CRMAX Fees and Costs — CRM Small/Mid Cap Value Fund, Investor Class
Data updated: 2026-09-29
The net expense ratio is 1.22%: a 0.75% management fee plus 0.47% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $99K in broker commissions, 0.0745% of average net assets, and portfolio turnover was 46%.
CRMAX Fees and Expenses
Annual operating expenses and sales charges of CRMAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.22% |
| Fee waiver | — |
| Net expense ratio | 1.22% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CRMAX Costs Over Time
On $10,000 invested in CRMAX, assuming 5% a year before costs, total costs come to $805 over 5 years, cutting the return by 1.36% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.22%) | $128 | $398 | $689 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $136 | $444 | $805 |
| Value after costs | $10,364 | $11,132 | $11,958 |
| Impact on return, per year | 1.36% | 1.36% | 1.36% |
CRMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0745%
- Total broker commissions: $99K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 46%
- Securities on loan, average value: $1.8M
- Net income from securities lending: $786 (0.001% of average net assets)
CRMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES & COMPANY, INC. | $17K | 22.47% |
| KEEFE, BRUYETTE & WOODS, INC. | $11K | 15.03% |
| PIPER SANDLER & CO. | $9K | 12.03% |
| ABEL NOSER, LLC | $8K | 10.54% |
| BARCLAYS CAPITAL INC | $6K | 8.24% |
| GOLDMAN SACHS & CO. | $6K | 8.07% |
| TRUIST SECURITIES, INC. | $5K | 6.15% |
| J.P. MORGAN SECURITIES LLC | $4K | 5.94% |
| UBS SECURITIES LLC | $4K | 5.77% |
| BANK OF AMERICA N.A. | $4K | 5.77% |
CRM Small/Mid Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CRIAX | Institutional Class | 1.02% | — |
| CRMAX | Investor Class | 1.22% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.