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CRM Small Cap Fund to Close

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July 10, 2002 — CRM Small Cap Value Fund/Inv (CRMSX) will close to new investors at the end of this month to keep from becoming too big to be manageable.

Cramer Rosenthal McGlynn LLC decided to close the fund because of concerns that an increase in assets could hurt its performance, the firm said in a regulatory filing.

The portfolio, which has about $185 million in assets, was up 1.2% this year through June, while small-cap value funds returned 2.5%, on average.

Scott Scher, one of the fund’s portfolio managers, as well as Michael Prober, who helped run CRM Mid Cap Value Fund/Instl (CRIMX), both left Cramer Rosenthal last month to start a hedge fund. Their responsibilities were absorbed by the other members of the teams that run the funds.