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      <invstOrSec>
        <name>Dover Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackBerry Ltd</name>
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        <name>Acuity Brands Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; COMPANY LLC</name>
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        <name>Clarivate PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock Liquidity Funds T-Fund</name>
        <lei>5493002L9DNZ83RX7V61</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Whirlpool Corp</name>
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        <name>Volvo AB</name>
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        <name>Equinix Inc</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Canadian National Railway Co</name>
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        <name>NextEra Energy Inc</name>
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        <lei>5493000ZZ1837DS2SI43</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Tenable Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merit Medical Systems Inc</name>
        <lei>549300OYTY138SP2CE83</lei>
        <title>Merit Medical Systems Inc</title>
        <cusip>589889104</cusip>
        <identifiers>
          <isin value="US5898891040"/>
          <ticker value="MMSI"/>
        </identifiers>
        <balance>-13208.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-602945.20000000</valUSD>
        <pctVal>-1.06813137144</pctVal>
        <payoffProfile>Short</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>elf Beauty Inc</name>
        <lei>549300U2K9TCON25C029</lei>
        <title>elf Beauty Inc</title>
        <cusip>26856L103</cusip>
        <identifiers>
          <isin value="US26856L1035"/>
          <ticker value="ELF"/>
        </identifiers>
        <balance>134202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2559232.14000000</valUSD>
        <pctVal>4.533738945994</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>Roku Inc</name>
        <lei>549300KR6ITU0YIR1T71</lei>
        <title>Roku Inc</title>
        <cusip>77543R102</cusip>
        <identifiers>
          <isin value="US77543R1023"/>
          <ticker value="ROKU"/>
        </identifiers>
        <balance>-5863.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-683215.39000000</valUSD>
        <pctVal>-1.21033187014</pctVal>
        <payoffProfile>Short</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS MSCMS097 INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWMSCMS097"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-17173.00000000</valUSD>
        <pctVal>-0.03042236681</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>MSCMS097_INDEX</indexIdentifier>
                <narrativeDesc>Custom Equity Basket</narrativeDesc>
                <components>
                  <component>
                    <othIndName>HCA Healthcare Inc</othIndName>
                    <identifiers>
                      <cusip value="40412C101"/>
                    </identifiers>
                    <othIndNotAmt>1723.76387500</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>167308.52170000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Align Technology Inc</othIndName>
                    <identifiers>
                      <cusip value="016255101"/>
                    </identifiers>
                    <othIndNotAmt>651.48163680</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>178792.62040000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Fastenal Co</othIndName>
                    <identifiers>
                      <cusip value="311900104"/>
                    </identifiers>
                    <othIndNotAmt>4061.45981900</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>173992.93870000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Apple Inc</othIndName>
                    <identifiers>
                      <cusip value="037833100"/>
                    </identifiers>
                    <othIndNotAmt>485.86421690</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>177243.26630000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MSCMS097 INDEX" floatingRtSpread="0.00000000" pmntAmt="680214.89000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MSCMS097 INDEX" floatingRtSpread="0.00000000" pmntAmt="-6833.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2020-07-30</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-680214.89000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-17173.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omnicell Inc</name>
        <lei>5493008RH0GTKHHPZI77</lei>
        <title>Omnicell Inc</title>
        <cusip>68213N109</cusip>
        <identifiers>
          <isin value="US68213N1090"/>
          <ticker value="OMCL"/>
        </identifiers>
        <balance>-17530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1237968.60000000</valUSD>
        <pctVal>-2.19309001634</pctVal>
        <payoffProfile>Short</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS MSCMS095 INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWMSCMS095"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10220.43000000</valUSD>
        <pctVal>0.018105728203</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>MSCMS095_INDEX</indexIdentifier>
                <narrativeDesc>Custom Equity Basket</narrativeDesc>
                <components>
                  <component>
                    <othIndName>Best Buy Co Inc</othIndName>
                    <identifiers>
                      <cusip value="086516101"/>
                    </identifiers>
                    <othIndNotAmt>2857.97608600</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>249415.57310000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>McDonald's Corp</othIndName>
                    <identifiers>
                      <cusip value="580135101"/>
                    </identifiers>
                    <othIndNotAmt>1206.74793700</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>222608.79200000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Starbucks Corp</othIndName>
                    <identifiers>
                      <cusip value="855244109"/>
                    </identifiers>
                    <othIndNotAmt>2971.24047100</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>218653.58630000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MSCMS095 INDEX" floatingRtSpread="0.00000000" pmntAmt="700995.41000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MSCMS095 INDEX" floatingRtSpread="0.00000000" pmntAmt="-6860.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2020-07-30</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-700995.41000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>10220.43000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>2020-08-27</ncom:dateSigned>
      <ncom:nameOfApplicant>CRM Mutual Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Steve Fellin</ncom:signature>
      <ncom:signerName>Steve Fellin</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
