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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Independence Realty Trust Inc</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc. </title>
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          <isin value="US45378A1060"/>
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        <balance>96539.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>I3 Verticals INC</name>
        <lei>549300944CYWVP06CJ97</lei>
        <title>I3 Verticals, Inc. </title>
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          <isin value="US46571Y1073"/>
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        <balance>25310.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Knowles Corporation</name>
        <lei>5493003EO323TDZQU148</lei>
        <title>Knowles Corporation </title>
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          <isin value="US49926D1090"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lending Club Corporation</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>LendingClub Corporation </title>
        <cusip>52603A208</cusip>
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          <isin value="US52603A2087"/>
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        <balance>134267.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Madden(Steven)Ltd.</name>
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        <title>Steven Madden Ltd. </title>
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          <isin value="US5562691080"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Resources Company</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Company </title>
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          <isin value="US5764852050"/>
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        <balance>23214.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Middlesex Water Co.</name>
        <lei>N/A</lei>
        <title>Middlesex Water Company </title>
        <cusip>596680108</cusip>
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          <isin value="US5966801087"/>
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        <balance>26825.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Moelis &amp; Co.</name>
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        <title>Moelis &amp; Company </title>
        <cusip>60786M105</cusip>
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          <isin value="US60786M1053"/>
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        <balance>28854.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Treasury Oligations Fund </title>
        <cusip>60934N500</cusip>
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          <isin value="US60934N5005"/>
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        <balance>653944.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>653944.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Omnicell Inc</name>
        <lei>5493008RH0GTKHHPZI77</lei>
        <title>Omnicell, Inc. </title>
        <cusip>68213N109</cusip>
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          <isin value="US68213N1090"/>
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        <balance>47563.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Quaker Houghton</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corporation </title>
        <cusip>747316107</cusip>
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          <isin value="US7473161070"/>
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        <balance>9383.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corporation </title>
        <cusip>75281A109</cusip>
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          <isin value="US75281A1097"/>
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        <balance>45898.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rogers Corp</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
        <title>Rogers Corporation </title>
        <cusip>775133101</cusip>
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        <balance>23211.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shoals Technologies Group Inc</name>
        <lei>N/A</lei>
        <title>Shoals Technologies Group, Inc. </title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Champion Homes Inc.</name>
        <lei>N/A</lei>
        <title>Champion Homes, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stewart Information Services Corporation</name>
        <lei>529900TV1XI0PLKENU10</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TFS Financial Corp</name>
        <lei>N/A</lei>
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        <cusip>87240R107</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Terreno Realty Corporation</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corporation </title>
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      <invstOrSec>
        <name>TETRA Technologies Inc.</name>
        <lei>549300T5W131705EK832</lei>
        <title>TETRA Technologies, Inc. </title>
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        <name>Ultra Clean Holdings Inc</name>
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        <title>Ultra Clean Holdings, Inc. </title>
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        <name>Viavi Solutions Inc</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions, Inc. </title>
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        <name>Victorias Secret and Co</name>
        <lei>5493006T3O70U3UWVF17</lei>
        <title>Victoria's Secret &amp; Company </title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WillScot Holdings Corporation</name>
        <lei>549300HJ4VIXF476Q166</lei>
        <title>WillScot Holdings Corporation </title>
        <cusip>971378104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Xenia Hotels &amp; Resorts Inc</name>
        <lei>54930075IWIPHF5IQL62</lei>
        <title>Xenia Hotels &amp; Resorts, Inc. </title>
        <cusip>984017103</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zoominfo Technologies Inc</name>
        <lei>2549008GSAHW4UWFEM58</lei>
        <title>ZoomInfo Technologies, Inc. </title>
        <cusip>98980F104</cusip>
        <identifiers>
          <isin value="US98980F1049"/>
        </identifiers>
        <balance>179843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1447736.15000000</valUSD>
        <pctVal>2.089594640215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STIT GOVT AND AGENCY INST</name>
        <lei>N/A</lei>
        <title>INVESCO STIT GOVT &amp; AGENCY-INST (</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AGPXX"/>
        </identifiers>
        <balance>1140481.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1140481.19000000</valUSD>
        <pctVal>1.646117202979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1140481.19000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>CRM Mutual Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
