NPORT-EX 2 fp0093725-1_nportex_-_5845.htm CRM SOI 03-31-25

CRM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK — 97.7%     
     Consumer Discretionary - 9.7%     
     Home Construction - 3.9%     
 30,290   Skyline Champion Corporation1  $2,870,280 
           
     Leisure Facilities & Services - 2.7%     
 56,757   BJ's Restaurants, Inc.1   1,944,495 
           
     Retail - Discretionary - 3.1%     
 74,132   Foot Locker, Inc.   1,045,261 
 63,981   Victoria's Secret & Company1   1,188,767 
         2,234,028 
     Total Consumer Discretionary   7,048,803 
           
     Consumer Staples - 2.1%     
     Household Products - 2.1%     
 58,676   Clearwater Paper Corporation1   1,488,610 
           
     Energy - 4.2%     
     Oil & Gas Producers - 4.2%     
 31,138   Matador Resources Company   1,590,840 
 35,748   Range Resources Corporation   1,427,418 
     Total Energy   3,018,258 
           
     Financials - 32.3%     
     Banking - 22.6%     
 32,830   Bank of Hawaii Corporation   2,264,285 
 74,633   BankUnited, Inc.   2,570,361 
 49,817   Cadence Bank   1,512,444 
 447,411   Capitol Federal Financial, Inc.   2,505,502 
 100,379   Central Pacific Financial Corporation   2,714,248 

 

 

CRM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Banking - 22.6% (Continued)     
 117,985   Fulton Financial Corporation  $2,134,349 
 13,533   Hancock Whitney Corporation   709,806 
 158,549   TFS Financial Corporation   1,964,422 
         16,375,417 
     Institutional Financial Services - 2.1%     
 25,728   Moelis & Company, Class A   1,501,486 
           
     Insurance - 4.3%     
 72,518   Horace Mann Educators Corporation   3,098,694 
           
     Specialty Finance - 3.3%     
 112,881   LendingClub Corporation1   1,164,932 
 17,820   Stewart Information Services Corporation   1,271,457 
         2,436,389 
     Total Financials   23,411,986 
           
     Health Care - 4.8%     
     Health Care Facilities & Services - 3.6%     
 119,202   Concentra Group Holdings Parent, Inc.   2,586,683 
           
     Medical Equipment & Devices - 1.2%     
 38,044   BioLife Solutions, Inc.1   868,925 
           
     Total Health Care   3,455,608 
           
     Industrials - 13.6%     
     Commercial Support Services - 2.5%     
 9,277   Clean Harbors, Inc.1   1,828,497 
           
     Electrical Equipment - 3.8%     
 126,103   Hayward Holdings, Inc.1   1,755,354 
 9,529   Itron, Inc.1   998,258 
         2,753,612 

 

 

CRM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Industrial Support Services - 3.5%     
 4,505   Applied Industrial Technologies, Inc.  $1,015,157 
 135,600   MRC Global, Inc.1   1,556,688 
         2,571,845 
           
     Machinery - 1.4%     
 22,819   Cactus, Inc., Class A   1,045,795 
           
     Transportation & Logistics - 2.4%     
 45,742   Hub Group, Inc., Class A1   1,700,230 
           
     Total Industrials   9,899,979 
           
     Materials - 5.5%     
     Chemicals - 5.5%     
 28,978   H.B. Fuller Company   1,626,246 
 18,544   Rogers Corporation1,2   1,252,276 
 15,298   Sensient Technologies Corporation   1,138,630 
     Total Materials   4,017,152 
           
     Real Estate - 8.6%     
     REIT - 8.6%     
 40,259   COPT Defense Properties   1,097,863 
 23,822   Tanger Factory Outlet Centers, Inc.   804,945 
 26,073   Terreno Realty Corporation   1,648,335 
 40,682   Urban Edge Properties   772,958 
 161,869   Xenia Hotels & Resorts, Inc.   1,903,579 
     Total Real Estate   6,227,680 
           
     Technology - 10.4%     
     Software - 5.3%     
 125,100   ACV Auctions, Inc.1   1,762,659 
 59,671   Omnicell, Inc.1   2,086,098 
         3,848,757 

 

 

CRM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Technology Hardware - 2.5%     
 119,931   Knowles Corporation1  $1,822,951 
           
     Technology Services - 2.6%     
 74,149   I3 Verticals, Inc., Class A1   1,829,256 
           
     Total Technology   7,500,964 
           
     Utilities - 6.5%     
     Gas & Water Utilities - 6.5%     
 16,432   Chesapeake Utilities Corporation   2,110,362 
 40,154   Middlesex Water Company   2,573,871 
     Total Utilities   4,684,233 
           
     TOTAL COMMON STOCK (Cost $65,819,777)   70,753,273 
           
     SHORT-TERM INVESTMENTS — 3.9%     
 1,394,042   Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.22%3   1,394,042 
 1,394,042   Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%3   1,394,042 
     TOTAL SHORT-TERM INVESTMENTS (Cost $2,788,084)   2,788,084 
           
    

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES - 101.6% (Cost $68,607,861)

   73,541,357 

 

 

CRM SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Concluded)

March 31, 2025 (Unaudited)

 

Shares      Value 
     SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 0.0%4     
     REPURCHASE AGREEMENT — 0.0%4     
 28,699   With BNP Paribas SA: at 4.37%, dated 3/31/25, to be repurchased on 4/1/25, repurchase price $28,702 (collateralized by US Treasury Securities, par values ranging from $28 - $23,559, coupon rates ranging from 0.00% to 1.88%, 7/31/27 - 2/15/45; total market value $29,273) (Cost $28,699)  $28,699 
           
     TOTAL INVESTMENTS - 101.6% (Cost $68,636,560)  $73,570,0565 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%   (1,165,675)
     NET ASSETS - 100.0%  $72,404,381 

 

1 Non-income producing security.
2 Security Partially or fully on loan.
3 Rate disclosed is the seven day effective yield as of March 31, 2025.
4 Percentage rounds to less than 0.1%.
5 At March 31, 2025, the market value of securities on loan for CRM Small Cap Value Fund was $27,957. In the event that the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the Fund’s securities lending agent, The Bank of New York Mellon, has agreed to pay the amount of the shortfall to the Fund, or at its discretion, replace the loaned securities.

 

 

CRM SMALL/MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK — 95.7%     
     Consumer Discretionary - 10.0%     
     Home Construction - 3.4%     
 56,971   Skyline Champion Corporation1  $5,398,572 
           
     Retail - Discretionary - 6.6%     
 12,986   Burlington Stores, Inc.1   3,094,954 
 215,963   Foot Locker, Inc.   3,045,078 
 5,635   RH1   1,320,900 
 160,116   Victoria's Secret & Company1   2,974,955 
         10,435,887 
     Total Consumer Discretionary   15,834,459 
           
     Consumer Staples - 2.5%     
     Food - 2.5%     
 22,593   Lancaster Colony Corporation   3,953,775 
           
     Energy – 3.2%     
     Oil & Gas Producers - 3.2%     
 36,344   Matador Resources Company   1,856,815 
 80,275   Range Resources Corporation   3,205,381 
     Total Energy   5,062,196 
           
     Financials - 22.4%     
     Banking - 11.3%     
 88,164   Bank of Hawaii Corporation   6,080,670 
 120,640   BankUnited, Inc.   4,154,842 
 174,084   Fulton Financial Corporation   3,149,180 
 360,073   TFS Financial Corporation   4,461,304 
         17,845,996 

 

 

CRM SMALL/MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Institutional Financial Services - 2.0%     
 15,950   Evercore Partners, Inc., Class A  $3,185,534 
           
     Insurance - 3.4%     
 125,111   Horace Mann Educators Corporation   5,345,993 
           
     Specialty Finance - 5.7%     
 98,931   First American Financial Corporation   6,492,842 
 252,613   LendingClub Corporation1   2,606,966 
         9,099,808 
     Total Financials   35,477,331 
           
     Health Care - 8.4%     
     Health Care Facilities & Services - 2.1%     
 153,285   Concentra Group Holdings Parent, Inc.   3,326,285 
           
     Medical Equipment & Devices - 6.3%     
 89,915   BioLife Solutions, Inc.1   2,053,659 
 74,180   Bio-Techne Corporation   4,349,173 
 21,314   Masimo Corporation1   3,550,912 
         9,953,744 
     Total Health Care   13,280,029 
           
     Industrials – 19.2%     
     Aerospace & Defense - 2.7%     
 8,714   Teledyne Technologies, Inc.1   4,337,045 
           
     Commercial Support Services - 2.7%     
 21,435   Clean Harbors, Inc.1   4,224,839 
           
     Electrical Equipment - 6.0%     
 310,603   Hayward Holdings, Inc.1   4,323,593 
 16,736   Itron, Inc.1   1,753,263 
 103,598   Vontier Corporation   3,403,194 
         9,480,050 

 

 

CRM SMALL/MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Industrial Support Services - 2.1%     
 292,025   MRC Global, Inc.1  $3,352,447 
           
     Machinery - 3.7%     
 31,153   Cactus, Inc., Class A   1,427,742 
 39,506   Regal Rexnord Corporation   4,497,758 
         5,925,500 
     Transportation & Logistics - 2.0%     
 86,503   Hub Group, Inc., Class A1   3,215,317 
           
     Total Industrials   30,535,198 
           
     Materials - 7.4%     
     Chemicals - 3.4%     
 48,264   Ashland, Inc.   2,861,573 
 33,315   Sensient Technologies Corporation   2,479,635 
         5,341,208 
     Construction Materials - 4.0%     
 22,105   Advanced Drainage Systems, Inc.   2,401,708 
 17,781   Eagle Materials, Inc.   3,946,138 
         6,347,846 
     Total Materials   11,689,054 
           
     Real Estate - 8.7%     
     REIT - 8.7%     
 33,348   Camden Property Trust   4,078,460 
 40,400   Sun Communities, Inc.   5,197,057 
 50,392   Terreno Realty Corporation   3,185,782 
 122,074   Xenia Hotels & Resorts, Inc.   1,435,590 
     Total Real Estate   13,896,889 
           
     Technology - 9.6%     
     Software - 6.0%     
 350,916   ACV Auctions, Inc.1   4,944,406 
 15,042   PTC, Inc.1   2,330,758 

 

 

CRM SMALL/MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Concluded)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Software - 6.0% (Continued)     
 220,719   ZoomInfo Technologies, Inc., Class A1  $2,207,190 
         9,482,354 
     Technology Hardware - 3.6%     
 55,352   Ciena Corporation1   3,344,922 
 163,026   Knowles Corporation1   2,477,995 
         5,822,917 
     Total Technology   15,305,271 
           
     Utilities - 4.3%     
     Gas & Water Utilities - 4.3%     
 12,794   Atmos Energy Corporation   1,977,697 
 120,095   Nisource, Inc.   4,814,608 
     Total Utilities   6,792,305 
           
     TOTAL COMMON STOCK (Cost $143,093,145)   151,826,507 
           
     SHORT-TERM INVESTMENTS - 4.2%     
 3,306,142   Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.22%2   3,306,142 
 3,306,143   Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%2   3,306,143 
     TOTAL SHORT-TERM INVESTMENTS (Cost $6,612,285)   6,612,285 
           
     TOTAL INVESTMENTS - 99.9% (Cost $149,705,430)  $158,438,792 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%   101,016 
     NET ASSETS - 100.0%  $158,539,808 

 

1 Non-income producing security.
2 Rate disclosed is the seven day effective yield as of March 31, 2025.

 

 

CRM MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK — 95.8%     
     Consumer Discretionary - 6.3%     
     Home Construction - 2.3%     
 69,903   Skyline Champion Corporation1  $6,624,008 
           
     Retail - Discretionary - 4.0%     
 19,224   Burlington Stores, Inc.1   4,581,657 
 233,743   Foot Locker, Inc.   3,295,776 
 201,376   Victoria's Secret & Company1   3,741,566 
         11,618,999 
     Total Consumer Discretionary   18,243,007 
           
     Energy - 3.4%     
     Oil & Gas Producers - 3.4%     
 121,348   Matador Resources Company   6,199,669 
 92,470   Range Resources Corporation   3,692,327 
     Total Energy   9,891,996 
           
     Financials - 12.2%     
     Banking - 5.5%     
 188,397   BankUnited, Inc.   6,488,393 
 227,547   Truist Financial Corporation   9,363,559 
         15,851,952 
     Institutional Financial Services - 1.0%     
 14,675   Evercore Partners, Inc., Class A   2,930,891 
           
     Specialty Finance - 5.7%     
 31,486   Capital One Financial Corporation   5,645,440 
 165,471   First American Financial Corporation   10,859,861 
         16,505,301 
     Total Financials   35,288,144 

 

 

CRM MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Health Care - 8.3%     
     Biotech & Pharma - 1.5%     
 154,000   WillScot Mobile Mini Holdings Corporation1  $4,281,200 
           
     Health Care Facilities & Services - 2.3%     
 311,359   Concentra Group Holdings Parent, Inc.   6,756,490 
           
     Medical Equipment & Devices - 4.5%     
 121,559   Bio-Techne Corporation   7,127,005 
 35,269   Masimo Corporation1   5,875,815 
         13,002,820 
     Total Health Care   24,040,510 
           
     Industrials - 20.7%     
     Aerospace & Defense - 5.8%     
 18,947   Teledyne Technologies, Inc.1   9,430,111 
 40,585   Woodward, Inc.   7,406,357 
         16,836,468 
     Electrical Equipment - 6.0%     
 45,118   AMETEK, Inc.   7,766,613 
 290,830   Vontier Corporation   9,553,766 
         17,320,379 
     Industrial Support Services - 1.8%     
 23,382   Applied Industrial Technologies, Inc.   5,268,900 
           
     Machinery - 4.6%     
 66,071   Regal Rexnord Corporation   7,522,184 
 49,031   Xylem, Inc.   5,857,243 
         13,379,427 
     Transportation & Logistics - 2.5%     
 103,183   Canadian Pacific Kansas City Ltd.   7,244,478 
           
     Total Industrials   60,049,652 

 

 

CRM MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
    Materials - 13.1%    
    Chemicals - 5.8%    
 122,500   Ashland, Inc.  $7,263,025 
 35,693   Avery Dennison Corporation   6,352,283 
 49,847   Corteva, Inc.   3,136,872 
         16,752,180 
     Construction Materials - 7.3%     
 50,434   Advanced Drainage Systems, Inc.   5,479,654 
 84,480   CRH PLC2   7,431,705 
 17,643   Eagle Materials, Inc.   3,915,511 
 9,082   Martin Marietta Materials, Inc.   4,342,377 
         21,169,247 
     Total Materials   37,921,427 
           
     Real Estate - 10.6%     
     Diversified Reits - 2.9%     
 65,256   CBRE Group, Inc., Class A1   8,534,180 
           
     REIT - 7.7%     
 71,582   Camden Property Trust   8,754,478 
 60,772   Sun Communities, Inc.   7,817,710 
 91,755   Terreno Realty Corporation   5,800,751 
         22,372,939 
     Total Real Estate   30,907,119 
           
     Technology - 13.9%     
     Semiconductors - 1.7%     
 100,264   Microchip Technology, Inc.   4,853,780 
           
     Software - 6.3%     
 304,429   ACV Auctions, Inc.1   4,289,405 
 469,965   CCC Intelligent Solutions Holdings, Inc.1   4,243,784 
 37,096   PTC, Inc.1   5,748,025 
 412,308   ZoomInfo Technologies, Inc., Class A1   4,123,080 
         18,404,294 

 

 

CRM MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Concluded)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Technology Hardware - 2.0%     
 96,970   Ciena Corporation1  $5,859,897 
           
     Technology Services - 3.9%     
 114,483   Global Payments, Inc.   11,210,175 
           
     Total Technology   40,328,146 
           
     Utilities - 7.3%     
     Gas & Water Utilities - 7.3%     
 60,331   Atmos Energy Corporation   9,325,966 
 296,341   Nisource, Inc.   11,880,311 
     Total Utilities   21,206,277 
           
     TOTAL COMMON STOCK (Cost $240,651,853)   277,876,278 
           
     SHORT-TERM INVESTMENTS — 4.1%     
 5,967,020   Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.22%3   5,967,020 
 5,967,021   Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%3   5,967,021 
     TOTAL SHORT-TERM INVESTMENTS (Cost $11,934,041)   11,934,041 
           
     TOTAL INVESTMENTS - 99.9% (Cost $252,585,894)  $289,810,319 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%   409,665 
     NET ASSETS - 100.0%  $290,219,984 

 

1 Non-income producing security.
2 PLC- Public Limited Company.
3 Rate disclosed is the seven day effective yield as of March 31, 2025.

 

 

CRM ALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK — 96.1%     
     Consumer Discretionary - 7.3%     
     Home Construction - 2.9%     
 6,689   Skyline Champion Corporation1  $633,850 
           
     Retail - Discretionary - 4.4%     
 1,514   Burlington Stores, Inc.1   360,831 
 22,448   Foot Locker, Inc.   316,517 
 15,289   Victoria's Secret & Company1   284,070 
         961,418 
     Total Consumer Discretionary   1,595,268 
           
     Energy - 3.5%     
     Oil & Gas Producers - 3.5%     
 9,014   Matador Resources Company   460,525 
 7,205   Range Resources Corporation   287,696 
     Total Energy   748,221 
           
     Financials - 20.8%     
     Asset Management - 3.4%     
 9,430   Charles Schwab Corporation (The)   738,180 
           
     Banking - 8.4%     
 5,892   Bank of Hawaii Corporation   406,371 
 9,552   Citigroup, Inc.   678,097 
 17,834   Truist Financial Corporation   733,870 
         1,818,338 
     Institutional Financial Services - 1.2%     
 4,579   Moelis & Company, Class A   267,230 
           
     Specialty Finance - 7.8%     
 3,248   Capital One Financial Corporation   582,366 

 

 

CRM ALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Specialty Finance - 7.8% (Continued)     
 12,853   First American Financial Corporation  $843,543 
 27,213   LendingClub Corporation1   280,838 
         1,706,747 
     Total Financials   4,530,495 
           
     Health Care - 8.1%     
     Health Care Facilities & Services - 2.7%     
 26,926   Concentra Group Holdings Parent, Inc.   584,294 
           
     Medical Equipment & Devices - 5.4%     
 11,121   BioLife Solutions, Inc.1   254,004 
 9,243   Bio-Techne Corporation   541,917 
 2,239   Masimo Corporation1   373,017 
         1,168,938 
     Total Health Care   1,753,232 
           
     Industrials - 10.9%     
     Aerospace & Defense - 2.5%     
 3,014   Woodward, Inc.   550,025 
           
     Electrical Equipment - 2.7%     
 17,803   Vontier Corporation   584,829 
           
     Machinery - 1.7%     
 3,064   Xylem, Inc.   366,025 
           
     Oil & Gas Services & Equipment - 2.0%     
 38,330   MRC Global, Inc.1   440,028 
           
     Transportation & Logistics - 2.0%     
 6,215   Canadian Pacific Kansas City Ltd.   436,355 
           
     Total Industrials   2,377,262 

 

 

CRM ALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Materials - 12.3%     
     Chemicals - 7.8%     
 10,930   Ashland, Inc.  $648,040 
 3,473   Avery Dennison Corporation   618,090 
 6,581   Rogers Corporation1   444,415 
         1,710,545 
     Construction Materials - 4.5%     
 3,631   Advanced Drainage Systems, Inc.   394,508 
 6,559   CRH PLC2   576,995 
         971,503 
     Total Materials   2,682,048 
           
     Real Estate - 8.9%     
     Diversified Reits - 2.3%     
 3,904   CBRE Group, Inc., Class A1   510,565 
           
     REIT - 6.6%     
 4,615   Sun Communities, Inc.   593,674 
 6,951   Terreno Realty Corporation   439,442 
 33,392   Xenia Hotels & Resorts, Inc.   392,690 
         1,425,806 
     Total Real Estate   1,936,371 
           
     Technology - 22.2%     
     Semiconductors - 4.7%     
 3,150   Broadcom, Inc.   527,404 
 10,090   Microchip Technology, Inc.   488,457 
         1,015,861 
     Software - 11.2%     
 53,971   ACV Auctions, Inc.1   760,452 
 58,601   CCC Intelligent Solutions Holdings, Inc.1   529,168 
 1,458   MongoDB, Inc.1   255,733 
 2,817   PTC, Inc.1   436,494 
 46,028   ZoomInfo Technologies, Inc., Class A1   460,280 
         2,442,127 

 

 

CRM ALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Concluded)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Technology Hardware - 2.1%     
 7,593   Ciena Corporation1  $458,845 
           
     Technology Services - 4.2%     
 9,344   Global Payments, Inc.   914,964 
           
     Total Technology   4,831,797 
           
     Utilities - 2.1%     
     Gas & Water Utilities - 2.1%     
 11,557   Nisource, Inc.   463,320 
           
     TOTAL COMMON STOCK (Cost $20,273,202)   20,918,014 
           
     SHORT-TERM INVESTMENTS — 3.9%     
 431,901   Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.22%3   431,901 
 431,900   Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%3   431,900 
     TOTAL SHORT-TERM INVESTMENTS (Cost $863,801)   863,801 
           
     TOTAL INVESTMENTS - 100.0% (Cost $21,137,003)  $21,781,815 
     LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%4   (7,498)
     NET ASSETS - 100.0%  $21,774,317 

 

1 Non-income producing security.
2 PLC- Public Limited Company.
3 Rate disclosed is the seven day effective yield as of March 31, 2025.
4 Percentage rounds to less than 0.1%.

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK — 79.8%     
     Consumer Discretionary - 14.9%     
     Apparel & Textile Products - 1.0%     
 70,363   Steven Madden Ltd.1  $1,874,470 
           
     Automotive - 0.9%     
 119,598   Mobileye Global, Inc., Class A1   1,721,613 
           
     Home Construction - 4.3%     
 84,276   Skyline Champion Corporation1   7,985,994 
           
     Leisure Facilities & Services - 1.8%     
 93,927   BJ's Restaurants, Inc.1   3,217,939 
           
     Retail - Discretionary - 6.9%     
 15,894   Burlington Stores, Inc.1   3,788,017 
 243,006   Foot Locker, Inc.   3,426,385 
 7,890   RH1   1,849,495 
 201,940   Victoria's Secret & Company1   3,752,045 
         12,815,942 
     Total Consumer Discretionary   27,615,958 
           
     Consumer Staples - 1.1%     
     Beverages - 1.1%     
 2,156,119   Becle SAB de CV   1,978,410 
           
     Energy - 1.1%     
     Oil & Gas Producers - 1.1%     
 41,537   Matador Resources Company   2,122,125 
           
     Financials - 12.4%     
     Banking - 4.1%     
 63,007   Bank of Hawaii Corporation   4,345,593 

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Banking - 4.1% (Continued)     
 183,690   Fulton Financial Corporation  $3,322,952 
         7,668,545 
     Institutional Financial Services - 2.0%     
 18,029   Evercore Partners, Inc., Class A   3,600,752 
           
     Specialty Finance - 6.3%     
 26,192   Capital One Financial Corporation   4,696,226 
 106,019   First American Financial Corporation   6,958,026 
         11,654,252 
     Total Financials   22,923,549 
           
     Health Care - 7.9%     
     Health Care Facilities & Services - 1.2%     
 103,422   Concentra Group Holdings Parent, Inc.   2,244,257 
           
     Medical Equipment & Devices - 6.7%     
 127,543   BioLife Solutions, Inc.1   2,913,082 
 78,039   Bio-Techne Corporation   4,575,427 
 28,937   Masimo Corporation1   4,820,903 
         12,309,412 
     Total Health Care   14,553,669 
           
     Industrials - 19.4%     
     Aerospace & Defense - 1.2%     
 4,413   Teledyne Technologies, Inc.1   2,196,394 
           
     Commercial Support Services - 3.0%     
 28,464   Clean Harbors, Inc.1   5,610,254 
           
     Electrical Equipment - 6.2%     
 423,519   Hayward Holdings, Inc.1   5,895,385 
 18,909   Itron, Inc.1   1,980,907 
 111,634   Vontier Corporation   3,667,177 
         11,543,469 

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Machinery - 3.7%     
 36,542   Regal Rexnord Corporation  $4,160,307 
 22,101   Xylem, Inc.   2,640,185 
         6,800,492 
     Transportation & Logistics - 5.3%     
 79,121   Canadian Pacific Kansas City Ltd.   5,555,086 
 115,074   Hub Group, Inc., Class A1   4,277,301 
         9,832,387 
     Total Industrials   35,982,996 
           
     Materials - 5.3%     
     Chemicals - 2.8%     
 41,934   Ashland, Inc.   2,486,267 
 15,600   Avery Dennison Corporation   2,776,332 
         5,262,599 
     Construction Materials - 2.5%     
 20,874   Eagle Materials, Inc.   4,632,567 
           
     Total Materials   9,895,166 
           
     Real Estate - 2.0%     
     REIT - 2.0%     
 28,906   Sun Communities, Inc.   3,718,468 
           
     Technology - 10.7%     
     Semiconductors - 1.8%     
 20,050   Broadcom, Inc.   3,356,972 
           
     Software - 4.3%     
 338,231   ACV Auctions, Inc.1   4,765,675 
 318,528   ZoomInfo Technologies, Inc., Class A1   3,185,280 
         7,950,955 
     Technology Hardware - 2.4%     
 42,492   Ciena Corporation1   2,567,791 

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Technology Hardware - 2.4% (Continued)     
 120,528   Knowles Corporation1  $1,832,026 
         4,399,817 
     Technology Services - 2.2%     
 41,996   Global Payments, Inc.   4,112,248 
           
     Total Technology   19,819,992 
           
     Utilities - 5.0%     
     Electric Utilities - 2.4%     
 62,182   NextEra Energy, Inc.   4,408,082 
           
     Gas & Water Utilities - 2.6%     
 31,119   Atmos Energy Corporation   4,810,375 
           
     Total Utilities   9,218,457 
           
     TOTAL COMMON STOCK (Cost $143,831,405)   147,828,790 
           
     SHORT-TERM INVESTMENTS — 15.1%     
 13,988,391   Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.22%2   13,988,391 
 13,988,390   Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%2   13,988,390 
     TOTAL SHORT-TERM INVESTMENTS (Cost $27,976,781)   27,976,781 
           
     TOTAL INVESTMENTS IN SECURITIES - 94.9% (Cost $171,808,186)   175,805,571 

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     COMMON STOCK SOLD SHORT — (22.2)%     
     Communications - (0.8)%     
     Internet Media & Services - (0.8)%     
 (48,060)  Cargurus, Inc.  $(1,399,988)
           
     Consumer Discretionary - (9.9)%     
     Apparel & Textile Products - (4.0)%     
 (256,774)  Hanesbrands, Inc.   (1,481,586)
 (49,310)  Skechers U.S.A., Inc., Class A   (2,799,821)
 (25,786)  Tapestry, Inc.   (1,815,592)
 (229,287)  Under Armour, Inc., Class C   (1,364,258)
         (7,461,257)
     Home & Office Products - (0.3)%     
 (63,905)  Arhaus, Inc.   (555,974)
           
     Leisure Facilities & Services - (3.0)%     
 (23,136)  Hyatt Hotels Corporation, Class A   (2,834,160)
 (27,469)  Starbucks Corporation   (2,694,434)
         (5,528,594)
     Leisure Products - (1.0)%     
 (53,443)  Yeti Holdings, Inc.   (1,768,963)
           
     Retail - Discretionary - (1.6)%     
 (3,217)  Pandora A/S   (493,127)
 (19,628)  Tractor Supply Company   (1,081,503)
 (18,759)  Urban Outfitters, Inc.   (982,972)
 (2,938)  Williams-Sonoma, Inc.   (464,498)
         (3,022,100)
     Total Consumer Discretionary   (18,336,888)
           
     Consumer Staples - (1.7)%     
     Food - (0.7)%     
 (61,141)  WK Kellogg Company   (1,218,540)

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Retail - Consumer Staples - (1.0)%     
 (28,014)  Kroger Company (The)  $(1,896,268)
           
     Total Consumer Staples   (3,114,808)
           
     Financials - (1.2)%     
     Asset Management - (0.5)%     
 (18,500)  Brookfield Corporation   (969,585)
           
     Insurance - (0.5)%     
 (4,183)  RenaissanceRe Holdings Ltd.   (1,003,920)
           
     Specialty Finance - (0.2)%     
 (27,140)  Arbor Realty Trust, Inc.   (318,895)
           
     Total Financials   (2,292,400)
           
     Health Care - (2.5)%     
     Biotech & Pharma - (0.6)%     
 (41,265)  Pfizer, Inc.   (1,045,655)
           
     Health Care Facilities & Services - (1.5)%     
 (2,820)  Cigna Group (The)   (927,780)
 (6,954)  ICON PLC3   (1,216,880)
 (3,898)  IQVIA Holdings, Inc.   (687,217)
         (2,831,877)
     Medical Equipment & Devices - (0.4)%     
 (6,378)  Agilent Technologies, Inc.   (746,098)
           
     Total Health Care   (4,623,630)
           
     Industrials - (5.1)%     
     Electrical Equipment - (1.4)%     
 (6,130)  Acuity Brands, Inc.   (1,614,336)

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Shares      Value 
     Electrical Equipment - (1.4)%  (Continued)     
 (8,138)  Generac Holdings, Inc.  $(1,030,678)
         (2,645,014)
     Industrial Intermediate Products - (0.5)%     
 (3,251)  Valmont Industries, Inc.   (927,738)
           
     Machinery - (3.2)%     
 (22,207)  Franklin Electric Company, Inc.   (2,084,793)
 (94,737)  Gates Industrial Corporation PLC3   (1,744,108)
 (15,848)  Oshkosh Corporation   (1,490,980)
 (14,416)  Terex Corporation   (544,636)
         (5,864,517)
     Total Industrials   (9,437,269)
           
     Technology - (1.0)%     
     Semiconductors - (0.7)%     
 (13,127)  Advanced Micro Devices, Inc.   (1,348,668)
           
     Technology Services - (0.3)%     
 (2,318)  International Business Machines Corporation   (576,394)
           
     Total Technology   (1,925,062)
           
     TOTAL COMMON STOCK SOLD SHORT - (Proceeds - $43,703,656)   (41,130,045)
           
           
     OTHER ASSETS IN EXCESS OF LIABILITIES - 27.3%   50,524,851 
     NET ASSETS - 100.0%  $185,200,377 

 

1 Non-income producing security.
2 Rate disclosed is the seven day effective yield as of March 31, 2025.
3 PLC- Public Limited Company.

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

OTC Total return swap agreements outstanding at March 31, 2025:

 

Counterparty  Financing Rate(1)  Termination
Date		  Long (Short) Notional Amount(2)   Reference Entity  Fair Value   Upfront
Premiums
Paid (Received)		   Unrealized
Appreciation
(Depreciation)		 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026  $(3,183,941)  Morgan Stanley Custom Swap (MSCM1244) Index(3)  $63,685   $-   $63,685 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,278,311)  Morgan Stanley Custom Swap (MSCM1245) Index(3)   64,698    -    64,698 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,227,335)  Morgan Stanley Custom Swap (MSCM1246) Index(3)   111,726    -    111,726 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,213,357)  Morgan Stanley Custom Swap (MSCM1247) Index(3)   92,954    -    92,954 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,243,525)  Morgan Stanley Custom Swap (MSCM1248) Index(3)   185,009    -    185,009 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,186,469)  Morgan Stanley Custom Swap (MSCM1249) Index(3)   86,353    -    86,353 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,132,893)  Morgan Stanley Custom Swap (MSCM1250) Index(3)   29,228    -    29,228 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,090,028)  Morgan Stanley Custom Swap (MSCM1251) Index(3)   (19,231)   -    (19,231)
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,079,838)  Morgan Stanley Custom Swap (MSCM1252) Index(3)   (36,660)   -    (36,660)
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,101,755)  Morgan Stanley Custom Swap (MSCM1253) Index(3)   (12,495)   -    (12,495)
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,126,855)  Morgan Stanley Custom Swap (MSCM1254) Index(3)   23,816    -    23,816 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,112,805)  Morgan Stanley Custom Swap (MSCM1255) Index(3)   15,397    -    15,397 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,117,259)  Morgan Stanley Custom Swap (MSCM1256) Index(3)   38,700    -    38,700 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,096,845)  Morgan Stanley Custom Swap (MSCM1257) Index(3)   19,369    -    19,369 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,126,753)  Morgan Stanley Custom Swap (MSCM1258) Index(3)   38,880    -    38,880 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,110,645)  Morgan Stanley Custom Swap (MSCM1259) Index(3)   193,887    -    193,887 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,108,736)  Morgan Stanley Custom Swap (MSCM1260) Index(3)   187,985    -    187,985 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,058,352)  Morgan Stanley Custom Swap (MSCM1261) Index(3)   68,871    -    68,871 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,054,559)  Morgan Stanley Custom Swap (MSCM1262) Index(3)   21,641    -    21,641 
Morgan Stanley  3.88% (Fed Funds Rate - 0.45%)  7/28/2026   (3,028,696)  Morgan Stanley Custom Swap (MSCM1263) Index(3)   (62,865)   -    (62,865)
Total Unrealized Appreciation                       $1,242,199 
Total Unrealized (Depreciation)                       $(131,251)
Total                $1,110,948   $-   $1,110,948 

 

(1)Paid monthly.
(2)Morgan Stanley acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed -upon floating rate financing rate.
(3)See the tables below for the swap constituents.

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1244) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
W. R. Berkley Corporation   787   $56,018    1.80%
HCA Healthcare, Inc.   161    55,692    1.79%
General Dynamics Corporation   197    53,830    1.73%
Ford Motor Company   5,343    53,588    1.72%
Cardinal Health, Inc.   388    53,505    1.72%
Darden Restaurants, Inc.   256    53,203    1.71%
Nokia Corporation, Class A   10,014    52,772    1.69%
McKesson Corporation   78    52,384    1.68%
CVS Health Corporation   773    52,372    1.68%
Fastenal Company   674    52,307    1.68%
O'Reilly Automotive, Inc.   36    52,232    1.67%
Restaurant Brands International, Inc.   774    51,569    1.65%
McDonald's Corporation   165    51,501    1.65%
Allstate Corporation (The)   248    51,413    1.65%
Motorola Solutions, Inc.   117    51,397    1.65%
AT&T, Inc.   1,810    51,182    1.64%
Steris Corporation   225    51,054    1.64%
United Rentals, Inc.   81    50,915    1.63%
Realty Income Corporation   872    50,570    1.62%
Tractor Supply Company   914    50,352    1.61%
Boeing Company (The)   295    50,313    1.61%
Amgen, Inc.   161    50,293    1.61%
Westinghouse Air Brake Technologies Corporation   276    50,086    1.61%
Caterpillar, Inc.   151    49,830    1.60%
Progressive Corporation   176    49,804    1.60%
General Motors Company   1,059    49,798    1.60%
Johnson & Johnson   300    49,737    1.59%
Waters Corporation   135    49,734    1.59%
GE Aerospace   248    49,719    1.59%
Cintas Corporation   242    49,709    1.59%
W. W. Grainger, Inc.   50    49,583    1.59%
Sherwin-Williams Company (The)   141    49,108    1.57%
Eaton Corporation PLC   180    48,974    1.57%
Pfizer, Inc.   1,911    48,430    1.55%
Extra Space Storage, Inc.   326    48,377    1.55%
Old Dominion Freight Line, Inc.   291    48,180    1.54%
LyondellBasell Industries N.V., Class A   683    48,112    1.54%
Automatic Data Processing, Inc.   157    48,105    1.54%
Lennox International, Inc.   85    47,934    1.54%
Iron Mountain, Inc.   556    47,850    1.53%
IQVIA Holdings, Inc.   271    47,848    1.53%
Canadian Imperial Bank of Commerce   840    47,280    1.52%
Home Depot, Inc. (The)   129    47,182    1.51%
Emerson Electric Company   428    46,945    1.50%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Ross Stores, Inc.   367   $46,861    1.50%
Apple, Inc.   211    46,818    1.50%
Mettler-Toledo International, Inc.   40    46,699    1.50%
CDW Corporation   291    46,609    1.49%
Moody's Corporation   100    46,540    1.49%
Rockwell Automation, Inc.   180    46,523    1.49%
PACCAR, Inc.   478    46,514    1.49%
Agilent Technologies, Inc.   397    46,456    1.49%
United Parcel Service, Class B   421    46,269    1.48%
Cognizant Technology Solutions Corporation   601    45,957    1.47%
Prologis, Inc.   406    45,397    1.46%
Costco Wholesale Corporation   48    45,325    1.45%
Discover Financial Services   264    45,009    1.44%
Blackstone, Inc.   316    44,235    1.42%
Cummins, Inc.   141    44,175    1.42%
Target Corporation   415    43,356    1.39%
Starbucks Corporation   435    42,640    1.37%
Williams-Sonoma, Inc.   267    42,259    1.35%
Deckers Outdoor Corporation   366    40,873    1.31%
Lululemon Athletica, Inc.   144    40,829    1.31%
        $3,120,131    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1245) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Realty Income Corporation   19,250   $1,116,713    34.75%
Extra Space Storage, Inc.   7,247    1,076,170    33.49%
Prologis, Inc.   9,130    1,020,687    31.76%
        $3,213,570    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1246) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Kroger Company (The)   2,264   $153,228    4.92%
Constellation Brands, Inc.   813    149,138    4.79%
CVS Health Corporation   2,146    145,411    4.67%
Sysco Corporation   1,902    142,689    4.58%
Realty Income Corporation   2,436    141,304    4.53%
McCormick & Company, Inc.   1,711    140,829    4.52%
Church & Dwight Company, Inc.   1,279    140,819    4.52%
Anheuser-Busch InBev S.A. - ADR   2,275    140,024    4.49%
Amgen, Inc.   447    139,303    4.47%
General Mills, Inc.   2,322    138,831    4.46%
PepsiCo, Inc.   920    137,924    4.43%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Waters Corporation   374   $137,692    4.42%
Hershey Company (The)   800    136,750    4.39%
International Flavors & Fragrances, Inc.   1,742    135,206    4.34%
IQVIA Holdings, Inc.   762    134,274    4.31%
Extra Space Storage, Inc.   901    133,799    4.29%
Ecolab, Inc.   525    133,091    4.27%
Agilent Technologies, Inc.   1,119    130,885    4.20%
Prologis, Inc.   1,141    127,569    4.09%
Target Corporation   1,214    126,732    4.07%
Williams-Sonoma, Inc.   754    119,277    3.83%
Deckers Outdoor Corporation   1,040    116,294    3.73%
Lululemon Athletica, Inc.   405    114,630    3.68%
        $3,115,699    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1247) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Kroger Company (The)   2,422   $163,946    5.25%
CVS Health Corporation   2,367    160,395    5.14%
Constellation Brands, Inc.   863    158,421    5.08%
Realty Income Corporation   2,695    156,308    5.01%
McCormick & Company, Inc.   1,887    155,344    4.98%
Sysco Corporation   2,057    154,373    4.95%
Church & Dwight Company, Inc.   1,393    153,362    4.92%
Anheuser-Busch InBev S.A. - ADR   2,474    152,299    4.88%
Amgen, Inc.   486    151,429    4.85%
PepsiCo, Inc.   999    149,810    4.80%
General Mills, Inc.   2,483    148,443    4.76%
Extra Space Storage, Inc.   996    147,940    4.74%
Waters Corporation   400    147,375    4.72%
Ecolab, Inc.   580    147,090    4.71%
IQVIA Holdings, Inc.   833    146,839    4.71%
Hershey Company (The)   858    146,770    4.70%
International Flavors & Fragrances, Inc.   1,882    146,099    4.68%
Prologis, Inc.   1,284    143,549    4.60%
Williams-Sonoma, Inc.   847    133,874    4.29%
Deckers Outdoor Corporation   1,171    130,918    4.20%
Lululemon Athletica, Inc.   444    125,671    4.03%
        $3,120,255    100.00%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1248) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
CVS Health Corporation   4,504   $305,113    9.98%
Realty Income Corporation   5,108    296,317    9.69%
Amgen, Inc.   920    286,479    9.37%
Pfizer, Inc.   11,175    283,184    9.26%
Extra Space Storage, Inc.   1,899    282,041    9.22%
Waters Corporation   760    280,156    9.16%
Prologis, Inc.   2,491    278,490    9.10%
Agilent Technologies, Inc.   2,358    275,802    9.02%
IQVIA Holdings, Inc.   1,559    274,821    8.98%
Williams-Sonoma, Inc.   1,585    250,663    8.19%
Lululemon Athletica, Inc.   867    245,543    8.03%
        $3,058,609    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1249) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Boeing Company (The)   527   $89,923    2.90%
Darden Restaurants, Inc.   400    83,002    2.68%
United Rentals, Inc.   130    81,622    2.63%
CVS Health Corporation   1,197    81,130    2.62%
Iron Mountain, Inc.   937    80,585    2.60%
HCA Healthcare, Inc.   232    80,294    2.59%
Blackstone, Inc.   560    78,342    2.53%
General Dynamics Corporation   287    78,296    2.52%
Kroger Company (The)   1,153    78,078    2.52%
Realty Income Corporation   1,335    77,471    2.50%
Johnson & Johnson   466    77,246    2.49%
Anheuser-Busch InBev S.A. - ADR   1,251    76,987    2.48%
Eaton Corporation PLC   281    76,486    2.47%
Steris Corporation   337    76,466    2.46%
McCormick & Company, Inc.   928    76,368    2.46%
Sysco Corporation   1,013    75,996    2.45%
Church & Dwight Company, Inc.   690    75,966    2.45%
Starbucks Corporation   772    75,768    2.44%
Constellation Brands, Inc.   412    75,659    2.44%
Restaurant Brands International, Inc.   1,135    75,605    2.44%
International Flavors & Fragrances, Inc.   972    75,467    2.43%
Agilent Technologies, Inc.   641    74,960    2.42%
PepsiCo, Inc.   500    74,958    2.42%
Rockwell Automation, Inc.   289    74,648    2.41%
Caterpillar, Inc.   226    74,625    2.41%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Ecolab, Inc.   294   $74,537    2.40%
Extra Space Storage, Inc.   501    74,466    2.40%
Amgen, Inc.   239    74,340    2.40%
Pfizer, Inc.   2,932    74,300    2.40%
Prologis, Inc.   663    74,083    2.39%
Waters Corporation   200    73,765    2.38%
IQVIA Holdings, Inc.   414    72,948    2.35%
Old Dominion Freight Line, Inc.   439    72,617    2.34%
Lennox International, Inc.   129    72,455    2.34%
LyondellBasell Industries N.V., Class A   1,021    71,846    2.32%
Hershey Company (The)   419    71,687    2.31%
Target Corporation   686    71,601    2.31%
General Mills, Inc.   1,196    71,521    2.31%
United Parcel Service, Class B   648    71,228    2.30%
Williams-Sonoma, Inc.   422    66,675    2.15%
Lululemon Athletica, Inc.   234    66,245    2.14%
        $3,100,262    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1250) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Boeing Company (The)   398   $67,824    2.18%
Darden Restaurants, Inc.   323    67,209    2.17%
Discover Financial Services   388    66,288    2.14%
HCA Healthcare, Inc.   189    65,433    2.11%
Advanced Micro Devices, Inc.   633    65,053    2.10%
Moody's Corporation   138    64,281    2.07%
United Rentals, Inc.   102    63,912    2.06%
CVS Health Corporation   943    63,878    2.06%
Ford Motor Company   6,323    63,416    2.04%
General Dynamics Corporation   232    63,229    2.04%
Realty Income Corporation   1,080    62,671    2.02%
Tractor Supply Company   1,136    62,607    2.02%
Iron Mountain, Inc.   725    62,376    2.01%
Kroger Company (The)   921    62,316    2.01%
Blackstone, Inc.   444    61,994    2.00%
Sysco Corporation   822    61,694    1.99%
W. W. Grainger, Inc.   62    61,659    1.99%
Fastenal Company   792    61,425    1.98%
Johnson & Johnson   369    61,259    1.97%
Steris Corporation   269    60,888    1.96%
Constellation Brands, Inc.   331    60,691    1.96%
Lennox International, Inc.   108    60,689    1.96%
Old Dominion Freight Line, Inc.   367    60,687    1.95%
Emerson Electric Company   553    60,669    1.95%
McCormick & Company, Inc.   737    60,626    1.95%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Starbucks Corporation   615   $60,350    1.94%
Anheuser-Busch InBev S.A. - ADR   980    60,336    1.94%
PepsiCo, Inc.   402    60,305    1.94%
Church & Dwight Company, Inc.   546    60,120    1.94%
Restaurant Brands International, Inc.   901    60,033    1.93%
Ecolab, Inc.   236    59,956    1.93%
Extra Space Storage, Inc.   403    59,911    1.93%
Amgen, Inc.   192    59,856    1.93%
Pfizer, Inc.   2,357    59,734    1.92%
Rockwell Automation, Inc.   231    59,702    1.92%
General Motors Company   1,269    59,680    1.92%
Waters Corporation   162    59,604    1.92%
International Flavors & Fragrances, Inc.   767    59,526    1.92%
Caterpillar, Inc.   180    59,469    1.92%
Agilent Technologies, Inc.   506    59,217    1.91%
Eaton Corporation PLC   217    58,992    1.90%
IQVIA Holdings, Inc.   334    58,869    1.90%
General Mills, Inc.   983    58,770    1.89%
Prologis, Inc.   523    58,449    1.88%
Hershey Company (The)   341    58,363    1.88%
LyondellBasell Industries N.V., Class A   828    58,318    1.88%
United Parcel Service, Class B   527    57,913    1.87%
PACCAR, Inc.   585    56,967    1.84%
Target Corporation   543    56,703    1.83%
Williams-Sonoma, Inc.   350    55,375    1.78%
Lululemon Athletica, Inc.   192    54,293    1.75%
        $3,103,585    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1251) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
HCA Healthcare, Inc.   180   $62,052    2.00%
Darden Restaurants, Inc.   296    61,494    1.98%
Cardinal Health, Inc.   443    61,030    1.96%
Boeing Company (The)   354    60,341    1.94%
Cintas Corporation   292    60,077    1.93%
Moody's Corporation   127    59,179    1.90%
Tractor Supply Company   1,073    59,124    1.90%
General Dynamics Corporation   216    58,900    1.89%
Ford Motor Company   5,859    58,761    1.89%
CVS Health Corporation   866    58,705    1.89%
McDonald's Corporation   188    58,618    1.89%
Kroger Company (The)   864    58,518    1.88%
Westinghouse Air Brake Technologies Corporation   319    57,891    1.86%
Realty Income Corporation   997    57,818    1.86%
United Rentals, Inc.   92    57,783    1.86%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
GE Aerospace   288   $57,667    1.86%
Fastenal Company   739    57,337    1.84%
W. W. Grainger, Inc.   58    57,317    1.84%
Advanced Micro Devices, Inc.   557    57,271    1.84%
Sysco Corporation   763    57,252    1.84%
Johnson & Johnson   345    57,215    1.84%
PepsiCo, Inc.   379    56,855    1.83%
Steris Corporation   250    56,734    1.83%
Church & Dwight Company, Inc.   515    56,730    1.83%
McCormick & Company, Inc.   689    56,707    1.82%
Old Dominion Freight Line, Inc.   341    56,494    1.82%
Hershey Company (The)   329    56,213    1.81%
Restaurant Brands International, Inc.   843    56,167    1.81%
Constellation Brands, Inc.   306    56,083    1.80%
Sherwin-Williams Company (The)   161    56,081    1.80%
Amgen, Inc.   180    56,013    1.80%
General Mills, Inc.   936    55,959    1.80%
Iron Mountain, Inc.   650    55,917    1.80%
Extra Space Storage, Inc.   377    55,909    1.80%
Blackstone, Inc.   400    55,880    1.80%
Starbucks Corporation   569    55,842    1.80%
Ecolab, Inc.   220    55,818    1.80%
Emerson Electric Company   507    55,575    1.79%
Waters Corporation   151    55,497    1.79%
Rockwell Automation, Inc.   214    55,412    1.78%
Pfizer, Inc.   2,185    55,375    1.78%
Lennox International, Inc.   99    55,315    1.78%
Anheuser-Busch InBev S.A. - ADR   899    55,312    1.78%
General Motors Company   1,173    55,163    1.77%
Agilent Technologies, Inc.   469    54,838    1.76%
International Flavors & Fragrances, Inc.   706    54,813    1.76%
Caterpillar, Inc.   166    54,800    1.76%
LyondellBasell Industries N.V., Class A   778    54,791    1.76%
Target Corporation   524    54,654    1.76%
United Parcel Service, Class B   487    53,615    1.72%
PACCAR, Inc.   549    53,460    1.72%
IQVIA Holdings, Inc.   303    53,420    1.72%
Eaton Corporation PLC   192    52,296    1.68%
Williams-Sonoma, Inc.   321    50,787    1.63%
Lululemon Athletica, Inc.   178    50,249    1.62%
        $3,109,124    100.00%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1252) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Darden Restaurants, Inc.   301   $62,509    2.01%
O'Reilly Automotive, Inc.   42    60,544    1.94%
HCA Healthcare, Inc.   173    59,822    1.92%
Cintas Corporation   286    58,771    1.89%
Discover Financial Services   342    58,422    1.87%
Boeing Company (The)   342    58,338    1.87%
Tractor Supply Company   1,055    58,125    1.86%
Costco Wholesale Corporation   61    57,872    1.86%
United Rentals, Inc.   92    57,480    1.84%
Ford Motor Company   5,718    57,356    1.84%
Fastenal Company   740    57,351    1.84%
McDonald's Corporation   183    57,220    1.84%
Advanced Micro Devices, Inc.   555    57,068    1.83%
General Dynamics Corporation   209    56,879    1.82%
GE Aerospace   283    56,686    1.82%
Realty Income Corporation   976    56,594    1.82%
Ross Stores, Inc.   442    56,481    1.81%
W. W. Grainger, Inc.   57    56,456    1.81%
Sysco Corporation   750    56,281    1.81%
CVS Health Corporation   829    56,154    1.80%
Westinghouse Air Brake Technologies Corporation   309    56,073    1.80%
Extra Space Storage, Inc.   377    56,001    1.80%
Kroger Company (The)   824    55,807    1.79%
Blackstone, Inc.   399    55,794    1.79%
Starbucks Corporation   567    55,660    1.79%
Sherwin-Williams Company (The)   159    55,626    1.78%
McCormick & Company, Inc.   675    55,563    1.78%
Steris Corporation   245    55,525    1.78%
Johnson & Johnson   334    55,449    1.78%
Old Dominion Freight Line, Inc.   334    55,322    1.77%
Restaurant Brands International, Inc.   829    55,243    1.77%
Rockwell Automation, Inc.   213    55,156    1.77%
Waters Corporation   150    55,114    1.77%
Iron Mountain, Inc.   640    55,098    1.77%
PepsiCo, Inc.   367    55,084    1.77%
Constellation Brands, Inc.   300    55,076    1.77%
Ecolab, Inc.   217    55,019    1.77%
Emerson Electric Company   499    54,716    1.76%
Church & Dwight Company, Inc.   497    54,660    1.75%
Anheuser-Busch InBev S.A. - ADR   888    54,647    1.75%
General Mills, Inc.   911    54,442    1.75%
Target Corporation   521    54,423    1.75%
General Motors Company   1,157    54,404    1.75%
Agilent Technologies, Inc.   464    54,334    1.74%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   174   $54,306    1.74%
Hershey Company (The)   317    54,208    1.74%
Pfizer, Inc.   2,129    53,943    1.73%
Caterpillar, Inc.   164    53,923    1.73%
PACCAR, Inc.   554    53,915    1.73%
International Flavors & Fragrances, Inc.   688    53,423    1.71%
IQVIA Holdings, Inc.   300    52,956    1.70%
LyondellBasell Industries N.V., Class A   751    52,838    1.70%
Eaton Corporation PLC   192    52,216    1.68%
Williams-Sonoma, Inc.   330    52,195    1.67%
United Parcel Service, Class B   473    52,018    1.67%
Lululemon Athletica, Inc.   176    49,812    1.60%
        $3,116,398    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1253) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Darden Restaurants, Inc.   333   $69,181    2.22%
HCA Healthcare, Inc.   194    67,005    2.15%
Cintas Corporation   321    66,007    2.12%
Tractor Supply Company   1,195    65,839    2.11%
Boeing Company (The)   383    65,277    2.10%
General Dynamics Corporation   236    64,426    2.07%
Kroger Company (The)   951    64,396    2.07%
Discover Financial Services   377    64,360    2.07%
McKesson Corporation   95    64,080    2.06%
CVS Health Corporation   943    63,884    2.05%
Ford Motor Company   6,365    63,842    2.05%
Fastenal Company   823    63,816    2.05%
McCormick & Company, Inc.   771    63,459    2.04%
Sysco Corporation   845    63,428    2.04%
Extra Space Storage, Inc.   427    63,427    2.04%
Realty Income Corporation   1,092    63,374    2.03%
W. W. Grainger, Inc.   64    63,212    2.03%
Johnson & Johnson   380    63,085    2.03%
Old Dominion Freight Line, Inc.   381    63,056    2.02%
Advanced Micro Devices, Inc.   613    63,018    2.02%
Constellation Brands, Inc.   342    62,680    2.01%
Ecolab, Inc.   247    62,564    2.01%
PepsiCo, Inc.   417    62,495    2.01%
Church & Dwight Company, Inc.   568    62,494    2.01%
Restaurant Brands International, Inc.   938    62,476    2.01%
United Rentals, Inc.   99    62,308    2.00%
Hershey Company (The)   364    62,227    2.00%
General Mills, Inc.   1,040    62,171    2.00%
Steris Corporation   273    61,937    1.99%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Starbucks Corporation   631   $61,919    1.99%
Prologis, Inc.   554    61,877    1.99%
Target Corporation   592    61,731    1.98%
Iron Mountain, Inc.   715    61,517    1.98%
Amgen, Inc.   197    61,506    1.97%
Rockwell Automation, Inc.   238    61,501    1.97%
Anheuser-Busch InBev S.A. - ADR   993    61,157    1.96%
Pfizer, Inc.   2,408    61,017    1.96%
PACCAR, Inc.   624    60,783    1.95%
Emerson Electric Company   553    60,665    1.95%
Waters Corporation   164    60,523    1.94%
Lennox International, Inc.   108    60,414    1.94%
International Flavors & Fragrances, Inc.   778    60,346    1.94%
General Motors Company   1,281    60,254    1.93%
Caterpillar, Inc.   182    60,138    1.93%
Agilent Technologies, Inc.   511    59,785    1.92%
IQVIA Holdings, Inc.   334    58,959    1.89%
Williams-Sonoma, Inc.   370    58,456    1.88%
United Parcel Service, Class B   530    58,341    1.87%
Eaton Corporation PLC   211    57,338    1.84%
Lululemon Athletica, Inc.   199    56,363    1.81%
        $3,114,114    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1254) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Discover Financial Services   603   $102,870    3.32%
Darden Restaurants, Inc.   491    102,105    3.29%
Boeing Company (The)   570    97,153    3.13%
Tractor Supply Company   1,735    95,616    3.08%
Kroger Company (The)   1,389    94,002    3.03%
Realty Income Corporation   1,618    93,864    3.03%
CVS Health Corporation   1,383    93,719    3.02%
Extra Space Storage, Inc.   629    93,367    3.01%
Ford Motor Company   9,294    93,219    3.00%
United Rentals, Inc.   149    93,087    3.00%
Church & Dwight Company, Inc.   843    92,846    2.99%
Ecolab, Inc.   366    92,797    2.99%
McCormick & Company, Inc.   1,126    92,704    2.99%
Sysco Corporation   1,234    92,580    2.98%
Hershey Company (The)   541    92,489    2.98%
Constellation Brands, Inc.   502    92,152    2.97%
PepsiCo, Inc.   609    91,344    2.94%
Starbucks Corporation   931    91,276    2.94%
Target Corporation   872    91,054    2.93%
Advanced Micro Devices, Inc.   882    90,566    2.92%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   291   $90,563    2.92%
General Mills, Inc.   1,513    90,457    2.92%
Prologis, Inc.   806    90,062    2.90%
Waters Corporation   243    89,679    2.89%
Anheuser-Busch InBev S.A. - ADR   1,456    89,620    2.89%
Iron Mountain, Inc.   1,034    88,981    2.87%
General Motors Company   1,882    88,490    2.85%
Agilent Technologies, Inc.   753    88,050    2.84%
IQVIA Holdings, Inc.   499    87,909    2.83%
International Flavors & Fragrances, Inc.   1,124    87,219    2.81%
United Parcel Service, Class B   781    85,895    2.77%
Eaton Corporation PLC   310    84,318    2.72%
Williams-Sonoma, Inc.   527    83,293    2.68%
Lululemon Athletica, Inc.   282    79,786    2.57%
        $3,103,132    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1255) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Darden Restaurants, Inc.   360   $74,886    2.42%
Discover Financial Services   427    72,855    2.35%
Boeing Company (The)   420    71,557    2.31%
Costco Wholesale Corporation   75    71,392    2.30%
Tractor Supply Company   1,288    70,944    2.29%
Ross Stores, Inc.   548    70,025    2.26%
United Rentals, Inc.   111    69,752    2.25%
McDonald's Corporation   223    69,747    2.25%
Kroger Company (The)   1,027    69,535    2.25%
Church & Dwight Company, Inc.   631    69,500    2.24%
Constellation Brands, Inc.   378    69,365    2.24%
General Dynamics Corporation   253    69,071    2.23%
Realty Income Corporation   1,190    69,039    2.23%
McCormick & Company, Inc.   834    68,631    2.22%
Hershey Company (The)   400    68,433    2.21%
Sysco Corporation   912    68,409    2.21%
Ford Motor Company   6,813    68,334    2.21%
PepsiCo, Inc.   455    68,221    2.20%
Extra Space Storage, Inc.   458    68,050    2.20%
CVS Health Corporation   1,003    67,970    2.19%
Rockwell Automation, Inc.   263    67,855    2.19%
Ecolab, Inc.   267    67,741    2.19%
Starbucks Corporation   690    67,658    2.18%
Target Corporation   648    67,640    2.18%
Prologis, Inc.   603    67,433    2.18%
Advanced Micro Devices, Inc.   655    67,285    2.17%
General Mills, Inc.   1,122    67,060    2.17%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Restaurant Brands International, Inc.   999   $66,580    2.15%
Iron Mountain, Inc.   774    66,567    2.15%
Emerson Electric Company   606    66,450    2.15%
Caterpillar, Inc.   201    66,398    2.14%
Amgen, Inc.   213    66,279    2.14%
Estee Lauder Companies, Inc. (The)   996    65,757    2.12%
Anheuser-Busch InBev S.A. - ADR   1,067    65,687    2.12%
General Motors Company   1,393    65,505    2.11%
Lennox International, Inc.   117    65,394    2.11%
Waters Corporation   177    65,380    2.11%
International Flavors & Fragrances, Inc.   839    65,105    2.10%
Blackstone, Inc.   464    64,817    2.09%
Agilent Technologies, Inc.   551    64,419    2.08%
NVIDIA Corporation   587    63,649    2.05%
Eaton Corporation PLC   233    63,402    2.05%
IQVIA Holdings, Inc.   360    63,388    2.05%
United Parcel Service, Class B   570    62,730    2.03%
Williams-Sonoma, Inc.   393    62,210    2.01%
Lululemon Athletica, Inc.   210    59,394    1.92%
        $3,097,499    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1256) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Discover Financial Services   623   $106,313    3.45%
Sysco Corporation   1,396    104,724    3.40%
Kroger Company (The)   1,543    104,436    3.39%
Realty Income Corporation   1,790    103,836    3.37%
Constellation Brands, Inc.   564    103,577    3.37%
Hershey Company (The)   604    103,247    3.35%
Church & Dwight Company, Inc.   935    102,952    3.35%
PepsiCo, Inc.   682    102,274    3.32%
McCormick & Company, Inc.   1,242    102,231    3.32%
Extra Space Storage, Inc.   688    102,196    3.32%
General Mills, Inc.   1,707    102,033    3.32%
United Rentals, Inc.   161    100,987    3.28%
CVS Health Corporation   1,488    100,788    3.27%
Ecolab, Inc.   398    100,787    3.27%
Target Corporation   963    100,467    3.26%
Waters Corporation   272    100,272    3.26%
Prologis, Inc.   894    99,971    3.25%
Boeing Company (The)   585    99,814    3.24%
Ford Motor Company   9,934    99,635    3.24%
Estee Lauder Companies, Inc. (The)   1,494    98,635    3.20%
Anheuser-Busch InBev S.A. - ADR   1,602    98,591    3.20%
Advanced Micro Devices, Inc.   951    97,707    3.17%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
International Flavors & Fragrances, Inc.   1,254   $97,338    3.16%
Agilent Technologies, Inc.   827    96,702    3.14%
Williams-Sonoma, Inc.   608    96,062    3.12%
General Motors Company   2,029    95,426    3.10%
IQVIA Holdings, Inc.   540    95,276    3.10%
Eaton Corporation PLC   343    93,230    3.03%
NVIDIA Corporation   860    93,169    3.03%
Marvell Technology, Inc.   1,447    89,101    2.90%
Lululemon Athletica, Inc.   307    86,769    2.82%
        $3,078,546    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1257) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Sysco Corporation   1,459   $109,477    3.56%
Kroger Company (The)   1,605    108,626    3.53%
Hershey Company (The)   631    108,003    3.51%
Realty Income Corporation   1,840    106,711    3.47%
Constellation Brands, Inc.   581    106,554    3.46%
General Mills, Inc.   1,781    106,496    3.46%
McCormick & Company, Inc.   1,287    105,932    3.44%
PepsiCo, Inc.   706    105,829    3.44%
Church & Dwight Company, Inc.   961    105,801    3.44%
Extra Space Storage, Inc.   712    105,725    3.44%
Waters Corporation   286    105,390    3.42%
Ecolab, Inc.   412    104,511    3.40%
Ford Motor Company   10,376    104,068    3.38%
Prologis, Inc.   927    103,601    3.37%
United Rentals, Inc.   165    103,203    3.35%
Amgen, Inc.   330    102,709    3.34%
Boeing Company (The)   601    102,490    3.33%
Anheuser-Busch InBev S.A. - ADR   1,648    101,422    3.30%
International Flavors & Fragrances, Inc.   1,302    101,086    3.28%
Iron Mountain, Inc.   1,174    101,053    3.28%
Agilent Technologies, Inc.   863    101,010    3.28%
Estee Lauder Companies, Inc. (The)   1,527    100,776    3.27%
Pfizer, Inc.   3,966    100,489    3.26%
Advanced Micro Devices, Inc.   969    99,595    3.24%
IQVIA Holdings, Inc.   564    99,373    3.23%
General Motors Company   2,101    98,797    3.21%
United Parcel Service, Class B   888    97,654    3.17%
Eaton Corporation PLC   351    95,531    3.10%
NVIDIA Corporation   876    94,966    3.09%
Marvell Technology, Inc.   1,473    90,717    2.95%
        $3,077,595    100.00%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1258) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Sysco Corporation   1,040   $78,044    2.53%
HCA Healthcare, Inc.   225    77,727    2.52%
Tractor Supply Company   1,410    77,679    2.52%
Realty Income Corporation   1,325    76,886    2.49%
Darden Restaurants, Inc.   370    76,854    2.49%
Kroger Company (The)   1,131    76,547    2.48%
Ross Stores, Inc.   599    76,501    2.48%
Constellation Brands, Inc.   417    76,500    2.48%
Extra Space Storage, Inc.   514    76,369    2.47%
Prologis, Inc.   682    76,256    2.47%
PepsiCo, Inc.   508    76,240    2.47%
Steris Corporation   336    76,047    2.46%
Church & Dwight Company, Inc.   690    75,986    2.46%
McCormick & Company, Inc.   923    75,931    2.46%
Hershey Company (The)   442    75,660    2.45%
General Mills, Inc.   1,261    75,408    2.44%
Johnson & Johnson   452    74,956    2.43%
Starbucks Corporation   762    74,734    2.42%
CVS Health Corporation   1,103    74,729    2.42%
Ecolab, Inc.   295    74,700    2.42%
Waters Corporation   202    74,587    2.42%
Ford Motor Company   7,396    74,179    2.40%
Target Corporation   711    74,170    2.40%
United Rentals, Inc.   118    73,785    2.39%
Restaurant Brands International, Inc.   1,104    73,560    2.38%
Estee Lauder Companies, Inc. (The)   1,105    72,908    2.36%
Amgen, Inc.   234    72,906    2.36%
Iron Mountain, Inc.   845    72,690    2.35%
Anheuser-Busch InBev S.A. - ADR   1,178    72,520    2.35%
Agilent Technologies, Inc.   612    71,648    2.32%
Williams-Sonoma, Inc.   452    71,449    2.31%
Advanced Micro Devices, Inc.   695    71,386    2.31%
Pfizer, Inc.   2,814    71,312    2.31%
Boeing Company (The)   415    70,818    2.29%
United Parcel Service, Class B   643    70,674    2.29%
IQVIA Holdings, Inc.   398    70,142    2.27%
General Motors Company   1,485    69,843    2.26%
Blackstone, Inc.   499    69,713    2.26%
NVIDIA Corporation   628    68,101    2.21%
Eaton Corporation PLC   250    68,047    2.20%
Lululemon Athletica, Inc.   229    64,888    2.10%
Marvell Technology, Inc.   1,051    64,690    2.10%
        $3,087,770    100.00%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1259) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   1,238   $385,647    13.22%
Waters Corporation   1,042    384,219    13.17%
Pfizer, Inc.   14,887    377,240    12.93%
Agilent Technologies, Inc.   3,191    373,229    12.80%
IQVIA Holdings, Inc.   2,091    368,638    12.64%
Advanced Micro Devices, Inc.   3,418    351,175    12.04%
NVIDIA Corporation   3,205    347,386    11.91%
Marvell Technology, Inc.   5,348    329,301    11.29%
        $2,916,835    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1260) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   1,015   $316,342    10.83%
Waters Corporation   845    311,614    10.67%
Target Corporation   2,956    308,506    10.56%
IQVIA Holdings, Inc.   1,718    302,837    10.37%
Agilent Technologies, Inc.   2,586    302,453    10.36%
Williams-Sonoma, Inc.   1,842    291,191    9.97%
NVIDIA Corporation   2,582    279,800    9.58%
Advanced Micro Devices, Inc.   2,714    278,824    9.55%
Marvell Technology, Inc.   4,347    267,671    9.16%
Lululemon Athletica, Inc.   924    261,437    8.95%
        $2,920,675    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1261) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   780   $243,080    8.13%
Steris Corporation   1,069    242,362    8.11%
CVS Health Corporation   3,549    240,475    8.04%
Prologis, Inc.   2,146    239,940    8.03%
Waters Corporation   649    239,029    7.99%
Target Corporation   2,248    234,634    7.85%
Ford Motor Company   23,158    232,271    7.77%
Williams-Sonoma, Inc.   1,442    228,051    7.63%
NVIDIA Corporation   2,097    227,243    7.60%
Advanced Micro Devices, Inc.   2,165    222,396    7.44%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
General Motors Company   4,682   $220,172    7.36%
Marvell Technology, Inc.   3,573    219,980    7.36%
Lululemon Athletica, Inc.   706    199,877    6.69%
        $2,989,510    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1262) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Amgen, Inc.   561   $174,934    5.77%
Pfizer, Inc.   6,865    173,954    5.74%
Ford Motor Company   17,342    173,943    5.74%
Steris Corporation   766    173,542    5.72%
Prologis, Inc.   1,550    173,301    5.71%
CVS Health Corporation   2,540    172,095    5.67%
McDonald's Corporation   549    171,513    5.66%
General Motors Company   3,637    171,071    5.64%
Waters Corporation   463    170,753    5.63%
Starbucks Corporation   1,737    170,369    5.62%
Ross Stores, Inc.   1,330    169,960    5.60%
Target Corporation   1,612    168,223    5.55%
NVIDIA Corporation   1,541    166,990    5.51%
Restaurant Brands International, Inc.   2,498    166,444    5.49%
Advanced Micro Devices, Inc.   1,610    165,394    5.45%
Williams-Sonoma, Inc.   1,044    165,089    5.44%
Marvell Technology, Inc.   2,647    162,980    5.37%
Lululemon Athletica, Inc.   503    142,296    4.69%
        $3,032,851    100.00%

 

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1263) Index total return swap with Morgan Stanley Bank as of March 31, 2025, termination date 7/28/26:

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Restaurant Brands International, Inc.   2,375   $158,296    5.12%
Ford Motor Company   15,767    158,148    5.12%
Tractor Supply Company   2,866    157,932    5.11%
Extra Space Storage, Inc.   1,054    156,452    5.06%
Ross Stores, Inc.   1,222    156,156    5.05%
Waters Corporation   423    155,973    5.04%
Steris Corporation   687    155,769    5.04%
Amgen, Inc.   499    155,557    5.03%
Prologis, Inc.   1,388    155,119    5.02%
Blackstone, Inc.   1,110    155,113    5.02%
CVS Health Corporation   2,283    154,652    5.00%
General Motors Company   3,283    154,409    4.99%
Target Corporation   1,479    154,310    4.99%

 

 

CRM LONG/SHORT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2025 (Unaudited)

 

Reference Entity  Shares   Market Value   % of Total Index Value 
Pfizer, Inc.   6,079   $154,050    4.98%
Starbucks Corporation   1,568    153,825    4.98%
United Rentals, Inc.   244    153,028    4.95%
Advanced Micro Devices, Inc.   1,485    152,547    4.93%
NVIDIA Corporation   1,397    151,457    4.90%
Boeing Company (The)   884    150,819    4.88%
Lululemon Athletica, Inc.   523    148,030    4.79%
        $3,091,642    100.00%