# EDGAR Filing Document

**Accession Number:** 0001208252
**File Stem:** 0001580642-25-006968
**Filing Date:** 2025-11
**Character Count:** 66715
**Document Hash:** ab212a3f660744fc3f8686e47ff5d1fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006968.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001580642-25-006968

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CM ADVISORS FAMILY OF FUNDS
- **CENTRAL INDEX KEY:** 0001208252

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21260
- **FILM NUMBER:** 251447475

**BUSINESS ADDRESS:**
- **STREET 1:** 805 LAS CIMAS PARKWAY
- **STREET 2:** SUITE 305
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746
- **BUSINESS PHONE:** 5123290050

**MAIL ADDRESS:**
- **STREET 1:** 805 LAS CIMAS PARKWAY
- **STREET 2:** SUITE 305
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CM ADVISERS FAMILY OF FUNDS
- **DATE OF NAME CHANGE:** 20030505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTURY MANAGEMENT FAMILY OF FUNDS
- **DATE OF NAME CHANGE:** 20021129

## Series and Classes Contracts Data

### CM Advisors Fixed Income Fund (Series ID: S000010534)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000029067 | CM Advisors Fixed Income Fund | CMFIX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21260</u> <br>

CM Advisors Family of Funds <br> (Exact name of registrant as specified in charter) <br>

805 Las Cimas Parkway, Suite 305 Austin, Texas 78746 <br> (Address of principal executive offices) (Zip code) <br>

Corporation Service Company

251 Little Falls Drive Wilmington, DE 19808 <br> (Name and address of agent for service) <br>

Registrant's telephone number, including area code: (512) 329-0050 <br>

---

| | |
|:---|:---|
| Date of fiscal year end: | February 28 |
| Date of reporting period: | August 31, 2025 |

---

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) Tailored
 Shareholders Report

# CM Advisors Fixed Income Fund
(CMFIX)

### Semi-Annual Shareholder Report - August 31, 2025
![Image](i9f5e6cb2f844fc7eed2eb6ca.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about CM Advisors Fixed Income Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **https://cmadvisorsfunds.com/our-fund/cm-advisors-fixed-income-fund**. You can also request this information by contacting us at (888) 859-5856.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CM Advisors Fixed Income Fund | $45 | 0.87% |

---

## How did the Fund perform during the reporting period?
For the six months ending August 31, 2025, the Fund returned 5.95%, versus the Bloomberg U.S. Aggregate Bond Index's (the "Index") return of 2.19%. With most of the Fund's holdings in shorter-maturity bonds, the Fund benefited from the stronger performance of these bonds, leading to 376 bps of outperformance relative to the Index.

The first half of the Fund's fiscal year ending February 28, 2026, from March 1, 2025 to August 31, 2025, was characterized by ongoing volatility in interest rates. Investors navigated significant uncertainty brought on by geopolitical conflicts, rising global tariffs and ongoing U.S.-China tensions, along with mixed economic signals.

During the period, the yield curve steepened notably. This was marked by falling yields on shorter-duration bonds (e.g., 5-year and below), a stable "flat-ish" 10-year yield around 4.20%-4.30%, and rising yields on 20-year and 30-year bonds, approaching or exceeding 4.75%-5.00% by late August. Corporate bond spreads remained tight, reflecting healthy corporate profitability.

Short-term yields declined in anticipation of further rate cuts by the Federal Reserve in response to slowing jobs growth, weaker consumer sentiment, and tariff uncertainty. Inflation lingered at 2.50%-3.00%, above the 2.00% target. Longer-term yields rose, reflecting structural fiscal challenges.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icfe284745dcb77c04eeb644b.jpg)

---

| | | |
|:---|:---|:---|
| | **CM Advisors Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2015** | $10000 | $10000 |
| **Aug-2016** | $10435 | $10597 |
| **Aug-2017** | $10770 | $10649 |
| **Aug-2018** | $10807 | $10537 |
| **Aug-2019** | $10837 | $11609 |
| **Aug-2020** | $11040 | $12360 |
| **Aug-2021** | $11292 | $12350 |
| **Aug-2022** | $11087 | $10928 |
| **Aug-2023** | $11424 | $10797 |
| **Aug-2024** | $12732 | $11585 |
| **Aug-2025** | $13690 | $11949 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| CM Advisors Fixed Income Fund | 7.52% | 4.40% | 3.19% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$26,998,603

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$0

* Portfolio Turnover13%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if9b7ba9b421085c2a1710521.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 13.3% |
| Corporate Bonds | 79.3% |
| Money Market Funds | 2.6% |
| U.S. Treasury Obligations | 4.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i04edf4466faf5beb8059b167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.0% |
| Consumer Staples | 0.4% |
| Real Estate | 0.7% |
| Health Care | 2.3% |
| Communication Services | 2.3% |
| Money Market Funds | 2.5% |
| Utilities | 3.8% |
| U.S. Treasury Obligations | 4.6% |
| Information Technology | 7.1% |
| Consumer Discretionary | 8.8% |
| Industrials | 10.6% |
| Materials | 10.8% |
| Financials | 17.4% |
| Energy | 25.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PHI Group, Inc. | 12.9% |
| JPMorgan Chase & Company, 1.100%, due 06/22/26 | 2.4% |
| Occidental Petroleum Corporation, 7.875%, due 09/15/31 | 2.3% |
| Qwest Corporation, 7.250%, due 09/15/25 | 2.3% |
| United Rentals North America, Inc., 5.500%, due 05/15/27 | 2.3% |
| Targa Resources Partners L.P., 6.875%, due 01/15/29 | 2.3% |
| Intel Corporation, 4.875%, due 02/10/26 | 2.2% |
| Exelon Corporation, 7.600%, due 04/01/32 | 2.1% |
| Masco Corporation, 7.750%, due 08/01/29 | 2.0% |
| Polaris, Inc., 6.950%, due 03/15/29 | 2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended August 31, 2025.

![Image](i7a6b0175cae778c48ed61fb2.jpg)

# CM Advisors Fixed Income Fund (CMFIX)

## Semi-Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://cmadvisorsfunds.com/our-fund/cm-advisors-fixed-income-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-CMFIX

(b) Included with
 (a)

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ***CM Advisors Family of Funds***

**Semi-Annual Financial Statements and Additional Information 2025**

**CM Advisors Fixed Income Fund**

August 31, 2025

(Unaudited)

This report and the financial statements contained herein are submitted for the general information of the shareholders of the CM Advisors Family of Funds (the "Trust"). This report is not authorized for distribution to prospective investors of the Trust unless preceded or accompanied by an effective prospectus. Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 12.9%** | **Shares** | **Value** |
| **Energy — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Equipment & Services — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PHI Group, Inc. (Cost $1,222,684) | 113912 | $3474316 |
| **CORPORATE BONDS — 77.0%** | **Par Value** | **Value** |
| **Communication Services — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alternative Carriers — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Qwest Corporation, 7.250%, due 09/15/25 | $620000 | $620186 |
| **Consumer Discretionary — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Apparel, Accessories & Luxury Goods — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc., 5.100%, due 03/11/30 | 100000 | 102183 |
| &nbsp;&nbsp;&nbsp;**Automobile Manufacturers — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Company, LLC, 4.346%, due 12/08/26 | 300000 | 298358 |
| &nbsp;&nbsp;&nbsp;General Motors Company, 5.600%, due 10/15/32 | 303000 | 311122 |
|  |  | 609480 |
| &nbsp;&nbsp;&nbsp;**Automotive Retail — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc., 5.950%, due 03/09/28 | 250000 | 254592 |
| &nbsp;&nbsp;&nbsp;**Distributors — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 4.950%, due 08/15/29 | 475000 | 484777 |
| &nbsp;&nbsp;&nbsp;LKQ Corporation, 6.250%, due 06/15/33 | 250000 | 264306 |
|  |  | 749083 |
| &nbsp;&nbsp;&nbsp;**Hotels, Resorts & Cruise Lines — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd., 7.500%, due 10/15/27 | 135000 | 142764 |
| &nbsp;&nbsp;&nbsp;**Leisure Products — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.950%, due 03/15/29 | 500000 | 529237 |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Packaged Foods & Meats — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 7.000%, due 10/01/28 | 100000 | 106745 |
| **Energy — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Integrated Oil & Gas — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, due 02/15/27 | 100000 | 97610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, due 02/15/29 | 100000 | 108958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, due 09/15/31 | 550000 | 620813 |
|  |  | 827381 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Schedule of Investments (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 77.0% (Continued)** | **Par Value** | **Value** |
| **Energy — 12.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Drilling — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc., 2.900%, due 09/29/31 | $550000 | $479438 |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Exploration & Production — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Continental Resources, Inc., 4.375%, due 01/15/28 | 450000 | 447154 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corporation, 7.950%, due 04/15/32 | 250000 | 288618 |
|  |  | 735772 |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Storage & Transportation — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction, LLC, 5.875%, due 06/30/26 . | 98000 | 98380 |
| &nbsp;&nbsp;&nbsp;Southern Natural Gas Company, 8.000%, due 03/01/32 | 350000 | 401947 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners L.P., 6.875%, due 01/15/29 . | 600000 | 611684 |
| &nbsp;&nbsp;&nbsp;Western Gas Partners L.P., 4.650%, due 07/01/26 | 300000 | 299683 |
|  |  | 1411694 |
| **Financials — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Company, 3.400%, due 08/17/27 | 250000 | 245599 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Company, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, due 06/10/26 | 200000 | 202595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, due 08/20/27 | 200000 | 199784 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 4.974%, due 04/19/27 | 100000 | 100398 |
|  |  | 502777 |
| &nbsp;&nbsp;&nbsp;**Diversified Banks — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corporation, 5.000%, due 03/13/30 | 200000 | 199999 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.000%, due 06/18/29 | 525000 | 527739 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100%, due 06/22/26 | 650000 | 634593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.040%, due 01/23/28 | 450000 | 454655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, due 12/13/34 | 425000 | 428003 |
|  |  | 2244989 |
| &nbsp;&nbsp;&nbsp;**Investment Banking & Brokerage — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 10/17/29 | 250000 | 249128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, due 02/28/35 | 300000 | 300338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, due 07/31/35 | 350000 | 350137 |
|  |  | 899603 |
| &nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.300%, due 04/15/26 | 382000 | 390443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, due 03/03/31 | 150000 | 141083 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 3.400%, due 06/15/30 .. | 295000 | 280029 |
|  |  | 811555 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Schedule of Investments (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 77.0% (Continued)** | **Par Value** | **Value** |
| **Health Care — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | $250000 | $258797 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, due 12/12/25 | 200000 | 200627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, due 12/13/27 | 150000 | 154289 |
|  |  | 354916 |
| **Industrials — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 2.043%, due 08/16/28 | 200000 | 187277 |
| &nbsp;&nbsp;&nbsp;**Building Products — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corporation, 7.750%, due 08/01/29 | 500000 | 549191 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fluor Corporation, 4.250%, due 09/15/28 | 200000 | 196759 |
| &nbsp;&nbsp;&nbsp;**Data Processing & Outsourced Services — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Concentrix Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.650%, due 08/02/26 | 150000 | 152576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.600%, due 08/02/28 | 210000 | 222183 |
|  |  | 374759 |
| &nbsp;&nbsp;&nbsp;**Industrial Machinery & Supplies & Components — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Timken Company (The), 4.500%, due 12/15/28 | 300000 | 302002 |
| &nbsp;&nbsp;&nbsp;**Research & Consulting Services — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Jacobs Engineering Group, Inc., 5.900%, due 03/01/33 | 400000 | 418246 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, due 05/15/27 | 620000 | 619538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, due 01/15/30 | 200000 | 200563 |
|  |  | 820101 |
| **Information Technology — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Components — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc., 7.250%, due 08/15/36 | 500000 | 513931 |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment & Instruments — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vontier Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, due 04/01/26 | 250000 | 245993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, due 04/01/28 | 200000 | 190086 |
|  |  | 436079 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Schedule of Investments (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 77.0% (Continued)** | **Par Value** | **Value** |
| **Information Technology — 7.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**IT Consulting & Other Services — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;DXC Technology Company, 2.375%, due 09/15/28 | $250000 | $234855 |
| &nbsp;&nbsp;&nbsp;**Semiconductors — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Intel Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, due 02/10/26 | 600000 | 600899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, due 02/10/28 | 120000 | 121557 |
|  |  | 722456 |
| **Materials — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commodity Chemicals — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Olin Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, due 08/01/29 | 150000 | 149637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 02/01/30 | 500000 | 485425 |
|  |  | 635062 |
| &nbsp;&nbsp;&nbsp;**Copper — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc., 9.500%, due 06/01/31 | 300000 | 364161 |
| &nbsp;&nbsp;&nbsp;**Diversified Chemicals — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings, LLC, 6.665%, due 07/15/27 | 191000 | 196552 |
| &nbsp;&nbsp;&nbsp;Dow Chemical Company (The), 7.375%, due 11/01/29 . | 140000 | 155196 |
| &nbsp;&nbsp;&nbsp;Huntsman International, LLC, 4.500%, due 05/01/29 | 500000 | 480926 |
|  |  | 832674 |
| &nbsp;&nbsp;&nbsp;**Fertilizers & Agricultural Chemicals — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;FMC Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, due 10/01/29 | 400000 | 378647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, due 05/18/33 | 250000 | 249201 |
|  |  | 627848 |
| &nbsp;&nbsp;&nbsp;**Metal, Glass & Plastic Containers — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corporation, 6.000%, due 06/15/29 | 200000 | 204659 |
| &nbsp;&nbsp;&nbsp;**Specialty Chemicals — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corporation, 4.650%, due 06/01/27 | 250000 | 250001 |
| **Real Estate — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Retail REITs — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Realty Income Corporation, 5.050%, due 01/13/26 | 200000 | 200017 |
| **Utilities — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Edison International, 5.750%, due 06/15/27 | 250000 | 254490 |
| &nbsp;&nbsp;&nbsp;Exelon Corporation, 7.600%, due 04/01/32 | 500000 | 578480 |
|  |  | 832970 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Schedule of Investments (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 77.0% (Continued)** | **Par Value** | **Value** |
| **Utilities — 3.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Independent Power Producers & Energy Traders — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corporation, 1.375%, due 01/15/26 | $200000 | $197444 |
| **Total Corporate Bonds** (Cost $20,456,849) |  | $20787283 |
| **U.S. TREASURY OBLIGATIONS — 4.6%** | **Par Value** | **Value** |
| **U.S. Treasury Notes — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/31/25 | $500000 | $500531 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/26 | 250000 | 250101 |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/28/26 | 250000 | 250674 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/31/26 | 250000 | 250679 |
| **Total U.S. Treasury Obligations** (Cost $1,252,041) |  | $1251985 |
| **MONEY MARKET FUNDS — 2.5%** | **Shares** | **Value** |
| Allspring Treasury Plus Money Market Fund - Institutional Class, 4.13% <sup>(a)</sup> (Cost $686,876) | 686876 | $686876 |
| **Total Investments at Value — 97.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,618,450) |  | $26200460 |
| **Other Assets in Excess of Liabilities — 3.0%** |  | 798143 |
| **Net Assets — 100.0%** |  | $26998603 |

---

REIT — Real Estate Investment Trust

<sup>(a)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Statement of Assets and Liabilities** |
| **August 31, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $23618450 |
| &nbsp;&nbsp;&nbsp;At value (Note 2) | $26200460 |
| Receivable for investment securities sold | 527506 |
| Receivable from Advisor (Note 5) | 8347 |
| Dividends and interest receivable | 307493 |
| Other assets | 16045 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSETS | 27059851 |
| **LIABILITIES** |  |
| Payable for capital shares redeemed | 32048 |
| Payable to administrator (Note 5) | 6030 |
| Accrued trustee fees (Note 5) | 4000 |
| Payable to distributor (Note 5) | 667 |
| Other accrued expenses | 18503 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 61248 |
| **NET ASSETS** | $26998603 |
| **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $26670432 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 328171 |
| **Net Assets** | $26998603 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value) | 2335172 |
| Net asset value, redemption price and offering price per share | $11.56 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Statement of Operations** |
| **Six Months Ended August 31, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $137102 |
| &nbsp;&nbsp;&nbsp;Interest | 598730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 735832 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 5) | 66570 |
| &nbsp;&nbsp;&nbsp;Legal fees | 30676 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 20128 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 5) | 14575 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 5) | 13930 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 5) | 12000 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 5) | 9600 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9050 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 5816 |
| &nbsp;&nbsp;&nbsp;Compliance support services fees | 4552 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 4532 |
| &nbsp;&nbsp;&nbsp;Distributor service fees (Note 5) | 4000 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 3615 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1748 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1520 |
| &nbsp;&nbsp;&nbsp;Other expenses | 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 209610 |
| &nbsp;&nbsp;&nbsp;Management fees waived and reimbursed by Advisor (Note 5) | (93780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 115830 |
| **NET INVESTMENT INCOME** | 620002 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 12403 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 893220 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 905623 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1525625 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**August 31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**February 28,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $620002 | $1052016 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 12403 | (7577) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 893220 | 473798 |
| Net increase in net assets resulting from operations | 1525625 | 1518237 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | (621785) | (1058179) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 459970 | 480220 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 595358 | 1005367 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2055938) | (1754877) |
| Net decrease in net assets from share transactions | (1000610) | (269290) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (96770) | 190768 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 27095373 | 26904605 |
| &nbsp;&nbsp;&nbsp;End of period | $26998603 | $27095373 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40660 | 43394 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 53486 | 90908 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (184841) | (158216) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (90695) | (23914) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 2425867 | 2449781 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2335172 | 2425867 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Financial Highlights** |
| **Per share data for a share outstanding throughout each period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025**<br>**(Unaudited)** | **February 28,**<br>**2025** | **February 29,**<br>**2024** | **February 28,**<br>**2023** | **February 28,**<br>**2022** | **February 28,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period | $11.17 | $10.98 | $10.38 | $10.78 | $10.92 | $10.89 |
| &nbsp;&nbsp;&nbsp;Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.27 | 0.43 | 0.49 | 0.17 | 0.26 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.38 | 0.19 | 0.58 | (0.43) | (0.13) | 0.05 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 | 0.62 | 1.07 | (0.26) | 0.13 | 0.21 |
| &nbsp;&nbsp;&nbsp;Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.43) | (0.47) | (0.14) | (0.27) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.43) | (0.47) | (0.14) | (0.27) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period | $11.56 | $11.17 | $10.98 | $10.38 | $10.78 | $10.92 |
| &nbsp;&nbsp;&nbsp;Total return <sup>(b)</sup> | 5.95 % <sup>(c)</sup> | 5.78% | 10.47% | (2.45)% | 1.17% | 1.92% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's) | $26999 | $27095 | $26905 | $25267 | $29098 | $32434 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.57 % <sup>(d)</sup> | 1.50% | 1.50% | 1.43% | 1.35% | 1.18% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(e)</sup> | 0.87 % <sup>(d)</sup> | 0.87% | 0.87% | 0.87% | 0.87% | 0.96% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(e)</sup> | 4.66 % <sup>(d)</sup> | 3.87% | 4.57% | 1.57% | 2.33% | 1.44% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 13 % <sup>(c)</sup> | 40% | 41% | 40% | 37% | 4% |

---

<sup>(a)</sup> Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period, primarily due to the timing of sales and redemptions of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Advisor not waived its fees and reimbursed expenses, total returns would have been lower.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratio was determined after investment management fee waivers and expense reimbursements (Note 5).

See accompanying notes to financial statements.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements** |
| **August 31, 2025 (Unaudited)** |

---

**1.** **Organization** 

CM Advisors Fixed Income Fund (the "Fund") is a diversified no-load series of CM Advisors Family of Funds (the "Trust"), which was organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company.

The investment objective of the Fund is to seek to preserve capital and maximize total return.

The Fund operates as a single operating segment which is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Chief Financial Officer of the Trust. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2.** **Significant Accounting Policies** 

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

***New Accounting Pronouncement*** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

***Investment Valuation*** – The Fund's portfolio securities are generally valued at their market values determined on the basis of available market quotations as of the close of regular trading on the New York Stock Exchange (typically 4:00 p.m. Eastern time). Securities, including common stocks, listed on an exchange or quoted on a national market system are valued at the last sales price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. To the extent that the Fund is invested in other open-end investment companies, including money market funds, that are registered under the 1940 Act and not traded on an exchange, the Fund's net asset values ("NAVs") are calculated based upon the NAVs reported by such registered open-end investment companies;

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements (Continued)** |

---

the prospectuses for these registered open-end investment companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Fixed income securities are typically valued based on prices provided by an independent pricing service. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the portfolio security is principally traded closes early or if trading of the particular portfolio security is halted during the day and does not resume prior to the Fund's NAV calculation) or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined by Van Den Berg Management I, Inc. (d/b/a CM Fund Advisors) (the "Advisor"), as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees of the Trust (the "Board") pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy (see below), depending on the inputs used. A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

Corporate bonds and U.S. Treasury obligations held by the Fund are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs" including bid and ask quotations, prices of similar securities and interest rates, among other factors.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure the fair value of a particular security may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement of that security falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the Fund's investments and the inputs used to value the investments as of August 31, 2025 by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3474316 | $— | $— | $3474316 |
| Corporate Bonds |  | 20787283 |  | 20787283 |
| U.S. Treasury Obligations |  | 1251985 |  | 1251985 |
| Money Market Funds | 686876 |  |  | 686876 |
| Total | $4161192 | $22039268 | $— | $26200460 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements (Continued)** |

---

Refer to the Fund's Schedule of Investments for a listing of the securities by asset type and sector and industry type. The Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended August 31, 2025.

***Share Valuation*** – The NAV per share of the Fund is calculated on each business day by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share.

***Investment Transactions and Investment Income*** – Investment transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are amortized using the effective interest method. Realized gains and losses on investments sold are determined on a specific identification basis, which is the same basis used for federal income tax purposes. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

***Dividends and Distributions*** – Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of the Fund. Distributions from net realized capital gains, if any, are generally declared and distributed annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either temporary or permanent in nature and are primarily due to differing treatments of net short-term capital gains. Dividends and distributions are recorded on the ex-dividend date.

The tax character of distributions paid during the periods ended August 31, 2025 and February 28, 2025 was ordinary income.

***Estimates*** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases (decreases) in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

**3.** **Federal Income Tax** 

The Fund has qualified and intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements (Continued)** |

---

The following information is computed on a tax basis for each item as of August 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $23618450 |
| Gross unrealized appreciation | $2608947 |
| Gross unrealized depreciation | (26937) |
| Net unrealized appreciation | 2582010 |
| Accumulated ordinary income | 169897 |
| Other gains | 12403 |
| Capital loss carryforwards | (2436139) |
| Accumulated earnings | $328171 |

---

As of February 28, 2025, the Fund had short-term capital loss carryforwards of $207,771 and long-term capital loss carryforwards of $2,228,368 for federal income tax purposes. These capital loss carryforwards, which do not expire, may be utilized in the current and future years to offset realized capital gains, if any, prior to distributing such gains to shareholders.

The Fund recognizes the benefits or expenses of uncertain tax positions only if the position is "more-likely-than-not" of being sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits, as income tax expenses in the Statement of Operations. For the six months ended August 31, 2025, the Fund did not incur any interest or penalties.

**4.** **Investment Transactions** 

During the six months ended August 31, 2025, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. Government obligations, were as follows:

---

| | |
|:---|:---|
| Cost of purchases of investment securities | $4170329 |
| Proceeds from sales and maturities of investment securities | $2544762 |

---

Cost of purchases and proceeds from sales and maturities of long-term U.S. Government obligations during the six months ended August 31, 2025 were:

---

| | |
|:---|:---|
| Cost of purchases of investment securities | $— |
| Proceeds from sales and maturities of investment securities | $500000 |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements (Continued)** |

---

**5.** **Transactions with Related Parties** 

**INVESTMENT ADVISORY AGREEMENT**

The Fund pays a monthly management fee to the Advisor calculated at the annual rate of 0.50% of its average daily net assets. The Advisor has entered into an Expense Limitation Agreement (the "ELA") with the Fund under which it has agreed until July 1, 2026 to waive its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business, dividend expense on securities sold short, Acquired Fund Fees and Expenses, and amounts, if any, under a Rule 12b-1 Plan) to not more than 0.87% of its average daily net assets. The ELA cannot be terminated prior to July 1, 2026 without the approval of the Board. Accordingly, during the six months ended August 31, 2025, the Advisor did not collect any of its management fees and reimbursed other operating expenses in the amount of $27,210. These fees are not available for recoupment by the Advisor.

Certain Trustees and officers of the Trust are also officers of the Advisor and are not compensated by the Fund for serving in such capacities.

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, accounting, and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for its services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and certain costs related to the pricing of its portfolio securities.

Pursuant to the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the Fund's principal underwriter. The Distributor is a wholly-owned subsidiary of Ultimus. For the six months ended August 31, 2025, the Distributor received $4,000 in fees from the Fund for such services.

**COMPENSATION OF TRUSTEES**

Trustees and officers affiliated with the Advisor or Ultimus are not compensated by the Fund for their services. Each Trustee who is not an affiliated person of the Advisor or Ultimus receives an annual retainer of $10,000, paid quarterly; a fee of $2,000 for attendance at each in-person meeting of the Board of Trustees; and a fee of $500 for attendance at each telephonic meeting of the Board of Trustees. The Fund reimburses each Trustee and officer for his or her travel and other expenses relating to attendance at Board or committee meetings.

**PRINCIPAL HOLDER OF FUND SHARES**

As of August 31, 2025, the following shareholder of record owned 25% or more of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| Charles Schwab & Company (for the benefit of its customers) | 87% |

---

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Notes to Financial Statements (Continued)** |

---

A beneficial owner of 25% or more of the Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have more significant effect on matters presented at a shareholders' meeting.

**6.** **Sector Risk** 

If a Fund had significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund's portfolio would be adversely affected. As of August 31, 2025, the Fund had 25.7% of the value of its net assets invested in common stocks and corporate bonds within the Energy sector.

**7.** **Contingencies and Commitments** 

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8.** **Subsequent Event** 

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events other than the following:

On September 30, 2025, the Fund paid an ordinary income dividend of $0.1065 per share to shareholders of record on September 29, 2025.

---

| |
|:---|
| ***CM Advisors Fixed Income Fund*** |
| **Additional Information (Unaudited)** |

---

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

---

| |
|:---|
| **CM Advisors Fixed Income Fund** |
| **a series of** |
| **CM Advisors Family of Funds** |

---

---

| | |
|:---|:---|
| **For Shareholder Service Inquiries:**<br>Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246-0707<br>**Toll-Free Telephone:**<br> 1-888-859-5856<br>| **For Investment Advisor Inquiries:**<br>Van Den Berg Management I, Inc.<br> (d/b/a CM Fund Advisors)<br> 805 Las Cimas Parkway, Suite 305<br> Austin, Texas 78746<br>**Toll-Free Telephone:**<br> 1-888-859-5856<br>**World Wide Web @:**<br> www.cmadvisorsfunds.com |

---

Investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. No investment strategy works all the time, and past performance is not necessarily indicative of future performance.<br>*The performance information quoted in this report represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.*<br>**An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at www.cmadvisorsfunds.com or by calling Shareholder Services at 1-888-859-5856. The prospectus should be read carefully before investing.**<br>

**For More Information on your CM Advisors Family of Funds:**

See Our Web site @ www.cmadvisorsfunds.com or

Call Our Shareholder Services Group Toll-Free at 1-888-859-5856

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

Not applicable

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

(a)(1) Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): Attached hereto

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 207.30a-2(b)): Attached hereto

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](ex_99cert.htm)

Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | CM Advisors Family of Funds |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ James D. Brilliant |
|  |  | James D. Brilliant, Chairman and Principal Executive Officer |
| Date | November 4, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ James D. Brilliant |
|  |  | James D. Brilliant, Chairman and Principal Executive Officer |
| Date | November 4, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Scott Van Den Berg |
|  |  | Scott Van Den Berg, Treasurer and Principal Financial Officer |
| Date | November 4, 2025 |  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, James D. Brilliant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CM Advisors Family of Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: November 4, 2025 | &nbsp;&nbsp;<u>/s/ James D. Brilliant</u> |
|  | &nbsp;&nbsp;James D. Brilliant, Chairman and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Scott Van Den Berg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CM Advisors Family of Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: November 4, 2025 | &nbsp;&nbsp;<u>/s/ Scott Van Den Berg</u> |
|  | &nbsp;&nbsp;Scott Van Den Berg, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

<u>CERTIFICATIONS</u>

James D. Brilliant, Chief Executive Officer, and Scott Van Den Berg, Principal Accounting Officer, of CM Advisors Family of Funds (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended August 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of section 13(a) or section
 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | PRINCIPAL ACCOUNTING OFFICER |
| CM Advisors Family of Funds | CM Advisors Family of Funds |
| <u>/s/ James D. Brilliant</u> | <u>/s/ Scott Van Den Berg</u> |
| James D. Brilliant, Chairman and Principal Executive Office | Scott Van Den Berg, Treasurer and Principal Financial Officer |
| Date: November 4, 2025 | Date: November 4, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CM Advisors Family of Funds and will be retained by CM Advisors Family of Funds and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.