<?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>2021-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>318983894.59</totAssets>
      <totLiabs>344776.56</totLiabs>
      <netAssets>318639118.03</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>71592.60</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000003540" rtn1="3.79427400" rtn2="-2.60393000" rtn3="4.61565100"/>
          <monthlyTotReturn classId="C000003541" rtn1="3.75848100" rtn2="-2.61286400" rtn3="4.60436100"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-853608.72000000" netUnrealizedAppr="12796141.83000000"/>
        <othMon2 netRealizedGain="3758496.82000000" netUnrealizedAppr="-12051496.41000000"/>
        <othMon3 netRealizedGain="-5441921.36000000" netUnrealizedAppr="19401446.59000000"/>
      </returnInfo>
      <mon1Flow redemption="5548958.44000000" reinvestment="0.00000000" sales="2465167.54000000"/>
      <mon2Flow redemption="2994089.55000000" reinvestment="0.00000000" sales="1319647.85000000"/>
      <mon3Flow redemption="7169087.99000000" reinvestment="28889506.24000000" sales="2686714.63000000"/>


    </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>106103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8594343.00000000</valUSD>
        <pctVal>2.697202733027</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>4564951.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4564951.51000000</valUSD>
        <pctVal>1.432640015520</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 Industrial Technologies Inc.</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies, Inc. </title>
        <cusip>03820C105</cusip>
        <identifiers>
          <isin value="US03820C1053"/>
        </identifiers>
        <balance>34983.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3592754.10000000</valUSD>
        <pctVal>1.127530769672</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>100093.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7905345.14000000</valUSD>
        <pctVal>2.480971322314</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>198016.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8378056.96000000</valUSD>
        <pctVal>2.629324676705</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>423145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5052351.30000000</valUSD>
        <pctVal>1.585602964016</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>115997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11573020.69000000</valUSD>
        <pctVal>3.632015039945</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>233320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6721949.20000000</valUSD>
        <pctVal>2.109580657126</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>207417.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12378646.56000000</valUSD>
        <pctVal>3.884848362790</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>149534.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6738002.04000000</valUSD>
        <pctVal>2.114618594746</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>363003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7412521.26000000</valUSD>
        <pctVal>2.326306106365</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>133263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2995752.24000000</valUSD>
        <pctVal>0.940170892551</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 Trust Inc.</name>
        <lei>N/A</lei>
        <title>American Assets Trust, Inc. </title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
        </identifiers>
        <balance>279040.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10472371.20000000</valUSD>
        <pctVal>3.286593078949</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>47497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11897998.50000000</valUSD>
        <pctVal>3.734004341199</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>377787.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6660384.81000000</valUSD>
        <pctVal>2.090259617581</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>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>392359.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7105621.49000000</valUSD>
        <pctVal>2.229990320689</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>Cadence Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>Cadence Bank </title>
        <cusip>12740C103</cusip>
        <identifiers>
          <isin value="US12740C1036"/>
        </identifiers>
        <balance>255711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7617630.69000000</valUSD>
        <pctVal>2.390676555062</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>79547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6311258.98000000</valUSD>
        <pctVal>1.980691830626</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>CVB Financial</name>
        <lei>N/A</lei>
        <title>CVB Financial Corp. </title>
        <cusip>126600105</cusip>
        <identifiers>
          <isin value="US1266001056"/>
        </identifiers>
        <balance>235328.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5038372.48000000</valUSD>
        <pctVal>1.581215925762</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>353839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9780109.96000000</valUSD>
        <pctVal>3.069337506476</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>23371.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6380283.00000000</valUSD>
        <pctVal>2.002353960633</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>174179.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4591358.44000000</valUSD>
        <pctVal>1.440927425479</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>143094.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2399686.38000000</valUSD>
        <pctVal>0.753104764674</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>Kaman Corporation</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>Kaman Corp. </title>
        <cusip>483548103</cusip>
        <identifiers>
          <isin value="US4835481031"/>
        </identifiers>
        <balance>202455.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8735933.25000000</valUSD>
        <pctVal>2.741638661320</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>382676.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7270844.00000000</valUSD>
        <pctVal>2.281842871318</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>Madden(Steven)Ltd</name>
        <lei>549300Z9GZ7GYJWSGF43</lei>
        <title>Steven Madden Ltd. </title>
        <cusip>556269108</cusip>
        <identifiers>
          <isin value="US5562691080"/>
        </identifiers>
        <balance>226659.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10532843.73000000</valUSD>
        <pctVal>3.305571454980</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>4564949.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4564949.44000000</valUSD>
        <pctVal>1.432639365882</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>241473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12078479.46000000</valUSD>
        <pctVal>3.790645522331</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>101764.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7181485.48000000</valUSD>
        <pctVal>2.253799070371</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>230338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10731447.42000000</valUSD>
        <pctVal>3.367900176961</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>495042.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10004798.82000000</valUSD>
        <pctVal>3.139852658975</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>395305.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8218390.95000000</valUSD>
        <pctVal>2.579215948377</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>366845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10334023.65000000</valUSD>
        <pctVal>3.243174822316</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>188935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11226517.70000000</valUSD>
        <pctVal>3.523270391095</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>93118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6816237.60000000</valUSD>
        <pctVal>2.139171625298</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>423018.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5296185.36000000</valUSD>
        <pctVal>1.662126543892</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>BJS Restaurants In</name>
        <lei>5299000EOW66I1OJNQ23</lei>
        <title>BJ's Restaurants, Inc. </title>
        <cusip>09180C106</cusip>
        <identifiers>
          <isin value="US09180C1062"/>
        </identifiers>
        <balance>185231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6399731.05000000</valUSD>
        <pctVal>2.008457432837</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>61808.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4659705.12000000</valUSD>
        <pctVal>1.462376982716</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>316676.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10754316.96000000</valUSD>
        <pctVal>3.375077431323</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>437882.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2776171.88000000</valUSD>
        <pctVal>0.871258964424</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>136245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6057452.70000000</valUSD>
        <pctVal>1.901038622454</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>157525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4405974.25000000</valUSD>
        <pctVal>1.382747440816</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>167566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6144645.22000000</valUSD>
        <pctVal>1.928402657523</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>2022-01-15</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>
</edgarSubmission>
