maturity date of 397 days or less, including corporate obligations and money market mutual funds. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses.

Operations. The Fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which the Fund sold the security short. A realized 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 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 April 30, 2026 were as follows:

Following purchases of the Fund’s shares, ReFlow periodically redeems its entire share position in the Fund and requests that such redemption be met in-kind in accordance with the Fund’s redemption in-kind policies. ReFlow generally redeems its shares when the Fund experiences net sales, when a maximum holding period is reached (currently 8 days), when ReFlow reaches a maximum position in the Fund, or at other times at ReFlow’s or the Adviser’s discretion. While ReFlow holds the Fund’s shares, it will have the same rights and privileges with respect to those shares as any other shareholder.

For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow fees that were incurred by the Funds during the period ended April 30, 2026 are recorded within the Statement of Operations.

ReFlow’s purchases of the Fund’s shares through the liquidity program are made on an investment-blind basis without regard to the Fund’s objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow will not be subject to the Funds’ investment minimums. The Board has approved the Fund’s use of the ReFlow program. The Advisor believes that the program may assist in stabilizing the Fund’s net assets, to the benefit of the Fund and its shareholders, although there is no guarantee that the program will do so.

During the period ended April 30, 2026, the Funds had the following in-kind redemption transactions related to ReFlow:

The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Fund and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, has no effect on the net assets or NAV per share of each Fund.

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.

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 April 30, 2026, 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 April 30, 2026:

The following table sets forth the fair value of the Long/Short Opportunities Fund’s derivative contracts by primary risk exposure as of April 30, 2026:

The following is a summary of the location of derivatives on Long/Short Opportunities Fund’s Statement of Operations for the six months ended April 30, 2026:

The following is a summary of the Long/Short Opportunities Fund’s realized and unrealized gain/(loss) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the six months ended April 30, 2026:

The average monthly balance of derivatives held is indicative of the trading volume of the Long/Short Opportunities Fund. For the six months ended April 30, 2026, the average notional value of options contracts and swap contracts was $5,551,695 and $31,279,935, respectively.

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 April 30, 2026:

At April 30, 2026, 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:

pressures and other factors that may or may not be related to the issuer of the security or other asset.

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.

The aggregate compensation paid, on behalf of the Fund, to the Trustees for the period of this report was $42,684. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Fund, and no compensation was paid to any person of whom any officer or director of the Fund is an affiliated person.

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust used to determine how to vote proxies relating to securities held in the Trust’s portfolios is available, without charge and upon request, by calling 800-CRM-2883 and on the SEC’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 is available without charge and upon request by calling 800-CRM-2883, on the Funds’ website at www.crmfunds.com, and on the SEC’s website listed above.

The Statement of Additional Information (“SAI”) for the Funds includes additional information about the Trustees and is available upon request, without charge, by calling 800-CRM-2883 or by visiting the Funds’ website at https://www.crmfunds.com.

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

LEGAL COUNSEL
DLA Piper LLP (US)
One Atlantic Center
1201 West Peachtree Street
Suite 2900
Atlanta, GA 30309

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.

	Shares			Value
COMMON STOCK — 95.8%
Consumer Discretionary — 17.3%
Apparel & Textile Products — 2.9%
		54,213	Steven Madden Ltd.	$	2,036,240
Automotive — 1.7%
		214,051	Dauch Corporation¹		1,222,231
Home Construction — 5.5%
		32,786	Champion Homes, Inc.¹		2,499,277
		10,815	M/I Homes, Inc.¹		1,422,065
					3,921,342
Leisure Facilities & Services — 3.0%
		54,333	BJ’s Restaurants, Inc.¹		2,086,387
Retail — Discretionary — 4.2%
		27,941	Advance Auto Parts, Inc.		1,662,769
		25,511	Victoria’s Secret & Company¹		1,322,235
					2,985,004
Total Consumer Discretionary					12,251,204
Consumer Staples — 1.5%
Household Products — 1.5%
		54,545	Quanex Building Products Corporation		1,087,627
Energy — 4.0%
Oil & Gas Producers — 2.4%
		14,095	Matador Resources Company		894,187
		19,376	Range Resources Corporation		842,856
					1,737,043
Oil & Gas Services & Equipment — 1.6%
		116,339	TETRA Technologies, Inc.¹		1,107,547
Total Energy					2,844,590

	Shares			Value
Financials — 25.9%
Banking — 17.1%
		20,170	Bank of Hawaii Corporation	$	1,603,717
		58,487	BankUnited, Inc.		2,718,475
		367,988	Capitol Federal Financial, Inc.		2,826,147
		50,185	Central Pacific Financial Corporation		1,670,157
		38,805	First Interstate BancSystem, Inc., Class A		1,377,189
		125,944	TFS Financial Corporation²		1,894,198
					12,089,883
Institutional Financial Services — 3.0%
		32,471	Moelis & Company, Class A		2,114,512
Specialty Finance — 5.8%
		130,760	LendingClub Corporation¹		2,232,073
		27,332	Stewart Information Services Corporation		1,912,967
					4,145,040
Total Financials					18,349,435
Health Care — 6.7%
Health Care Facilities & Services — 2.5%
		78,757	Concentra Group Holdings Parent, Inc.		1,769,670
Medical Equipment & Devices — 4.2%
		60,282	BioLife Solutions, Inc.¹		1,270,745
		41,115	Omnicell, Inc.¹		1,702,983
					2,973,728
Total Health Care					4,743,398
Industrials — 11.4%
Electrical Equipment — 1.3%
		7,913	Belden, Inc.		890,054

	Shares			Value
Industrials — (continued)
Industrial Support Services — 4.8%
		5,314	Applied Industrial Technologies, Inc.	$	1,624,756
		78,999	WillScot Holdings Corporation²		1,788,537
					3,413,293
Machinery — 2.6%
		72,346	Gates Industrial Corporation PLC^1,3		1,852,781
Transportation & Logistics — 2.7%
		34,561	Hub Group, Inc., Class A		1,514,808
		26,071	Marten Transport Ltd.		393,151
					1,907,959
Total Industrials					8,064,087
Materials — 5.4%
Chemicals — 4.2%
		28,512	H.B. Fuller Company		1,725,546
		9,179	Quaker Chemical Corporation²		1,247,334
					2,972,880
Containers & Packaging — 1.2%
		60,635	Clearwater Paper Corporation¹		831,306
Total Materials					3,804,186
Real Estate — 7.7%
REIT — 7.7%
		108,329	Independence Realty Trust, Inc.		1,766,846
		21,992	Terreno Realty Corporation		1,433,878
		138,812	Xenia Hotels & Resorts, Inc.		2,258,472
Total Real Estate					5,459,196
Technology — 12.4%
Semiconductors — 4.4%
		31,128	Cohu, Inc.¹		1,473,911

	Shares			Value
Technology — (continued)
Semiconductors — 4.4% (continued)
		21,117	Ultra Clean Holdings, Inc.¹	$	1,650,293
					3,124,204
Software — 1.3%
		170,632	ACV Auctions, Inc., Class A¹		885,580
Technology Hardware — 6.7%
		41,437	ADTRAN Holdings, Inc.¹		733,021
		76,430	Knowles Corporation¹		2,383,852
		31,423	Viavi Solutions, Inc.¹		1,646,565
					4,763,438
Total Technology					8,773,222
Utilities — 3.5%
Gas & Water Utilities — 3.5%
		9,838	Chesapeake Utilities Corporation		1,240,769
		24,052	Middlesex Water Company		1,223,766
Total Utilities					2,464,535
TOTAL COMMON STOCK (Cost $55,601,257)					67,841,480
SHORT-TERM INVESTMENTS — 4.2%
		1,496,702	Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.54%⁴		1,496,702
		1,496,701	Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.52%⁴		1,496,701
TOTAL SHORT-TERM INVESTMENTS (Cost $2,993,403)					2,993,403
TOTAL INVESTMENTS BEFORE SHORT TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.0% (Cost $58,594,660)					70,834,883

	Shares			Value
SHORT TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 4.0%
		2,873,917	Invesco Government & Agency Portfolio, 3.53%⁴	$	2,873,917
TOTAL SHORT TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $2,873,917)					2,873,917
TOTAL INVESTMENTS — 104.0% (Cost $61,468,577)				$	73,708,800	⁵
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.0)%					(2,861,461	)
NET ASSETS — 100.0%				$	70,847,339

See accompanying notes to financial statements.		CRM Funds
	1

Assets	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Investments in Securities (Value)
Common Stocks	$	67,841,480	$	—	$	—	$	67,841,480
Short-Term Investments		2,993,403		—		—		2,993,403
Short-Term Investments Held As Collateral For Loaned Securities		2,873,917		—		—		2,873,917
Total	$	73,708,800	$	—	$	—	$	73,708,800

	Shares			Value
COMMON STOCK — 94.9%
Consumer Discretionary — 16.0%
Apparel & Textile Products — 2.5%
		103,976	Steven Madden Ltd.	$	3,905,339
Automotive — 1.3%
		351,754	Dauch Corporation¹		2,008,515
Home Construction — 3.5%
		72,684	Champion Homes, Inc.¹		5,540,701
Leisure Facilities & Services — 4.7%
		91,568	BJ’s Restaurants, Inc.¹		3,516,211
		29,954	Vail Resorts, Inc.²		3,809,550
					7,325,761
Retail — Discretionary — 4.0%
		45,148	Advance Auto Parts, Inc.		2,686,757
		68,719	Victoria’s Secret & Company¹		3,561,706
					6,248,463
Total Consumer Discretionary					25,028,779
Energy — 3.7%
Oil & Gas Producers — 2.1%
		27,642	Matador Resources Company		1,753,609
		35,100	Range Resources Corporation		1,526,850
					3,280,459
Oil & Gas Services & Equipment — 1.6%
		270,245	TETRA Technologies, Inc.¹		2,572,732
Total Energy					5,853,191
Financials — 14.1%
Banking — 9.9%
		138,463	BankUnited, Inc.		6,435,761
		129,856	First Interstate BancSystem, Inc., Class A		4,608,589

	Shares			Value
Financials — (continued)
Banking — 9.9% (continued)
		294,959	TFS Financial Corporation	$	4,436,183
					15,480,533
Specialty Finance — 4.2%
		28,272	First American Financial Corporation		1,982,715
		265,629	LendingClub Corporation¹		4,534,287
					6,517,002
Total Financials					21,997,535
Health Care — 6.4%
Medical Equipment & Devices — 6.4%
		128,439	BioLife Solutions, Inc.¹		2,707,494
		55,778	Bio-Techne Corporation		3,085,639
		34,291	Cooper Companies, Inc. (The)¹		2,156,904
		51,488	Omnicell, Inc.¹		2,132,633
Total Health Care					10,082,670
Industrials — 17.2%
Electrical Equipment — 0.8%
		11,447	Belden, Inc.		1,287,559
Industrial Intermediate Products — 2.3%
		31,898	Timken Company (The)		3,537,169
Industrial Support Services — 2.0%
		141,006	WillScot Holdings Corporation²		3,192,376
Machinery — 6.5%
		140,307	Gates Industrial Corporation PLC^1,3		3,593,262
		30,223	Regal Rexnord Corporation		6,498,851
					10,092,113
Transportation & Logistics — 5.6%
		144,636	Hub Group, Inc., Class A		6,339,396

	Shares			Value
COMMON STOCK — 97.6%
Consumer Discretionary — 8.7%
Home Construction — 3.3%
		115,352	Champion Homes, Inc.¹	$	8,793,283
Leisure Facilities & Services — 0.8%
		16,825	Vail Resorts, Inc.²		2,139,804
Retail — Discretionary — 4.6%
		14,001	Burlington Stores, Inc.¹		4,480,460
		127,416	Valvoline, Inc.^1,2		4,234,034
		64,186	Victoria’s Secret & Company¹		3,326,760
					12,041,254
Total Consumer Discretionary					22,974,341
Energy — 1.1%
Oil & Gas Services & Equipment — 1.1%
		49,365	SLB Ltd.		2,807,881
Financials — 11.4%
Banking — 5.3%
		156,393	BankUnited, Inc.		7,269,147
		128,283	Truist Financial Corporation		6,606,575
					13,875,722
Institutional Financial Services — 2.1%
		17,460	Evercore, Inc., Class A		5,609,723
Specialty Finance — 4.0%
		27,789	Capital One Financial Corporation		5,316,035
		74,750	First American Financial Corporation		5,242,218
					10,558,253
Total Financials					30,043,698
Health Care — 5.8%
Health Care Facilities & Services — 2.2%
		263,924	Concentra Group Holdings Parent, Inc.		5,930,372

	Shares			Value
Health Care — (continued)
Medical Equipment & Devices — 3.6%
		84,960	Bio-Techne Corporation	$	4,699,987
		75,094	Cooper Companies, Inc. (The)¹		4,723,413
					9,423,400
Total Health Care					15,353,772
Industrials — 24.5%
Aerospace & Defense — 3.1%
		22,488	Woodward, Inc.		8,162,919
Electrical Equipment — 6.9%
		32,745	AMETEK, Inc.		7,711,448
		78,732	Forgent Power Solutions, Inc.¹		2,961,898
		211,080	Vontier Corporation		7,573,551
					18,246,897
Industrial Support Services — 4.2%
		17,044	Applied Industrial Technologies, Inc.		5,211,203
		260,085	WillScot Holdings Corporation²		5,888,324
					11,099,527
Machinery — 7.0%
		110,177	Gates Industrial Corporation PLC^1,3		2,821,633
		46,533	Regal Rexnord Corporation		10,005,991
		48,553	Xylem, Inc.		5,737,022
					18,564,646
Transportation & Logistics — 3.3%
		64,968	Canadian Pacific Kansas City Ltd.		5,649,617
		68,180	Hub Group, Inc., Class A		2,988,330
					8,637,947
Total Industrials					64,711,936

	Shares			Value
Materials — 14.3%
Chemicals — 8.2%
		132,524	Ashland, Inc.	$	7,058,228
		33,791	Avery Dennison Corporation		5,539,358
		45,986	Qnity Electronics, Inc.		6,468,391
		22,767	Sensient Technologies Corporation		2,587,242
					21,653,219
Construction Materials — 4.6%
		36,763	Advanced Drainage Systems, Inc.		5,486,878
		34,355	CRH PLC³		4,068,319
		12,973	Eagle Materials, Inc.		2,725,757
					12,280,954
Forestry, Paper & Wood Products — 1.5%
		52,953	Louisiana-Pacific Corporation		3,822,677
Total Materials					37,756,850
Real Estate — 7.8%
REIT — 7.8%
		52,060	Camden Property Trust		5,467,341
		34,374	CBRE Group, Inc., Class A¹		4,906,201
		34,144	Sun Communities, Inc.		4,364,969
		90,451	Terreno Realty Corporation		5,897,405
Total Real Estate					20,635,916
Technology — 18.8%
Semiconductors — 8.0%
		92,721	Microchip Technology, Inc.		8,614,708
		24,247	MKS, Inc.		6,880,086
		53,819	Semtech Corporation¹		5,653,686
					21,148,480

	Shares			Value
SHORT-TERM INVESTMENTS — 2.2%
		2,947,199	Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.54%⁴	$	2,947,199
		2,947,198	Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.52%⁴		2,947,198
TOTAL SHORT TERM INVESTMENTS (Cost $5,894,397)					5,894,397
TOTAL INVESTMENTS BEFORE SHORT TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 99.8% (Cost $212,209,293)					263,755,949

	Shares			Value
COMMON STOCK — 96.6%
Consumer Discretionary — 10.3%
Automotive — 2.4%
		83,380	Dauch Corporation¹	$	476,100
Home Construction — 3.4%
		8,655	Champion Homes, Inc.¹		659,771
Retail — Discretionary — 4.5%
		599	Burlington Stores, Inc.¹		191,686
		9,367	Valvoline, Inc.^1,2		311,265
		7,376	Victoria’s Secret & Company¹		382,298
					885,249
Total Consumer Discretionary					2,021,120
Energy — 2.8%
Oil & Gas Services & Equipment — 2.8%
		3,607	SLB Ltd.		205,166
		36,161	TETRA Technologies, Inc.¹		344,253
Total Energy					549,419
Financials — 17.2%
Asset Management — 2.3%
		4,997	Charles Schwab Corporation (The)		457,925
Banking — 6.4%
		9,573	BankUnited, Inc.		444,953
		3,005	Citigroup, Inc.		384,580
		8,102	Truist Financial Corporation		417,253
					1,246,786
Institutional Financial Services — 1.2%
		3,681	Moelis & Company, Class A²		239,707
Specialty Finance — 7.3%
		2,400	Capital One Financial Corporation		459,120

	Shares			Value
COMMON STOCK — 92.0%
Communications — 0.9%
Internet Media & Services — 0.9%
		6,513	Meta Platforms, Inc., Class A	$	3,985,370
Consumer Discretionary — 20.2%
Apparel & Textile Products — 3.1%
		376,394	Steven Madden Ltd.		14,137,359
Automotive — 1.5%
		1,165,944	Dauch Corporation¹		6,657,540
E-Commerce Discretionary — 1.0%
		17,681	Amazon.com, Inc.¹		4,686,526
Home Construction — 3.9%
		231,592	Champion Homes, Inc.¹		17,654,258
Leisure Facilities & Services — 5.1%
		296,214	BJ’s Restaurants, Inc.¹		11,374,618
		93,520	Vail Resorts, Inc.		11,893,873
					23,268,491
Retail — Discretionary — 5.6%
		117,665	Advance Auto Parts, Inc.		7,002,244
		24,242	Burlington Stores, Inc.¹		7,757,682
		207,880	Victoria’s Secret & Company¹		10,774,421
					25,534,347
Total Consumer Discretionary					91,938,521
Consumer Staples — 1.0%
Retail — Consumer Staples — 1.0%
		33,963	Target Corporation		4,406,699
Energy — 4.3%
Oil & Gas Producers — 1.0%
		107,052	Range Resources Corporation		4,656,762

	Shares			Value
Energy — (continued)
Oil & Gas Services & Equipment — 3.3%
		86,090	SLB Ltd.	$	4,896,799
		1,070,494	TETRA Technologies, Inc.¹		10,191,103
					15,087,902
Total Energy					19,744,664
Financials — 10.4%
Banking — 7.0%
		447,167	BankUnited, Inc.		20,784,323
		322,506	First Interstate BancSystem, Inc., Class A		11,445,739
					32,230,062
Specialty Finance — 3.4%
		100,346	First American Financial Corporation		7,037,265
		492,950	LendingClub Corporation¹		8,414,656
					15,451,921
Total Financials					47,681,983
Health Care — 2.9%
Medical Equipment & Devices — 2.9%
		130,209	Bio-Techne Corporation		7,203,162
		98,826	Cooper Companies, Inc. (The)¹		6,216,155
Total Health Care					13,419,317
Industrials — 23.9%
Electrical Equipment — 1.3%
		53,068	Belden, Inc.		5,969,089
Industrial Intermediate Products — 1.8%
		73,161	Timken Company (The)		8,112,823
Industrial Support Services — 3.4%
		690,265	WillScot Holdings Corporation		15,627,600

	Shares			Value
Utilities — 5.5%
Electric Utilities — 5.5%
		165,306	Evergy, Inc.	$	13,693,949
		115,964	NextEra Energy, Inc.		11,350,556
Total Utilities					25,044,505
TOTAL COMMON STOCK (Cost $377,227,491)					419,511,261
SHORT-TERM INVESTMENTS — 7.1%
		16,151,449	Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.54%³		16,151,449
		16,151,449	Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.52%³		16,151,449
TOTAL SHORT TERM INVESTMENTS (Cost $32,302,898)					32,302,898

Contracts⁴		Expiration Date		Exercise Price		Notional Value		Value
	OPTIONS PURCHASED - 0.1%
	PUT OPTIONS PURCHASED - 0.1%
1,795	iShares Russell 2000 ETF		05/18/2026	$	240	$	49,895,615	$	27,823
1,528	iShares Russell 2000 ETF		05/18/2026		263		42,473,816		159,676
	TOTAL PUT OPTIONS PURCHASED (Cost — $776,000)								187,499
	TOTAL OPTIONS PURCHASED (Cost — $776,000)								187,499
	TOTAL INVESTMENTS IN SECURITIES (Cost $410,306,389)								452,001,658

	Shares				Value
COMMON STOCK SOLD SHORT — (17.1)%
Consumer Discretionary — (7.3)%
Apparel & Textile Products — (1.1)%
		(63,368	)	On Holding A.G.	$	(2,256,534	)
		(151,725	)	VF Corporation		(2,872,154	)
						(5,128,688	)
Automotive — (0.6)%
		(23,350	)	Autoliv, Inc.		(2,706,965	)
Home Construction — (1.8)%
		(77,479	)	Mohawk Industries, Inc.		(8,178,683	)
Leisure Facilities & Services — (0.8)%
		(11,651	)	Cava Group, Inc.		(1,088,320	)
		(36,737	)	Cheesecake Factory, Inc. (The)		(2,309,655	)
						(3,397,975	)
Retail — Discretionary — (3.0)%
		(78,082	)	Abercrombie & Fitch Company, Class A		(6,664,299	)
		(108,186	)	Bath & Body Works, Inc.		(2,103,136	)
		(13,146	)	Dick’s Sporting Goods, Inc.		(2,983,090	)
		(30,249	)	Urban Outfitters, Inc.		(2,127,715	)
						(13,878,240	)
Total Consumer Discretionary						(33,290,551	)
Consumer Staples — (2.4)%
Retail — Consumer Staples - (2.4)%
		(94,147	)	Kroger Company (The)		(6,408,586	)
		(34,711	)	Walmart, Inc.		(4,579,422	)
Total Consumer Staples						(10,988,008	)
Financials — (4.7)%
Asset Management — (0.8)%
		(28,150	)	Blackstone, Inc.		(3,535,077	)

	Shares				Value
EXCHANGE-TRADED FUNDS SOLD SHORT — (2.1)%
EQUITY — (2.1)% ^(a)
		(108,933	)	Invesco KBW Bank ETF (Proceeds - $9,077,372)	$	(9,513,119	)
TOTAL SECURITIES SOLD SHORT - (Proceeds - $87,040,874)						(87,247,457	)
OTHER ASSETS IN EXCESS OF LIABILITIES - 20.0%						91,067,739
NET ASSETS - 100.0%					$	455,821,940

	Level 1		Level 2		Level 3		Total
Assets: Investments in Securities:
Common Stocks	$	419,511,261	$	—	$	—	$	419,511,261
Short-Term Investments		32,302,898		—		—		32,302,898
Options Purchased		—		187,499		—		187,499
Total Assets — Investments in Securities	$	451,814,159	$	187,499	$	—	$	452,001,658
*Other Financial Instruments: Total Return Swap Agreements** — Equity Contracts	$	—	$	97,920	$	—	$	97,920
Total Assets — Other Financial Instruments	$	—	$	97,920	$	—	$	97,920

Liabilities: Investments in Securities:
Common Stock Sold Short	$	(77,734,338	)	$	—		$	—	$	(77,734,338	)
Exchange-Traded Funds Sold Short		(9,513,119	)		—			—		(9,513,119	)
Total Liabilities — Investments in Securities	$	(87,247,457	)	$	—		$	—	$	(87,247,457	)
*Other Financial Instruments: Total Return Swap Agreements** — Equity Contracts	$	—		$	(2,060,290	)	$	—	$	(2,060,290	)
Total Liabilities — Other Financial Instruments	$	—		$	(2,060,290	)	$	—	$	(2,060,290	)

Counterparty	Financing Rate⁽¹⁾	Termination Date		Long (Short) Notional Amount⁽²⁾			Reference Entity	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026	$	(7,430,905	)	Morgan Stanley Custom Swap (MSCM1515) Index⁽³⁾	$	(647,786	)	$	—	$	(647,786	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,463,743	)	Morgan Stanley Custom Swap (MSCM1516) Index⁽³⁾		(201,384	)		—		(201,384	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,356,152	)	Morgan Stanley Custom Swap (MSCM1517) Index⁽³⁾		3,829			—		3,829
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,619,743	)	Morgan Stanley Custom Swap (MSCM1518) Index⁽³⁾		(153,023	)		—		(153,023	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,521,912	)	Morgan Stanley Custom Swap (MSCM1519) Index⁽³⁾		(80,496	)		—		(80,496	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,607,875	)	Morgan Stanley Custom Swap (MSCM1520) Index⁽³⁾		(43,309	)		—		(43,309	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,646,649	)	Morgan Stanley Custom Swap (MSCM1521) Index⁽³⁾		(133,183	)		—		(133,183	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,615,108	)	Morgan Stanley Custom Swap (MSCM1522) Index⁽³⁾		(64,722	)		—		(64,722	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,713,430	)	Morgan Stanley Custom Swap (MSCM1523) Index⁽³⁾		(300,403	)		—		(300,403	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,544,849	)	Morgan Stanley Custom Swap (MSCM1524) Index⁽³⁾		(74,242	)		—		(74,242	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,572,841	)	Morgan Stanley Custom Swap (MSCM1525) Index⁽³⁾		(4,501	)		—		(4,501	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,636,399	)	Morgan Stanley Custom Swap (MSCM1526) Index⁽³⁾		30,554			—		30,554
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,639,675	)	Morgan Stanley Custom Swap (MSCM1527) Index⁽³⁾		50,844			—		50,844
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,677,286	)	Morgan Stanley Custom Swap (MSCM1528) Index⁽³⁾		12,693			—		12,693
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,637,295	)	Morgan Stanley Custom Swap (MSCM1529) Index⁽³⁾		(48,692	)		—		(48,692	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,803,445	)	Morgan Stanley Custom Swap (MSCM1530) Index⁽³⁾		(31,781	)		—		(31,781	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,733,301	)	Morgan Stanley Custom Swap (MSCM1531) Index⁽³⁾		(60,024	)		—		(60,024	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,761,720	)	Morgan Stanley Custom Swap (MSCM1532) Index⁽³⁾		(36,105	)		—		(36,105	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,625,064	)	Morgan Stanley Custom Swap (MSCM1533) Index⁽³⁾		(84,083	)		—		(84,083	)
Morgan Stanley	3.19% (Fed Funds Rate - 0.45%)		7/28/2026		(7,581,734	)	Morgan Stanley Custom Swap (MSCM1534) Index⁽³⁾		(96,556	)		—		(96,556	)
							Total Unrealized Appreciation						$	97,920
							Total Unrealized (Depreciation)						$	(2,060,290	)
							Total	$	(1,962,370	)	$	—	$	(1,962,370	)

Reference Entity	Shares		Market Value		% of Total Index Value
Advanced Micro Devices, Inc.		2,857	$	1,012,918		12.54	%
Nokia Corporation, Class A		72,630		937,658		11.60	%
Western Digital Corporation		2,017		876,619		10.85	%
Albemarle Corporation		3,366		662,008		8.19	%
Ford Motor Company		51,426		621,223		7.69	%
General Motors Company		8,004		615,461		7.62	%
Adobe, Inc.		2,489		612,424		7.58	%
Workday, Inc., Class A		4,654		569,701		7.05	%
Salesforce, Inc.		3,225		569,337		7.05	%
Intuit, Inc.		1,410		547,946		6.78	%
Snowflake, Inc., Class A		3,923		535,339		6.63	%
Cognizant Technology Solutions Corporation		9,807		518,768		6.42	%
			$	8,079,402		100.00	%

	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	$	61,468,577	$	133,529,282	$	218,595,099
Net unrealized appreciation		12,240,223		22,628,292		51,546,656
Total investments in securities, at value¹		73,708,800		156,157,574		270,141,755
Cash		—		—		138
Receivable for securities sold		582,362		—		1,736,842
Dividends and interest receivable		28,410		32,001		26,806
Receivable for fund shares sold		1,543		4,250,496		52,148
Receivable for securities lending income		464		885		873
Other assets		5,692		31,593		24,736
Total Assets		74,327,271		160,472,549		271,983,298

LIABILITIES:
Obligation to return securities lending collateral		2,873,917		3,825,902		6,385,806
Payable for fund shares redeemed		18,911		119,642		124,736
Payable for securities purchased		519,661		—		785,975
Accrued advisory fee		36,177		86,213		128,501
Trustees fees payable		—		183		5,344
Other accrued expenses		31,266		62,311		143,412
Total Liabilities		3,479,932		4,094,251		7,573,774
NET ASSETS	$	70,847,339	$	156,378,298	$	264,409,524
COMPONENTS OF NET ASSETS
Paid in capital	$	54,396,192	$	121,721,673	$	189,484,915
Total distributable earnings	$	16,451,147		34,656,625		74,924,609
NET ASSETS	$	70,847,339	$	156,378,298	$	264,409,524
NET ASSET VALUE PER SHARE
INVESTOR CLASS SHARES
Net assets	$	25,476,054	$	13,551,929	$	111,890,258
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		1,830,880		1,152,874		4,688,354
Net asset value, offering and redemption price per share	$	13.91	$	11.75	$	23.87
INSTITUTIONAL CLASS SHARES
Net assets	$	45,371,285	$	142,826,369	$	152,519,266
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		2,486,113		11,503,547		5,957,930
Net asset value, offering and redemption price per share	$	18.25	$	12.42	$	25.60

¹ Includes securities loaned of:	$	2,858,145	$	3,897,778	$	6,455,757

	CRM All Cap Value Fund		CRM Long/Short Opportunities Fund
ASSETS:
Investments in securities
Investments in securities, at cost	$	16,880,262	$	410,306,389
Net unrealized appreciation		3,580,472		41,695,269
Total investments in securities, at value¹		20,460,734		452,001,658
Cash pledged with broker for securities sold short		—		93,435,715
Cash pledged with broker for swap agreements		—		263,485
Unrealized appreciation on swap agreements		—		97,920
Receivable for securities sold		76,113		1,052,412
Receivable for fund shares sold		—		860,591
Dividends and interest receivable		1,458		357,872
Receivable for securities lending income		166		—
Other assets		21,797		59,606
Total Assets		20,560,268		548,129,259

LIABILITIES:
Obligation to return securities lending collateral		915,090		—
Securities sold short, at value (proceeds $0 and $87,040,874, respectively)		—		87,247,457
Payable for fund shares redeemed		—		178,628
Payable for securities purchased		1,251		2,398,688
Unrealized depreciation on swap agreements		—		2,060,290
Payable for dividends on securities sold short		—		4,729
Accrued advisory fee		6,644		368,041
Other accrued expenses		7,603		49,486
Total Liabilities		930,588		92,307,319
NET ASSETS	$	19,629,680	$	455,821,940
COMPONENTS OF NET ASSETS
Paid in capital	$	12,968,951	$	434,563,807
Total distributable earnings		6,660,729		21,258,133
NET ASSETS	$	19,629,680	$	455,821,940
NET ASSET VALUE PER SHARE
INVESTOR CLASS SHARES
Net assets	$	7,580,429
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		969,999
Net asset value, offering and redemption price per share	$	7.81
INSTITUTIONAL CLASS SHARES
Net assets	$	12,049,251	$	455,821,940
Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)		1,469,963		34,263,333
Net asset value, offering and redemption price per share	$	8.20	$	13.30

¹ Includes securities loaned of:	$	911,141	$	—

	CRM All Cap Value Fund			CRM Long/Short Opportunities Fund
	Six Months Ended April 30, 2026 (Unaudited)			Six Months Ended April 30, 2026 (Unaudited)
INVESTMENT INCOME:
Dividends and interest	$	124,616		$	3,773,104
Net securities lending income		762			—
Foreign tax withheld		(105	)		—
Total investment income		125,273			3,773,104

EXPENSES:
Investment advisory fees		67,225			2,838,705
Dividend expense on securities sold short		—			575,573
Sub-Transfer agent fees - Institutional Shares		149			67,104
Shareholder Services - Investor Shares		8,934			—
Registration fees		15,349			12,636
Administration and accounting fees		10,607			75,273
Custody fees		7,294			8,041
Transfer agent fees		4,975			34,078
Audit and tax fees		4,896			16,661
Trustee fees and expenses		1,004			21,585
Insurance fees		916			15,986
Legal fees		1,285			22,980
Shareholder reports		680			12,582
Reflow fees and expenses		3,362			40,247
Other expenses		4,647			12,868
Total expenses		131,323			3,754,319
Expenses waived		(7,276	)		(148,818	)
Net expenses		124,047			3,605,501
NET INVESTMENT INCOME (LOSS)		1,226			167,603

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN CURRENCY
Net realized gain (loss) from:
Investments	$	2,294,514		$	6,159,494
In-kind transactions		991,006			6,681,751
Securities sold short		—			(5,640,266	)
Swap agreements		—			(3,602,726	)
Purchased Options		—			(79,153	)
Written Options		—			168,961
Foreign currency transactions		—			37,638
Net realized gain		3,285,520			3,725,699

	CRM Small Cap Value Fund
	Six Months Ended April 30, 2026 (Unaudited)			Period* Ended October 31, 2025			Year Ended June 30, 2025
NET ASSETS - BEGINNING OF YEAR/PERIOD	$	64,412,047		$	65,087,390		$	75,275,015

OPERATIONS
Net investment income		284,013			109,339			583,783
Net realized gain from investments		4,631,464			1,619,677			10,726,303
Net change in unrealized appreciation (depreciation) on investments		4,741,148			708,671			(8,323,453	)
Net increase in net assets resulting from operations		9,656,625			2,437,687			2,986,633

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(2,465,728	)		—			(2,783,445	)
Institutional Class		(3,211,531	)		—			(4,144,665	)
Total distributions to shareholders		(5,677,259	)		—			(6,928,110	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Investor Shares		94,474			16,326			519,097
Sale of shares - Institutional Shares		3,470,412			1,343,361			11,681,282
Reinvestment of distributions - Investor Class		2,327,375			—			2,640,950
Reinvestment of distributions - Institutional Class		2,805,928			—			3,741,091
Redemption of shares - Investor Class		(2,823,289	)		(2,091,181	)		(4,060,577	)
Redemption of shares - Institutional Class		(3,418,974	)		(2,381,536	)		(20,767,991	)
Net increase (decrease) from capital share transactions		2,455,926			(3,113,030	)		(6,246,148	)
Total increase (decrease) in net assets		6,435,292			(675,343	)		(10,187,625	)

NET ASSETS - END OF YEAR/PERIOD	$	70,847,339		$	64,412,047		$	65,087,390

SHARE ACTIVITY
Investor Class:
Sold		7,155			1,229			35,582
Issued on reinvestment of distributions		181,260			—			180,270
Redeemed		(212,462	)		(158,473	)		(291,527	)
Net decrease		(24,047	)		(157,244	)		(75,675	)

Institutional Class:
Sold		201,868			80,687			673,798
Issued on reinvestment of distributions		166,722			—			199,631
Redeemed		(200,602	)		(139,405	)		(1,277,590	)
Net increase (decrease)		167,988			(58,718	)		(404,161	)

	CRM Small/Mid Cap Value Fund
	Six Months Ended April 30, 2026 (Unaudited)			Period* Ended October 31, 2025			Year Ended June 30, 2025
NET ASSETS - BEGINNING OF YEAR/PERIOD	$	130,760,824		$	129,426,608		$	169,225,405

OPERATIONS
Net investment income		503,631			90,792			714,911
Net realized gain from investments		14,536,172			9,558,706			18,628,339
Net change in unrealized appreciation (depreciation) on investments		5,238,059			166,707			(17,037,495	)
Net increase in net assets resulting from operations		20,277,862			9,816,205			2,305,755

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(637,791	)		—			(2,824,850	)
Institutional Class		(6,012,210	)		—			(20,411,789	)
Total distributions to shareholders		(6,650,001	)		—			(23,236,639	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Investor Shares		484,546			371,997			1,984,198
Sale of shares - Institutional Shares		28,938,386			17,816,849			95,296,464
Reinvestment of distributions - Investor Class		632,467			—			2,817,963
Reinvestment of distributions - Institutional Class		3,725,546			—			10,733,537
Redemption of shares - Investor Class		(1,225,404	)		(2,658,150	)		(10,749,657	)
Redemption of shares - Institutional Class		(20,565,928	)		(24,012,685	)		(118,950,418	)
Net increase (decrease) from capital share transactions		11,989,613			(8,481,989	)		(18,867,913	)
Total increase (decrease) in net assets		25,617,474			1,334,216			(39,798,797	)

NET ASSETS - END OF YEAR/PERIOD	$	156,378,298		$	130,760,824		$	129,426,608

SHARE ACTIVITY
Investor Class:
Sold		42,851			36,032			172,195
Issued on reinvestment of distributions		58,889			—			249,377
Redeemed		(110,987	)		(252,923	)		(1,000,723	)
Net decrease		(9,247	)		(216,891	)		(579,151	)

Institutional Class:
Sold		2,453,776			1,608,216			8,888,580
Issued on reinvestment of distributions		328,821			—			901,978
Redeemed		(1,756,069	)		(2,175,858	)		(11,568,089	)
Net increase (decrease)		1,026,528			(567,642	)		(1,777,531	)

	CRM Mid Cap Value Fund
	Six Months Ended April 30, 2026 (Unaudited)			Period* Ended October 31, 2025			Year Ended June 30, 2025
NET ASSETS - BEGINNING OF YEAR/PERIOD	$	265,937,009		$	304,560,728		$	372,057,285

OPERATIONS
Net investment income (loss)		454,087			(11,790	)		1,018,248
Net realized gain from investments		26,874,588			20,949,059			57,479,724
Net change in unrealized appreciation (depreciation) on investments and foreign currency		6,295,341			(250,036	)		(46,861,544	)
Net increase in net assets resulting from operations		33,624,016			20,687,233			11,636,428

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(7,293,807	)		—			(13,168,546	)
Institutional Class		(8,157,325	)		—			(19,426,962	)
Total distributions to shareholders		(15,451,132	)		—			(32,595,508	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Investor Shares		2,845,583			1,770,088			7,020,092
Sale of shares - Institutional Shares		44,748,710			33,141,838			103,227,504
Reinvestment of distributions - Investor Class		7,147,093			—			12,937,451
Reinvestment of distributions - Institutional Class		6,202,119			—			18,242,262
Redemption of shares - Investor Class		(28,016,349	)		(11,477,138	)		(33,874,305	)
Redemption of shares - Institutional Class		(52,627,525	)		(82,745,740	)		(154,090,481	)
Net decrease from capital share transactions		(19,700,369	)		(59,310,952	)		(46,537,477	)
Total decrease in net assets		(1,527,485	)		(38,623,719	)		(67,496,557	)

NET ASSETS - END OF YEAR/PERIOD	$	264,409,524		$	265,937,009		$	304,560,728

SHARE ACTIVITY
Investor Class:
Sold		124,075			81,241			326,421
Issued on reinvestment of distributions		330,884			—			576,278
Redeemed		(1,235,398	)		(519,240	)		(1,526,528	)
Net decrease		(780,439	)		(437,999	)		(623,829	)

Institutional Class:
Sold		1,830,278			1,403,386			4,714,989
Issued on reinvestment of distributions		267,910			—			761,363
Redeemed		(2,192,697	)		(3,491,874	)		(6,804,763	)
Net decrease		(94,509	)		(2,088,488	)		(1,328,411	)

	CRM All Cap Value Fund
	Six Months Ended April 30, 2026 (Unaudited)			Period* Ended October 31, 2025			Year Ended June 30, 2025
NET ASSETS - BEGINNING OF YEAR/PERIOD	$	23,219,739		$	22,955,782		$	23,338,121

OPERATIONS
Net investment income (loss)		1,226			(16,623	)		47,069
Net realized gain from investments		3,285,520			936,000			3,086,830
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(12,561	)		1,325,106			(2,213,367	)
Net increase in net assets resulting from operations		3,274,185			2,244,483			920,532

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(617,978	)		—			(671,820	)
Institutional Class		(1,357,844	)		—			(1,725,521	)
Total distributions to shareholders		(1,975,822	)		—			(2,397,341	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Investor Shares		28,948			5,770			86,016
Sale of shares - Institutional Shares		1,093,828			1,900,687			505,968
Reinvestment of distributions - Investor Class		617,979			—			671,093
Reinvestment of distributions - Institutional Class		1,275,129			—			1,621,462
Redemption of shares - Investor Class		(554,106	)		(214,301	)		(623,958	)
Redemption of shares - Institutional Class		(7,350,200	)		(3,672,682	)		(1,166,111	)
Net increase (decrease) from capital share transactions		(4,888,422	)		(1,980,526	)		1,094,470
Total increase (decrease) in net assets		(3,590,059	)		263,957			(382,339	)

NET ASSETS - END OF YEAR/PERIOD	$	19,629,680		$	23,219,739		$	22,955,782

SHARE ACTIVITY
Investor Class:
Sold		4,181			823			12,307
Issued on reinvestment of distributions		90,348			—			94,122
Redeemed		(77,733	)		(29,806	)		(83,827	)
Net increase (decrease)		16,796			(28,983	)		22,602

Institutional Class:
Sold		149,875			252,734			66,980
Issued on reinvestment of distributions		177,842			—			218,525
Redeemed		(1,011,990	)		(489,670	)		(161,288	)
Net increase (decrease)		(684,273	)		(236,936	)		124,217

	CRM Long/Short Opportunities Fund
	Six Months Ended April 30, 2026 (Unaudited)			Period* Ended October 31, 2025			Year Ended June 30, 2025
NET ASSETS - BEGINNING OF YEAR/PERIOD	$	403,662,068		$	244,727,924		$	195,995,806

OPERATIONS
Net investment income (loss)		167,603			(204,551	)		1,139,563
Net realized gain from investments and foreign currency		3,725,699			4,176,370			383,306
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currency		14,677,345			3,526,072			(9,241,144	)
Net increase (decrease) in net assets resulting from operations		18,570,647			7,497,891			(7,718,275	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		—			—			(22,641,710	)
Return of Capital		—			—			(752,253	)
Total distributions to shareholders		—			—			(23,393,963	)

CAPITAL SHARE TRANSACTIONS
Sale of shares - Institutional Shares		273,377,948			174,926,979			351,286,172
Reinvestment of distributions - Institutional Class		—			—			23,368,461
Redemption of shares - Institutional Class		(239,788,723	)		(23,490,726	)		(294,810,277	)
Net increase from capital share transactions		33,589,225			151,436,253			79,844,356
Total increase in net assets		52,159,872			158,934,144			48,732,118

NET ASSETS - END OF YEAR/PERIOD	$	455,821,940		$	403,662,068		$	244,727,924

SHARE ACTIVITY
Institutional Class:
Sold		20,946,250			14,098,493			27,875,006
Issued on reinvestment of distributions		—			—			1,790,687
Redeemed		(19,200,194	)		(1,925,053	)		(24,372,862	)
Net increase		1,746,056			12,173,440			5,292,831

	CRM Small Cap Value Fund — Investor Shares
	For the Six Months Ended April 30, 2026			For the Period¹ Ended October 31,			For the Years Ended June 30,
	(Unaudited)¹			2025			2025			2024			2023			2022			2021
Net Asset Value - Beginning of Year/Period	$	13.35		$	12.88		$	13.50		$	12.49		$	11.40		$	17.35		$	11.22

Net investment income²		0.05			0.01			0.09			0.05			0.14			—	³		0.04
Net realized and unrealized gain (loss) on investments		1.88			0.46			0.71			1.53			1.24			(2.26	)		6.16
Total from investment operations		1.93			0.47			0.80			1.58			1.38			(2.26	)		6.20
Distributions to shareholders:
From net investment income		(0.14	)		—			(0.04	)		(0.23	)		(0.06	)		(0.01	)		(0.07	)
From net realized gain on investments		(1.23	)		—			(1.38	)		(0.34	)		(0.23	)		(3.68	)		—
Total distributions to shareholders		(1.37	)		—			(1.42	)		(0.57	)		(0.29	)		(3.69	)		(0.07	)
Net Asset Value - End of Year/Period	$	13.91		$	13.35		$	12.88		$	13.50		$	12.49		$	11.40		$	17.35
Total return		15.30	%		3.65	%		4.65	%		13.17	%		12.09	%		(15.73	)%		55.36	%

	CRM Small Cap Value Fund - Institutional Shares
	For the Six Months Ended April 30, 2026			For the Period¹ Ended October 31,			For the Years Ended June 30,
	(Unaudited)¹			2025			2025			2024			2023			2022			2021
Net Asset Value - Beginning of Year/Period	$	17.10		$	16.48		$	16.94		$	15.53		$	14.10		$	20.55		$	13.28
Investment operations:
Net investment income²		0.08			0.04			0.14			0.10			0.19			0.03			0.09
Net realized and unrealized gain (loss) on investments		2.45			0.58			0.85			1.90			1.55			(2.75	)		7.28
Total from investment operations		2.53			0.62			0.99			2.00			1.74			(2.72	)		7.37
Distributions to shareholders:
From net investment income		(0.15	)		—			(0.07	)		(0.25	)		(0.08	)		(0.05	)		(0.10	)
From net realized gain on investments		(1.23	)		—			(1.38	)		(0.34	)		(0.23	)		(3.68	)		—
Total distributions to shareholders		(1.38	)		—			(1.45	)		(0.59	)		(0.31	)		(3.73	)		(0.10	)
Net Asset Value - End of Year/Period	$	18.25		$	17.10		$	16.48		$	16.94		$	15.53		$	14.10		$	20.55
Total return		15.47	%		3.76	%		4.79	%		13.36	%		12.33	%		(15.53	)%		55.68	%

	CRM Small/Mid Cap Value Fund - Investor Shares
	For the Six Months Ended April 30, 2026			For the Period¹ Ended October 31,			For the Years Ended June 30,
	(Unaudited)¹			2025			2025			2024			2023			2022			2021
Net Asset Value - Beginning of Year/Period	$	10.71		$	9.94		$	11.00		$	10.20		$	9.94		$	15.37		$	9.71
Investment operations:
Net investment income²		0.03			—	³		0.03			0.03			0.10			0.10			0.11
Net realized and unrealized gain (loss) on investments		1.57			0.77			0.55			0.84			0.79			(1.39	)		6.29
Total from investment operations		1.60			0.77			0.58			0.87			0.89			(1.29	)		6.40
Distributions to shareholders:
From net investment income		(0.03	)		—			(0.04	)		(0.07	)		(0.06	)		(0.17	)		(0.03	)
From net realized gain on investments		(0.53	)		—			(1.60	)		—	³		(0.57	)		(3.97	)		(0.71	)
Total distributions to shareholders		(0.56	)		—			(1.64	)		(0.07	)		(0.63	)		(4.14	)		(0.74	)
Net Asset Value - End of Year/Period	$	11.75		$	10.71		$	9.94		$	11.00		$	10.20		$	9.94		$	15.37
Total return		15.42	%		7.75	%		3.41	%		8.57	%		9.07	%		(11.92	)%		67.80	%