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        <fairValLevel>2</fairValLevel>
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        <name>Corporate Office Properties Tr</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Financial Square Government Fund</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BankUnited Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ollie's Bargain Outlet Holding</name>
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        <fairValLevel>1</fairValLevel>
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        <name>G-III Apparel Group Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Horace Mann Educators Corp</name>
        <lei>254900G5YAV3A2YK8T32</lei>
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          <isin value="US4403271046"/>
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        <assetCat>EC</assetCat>
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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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          <isin value="US09248U7182"/>
          <ticker value="TSTXX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
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          <isin value="US0454871056"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY INSTITUTIONAL MONEY MARKET GOVERNMENT PORTFOLIO</name>
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          <isin value="US31607A7037"/>
          <ticker value="FRGXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>American Assets Trust Inc</name>
        <lei>N/A</lei>
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          <isin value="US0240131047"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Federated Treasury Obligations Fund</name>
        <lei>254900WUIGYHOH89FC60</lei>
        <title>Federated Treasury Obligations Fund</title>
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          <ticker value="TOIXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Natus Medical Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mueller Water Products Inc</name>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <name>STIT - Government &amp; Agency Portfolio</name>
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        <name>Envista Holdings Corp</name>
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        <name>Amalgamated Bank</name>
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        <name>Capitol Federal Financial Inc</name>
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        <name>Arcosa Inc</name>
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        <name>Moelis &amp; Co</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co</title>
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        <name>Southwest Gas Holdings Inc</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nomad Foods Ltd</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd</title>
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        <fairValLevel>1</fairValLevel>
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        <name>JELD-WEN Holding Inc</name>
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      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Envestnet Inc</name>
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      <invstOrSec>
        <name>Tufin Software Technologies Lt</name>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JP MORGAN US GOVT MONEY MKT FUND</name>
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        <title>JP MORGAN US GOVT MONEY MKT FUND</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GCP Applied Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Valmont Industries Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Investors Bancorp Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BancorpSouth Bank</name>
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        <title>BancorpSouth Bank</title>
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          <isin value="US05971J1025"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Brightcove Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PAE Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Black Hills Corp</name>
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        <name>Kaman Corp</name>
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        <name>BlackRock Liquidity FedFund</name>
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        <title>BlackRock Liquidity FedFund</title>
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        <name>Advanced Drainage Systems Inc</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
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        <name>Primo Water Corp</name>
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        <name>elf Beauty Inc</name>
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        <name>Morgan Stanley Institutional Liquidity Funds - Government Portfolio</name>
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        <name>SJW Group</name>
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        <name>Rogers Corp</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
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        <name>Hancock Whitney Corp</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp</title>
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        <name>Clean Harbors Inc</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors Inc</title>
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          <ticker value="CLH"/>
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        <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>Bank of Hawaii Corp</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
        <title>Bank of Hawaii Corp</title>
        <cusip>062540109</cusip>
        <identifiers>
          <isin value="US0625401098"/>
          <ticker value="BOH"/>
        </identifiers>
        <balance>34142.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2096660.22000000</valUSD>
        <pctVal>0.899529135622</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>Applied Industrial Technologie</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies Inc</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <isin value="US03820C1053"/>
          <ticker value="AIT"/>
        </identifiers>
        <balance>69471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4334295.69000000</valUSD>
        <pctVal>1.859540815611</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>MIZUHO BANK LTD (NEW YORK)</name>
        <lei>N/A</lei>
        <title>MIZUHO BANK LTD (NEW YORK)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2075043777"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
        <pctVal>0.429029523736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federated Government Obligatio</name>
        <lei>254900VAJ9169N7JRF45</lei>
        <title>Federated Government Obligations Fund</title>
        <cusip>608919718</cusip>
        <identifiers>
          <isin value="US6089197189"/>
          <ticker value="GOFXX"/>
        </identifiers>
        <balance>507000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507000.00000000</valUSD>
        <pctVal>0.217517968534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="507000.00000000" 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>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>
