# EDGAR Filing Document

**Accession Number:** 0001322252
**File Stem:** 0000910472-25-006108
**Filing Date:** 2025-12
**Character Count:** 34939
**Document Hash:** 04fe0f9c3d81841fd0eb767e1544064a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006108.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006108

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRM Mutual Fund Trust
- **CENTRAL INDEX KEY:** 0001322252

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21749
- **FILM NUMBER:** 251605206

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CRAMER ROSENTHAL MCGLYNN, LLC
- **STREET 2:** 28 HAVEMEYER PLACE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 212.326.5334

**MAIL ADDRESS:**
- **STREET 1:** C/O CRAMER ROSENTHAL MCGLYNN, LLC
- **STREET 2:** 28 HAVEMEYER PLACE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### CRM LONG/SHORT OPPORTUNITIES FUND (Series ID: S000054584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000171454 | INSTITUTIONAL SHARES | CRIHX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** CRM Mutual Fund Trust

- **b. Investment Company Act file number:** 811-21749

- **c. CIK number of Registrant:** 0001322252

- **d. LEI of Registrant:** 549300RX3217CTPTEU48

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 300 First Stamford Pl

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 6902

  - **Telephone number:** 212-326-5300

**Item A.2. Information about the Series.**

- **a. Name of Series:** CRM LONG/SHORT OPPORTUNITIES

- **b. EDGAR series identifier (if any):** S000054584

- **c. LEI of Series:** 549300O40P4UKGEE8537

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $604993547.00

**Total Liabilities:** $201651584.49

**Net Assets:** $403341962.51

**Cash Not Reported:** $38313607.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171454 | 3.16%                | -0.32%               | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3341613.62              | $5084872.04                                |
| Month 2  | $1579086.02              | $-1427413.86                               |
| Month 3  | $5263723.60              | $1509990.52                                |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                 | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1396)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -42267 | NC      | $-212599.44   | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Itron, Inc.                          | Itron, Inc.                                           | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     15575 | NS      | $1562639.75   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor                  | TOWER SEMICONDUCTOR - Total Return Swap               | CUSIP: N/A<br>LEI: 5299008G3N31X594F945       | Long             | DE               | CORP              | US        |    107993 | NC      | $1260732.39   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Clean Harbors, Inc.                  | Clean Harbors, Inc.                                   | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     25342 | NS      | $5334744.42   | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| CAVA Group Inc.                      | Cava Group, Inc.                                      | CUSIP: 148929102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -50171 | NS      | $-2695687.83  | -0.67%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1410)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -43345 | NC      | $-24151.84    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Zoominfo Technologies Inc            | ZoomInfo, Technologies, Inc.                          | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |   1155982 | NS      | $12970118.04  | 3.22%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1403)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -51079 | NC      | $-183592.68   | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Franklin Electric Co Inc             | Franklin Electric Co., Inc.                           | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Short            | EC               | CORP              | US        |     -3994 | NS      | $-378511.38   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Masimo Corporation                   | Masimo Corp.                                          | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     48223 | NS      | $6782564.95   | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Xylem, Inc.                          | Xylem, Inc.                                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     56353 | NS      | $8500850.05   | 2.11%             |  |  |  | No            | 1                  | On Loan: No      |
| TETRA Technologies Inc.              | TETRA Technologies, Inc.                              | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    804640 | NS      | $5680758.40   | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Knowles Corporation                  | Knowles Corp.                                         | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    496140 | NS      | $11713865.40  | 2.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Nextera Energy, Inc.                 | NEXTERA ENERGY INC - Total Return Swap                | CUSIP: N/A<br>LEI: 254900RHL9MEUS5NKX63       | Long             | DE               | CORP              | US        |    139618 | NC      | $373434.87    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Matador Resources Company            | Matador Resources Co.                                 | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     84326 | NS      | $3327503.96   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION     | Steven Madden Ltd. 11/21/2025 40 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |      3963 | NS      | $237780.00    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Money Market Obligations Trust       | Federated Hermes Treasury Oligations Fund             | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |  26770617 | PA      | $26770616.54  | 6.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Bloom Energy Corporation             | Bloom Energy Corp.                                    | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Short            | EC               | CORP              | US        |     -6546 | NS      | $-865119.36   | -0.21%            |  |  |  | No            | 1                  | On Loan: No      |
| Regal Rexnord Corporation            | Regal Rexnord Corp.                                   | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     83627 | NS      | $11782208.03  | 2.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Range Resources Corp.                | Range Resources Corp.                                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    245864 | NS      | $8740465.20   | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Teledyne Technologies Inc            | Teledyne Technologies, Inc.                           | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      8957 | NS      | $4718726.74   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Lowes Companies, Inc.                | Lowe's Cos., Inc.                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Short            | EC               | CORP              | US        |    -31109 | NS      | $-7407986.17  | -1.84%            |  |  |  | No            | 1                  | On Loan: No      |
| Champion Homes Inc.                  | Skyline Champion Corp.                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    205203 | NS      | $14001000.69  | 3.47%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1409)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -42935 | NC      | $-84465.69    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Tractor Supply Co                    | Tractor Supply Co.                                    | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Short            | EC               | CORP              | US        |    -75023 | NS      | $-4059494.53  | -1.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Gitlab Inc                           | Gitlab Inc                                            | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    163788 | NS      | $7984665.00   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| The Kroger Co.                       | Kroger Co./The                                        | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Short            | EC               | CORP              | US        |    -56744 | NS      | $-3610620.72  | -0.90%            |  |  |  | No            | 1                  | On Loan: No      |
| Bio-Techne Corp                      | Bio-Techne Corp.                                      | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    201052 | NS      | $12579823.64  | 3.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Victorias Secret and Co              | Victoria's Secret & Co.                               | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |    501910 | NS      | $17692327.50  | 4.39%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1394)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -52791 | NC      | $-414861.82   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1406)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -50697 | NC      | $-132355.21   | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| WillScot Holdings Corporation        | WillScot Mobile Mini Holdings Corp.                   | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    516899 | NS      | $11242553.25  | 2.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Main Street Capital Corp.            | Main Street Capital Corp.                             | CUSIP: 56035L104<br>LEI: 5493001FS9QJLJNF3E20 | Short            | EC               | RF                | US        |    -17492 | NS      | $-995644.64   | -0.25%            |  |  |  | No            | 1                  | On Loan: No      |
| Atmos Energy Corp.                   | Atmos Energy Corp.                                    | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     49994 | NS      | $8584969.68   | 2.13%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1400)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -49921 | NC      | $-246492.01   | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Madden(Steven)Ltd.                   | Steven Madden Ltd.                                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    304945 | NS      | $10340684.95  | 2.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Schwab (Charles)                     | SCHWAB (CHARLES) - Total Return Swap                  | CUSIP: N/A<br>LEI: 549300VSGCJ7E698NM85       | Long             | DE               | CORP              | US        |     77837 | NC      | $81998.81     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| D.R. Horton, Inc.                    | D.R. Horton, Inc.                                     | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Short            | EC               | CORP              | US        |    -15204 | NS      | $-2266612.32  | -0.56%            |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Liquidity Funds            | Blackrock Liquidity Funds T-Fund Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  26770617 | PA      | $26770616.59  | 6.64%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1395)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -55143 | NC      | $-170731.26   | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Evergy Inc                           | Evergy, Inc.                                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    157241 | NS      | $12077681.21  | 2.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vail Resorts, Inc.                   | Vail Resorts, Inc.                                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     55206 | NS      | $8188705.98   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION     | Mobileye Global, Inc. 11/21/2025 15 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |      2410 | NS      | $55430.00     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Fulton Financial Corporation         | Fulton Financial Corp.                                | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Short            | EC               | CORP              | US        |   -169539 | NS      | $-2944892.43  | -0.73%            |  |  |  | No            | 1                  | On Loan: No      |
| Urban Outfitters Inc.                | Urban Outfitters, Inc.                                | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Short            | EC               | CORP              | US        |    -78730 | NS      | $-5086745.30  | -1.26%            |  |  |  | No            | 1                  | On Loan: No      |
| American Eagle Outfitters Inc.       | American Eagle Outfitters, Inc.                       | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Short            | EC               | CORP              | US        |    -74363 | NS      | $-1242605.73  | -0.31%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1404)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -52727 | NC      | $-123021.99   | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION     | SPDR S&P 500 ETF Trust 11/28/2025 670 Put             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       714 | NS      | $459816.00    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Lululemon Athletica Inc.             | Lululemon Athletica, Inc.                             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Short            | EC               | CORP              | US        |    -16070 | NS      | $-2740577.80  | -0.68%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1401)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -55209 | NC      | $-237662.77   | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Sun Communities, Inc.                | Sun Communities, Inc.                                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     58690 | NS      | $7430154.00   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1405)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -52784 | NC      | $-221319.20   | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1402)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -54553 | NC      | $-139460.22   | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Starbucks Corp.                      | Starbucks Corp.                                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |    -60098 | NS      | $-4860125.26  | -1.20%            |  |  |  | No            | 1                  | On Loan: No      |
| BankUnited Inc.                      | BankUnited, Inc.                                      | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    441196 | NS      | $17683135.68  | 4.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Evercore Inc                         | Evercore Partners, Inc.                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     34273 | NS      | $10095454.88  | 2.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Hancock Whitney Corporation          | Hancock Whitney Corporation                           | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Short            | EC               | CORP              | US        |    -54606 | NS      | $-3118548.66  | -0.77%            |  |  |  | No            | 1                  | On Loan: No      |
| HUB Group Inc                        | Hub Group, Inc.                                       | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    311754 | NS      | $11481899.82  | 2.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Silicon Motion Technology Corp.      | Silicon Motion Technology Corp.                       | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     75513 | NS      | $7408580.43   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Gates Industrial Corp PLC            | Gates Industrial Corp. PLC                            | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Short            | EC               | CORP              | GB        |    -53290 | NS      | $-1176643.20  | -0.29%            |  |  |  | No            | 1                  | On Loan: No      |
| Vontier Corporation                  | Vontier Corp.                                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |    244223 | NS      | $9402585.50   | 2.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital One Financial Corporation    | Capital One Financial Corporation - Total Return Swap | CUSIP: N/A<br>LEI: ZUE8T73ROZOF6FLBAR73       | Long             | DE               | CORP              | US        |     32647 | NC      | $-143564.22   | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Burlington Stores Inc.               | Burlington Stores, Inc.                               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     26565 | NS      | $7267918.35   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| First Interstate Bancsystem Inc.     | FIRST INTERSTATE BANCSYSTEM, INC.                     | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    306121 | NS      | $9566281.25   | 2.37%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1397)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -54668 | NC      | $-289553.18   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Hayward Holdings Inc                 | Hayward Holdings, Inc.                                | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    760092 | NS      | $12898761.24  | 3.20%             |  |  |  | No            | 1                  | On Loan: No      |
| BJS Restaurants In                   | BJ's Restaurants, Inc.                                | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |    215844 | NS      | $7330062.24   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluence Energy Inc                   | Fluence Energy Inc                                    | CUSIP: 34379V103<br>LEI: 25490043LHZ97BT5PP29 | Short            | EC               | CORP              | US        |    -54318 | NS      | $-1140678.00  | -0.28%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1408)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -55848 | NC      | $-128425.22   | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1393)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -47561 | NC      | $-229095.80   | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1392)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -32872 | NC      | $-163969.59   | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Dutch Bros Inc                       | Dutch Bros Inc.                                       | CUSIP: 26701L100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -24808 | NS      | $-1377836.32  | -0.34%            |  |  |  | No            | 1                  | On Loan: No      |
| Dick's Sporting Goods, Inc.          | Dick's Sporting Goods, Inc.                           | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Short            | EC               | CORP              | US        |     -8954 | NS      | $-1982863.30  | -0.49%            |  |  |  | No            | 1                  | On Loan: No      |
| V.F. Corp                            | VF Corp.                                              | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Short            | EC               | CORP              | US        |   -197866 | NS      | $-2778038.64  | -0.69%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1407)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -56910 | NC      | $-14532.30    | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Broadcom Inc.                        | Broadcom Inc. - Total Return Swap                     | CUSIP: N/A<br>LEI: 549300WV6GIDOZJTV909       | Long             | DE               | CORP              | US        |     15271 | NC      | $813096.90    | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| Concentra Group Holdings Parent Inc  | Concentra Group Holdings Parent, Inc.                 | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    476355 | NS      | $9488991.60   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| MongoDB Inc.                         | MongoDB, Inc.                                         | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     24779 | NS      | $8915979.78   | 2.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Ciena Corporation                    | Ciena Corp.                                           | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     23192 | NS      | $4404624.64   | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| MKS Inc.                             | MKS Instruments, Inc.                                 | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     42197 | NS      | $6064130.87   | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Pacific Kansas City Ltd.    | Canadian Pacific Kansas City Ltd.                     | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    116102 | NS      | $8353538.90   | 2.07%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1398)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -47757 | NC      | $-357628.63   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1399)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -54603 | NC      | $-190167.89   | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Mobileye Global Inc                  | Mobileye Global Inc                                   | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    635556 | NS      | $8357561.40   | 2.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Lending Club Corporation             | LendingClub Corp.                                     | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |    493397 | NS      | $8580173.83   | 2.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Renaissancere Holdings Ltd.          | RenaissanceRe Holdings Ltd.                           | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Short            | EC               | CORP              | BM        |     -8565 | NS      | $-2176280.85  | -0.54%            |  |  |  | No            | 1                  | On Loan: No      |
| First American Financial Corporation | First American Financial Corp.                        | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    226412 | NS      | $14153014.12  | 3.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilton Worldwide Holdings Inc        | Hilton Worldwide Holdings, Inc.                       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Short            | EC               | CORP              | US        |     -7316 | NS      | $-1879919.36  | -0.47%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC             | Morgan Stanley Custom Swap Index (MSCM1411)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |    -57202 | NC      | $-28549.52    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| ACV Auctions Inc                     | ACV Auctions, Inc.                                    | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    684998 | NS      | $6212931.86   | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Advance Auto Parts Inc.              | Advance Auto Parts, Inc.                              | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     76372 | NS      | $3599412.36   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION     | SPDR S&P 500 ETF Trust 10/31/2025 650 Put             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |      1011 | NS      | $2527.50      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** CRM Mutual Fund Trust

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer