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        <cusip>29404K106</cusip>
        <identifiers>
          <isin value="US29404K1060"/>
        </identifiers>
        <balance>61583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2734285.20000000</valUSD>
        <pctVal>2.626864698929</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>131957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3341151.24000000</valUSD>
        <pctVal>3.209889095014</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 Group Ltd.</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III Apparel Group Ltd. </title>
        <cusip>36237H101</cusip>
        <identifiers>
          <isin value="US36237H1014"/>
        </identifiers>
        <balance>16370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244731.50000000</valUSD>
        <pctVal>0.235116855427</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>Northwest Natural Holding Company</name>
        <lei>N/A</lei>
        <title>Northwest Natural Holdings Co. </title>
        <cusip>66765N105</cusip>
        <identifiers>
          <isin value="US66765N1054"/>
        </identifiers>
        <balance>39705.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1722402.90000000</valUSD>
        <pctVal>1.654735714966</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>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa, Inc. </title>
        <cusip>039653100</cusip>
        <identifiers>
          <isin value="US0396531008"/>
        </identifiers>
        <balance>46435.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2655153.30000000</valUSD>
        <pctVal>2.550841614479</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>26827.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>604948.85000000</valUSD>
        <pctVal>0.581182525774</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>Horace Mann Educators Corporation</name>
        <lei>254900G5YAV3A2YK8T32</lei>
        <title>Horace Mann Educators Corp. </title>
        <cusip>440327104</cusip>
        <identifiers>
          <isin value="US4403271046"/>
        </identifiers>
        <balance>91280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3221271.20000000</valUSD>
        <pctVal>3.094718722450</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>Ollies Bargain Outlet Holdings Incorporation</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
        <cusip>681116109</cusip>
        <identifiers>
          <isin value="US6811161099"/>
        </identifiers>
        <balance>43485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2243826.00000000</valUSD>
        <pctVal>2.155673925287</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>77175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2155497.75000000</valUSD>
        <pctVal>2.070815783260</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>145876.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1945985.84000000</valUSD>
        <pctVal>1.869534863339</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>86402.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2304341.34000000</valUSD>
        <pctVal>2.213811829259</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>Hancock Whitney Corporation</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corporation </title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
        </identifiers>
        <balance>67487.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3091579.47000000</valUSD>
        <pctVal>2.970122126864</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>38792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2627382.16000000</valUSD>
        <pctVal>2.524161505427</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>87805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2535808.40000000</valUSD>
        <pctVal>2.436185358136</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>173928.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3403770.96000000</valUSD>
        <pctVal>3.270048705257</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 Pacific Financial Corp.</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp. </title>
        <cusip>154760409</cusip>
        <identifiers>
          <isin value="US1547604090"/>
        </identifiers>
        <balance>139841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2893310.29000000</valUSD>
        <pctVal>2.779642249407</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>62282.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3784877.14000000</valUSD>
        <pctVal>3.636182556541</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>46317.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2667859.20000000</valUSD>
        <pctVal>2.563048344113</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>79010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>704769.20000000</valUSD>
        <pctVal>0.677081283390</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>83769.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1997890.65000000</valUSD>
        <pctVal>1.919400514915</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>216975.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325717.25000000</valUSD>
        <pctVal>1.273634456561</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>59733.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3306221.55000000</valUSD>
        <pctVal>3.176331670351</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>Federated</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Treasury Oligations Fund </title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
        </identifiers>
        <balance>2080328.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2080328.60000000</valUSD>
        <pctVal>1.998599766225</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>
    </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>2022-09-30</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>
