0001208252 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:C000029066Member 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:C000029066Member rr:AfterTaxesOnDistributionsMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:C000029066Member rr:AfterTaxesOnDistributionsAndSalesMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:r3kindMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:AdvisorsClassIMember 2011-07-01 2011-07-01 iso4217:USD pure shares iso4217:USD shares 0001208252 CM ADVISORS FAMILY OF FUNDS 485BPOS false CM ADVISORS FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Fund (the “Advisors Fund”) is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class I shares of the Advisors Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000029066Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000029066Member ~ </div> 0.0125 0 0.0027 0.0001 0.0153 -0.0002 0.0151 Example This Example is intended to help you compare the cost of investing in Class I shares of the Advisors Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class I shares of the Advisors Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, and the contractual agreement to waive management fees and reimburse other Advisors Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000029066Member ~ </div> 154 481 832 1822 Portfolio Turnover The Advisors Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Advisors Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Advisors Fund’s performance. During the most recent fiscal year, the Advisors Fund’s portfolio turnover rate was 15% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES OF THE ADVISORS FUND To meet its investment objective, the Advisors Fund invests primarily in equity securities of companies that the Advisors Fund’s investment advisor, Van Den Berg Management I, Inc. d/b/a CM Fund Advisors (the “Advisor”), believes are undervalued. The Advisors Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, and warrants). In addition, the Advisors Fund retains the flexibility to invest in fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities.   Equity Securities. In selecting equity securities for the Advisors Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Advisors Fund may invest in equity securities of companies of any size or in any sector. The Advisors Fund’s equity securities may be traded on a national securities exchange or over-the-counter.   Fixed Income Securities. While income from fixed income securities (i.e., interest payments made on bonds and notes) will be a consideration in analyzing potential fixed income securities for the Advisors Fund, the Advisor’s primary criteria for fixed income securities relates to their appreciation potential. In selecting fixed income securities for the Advisors Fund, the Advisor generally:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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;</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   The Advisors Fund may, without limitation, purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Advisors Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body.   While the Advisors Fund’s primary focus is on investments in equity and fixed income securities, the Advisors Fund may invest in cash or cash equivalent positions when the Advisor believes the equity and fixed income securities markets offer limited investment opportunity or are overpriced. The Advisors Fund may hold cash or cash equivalent positions for extended periods of time while the Advisor waits for the equity and fixed income securities markets to offer more attractive opportunities. PRINCIPAL RISKS OF INVESTING IN THE ADVISORS FUND All investments carry risks, and an investment in the Advisors Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Advisors Fund. To help you understand the risks of investing in the Advisors Fund, the principal risks of an investment in the Advisors Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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 than the market for larger companies.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table> PERFORMANCE SUMMARY The bar chart and table shown below provide some indication of the risks of investing in Class I shares of the Advisors Fund by showing changes in the performance of the Advisors Fund’s Class I shares from year to year and by showing how the average annual total returns of the Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-859-5856. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). CM Advisors Fund Class I shares Calendar Year Returns 0.0669 0.1011 0.1271 -0.0702 -0.3376 0.2788 0.1154 The year-to-date return of the Advisors Fund’s Class I shares through March 31, 2011 is 3.76%.   Quarterly Returns During This Time Period   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 20%; background-color: gainsboro"> Highest: </td> <td style="width: 80%; background-color: gainsboro">  18.76% (quarter ended June 30, 2009) </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="background-color: white"> Lowest: </td> <td style="background-color: white"> -25.65% (quarter ended December 31, 2008) </td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2010 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact cmadvis_S000010533Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cmadvis_S000010533Member ~ </div> 0.1154 -0.002 0.0279 2003-05-13 0.1148 -0.0064 0.0233 2003-05-13 0.0758 -0.0021 0.0233 2003-05-13 0.1693 0.0274 0.0676 2003-05-13 CMAFX "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." 2012-07-01 0.15 You may lose money on your investment in the Advisors Fund. The bar chart and table shown below provide some indication of the risks of investing in Class I shares of the Advisors Fund by showing changes in the performance of the Advisors Fund's Class I shares from year to year and by showing how the average annual total returns of the Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. 1-888-859-5856 How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The year-to-date return of the Advisors Fund's Class I shares 2011-03-31 0.0376 Highest: 2009-06-30 0.1876 Lowest: 2008-12-31 -0.2565 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). 2011-07-01 2011-06-28 2011-07-01 2011-02-28 "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." The Advisor has entered into an Expense Limitation Agreement with the Advisors Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board of Trustees (the "Board" or "Trustees"). 0001208252 cmadvis:S000030165Member cmadvis:SmallCapClassIMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000030165Member cmadvis:C000092823Member 2011-07-01 2011-07-01 CM ADVISORS SMALL CAP VALUE FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Small Cap Value Fund (the “Small Cap Value Fund”), formerly known as the CM Advisors Value Fund, is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class I shares of the Small Cap Value Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000092823Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000092823Member ~ </div> 0.01 0 0.0201 0.0011 0.0312 -0.0176 0.0136 Example This Example is intended to help you compare the cost of investing in Class I shares of the Small Cap Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class I shares of the Small Cap Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Small Cap Value Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000092823Member ~ </div> 138 797 Portfolio Turnover The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Small Cap Value Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Small Cap Value Fund’s performance. PRINCIPAL INVESTMENT STRATEGIES OF THE SMALL CAP VALUE FUND To meet its investment objective, the Small Cap Value Fund invests primarily in equity securities of small capitalization companies (“small cap”) that the Advisor believes are undervalued. Under normal circumstances, at least 80% of the Small Cap Value Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in small cap equity securities, which may include shares of other registered investment companies (“RICs”), such as exchange traded funds (“ETFs”), that invest primarily in small cap equity securities. Small Cap Value Fund shareholders will be provided with at least 60 days’ prior notice of any change in the foregoing policy.   In managing the Small Cap Value Fund, the Advisor seeks to provide a consistent positive return over the long-term. The Advisor will focus on allocating the assets of the Small Cap Value Fund to those securities and sectors the Advisor believes are best suited to provide positive returns rather than focus on any particular individual security or sector weighting simply because a particular index is modeled a particular way. The Small Cap Value Fund considers a small cap company to be one that has a market capitalization, measured at the time the Fund purchases the securities, not exceeding the greater of (i) $2.5 billion or (ii) the capitalization of the largest company by market cap as reported by the Russell 2000 Value Index (as reported by the index as of the most recent quarter-end). The Russell 2000 Value Index is a broad index of small capitalization stocks. As of March 31, 2011, the capitalization of the largest company by market cap in the Russell 2000 Value Index was $4.88 billion. The market capitalization of a company in the Small Cap Value Fund’s portfolio may change over time, and the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization increases above this ceiling.   The Small Cap Value Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, warrants and other RICs). In addition, the Small Cap Value Fund retains the flexibility to invest up to 20% of its net assets in other equity securities (including stock of medium or large capitalization companies), fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities. The Small Cap Value Fund may purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Small Cap Value Fund may also purchase fixed income securities in any sector and issued by any size company, municipality or government body.   In selecting equity securities for the Small Cap Value Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Small Cap Value Fund may invest in equity securities of companies in any sector and the securities may be traded on a national securities exchange or over-the-counter. PRINCIPAL RISKS OF INVESTING IN THE SMALL CAP VALUE FUND All investments carry risks, and an investment in the Small Cap Value Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Small Cap Value Fund. To help you understand the risks of investing in the Small Cap Value Fund, the principal risks of an investment in the Small Cap Value Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table> PERFORMANCE SUMMARY The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. CMOVX "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. 2012-07-01 You may lose money on your investment in the Small Cap Value Fund. The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Advisor has entered into an Expense Limitation Agreement with the Small Cap Value Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board. 0001208252 cmadvis:S000030164Member cmadvis:OpportunityClassIMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000030164Member cmadvis:C000092822Member 2011-07-01 2011-07-01 CM ADVISORS OPPORTUNITY FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Opportunity Fund (the “Opportunity Fund”) is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Opportunity Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000092822Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000092822Member ~ </div> 0.0125 0 0.029 0.0015 0.043 -0.0265 0.0165 Example This Example is intended to help you compare the cost of investing in the Opportunity Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Opportunity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Opportunity Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Opportunity Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000092822Member ~ </div> 168 1063 Portfolio Turnover The Opportunity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Opportunity Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Opportunity Fund’s performance. PRINCIPAL INVESTMENT STRATEGIES OF THE OPPORTUNITY FUND To meet its investment objective, the Opportunity Fund invests primarily in common stocks of small cap U.S. companies that the Advisor believes show a high probability of superior prospects for above average growth. The Opportunity Fund considers a small cap company to be one that has a market capitalization, measured at the time the Fund purchases the securities, not exceeding the greater of (i) $2.5 billion or (ii) the capitalization of the largest company by market cap as reported by the Russell 2000 Growth Index (as reported by the index as of the most recent quarter-end). The Russell 2000 Growth Index is a broad index of small capitalization stocks. As of March 31, 2011, the capitalization of the largest company by market cap in the Russell 2000 Growth Index was $5.68 billion. The market capitalization of a company in the Opportunity Fund’s portfolio may change over time, and the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization increases above this ceiling. The Fund will also invest in shares of small cap foreign issuers in the form of ADRs and shares of other RICs, including ETFs, that invest primarily in common stocks of small cap companies.   The Opportunity Fund invests in a broadly diversified number of equity securities, selected using a “bottom up” investment approach of extensively analyzing the financial and overall economic conditions of each potential investment. In particular, under this “bottom up” approach, the Advisor analyzes various factors such as capitalization/liquidity ratios, growth ratios (e.g., sales growth, earnings per share and internal profitability), catalyst events (e.g., earnings’ revisions, earnings’ surprises or disappointments, management changes and product introductions), valuation ratios (e.g., price to sales and price to earnings) and volatility ratios.   The Opportunity Fund may invest up to 50% of its net assets in other RICs. RICs include open-end mutual funds, closed-end funds and ETFs, and incur management fees and other operating expenses. A closed-end fund is a fund that has a set number of shares outstanding and trades like a stock on a stock exchange. ETFs generally consist of portfolios of stocks which closely track the performance and dividend yield of an index, either broad based, sector or international. ETFs trade like common stocks and can be bought and sold throughout a trading day.   The Opportunity Fund may utilize a strategy of short selling securities, including ETFs, to reduce volatility and enhance potential investment gain. The Opportunity Fund may engage in two types of short sales. Securities may be sold “against the box” or outright. A short sale “against the box” means that securities the Opportunity Fund already owns are sold, but not delivered. Instead, these securities are segregated and pledged against the short position. When the short sale is closed out, the securities owned are released. Outright short selling involves the sale of securities not presently owned by the Opportunity Fund. If the Opportunity Fund does not purchase that security in the same day as the sale, the security must be borrowed (typically, from a broker/dealer). At the time an outright short sale is affected, the Opportunity Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases the security for delivery to the lender. Any gain or loss on the transaction is taxable as a short-term capital gain or loss. The Opportunity Fund may also invest in RICs that seek investment results that are inverse to those of an index.   The Opportunity Fund may invest up to 25% of its net assets in foreign securities traded on foreign exchanges. The Opportunity Fund may also invest in ADRs and ETFs that invest primarily in foreign securities. ADRs are securities that are generally issued by a U.S. bank to U.S. buyers as a substitute for direct ownership of a foreign security and are traded on U.S. exchanges. The Opportunity Fund will invest in foreign securities when, in the Advisor’s opinion, such investments would be advantageous to the Fund and would help it to achieve its investment objective.   While the Opportunity Fund’s primary focus is on investments in common stocks of small cap companies, the Fund may invest in cash or cash equivalent positions when the Advisor believes the equity markets offer limited investment opportunity or are overpriced. The Opportunity Fund may hold as much as 50% to 100% of the Opportunity Fund’s portfolio in cash or cash equivalent positions for extended periods of time while the Advisor waits for the equity markets to offer more attractive opportunities.   In addition, the Opportunity Fund retains the flexibility to invest in other equity securities (including stock of medium or large capitalization companies), fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities. The Opportunity Fund may, without limitation, purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Opportunity Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body. PRINCIPAL RISKS OF INVESTING IN THE OPPORTUNITY FUND All investments carry risks, and an investment in the Opportunity Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Opportunity Fund. To help you understand the risks of investing in the Opportunity Fund, the principal risks of an investment in the Opportunity Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Market Risk – Stock prices are volatile. Market risk refers to the risk that the value of securities in the Opportunity Fund’s portfolio may decline due to daily fluctuations in the securities markets generally. The Opportunity 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 Opportunity Fund’s portfolio) may decline, regardless of their long-term prospects.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Short Selling Risk – The risk of price increases is the principal risk of engaging in short sales. The Opportunity Fund may suffer significant losses if the Fund establishes a short position by selling borrowed stock and the stock sold short appreciates rather than depreciates in value, since the price to replace the borrowed shares would be greater than the price the security was sold for by the Fund. If the broker from whom the stock was borrowed requires that the stock be repaid, then the Opportunity Fund could be forced to cover the short position earlier than the Fund otherwise would. If the Opportunity Fund does not have the assets to cover a short sale, then the Fund’s potential losses on the short will be unlimited because the stock’s price may appreciate indefinitely.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Maturity Risk – Maturity risk is another factor that can affect the value of the Opportunity 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 Opportunity Fund will be subject to greater maturity risk to extent it is invested in fixed income securities with longer maturities.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Credit Risk – The Opportunity 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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 Opportunity Fund intends to invest primarily in growth-oriented stocks (stocks that the Advisor selects for their growth potential), the Opportunity 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., “value” stocks that are selected because they are undervalued), or that have a broader investment style.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Risks of Investments in Other RICs – To the extent that it invests in other RICs, the Opportunity 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 Opportunity 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).</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Foreign Securities Risk – Investments in foreign securities involve risks that may be different from those of U.S. securities. Foreign securities may not be subject to uniform audit, financial reporting, or disclosure standards, practices, or requirements comparable to those found in the United States. Foreign securities are also subject to the risk of adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitations on the removal of funds or other assets, political or social instability and nationalization of companies or industries. In addition, the dividend and interest payable on certain of the Opportunity Fund’s foreign securities may be subject to foreign withholding taxes. Foreign securities also involve currency risk, which is the risk that the value of a foreign security will decrease due to changes in the relative value of the U.S. dollar and the security’s underlying foreign currency. ADRs and ETFs investing in foreign securities are subject to risks similar to those associated with direct investments in foreign securities.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Emerging Markets Risk – In addition to the general risks of investing in foreign securities described under “Foreign Securities Risk” above, investments in securities markets of emerging countries, including without limitation, countries in Asia, Latin, Central and South America, Eastern Europe, the Middle East, and Africa, are generally less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities of more developed countries.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Risks Related to Portfolio Turnover – The Opportunity Fund may sell portfolio securities without regard to the length of time they have been held and, as a result of its trading strategies, the Opportunity Fund will likely have higher portfolio turnover than other mutual funds. Since portfolio turnover may involve paying brokerage commissions and other transaction costs, higher turnover generally results in additional Fund expenses. High rates of portfolio turnover could lower performance of the Opportunity Fund due to these increased costs and may also result in the realization of short-term capital gains. If the Opportunity Fund realizes capital gains when portfolio investments are sold, the Fund must generally distribute those gains to shareholders, increasing the Fund’s taxable distributions. High rates of portfolio turnover in a given year would likely result in short-term capital gains for shareholders that are taxed at ordinary income tax rates.</td></tr> </table> PERFORMANCE SUMMARY The Opportunity Fund is new and therefore does not have a performance history for a full calendar year to report. CMOGX "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. 2012-07-01 You may lose money on your investment in the Opportunity Fund. The Opportunity Fund is new and therefore does not have a performance history for a full calendar year to report. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Advisor has entered into an Expense Limitation Agreement with the Opportunity Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Trustees. 0001208252 cmadvis:S000010534Member cmadvis:FixedClassIMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010534Member cmadvis:C000029067Member 2011-07-01 2011-07-01 0001208252 cmadvis:S000010534Member cmadvis:C000029067Member rr:AfterTaxesOnDistributionsMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010534Member cmadvis:C000029067Member rr:AfterTaxesOnDistributionsAndSalesMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010534Member cmadvis:bcusabiMember 2011-07-01 2011-07-01 CM ADVISORS FIXED INCOME FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Fixed Income Fund (the “Fixed Income Fund”) is to seek to preserve capital and maximize total return. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Fixed Income Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000029067Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000029067Member ~ </div> 0.005 0 0.004 0.0004 0.0094 Example This Example is intended to help you compare the cost of investing in the Fixed Income Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fixed Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fixed Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000029067Member ~ </div> 96 300 520 1155 Portfolio Turnover The Fixed Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fixed Income Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fixed Income Fund’s performance. During the most recent fiscal year, the Fixed Income Fund’s portfolio turnover rate was 21% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES OF THE FIXED INCOME FUND To meet its investment objective, the Fixed Income Fund invests primarily in U.S. dollar denominated fixed income securities that the Advisor believes are undervalued. The Fixed Income Fund may invest in all types of fixed income securities but will typically invest in fixed income securities such as corporate bonds, U.S. government securities and mortgage-backed securities. Under normal circumstances, at least 80% of the Fixed Income Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in fixed income investments, which include fixed income securities and shares of other investment companies that invest primarily in fixed income securities. Fixed Income Fund shareholders will be provided with at least 60 days’ prior notice of any change in the foregoing policy.   While the Advisor considers potential income from fixed income securities (interest payments to be made on bonds and notes) when evaluating possible investments for the Fixed Income Fund, the Advisor’s primary criteria for fixed income securities relates to their appreciation potential. In selecting fixed income securities for the Fixed Income Fund, the Advisor generally:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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;</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   The Fixed Income Fund may, without limitation, purchase fixed income securities of any credit quality, maturity, or yield. Accordingly, the Fixed Income Fund may hold fixed income securities that receive the highest ratings from Moody’s, S&P, Fitch or a similar rating agency, and fixed income securities that receive lower or the lowest ratings. There is no limitation on the number or amount of lower-rated fixed income securities, such as high-yield or junk bonds, that the Fixed Income Fund may purchase. The Fixed Income Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body.   While the Fixed Income Fund’s primary focus is investing in fixed income securities, the Fixed Income Fund may invest in cash or cash equivalent positions (for example, shares of money market funds, short-term U.S. Government obligations, commercial paper or repurchase agreements) when the Advisor believes the fixed income securities markets offer limited investment opportunity or are overpriced. The Fixed Income Fund may hold cash or cash equivalent positions for extended periods of time while the Advisor waits for the fixed income securities markets to offer more attractive opportunities. PRINCIPAL RISKS OF INVESTING IN THE FIXED INCOME FUND All investments carry risks, and an investment in the Fixed Income Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Fixed Income Fund. To help you understand the risks of investing in the Fixed Income Fund, the principal risks of an investment in the Fixed Income Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table> PERFORMANCE SUMMARY The bar chart and table shown below provide some indication of the risks of investing in the Fixed Income Fund by showing changes in the Fixed Income Fund’s performance from year to year and by showing how the Fixed Income Fund’s average annual total returns for one year and since inception compare with those of a broad-based securities market index. How the Fixed Income Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-859-5856. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fixed Income Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). CM Advisors Fixed Income Fund Calendar Year Returns <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cmadvis_S000010534Member ~ </div> 0.1046 -0.0015 0.1329 0.0793 The Fixed Income Fund’s year-to-date return through March 31, 2011 is 0.74%.   Quarterly Returns During This Time Period   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 20%; background-color: gainsboro"> Highest: </td> <td style="width: 80%; background-color: gainsboro"> 7.18% (quarter ended September 30, 2007) </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="background-color: white"> Lowest: </td> <td style="background-color: white"> -2.80% (quarter ended June 30, 2007) </td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2010 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact cmadvis_S000010534Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0793 0.0827 2006-03-24 0.0675 0.0639 2006-03-24 0.0514 0.0598 2006-03-24 0.0654 0.0606 2006-03-24 CMFIX "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." 0.21 You may lose money on your investment in the Fixed Income Fund. The bar chart and table shown below provide some indication of the risks of investing in the Fixed Income Fund by showing changes in the Fixed Income Fund's performance from year to year and by showing how the Fixed Income Fund's average annual total returns for one year and since inception compare with those of a broad-based securities market index. 1-888-859-5856 How the Fixed Income Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fixed Income Fund's year-to-date return 2011-03-31 0.0074 Highest: 2007-09-30 0.0718 Lowest: 2007-06-30 -0.028 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fixed Income Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). "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." 0001208252 cmadvis:S000010533Member cmadvis:AdvisorsClassCMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:C000102312Member 2011-07-01 2011-07-01 CM ADVISORS FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Fund (the “Advisors Fund”) is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class C shares of the Advisors Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000102312Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000102312Member ~ </div> 0.0125 0.01 0.0027 0.0001 0.0253 -0.0002 0.0251 Example This Example is intended to help you compare the cost of investing in Class C shares of the Advisors Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class C shares of the Advisors Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, and the contractual agreement to waive management fees and reimburse other Advisors Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000102312Member ~ </div> 254 786 1344 2864 Portfolio Turnover The Advisors Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Advisors Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Advisors Fund’s performance. During the most recent fiscal year, the Advisors Fund’s portfolio turnover rate was 15% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES OF THE ADVISORS FUND To meet its investment objective, the Advisors Fund invests primarily in equity securities of companies that the Advisors Fund’s investment advisor, Van Den Berg Management I, Inc. d/b/a CM Fund Advisors (the “Advisor”), believes are undervalued. The Advisors Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, and warrants). In addition, the Advisors Fund retains the flexibility to invest in fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities.   Equity Securities. In selecting equity securities for the Advisors Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Advisors Fund may invest in equity securities of companies of any size or in any sector. The Advisors Fund’s equity securities may be traded on a national securities exchange or over-the-counter.   Fixed Income Securities. While income from fixed income securities (i.e., interest payments made on bonds and notes) will be a consideration in analyzing potential fixed income securities for the Advisors Fund, the Advisor’s primary criteria for fixed income securities relates to their appreciation potential. In selecting fixed income securities for the Advisors Fund, the Advisor generally:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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;</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   The Advisors Fund may, without limitation, purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Advisors Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body.   While the Advisors Fund’s primary focus is on investments in equity and fixed income securities, the Advisors Fund may invest in cash or cash equivalent positions when the Advisor believes the equity and fixed income securities markets offer limited investment opportunity or are overpriced. The Advisors Fund may hold cash or cash equivalent positions for extended periods of time while the Advisor waits for the equity and fixed income securities markets to offer more attractive opportunities. PRINCIPAL RISKS OF INVESTING IN THE ADVISORS FUND All investments carry risks, and an investment in the Advisors Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Advisors Fund. To help you understand the risks of investing in the Advisors Fund, the principal risks of an investment in the Advisors Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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 than the market for larger companies.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table> PERFORMANCE SUMMARY The bar chart and table shown below provide some indication of the risks of investing in the Advisors Fund by showing changes in the performance of the Advisors Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. The performance information presented is for Class I shares only which are not offered in this Prospectus. Performance is not shown for Class C shares because they are new and therefore do not have a performance history for a full calendar year to report. Class C shares would have substantially similar annual returns as Class I shares because Class C shares are invested in the same portfolio of securities. The annual returns of Class C shares would differ from the returns of Class I shares only to the extent that the classes do not have the same expenses or inception dates.   How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-859-5856. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). CM Advisors Fund Class I shares Calendar Year Returns The year-to-date return of the Advisors Fund’s Class I shares through March 31, 2011 is 3.76%.   Quarterly Returns During This Time Period   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 20%; background-color: gainsboro"> Highest: </td> <td style="width: 80%; background-color: gainsboro"> 18.76% (quarter ended June 30, 2009). </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="background-color: white"> Lowest: </td> <td style="background-color: white"> -25.65% (quarter ended December 31, 2008). </td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2010 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact cmadvis_S000010533Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cmadvis_S000010533Member ~ </div> CMCFX 2012-07-01 0.15 You may lose money on your investment in the Advisors Fund. The bar chart and table shown below provide some indication of the risks of investing in the Advisors Fund by showing changes in the performance of the Advisors Fund's Class I shares from year to year and by showing how the average annual total returns of Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. Performance is not shown for Class C shares because they are new and therefore do not have a performance history for a full calendar year to report. 1-888-859-5856 How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information presented is for Class I shares only which are not offered in this Prospectus. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). The Advisor has entered into an Expense Limitation Agreement with the Advisors Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board of Trustees (the "Board" or "Trustees"). 0001208252 cmadvis:S000010533Member cmadvis:AdvisorsClassRMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000010533Member cmadvis:C000102313Member 2011-07-01 2011-07-01 CM ADVISORS FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Fund (the “Advisors Fund”) is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class R shares of the Advisors Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000102313Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000102313Member ~ </div> 0.0125 0.0025 0.0027 0.0001 0.0178 -0.0002 0.0176 Example This Example is intended to help you compare the cost of investing in Class R shares of the Advisors Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class R shares of the Advisors Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, and the contractual agreement to waive management fees and reimburse other Advisors Fund expenses remains in effect until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000102313Member ~ </div> 179 558 963 2093 Portfolio Turnover The Advisors Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Advisors Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Advisors Fund’s performance. During the most recent fiscal year, the Advisors Fund’s portfolio turnover rate was 15% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES OF THE ADVISORS FUND To meet its investment objective, the Advisors Fund invests primarily in equity securities of companies that the Advisors Fund’s investment advisor, Van Den Berg Management I, Inc. d/b/a CM Fund Advisors (the “Advisor”), believes are undervalued. The Advisors Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, and warrants). In addition, the Advisors Fund retains the flexibility to invest in fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities.   Equity Securities. In selecting equity securities for the Advisors Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Advisors Fund may invest in equity securities of companies of any size or in any sector. The Advisors Fund’s equity securities may be traded on a national securities exchange or over-the-counter.   Fixed Income Securities. While income from fixed income securities (i.e., interest payments made on bonds and notes) will be a consideration in analyzing potential fixed income securities for the Advisors Fund, the Advisor’s primary criteria for fixed income securities relates to their appreciation potential. In selecting fixed income securities for the Advisors Fund, the Advisor generally:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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;</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Analyzes the current and projected financial and economic conditions of the issuer and the market for its securities using proprietary research models; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   The Advisors Fund may, without limitation, purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Advisors Fund may also, without limitation, purchase fixed income securities in any sector and issued by any size company, municipality or government body.   While the Advisors Fund’s primary focus is on investments in equity and fixed income securities, the Advisors Fund may invest in cash or cash equivalent positions when the Advisor believes the equity and fixed income securities markets offer limited investment opportunity or are overpriced. The Advisors Fund may hold cash or cash equivalent positions for extended periods of time while the Advisor waits for the equity and fixed income securities markets to offer more attractive opportunities. PRINCIPAL RISKS OF INVESTING IN THE ADVISORS FUND All investments carry risks, and an investment in the Advisors Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Advisors Fund. To help you understand the risks of investing in the Advisors Fund, the principal risks of an investment in the Advisors Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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 than the market for larger companies.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table> PERFORMANCE SUMMARY The bar chart and table shown below provide some indication of the risks of investing in the Advisors Fund by showing changes in the performance of the Advisors Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. The performance information presented is for Class I shares only which are not offered in this Prospectus. Performance is not shown for Class R shares because they are new and therefore do not have a performance history for a full calendar year to report. Class R shares would have substantially similar annual returns as Class I shares because Class R shares are invested in the same portfolio of securities. The annual returns of Class R shares would differ from the returns of Class I shares only to the extent that the classes do not have the same expenses or inception dates.   How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-859-5856. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). CM Advisors Fund Class I shares Calendar Year Returns The year-to-date return of the Advisors Fund’s Class I shares through March 31, 2011 is 3.76%.   Quarterly Returns During This Time Period   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 20%; background-color: gainsboro"> Highest: </td> <td style="width: 80%; background-color: gainsboro"> 18.76% (quarter ended June 30, 2009). </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="background-color: white"> Lowest: </td> <td style="background-color: white"> -25.65% (quarter ended December 31, 2008). </td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2010 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact cmadvis_S000010533Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cmadvis_S000010533Member ~ </div> CMFRX 2012-07-01 0.15 You may lose money on your investment in the Advisors Fund. The bar chart and table shown below provide some indication of the risks of investing in the Advisors Fund by showing changes in the performance of the Advisors Fund's Class I shares from year to year and by showing how the average annual total returns of Class I shares for one year, five years, and since inception compare with those of a broad-based securities market index. The performance information presented is for Class I shares only which are not offered in this Prospectus. Performance is not shown for Class R shares because they are new and therefore do not have a performance history for a full calendar year to report. 1-888-859-5856 How the Advisors Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information presented is for Class I shares only which are not offered in this Prospectus. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Advisors Fund shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (IRA). The Advisor has entered into an Expense Limitation Agreement with the Advisors Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board of Trustees (the "Board" or "Trustees"). 0001208252 cmadvis:S000030165Member cmadvis:SmallCapClassCMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000030165Member cmadvis:C000102314Member 2011-07-01 2011-07-01 CM ADVISORS SMALL CAP VALUE FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Small Cap Value Fund (the “Small Cap Value Fund”), formerly known as the CM Advisors Value Fund, is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class C shares of the Small Cap Value Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000102314Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000102314Member ~ </div> 0.01 0.01 0.0201 0.0011 0.0412 -0.0176 0.0236 Example This Example is intended to help you compare the cost of investing in Class C shares of the Small Cap Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class C shares of the Small Cap Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Small Cap Value Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000102314Member ~ </div> 239 1092 Portfolio Turnover The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Small Cap Value Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Small Cap Value Fund’s performance. PRINCIPAL INVESTMENT STRATEGIES OF THE SMALL CAP VALUE FUND To meet its investment objective, the Small Cap Value Fund invests primarily in equity securities of small capitalization companies (“small cap”) that the Advisor believes are undervalued. Under normal circumstances, at least 80% of the Small Cap Value Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in small cap equity securities, which may include shares of other registered investment companies (“RICs”), such as exchange traded funds (“ETFs”), that invest primarily in small cap equity securities. Small Cap Value Fund shareholders will be provided with at least 60 days’ prior notice of any change in the foregoing policy.   In managing the Small Cap Value Fund, the Advisor seeks to provide a consistent positive return over the long-term. The Advisor will focus on allocating the assets of the Small Cap Value Fund to those securities and sectors the Advisor believes are best suited to provide positive returns rather than focus on any particular individual security or sector weighting simply because a particular index is modeled a particular way. The Small Cap Value Fund considers a small cap company to be one that has a market capitalization, measured at the time the Fund purchases the securities, not exceeding the greater of (i) $2.5 billion or (ii) the capitalization of the largest company by market cap as reported by the Russell 2000 Value Index (as reported by the index as of the most recent quarter-end). The Russell 2000 Value Index is a broad index of small capitalization stocks. As of March 31, 2011, the capitalization of the largest company by market cap in the Russell 2000 Value Index was $4.88 billion. The market capitalization of a company in the Small Cap Value Fund’s portfolio may change over time, and the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization increases above this ceiling.   The Small Cap Value Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, warrants and other RICs). In addition, the Small Cap Value Fund retains the flexibility to invest up to 20% of its net assets in other equity securities (including stock of medium or large capitalization companies), fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities. The Small Cap Value Fund may purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Small Cap Value Fund may also purchase fixed income securities in any sector and issued by any size company, municipality or government body.   In selecting equity securities for the Small Cap Value Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Small Cap Value Fund may invest in equity securities of companies in any sector and the securities may be traded on a national securities exchange or over-the-counter. PRINCIPAL RISKS OF INVESTING IN THE SMALL CAP VALUE FUND All investments carry risks, and an investment in the Small Cap Value Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Small Cap Value Fund. To help you understand the risks of investing in the Small Cap Value Fund, the principal risks of an investment in the Small Cap Value Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table> PERFORMANCE SUMMARY The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. CMCOX "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. 2012-07-01 You may lose money on your investment in the Small Cap Value Fund. The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Advisor has entered into an Expense Limitation Agreement with the Small Cap Value Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board. 0001208252 cmadvis:S000030165Member cmadvis:SmallCapClassRMember 2011-07-01 2011-07-01 0001208252 cmadvis:S000030165Member cmadvis:C000102315Member 2011-07-01 2011-07-01 CM ADVISORS SMALL CAP VALUE FUND   Fund Summary INVESTMENT OBJECTIVE The investment objective of the CM Advisors Small Cap Value Fund (the “Small Cap Value Fund”), formerly known as the CM Advisors Value Fund, is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold Class R shares of the Small Cap Value Fund. Shareholder Fees (fees paid directly from your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column rr_ProspectusShareClassAxis compact cmadvis_C000102315Member ~ </div> 0 0 -0.01 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column rr_ProspectusShareClassAxis compact cmadvis_C000102315Member ~ </div> 0.01 0.0025 0.0201 0.0011 0.0337 -0.0176 0.0161 Example This Example is intended to help you compare the cost of investing in Class R shares of the Small Cap Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class R shares of the Small Cap Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the contractual agreement to waive management fees and reimburse other Small Cap Value Fund expenses remains in effect only until July 1, 2012. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column rr_ProspectusShareClassAxis compact cmadvis_C000102315Member ~ </div> 164 872 Portfolio Turnover The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Small Cap Value Fund are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Small Cap Value Fund’s performance. PRINCIPAL INVESTMENT STRATEGIES OF THE SMALL CAP VALUE FUND To meet its investment objective, the Small Cap Value Fund invests primarily in equity securities of small capitalization companies (“small cap”) that the Advisor believes are undervalued. Under normal circumstances, at least 80% of the Small Cap Value Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in small cap equity securities, which may include shares of other registered investment companies (“RICs”), such as exchange traded funds (“ETFs”), that invest primarily in small cap equity securities. Small Cap Value Fund shareholders will be provided with at least 60 days’ prior notice of any change in the foregoing policy.   In managing the Small Cap Value Fund, the Advisor seeks to provide a consistent positive return over the long-term. The Advisor will focus on allocating the assets of the Small Cap Value Fund to those securities and sectors the Advisor believes are best suited to provide positive returns rather than focus on any particular individual security or sector weighting simply because a particular index is modeled a particular way. The Small Cap Value Fund considers a small cap company to be one that has a market capitalization, measured at the time the Fund purchases the securities, not exceeding the greater of (i) $2.5 billion or (ii) the capitalization of the largest company by market cap as reported by the Russell 2000 Value Index (as reported by the index as of the most recent quarter-end). The Russell 2000 Value Index is a broad index of small capitalization stocks. As of March 31, 2011, the capitalization of the largest company by market cap in the Russell 2000 Value Index was $4.88 billion. The market capitalization of a company in the Small Cap Value Fund’s portfolio may change over time, and the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization increases above this ceiling.   The Small Cap Value Fund typically invests in common stocks, although it may also invest in other equity securities (e.g., preferred stocks, convertible bonds, convertible preferred stocks, warrants and other RICs). In addition, the Small Cap Value Fund retains the flexibility to invest up to 20% of its net assets in other equity securities (including stock of medium or large capitalization companies), fixed income securities (e.g., corporate bonds or U.S. Government securities) or cash or cash equivalents (e.g., shares of money market funds, short-term U.S. Government obligations, commercial paper, and repurchase agreements) when the Advisor believes they offer more attractive opportunities. The Small Cap Value Fund may purchase fixed income securities of any maturity or yield, provided that corporate debt obligations shall primarily be “investment grade” securities rated in one of the four highest rating categories by any nationally recognized rating agencies or, if not so rated, will be of equivalent quality in the opinion of the Advisor. The Small Cap Value Fund may also purchase fixed income securities in any sector and issued by any size company, municipality or government body.   In selecting equity securities for the Small Cap Value Fund’s portfolio, the Advisor:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> Compares the company’s intrinsic value to the market prices of the company’s securities; and</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table>   In an effort to determine a company’s intrinsic value, the Advisor’s research models utilize various quantitative, qualitative, fundamental, and other factors about a company and its business. This information can include, without limitation, historical analysis, acquisition analysis, discounted free cash flow models and leveraged buyout models. The Advisor also monitors acquisition prices for companies in various industries, and may communicate with companies, their suppliers and customers as part of its research process. Because a company’s business, financial, and market circumstances are always changing, the Advisor evaluates intrinsic value for companies in and out of its portfolio on a regular basis.   The Small Cap Value Fund may invest in equity securities of companies in any sector and the securities may be traded on a national securities exchange or over-the-counter. PRINCIPAL RISKS OF INVESTING IN THE SMALL CAP VALUE FUND All investments carry risks, and an investment in the Small Cap Value Fund is no exception. No investment strategy works all of the time, and past performance is not necessarily indicative of future performance. You may lose money on your investment in the Small Cap Value Fund. To help you understand the risks of investing in the Small Cap Value Fund, the principal risks of an investment in the Small Cap Value Fund are generally described below:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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.</td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 12px"> •</td> <td align="justify"> 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).</td></tr> </table> PERFORMANCE SUMMARY The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. CMRVX "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. 2012-07-01 You may lose money on your investment in the Small Cap Value Fund. The Small Cap Value Fund is new and therefore does not have a performance history for a full calendar year to report. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Advisor has entered into an Expense Limitation Agreement with the Small Cap Value Fund under which it has agreed until July 1, 2012 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, 2012 without the approval of the Board.