<?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>S000001323</seriesId>
        <classId>C000003540</classId>
        <classId>C000003541</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>6830</regZipOrPostalCode>
      <regPhone>212-326-5300</regPhone>
      <seriesName>CRM SMALL CAP VALUE FUND</seriesName>
      <seriesId>S000001323</seriesId>
      <seriesLei>549300MX8PIWKMFNWX70</seriesLei>
      <repPdEnd>2022-06-30</repPdEnd>
      <repPdDate>2021-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>313322009.76</totAssets>
      <totLiabs>366849.97</totLiabs>
      <netAssets>312955159.79</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="250920" lei="ZBUT11V806EZRVTWT807" name="J.P. Morgan Securities LLC"/>
        <borrower aggrVal="503945.28" lei="RCNB6OTYUAMMP879YW96" name="BNP Paribas Securities Corp."/>
        <borrower aggrVal="3824033.04" lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES INC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000003540" rtn1="-2.53041460" rtn2="-0.29957530" rtn3="-3.65550760"/>
          <monthlyTotReturn classId="C000003541" rtn1="-2.59363900" rtn2="-0.29585400" rtn3="-3.67949440"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="5854333.99000000" netUnrealizedAppr="-14329507.02000000"/>
        <othMon2 netRealizedGain="2155763.98000000" netUnrealizedAppr="-3187351.66000000"/>
        <othMon3 netRealizedGain="-3475232.80000000" netUnrealizedAppr="-8564721.34000000"/>
      </returnInfo>
      <mon1Flow redemption="5253905.33000000" reinvestment="0.00000000" sales="1974136.57000000"/>
      <mon2Flow redemption="2684678.12000000" reinvestment="0.00000000" sales="1670505.46000000"/>
      <mon3Flow redemption="1494202.53000000" reinvestment="0.00000000" sales="2317872.29000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>H.B. Fuller Company</name>
        <lei>JSMX3Z5FOYM8V0Q52357</lei>
        <title>HB Fuller Co. </title>
        <cusip>359694106</cusip>
        <identifiers>
          <isin value="US3596941068"/>
        </identifiers>
        <balance>110190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7113866.40000000</valUSD>
        <pctVal>2.273126413628</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>6222138.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6222138.41000000</valUSD>
        <pctVal>1.988188472168</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>36190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3261804.70000000</valUSD>
        <pctVal>1.042259441317</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>Skyline Champion Corporation</name>
        <lei>N/A</lei>
        <title>Skyline Champion Corp. </title>
        <cusip>830830105</cusip>
        <identifiers>
          <isin value="US8308301055"/>
        </identifiers>
        <balance>103893.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6239813.58000000</valUSD>
        <pctVal>1.993836300442</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>205644.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8600032.08000000</valUSD>
        <pctVal>2.748007761166</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>Heritage Commerce Corp</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>Heritage Commerce Corp. </title>
        <cusip>426927109</cusip>
        <identifiers>
          <isin value="US4269271098"/>
        </identifiers>
        <balance>358456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4168843.28000000</valUSD>
        <pctVal>1.332089645940</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>120465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12512699.55000000</valUSD>
        <pctVal>3.998240373603</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>James River Group Holdings</name>
        <lei>N/A</lei>
        <title>James River Group Holdings, Ltd. </title>
        <cusip>G5005R107</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
        </identifiers>
        <balance>242307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9142243.11000000</valUSD>
        <pctVal>2.921262942631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPX Corporation</name>
        <lei>P761FCI0CPOG24I8JE10</lei>
        <title>SPX Corp. </title>
        <cusip>784635104</cusip>
        <identifiers>
          <isin value="US7846351044"/>
        </identifiers>
        <balance>177198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9471233.10000000</valUSD>
        <pctVal>3.026386625596</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>NATIONAL BANK FINANCIAL REPO</name>
        <lei>N/A</lei>
        <title>NATIONAL BANK FINANCIAL REPO SLRPA 0.090% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335973"/>
        </identifiers>
        <balance>3499.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3499.00000000</valUSD>
        <pctVal>0.001118051545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300D83GR71RNG0O65" name="NATIONAL BANK FINANCIAL REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.09000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3499.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3568.99000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3499.00000000" isCashCollateral="Y"/>
          <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>155294.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6492842.14000000</valUSD>
        <pctVal>2.074687678693</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>Hostess Brands Inc</name>
        <lei>N/A</lei>
        <title>Hostess Brands, Inc. </title>
        <cusip>44109J106</cusip>
        <identifiers>
          <isin value="US44109J1060"/>
        </identifiers>
        <balance>171058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2971277.46000000</valUSD>
        <pctVal>0.949425937566</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>Open Lending Corporation</name>
        <lei>N/A</lei>
        <title>Open Lending Corp. </title>
        <cusip>68373J104</cusip>
        <identifiers>
          <isin value="US68373J1043"/>
        </identifiers>
        <balance>138397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4991979.79000000</valUSD>
        <pctVal>1.595110236670</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 Assets Tr</name>
        <lei>N/A</lei>
        <title>American Assets Trust, Inc. </title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
        </identifiers>
        <balance>289789.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10843904.38000000</valUSD>
        <pctVal>3.465002586081</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>49326.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11597529.12000000</valUSD>
        <pctVal>3.705811761589</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 REPO.</name>
        <lei>N/A</lei>
        <title>BOFA SECURITIES INC REPO. SLRPA 0.050% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335977"/>
        </identifiers>
        <balance>1151316.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151316.00000000</valUSD>
        <pctVal>0.367885290906</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>0.05000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1151316.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1174342.34000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1151316.00000000" isCashCollateral="Y"/>
          <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>392339.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6167569.08000000</valUSD>
        <pctVal>1.970751683448</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 REPO</name>
        <lei>N/A</lei>
        <title>JP MORGAN SECURITIES LLC REPO SLRPA 0.050% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335983"/>
        </identifiers>
        <balance>1151316.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151316.00000000</valUSD>
        <pctVal>0.367885290906</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>0.05000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1151316.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1174342.43000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1151316.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIZUHO SECURITIES USA LLC REPO</name>
        <lei>N/A</lei>
        <title>MIZUHO SECURITIES USA LLC REPO SLRPA 0.040% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335980"/>
        </identifiers>
        <balance>1151316.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151316.00000000</valUSD>
        <pctVal>0.367885290906</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>0.04000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1151316.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1174342.85000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1151316.00000000" isCashCollateral="Y"/>
          <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>265561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7908406.58000000</valUSD>
        <pctVal>2.527009487655</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>Regis Corporation</name>
        <lei>5493000Q1S5TJIDIQH89</lei>
        <title>Regis Corp. </title>
        <cusip>758932107</cusip>
        <identifiers>
          <isin value="US7589321071"/>
        </identifiers>
        <balance>778429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2708932.92000000</valUSD>
        <pctVal>0.865597781425</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>Xenia Hotels &amp; Resorts Inc</name>
        <lei>54930075IWIPHF5IQL62</lei>
        <title>Xenia Hotels &amp; Resorts, Inc. </title>
        <cusip>984017103</cusip>
        <identifiers>
          <isin value="US9840171030"/>
        </identifiers>
        <balance>327331.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5806851.94000000</valUSD>
        <pctVal>1.855490078481</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>Pae Inc</name>
        <lei>N/A</lei>
        <title>PAE, Inc. </title>
        <cusip>69290Y109</cusip>
        <identifiers>
          <isin value="US69290Y1091"/>
        </identifiers>
        <balance>858297.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5132616.06000000</valUSD>
        <pctVal>1.640048390141</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>Envestnet Inc</name>
        <lei>549300HLWZ5OKIDM8737</lei>
        <title>Envestnet, Inc. </title>
        <cusip>29404K106</cusip>
        <identifiers>
          <isin value="US29404K1060"/>
        </identifiers>
        <balance>56880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4564051.20000000</valUSD>
        <pctVal>1.458372248299</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>443990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12564917.00000000</valUSD>
        <pctVal>4.014925655301</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>Rogers Corp</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
        <title>Rogers Corp. </title>
        <cusip>775133101</cusip>
        <identifiers>
          <isin value="US7751331015"/>
        </identifiers>
        <balance>24258.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4523631.84000000</valUSD>
        <pctVal>1.445456864502</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>Jeld Wen Holding Inc</name>
        <lei>529900AXX7CT9GZSCS30</lei>
        <title>JELD-WEN Holding, Inc. </title>
        <cusip>47580P103</cusip>
        <identifiers>
          <isin value="US47580P1030"/>
        </identifiers>
        <balance>220226.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5512256.78000000</valUSD>
        <pctVal>1.761356733564</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>Amalgamated Financial Corp</name>
        <lei>N/A</lei>
        <title>Amalgamated Financial Corp. </title>
        <cusip>022671101</cusip>
        <identifiers>
          <isin value="US0226711010"/>
        </identifiers>
        <balance>149522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2365438.04000000</valUSD>
        <pctVal>0.755839284320</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>BARCLAYS CAPITAL, INC. REPO</name>
        <lei>N/A</lei>
        <title>BARCLAYS CAPITAL, INC. REPO SLRPA 0.050% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335979"/>
        </identifiers>
        <balance>1151316.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1151316.00000000</valUSD>
        <pctVal>0.367885290906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL, INC. REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1151316.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1174342.54000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1151316.00000000" 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>210253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7499724.51000000</valUSD>
        <pctVal>2.396421428243</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>Urban Edge Properties</name>
        <lei>N/A</lei>
        <title>Urban Edge Properties </title>
        <cusip>91704F104</cusip>
        <identifiers>
          <isin value="US91704F1049"/>
        </identifiers>
        <balance>341300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6249203.00000000</valUSD>
        <pctVal>1.996836544952</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>BANK OF MONTREAL REPO</name>
        <lei>N/A</lei>
        <title>BANK OF MONTREAL REPO SLRPA 0.030% 10/01/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2412335974"/>
        </identifiers>
        <balance>238877.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>238877.00000000</valUSD>
        <pctVal>0.076329465269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="NQQ6HPCNCCU6TUTQYE16" name="BANK OF MONTREAL REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.03000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>238877.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>243654.54000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="238877.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madden(Steven)Ltd</name>
        <lei>549300Z9GZ7GYJWSGF43</lei>
        <title>Steven Madden Ltd. </title>
        <cusip>556269108</cusip>
        <identifiers>
          <isin value="US5562691080"/>
        </identifiers>
        <balance>298317.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11980410.72000000</valUSD>
        <pctVal>3.828155678289</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 Liquidity Funds T-Fund Institutional Shares</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
        </identifiers>
        <balance>6222136.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6222136.26000000</valUSD>
        <pctVal>1.988187785168</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>Hancock Whitney Corporation</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corporation </title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
        </identifiers>
        <balance>296064.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13950535.68000000</valUSD>
        <pctVal>4.457678757992</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>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp. </title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
        </identifiers>
        <balance>105684.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6632727.84000000</valUSD>
        <pctVal>2.119385999083</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>Barnes Group Inc.</name>
        <lei>G1MSYD2DQZX30V5DMX12</lei>
        <title>Barnes Group, Inc. </title>
        <cusip>067806109</cusip>
        <identifiers>
          <isin value="US0678061096"/>
        </identifiers>
        <balance>208953.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8719608.69000000</valUSD>
        <pctVal>2.786216624723</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>461083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10309815.88000000</valUSD>
        <pctVal>3.294342833944</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>Vonage Holdings Corporation</name>
        <lei>529900W7N0N4WLN1JY21</lei>
        <title>Vonage Holdings Corp. </title>
        <cusip>92886T201</cusip>
        <identifiers>
          <isin value="US92886T2015"/>
        </identifiers>
        <balance>408303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6581844.36000000</valUSD>
        <pctVal>2.103126966948</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>Central Pac Finl</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp. </title>
        <cusip>154760409</cusip>
        <identifiers>
          <isin value="US1547604090"/>
        </identifiers>
        <balance>380976.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9783463.68000000</valUSD>
        <pctVal>3.126155097287</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>196213.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9410375.48000000</valUSD>
        <pctVal>3.006940510683</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>SJW Group</name>
        <lei>N/A</lei>
        <title>SJW Group </title>
        <cusip>784305104</cusip>
        <identifiers>
          <isin value="US7843051043"/>
        </identifiers>
        <balance>50021.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3304387.26000000</valUSD>
        <pctVal>1.055866042348</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>Janus International Group Inc</name>
        <lei>N/A</lei>
        <title>Janus International Group, Inc. </title>
        <cusip>47103N106</cusip>
        <identifiers>
          <isin value="US47103N1063"/>
        </identifiers>
        <balance>434932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5323567.68000000</valUSD>
        <pctVal>1.701064038558</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="4578898"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BJS Restaurants In</name>
        <lei>5299000EOW66I1OJNQ23</lei>
        <title>BJ's Restaurants, Inc. </title>
        <cusip>09180C106</cusip>
        <identifiers>
          <isin value="US09180C1062"/>
        </identifiers>
        <balance>156268.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6525751.68000000</valUSD>
        <pctVal>2.085203415204</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>Maxlinear Inc</name>
        <lei>549300EMOI0SM2IY4F64</lei>
        <title>MaxLinear, Inc. </title>
        <cusip>57776J100</cusip>
        <identifiers>
          <isin value="US57776J1007"/>
        </identifiers>
        <balance>96726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4763755.50000000</valUSD>
        <pctVal>1.522184680769</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>Great Western Bancorp Inc</name>
        <lei>5493004X4OTHDTFBHI90</lei>
        <title>Great Western Bancorp, Inc. </title>
        <cusip>391416104</cusip>
        <identifiers>
          <isin value="US3914161043"/>
        </identifiers>
        <balance>328874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10767334.76000000</valUSD>
        <pctVal>3.440535943623</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>Paya Holdings Inc</name>
        <lei>N/A</lei>
        <title>Paya Holdings, Inc. </title>
        <cusip>70434P103</cusip>
        <identifiers>
          <isin value="US70434P1030"/>
        </identifiers>
        <balance>454752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4943154.24000000</valUSD>
        <pctVal>1.579508784362</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>150302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3219468.84000000</valUSD>
        <pctVal>1.028731669469</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>Agilysys Inc</name>
        <lei>5299001XWB5V3B5IPN93</lei>
        <title>Agilysys, Inc. </title>
        <cusip>00847J105</cusip>
        <identifiers>
          <isin value="US00847J1051"/>
        </identifiers>
        <balance>85799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4492435.64000000</valUSD>
        <pctVal>1.435488599393</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>163593.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4413739.14000000</valUSD>
        <pctVal>1.410342345197</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>Clearwater Paper Corporation</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>Clearwater Paper Corp. </title>
        <cusip>18538R103</cusip>
        <identifiers>
          <isin value="US18538R1032"/>
        </identifiers>
        <balance>174187.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6676587.71000000</valUSD>
        <pctVal>2.133400744847</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>
    </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>2021-11-19</ncom:dateSigned>
      <ncom:nameOfApplicant>CRM Mutual Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
