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Cramer Rosenthal McGlynn, LLC520 Madison AvenueNew York, NY 10022T 212.326.5325

www crmllc.comwww crmfunds.com

CRM Small Cap Value December 2016

City of Miami General Employees’ and Sanitation Employees’ Retirement TrustMarch 17, 2017

Brian Harvey, CFA – Portfolio Manager

Table of Contents

one

two

three

four

five

Organization

Philosophy & Process

Investment Portfolio

Summary

Appendix

CRM Client Review | As of December 2016

4Organization Philosophy & Process Investment Portfolio Summary Appendix

Investing with Clarity for Four DecadesDistinguishing Characteristics

Experience – more than four decadesOrigination as All Cap investors

Time tested investment results

Institutional knowledge base

Commitment Philosophy & Process—identifiable and repeatable

High quality research team

Team environment—strong culture and continuity

Our ClientsAlignment of interests

Stable, diversified asset base

Founded

Founders

Chairman

CEO

President

Assets

Staff

1973

Gerald Cramer, Edward Rosenthal& Ronald McGlynn

Ronald McGlynn

Jay Abramson

Christopher Barnett

$7.3 billionas of December 2016

55 Employees19 Investment Analysts3 Traders6 Client Service


5

The Firm at a GlanceStrategies & Client Base

Endowments & Foundations

Organization Philosophy & Process Investment Portfolio Summary Appendix

Strategy Inception Assets StatusAll Cap Value 2002 $1,431 million Open

Small Cap Value 1995 $1,017 million Open

Small/Mid Cap Value 1973 $2,210 million Open

Mid Cap Value 1998 $1,142 million Open

Large Cap Opportunity 2005 $605 million Open

International Opportunity 2009 $18 million Open

Alternatives 1993 $839 million Open

Client BaseIndividual 1973 $329 million

Institutional 1985 $4,749 million

Mutual Funds 1995 $1,713 million

UCITS 2010 $472 million

Institutional SMA Clients % of AssetsCorporations 50%

Endowments & Foundations 6%

Foreign 35%

Public & Taft-Hartley 8%

Sub-Advisory 1%

Individual

Institutional

Mutual Funds

UCITSClient Base

CorporationsForeign

Public & Taft Hartley

Sub-AdvisoryInstitutional SMA Clients


Why Cramer Rosenthal McGlynn?Competitive Advantage

6

1 Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark on an average portfolio weightings basis.


Boutique culture, intense research driven processEquity investing is our sole focus. As a firm, we have invested according to same philosophy for over 40 years while carefully managing asset growth.

True active management Unique, relatively concentrated portfolioActive share across our strategies has consistently been above 90% since the inception of the products1.

We seek to invest in a relatively concentrated portfolio, allowing stock picking to drive performance.

Deep team with diverse experienceA team of 19 analysts - many of whom were previously practitioners in their fields and have an average of more than 17 years of financial experience.



Management CommitteeResponsible for day to day management of the firm, strategic initiatives, new product launches, vetting of vendors/partners, hiring/staffing.

Jay B. Abramson - Chief Executive Officer, Chief Investment Officer31 Years at CRM

Christopher C. Barnett - President, Director of Marketing19 Years at CRM

Carlos A. Leal, CPA - Executive Vice President, Chief Financial Officer17 Years at CRM

Ronald H. McGlynn - Chairman43 Years at CRM

Steven A. Yadegari, Esq. - Chief Operating Officer and General Counsel11 Years at CRM



Meet the TeamInvestment Research

Strategy Leads

Brian Harvey, CFA23 Years Financial Experience*11 Years at CRMBrian joined the firm in 2005 and he is a portfolio manager and senior research analyst in CRM’s investment group. Prior to CRM, he was an equity research analyst at Fox-Pitt, Kelton. Brian also spent four years as accountant in the financial services audit practice at KPMG LLP and earned his CPA designation. He received a BS from Fairfield University.

Investment Team

*Financial experience may include experience in the financial services or consulting sector, including, among other areas, tax consulting, investment banking, research analysis.

Jay Abramson31 Years Financial Experience*31 Years at CRM

Andrey Belov, Ph.D.20 Years Financial Experience*7 Years at CRMSector team: International

Ian Bitner15 Years Financial Experience*6 Years at CRMSector teams: Consumer Discretionary, Energy, Industrials, Materials

Sackett Cook25 Years Financial Experience*6 Years at CRMSector team: International

Brittain Ezzes 19 Years Financial Experience*6 Years at CRMSector team: Industrials, Materials

Bernard Frojmovich17 Years Financial Experience*7 Years at CRMSector team: Financial

Brian Harvey, CFA23 Years Financial Experience*11 Years at CRMSector team: Financial

Ming Li Kwang14 Years Financial Experience*1 Year at CRMSector team: International

Rob Maina 23 Years Financial Experience*11 Years at CRMSector teams: Energy, Technology & Telecommunications

Blaine Marder, CFA21 Years Financial Experience*1 Year at CRMSector team: Consumer Discretionary, Consumer Staples, Industrials

Jeremy Milim7 Years Financial Experience*Less than 1 Year at CRMSector teams: Financial, Industrials, Materials

Tyler Mixter4 Years Financial Experience*2 Years at CRMSector teams: Energy, Technology & Telecommunications, Utilities

Mimi Morris15 Years Financial Experience*6 Years at CRMSector teams: Consumer Discretionary, Consumer Staples, Industrials,

Thad Pollock16 Years Financial Experience*13 Years at CRMSector teams: Consumer Staples, Healthcare

Jeff Reich, M.D.15 Years Financial Experience*9 Years at CRMSector team: Healthcare

Jonathan Ruch15 Years Financial Experience*11 Years at CRMSector teams: Consumer Discretionary, Technology & Telecommunications

Martin Teng, CFA17 Years Financial Experience*10 Years at CRMSector team: International

Jeffrey Yanover15 Years Financial Experience*Less than 1 Year at CRMSector team: Healthcare, Industrials

Jason Yellin18 Years Financial Experience*2 Year at CRMSector teams: Consumer Discretionary, Industrials, Technology & Telecommunications, Utilities


9

CRM’s focus lies left of ‘core’ and right of ‘deep value’. A fair label would be relative value, which allows for thoughtful, opportunistic investing within the framework of our valuation discipline.

Equity Style SpectrumOpportunistic Value Investors




CRM Investment Philosophy

• Acquisition• Geographic expansions• Divestitures• Management changes• Spin-offs

Types of Change

Investing at the Intersection of Change & Neglect

How CRM Evaluates Neglect How CRM Appraises Valuation

• Sell side analyst coverage• Institutional ownership• Key concepts in behavioral finance such as over and

under reactions to news flow; anchoring• Having a differentiated view about the future

outlook for the business based on a disciplined review process

• CRM looks to normalize the cash flow and earnings streams for one-time or unusual items, which themselves often create neglect

• Companies which are trading at a discount to their own history, peers, or our assessment of its value to a strategic or private equity buyer

Every company we buy and hold is characterized by three attributes: change, neglect, and valuation

• Regulatory changes• Cost restructurings• New products• Capital returns to shareholders• Activists



Investment Process Overview

Idea Generation

Due Diligence

Investment Decision

The dedicated leadership of our CIO and Portfolio Managers catapults the intensive and collaborative research process and strategy management at the Firm.

The Portfolio

Risk Management

Buy/Sell Discipline

The Identifiable and Repeatable Process



The final decision to invest is made by the Portfolio Managers with input from relevant Analysts.

Investment ProcessAn Investment Case is established for all CRM holdings, which clearly identifies the expected change, neglect, valuation and risk. The Investment Case is key in maintaining our sell discipline.

Idea Generation and Investment Cases are processed collaboratively across sector teams.

Emphasize bottom-up, fundamental analysis

Create a proprietary financial model and assess the valuation

Sensitivity to core assumptions

Conduct level management interviews and company visits

Contact customers, suppliers and competitors as it pertains to due diligence

Establish the Investment Case and Price Target

The Decision to Invest



Investment Process

Uncovering Change, Neglect & Low Valuation

Qualitative 75%Utilizes Change As a Driver of Broader Ideas & ThemesLeverage Themes Across Strategies - Horizontally & VerticallyDue Diligence on Existing HoldingsInternal Research Database - TamaleInstitutional Knowledge BaseKey Development ReportsManagement ChangesCorporate Restructurings

Quantitative Screens 25%Under-Earners Relative to Peers and Historical NormsStock Price Underperformance (Monthly, Quarterly, Yearly Basis)Negative Investor SentimentMinimal Wall Street CoverageShareholder Capital Return

CRM StrategiesInitial Stock Universe & Market Cap Ranges (in billions)

The Team’s Idea Generation

Small Small/Mid Mid Large All

$400

$12

$6

$1.5

$1

$0.5

$0.1

1,500-1,800Stocks2,800-

3,000Stocks

1,000-1,300Stocks

1,300-1,500Stocks

CRMStocks

$3


14

Investment ProcessPortfolio Construction


Both our buy and sell disciplines revolve around our Investment Case for each individual investment.

Buy DisciplineFocus on bottom-up, fundamental company research, identifying a high quality of management and overall business franchise

Understand the investment’s risks and rewards subject to strategy’s risk controls and existing holdings

Portfolio Holdings: Relatively concentrated portfolios with an initial investment horizon of approximately two years

Conviction Weighting: 1-5% position size

Sell DisciplineDependence on the original Investment Case

A stock will be sold when one or more of the following occurs:• Price approaches or attains established price target, implying the stock has reached CRM’s fair valuation• Fundamentals of the Investment Case deteriorate• Investment is replaced by a higher conviction stock with a greater risk/reward profile


15

Competitive Advantages at This Point in the Cycle

1Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark on an average portfolio weightings basis.

Why CRM, Why Now?


Why CRM? Why Now?

Private equity-like research in public equities – The firm’s history of private equity investing and the experience of many of our investment professionals drives our intensive research effort to resemble the business due diligence and valuation analysis one would undertake when making a private equity investment.

As revenue growth slows, management teams will be looking to add value through corporate restructuring, including spin-offs and tuck-in acquisitions. The role of activists has also become more pronounced in recent years as they play a key role in precipitating change. Corporate restructurings and activism can provide positive undercurrents for CRM’s style of investing.

Few managers can stand behind a time tested philosophy that has endured over 40 years and many systemic events including 1987, the Internet bubble, August 1998, September 2001, and the Great Recession. We attribute this consistency to our deep and experienced team of 19 analysts with over 17 years of average financial experience.

Growing disparity in the pace of economic recovery and diverging fiscal and monetary policies of the world’s major economies give rise to unprecedented volatility in interest rates, foreign exchange, and cross-border capital flows. The unique neglect and mispricing opportunities created by these global winds of change play into the core strengths of CRMs’ investment philosophy of change, neglect, valuation, reinforced by a disciplined, repeatable investment process.

CRM manages relatively concentrated, differentiated portfolios across our strategy line-up. Our strategies tend to have high Active Share

1and show relatively

little overlap with competitor portfolios, providing true active management and diversification within a client’s portfolio.

Systemic market risks have risen with capital flows toward passive and ETF funds and increasing overlap across active funds that closely follow common benchmarks. CRM stands out in the dearth of truly high active share funds by emphasizing original, off-the-beaten path investments thus offering clients a path to diversify away uncompensated risks and round out their portfolios.


Annualized & Calendar Year PerformanceAs of December 31, 2016

16

*The Portfolio’s Inception Date is 7/6/2001

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Client – Gross 25.97% -1.65% 5.27% 39.45% 17.49% -12.75% 29.84% 30.66% -30.05% -2.14% 15.41%

Client - Net 25.13 -2.30 4.57 38.52 16.31 -13.62 28.56 29.37 -30.76 -3.11 14.27

Russell 2000 Value Index 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50 20.58 -28.92 -9.78 23.48

Russell 2000 Index 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 27.17 -33.79 -1.57 18.37

QTD YTD 1 Year 3 Year 5 Year ICD*

Client – Gross 11.32% 25.97% 25.97% 9.26% 16.40% 9.96%

Client - Net 11.14 25.13 25.13 8.53 15.55 8.96

Russell 2000 Value Index 14.07 31.74 31.74 8.30 15.07 9.28

Russell 2000 Index 8.83 21.31 21.31 6.74 14.46 8.34


Fiscal YTD Performance9/30/2016 -12/31/2016

Client – Gross 11.32%

Client – Net 11.14

Russell 2000 Value Index 14.07

Russell 2000 Index 8.83


Performance DisclosureCRM Small Cap Value Taxable Composite

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) claims compliance with the Global Investment Performance Standards(GIPS®) and has prepared and presented this report in compliance with the GIPS standards. CRM has been independently verified for theperiods January 1, 1989 through December 31, 2014. Verification assesses whether (1) the firm has complied with all the compositeconstruction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculateand present performance in compliance with the GIPS standards. The Small Cap Value Taxable composite has been examined for the periodssince January 1, 1998 through December 31, 2014. The verification and performance examination reports are available upon request.Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

Notes:1. Cramer Rosenthal McGlynn, Inc. was founded in 1973 and serves pension plans, endowments, foundations, and other institutional andindividual clients. On January 2, 1998, Cramer Rosenthal McGlynn, Inc. consummated various transactions with its affiliates and WTInvestments, Inc. and formed a new entity, Cramer Rosenthal McGlynn, LLC (the Company). The Company is registered as an investmentadvisor under the Investment Advisers Act of 1940. The Company’s mission is to manage assets for maximum return consistent with clientobjectives and risk parameters.2. Performance results are based on all fully discretionary and fee paying accounts under CRM management in the Small Cap Value TaxableComposite, including those accounts no longer with the firm.3. All results are calculated on a time-weighted basis, weighted for the size of the account.4. Valuations and returns are computed and stated in U.S. Dollars, are dollar-weighted and reflect the reinvestment of all dividends andother earnings into the respective portfolios. Performance is calculated monthly, and the gross performance results for each portfolio arepresented before management fees but after all trading commissions. The netperformance results are presented after all fees and expenses except for custody fees (i.e. all trading commissions and actual managementfees). The following is the schedule of management fees: 1.00% on all assets.

5. Internal dispersion is calculated using the equal weighted standard deviations of all portfolios included in the composite for the entireyear.6. A complete list of all firm composites, including annual returns, size and number of accounts, is available upon request.7. The Small Cap Value strategy is designed to capture investment returns in a concentrated market capitalization range of stocks, fromapproximately $100 million to $1.5 billion.8. This composite was created on January 1, 1996.9. The benchmarks are the Russell 2000 Value Index primary and Russell 2000 Index secondary. The Russell 2000® Value Indexmeasures the performance of companies in the Russell 2000® Index with lower price-to-book ratiosand lower forecasted growth values. The largest, weighted average, and weighted median market capitalization's of theRussell 2000® Value Index are $3.70 billion, $1.09 billion, and $950 million, respectively. The Russell 2000® Indexmeasures the performance of the 2,000 smallest companies in the Russell 3000® Index, with the largest, weightedaverage, and weighted median market capitalization being $3.70 billion, $1.24 billion, and $1.11 billion, respectively. Marketcapitalizations listed are as of December 31, 2014. A complete product fee schedule is listed in the appendix.10. The three-year annualized ex-post standard deviation is not presented prior to 2011 as it is not required.11. Dispersion is presented for periods where more than one account is included in the composite for the full annual period.

It should not be assumed that recommendations made in the future will be profitable or will equal the performance shown in thisanalysis.

YearComposite Gross of Fees

Returns %Composite Net of Fees

Returns %Russell 2000 Value Index

Returns %Russell 2000 Index

Returns % Number of Portfolios Internal Dispersion

Total Assets in Composite

$US MillionsTotal Assets in Firm

$US Millions CompositeRussell 2000 Value Index

Russell 2000 Index

2016 25.79 24.83 31.74 21.31 3 0.26 561 7,262 15 15.5 15.76

2015 -1.51 -2.32 -7.47 -4.41 4 0.26 479 7,096 13.72 13.46 13.96

2014 5.3 4.49 4.22 4.89 3 0.28 599 10.,182 12.36 12.79 13.12

2013 39.25 38.18 34.52 38.82 6 0.21 887 14,573 16.44 15.82 16.45

2012 17.37 16.47 18.05 16.35 6 0.30 779 13,378 21.23 19.89 20.20

2011 -12.60 -13.26 -5.50 -4.18 7 0.56 741 12,487 24.53 26.05 24.99

2010 29.78 28.79 24.50 26.85 7 0.40 1001 14,489 -- -- --

2009 30.56 29.57 20.58 27.17 7 0.39 707 11,860 -- -- --

2008 -30.07 -30.44 -28.92 -33.79 8 1.33 487 7,819 -- -- --

2007 -2.44 -3.2 -9.78 -1.57 8 0.54 726 11,431 -- -- --

2006 15.31 14.43 23.48 18.37 9 0.52 959 10,641 -- -- --

2005 11.57 10.71 4.71 4.55 11 0.71 910 8,910 -- -- --

2004 18.95 18.18 22.25 18.33 13 0.12 921 6,966 -- -- --

2003 49.58 48.43 46.03 47.25 8 1.51 610 4,885 -- -- --

2002 -16.98 -17.57 -11.43 -20.48 12 0.65 433 3,518 -- -- --

2001 27.27 26.2 14.03 2.49 11 1.86 496 4,464 -- -- --

2000 19.31 17.89 22.83 -3.02 12 1.35 369 3,502 -- -- --

1999 11.94 10.74 -1.49 21.26 9 1.29 261 3,208 -- -- --

1998 -11.6 -12.3 -6.45 -2.55 7 0.95 242 4,241 -- -- --


18

Source: FactSet Research Systems, Inc.

Performance AttributionYTD as of December 31, 2016


The Top Contributors Average % Contribution Top Detractors Average % Contribution

Mueller Water Products, Inc. 2.19 1.24 Kforce, Inc. 1.42 -0.82

Hancock Holding Company 1.84 1.13 G-III Apparel Group, Ltd. 0.84 -0.52

LogMeIn, Inc. 0.88 1.12 Korn/Ferry International 0.50 -0.51

MB Financial, Inc. 2.25 1.09 C&J Energy Services Ltd. 0.02 -0.51

Black Hills Corporation 2.27 1.06 Kennedy-Wilson Holdings, Inc. 1.17 -0.47

CRM Account Russell 2000V Index CRM Account Russell 2000V Index

Russell Sectors Total Return Total Return Average Weight Average Weight Allocation Selection Interaction Total Effect

Consumer Discretionary -8.21 14.16 11.30 10.43 -0.15 -2.53 0.21 -2.48

Consumer Staples 28.48 31.86 1.14 2.70 -0.15 0.17 -0.02 0.00

Energy 21.85 43.15 2.42 4.32 -0.23 -0.64 0.19 -0.67

Financial Services 34.58 34.80 33.90 42.52 -0.15 -0.11 -0.04 -0.31

Health Care -2.10 4.91 7.71 4.41 -0.83 -0.38 -0.34 -1.55

Materials & Processing 41.01 62.67 8.07 5.06 0.88 -0.91 -0.66 -0.68

Producer Durables 29.07 28.52 16.28 12.50 -0.23 -0.01 -0.07 -0.31

Technology 40.79 42.29 12.03 9.85 0.33 -0.05 0.57 0.85

Utilities 28.74 22.61 7.16 8.21 0.00 0.79 -0.07 0.73

Total 27.34 31.76 100.00 100.00 -0.53 -3.67 -0.22 -4.41


The Portfolio and Top PositionsAs of December 31, 2016

Portfolio Inception Date: July 6, 2001 Market Capitalization Focus: $100 million - $2.5 billionTotal Assets in Portfolio: $47,417,605 Number of Holdings: 61Product: Separately Managed Account Maximum Security Position / Sector Exposure: 6% at market / 35% Russell, Fully invested at all times


The Top Ten Business % in StrategyRegis Corporation Regis Corporation owns, franchises, and operates beauty salons. 3.5

Coca-Cola Bottling Co. Consolidated Coca-Cola Bottling Co. Consolidated produces, markets, and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company, which includes beverage brands. 2.6

CONMED Corporation CONMED Corporation is a medical technology company. 2.3

First Midwest Bancorp, Inc. First Midwest Bancorp, Inc. is a bank holding company. 2.2

MB Financial, Inc. MB Financial, Inc. is a financial holding company. 2.2

Associated Banc-Corp Associated Banc-Corp is a bank holding company. 2.1

Urban Edge PropertiesUrban Edge Properties is a real estate investment trust focused on managing, developing, redeveloping, and acquiring retail real estate in urban communities in the New York metropolitan region. 2.1

Southwest Gas Holdings, Inc. Southwest Gas Holdings, Inc. is engaged in the business of purchasing, distributing, and transporting natural gas. 2.1

Black Hills Corporation Black Hills Corporation is an integrated energy company. 2.0

RH RH, formerly Restoration Hardware Holdings, Inc., is a luxury retailer in the home furnishings marketplace. 2.0

Total 23.1%


Portfolio HoldingsAs of December 31, 2016

Cost/ Price/ Cost/ Price/Share Share Share Share

112,875 REGIS CORP 13.82 14.52 $1,638,945 3.46 27,800 ACTUANT CORPORATION 25.48 25.95 $721,410 1.52 6,920 COCA-COLA BOTTLING CO CONSOLIDATED 144.01 178.85 $1,237,642 2.61 10,250 MSA SAFETY INC 47.71 69.33 $710,633 1.5025,000 CONMED CORP 27.69 44.17 $1,104,250 2.33 30,310 STERLING BANCORP 14.27 23.40 $709,254 1.5041,210 FIRST MIDWEST BANCORP 14.05 25.23 $1,039,728 2.19 22,850 PREMIER INC 27.90 30.36 $693,726 1.4621,800 MB FINANCIAL INC 27.20 47.23 $1,029,614 2.17 8,060 JOHN BEAN TECHNOLOGIES CORP 33.06 85.95 $692,757 1.4641,090 ASSOCIATED BANC CORP 17.98 24.70 $1,014,923 2.14 12,225 RED ROBIN GOURMET BURGER 74.04 56.40 $689,490 1.4636,060 URBAN EDGE PROPERTIES 24.24 27.51 $992,011 2.09 10,550 SPIRE INC 53.38 64.55 $681,003 1.4412,920 SOUTHWEST GAS CORP 43.92 76.62 $989,930 2.09 11,775 DECKERS OUTDOOR CORPORATION 59.24 55.39 $652,217 1.3815,745 BLACK HILLS CORP 42.35 61.34 $965,798 2.04 29,460 FORUM ENERGY TECHNOLOGIES 22.06 22.00 $648,120 1.3730,645 RESTORATION HARDWARE HOLDING 35.50 30.70 $940,802 1.99 14,280 FTI CONSULTING INC 35.29 45.08 $643,742 1.3629,340 CORPORATE OFFICE PROPERTIES TRUST 27.17 31.22 $915,995 1.93 9,950 BLACKBAUD INC 62.93 64.00 $636,800 1.3452,700 BOSTON PRIVATE FINANCIAL HOLDINGS INC 10.36 16.55 $872,185 1.84 26,805 SPX CORPORATION 19.63 23.72 $635,815 1.3485,830 NEW YORK REIT INC 9.55 10.12 $868,600 1.83 19,970 TEREX CORPORATION 23.12 31.53 $629,654 1.3374,520 VALLEY NATIONAL BANCORP 9.68 11.64 $867,413 1.83 9,300 STERIS PLC 37.60 67.39 $626,727 1.3235,450 HEADWATERS INC 11.78 23.52 $833,784 1.76 15,400 BJs RESTAURANTS INC 36.64 39.30 $605,220 1.2841,200 FIRST HORIZON NATIONAL CORP 11.60 20.01 $824,412 1.74 34,850 CALGON CARBON CORP 17.41 17.00 $592,450 1.259,075 BANK OF HAWAII CORP 52.86 88.69 $804,862 1.70 10,850 BRUNSWICK CORP 28.26 54.54 $591,759 1.2527,050 G-III APPAREL GROUP LIMITED 33.82 29.56 $799,598 1.69 8,400 ENPRO INDUSTRIES INC 64.35 67.36 $565,824 1.1917,265 MACOM TECHNOLOGY SOLUTIONS HOLDINGS 37.53 46.28 $799,024 1.69 8,665 CIRCOR INTERNATIONAL 50.29 64.88 $562,185 1.1916,075 QTS REALTY TRUST INC - CL A 53.09 49.65 $798,124 1.68 23,720 TRIMAS CORP 21.48 23.50 $557,420 1.1851,465 CALLON PETROLEUM COMPANY 11.37 15.37 $791,017 1.67 13,150 CORNERSTONE ONDEMAND INC 35.89 42.31 $556,377 1.1718,260 HANCOCK HOLDING 29.25 43.10 $787,006 1.66 17,525 BANCORPSOUTH INC 23.94 31.05 $544,151 1.1532,730 PERFORMANCE FOOD GROUP COMPANY 23.30 24.00 $785,520 1.66 12,665 HORACE MANN EDUCATORS CORP 32.78 42.80 $542,062 1.1438,950 INVESTMENT TECHNOLGY GROUP 16.26 19.74 $768,873 1.62 5,450 RBC BEARINGS INC 39.59 92.81 $505,815 1.077,700 CURTISS WRIGHT CORPORATION 66.33 98.36 $757,372 1.60 13,590 ENVESTNET INC 37.15 35.25 $479,048 1.0137,220 MRC GLOBAL INC 13.93 20.26 $754,077 1.59 57,585 BRIGHTCOVE 7.21 8.05 $463,559 0.9827,550 ACXIOM CORPORATION 20.32 26.80 $738,340 1.56 2,025 MICROSTRATEGY INC CL-A 175.03 197.40 $399,735 0.8414,680 STIFEL FINANCIAL CORP 42.53 49.95 $733,266 1.55 7,600 ALBANY INTERNATIONAL CORPORATION 46.69 46.30 $351,880 0.7423,250 CENTRAL PACIFIC FINANCIAL COMPANY 17.89 31.42 $730,515 1.54 38,300 AMBER ROAD INC 11.09 9.08 $347,764 0.7336,750 RPC INC 12.79 19.81 $728,018 1.54 CASH $1,969,736 4.1621,475 OMNICELL INC 31.54 33.90 $728,003 1.54 TOTAL $47,373,967 54,695 MUELLER WATER PRODUCTS 9.29 13.31 $727,990 1.54

Market Value % Market ValueUnits Security Market Value % Market Value Units Security


Brokerage Activity SummaryQTD as of December 31, 2016


Commission CommissionAmount Amount

BAQP BURKE AND QUICK PARTNER LLC 108.00 KEYB KEYBANC CAPITAL MARKETS 1601.60BARCCSA BARCLAYS - CSA 1254.40 LIQN LIQUIDNET 2124.40BARD BAIRD ROBERT W 1230.20 MIZS MIZUHO SECURITIES 131.60BASSCSA BAYPOINT TRADING - CSA 810.77 MLCOCSA MERRILL LYNCH - CSA 302.40BBRG BTRADE 123.00 NITE KNIGHT SECURITIES 1103.88BLKCRS STATE STREET - BLOCK CROSS 166.20 OPCO OPPENHEIMER 84.00CANTCSA CANTOR FITZGERALD - CSA 896.88 PIPR PIPER JAFFRAY 461.60CITIALGO CITIGROUP ALGO 5.04 PRAGMA WEEDEN MARKET PLUS 201.05CITICSA CITIGROUP - CSA 750.40 PULS PULSE TRADING SOFT DOLLAR 91.80COWN COWEN & CO 177.20 RAJA RAYMOND JAMES & ASSOC 272.80CSAES CS - AES 137.46 RBCALGO RBC ALGO 155.67CSCSA CREDIT SUISSE - CSA 2329.20 RBCCSA RBC - CSA 361.00DBALGO DEUTSCHE BANK ALGO 153.88 SPHN STEPHENS & CO 55.60DBCSA DEUTSCHE BANK - CSA 312.80 STFL STIFEL NICOLAUS 367.60FIDO FIDELITY CAPITAL MARKETS 156.40 STICSA SUNTRUST ROBINSON HUMPHREY - CSA 1115.20GSCO GOLDMAN SACHS & CO 1514.30 TAGC TELSEY ADVISORY GROUP 264.60GSCSA GOLDMAN SACHS & CO CSA 1074.60 TT192 CITI TOTAL TOUCH 18.00INCA INSTINET (GATEWAY) 252.00 UBS UBS 11.60ISIG ISI GROUP 288.60 UBSCSA UBS - CSA 785.00JEFFALGO JEFFERIES ALGO 32.93 WBLR BLAIR WILLIAM & CO. 198.00JEFFCSA JEFFERIES & COMPANY INC. - CSA 725.00 WEDB WEDBUSH MORGAN SECURITIES INC 119.10JONECSA JONES & ASSOCIATES INC - CSA 264.26 WEEDCSA WEEDEN & CO - CSA 294.00JPMCSA JP MORGAN - CSA 607.80 WELS WELLS FARGO SECURITIES 134.20JPMS JPMORGAN CHASE 486.00 TOTALS 24,974.22KBWI KEEFE BRUYETTE & WOODS 862.20

Broker NameBroker Code Broker Name Broker Code



The Characteristics and Russell Sector Exposure*CRM Small Cap Value

The sector breakdown chart above is presented to illustrate examples of sectors which were held in the CRM Small Cap Value strategy as of the date indicated and may not be representative of the portfolio's current or future investments. Source: FactSet Research Systems, Inc.

*Supplemental Information: This supplements the CRM Small Cap Value Taxable Composite presentation as listed on page 17.

The statistics above reflect the characteristics of the securities that comprised the representative account for the CRM Small Cap Value strategy and the indices as of the date shown. The statistics provided are not related to or indicative of the strategy or the indices' performance.Source: FactSet Research Systems, Inc.

Number of Holdings

Wtd. Ave. Market Cap ($m)

Price/ Earnings FY1

Price/ Book

CRM Small Cap Value 61 2,290 24.4x 2.2x

Russell 2000 Value Index 1,369 2,007 19.0x 1.5x

Russell 2000 Index 1,978 2,083 20.1x 2.1x

Sector Allocation Composite R2000V R2000Consumer Discretionary 13.0 10.2 13.3Consumer Staples 4.5 2.2 2.6Energy 4.8 5.7 3.5Financial Services 32.7 42.8 28.4Health Care 7.0 4.2 12.1Materials & Processing 7.5 5.5 7.5Producer Durables 15.1 12.7 13.8Technology 9.7 10.0 14.2Utilities 5.8 6.6 4.6

*Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark on an average portfolio weightings basis.Source: FactSet Research Systems, Inc.

CRM Active Share Exposure*

3 Year Average 5 Year Average

94 94

CRM Small Cap Value vs. Russell 2000 Value Index

December 31, 2016


23

Top contributors to performance during the fourth quarter were Sterling Bancorp, HeadwatersIncorporated, First Midwest Bancorp, Inc., Regis Corporation, and Coca-Cola Bottling CompanyConsolidated. Sterling Bancorp rallied post the presidential election on the expectation of higherinterest rates, the potential for lower taxes, and less regulatory pressure. The company alsoreported better than expected earnings this quarter due to strong loan growth and positiveoperating leverage. Headwaters received an all cash offer for $2.5 billion, or $24.25 per sharefrom Boral Ltd. First Midwest Bancorp benefitted from the potential for higher interest rates,lower corporate tax rates, and a more favorable regulatory environment post-election. Thecompany also reported a solid 3Q16 earnings result featuring consistent loan growth, improvedfee income, and well managed expenses. Regis Corporation reacted to a potentially morefavorable environment for service companies including labor costs and healthcare. Coca-ColaBottling posted solid organic growth and better than expected margins in the third quarter. Wecontinue to believe investors underappreciate the potential earnings power and expanded freecash flow once the company fully integrates its expanded territory footprint over the next 12-18months.

Brightcove, Inc., Omnicell, Inc., RH, Boise Cascade Company, and Standex InternationalCorporation were leading detractors during the fourth quarter. Brightcove tempered its outlookfor the fourth quarter despite reporting better than anticipated third quarter results. Omnicelllowered its revenue growth expectations for 2017 as a result of releasing its new hospital supplyplatform earlier than anticipated. The company should be better positioned given temperedrevenue expectations and continued progress toward integration of recent accretive M&A andmargin targets. RH, formerly Restoration Hardware Holdings, reported better than expected thirdquarter results. However, the company guided fourth quarter and full-year sales and earningsdownward due to the delayed launch of its Fall Source Book, which is a key driver of fourthquarter sales, and lower than anticipated holiday product sales. Boise Cascade reporteddisappointing third quarter earnings due to lower than expected volumes and margins in theWood Products segment. The company also guided to a weaker fourth quarter due to planneddowntime for a boiler project. Standex International reported fiscal first quarter earnings belowexpectations, driven primarily by continued weakness in the Food Service Equipment Group.

We initiated positions in New York REIT, Inc., Performance Food Group Company, Forum EnergyTechnologies, Inc., Calgon Carbon Corporation, and BJ's Restaurants, Inc. during the quarter.New York REIT is undergoing a liquidation following a successful activist campaign by anexperienced real estate investor. We believe the NYC-focused assets owned by the company arehighly attractive. Performance Food Group, a leading foodservice distributor in the U.S., isbenefitting from strong secular growth in independent restaurants as well as acceleratinginvestments in sales resources. The company should also benefit from an improvement in foodinflation trends over the next year. We initiated a position during the selloff in the stock followinga quarterly miss on several short-term cost overruns as the company brings on new customersand automates its assets. Forum Energy Technologies manufactures products and providesrelated services to drilling contractors, assemblers of drilling and well servicing equipment, andequipment rental companies. Forum’s products are largely consumable in nature, potentiallymaking the company a primary beneficiary from pending improvement in oil exploration activity.We believe investors are failing to appreciate the speed and magnitude of the recovery. CalgonCarbon manufactures products used for the purification of liquids and gases. We believeearnings and free cash flow will inflect positively in the coming year, following the recentacquisition of CECA and the end of a significant IT systems upgrade. We think the companycould also benefit from new growth opportunities in its ballast water business and continuedefforts to improve the quality of drinking water. Following a period of underperformance incasual dining stocks, we initiated a position in BJ's Restaurants. The company is a well-runcasual dining chain with 185 locations in the U.S. BJ's specialty consists of deep dish pizza,craft beer, and healthy menu items.

We sold our position in and Moelis & Company in order to reinvest in more compellingrisk/reward opportunities. We exited from MKS Instruments, Inc., Infoblox, LogMeIn, Inc., andJames River Group Holdings, Ltd. as our investment theses had largely played out.

Strategy Commentary4th Quarter of 2016




Market Commentary4th Quarter of 2016

Trump triumphant; markets exuberant. We know that much. What we do not yet know is whether theexuberance is rational, justifiable, and sustainable. The markets had come to accept continued politicalgridlock, slow growth, and periodic trepidation over deflation. In a matter of hours on the morning ofNovember 9th, market participants began to discount the possibility of a different future. The prospects foraggressive fiscal stimulus with one party controlling both the executive and legislative branches led to anearly instantaneous increase in inflation expectations, which pushed bond yields higher by 40 basis pointsover the course of only three trading days. Given the interplay of markets, the dollar began to strengthenand stocks that benefit from higher interest rates (i.e., banks) soared and those hurt by the stronger dollargenerally faded. Stocks also viewed as reflation beneficiaries (i.e., deep cyclical/industrials) were likewisepropelled higher. These were fairly typical responses, which the market has experienced in prior cyclicalrallies.

One important differentiating catalyst this time was the narrative around corporate tax reform. Bothpolitical parties had proposed some type of tax reform and repatriation holiday with proceeds used to fund astep up in infrastructure spending. However, a border adjustable tax or “import tax” that had beendiscussed in academic circles and among Republican policy makers became more front and center. It iscomplex and a radical change from existing laws, but in harmony with Trump’s policy goals of effectivelypunishing importers who have moved manufacturing jobs overseas. The objective is to thwart future jobsfrom leaving, incentivize bringing jobs back on shore, and help pay for the lower tax rates. The market’sknee jerk reaction was to perhaps confuse tax reform with tax cut and reward domestically orientedcompanies with high tax rates to the detriment of lower tax rate/multinational companies. Subsequently,the prospects for a border adjustable tax (taxing imports such that the company cannot deduct the cost ofthose goods and rewarding exporters by eliminating tax on goods manufactured in the U.S. and soldoverseas) began to weigh on a broader group of companies, particularly retail and apparel companies.

This triple catalyst of interest rates, exchange rates, and tax rates is what propelled certain sectors andsubsectors to such extraordinary performance over a relatively short period of time. The returns on the S&P500 from the election through year-end were not so otherworldly - up 4.5% - and quite understandablegiven the passing of the election uncertainty. The range of performance among sectors, styles, and marketcaps, however, was truly astounding. Banks and other perceived beneficiaries of higher interest ratesbounded 25% higher, many industrials appreciated by 10-20%+, and small cap value stocks were up 17%.Small cap beat large cap by the widest margin since 2010. The smallest cap stocks within each indexoutperformed the average stock in each index. Small caps benefitted from being viewed as “more domestic”and from ETF flows into relatively illiquid securities. The spread between Value oriented indices and Growthindices was the widest since 2001. The Russell 2000 Value index was up 31.8% this year compared to theRussell 2000 Growth index, which was up 11.3%.

In the interest rate sensitive and perceived reflationary beneficiary stocks, the market is discounting a lot ofpolicy achievement. The coming months will be important in determining whether there is sufficient policysuccess to meet these expectations, net of any unintended consequences which might ensue. There is asubstantial group of fiscal conservatives in the Republican Party who might balk at the magnitude of thefiscal stimulus and the resulting increase in the budget deficit. The offsets in both corporate and personaltax reform such as the elimination of certain deductions and credits will likely create winners and loserswhen the goal is deficit neutrality. The border adjustable tax is also a wildcard and what emerges from thelegislative and lobbying process will likewise create some dislocations and ramifications. Academic theoryposits currency rates will adjust such that importers will not need to pass on higher costs to theircustomers. If the real world does not comport with academic theory, the result could be a leap in inflation,effectively taxing consumers and possibly causing the Fed to become more aggressive with interest rateincreases. Additionally, if currency rates do adjust, it could lead to a further strengthening of the dollar,which itself could be counterproductive for exports and multinational/S&P 500 earnings as well asemerging market economies and those with dollar denominated debt.

So, there is clearly a lot at stake as the legislative process gets under way in the coming weeks. The Fed hasset forth its expectations for future interest rate hikes, but its decision making and the market’sexpectations will take cues from the nature and magnitude of the fiscal initiatives. While so much of themarket’s volatility in recent years has been due to events outside of the U.S., the post-election rally was verymuch domestically focused. Markets were challenged several times in 2016 by geopolitical/global macroevents and each occasion was effectively a false alarm. This “recency bias” may have created somecomplacency for future events such as: the upcoming French, German, and other EU national elections;China in terms of its economic growth, banking system health, currency as well as the potential for tradewars, and regional military forays; Russia’s efforts to re-establish itself as a superpower; North Korea,which many geopolitical strategists believe is the most dangerous of the global theaters; and OPEC…canthey honor the agreement?

The market tiering that has developed between the perceived beneficiaries of Trump policies and the resthas created numerous attractive opportunities. While the market indices look expensive, outside of thesefavored areas, we find valuations to be quite reasonable particularly relative to their earnings growth andstrategic initiatives. Many of our holdings trade at 12-14x forward earnings compared to 17-18x for the S&P500 and 20-21x for the Russell 2000, without having to make potentially aggressive assumptions aboutpolicy successes. In the event the policy reality matches the policy promise, we expect to benefit from ourholdings in banks and other apparent beneficiaries; however, the opportunity for more attractive relativereward at the moment seems to be most everywhere else. The restoration of business confidence is veryfavorable for our approach to investing and it will impact a broad array of companies including those whichhave thus far not been the obvious winners.


Investing With Clarity for Four DecadesHistory of the Firm


Cramer Rosenthal McGlynn is a leading value manager. We believe our track record, spanning over 40 years, is testament to our success in serving clients and providing strong investment performance. Clients benefit from consistent application of one cohesive philosophy and process, implemented by a team with diverse experience in appraising the intrinsic value of companies.

CRM’s founding partners, Gerry Cramer, Ed Rosenthal and Ron McGlynn, met in the 1970s. Sharing a fascination for investing inchanging companies neglected by other investors, they founded CRM in 1973 as a value investment specialist. To implement their vision, they created an investment process designed to capitalize on the returns and minimize the risks inherent in changing companies.

After the painful market decline of 1973-1974, many investors lost interest in stocks, creating a climate of neglect. The challenges of the early 1970s led the founders of our firm to formulate the rationale for investing we follow today. They saw firsthand theopportunities inherent in companies experiencing change while operating in an environment of low investor expectations. Whileinspired by personal experience, the validity of CRM’s strategy is supported by numerous academic studies dating from the genesis of the modern stock market to the present.

By the early 1980s, the success of CRM’s investment process led to several positive developments. Our track record attracted institutional clients, helping our firm to grow assets under management and build resources. Jay Abramson joined the firm and over time expanded our team of talented research analysts. The advent of institutional investors and a new generation of talent in turn brought improvements to the investment process. Specifically, we developed more in-depth approaches to due diligence and formalized valuation techniques.

While we have grown as an organization, we nonetheless remain true to our entrepreneurial culture, evident in the shared excitement with which analysts team up to pursue a new opportunity.


Executive Biographies


Jay B. Abramson - Chief Executive Officer, Chief Investment OfficerJay has been with CRM since 1985. As Chief Investment Officer, he maintains overall responsibility for the firm’s investment team. Jay is also a member of the firm’s Management Committee and serves as Chief Executive Officer. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefiore Medical Center and is on the Board of Overseers of the University of Pennsylvania’s School of Design.

Christopher C. Barnett - President, Director of MarketingChris serves as President of the firm and is a member of CRM’s Management Committee. He is responsible for the firm’s overall management and strategic direction. Additionally, Chris oversees all aspects of the firm’s global sales, consultant relations, and client services. Chris joined CRM in 1997 and was named President in 2012. Over the course of his career, he has held various leadership roles, including Director of Marketing and Executive Vice President. Prior to joining CRM, he worked at Ark Asset Management in the fixed income department. Chris earned a B.A. in history from the University of Richmond and is a Registered Representative of ALPS Distributors, Inc.

Carlos A. Leal, CPA - Executive Vice President, Chief Financial OfficerCarlos joined the firm in 1999 and serves as the firm’s Chief Financial Officer. He is also a member of CRM’s Management Committee and is a Trustee of the CRM Mutual Fund Trust. Prior to CRM, Carlos was an Audit Senior Manager within the Financial Service Group of Ernst & Young LLP. He received a BBA from Iona College. Carlos serves as a Board Member and Treasurer of the Westchester Youth Soccer League.

Ronald H. McGlynn - Chairman Ron is one of the cofounders of CRM and his primary role is Chairman at the firm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard & Poor’s InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the Board of Trustees at Winthrop University Hospital.

Steven A. Yadegari, Esq. - Chief Operating Officer and General CounselSteve is the firm’s COO and Chief Compliance Officer. He also serves as the General Counsel and is a member of CRM’s Management Committee. Steve joined the firm in August 2005. Prior to CRM, he worked at K&L Gates and Proskauer. Steve also has served as Senior Counsel at the U.S Securities and Exchange Commission and is an adjunct professor at the Benjamin N. Cardozo School of Law. Steve is a past President of the Association for Conflict Resolution of Greater New York and is a past President of the Old Westbury Hebrew Congregation, where he currently serves as Chairman of the Board. Steve has received a BA from Brandeis University and earned his JD from the Cardozo School of Law.

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