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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CH Energy Grp., Inc. | NYSE:CHG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.99 | 0.00 | 01:00:00 |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
|
[X]
|
Pre-Effective Amendment No.
|
__
|
Post-Effective Amendment No.
|
19
|
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
|
[X]
|
Amendment No.
|
20
|
|
[ ]
|
immediately upon filing pursuant to paragraph (b)
|
|
[X]
|
on (July 1, 2013) pursuant to paragraph (b)
|
|
[ ]
|
60 days after filing pursuant to paragraph (a)(1)
|
|
[ ]
|
on (date) pursuant to paragraph (a)(1)
|
|
[ ]
|
75 days after filing pursuant to paragraph (a)(2)
|
|
[ ]
|
on (date) pursuant to paragraph (a)(2) of Rule 485
|
|
[ ]
|
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
|
These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
|
Fund Summary: CM Advisors Fund
|
3
|
|
Fund Summary: CM Advisors Small Cap Value Fund
|
11
|
|
Fund Summary: CM Advisors Fixed Income Fund
|
20
|
|
Other Information About the Funds’ Investment Objectives,
Investment Strategies and Related Risks
|
28
|
|
Management and Administration
|
29
|
|
How Net Asset Value is Determined
|
31
|
|
How to Buy Shares
|
32
|
|
How to Exchange Shares
|
37
|
|
How to Redeem Shares
|
38
|
|
Distributions
|
40
|
|
Federal Taxes
|
40
|
|
Financial Highlights
|
42
|
|
For More Information
|
back cover
|
Shareholder Fees
(fees paid directly from your investment)
|
Class I
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
Maximum Deferred Sales Charge (Load)
|
None
|
Redemption Fee (as a % of the amount redeemed within 180 days after purchase)
|
1%
|
Exchange Fee
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class I
Shares
|
Management Fees
|
1.00%
|
Distribution and/or Service (12b-1) Fees
|
None
|
Other Expenses
|
0.31%
|
Acquired Fund Fees and Expenses
|
0.04%
|
Total Annual Fund Operating Expenses
1
|
1.35%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Advisors Fund’s Financial Highlights, which reflect the operating expenses of the Advisors Fund and do not include “Acquired Fund Fees and Expenses.”
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 137
|
$ 428
|
$ 739
|
$1,624
|
|
•
|
Applies research models to determine a company’s intrinsic value. Intrinsic value is a concept that refers to what a company is “really” worth. Investment advisors that use intrinsic value (like the Advisor) believe that a company’s real value can be best determined by analyzing business, financial, and other factors about the company and its market, and that a company’s market price gravitates toward its intrinsic value over time. Accordingly, if the market price of the company’s securities is above the Advisor’s determination of its intrinsic value, the Advisor believes that the market price will, over time, fall. If the market price is below its intrinsic value, then the Advisor believes it will, over time, rise.
|
|
•
|
Compares the company’s intrinsic value to the market prices of the company’s securities; and
|
|
•
|
Seeks to purchase equity securities of companies that appear to be “bargains” (i.e., securities that are trading at a significant discount to their intrinsic value).
|
|
•
|
Reviews the maturity, yield, and ratings from nationally recognized statistical rating organizations (including Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”)) of a fixed income security, both independently and in relation to the Advisors Fund’s current portfolio;
|
|
•
|
Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and
|
|
•
|
Seeks to purchase fixed income securities that the Advisor believes (i) fit the desired mix of fixed income securities for the portfolio (e.g., the types of securities, maturities, and yields then targeted for the Advisors Fund); and (ii) offer opportunities for price appreciation.
|
|
•
|
Market Risk
– Stock prices are volatile. Market risk refers to the risk that the value of securities in the Advisors Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Advisors Fund’s share price will change daily based on many factors that may generally affect the stock market, including fluctuations in interest rates, national and international economic conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Advisors Fund’s portfolio) may decline, regardless of their long-term prospects.
|
|
•
|
Management Style Risk
– Different styles of management tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Advisors Fund intends to invest primarily in value-oriented stocks (stocks that the Advisor believes are undervalued), the Advisors Fund’s performance may at times be better or worse than the performance of stock funds that focus on other types of stocks (e.g., “growth” stocks selected for growth potential), or that have a broader investment style.
|
|
•
|
Business and Sector Risk
– From time to time, a particular set of circumstances may affect a particular sector or certain companies within the sector, while having little or no impact on other sectors or other companies within the sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. To the extent the Advisors Fund invests heavily in a particular sector that experiences such a negative impact, the value of the Advisors Fund’s portfolio will be adversely affected.
|
|
•
|
Small Capitalization Risk
– Stocks of small capitalization (“small cap”) companies generally have more risks than those of larger companies. This greater risk is, in part, attributable to the fact that small cap companies may have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies. Because small cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. In addition, small cap companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Advisor’s access to information about the companies and the stability of the markets for the companies’ securities. Due to these and other factors, small cap companies may be more susceptible to market downturns, and their stock prices may be more volatile and less liquid than those of larger companies. In addition, the market for small cap securities may be more limited than the market for larger companies.
|
|
•
|
Interest Rate Risk
– Increases in interest rates typically lower the present value of a company’s future earnings stream. Since the market price of a stock changes continuously based upon investors’ collective perceptions of future earnings, stock prices will generally decline when investors anticipate or experience rising interest rates. In addition, to the extent the Advisors Fund invests in fixed income securities, the Fund will be subject to the risk that, in general, prices of fixed income securities will decline when interest rates rise. These fluctuations in fixed income security prices will be more marked with respect to long-term bonds than with respect to short-term bonds and with respect to lower-rated securities than with respect to higher-rated securities. In addition, the prices of lower coupon bonds are generally more volatile than higher coupon bonds of the same approximate maturity and credit quality.
|
|
•
|
Credit Risk
– The Advisors Fund’s fixed income securities will be subject to credit risks. Issuers of fixed income securities who are experiencing difficult economic circumstances, either because of a general economic downturn or individual circumstances, may be unable to make interest payments on their fixed income securities when due. Additionally, issuers of fixed income securities may be unable to repay the principal upon maturity of their fixed income securities. These “credit risks” are reflected in the credit ratings assigned to fixed income securities by organizations such as Moody’s, S&P or Fitch and may cause the price of a fixed income security to decline and may affect liquidity for the security. Normally, fixed income securities with lower credit ratings will have higher yields than fixed income securities with the highest credit ratings, reflecting the relatively greater risk of fixed income securities with lower credit ratings.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Advisors Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Advisors Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Risks Related to Other Equity Securities
– In addition to common stocks, the equity securities in the Advisors Fund’s portfolio may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Advisors Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.
|
|
•
|
Other Investment Companies Risk
– Investments in other investment companies subject the Advisors Fund to additional operating and management fees and expenses. Investors in the Advisors Fund will indirectly bear fees and expenses charged by the underlying investment company in which the Fund invests, in addition to the Fund’s direct fees and expenses. Other investment companies are also subject to the risks of the underlying securities in which they invest.
|
Highest:
|
18.76% (quarter ended June 30, 2009)
|
Lowest:
|
-25.65% (quarter ended December 31, 2008)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Five Years
|
Since
Inception
(May 13,
2003)
|
CM Advisors Fund - Class I shares
|
|||
Return Before Taxes
|
15.18%
|
0.98%
|
3.33%
|
Return After Taxes on Distributions
|
15.09%
|
0.77%
|
2.95%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
9.97%
|
0.77%
|
2.80%
|
Russell 3000
®
Value Index*
(reflects no deduction for fees, expenses or taxes)
|
17.55%
|
0.83%
|
7.13%
|
Russell 3000
®
Index*
(reflects no deduction for fees, expenses or taxes)
|
16.42%
|
2.04%
|
7.11%
|
*
|
Prior to October 1, 2012, the Russell 3000
®
Index was used as the Advisors Fund’s primary benchmark. The Russell 3000
®
Index generally measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth value. The Advisor believes that the Russell 3000 Value Index is a more appropriate benchmark for the Fund because it measures the performance of only companies with value-based characteristics.
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
Arnold Van Den Berg
|
Chairman of the Board,
Chief Executive Officer, Co-Chief Investment Officer
and Portfolio Manager
|
Since the Advisors Fund’s inception on May 13, 2003
|
James D. Brilliant
|
Chief Financial Officer, Co-Chief Investment Officer
and Portfolio Manager
|
Since the Advisors Fund’s inception on May 13, 2003
|
Stephen W. Shipman
|
Portfolio Manager
|
Since October 17, 2011
|
Shareholder Fees
(fees paid directly from your investment)
|
Class I
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
Maximum Deferred Sales Charge (Load)
|
None
|
Redemption Fee (as a % of the amount redeemed within 180 days after purchase)
|
1%
|
Exchange Fee
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class I
Shares
|
Management Fees
|
1.00%
|
Distribution and/or Service (12b-1) Fees
|
None
|
Other Expenses
|
1.92%
|
Acquired Fund Fees and Expenses
|
0.02%
|
Total Annual Fund Operating Expenses
1
|
2.94%
|
Fee Waivers and Expense Reimbursements
2
|
1.67%
|
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1, 2
|
1.27%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Small Cap Value Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”
|
2
|
The Advisor has entered into an Expense Limitation Agreement with the Small Cap Value Fund under which it has agreed until July 1, 2014 to waive its fees and to reimburse other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, extraordinary expenses and payments, if any, under a Rule 12b-1 Plan) to not more than 1.25% of its average daily net assets. The Expense Limitation Agreement cannot be terminated prior to July 1, 2014 without the approval of the Board of Trustees (the “Board”) of the CM Advisors Family of Funds (the “Trust”).
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 129
|
$ 752
|
$1,400
|
$3,142
|
|
•
|
Applies research models to determine a company’s intrinsic value. Intrinsic value is a concept that refers to what a company is “really” worth. Investment advisors that use intrinsic value (like the Advisor) believe that a company’s real value can be best determined by analyzing business, financial, and other factors about the company and its market, and that a company’s market price gravitates toward its intrinsic value over time. Accordingly, if the market price of the company’s securities is above the Advisor’s determination of its intrinsic value, the Advisor believes that the market price will, over time, fall. If the market price is below its intrinsic value, then the Advisor believes it will, over time, rise.
|
|
•
|
Compares the company’s intrinsic value to the market prices of the company’s securities; and
|
|
•
|
Seeks to purchase equity securities of companies that appear to be “bargains” (i.e., securities that are trading at a significant discount to their intrinsic value).
|
|
•
|
Market Risk
– Stock prices are volatile. Market risk refers to the risk that the value of securities in the Small Cap Value Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Small Cap Value Fund’s share price will change daily based on many factors that may generally affect the stock market, including fluctuations in interest rates, national and international economic conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Small Cap Value Fund’s portfolio) may decline, regardless of their long-term prospects.
|
|
•
|
Small Cap Risk
– Stocks of small cap companies generally have more risks than those of larger companies. This greater risk is, in part, attributable to the fact that small cap companies may have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies. Because small cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. In addition, small cap companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Advisor’s access to information about the companies and the stability of the markets for the companies’ securities. Due to these and other factors, small cap companies may be more susceptible to market downturns, and their stock prices may be more volatile and less liquid than those of larger companies. In addition, the market for small cap securities may be more limited that the market for larger companies.
|
|
•
|
Management Style Risk
– Different styles of management tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Small Cap Value Fund intends to invest primarily in value-oriented stocks (stocks that the Advisor believes are undervalued), the Small Cap Value Fund’s performance may at times be better or worse than the performance of stock funds that focus on other types of stocks (e.g., “growth” stocks selected for growth potential), or that have a broader investment style.
|
|
•
|
Business and Sector Risk
– From time to time, a particular set of circumstances may affect a particular sector or certain companies within the sector, while having little or no impact on other sectors or other companies within the sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. To the extent the Small Cap Value Fund invests heavily in a particular sector that experiences such a negative impact, the value of the Small Cap Value Fund’s portfolio will be adversely affected.
|
|
•
|
Interest Rate Risk
– Increases in interest rates typically lower the present value of a company’s future earnings stream. Since the market price of a stock changes continuously based upon investors’ collective perceptions of future earnings, stock prices will generally decline when investors anticipate or experience rising interest rates. In addition, to the extent the Small Cap Value Fund invests in fixed income securities, the Fund will be subject to the risk that, in general, prices of fixed income securities will decline when interest rates rise. These fluctuations in fixed income security prices will be more marked with respect to long-term bonds than with respect to short-term bonds and with respect to lower-rated securities than with respect to higher-rated securities. In addition, the prices of lower coupon bonds are generally more volatile than higher coupon bonds of the same approximate maturity and credit quality.
|
|
•
|
Credit Risk
– The Small Cap Value Fund’s fixed income securities will be subject to credit risks. Issuers of fixed income securities who are experiencing difficult economic circumstances, either because of a general economic downturn or individual circumstances, may be unable to make interest payments on their fixed income securities when due. Additionally, issuers of fixed income securities may be unable to repay the principal upon maturity of such securities. These “credit risks” are reflected in the credit ratings assigned to fixed income securities by organizations such as Moody’s, S&P or Fitch and may cause the price of a fixed income security to decline and may affect liquidity for the security. Normally, fixed income securities with lower credit ratings will have higher yields than fixed income securities with the highest credit ratings, reflecting the relatively greater risk of fixed income securities with lower credit ratings.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Small Cap Value Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Small Cap Value Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Risks Related to Other Equity Securities
– In addition to common stocks, the equity securities in the Small Cap Value Fund’s portfolio may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic
|
|
conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Small Cap Value Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.
|
|
•
|
Risks of Investments in Other RICs
– To the extent that it invests in other RICs, the Small Cap Value Fund incurs greater expenses, such as its own management fees and other operating expenses, than an investor would incur who invested directly in the RICs. The Small Cap Value Fund’s investments in other RICs are subject to all of the underlying risks of such RICs. These include such general risks as market risk and management risk. In addition to these risks, the Fund’s investment in a closed-end fund or ETF is subject to the risk that the closed-end fund or ETF may trade at prices significantly different from its net asset value. Investments in a closed-end fund may be subject to liquidity risk (that is, the potential that the Fund may be unable to dispose of the closed-end fund shares promptly or at a reasonable price).
|
Highest:
|
13.49% (quarter ended March 31, 2012)
|
Lowest:
|
-5.11% (quarter ended June 30, 2012)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Since
Inception
(April 15,
2011)
|
CM Advisors Small Cap Value Fund – Class I shares
|
||
Return Before Taxes
|
18.50%
|
4.50%
|
Return After Taxes on Distributions
|
17.98%
|
4.01%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
12.60%
|
3.70%
|
Russell 2000
®
Value Index
(reflects no deduction for fees, expenses or taxes)
|
18.05%
|
3.63%
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
James D. Brilliant
|
Chief Financial Officer,
Co-Chief Investment Officer
and Portfolio Manager
|
Since the Small Cap
Value Fund’s inception
on April 15, 2011
|
Stephen W. Shipman
|
Portfolio Manager
|
Since October 17, 2011
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.50%
|
Distribution and/or Service (12b-1) Fees
|
None
|
Other Expenses
|
0.29%
|
Acquired Fund Fees and Expenses
|
0.04%
|
Total Annual Fund Operating Expenses
1
|
0.83%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Fixed Income Fund’s Financial Highlights, which reflect the operating expenses of the Fixed Income Fund and do not include “Acquired Fund Fees and Expenses.”
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 85
|
$ 265
|
$ 460
|
$1,025
|
|
•
|
Reviews the maturity, yield, and ratings from nationally recognized statistical rating organizations (e.g., S&P, Moody’s and Fitch) of a fixed income security, both independently and in relation to the Fund’s current portfolio;
|
|
•
|
Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and
|
|
•
|
Seeks to purchase fixed income securities that the Advisor believes (i) fit the desired mix of fixed income securities for the portfolio (e.g., the types of securities, maturities and yields then targeted for the Fixed Income Fund); and (ii) offer opportunities for price appreciation.
|
|
•
|
Market Risk
– Market risk refers to the risk that the value of securities in the Fixed Income Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Fixed Income Fund’s performance per share will change daily based on many factors, including fluctuation in interest rates, the quality of the instruments in the Fixed Income Fund’s investment portfolio, national and international economic conditions and general fixed income market conditions.
|
|
•
|
Income Risk
– One of the Fixed Income Fund’s primary sources of income will be derived from the receipt of interest payments from fixed income securities. An economic downturn or an increase in interest rates may have a negative or adverse effect on an issuer’s ability to timely make payments of principal and interest. If the issuer fails to make timely interest and/or principal payments, then the Fixed Income Fund’s current income will be adversely affected and reduced.
|
|
•
|
Interest Rate Risk
– The price of a fixed income security is dependent upon interest rates. The share price and total return of the Fixed Income Fund, when investing a significant portion of its assets in fixed income securities, will vary in response to changes in interest rates. A rise in interest rates will cause the value of fixed income securities to decrease. Conversely, a decrease in interest rates will cause the value of fixed income securities to increase. Consequently, changes in interest rates may have a significant effect on the Fixed Income Fund, especially if the Fixed Income Fund is holding a significant portion of its assets in fixed income securities that are particularly sensitive to interest rate fluctuations, such as fixed income securities with long-term maturities, zero coupon bonds, and debentures.
|
|
•
|
Credit Risk
– Credit risk is the risk that the issuer of a fixed income security (including corporate, government and mortgage-backed securities) will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer fails to pay interest, the Fixed Income Fund’s income will be reduced. If the issuer fails to repay principal, the value of that security and of the Fixed Income Fund’s shares may be
|
|
reduced. To the extent the Fixed Income Fund invests in lower rated fixed income securities, the Fixed Income Fund will be subject to a higher level of credit risk than a fund that invests only in the highest rated fixed income securities.
|
|
Corporate and municipal fixed income securities purchased by the Fixed Income Fund may be of any credit quality, maturity or yield. Accordingly, the Fixed Income Fund’s fixed income securities may include “investment grade” securities (those rated at least Baa by Moody’s, BBB by S&P or Fitch or, if not rated, of equivalent quality in the Advisor’s opinion). However, the Fixed Income Fund’s fixed income securities may also include lower-rated securities including, without limitation, high-yield securities (“junk bonds”) rated below Baa by Moody’s or BBB by S&P or Fitch (see “Junk Bonds or Lower-Rated Securities Risk” below). The Fixed Income Fund’s fixed income security investments are subject to risks of non-payment of interest and principal, the risk that bond demand in the marketplace will decrease periodically, and the risk that ratings of the various credit services (and the Advisor’s independent assessments of the securities creditworthiness) are or may become inaccurate.
|
|
•
|
Junk Bonds or Lower-Rated Securities Risk
– Fixed income securities rated below Baa by Moody’s and BBB by S&P or Fitch are generally considered speculative in nature and are generally subject to greater risks with respect to the non-payment of interest and principal and greater market fluctuations than higher-rated fixed income securities. Lower-rated fixed income securities are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These fixed income securities are considered below “investment-grade.” The retail secondary market for these “junk bonds” may be less liquid than that of higher-rated fixed income securities, and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fixed Income Fund’s net asset value. These risks can reduce the value of the Fixed Income Fund’s shares and the income it earns.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Fixed Income Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Fixed Income Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Management Style Risk
– The share price of the Fixed Income Fund changes daily based on the performance of the securities in which it invests. The ability of the Fixed Income Fund to meet its investment objective is directly related to the Advisor’s allocation of the Fixed Income Fund’s assets and selection of securities. The Advisor’s judgments about the attractiveness, value, and potential income and appreciation of particular fixed income securities, cash or cash equivalents or other securities in which the Fixed Income Fund invests may prove to be incorrect and there is no assurance that the Advisor’s judgment will produce the desired
|
|
results. In addition, the Fixed Income Fund may allocate its assets so as to under-emphasize or over-emphasize fixed income securities, cash or cash equivalents, or other investments under the wrong market conditions, in which case the value of the Fixed Income Fund’s portfolio may be adversely affected.
|
|
•
|
Mortgage Risk
– Because rising interest rates reduce the tendency of mortgage borrowers to prepay or refinance their loans, rising interest rates tend to increase the effective maturity of mortgage-related securities, resulting in greater losses when interest rates rise. This is known as extension risk. Conversely, falling interest rates may encourage borrowers to pay off or refinance their mortgages sooner than expected. This can reduce the effective maturity of mortgage-related securities and lower the returns of the Fixed Income Fund because the Fund will have to reinvest its assets at the lower prevailing interest rates. This is known as prepayment risk.
|
|
•
|
Regional and Sector Risk
– Regional and sector risk is the risk that if the Fixed Income Fund invests heavily in securities within the same country, state, region, currency, industry or economic sector, an adverse economic, business or political development may affect the value of the Fixed Income Fund’s investments more than if its investments were not so focused. To the extent the Fixed Income Fund invests heavily in securities in any such area that experiences an adverse development, the value of the Fixed Income Fund’s portfolio may be negatively affected.
|
|
•
|
Other Investment Companies Risk
– Investments in other investment companies subject the Fixed Income Fund to additional operating and management fees and expenses. Fixed Income Fund investors will indirectly bear fees and expenses charged by the underlying investment company in which the Fund invests, in addition to the Fund’s direct fees and expenses. Other investment companies are also subject to the risks of the underlying securities in which they invest.
|
Highest:
|
7.18% (quarter ended September 30, 2007)
|
Lowest:
|
-2.80% (quarter ended June 30, 2007)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Five Years
|
Since
Inception
(March 24,
2006)
|
CM Advisors Fixed Income Fund
|
|||
Return Before Taxes
|
2.52%
|
5.84%
|
7.08%
|
Return After Taxes on Distributions
|
1.80%
|
4.29%
|
5.44%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
1.87%
|
4.10%
|
5.14%
|
Barclays U.S. Aggregate Index
(reflects no deduction for fees, expenses or taxes)
|
4.22%
|
5.95%
|
6.05%
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
Arnold Van Den Berg
|
Chairman of the Board, Chief Executive Officer,
Co-Chief Investment Officer
and Portfolio Manager
|
Since October 17, 2011
and previously from the Fixed Income Fund’s Inception in 2006 to 2009
|
David K. Woytek
|
Research/Credit Analyst and Portfolio Manager
|
Since October 17, 2011
|
|
•
|
Complete and sign the account application.
|
|
•
|
Enclose a check payable to the applicable Fund; please reference Class I shares if applicable to ensure proper crediting to your account.
|
|
•
|
Mail the application and the check to the Transfer Agent at the following address:
|
|
•
|
By sending a check, made payable to the applicable Fund, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246-0707. Be sure to note your account number on the memo line of your check. The shareholder will be responsible for any fees incurred or losses suffered by the Funds as a result of any check returned for insufficient funds.
|
|
•
|
By wire transfer from your financial institution as described under “Opening an Account – By Wire Transfer.” Shareholders should call the Transfer Agent at 1-888-859-5856 before wiring funds.
|
|
•
|
Through your brokerage firm or other financial institution.
|
|
•
|
Name;
|
|
•
|
Date of birth (for individuals);
|
|
•
|
Residential or business street address (although post office boxes are still permitted for mailing); and
|
|
•
|
Social security number, taxpayer identification number, or other identifying number.
|
|
•
|
Your name and telephone number
|
|
•
|
The exact name of your account and your account number
|
|
•
|
Taxpayer identification number (usually your Social Security number)
|
|
•
|
Dollar value or number of shares to be exchanged
|
|
•
|
The name of the Fund from which the exchange is to be made
|
|
•
|
The name of the Fund into which the exchange is being made
|
Years Ended
|
||||||||||||||||||||
|
February 28,
2013
|
February 29,
2012
|
February 28,
2011
|
February 28,
2010
|
February 28,
2009
|
|||||||||||||||
Net asset value at beginning of year
|
$ | 10.65 | $ | 10.56 | $ | 8.95 | $ | 5.71 | $ | 10.25 | ||||||||||
Income (loss) from
investment operations: |
||||||||||||||||||||
Net investment income
|
0.05 | 0.02 | 0.04 | 0.03 | 0.10 | |||||||||||||||
Net realized and unrealized gains
(losses) on investments |
1.18 | 0.10 | 1.61 | 3.24 | (4.26 | ) | ||||||||||||||
Total from investment operations
|
1.23 | 0.12 | 1.65 | 3.27 | (4.16 | ) | ||||||||||||||
Less distributions:
|
||||||||||||||||||||
Distributions from net
investment income |
(0.05 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.10 | ) | ||||||||||
Distributions in excess of net
investment income |
(0.00 | ) (a) | — | — | — | — | ||||||||||||||
Distributions from net
realized gains |
— | — | — | — | (0.28 | ) | ||||||||||||||
Total distributions
|
(0.05 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.38 | ) | ||||||||||
Proceeds from redemption
fees collected |
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | ||||||||||
Net asset value at end of year
|
$ | 11.83 | $ | 10.65 | $ | 10.56 | $ | 8.95 | $ | 5.71 | ||||||||||
Total return
(b)
|
11.61% | 1.11% | 18.43% | 57.39% | (41.21% | ) | ||||||||||||||
Ratios and supplemental data:
|
||||||||||||||||||||
Net assets at end of year (000's)
|
$ | 125,422 | $ | 128,461 | $ | 142,659 | $ | 146,190 | $ | 103,367 | ||||||||||
Ratio of total expenses to
average net assets |
1.31% | 1.53% | 1.52% | 1.50% | 1.48% | |||||||||||||||
Ratio of net expenses to
average net assets (c) |
1.31% | 1.50% | 1.50% | 1.49% | 1.48% | |||||||||||||||
Ratio of net investment income
to average net assets (c) |
0.40% | 0.18% | 0.39% | 0.41% | 1.09% | |||||||||||||||
Portfolio turnover rate
|
32% | 45% | 15% | 19% | 23% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the years covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
Ratio was determined after investment advisory fee waivers and/or expense reimbursements, if any.
|
|
Year Ended
February 28,
2013
|
Period Ended
February 29,
2012
(a)
|
||||||
Net asset value at beginning of period
|
$ | 9.84 | $ | 10.00 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income
|
0.13 | 0.02 | ||||||
Net realized and unrealized gains (losses) on investments
|
1.56 | (0.05 | ) | |||||
Total from investment operations
|
1.69 | (0.03 | ) | |||||
Less distributions:
|
||||||||
Distributions from net investment income
|
(0.12 | ) | (0.01 | ) | ||||
Distributions in excess of net investment income
|
(0.02 | ) | — | |||||
Distributions from net realized gains
|
(0.14 | ) | (0.12 | ) | ||||
Total distributions
|
(0.28 | ) | (0.13 | ) | ||||
Proceeds from redemption fees collected
|
— | 0.00 | (b) | |||||
Net asset value at end of period
|
$ | 11.25 | $ | 9.84 | ||||
Total return
(c)
|
17.42% | (0.17% | ) (d) | |||||
Ratios and supplemental data:
|
||||||||
Net assets at end of period (000’s)
|
$ | 11,094 | $ | 8,953 | ||||
Ratio of total expenses to average net assets
|
2.92% | 4.35% | (e) | |||||
Ratio of net expenses to average net assets
(f)
|
1.25% | 1.25% | (e) | |||||
Ratio of net investment income to average net assets
(f)
|
1.32% | 0.09% | (e) | |||||
Portfolio turnover rate
|
44% | 44% | (d) |
(a)
|
Represents the period from commencement of operations (April 15, 2011) through February 29, 2012.
|
(b)
|
Amount rounds to less than $0.01 per share.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
(f)
|
Ratio was determined after investment advisory fee waivers and expense reimbursements.
|
Years Ended
|
||||||||||||||||||||
|
February 28,
2013
|
February 29,
2012
|
February 28,
2011
|
February 28,
2010
|
February 28,
2009
|
|||||||||||||||
Net asset value at beginning of year
|
$ | 11.74 | $ | 11.51 | $ | 11.14 | $ | 9.99 | $ | 11.01 | ||||||||||
Income (loss) from
investment operations: |
||||||||||||||||||||
Net investment income
|
0.17 | 0.20 | 0.24 | 0.32 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.04 | 0.53 | 0.49 | 1.19 | (0.38 | ) | ||||||||||||||
Total from investment operations
|
0.21 | 0.73 | 0.73 | 1.51 | (0.12 | ) | ||||||||||||||
Less distributions:
|
||||||||||||||||||||
Distributions from net
investment income |
(0.17 | ) | (0.21 | ) | (0.26 | ) | (0.32 | ) | (0.21 | ) | ||||||||||
Distributions from net
realized gains |
(0.14 | ) | (0.29 | ) | (0.10 | ) | (0.04 | ) | (0.70 | ) | ||||||||||
Total distributions
|
(0.31 | ) | (0.50 | ) | (0.36 | ) | (0.36 | ) | (0.91 | ) | ||||||||||
Proceeds from redemption
fees collected |
0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.01 | |||||||||||
Net asset value at end of year
|
$ | 11.64 | $ | 11.74 | $ | 11.51 | $ | 11.14 | $ | 9.99 | ||||||||||
Total return
(b)
|
1.83% | 6.37% | 6.63% | 15.45% | (0.60% | ) | ||||||||||||||
Ratios and supplemental data:
|
||||||||||||||||||||
Net assets at end of year (000’s)
|
$ | 107,993 | $ | 94,317 | $ | 79,935 | $ | 46,424 | $ | 19,417 | ||||||||||
Ratio of total expenses to
average net assets |
0.79% | 0.81% | 0.90% | 1.06% | 1.54% | |||||||||||||||
Ratio of net expenses to
average net assets |
0.79% | 0.81% | 0.90% | 1.06% | 1.50% | (c) | ||||||||||||||
Ratio of net investment income
to average net assets |
1.39% | 1.76% | 2.13% | 3.31% | 2.77% | (c) | ||||||||||||||
Portfolio turnover rate
|
23% | 25% | 21% | 0% | 37% |
(a)
|
Amount rounds to less than $0.01 per share.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the years covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
Ratio was determined after investment advisory fee waivers.
|
Rev. June 2010
Privacy Notice
|
|||
FACTS
|
WHAT DOES THE CM ADVISORS FAMILY OF FUNDS DO WITH YOUR PERSONAL INFORMATION?
|
||
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
§
Social Security number
§
Assets
§
Retirement Assets
§
Transaction History
§
Checking Account Information
§
Purchase History
§
Account Balances
§
Account Transactions
§
Wire Transfer Instructions
When you are
no longer
our customer, we continue to share your information as described in this notice.
|
||
How?
|
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the CM Advisors Family of Funds chooses to share; and whether you can limit this sharing.
|
||
Reasons we can share your personal information
|
Does the CM Advisors Family of Funds share?
|
Can you limit this sharing?
|
|
For our everyday business purposes –
Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes –
to offer our products and services to you
|
No
|
We don’t share
|
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your transactions and experiences
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your creditworthiness
|
No
|
We don’t share
|
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
Call 1-888-859-5856
|
Page 2
|
Who we are
|
|
Who is providing this notice?
|
CM Advisors Family of Funds
Ultimus Fund Distributors, LLC (Distributor)
Ultimus Fund Solutions, LLC (Administrator)
|
What we do
|
|
How does the CM Advisors Family of Funds protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
|
How does the CM Advisors Family of Funds collect my personal information?
|
We collect your personal information, for example, when you
§
Open an account
§
Provide account information
§
Give us your contact information
§
Make deposits or withdrawals from your account
§
Make a wire transfer
§
Tell us where to send the money
§
Tell us who receives the money
§
Show your government-issued ID
§
Show your driver’s license
We also collect your personal information from other companies.
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
§
Sharing for affiliates’ everyday business purposes – information about your creditworthiness
§
Affiliates from using your information to market to you
§
Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§
Van Den Berg Management I, Inc. (d/b/a CM Fund Advisors), the investment advisor to the CM Advisors Family of Funds, could be deemed to be an affiliate.
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§
The CM Advisors Family of Funds does not share with nonaffiliates so they can market to you.
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§
The CM Advisors Family of Funds does not jointly market.
|
These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
|
Fund Summary: CM Advisors Fund
|
3
|
|
Fund Summary: CM Advisors Small Cap Value Fund
|
11
|
|
Other Information About the Funds’ Investment Objectives,
Investment Strategies and Related Risks
|
20
|
|
Management and Administration
|
21
|
|
Distribution Plan
|
23
|
|
How Net Asset Value is Determined
|
24
|
|
How to Buy Shares
|
25
|
|
How to Exchange Shares
|
29
|
|
How to Redeem Shares
|
30
|
|
Distributions
|
33
|
|
Federal Taxes
|
33
|
|
Financial Highlights
|
34
|
|
For More Information
|
back cover
|
Shareholder Fees
(fees paid directly from your investment)
|
Class R
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
Maximum Deferred Sales Charge (Load)
|
None
|
Redemption Fee (as a % of the amount redeemed within 180 days after purchase)
|
1%
|
Exchange Fee
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class R
Shares
|
Management Fees
|
1.00%
|
Distribution and/or Service (12b-1) Fees
|
0.25%
|
Other Expenses
|
23.55%
|
Acquired Fund Fees and Expenses
|
0.04%
|
Total Annual Fund Operating Expenses
1
|
24.84%
|
Fee Waivers and Expense Reimbursements
2
|
23.05%
|
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1, 2
|
1.79%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Advisors Fund’s Financial Highlights, which reflect the operating expenses of the Advisors Fund and do not include “Acquired Fund Fees and Expenses.”
|
2
|
The Advisor has entered into an Expense Limitation Agreement with the Advisors Fund under which it has agreed until July 1, 2014 to waive its fees and to reimburse other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, extraordinary expenses and payments, if any, under a Rule 12b-1 Plan) to not more than 1.50% of its average daily net assets. The Expense Limitation Agreement cannot be terminated prior to July 1, 2014 without the approval of the Board of Trustees (the “Board”) of the CM Advisors Family of Funds (the “Trust”).
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 182
|
$4,343
|
$7,016
|
$10,231
|
|
•
|
Applies research models to determine a company’s intrinsic value. Intrinsic value is a concept that refers to what a company is “really” worth. Investment advisors that use intrinsic value (like the Advisor) believe that a company’s real value can be best determined by analyzing business, financial, and other factors about the company and its market, and that a company’s market price gravitates toward its intrinsic value over time. Accordingly, if the market price of the company’s securities is above the Advisor’s determination of its intrinsic value, the Advisor believes that the market price will, over time, fall. If the market price is below its intrinsic value, then the Advisor believes it will, over time, rise.
|
|
•
|
Compares the company’s intrinsic value to the market prices of the company’s securities; and
|
|
•
|
Seeks to purchase equity securities of companies that appear to be “bargains” (i.e., securities that are trading at a significant discount to their intrinsic value).
|
|
•
|
Reviews the maturity, yield, and ratings from nationally recognized statistical rating organizations (including Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”)) of a fixed income security, both independently and in relation to the Advisors Fund’s current portfolio;
|
|
•
|
Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and
|
|
•
|
Seeks to purchase fixed income securities that the Advisor believes (i) fit the desired mix of fixed income securities for the portfolio (e.g., the types of securities, maturities, and yields then targeted for the Advisors Fund); and (ii) offer opportunities for price appreciation.
|
|
•
|
Market Risk
– Stock prices are volatile. Market risk refers to the risk that the value of securities in the Advisors Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Advisors Fund’s share price will change daily based on many factors that may generally affect the stock market, including fluctuations in interest rates, national and international economic conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Advisors Fund’s portfolio) may decline, regardless of their long-term prospects.
|
|
•
|
Management Style Risk
– Different styles of management tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Advisors Fund intends to invest primarily in value-oriented stocks (stocks that the Advisor believes are undervalued), the Advisors Fund’s performance may at times be better or worse than the performance of stock funds that focus on other types of stocks (e.g., “growth” stocks selected for growth potential), or that have a broader investment style.
|
|
•
|
Business and Sector Risk
– From time to time, a particular set of circumstances may affect a particular sector or certain companies within the sector, while having little or no impact on other sectors or other companies within the sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. To the extent the Advisors Fund invests heavily in a particular sector that experiences such a negative impact, the value of the Advisors Fund’s portfolio will be adversely affected.
|
|
•
|
Small Capitalization Risk
– Stocks of small capitalization (“small cap”) companies generally have more risks than those of larger companies. This greater risk is, in part, attributable to the fact that small cap companies may have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies. Because small cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. In addition, small cap companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Advisor’s access to information about the companies and the stability of the markets for the companies’ securities. Due to these and other factors, small cap companies may be more susceptible to market downturns, and their stock prices may be more volatile and less liquid than those of larger companies. In addition, the market for small cap securities may be more limited than the market for larger companies.
|
|
•
|
Interest Rate Risk
– Increases in interest rates typically lower the present value of a company’s future earnings stream. Since the market price of a stock changes continuously based upon investors’ collective perceptions of future earnings, stock prices will generally decline when investors anticipate or experience rising interest rates. In addition, to the extent the Advisors Fund invests in fixed income securities, the Fund will be subject to the risk that, in general, prices of fixed income securities will decline when interest rates rise. These fluctuations in fixed income security prices will be more marked with respect to long-term bonds than with respect to short-term bonds and with respect to lower-rated securities than with respect to higher-rated securities. In addition, the prices of lower coupon bonds are generally more volatile than higher coupon bonds of the same approximate maturity and credit quality.
|
|
•
|
Credit Risk
– The Advisors Fund’s fixed income securities will be subject to credit risks. Issuers of fixed income securities who are experiencing difficult economic circumstances, either because of a general economic downturn or individual circumstances, may be unable to make interest payments on their fixed income securities when due. Additionally, issuers of fixed income securities may be unable to repay the principal upon maturity of their fixed income securities. These “credit risks” are reflected in the credit ratings assigned to fixed income securities by organizations such as Moody’s, S&P or Fitch and may cause the price of a fixed income security to decline and may affect liquidity for the security. Normally, fixed income securities with lower credit ratings will have higher yields than fixed income securities with the highest credit ratings, reflecting the relatively greater risk of fixed income securities with lower credit ratings.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Advisors Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Advisors Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Risks Related to Other Equity Securities
– In addition to common stocks, the equity securities in the Advisors Fund’s portfolio may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Advisors Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.
|
|
•
|
Other Investment Companies Risk
– Investments in other investment companies subject the Advisors Fund to additional operating and management fees and expenses. Investors in the Advisors Fund will indirectly bear fees and expenses charged by the underlying investment company in which the Fund invests, in addition to the Fund’s direct fees and expenses. Other investment companies are also subject to the risks of the underlying securities in which they invest.
|
Highest:
|
12.46% (quarter ended March 31, 2012)
|
Lowest:
|
-3.94% (quarter ended June 30, 2012)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Since
Inception
(July 8,
2011)
|
CM Advisors Fund - Class R shares
|
||
Return Before Taxes
|
14.93%
|
4.58%
|
Return After Taxes on Distributions
|
14.90%
|
4.55%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
9.75%
|
3.90%
|
Russell 3000
®
Value Index*
(reflects no deduction for fees, expenses or taxes)
|
17.55%
|
6.33%
|
Russell 3000
®
Index*
(reflects no deduction for fees, expenses or taxes)
|
16.42%
|
7.11%
|
*
|
Prior to October 1, 2012, the Russell 3000
®
Index was used as the Advisors Fund’s primary benchmark. The Russell 3000
®
Index generally measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth value. The Advisor believes that the Russell 3000 Value Index is a more appropriate benchmark for the Fund because it measures the performance of only companies with value-based characteristics.
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
Arnold Van Den Berg
|
Chairman of the Board,
Chief Executive Officer, Co-Chief Investment Officer
and Portfolio Manager
|
Since the Advisors Fund’s inception on May 13, 2003
|
James D. Brilliant
|
Chief Financial Officer, Co-Chief Investment Officer
and Portfolio Manager
|
Since the Advisors Fund’s inception on May 13, 2003
|
Stephen W. Shipman
|
Portfolio Manager
|
Since October 17, 2011
|
Shareholder Fees
(fees paid directly from your investment)
|
Class R
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
Maximum Deferred Sales Charge (Load)
|
None
|
Redemption Fee (as a % of the amount redeemed within 180 days after purchase)
|
1%
|
Exchange Fee
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class R
Shares
|
Management Fees
|
1.00%
|
Distribution and/or Service (12b-1) Fees
|
0.25%
|
Other Expenses
|
11.92%
|
Acquired Fund Fees and Expenses
|
0.02%
|
Total Annual Fund Operating Expenses
1
|
13.19%
|
Fee Waivers and Expense Reimbursements
2
|
11.67%
|
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1, 2
|
1.52%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Small Cap Value Fund’s Financial Highlights, which reflect the operating expenses of the Small Cap Value Fund and do not include “Acquired Fund Fees and Expenses.”
|
2
|
The Advisor has entered into an Expense Limitation Agreement with the Small Cap Value Fund under which it has agreed until July 1, 2014 to waive its fees and to reimburse other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, extraordinary expenses and payments under a Rule 12b-1 Plan) to not more than 1.25% of its average daily net assets. The Expense Limitation Agreement cannot be terminated prior to July 1, 2014 without the approval of the Board.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 155
|
$2,665
|
$4,782
|
$8,730
|
|
•
|
Applies research models to determine a company’s intrinsic value. Intrinsic value is a concept that refers to what a company is “really” worth. Investment advisors that use intrinsic value (like the Advisor) believe that a company’s real value can be best determined by analyzing business, financial, and other factors about the company and its market, and that a company’s market price gravitates toward its intrinsic value over time. Accordingly, if the market price of the company’s securities is above the Advisor’s determination of its intrinsic value, the Advisor believes that the market price will, over time, fall. If the market price is below its intrinsic value, then the Advisor believes it will, over time, rise.
|
|
•
|
Compares the company’s intrinsic value to the market prices of the company’s securities; and
|
|
•
|
Seeks to purchase equity securities of companies that appear to be “bargains” (i.e., securities that are trading at a significant discount to their intrinsic value).
|
|
•
|
Market Risk
– Stock prices are volatile. Market risk refers to the risk that the value of securities in the Small Cap Value Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Small Cap Value Fund’s share price will change daily based on many factors that may generally affect the stock market, including fluctuations in interest rates, national and international economic conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Small Cap Value Fund’s portfolio) may decline, regardless of their long-term prospects.
|
|
•
|
Small Cap Risk
– Stocks of small cap companies generally have more risks than those of larger companies. This greater risk is, in part, attributable to the fact that small cap companies may have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies. Because small cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. In addition, small cap companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Advisor’s access to information about the companies and the stability of the markets for the companies’ securities. Due to these and other factors, small cap companies may be more susceptible to market downturns, and their stock prices may be more volatile and less liquid than those of larger companies. In addition, the market for small cap securities may be more limited that the market for larger companies.
|
|
•
|
Management Style Risk
– Different styles of management tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Small Cap Value Fund intends to invest primarily in value-oriented stocks (stocks that the Advisor believes are undervalued), the Small Cap Value Fund’s performance may at times be better or worse than the performance of stock funds that focus on other types of stocks (e.g., “growth” stocks selected for growth potential), or that have a broader investment style.
|
|
•
|
Business and Sector Risk
– From time to time, a particular set of circumstances may affect a particular sector or certain companies within the sector, while having little or no impact on other sectors or other companies within the sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. To the extent the Small Cap Value Fund invests heavily in a particular sector that experiences such a negative impact, the value of the Small Cap Value Fund’s portfolio will be adversely affected.
|
|
•
|
Interest Rate Risk
– Increases in interest rates typically lower the present value of a company’s future earnings stream. Since the market price of a stock changes continuously based upon investors’ collective perceptions of future earnings, stock prices will generally decline when investors anticipate or experience rising interest rates. In addition, to the extent the Small Cap Value Fund invests in fixed income securities, the Fund will be subject to the risk that, in general, prices of fixed income securities will decline when interest rates rise. These fluctuations in fixed income security prices will be more marked with respect to long-term bonds than with respect to short-term bonds and with respect to lower-rated securities than with respect to higher-rated securities. In addition, the prices of lower coupon bonds are generally more volatile than higher coupon bonds of the same approximate maturity and credit quality.
|
|
•
|
Credit Risk
– The Small Cap Value Fund’s fixed income securities will be subject to credit risks. Issuers of fixed income securities who are experiencing difficult economic circumstances, either because of a general economic downturn or individual circumstances, may be unable to make interest payments on their fixed income securities when due. Additionally, issuers of fixed income securities may be unable to repay the principal upon maturity of such securities. These “credit risks” are reflected in the credit ratings assigned to fixed income securities by organizations such as Moody’s, S&P or Fitch and may cause the price of a fixed income security to decline and may affect liquidity for the security. Normally, fixed income securities with lower credit ratings will have higher yields than fixed income securities with the highest credit ratings, reflecting the relatively greater risk of fixed income securities with lower credit ratings.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Small Cap Value Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Small Cap Value Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Risks Related to Other Equity Securities
– In addition to common stocks, the equity securities in the Small Cap Value Fund’s portfolio may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic
|
|
conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Small Cap Value Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.
|
|
•
|
Risks of Investments in Other RICs
– To the extent that it invests in other RICs, the Small Cap Value Fund incurs greater expenses, such as its own management fees and other operating expenses, than an investor would incur who invested directly in the RICs. The Small Cap Value Fund’s investments in other RICs are subject to all of the underlying risks of such RICs. These include such general risks as market risk and management risk. In addition to these risks, the Fund’s investment in a closed-end fund or ETF is subject to the risk that the closed-end fund or ETF may trade at prices significantly different from its net asset value. Investments in a closed-end fund may be subject to liquidity risk (that is, the potential that the Fund may be unable to dispose of the closed-end fund shares promptly or at a reasonable price).
|
Highest:
|
13.49% (quarter ended March 31, 2012)
|
Lowest:
|
-5.11% (quarter ended June 30, 2012)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Since
Inception
(July 8,
2011)
|
CM Advisors Small Cap Value Fund – Class R shares
|
||
Return Before Taxes
|
18.30%
|
3.00%
|
Return After Taxes on Distributions
|
17.81%
|
2.47%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
12.43%
|
2.40%
|
Russell 2000
®
Value Index
(reflects no deduction for fees, expenses or taxes)
|
18.05%
|
3.18%
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
James D. Brilliant
|
Chief Financial Officer,
Co-Chief Investment Officer
and Portfolio Manager
|
Since the Small Cap
Value Fund’s inception on April 15, 2011
|
Stephen W. Shipman
|
Portfolio Manager
|
Since October 17, 2011
|
|
•
|
Complete and sign the account application.
|
|
•
|
Enclose a check payable to the applicable Fund; please reference Class R shares to ensure proper crediting to your account.
|
|
•
|
Mail the application and the check to the Transfer Agent at the following address:
|
|
•
|
By sending a check, made payable to the applicable Fund, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246-0707. Be sure to note your account number on the memo line of your check. The shareholder will be responsible for any fees incurred or losses suffered by the Funds as a result of any check returned for insufficient funds.
|
|
•
|
By wire transfer from your financial institution as described under “Opening an Account – By Wire Transfer.” Shareholders should call the Transfer Agent at 1-888-859-5856 before wiring funds.
|
|
•
|
Through your brokerage firm or other financial institution.
|
|
•
|
Name;
|
|
•
|
Date of birth (for individuals);
|
|
•
|
Residential or business street address (although post office boxes are still permitted for mailing); and
|
|
•
|
Social security number, taxpayer identification number, or other identifying number.
|
|
•
|
Your name and telephone number
|
|
•
|
The exact name of your account and your account number
|
|
•
|
Taxpayer identification number (usually your Social Security number)
|
|
•
|
Dollar value or number of shares to be exchanged
|
|
•
|
The name of the Fund from which the exchange is to be made
|
|
•
|
The name of the Fund into which the exchange is being made
|
|
Year Ended
February 28,
2013
|
Period Ended
February 29,
2012
(a)
|
||||||
Net asset value at beginning of period
|
$ | 10.64 | $ | 10.45 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income (loss)
|
(0.00 | ) (b) | 0.01 | |||||
Net realized and unrealized gains on investments
|
1.19 | 0.19 | ||||||
Total from investment operations
|
1.19 | 0.20 | ||||||
Less distributions:
|
||||||||
Distributions from net investment income
|
(0.02 | ) | (0.01 | ) | ||||
Distributions in excess of net investment income
|
(0.00 | ) (b) | — | |||||
Total distributions
|
(0.02 | ) | (0.01 | ) | ||||
Proceeds from redemption fees collected
|
0.02 | — | ||||||
Net asset value at end of period
|
$ | 11.83 | $ | 10.64 | ||||
Total return
(c)
|
11.38% | 1.88% | (d) | |||||
Ratios and supplemental data:
|
||||||||
Net assets at end of period (000’s)
|
$ | 155 | $ | 123 | ||||
Ratio of total expenses to average net assets
|
24.80% | 30.63% | (e) | |||||
Ratio of net expenses to average net assets
(f)
|
1.75% | 1.75% | (e) | |||||
Ratio of net investment income (loss) to average net assets
(f)
|
(0.04% | ) | 0.07% | (e) | ||||
Portfolio turnover rate
|
32% | 45% | (d)(g) |
(a)
|
Represents the period from commencement of operations (July 8, 2011) through February 29, 2012.
|
(b)
|
Amount rounds to less than $0.01 per share.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
(f)
|
Ratio was determined after investment advisory fee waivers and expense reimbursements.
|
(g)
|
Represents the year ended February 29, 2012.
|
|
Year Ended
February 28,
2013
|
Period Ended
February 29,
2012
(a)
|
||||||
Net asset value at beginning of period
|
$ | 9.84 | $ | 10.29 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income (loss)
|
0.11 | (0.01 | ) | |||||
Net realized and unrealized gains (losses) on investments
|
1.55 | (0.32 | ) | |||||
Total from investment operations
|
1.66 | (0.33 | ) | |||||
Less distributions:
|
||||||||
Distributions from net investment income
|
(0.11 | ) | — | |||||
Distributions in excess of net investment income
|
(0.01 | ) | — | |||||
Distributions from net realized gains
|
(0.14 | ) | (0.12 | ) | ||||
Total distributions
|
(0.26 | ) | (0.12 | ) | ||||
Proceeds from redemption fees collected
|
0.00 | (b) | — | |||||
Net asset value at end of period
|
$ | 11.24 | $ | 9.84 | ||||
Total return
(c)
|
17.11% | (3.11% | ) (d) | |||||
Ratios and supplemental data:
|
||||||||
Net assets at end of period (000’s)
|
$ | 355 | $ | 134 | ||||
Ratio of total expenses to average net assets
|
13.17% | 33.38% | (e) | |||||
Ratio of net expenses to average net assets
(f)
|
1.50% | 1.50% | (e) | |||||
Ratio of net investment income (loss) to average net assets
(f)
|
1.16% | (0.23% | ) (e) | |||||
Portfolio turnover rate
|
44% | 44% | (d)(g) |
(a)
|
Represents the period from commencement of operations (July 8, 2011) through February 29, 2012.
|
(b)
|
Amount rounds to less than $0.01 per share.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
(f)
|
Ratio was determined after investment advisory fee waivers and expense reimbursements.
|
(g)
|
Represents the period from April 15, 2011 (the commencement of operations of Class I shares) through February 29, 2012.
|
Rev. June 2010
Privacy Notice
|
|||
FACTS
|
WHAT DOES THE CM ADVISORS FAMILY OF FUNDS DO WITH YOUR PERSONAL INFORMATION?
|
||
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
§
Social Security number
§
Assets
§
Retirement Assets
§
Transaction History
§
Checking Account Information
§
Purchase History
§
Account Balances
§
Account Transactions
§
Wire Transfer Instructions
When you are
no longer
our customer, we continue to share your information as described in this notice.
|
||
How?
|
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the CM Advisors Family of Funds chooses to share; and whether you can limit this sharing.
|
||
Reasons we can share your personal information
|
Does the CM Advisors Family of Funds share?
|
Can you limit this sharing?
|
|
For our everyday business purposes –
Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes –
to offer our products and services to you
|
No
|
We don’t share
|
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your transactions and experiences
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your creditworthiness
|
No
|
We don’t share
|
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
Call 1-888-859-5856
|
Page 2
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§
Van Den Berg Management I, Inc. (d/b/a CM Fund Advisors), the investment advisor to the CM Advisors Family of Funds, could be deemed to be an affiliate.
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§
The CM Advisors Family of Funds does not share with nonaffiliates so they can market to you.
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§
The CM Advisors Family of Funds does not jointly market.
|
These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
|
Fund Summary
|
3
|
|
Other Information About the Fund’s Investment Objectives,
Investment Strategies and Related Risks
|
11
|
|
Management and Administration
|
12
|
|
Distribution Plan
|
13
|
|
How Net Asset Value is Determined
|
14
|
|
How to Buy Shares
|
15
|
|
How to Redeem Shares
|
20
|
|
Distributions
|
22
|
|
Federal Taxes
|
22
|
|
Financial Highlights
|
24
|
|
For More Information
|
back cover
|
Shareholder Fees
(fees paid directly from your investment)
|
Class C
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
Maximum Deferred Sales Charge (Load)
|
None
|
Redemption Fee (as a % of the amount redeemed within 180 days after purchase)
|
1%
|
Exchange Fee
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class C
Shares
|
Management Fees
|
1.00%
|
Distribution and/or Service (12b-1) Fees
|
1.00%
|
Other Expenses
|
28.80%
|
Acquired Fund Fees and Expenses
|
0.02%
|
Total Annual Fund Operating Expenses
1
|
30.82%
|
Fee Waivers and Expense Reimbursements
2
|
28.55%
|
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1, 2
|
2.27%
|
1
|
“Total Annual Fund Operating Expenses” will not correlate to the ratios of expenses to average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”
|
2
|
The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed until July 1, 2014 to waive its fees and to reimburse other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, extraordinary expenses and payments under a Rule 12b-1 Plan) to not more than 1.25% of its average daily net assets. The Expense Limitation Agreement cannot be terminated prior to July 1, 2014 without the approval of the Board of Trustees (the “Board”) of the CM Advisors Family of Funds (the “Trust”).
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$ 230
|
$5,033
|
$7,676
|
$10,183
|
|
•
|
Applies research models to determine a company’s intrinsic value. Intrinsic value is a concept that refers to what a company is “really” worth. Investment advisors that use intrinsic value (like the Advisor) believe that a company’s real value can be best determined by analyzing business, financial, and other factors about the company and its market, and that a company’s market price gravitates toward its intrinsic value over time. Accordingly, if the market price of the company’s securities is above the Advisor’s determination of its intrinsic value, the Advisor believes that the market price will, over time, fall. If the market price is below its intrinsic value, then the Advisor believes it will, over time, rise.
|
|
•
|
Compares the company’s intrinsic value to the market prices of the company’s securities; and
|
|
•
|
Seeks to purchase equity securities of companies that appear to be “bargains” (i.e., securities that are trading at a significant discount to their intrinsic value).
|
|
•
|
Market Risk
– Stock prices are volatile. Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Fund’s share price will change daily based on many factors that may generally affect the stock market, including fluctuations in interest rates, national and international economic conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Fund’s portfolio) may decline, regardless of their long-term prospects.
|
|
•
|
Small Cap Risk
– Stocks of small cap companies generally have more risks than those of larger companies. This greater risk is, in part, attributable to the fact that small cap companies may have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies. Because small cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. In addition, small cap companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Advisor’s access to information about the companies and the stability of the markets for the companies’ securities. Due to these and other factors, small cap companies may be more susceptible to market downturns, and their stock prices may be more volatile and less liquid than those of larger companies. In addition, the market for small cap securities may be more limited that the market for larger companies.
|
|
•
|
Management Style Risk
– Different styles of management tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Fund intends to invest primarily in value-oriented stocks (stocks that the Advisor believes are undervalued), the Fund’s performance may at times be better or worse than the performance of stock funds that focus on other types of stocks (e.g., “growth” stocks selected for growth potential), or that have a broader investment style.
|
|
•
|
Business and Sector Risk
– From time to time, a particular set of circumstances may affect a particular sector or certain companies within the sector, while having little or no impact on other sectors or other companies within the sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. To the extent the Fund invests heavily in a particular sector that experiences such a negative impact, the value of the Fund’s portfolio will be adversely affected.
|
|
•
|
Interest Rate Risk
– Increases in interest rates typically lower the present value of a company’s future earnings stream. Since the market price of a stock changes continuously based upon investors’ collective perceptions of future earnings, stock prices will generally decline when investors anticipate or experience rising interest rates. In addition, to the extent the Fund invests in fixed income securities, the Fund will be subject to the risk that, in general, prices of fixed income securities will decline when interest rates rise. These fluctuations in fixed income security prices will be more marked with respect to long-term bonds than with respect to short-term bonds and with respect to lower-rated securities than with respect to higher-rated securities. In addition, the prices of lower coupon bonds are generally more volatile than higher coupon bonds of the same approximate maturity and credit quality.
|
|
•
|
Credit Risk
– The Fund’s fixed income securities will be subject to credit risks. Issuers of fixed income securities who are experiencing difficult economic circumstances, either because of a general economic downturn or individual circumstances, may be unable to make interest payments on their fixed income securities when due. Additionally, issuers of fixed income securities may be unable to repay the principal upon maturity of such securities. These “credit risks” are reflected in the credit ratings assigned to fixed income securities by organizations such as Moody’s, S&P or Fitch and may cause the price of a fixed income security to decline and may affect liquidity for the security. Normally, fixed income securities with lower credit ratings will have higher yields than fixed income securities with the highest credit ratings, reflecting the relatively greater risk of fixed income securities with lower credit ratings.
|
|
•
|
Maturity Risk
– Maturity risk is another factor that can affect the value of the Fund’s fixed income security holdings. In general, but not in all cases, the longer the maturity of a fixed income security, the higher its yield and the greater its price sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. The Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.
|
|
•
|
Risks Related to Other Equity Securities
– In addition to common stocks, the equity securities in the Fund’s portfolio may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.
|
|
•
|
Risks of Investments in Other RICs
– To the extent that it invests in other RICs, the Fund incurs greater expenses, such as its own management fees and other operating expenses, than an investor would incur who invested directly in the RICs. The Fund’s investments in other RICs are subject to all of the underlying risks of such RICs. These include such general risks as market risk and management risk. In addition to these risks, the Fund’s investment in a closed-end fund or ETF is subject to the risk that the closed-end fund or ETF may trade at prices significantly different from its net asset value. Investments in a closed-end fund may be subject to liquidity risk (that is, the potential that the Fund may be unable to dispose of the closed-end fund shares promptly or at a reasonable price).
|
Highest:
|
13.20% (quarter ended March 31, 2012)
|
Lowest:
|
-5.34% (quarter ended June 30, 2012)
|
Average Annual Total Returns
for Periods Ended December 31, 2012
|
One Year
|
Since
Inception
(July 8,
2011)
|
CM Advisors Small Cap Value Fund – Class C shares
|
||
Return Before Taxes
|
17.36%
|
2.23%
|
Return After Taxes on Distributions
|
17.01%
|
1.77%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
11.64%
|
1.74%
|
Russell 2000
®
Value Index
(reflects no deduction for fees, expenses or taxes)
|
18.05%
|
3.18%
|
Name
|
Title with the Advisor
|
Length of Service
to the Fund
|
James D. Brilliant
|
Chief Financial Officer,
Co-Chief Investment Officer
and Portfolio Manager
|
Since the Fund’s inception
on April 15, 2011
|
Stephen W. Shipman
|
Portfolio Manager
|
Since October 17, 2011
|
|
•
|
Complete and sign the account application.
|
|
•
|
Enclose a check payable to the “CM Advisors Small Cap Value Fund”; please reference Class C shares to ensure proper crediting to your account.
|
|
•
|
Mail the application and the check to the Transfer Agent at the following address:
|
|
•
|
By sending a check, made payable to the “CM Advisors Small Cap Value Fund”, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246-0707. Be sure to note your account number on the memo line of your check. The shareholder will be responsible for any fees incurred or losses suffered by the Fund as a result of any check returned for insufficient funds.
|
|
•
|
By wire transfer from your financial institution as described under “Opening an Account – By Wire Transfer.” Shareholders should call the Transfer Agent at 1-888-859-5856 before wiring funds.
|
|
•
|
Through your brokerage firm or other financial institution.
|
|
•
|
Name;
|
|
•
|
Date of birth (for individuals);
|
|
•
|
Residential or business street address (although post office boxes are still permitted for mailing); and
|
|
•
|
Social security number, taxpayer identification number, or other identifying number.
|
|
Year Ended
February 28,
2013
|
Period Ended
February 29,
2012
(a)
|
||||||
Net asset value at beginning of period
|
$ | 9.79 | $ | 10.29 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income (loss)
|
0.03 | (0.06 | ) | |||||
Net realized and unrealized gains (losses) on investments
|
1.54 | (0.32 | ) | |||||
Total from investment operations
|
1.57 | (0.38 | ) | |||||
Less distributions:
|
||||||||
Distributions from net investment income
|
(0.04 | ) | — | |||||
Distributions in excess of net investment income
|
(0.00 | ) (b) | — | |||||
Distributions from net realized gains
|
(0.14 | ) | (0.12 | ) | ||||
Total distributions
|
(0.18 | ) | (0.12 | ) | ||||
Net asset value at end of period
|
$ | 11.18 | $ | 9.79 | ||||
Total return
(c)
|
16.22% | (3.60% | ) (d) | |||||
Ratios and supplemental data:
|
||||||||
Net assets at end of period (000’s)
|
$ | 112 | $ | 96 | ||||
Ratio of total expenses to average net assets
|
30.80% | 34.77% | (e) | |||||
Ratio of net expenses to average net assets
(f)
|
2.25% | 2.25% | (e) | |||||
Ratio of net investment income (loss) to average net assets
(f)
|
0.32% | (0.96% | ) (e) | |||||
Portfolio turnover rate
|
44% | 44% | (d)(g) |
(a)
|
Represents the period from commencement of operations (July 8, 2011) through February 29, 2012.
|
(b)
|
Amount rounds to less than $0.01 per share.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
(f)
|
Ratio was determined after investment advisory fee waivers and expense reimbursements.
|
(g)
|
Represents the period from April 15, 2011 (the commencement of operations of Class I shares) through February 29, 2012.
|
Rev. June 2010
Privacy Notice
|
|||
FACTS
|
WHAT DOES THE CM ADVISORS FAMILY OF FUNDS DO WITH YOUR PERSONAL INFORMATION?
|
||
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
§
Social Security number
§
Assets
§
Retirement Assets
§
Transaction History
§
Checking Account Information
§
Purchase History
§
Account Balances
§
Account Transactions
§
Wire Transfer Instructions
When you are
no longer
our customer, we continue to share your information as described in this notice.
|
||
How?
|
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the CM Advisors Family of Funds chooses to share; and whether you can limit this sharing.
|
||
Reasons we can share your personal information
|
Does the CM
Advisors
Family of
Funds share?
|
Can you limit
this sharing?
|
|
For our everyday business purposes –
Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes –
to offer our products and services to you
|
No
|
We don’t share
|
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your transactions and experiences
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your creditworthiness
|
No
|
We don’t share
|
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
Call 1-888-859-5856
|
Page 2
|
Who we are
|
|
Who is providing this notice?
|
CM Advisors Family of Funds
Ultimus Fund Distributors, LLC (Distributor)
Ultimus Fund Solutions, LLC (Administrator)
|
What we do
|
|
How does the CM Advisors Family of Funds protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
|
How does the CM Advisors Family of Funds collect my personal information?
|
We collect your personal information, for example, when you
§
Open an account
§
Provide account information
§
Give us your contact information
§
Make deposits or withdrawals from your account
§
Make a wire transfer
§
Tell us where to send the money
§
Tell us who receives the money
§
Show your government-issued ID
§
Show your driver’s license
We also collect your personal information from other companies.
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
§
Sharing for affiliates’ everyday business purposes – information about your creditworthiness
§
Affiliates from using your information to market to you
§
Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§
Van Den Berg Management I, Inc. (d/b/a CM Fund Advisors), the investment advisor to the CM Advisors Family of Funds, could be deemed to be an affiliate.
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§
The CM Advisors Family of Funds does not share with nonaffiliates so they can market to you.
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§
The CM Advisors Family of Funds does not jointly market.
|
INVESTMENT POLICIES AND RISKS
|
1
|
INVESTMENT RESTRICTIONS
|
16
|
PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION
|
19
|
DESCRIPTION OF THE TRUST
|
21
|
BOARD OF TRUSTEES, EXECUTIVE OFFICERS AND PRINCIPAL SHAREHOLDERS
|
23
|
MANAGEMENT AND ADMINISTRATION
|
30
|
CODE OF ETHICS
|
35
|
ANTI-MONEY LAUNDERING PROGRAM
|
35
|
PROXY VOTING POLICIES
|
35
|
DISCLOSURE OF PORTFOLIO HOLDINGS
|
36
|
PURCHASES, REDEMPTIONS AND SPECIAL SHAREHOLDER SERVICES
|
38
|
NET ASSET VALUE
|
40
|
ADDITIONAL TAX INFORMATION
|
42
|
ADDITIONAL INFORMATION ON PERFORMANCE
|
46
|
FINANCIAL STATEMENTS
|
49
|
APPENDIX A - Description of Ratings
|
50
|
APPENDIX B – Proxy Voting Policies
|
55
|
Fund
|
Fiscal Year Ended
February 28, 2013
|
Fiscal Year Ended
February 29, 2012
|
Fiscal Year Ended
February 28, 2011
|
||
Advisors Fund
|
$17,324
|
$19,889
|
$12,092
|
||
Small Cap Value Fund
|
$2,390
|
$7,590
|
n/a
|
||
Fixed Income Fund
|
$0
|
$63
|
$0
|
Fund
|
Fiscal Year Ended
February 28, 2013
|
Fiscal Year Ended
February 29, 2012
|
Advisors Fund
|
32%
|
45%
|
Small Cap Value Fund
|
44%
|
44%
|
Fixed Income Fund
|
23%
|
25%
|
Name, Address and Age
|
Position(s)
Held with
Trust
|
Length
of
Service
|
Principal Occupation(s)
During Past 5 Years
|
Number
of Funds
in the
Trust
Overseen
|
Other Directorships
of Public
Companies Held
During Past 5 Years
|
Independent Trustees
|
|||||
Brian R. Bruce
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
Year of birth: 1955
|
Trustee
|
Since 5/2003
|
Mr. Bruce has been a Chief Executive Officer of Hillcrest Asset Management LLC, an institutional asset manager, since September 2007 and was a professor at Southern Methodist University from September 2006 to August 2011.
|
4
|
Mr. Bruce serves as an independent trustee of six series of the Dreman Contrarian Funds, a registered management investment company.
|
Mark F. Ivan
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
Year of birth: 1956
|
Trustee
|
Since 5/2003
|
Mr. Ivan has been the President of Ivan Capital Management, Inc. since June 1996.
|
4
|
None
|
Richard M. Lewis
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
Year of birth: 1959
|
Trustee
|
Since 5/2003
|
Mr. Lewis has been the Chief Financial Officer of Worldcall, Inc., a voice over internet protocol telecom company, since May 2004 and Chief Financial Officer of USFon Inc., a non-profit telecommunication and information services company, since July 2012.
|
4
|
None
|
A. Zorel Paritzky, M.D.
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
Year of birth: 1942
|
Trustee
|
Since 5/2003
|
Dr. Paritzky was a physician with Cardiac Associates Medical Group, Inc. from 1974 to 2006. He retired from active clinical practice in December 2006.
|
4
|
None
|
William R. Reichenstein, Ph.D.
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
Year of birth: 1952
|
Trustee
|
Since 5/2003
|
Dr. Reichenstein has been a professor at Baylor University since 1990. He is currently the professor of Finance and the Pat and Thomas R. Powers Chair in Investment Management
– Finance, Insurance and Real Estate.
|
4
|
Dr. Reichenstein serves as an independent trustee of five series of the Epiphany Funds, a registered management investment company.
|
Interested Trustees* and Executive Officers
|
|||||
Arnold Van Den Berg**
805 Las Cimas Parkway, Suite 430 Austin, Texas 78746
Year of birth: 1939
|
Trustee, Chairman, President
|
Since 11/2002
|
Mr. Van Den Berg is the founder, Chief Executive Officer, Co-Chief Investment Officer and Chairman of the Board of the Advisor and a member of the Advisor’s investment committee. Previously, he served as President of the Advisor until 2011. He has been a portfolio manager for the Advisor since 1974. He was a general partner of TL Partners, L.P., a limited partnership investing in real estate, from 1993 to 2007.
|
4
|
None
|
James D. Brilliant**
805 Las Cimas Parkway, Suite 430 Austin, Texas 78746
Year of birth: 1966
|
Trustee, Treasurer
|
Since 5/2003
|
Mr. Brilliant is Co-Chief Investment Officer, Chief Financial Officer and Portfolio Manager of the Advisor and a member of the Advisor’s investment committee. Previously, he served as Vice President and Senior Research Analyst of the Advisor until 2011. He has been with the Advisor since 1986 and is a Chartered Financial Analyst (CFA).
|
4
|
None
|
Scott Van Den Berg**
805 Las Cimas Parkway, Suite 430 Austin, Texas 78746
Year of birth: 1967
|
Trustee, Secretary
|
Since 5/2003
|
Mr. Van Den Berg is President and Chief Operating Officer of the Advisor and a member of the Advisor’s investment committee. Previously, he served as Vice President and Director of Client Services of the Advisor until 2011. He has been with the firm since 1992 and is a Certified Financial Planner (CFP) and a Chartered Retirement Plan Specialist (CRPS).
|
4
|
None
|
Aaron S. Buckholtz
805 Las Cimas Parkway, Suite 430 Austin, Texas 78746
Year of birth: 1963
|
Trustee
|
Since 5/2003
|
Mr. Buckholtz is Vice President, Senior Trader and Portfolio Manager of the Advisor and a member of the Advisor’s investment committee. He has been with the firm since 1990 and is a Chartered Financial Analyst (CFA).
|
4
|
None
|
Sean M. Golliher 805 Las Cimas Parkway, Suite 430 Austin, Texas 78746
Year of birth: 1969
|
Chief Compliance Officer
|
Since 1/2012
|
Mr. Golliher is Chief Compliance Officer, Accounting and Reporting Team Manager of the Advisor. He has been with the firm since 2002.
|
N/A
|
N/A
|
*
|
Each of the Interested Trustees is an Interested Trustee because he is an officer and employee of the Advisor.
|
**
|
Arnold Van Den Berg and Scott Van Den Berg are related as father and son, respectively. James Brilliant is the son-in-law of Arnold Van Den Berg and the brother-in-law of Scott Van Den Berg.
|
Name of Trustee
|
Dollar Range of Shares of the
Funds Owned by Trustee
|
Aggregate Dollar Range of Shares
of All Funds in Fund Complex*
Overseen By Trustee
|
|
Independent Trustees
|
|||
Brian R. Bruce
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
A
A
A
|
A
|
Mark F. Ivan
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
A
A
A
|
A
|
Richard M. Lewis
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
A
A
A
|
A
|
A. Zorel Paritzky, M.D.
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
A
A
A
|
A
|
William R. Reichenstein, Ph.D.
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
A
A
A
|
A
|
Interested Trustees
|
|||
Arnold Van Den Berg
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
E
E
E
|
E
|
James D. Brilliant
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
E
E
E
|
E
|
Scott Van Den Berg
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
E
E
E
|
E
|
Aaron S. Buckholtz
|
CM Advisors Fund:
CM Advisors Fixed Income Fund:
CM Advisors Small Cap Value Fund:
|
E
C
E
|
E
|
*
|
The Fund Complex consists of the Funds and the CM Advisors Micro Cap Value Fund.
|
Name of Trustee
|
Aggregate
Compensation
From the Funds
|
Pension or Retirement
Benefits Accrued As
Part of Fund Expenses
|
Estimated
Annual Benefits
Upon
Retirement
|
Total Compensation From the Funds and Fund Complex Paid to Trustees
|
Independent Trustees
|
||||
Brian R. Bruce
|
$22,000
|
None
|
None
|
$22,000
|
Mark F. Ivan
|
$22,000
|
None
|
None
|
$22,000
|
Richard M. Lewis
|
$22,000
|
None
|
None
|
$22,000
|
A. Zorel Paritzky, M.D.
|
$22,000
|
None
|
None
|
$22,000
|
William R. Reichenstein, Ph.D.
|
$22,000
|
None
|
None
|
$22,000
|
Interested Trustees
|
||||
Arnold Van Den Berg
|
None
|
None
|
None
|
None
|
James D. Brilliant
|
None
|
None
|
None
|
None
|
Scott Van Den Berg
|
None
|
None
|
None
|
None
|
Aaron S. Buckholtz
|
None
|
None
|
None
|
None
|
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership |
Charles Schwab & Co., Inc
Special Custody A/C FBO Customers
Attn: Mutual Funds Dept
101 Montgomery Street
San Francisco, California 94104
|
2,880,013.301 shares | 27.05%* |
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership
|
The Van Den Berg Family
Holdings LT
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
|
9,592.482 shares
|
66.52%**
|
Charles Schwab & Co., Inc.
Special Custody A/C FBO Customers
Attn: Mutual Funds Dept
101 Montgomery Street
San Francisco, California 94104
|
4,827.924 shares
|
33.48%*
|
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership
|
Charles Schwab & Co., Inc.
Special Custody A/C FBO Customers
Attn: Mutual Funds Dept
101 Montgomery Street
San Francisco, California 94104
|
820,980.523 shares
|
83.31%*
|
Century Management
805 Las Cimas Parkway #430
Austin, Texas 78746
|
104,187.751 shares
|
10.57%**
|
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership
|
Charles Schwab & Co., Inc.
Special Custody A/C FBO Customers
Attn: Mutual Funds Dept
101 Montgomery Street
San Francisco, California 94104
|
21,292.047 shares
|
67.84%*
|
The Van Den Berg Family
Holdings LT
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
|
10,095.163 shares
|
32.16%**
|
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership
|
The Van Den Berg Family
Holdings LT
805 Las Cimas Parkway, Suite 430
Austin, Texas 78746
|
10,021.116 shares
|
100.00%**
|
Name and Address
of Record Owner
|
Amount
of Ownership
|
Percentage Ownership
|
Charles Schwab & Co., Inc.
Special Custody A/C FBO Customers
Attn: Mutual Funds Dept
101 Montgomery Street
San Francisco, California 94104
|
4,965,519.431 shares
|
49.80%*
|
*
|
The Funds believe that such entity does not have a beneficial interest of such shares.
|
**
|
M
ay be deemed to “control” the applicable Fund or Class, as defined by applicable SEC regulations, as a result of being the record owner of more than 25% of the outstanding shares.
|
Management
Fees Accrued
|
Management
Fee Waivers and/or
Expense
Reimbursements
|
Net Advisory
Fees Received
by Advisor
|
|
Fiscal Year Ended February 28, 2013
|
$1,229,505
|
$48,367
|
$1,181,138
|
Fiscal Year Ended February 29, 2012
|
$1,578,828
|
$71,183
|
$1,507,645
|
Fiscal Year Ended February 28, 2011
|
$1,677,297
|
$25,532
|
$1,651,765
|
Management
Fees Accrued
|
Management
Fee Waivers
|
Operating
Expense
Reimbursements
|
Net Advisory
Fees
Received
by Advisor
|
|
Fiscal Year Ended February 28, 2013
|
$97,350
|
$97,350
|
$119,103
|
$0
|
Fiscal Period Ended February 29, 2012
|
$47,949
|
$47,949
|
$134,009
|
$0
|
Fiscal Year Ended February 28, 2011
|
n/a
|
n/a
|
n/a
|
n/a
|
Name of Portfolio Manager
|
Dollar Range of
Shares of the
Advisors Fund
|
Dollar Range of
Shares of the
Fixed Income
Fund
|
Dollar Range of
Shares of the
Small Cap Value
Fund
|
Arnold Van Den Berg
|
G
|
G
|
G
|
James D. Brilliant
|
G
|
G
|
G
|
Stephen W. Shipman
|
C
|
A
|
A
|
David K. Woytek
|
D
|
E
|
A
|
|
--
|
prepares and assembles reports required to be sent to the Funds’ shareholders and arranges for the printing and dissemination of such reports;
|
|
--
|
assembles reports required to be filed with the SEC and files such completed reports with the SEC;
|
|
--
|
arranges for the dissemination to shareholders of the Funds’ proxy materials and oversees the tabulation of proxies;
|
--
|
files the Funds’ federal income and excise tax returns and the Funds’ state and local tax returns;
|
|
--
|
assists in monitoring compliance of each Fund’s operations with the 1940 Act and with its investment policies and limitations; and
|
|
--
|
makes such reports and recommendations to the Board of Trustees as the Board reasonably requests or deems appropriate.
|
Administration
|
Fund Accounting
|
Transfer Agent
|
|
Fiscal Year Ended February 28, 2013
|
$98,579
|
$71,321
|
$41,727
|
Fiscal Year Ended February 29, 2012
|
$102,714
|
$44,838
|
$44,038
|
Fiscal Year Ended February 28, 2011
|
$106,712
|
$37,343
|
$30,520
|
Administration
|
Fund Accounting
|
Transfer Agent
|
|
Fiscal Year Ended February 28, 2013
|
$24,000
|
$36,977
|
$39,000
|
Fiscal Period Ended February 29, 2012
|
$21,000
|
$29,483
|
$27,000
|
Fiscal Year Ended February 28, 2011
|
n/a
|
n/a
|
n/a
|
Administration
|
Fund Accounting
|
Transfer Agent
|
|
Fiscal Year Ended February 28, 2013
|
$80,846
|
$34,104
|
$18,000
|
Fiscal Year Ended February 29, 2012
|
$ 70,162
|
$32,776
|
$18,000
|
Fiscal Year Ended February 28, 2011
|
$ 51,608
|
$30,450
|
$18,000
|
Name of
Rating or Ranking Group
|
Information Provided
|
Timing of Release
and Conditions or Restrictions on Use
|
Receipt of Compensation
or other Consideration by the Fund or Affiliated Party
|
Morningstar, Inc.
|
CUSIP, description, shares/par, market value
|
Provided quarterly, with a 60-day lag. No formal conditions or restrictions.
|
None
|
Lipper
|
CUSIP, description, shares/par, market value
|
Provided quarterly, with a 60-day lag. No formal conditions or restrictions. Lipper indicates that it will not trade based on the Funds’ portfolio information, and it prohibits its employees from any such trading.
|
None
|
Bloomberg L.P.
|
CUSIP, description, shares/par, market value
|
Provided quarterly, with a 60-day lag. No formal conditions or restrictions. Bloomberg indicates that it requires all employees to sign confidentiality agreements acknowledging all information received during their employment must be used for legitimate business purposes only.
|
None
|
Standard & Poors, Inc.
|
CUSIP, description, shares/par, market value
|
Provided quarterly, with a 60-day lag. No formal conditions or restrictions. S&P indicates that its employees are required to follow a code of business conduct that prohibits them from using portfolio information for anything other than performing their job responsibilities, and S&P employees must certify annually that they have followed this code of business conduct.
|
None
|
Thomson Reuters
|
CUSIP, description, shares/par, market value
|
Provided quarterly, with a 60-day lag. No formal conditions or restrictions. Thomson Financial indicates that it requires all employees to sign confidentiality agreements acknowledging that all information received during their employment must be used for legitimate business purposes only.
|
None
|
·
|
Securities that are listed on a securities exchange are valued at the last quoted sales price at the time the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded.
|
·
|
Securities traded on a foreign stock exchange are generally valued based upon the closing price on the principal exchange where the security is traded.
|
·
|
Securities that are listed on an exchange and which are not traded on the valuation date are valued at the closing bid price.
|
·
|
Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price.
|
·
|
Futures contracts are generally valued at the last quoted sales price on the applicable valuation date.
|
·
|
Foreign securities are translated from the local currency into U.S. dollars using currency exchange rates supplied by a pricing quotation service, if available, otherwise based on the mean of the current bid and ask prices of such currency as last quoted by any recognized dealer or major banking institution.
|
·
|
Unlisted securities for which market quotations are readily available are valued at the latest quoted sales price, if available, at the time of valuation, otherwise, at the latest quoted bid price.
|
·
|
Securities with maturities of 60 days or less will be valued at amortized cost, which approximate market value.
|
·
|
Securities for which no current quotations are readily available are valued at fair value as determined in good faith using methods approved by the Trustees. Securities may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities.
|
·
|
Securities may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities.
|
Advisors Fund
|
||||
Expires February 28, 2017
|
$ | 8,868,813 | ||
Expires February 28, 2018
|
$ | 30,960,235 | ||
No expiration – short term
|
$ | 161,627 | ||
$ | 39,990,675 |
Where
|
P = a hypothetical initial payment of $1,000
|
Where
|
P = a hypothetical initial payment of $1,000
|
|
ATV
D
=
|
ending redeemable value of a hypothetical initial payment of $1,000, after taxes on fund distributions but not after taxes on redemption
|
Where
|
P = a hypothetical initial payment of $1,000
|
|
ATV
D
R
=
|
ending redeemable value of a hypothetical initial payment of $1,000, after taxes on fund distributions and redemption
|
One Year
|
Five Years
|
Since Inception
|
Inception Date
|
|
CM Advisors Fund-Class I shares
|
11.61%
|
4.34%
|
3.92%
|
May 13, 2003
|
CM Advisors Fund-Class R shares
|
11.38%
|
n/a
|
8.00%
|
July 8, 2011
|
One
Year
|
Since Inception
|
Inception Date
|
|
CM Advisors Small Cap Value Fund-Class I shares
|
17.42%
|
8.84%
|
April 15, 2011
|
CM Advisors Small Cap Value Fund-Class C shares
|
16.22%
|
7.16%
|
July 8, 2011
|
CM Advisors Small Cap Value Fund-Class R shares
|
17.11%
|
7.99%
|
July 8, 2011
|
One Year
|
Five Years
|
Since Inception
(March 24, 2006)
|
|
CM Advisors Fixed Income Fund
|
1.83%
|
5.80%
|
6.97%
|
Where
|
A = dividends and interest earned during the period
|
|
C = average daily number of shares outstanding during the period that were entitled to receive dividends
|
·
|
Lipper
ranks funds in various fund categories by making comparative calculations using total return. Total return assumes the reinvestment of all capital gains distributions and income dividends and takes into account any change in net asset value over a specific period of time.
|
·
|
Morningstar, Inc.
, an independent rating service, rates mutual funds of all types according to their risk-adjusted returns. The maximum rating is five stars, and ratings are effective for one month.
|
(1)
|
the Trust’s Proxy Voting and Disclosure Policy and
|
(2)
|
the Advisor’s Proxy Voting and Disclosure Policy, including a detailed description of the Advisor’s specific proxy voting guidelines.
|
I.
|
Introduction
|
II.
|
Specific Proxy Voting Policies and Procedures
|
|
A.
|
General
|
|
B.
|
Delegation to Fund’s Advisor
|
|
(1)
|
to make the proxy voting decisions for each Fund; and
|
|
(2)
|
to assist each Fund in disclosing the Fund’s proxy voting record as required by Rule 30b1-4 under the Investment Company Act, including providing the following information for each matter with respect to which the Fund was entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Fund cast its vote; and (d) whether the Fund cast its vote for or against management.
|
|
C.
|
Conflicts
|
III.
|
Fund Disclosure
|
|
A.
|
Disclosure of Fund Policies and Procedures With Respect to Voting Proxies Relating to Portfolio Securities
|
|
B.
|
Disclosure of the Fund’s Complete Proxy Voting Record
|
|
(1)
|
The name of the issuer of the portfolio security;
|
|
(2)
|
The exchange ticker symbol of the portfolio security (if available through reasonably practicable means);
|
|
(3)
|
The Council on Uniform Security Identification Procedures (“CUSIP”) number for the portfolio security (if available through reasonably practicable means);
|
|
(4)
|
The shareholder meeting date;
|
|
(5)
|
A brief identification of the matter voted on;
|
|
(6)
|
Whether the matter was proposed by the issuer or by a security holder;
|
|
(7)
|
Whether the Fund cast its vote on the matter;
|
|
(8)
|
How the Fund cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and
|
|
(9)
|
Whether the Fund cast its vote for or against management.
|
IV.
|
Recordkeeping
|
(i)
|
A copy of this Policy;
|
(ii)
|
Proxy statements received regarding each Fund’s securities;
|
(iii)
|
Records of votes cast on behalf of each Fund; and
|
(iv)
|
A record of each shareholder request for proxy voting information and the Fund’s response, including the date of the request, the name of the shareholder, and the date of the response.
|
V.
|
Proxy Voting Committee
|
|
A.
|
General
|
|
B.
|
Powers and Methods of Operation
|
VI.
|
Other
|
I.
|
Introduction
|
II.
|
Specific
Proxy Voting Policies and Procedures
|
|
A.
|
General
|
|
Advisor believes that each proxy proposal should be individually reviewed to determine whether the proposal is in the best interests of its clients. As a result, similar proposals for different companies may receive different votes because of different corporate circumstances.
|
|
B.
|
Procedures
|
|
To implement Advisor’s proxy voting policies, Advisor has developed the following procedures for voting proxies.
|
|
1.
|
Upon receipt of a corporate proxy by Advisor, the special or annual report and the proxy are submitted to Advisor’s proxy voting manager (the “Proxy Manager”), currently James Brilliant, Co-CIO, Portfolio Manager. Mr. Brilliant shall deliver or have his secretary deliver the proxy materials to the specific analyst following the company. It shall be the responsibility of the analyst assigned to follow the company to review each proxy proposal to determine how to vote each question in the best interest of Century Management’s clients. After determining how best to vote the proxy the information shall be returned to either Jim Brilliant or Aaron Buckholtz for a final review.
|
|
2.
|
Jim Brilliant or Aaron Buckholtz, Head of Trading, shall review the proxy materials and the analyst’s rationale for voting the proxies in a particular manner. The reviewer shall take into consideration how to vote the proxy in the best interests of clients and the provisions of Advisor’s Voting Guidelines in Section C below. If in agreement and after a decision has been reached, a list of the proxy proposal questions and answers shall be delivered to the Executive Secretary (Anette Brewster) to vote the proxies.
|
|
3.
|
The Proxy Manager or person directed by the Proxy Manager shall be responsible for maintaining copies of each annual report, proposal, proposal summary, actual vote, and any other information required to be maintained for a proxy vote under Rule 204-2 of the Advisers Act (see discussion in Section V below) or (for the Funds) under Rule 30b1-4 of the Investment Company Act. With respect to proxy votes on topics deemed, in the opinion of the Proxy Manager, to be controversial or particularly sensitive, the Proxy Manager will provide a written explanation for the proxy vote which will be maintained with the record of the actual vote in Advisor’s files.
|
|
C.
|
Absence of Proxy Manager
|
III.
|
Voting Guidelines
|
|
While Advisor’s policy is to review each proxy proposal on its individual merits, Advisor has adopted guidelines for certain types of matters to assist the Proxy Manager in the review and voting of proxies. These guidelines are set forth below:
|
|
A.
|
Corporate Governance
|
|
1.
|
Election of Directors and Similar Matters
|
|
In an uncontested election,
Advisor
will generally vote in favor of management’s proposed directors. In a contested election,
Advisor
will
|
|
evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company’s Board of Directors, Advisor will review any contested proposal on its merits.
|
|
Notwithstanding the foregoing, Advisor expects to
support
proposals that fairly align management, employees and the Board of Directors with those of shareholders:
|
|
·
|
Generally voting against cumulative voting as a result of a classified board structure prevents shareholders from electing a full slate of directors at annual meetings; and
|
|
·
|
Limit directors’ liability and broaden directors’ indemnification rights;
|
|
·
|
Adopt the use of cumulative voting; and
|
|
·
|
Add special interest directors to the board of directors (e.g., efforts to expand the board of directors to control the outcome of a particular decision).
|
|
2.
|
Audit Committee Approvals
|
|
3.
|
Shareholder Rights
|
|
Advisor may consider all proposals that will have a material effect on shareholder rights on a case-by-case basis.
Notwithstanding the foregoing, Advisor expects to generally
support
proposals to:
|
|
·
|
Adopt confidential voting and independent tabulation of voting results; and
|
|
·
|
Require shareholder approval of poison pills;
|
|
·
|
Adopt super-majority voting requirements; and
|
|
·
|
Restrict the rights of shareholders to call special meetings, amend the bylaws or act by written consent.
|
|
4.
|
Anti-Takeover Measures, Corporate Restructurings and Similar Matters
|
|
Advisor may review any
proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of
|
incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company’s stock.
|
|
·
|
Prohibit the payment of greenmail (i.e., the purchase by the company of its own shares to prevent a hostile takeover);
|
|
·
|
Adopt fair price requirements (i.e., requirements that all shareholders be paid the same price in a tender offer or takeover context), unless the Proxy Manager deems them sufficiently limited in scope; and
|
|
·
|
Require shareholder approval of “poison pills.”
|
|
·
|
Adopt classified boards of directors;
|
|
·
|
Reincorporate a company where the primary purpose appears to the Proxy Manager to be the creation of takeover defenses; and
|
|
·
|
Require a company to consider the non-financial effects of mergers or acquisitions.
|
|
5.
|
Capital Structure Proposals
|
|
·
|
Eliminate preemptive rights.
|
|
B.
|
Compensation
|
|
Advisor generally supports proposals that encourage the disclosure of a company’s compensation policies. In addition, Advisor generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. Advisor may consider any contested proposal related to a company’s compensation policies on a case-by-case basis.
|
|
·
|
Require shareholders approval of golden parachutes; and
|
|
·
|
Adopt golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable executives.
|
|
·
|
Adopt measures that appear to the Proxy Manager to arbitrarily limit executive or employee benefits.
|
|
·
|
Establish or continue stock option plans and share issuances that are not in the best interest of the shareholders.
|
|
C.
|
Corporate Responsibility and Social Issues
|
|
Advisor generally believes that ordinary business matters (including, without limitation, positions on corporate responsibility and social issues) are primarily the responsibility of a company’s management that should be addressed solely by the company’s management. Accordingly, Advisor will generally abstain from voting on proposals involving corporate responsibility and social issues. Notwithstanding the foregoing, Advisor may vote against corporate responsibility and social issue proposals that Advisor believes will have substantial adverse economic or other effects on a company, and Advisor may vote for corporate responsibility and social issue proposals that Advisor believes will have substantial positive economic or other effects on a company.
|
III.
|
Conflicts
|
IV.
|
Advisor
Disclosure of How to Obtain Voting Information
|
VI.
|
Recordkeeping
|
|
Advisor shall keep the following records for a period of at least five years, the first two in an easily accessible place:
|
|
(i)
|
A copy of this Policy;
|
|
(ii)
|
Proxy Statements received regarding client securities;
|
|
(iii)
|
Records of votes cast on behalf of clients;
|
|
(iv)
|
Any documents prepared by Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision;
|
|
(v)
|
Records of client requests for proxy voting information, and
|
|
(vi)
|
With respect to the Fund, a record of each shareholder request for proxy voting information and the Fund’s response, including the date of the request, the name of the shareholder, and the date of the response.
|
PART C.
|
OTHER INFORMATION
|
ITEM 28.
|
Exhibits
|
|
(a)
|
Amended and Restated Agreement and Declaration of Trust ("Trust Instrument") for the CM Advisors Family of Funds ("Registrant")
1
|
|
(b)
|
Amended and Restated By-Laws for the Registrant
1
|
|
(c)
|
Articles III, V, and VI of the Trust Instrument, Exhibit 23(a) hereto, defines the rights of holders of the securities being registered.
|
|
(d)(1)
|
Investment Advisory Agreement between the Registrant and Van Den Berg Management, Inc. d/b/a CM Fund Advisers ("Advisor"), as advisor to the CM Advisors Fund
1
|
(i)
|
First Amendment to the Investment Advisory Agreement between the Registrant and the Advisor, as advisor to the CM Advisors Fund
9
|
|
(d)(2)
|
Investment Advisory Agreement between the Registrant and the Advisor, as advisor to the CM Advisors Fixed Income Fund
2
|
|
(d)(3)
|
Investment Advisory Agreement between the Registrant and the Advisor, as advisor to the CM Advisors Small Cap Value Fund (formerly the CM Advisors Value Fund)
7
|
|
(d)(4)
|
Form of Investment Advisory Agreement between the Registrant and the Advisor, as advisor to the CM Advisors Micro Cap Value Fund
10
|
|
(e)
|
Distribution Agreement between the Registrant and Ultimus Fund Distributors, LLC (“Distributor”)
9
|
|
(f)
|
Not applicable
|
|
(g)(1)
|
Custody Agreement between the Registrant and U.S. Bank, N.A.
3
|
|
(g)(2)
|
First Amendment to Custody Agreement
7
|
|
(g)(3)
|
Second Amendment to Custody Agreement – Filed herewith
|
|
(h)(1)
|
Second Amended and Restated Expense Limitation Agreement between the Registrant and the Advisor for the CM Advisors Fund
8
|
|
(h)(2)
|
Second Amended and Restated Expense Limitation Agreement between the Registrant and the Advisor for the CM Advisors Fixed Income Fund
8
|
|
(h)(3)
|
Expense Limitation Agreement between the Registrant and the Advisor for the CM Advisors Small Cap Value Fund (formerly the CM Advisors Value Fund)
7
|
(h)(4)
|
Form of Expense Limitation Agreement between the Registrant and the Advisor for the CM Advisors Micro Cap Value Fund
10
|
(h)(5)
|
Administration Agreement between the Registrant and Ultimus Fund Solutions, LLC
3
|
|
(h)(6)
|
Fund Accounting Agreement between the Registrant and Ultimus Fund Solutions, LLC
3
|
|
(h)(7)
|
Transfer Agent and Shareholder Services Agreement between the Registrant and Ultimus Fund Solutions, LLC
3
|
|
(i)
|
Opinion and Consent of Kilpatrick Stockton LLP regarding the legality of securities registered with respect to the Registrant
1
|
|
(j)
|
Consent of Independent Registered Public Accounting Firm – Filed herewith
|
|
(k)
|
Not applicable
|
|
(l)
|
Initial Subscription Agreement
1
|
|
(m)(1)
|
Plan of Distribution Pursuant to Rule 12b-1 for the CM Advisors Fund
8
|
|
(m)(2)
|
Plan of Distribution Pursuant to Rule 12b-1 for the CM Advisors Small Cap Value Fund
8
|
|
(m)(3)
|
Form of Plan of Distribution Pursuant to Rule 12b-1 for the CM Advisors Micro Cap Value Fund
10
|
|
(n)
|
Rule 18f-3 Multi-Class Plan
8
|
|
(o)
|
Reserved
|
|
(p)(1)
|
Code of Ethics of the Registrant
4
|
|
(p)(2)
|
Code of Ethics of the Advisor
5
|
|
(p)(3)
|
Code of Ethics of Ultimus Fund Distributors, LLC
9
|
|
Other
|
Powers of Attorney
10
|
1.
|
Incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 on Form N-1A filed on May 12, 2003
|
2.
|
Incorporated herein by reference to the Registrant's Post-Effective Amendment No. 5 on Form N-1A filed on March 15, 2006
|
3.
|
Incorporated herein by reference to the Registrant's Post-Effective Amendment No. 7 on Form N-1A filed on June 29, 2007
|
4.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 8 on Form N-1A filed on June 27, 2008
|
5.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 9 on Form N-1A filed on June 26, 2009
|
6.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 10 on Form N-1A filed on April 29, 2010
|
7.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 13 on Form N-1A filed on April 29, 2011
|
8.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 14 on Form N-1A filed on June 28, 2011
|
9.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 16 on Form N-1A filed on June 28, 2012
|
10.
|
Incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 18 on Form N-1A filed on September 14, 2012
|
ITEM 29.
|
Persons Controlled by or Under Common Control with the Registrant
|
ITEM 30.
|
Indemnification
|
ITEM 31.
|
Business and other Connections of the Investment Adviser
|
ITEM 32.
|
Principal Underwriter
|
(a)
|
The Distributor also acts as the principal underwriter for the following other open-end investment companies:
|
ITEM 33.
|
Location of Accounts and Records
|
ITEM 34.
|
Management Services Not Discussed in Parts A or
B
|
None.
|
|
ITEM 35.
|
Undertakings
|
None.
|
|
CM ADVISORS FAMILY OF FUNDS
|
|||
By:
|
/s/ Arnold Van Den Berg
|
||
Arnold Van Den Berg, President
|
Date
|
||||||
/s/ Arnold Van Den Berg
|
June 27, 2013
|
|||||
Arnold Van Den Berg, Trustee and President
|
||||||
/s/ James D. Brilliant
|
June 27, 2013
|
|||||
James D. Brilliant, Trustee and Treasurer
|
||||||
*
|
June 27, 2013
|
|||||
Brian R. Bruce, Trustee
|
||||||
*
|
June 27, 2013
|
|||||
Aaron S. Buckholtz, Trustee
|
By:
|
/s/ Tina H. Bloom
|
||||
Tina H. Bloom
|
||||||
Attorney-in-fact*
|
||||||
*
|
June 27, 2013
|
June 27, 2013
|
||||
Mark F. Ivan, Trustee
|
||||||
*
|
June 27, 2013
|
|||||
Richard M. Lewis, Trustee
|
||||||
*
|
June 27, 2013
|
|||||
A. Zorel Paritzky, M.D., Trustee
|
||||||
*
|
June 27, 2013
|
|||||
William R. Reichenstein, Ph.D., Trustee
|
||||||
*
|
June 27, 2013
|
|||||
Scott Van Den Berg, Trustee and Secretary
|
28
(g)(3)
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Second Amendment to Custody Agreement
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28(j)
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Consent of Independent Registered Public Accounting Firm
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1 Year CH Energy Chart |
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