<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001322252</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000001325</seriesId>
        <classId>C000003543</classId>
        <classId>C000003544</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>CRM Mutual Fund Trust</regName>
      <regFileNumber>811-21749</regFileNumber>
      <regCik>0001322252</regCik>
      <regLei>549300RX3217CTPTEU48</regLei>
      <regStreet1>28 Havemeyer Place</regStreet1>
      <regCity>Greenwich</regCity>
      <regStateConditional regCountry="US" regState="US-CT"/>
      <regZipOrPostalCode>06830</regZipOrPostalCode>
      <regPhone>212-326-5300</regPhone>
      <seriesName>CRM SMALL/MID CAP VALUE FUND</seriesName>
      <seriesId>S000001325</seriesId>
      <seriesLei>549300BJCER9KBZHER71</seriesLei>
      <repPdEnd>2021-06-30</repPdEnd>
      <repPdDate>2020-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>299766708.55</totAssets>
      <totLiabs>322375.53</totLiabs>
      <netAssets>299444333.02</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="1132095.11" lei="9R7GPTSO7KV3UQJZQ078" name="Morgan Stanley &amp; Co. LLC"/>
        <borrower aggrVal="3767237.06" lei="FOR8UP27PHTHYVLBNG30" name="Goldman, Sachs &amp; Co. LLC"/>
        <borrower aggrVal="644089.88" lei="549300CSX55MXZ47EI78" name="Wedbush Securities, Inc."/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000003544" rtn1="2.36745700" rtn2="15.07858360" rtn3="7.11437510"/>
          <monthlyTotReturn classId="C000003543" rtn1="2.38974520" rtn2="15.17054780" rtn3="7.09716320"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="3468981.69000000" netUnrealizedAppr="2601846.11"/>
        <othMon2 netRealizedGain="7471114.58000000" netUnrealizedAppr="31434344.29000000"/>
        <othMon3 netRealizedGain="3841333.83000000" netUnrealizedAppr="15769913.04000000"/>
      </returnInfo>
      <mon1Flow redemption="3691373.44000000" reinvestment="0.00000000" sales="1521337.48000000"/>
      <mon2Flow redemption="2342374.01000000" reinvestment="0.00000000" sales="4513716.65000000"/>
      <mon3Flow redemption="24203273.33000000" reinvestment="16373990.80000000" sales="3244282.35000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Cousins Properties Incorporated</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc. </title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
        </identifiers>
        <balance>205255.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6876042.50000000</valUSD>
        <pctVal>2.296267366509</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>Parsley Energy Inc</name>
        <lei>549300DMRA8DSL66G562</lei>
        <title>Parsley Energy, Inc. </title>
        <cusip>701877102</cusip>
        <identifiers>
          <isin value="US7018771029"/>
        </identifiers>
        <balance>401542.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5701896.40000000</valUSD>
        <pctVal>1.904159061049</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>Regal Beloit Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>Regal-Beloit Corp. </title>
        <cusip>758750103</cusip>
        <identifiers>
          <isin value="US7587501039"/>
        </identifiers>
        <balance>80947.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9941101.07000000</valUSD>
        <pctVal>3.319849459076</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>Terminix Global Holdings Inc.</name>
        <lei>549300GS10644JGL8R77</lei>
        <title>Terminix Global Holdings, Inc. </title>
        <cusip>88087E100</cusip>
        <identifiers>
          <isin value="US88087E1001"/>
        </identifiers>
        <balance>182911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9330290.11000000</valUSD>
        <pctVal>3.115867986513</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>LKQ Corporation</name>
        <lei>DS830JTTZQN6GK0I2E41</lei>
        <title>LKQ Corp. </title>
        <cusip>501889208</cusip>
        <identifiers>
          <isin value="US5018892084"/>
        </identifiers>
        <balance>333395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11748839.80000000</valUSD>
        <pctVal>3.923547218779</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>RH</name>
        <lei>5493008MTS3OGGMHGK69</lei>
        <title>RH </title>
        <cusip>74967X103</cusip>
        <identifiers>
          <isin value="US74967X1037"/>
        </identifiers>
        <balance>13138.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5879517.76000000</valUSD>
        <pctVal>1.963476049355</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>Bio-Rad Laboratories, Inc.</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>Bio-Rad Laboratories, Inc. </title>
        <cusip>090572207</cusip>
        <identifiers>
          <isin value="US0905722072"/>
        </identifiers>
        <balance>9131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5322825.14000000</valUSD>
        <pctVal>1.777567498545</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>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc. </title>
        <cusip>920253101</cusip>
        <identifiers>
          <isin value="US9202531011"/>
        </identifiers>
        <balance>71575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12520614.75000000</valUSD>
        <pctVal>4.181282919508</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>Moelis &amp; Company</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co. </title>
        <cusip>60786M105</cusip>
        <identifiers>
          <isin value="US60786M1053"/>
        </identifiers>
        <balance>129902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6074217.52000000</valUSD>
        <pctVal>2.028496401564</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>Cree Inc</name>
        <lei>549300OGU88P3AW3TO93</lei>
        <title>Cree Inc. </title>
        <cusip>225447101</cusip>
        <identifiers>
          <isin value="US2254471012"/>
        </identifiers>
        <balance>42698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4521718.20000000</valUSD>
        <pctVal>1.510036324413</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>Trinet Group Inc</name>
        <lei>5299003FJVBETSFKE990</lei>
        <title>TriNet Group, Inc. </title>
        <cusip>896288107</cusip>
        <identifiers>
          <isin value="US8962881079"/>
        </identifiers>
        <balance>23006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1854283.60000000</valUSD>
        <pctVal>0.619241506860</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>Carlisle Companies Incorporated</name>
        <lei>XR64VGX1ZPX6G7ZN7Z11</lei>
        <title>Carlisle Cos., Inc. </title>
        <cusip>142339100</cusip>
        <identifiers>
          <isin value="US1423391002"/>
        </identifiers>
        <balance>62311.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9731731.98000000</valUSD>
        <pctVal>3.249930256436</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>ChampionX Corporation</name>
        <lei>549300EP2909K6DYYP38</lei>
        <title>ChampionX Corp. </title>
        <cusip>15872M104</cusip>
        <identifiers>
          <isin value="US15872M1045"/>
        </identifiers>
        <balance>358104.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5478991.20000000</valUSD>
        <pctVal>1.829719448934</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>Bancorpsouth Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>BancorpSouth Bank </title>
        <cusip>05971J102</cusip>
        <identifiers>
          <isin value="US05971J1025"/>
        </identifiers>
        <balance>249241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6839173.04000000</valUSD>
        <pctVal>2.283954740777</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>Teledyne Technologies Inc</name>
        <lei>549300VSMO9KYQWDND94</lei>
        <title>Teledyne Technologies, Inc. </title>
        <cusip>879360105</cusip>
        <identifiers>
          <isin value="US8793601050"/>
        </identifiers>
        <balance>11073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4340394.54000000</valUSD>
        <pctVal>1.449482946037</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>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>Nisource, Inc. </title>
        <cusip>65473P105</cusip>
        <identifiers>
          <isin value="US65473P1057"/>
        </identifiers>
        <balance>296329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6797787.26000000</valUSD>
        <pctVal>2.270133881460</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>Investors Bancorp</name>
        <lei>N/A</lei>
        <title>Investors Bancorp, Inc. </title>
        <cusip>46146L101</cusip>
        <identifiers>
          <isin value="US46146L1017"/>
        </identifiers>
        <balance>994115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10497854.40000000</valUSD>
        <pctVal>3.505778284105</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>Nomad Foods Limited</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd. </title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <isin value="VGG6564A1057"/>
        </identifiers>
        <balance>269085.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6840140.70000000</valUSD>
        <pctVal>2.284277892660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity CommonWealth</name>
        <lei>549300YPGVU9PR4L0606</lei>
        <title>Equity Commonwealth </title>
        <cusip>294628102</cusip>
        <identifiers>
          <isin value="US2946281027"/>
        </identifiers>
        <balance>106133.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2895308.24000000</valUSD>
        <pctVal>0.966893649580</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>Primo Water Corporation</name>
        <lei>5493005TMUI9D3MY9I37</lei>
        <title>Primo Water Corp. </title>
        <cusip>74167P108</cusip>
        <identifiers>
          <isin value="CA74167P1080"/>
        </identifiers>
        <balance>617681.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9685238.08000000</valUSD>
        <pctVal>3.234403530806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JP MORGAN SECURITIES LLC REPO SLRPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2214782125"/>
        </identifiers>
        <balance>1430627</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1430627</valUSD>
        <pctVal>0.477760585939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="JP MORGAN SECURITIES LLC REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.06</repurchaseRt>
          <maturityDt>2021-01-04</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1430627</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1459239.693</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1430627" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCP Applied Technologies Inc.</name>
        <lei>5493007G654QKQVEKV09</lei>
        <title>GCP Applied Technologies, Inc. </title>
        <cusip>36164Y101</cusip>
        <identifiers>
          <isin value="US36164Y1010"/>
        </identifiers>
        <balance>114546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2709012.90000000</valUSD>
        <pctVal>0.904679969288</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>Corporate Office Properties Trust</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>Corporate Office Properties Trust </title>
        <cusip>22002T108</cusip>
        <identifiers>
          <isin value="US22002T1088"/>
        </identifiers>
        <balance>242481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6323904.48000000</valUSD>
        <pctVal>2.111879832963</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>W.R. Berkley Corporation</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W.R. Berkley Corp. </title>
        <cusip>084423102</cusip>
        <identifiers>
          <isin value="US0844231029"/>
        </identifiers>
        <balance>68624.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4558006.08000000</valUSD>
        <pctVal>1.522154730407</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 Securities USA LLC</name>
        <lei>7TK5RJIZDFROZCA6XF66</lei>
        <title>MIZUHO SECURITIES USA LLC REPO SLRPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2214782131"/>
        </identifiers>
        <balance>1430627</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1430627</valUSD>
        <pctVal>0.477760585939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="7TK5RJIZDFROZCA6XF66" name="MIZUHO SECURITIES USA LLC REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05</repurchaseRt>
          <maturityDt>2021-01-04</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1430627</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1459239.65</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1430627" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PTC Inc</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC, Inc. </title>
        <cusip>69370C100</cusip>
        <identifiers>
          <isin value="US69370C1009"/>
        </identifiers>
        <balance>52774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6312298.14000000</valUSD>
        <pctVal>2.108003873821</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>Kirby Corp</name>
        <lei>I7NO6FZO5GUCG585T325</lei>
        <title>Kirby Corp. </title>
        <cusip>497266106</cusip>
        <identifiers>
          <isin value="US4972661064"/>
        </identifiers>
        <balance>103558.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5367411.14000000</valUSD>
        <pctVal>1.792457077369</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>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Treasury Oligations Fund </title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
        </identifiers>
        <balance>3661459.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3661459.08000000</valUSD>
        <pctVal>1.222751168163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp. </title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
        </identifiers>
        <balance>60032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3688966.40000000</valUSD>
        <pctVal>1.231937289577</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>Blackrock Liquidit</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>Blackrock Liquity Funds T-Fund Institutional Shares</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
        </identifiers>
        <balance>3661459.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3661459.04000000</valUSD>
        <pctVal>1.222751154804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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 Indl Techs</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies, Inc. </title>
        <cusip>03820C105</cusip>
        <identifiers>
          <isin value="US03820C1053"/>
        </identifiers>
        <balance>88561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6906872.39000000</valUSD>
        <pctVal>2.306563066444</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>Clarivate Plc</name>
        <lei>549300WDHIIODXFO0R55</lei>
        <title>Clarivate PLC </title>
        <cusip>G21810109</cusip>
        <identifiers>
          <isin value="JE00BJJN4441"/>
        </identifiers>
        <balance>168386.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5002748.06000000</valUSD>
        <pctVal>1.670677153761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RPM International Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International, Inc. </title>
        <cusip>749685103</cusip>
        <identifiers>
          <isin value="US7496851038"/>
        </identifiers>
        <balance>102627.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9316479.06000000</valUSD>
        <pctVal>3.111255760307</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>TFS Financial Corp</name>
        <lei>N/A</lei>
        <title>TFS Financial Corp. </title>
        <cusip>87240R107</cusip>
        <identifiers>
          <isin value="US87240R1077"/>
        </identifiers>
        <balance>353263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6228026.69000000</valUSD>
        <pctVal>2.079861264091</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>Sunrun Incorporation</name>
        <lei>54930007SJ77CI66U531</lei>
        <title>Sunrun, Inc. </title>
        <cusip>86771W105</cusip>
        <identifiers>
          <isin value="US86771W1053"/>
        </identifiers>
        <balance>50415.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3497792.70000000</valUSD>
        <pctVal>1.168094471758</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>Envista Holdings Corporation</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp. </title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
        </identifiers>
        <balance>377148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12721202.04000000</valUSD>
        <pctVal>4.248269423469</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>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp. </title>
        <cusip>045487105</cusip>
        <identifiers>
          <isin value="US0454871056"/>
        </identifiers>
        <balance>406784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6935667.20000000</valUSD>
        <pctVal>2.316179147573</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>Bankunited Inc</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited, Inc. </title>
        <cusip>06652K103</cusip>
        <identifiers>
          <isin value="US06652K1034"/>
        </identifiers>
        <balance>215816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7506080.48000000</valUSD>
        <pctVal>2.506669738678</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> MultiPlan Corporation</name>
        <lei>N/A</lei>
        <title>Churchill Capital Corp III </title>
        <cusip>62548M100</cusip>
        <identifiers>
          <isin value="US62548M1009"/>
        </identifiers>
        <balance>693795.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5543422.05000000</valUSD>
        <pctVal>1.851236252859</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5543422.05"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skyline Champion Corporation</name>
        <lei>N/A</lei>
        <title>Skyline Champion Corp. </title>
        <cusip>830830105</cusip>
        <identifiers>
          <isin value="US8308301055"/>
        </identifiers>
        <balance>149350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4620889.00000000</valUSD>
        <pctVal>1.543154600187</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>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc. </title>
        <cusip>184496107</cusip>
        <identifiers>
          <isin value="US1844961078"/>
        </identifiers>
        <balance>133649.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10170688.90000000</valUSD>
        <pctVal>3.396520748088</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>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CITIBANK NA REPO SLRPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2214782129"/>
        </identifiers>
        <balance>767805</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>767805</valUSD>
        <pctVal>0.256409928435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="E57ODZWZ7FF32TWEFA76" name="CITIBANK NA REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05</repurchaseRt>
          <maturityDt>2021-01-04</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>767805</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>783161.2741</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="767805" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaman Corporation</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>Kaman Corp. </title>
        <cusip>483548103</cusip>
        <identifiers>
          <isin value="US4835481031"/>
        </identifiers>
        <balance>139290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7957637.70000000</valUSD>
        <pctVal>2.657468124290</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>Eagle Materials Inc.</name>
        <lei>529900KRXRGXL61SG039</lei>
        <title>Eagle Materials, Inc. </title>
        <cusip>26969P108</cusip>
        <identifiers>
          <isin value="US26969P1084"/>
        </identifiers>
        <balance>52733.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5344489.55000000</valUSD>
        <pctVal>1.784802369141</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>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc./OH </title>
        <cusip>025932104</cusip>
        <identifiers>
          <isin value="US0259321042"/>
        </identifiers>
        <balance>125767.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11019704.54000000</valUSD>
        <pctVal>3.680051122979</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>G-Iii Apparel Gp</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III Apparel Group Ltd. </title>
        <cusip>36237H101</cusip>
        <identifiers>
          <isin value="US36237H1014"/>
        </identifiers>
        <balance>471831.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11201267.94000000</valUSD>
        <pctVal>3.740684562980</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>Tenable Holdings Inc</name>
        <lei>5493004S5OMPESF0EF83</lei>
        <title>Tenable Holdings, Inc. </title>
        <cusip>88025T102</cusip>
        <identifiers>
          <isin value="US88025T1025"/>
        </identifiers>
        <balance>120483.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6296441.58000000</valUSD>
        <pctVal>2.102708545691</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>BOFA Securities, Inc.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BOFA SECURITIES INC REPO. SLRPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2214782126"/>
        </identifiers>
        <balance>1430627</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1430627</valUSD>
        <pctVal>0.477760585939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES INC REPO."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.06</repurchaseRt>
          <maturityDt>2021-01-04</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1430627</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1459239.61</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1430627" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs</name>
        <lei>N/A</lei>
        <title>GOLDMAN SACHS FIN SQ GOVT-FS #465</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
        </identifiers>
        <balance>482000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482000</valUSD>
        <pctVal>0.160964809431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="482000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan</name>
        <lei>N/A</lei>
        <title>JPMORGAN US GOVERNMENT MM-CP #3164</title>
        <cusip>4812C0670</cusip>
        <identifiers>
          <isin value="US4812C06707"/>
        </identifiers>
        <balance>482000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482000</valUSD>
        <pctVal>0.160964809431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="482000" 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>2021-02-28</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>
