# EDGAR Filing Document

**Accession Number:** 0001322252
**File Stem:** 0001752724-23-043111
**Filing Date:** 2023-2
**Character Count:** 45480
**Document Hash:** fad2fbc3027791c01ade2823c480bf52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043111.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043111

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRM Mutual Fund Trust
- **CENTRAL INDEX KEY:** 0001322252
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21749
- **FILM NUMBER:** 23674053

**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:** 28 Havemeyer Place

  - **City:** Greenwich

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 6830

  - **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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $318450028.75

**Total Liabilities:** $108658933.63

**Net Assets:** $209791095.12

**Cash Not Reported:** $107018530.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171454 | 5.54%                | 1.38%                | -1.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $358296.12               | $10036148.43                               |
| Month 2  | $-1213056.42             | $2657269.76                                |
| Month 3  | $-926801.10              | $-2436881.04                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Old Dominion Freight Line Inc.     | Old Dominion Freight Line, Inc.                       | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |    -10727 | NS      | $-3044108.06  | -1.45%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS695)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -210 | NC      | $46.17        | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS697)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -210 | NC      | $72.48        | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS702)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -209 | NC      | $-33.08       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Clean Harbors, Inc.                | Clean Harbors, Inc.                                   | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     56471 | NS      | $6444470.52   | 3.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Avangrid Inc                       | Avangrid, Inc.                                        | CUSIP: 05351W103<br>LEI: 549300OX0Q38NLSKPB49 | Short            | EC               | CORP              | US        |    -64688 | NS      | $-2780290.24  | -1.33%            |  |  |  | No            | 1                  | On Loan: No      |
| Marriott Vacations Worldwide Corp  | Marriott Vacations Worldwide Corp.                    | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     37326 | NS      | $5023706.34   | 2.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcosa Inc                         | Arcosa, Inc.                                          | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |    124524 | NS      | $6766634.16   | 3.23%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS685)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -218 | NC      | $1324.00      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Tenable Holdings Inc               | Tenable Holdings, Inc.                                | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    117778 | NS      | $4493230.70   | 2.14%             |  |  |  | No            | 1                  | On Loan: No      |
| The Charles Schwab Corporation     | Charles Schwab Corp./The                              | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     77818 | NS      | $6479126.68   | 3.09%             |  |  |  | No            | 1                  | On Loan: No      |
| FIGS Inc                           | FIGS, Inc.                                            | CUSIP: 30260D103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -115467 | NS      | $-777092.91   | -0.37%            |  |  |  | No            | 1                  | On Loan: No      |
| Twist Bioscience Corporation       | Twist Bioscience Corp.                                | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Short            | EC               | CORP              | US        |    -37688 | NS      | $-897351.28   | -0.43%            |  |  |  | No            | 1                  | On Loan: No      |
| Nextera Energy Inc                 | NextEra Energy, Inc.                                  | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125910 | NS      | $10526076.00  | 5.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Kontoor Brands Inc                 | Kontoor Brands, Inc.                                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Short            | EC               | CORP              | US        |    -33145 | NS      | $-1325468.55  | -0.63%            |  |  |  | No            | 1                  | On Loan: No      |
| Agiliti Inc                        | Agiliti, Inc.                                         | CUSIP: 00848J104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -41908 | NS      | $-683519.48   | -0.33%            |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley                                        | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     47545 | NS      | $4042275.90   | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Acuity Brands, Inc.                | Acuity Brands, Inc.                                   | CUSIP: 00508Y102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16734 | NS      | $-2771317.74  | -1.32%            |  |  |  | No            | 1                  | On Loan: No      |
| Booking Holdings Inc               | Booking Holdings, Inc.                                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      2356 | NS      | $4747999.68   | 2.26%             |  |  |  | No            | 1                  | On Loan: No      |
| DXC Technology Company             | DXC Technology Co.                                    | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Short            | EC               | CORP              | US        |    -71557 | NS      | $-1896260.50  | -0.90%            |  |  |  | No            | 1                  | On Loan: No      |
| Walt Disney Company                | Walt Disney Co./The                                   | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     26668 | NS      | $2316915.84   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| LKQ Corporation                    | LKQ Corp.                                             | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     91956 | NS      | $4911369.96   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corporation          | Kilroy Realty Corp.                                   | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Short            | EC               | CORP              | US        |    -39413 | NS      | $-1524100.71  | -0.73%            |  |  |  | No            | 1                  | On Loan: No      |
| Money Market Obligations Trust     | Federated Hermes Treasury Oligations Fund             | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |  14083869 | PA      | $14083869.03  | 6.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Bloom Energy Corporation           | Bloom Energy Corp.                                    | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Short            | EC               | CORP              | US        |    -80767 | NS      | $-1544265.04  | -0.74%            |  |  |  | No            | 1                  | On Loan: No      |
| Humana Inc.                        | Humana, Inc.                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12183 | NS      | $6240010.77   | 2.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Envista Holdings Corporation       | Envista Holdings Corp.                                | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    140857 | NS      | $4742655.19   | 2.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Pandora A/S                        | Pandora A/S                                           | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Short            | EC               | CORP              | DK        |    -35745 | NS      | $-2511897.05  | -1.20%            |  |  |  | No            | 1                  | On Loan: No      |
| Lamb Weston Holdings Inc           | Lamb Weston Holdings, Inc.                            | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     60937 | NS      | $5445330.32   | 2.60%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS691)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -212 | NC      | $1239.78      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ON Semiconductor Corp.             | ON Semiconductor Corporation                          | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Short            | EC               | CORP              | US        |    -32367 | NS      | $-2018729.79  | -0.96%            |  |  |  | No            | 1                  | On Loan: No      |
| Evgo Inc                           | EVgo Inc.                                             | CUSIP: 30052F100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -216519 | NS      | $-967839.93   | -0.46%            |  |  |  | No            | 1                  | On Loan: No      |
| Skyline Champion Corporation       | Skyline Champion Corp.                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135544 | NS      | $6981871.44   | 3.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Ubiquiti Inc                       | Ubiquiti Networks, Inc.                               | CUSIP: 90353W103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3157 | NS      | $-863534.21   | -0.41%            |  |  |  | No            | 1                  | On Loan: No      |
| Blackstone Inc                     | Blackstone Group LP/The                               | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |    -17235 | NS      | $-1278664.65  | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Natural Resources Company  | Pioneer Natural Resources Co.                         | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     15248 | NS      | $3482490.72   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS698)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -211 | NC      | $-16.18       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| The Kroger Co.                     | Kroger Co./The                                        | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Short            | EC               | CORP              | US        |    -33838 | NS      | $-1508498.04  | -0.72%            |  |  |  | No            | 1                  | On Loan: No      |
| Watsco Inc                         | Watsco, Inc.                                          | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               | CORP              | US        |    -10043 | NS      | $-2504724.20  | -1.19%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS700)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -211 | NC      | $110.23       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS688)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -214 | NC      | $810.83       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| The Progressive Corporation        | Progressive Corp./The                                 | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     50094 | NS      | $6497692.74   | 3.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Energy Industries, Inc.   | Advanced Energy Industries, Inc.                      | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Short            | EC               | CORP              | US        |    -18967 | NS      | $-1626989.26  | -0.78%            |  |  |  | No            | 1                  | On Loan: No      |
| Pearson PLC                        | PEARSON PLC                                           | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Short            | EC               | CORP              | GB        |    -97034 | NS      | $-1101694.02  | -0.53%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS703)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -210 | NC      | $-31.84       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Strategic Education Inc            | Strategic Education, Inc.                             | CUSIP: 86272C103<br>LEI: 0PYXF82EO1UCNGL5I740 | Short            | EC               | CORP              | US        |    -30557 | NS      | $-2393224.24  | -1.14%            |  |  |  | No            | 1                  | On Loan: No      |
| Lordstown Motors Corp              | Lordstown Motors Corp.                                | CUSIP: 54405Q100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -354965 | NS      | $-404660.10   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| Walgreens Boots Alliance, Inc.     | Walgreens Boots Alliance, Inc.                        | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Short            | EC               | CORP              | US        |    -61446 | NS      | $-2295622.56  | -1.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Snap-On Incorporated               | Snap-on, Inc.                                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Short            | EC               | CORP              | US        |     -4528 | NS      | $-1034602.72  | -0.49%            |  |  |  | No            | 1                  | On Loan: No      |
| Madden(Steven)Ltd.                 | Steven Madden Ltd.                                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    137638 | NS      | $4398910.48   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ginkgo Bioworks Holdings Inc       | Ginkgo Bioworks Holdings Inc.                         | CUSIP: 37611X100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -411944 | NS      | $-696185.36   | -0.33%            |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Liquidity Funds          | Blackrock Liquidity Funds T-Fund Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  14083869 | PA      | $14083869.07  | 6.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital One Financial Corporation  | Capital One Financial Corp.                           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |    -27007 | NS      | $-2510570.72  | -1.20%            |  |  |  | No            | 1                  | On Loan: No      |
| Perdoceo Education Corp.           | Perdoceo Education Corp.                              | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Short            | EC               | CORP              | US        |   -254669 | NS      | $-3539899.10  | -1.69%            |  |  |  | No            | 1                  | On Loan: No      |
| Plug Power Inc                     | Plug Power, Inc.                                      | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Short            | EC               | CORP              | US        |    -83424 | NS      | $-1031954.88  | -0.49%            |  |  |  | No            | 1                  | On Loan: No      |
| Hillman Solutions Corp             | Hillman Solutions Corp.                               | CUSIP: 431636109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -260183 | NS      | $-1875919.43  | -0.89%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS696)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -209 | NC      | $-128.03      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Canoo Inc                          | Canoo Inc.                                            | CUSIP: 13803R102<br>LEI: 5493004KHMS7ZZPSQE04 | Short            | EC               | CORP              | US        |   -238128 | NS      | $-292897.44   | -0.14%            |  |  |  | No            | 1                  | On Loan: No      |
| Avantor Inc                        | Avantor, Inc.                                         | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135390 | NS      | $2855375.10   | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualys Inc                         | Qualys, Inc.                                          | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Short            | EC               | CORP              | US        |    -19891 | NS      | $-2232366.93  | -1.06%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS701)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -211 | NC      | $143.68       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Janus International Group Inc      | Janus International Group, Inc.                       | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157045 | NS      | $1495068.40   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS690)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -211 | NC      | $662.43       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Rocket Companies Inc               | Rocket Cos, Inc.                                      | CUSIP: 77311W101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -189920 | NS      | $-1329440.00  | -0.63%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS692)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -213 | NC      | $837.95       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Sono Group N V                     | Sono Group NV                                         | CUSIP: N81409109<br>LEI: 391200GTRCF4TK71DT34 | Short            | EC               | CORP              | NL        |   -128890 | NS      | $-126930.87   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Omnicom Group Inc                  | Omnicom Group, Inc.                                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |    -40946 | NS      | $-3339965.22  | -1.59%            |  |  |  | No            | 1                  | On Loan: No      |
| Williams-Sonoma Incorporation      | Williams-Sonoma, Inc.                                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Short            | EC               | CORP              | US        |    -13484 | NS      | $-1549581.28  | -0.74%            |  |  |  | No            | 1                  | On Loan: No      |
| Coinbase Global Inc                | Coinbase Global, Inc.                                 | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               | CORP              | US        |    -13530 | NS      | $-478826.70   | -0.23%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS693)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -213 | NC      | $389.77       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| The Lovesac Company                | Lovesac Co./The                                       | CUSIP: 54738L109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -61877 | NS      | $-1361912.77  | -0.65%            |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Pacific Railway Ltd.      | Canadian Pacific Railway Ltd.                         | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     87706 | NS      | $6541990.54   | 3.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Vontier Corporation                | Vontier Corp.                                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |    287898 | NS      | $5565068.34   | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Burlington Stores Inc.             | Burlington Stores, Inc.                               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     28640 | NS      | $5807046.40   | 2.77%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS684)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -217 | NC      | $1475.21      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Hayward Holdings Inc               | Hayward Holdings, Inc.                                | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    183751 | NS      | $1727259.40   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc.           | Extra Space Storage, Inc.                             | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Short            | EC               | CORP              | US        |    -19044 | NS      | $-2802895.92  | -1.34%            |  |  |  | No            | 1                  | On Loan: No      |
| C.H. Robinson Worldwide Inc        | CH Robinson Worldwide, Inc.                           | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Short            | EC               | CORP              | US        |    -15787 | NS      | $-1445457.72  | -0.69%            |  |  |  | No            | 1                  | On Loan: No      |
| BJS Restaurants In                 | BJ's Restaurants, Inc.                                | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |    115190 | NS      | $3038712.20   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Kirby Corp                         | Kirby Corp.                                           | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    101059 | NS      | $6503146.65   | 3.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Wabtec Corp                        | Wabtec Corp.                                          | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Short            | EC               | CORP              | US        |    -32036 | NS      | $-3197513.16  | -1.52%            |  |  |  | No            | 1                  | On Loan: No      |
| PTC Inc                            | PTC, Inc.                                             | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     53560 | NS      | $6429342.40   | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Resideo Technologies Inc           | Resideo Technologies, Inc.                            | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Short            | EC               | CORP              | US        |    -42678 | NS      | $-702053.10   | -0.33%            |  |  |  | No            | 1                  | On Loan: No      |
| Jamf Holding Corp                  | Jamf Holding Corp.                                    | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |    188741 | NS      | $4020183.30   | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| MasterCard Incorporated            | MasterCard, Inc.                                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     20638 | NS      | $7176451.74   | 3.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Clarivate PLC                      | Clarivate PLC                                         | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |    230742 | NS      | $1924388.28   | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Silvergate Capital Corporation     | Silvergate Capital Corp.                              | CUSIP: 82837P408<br>LEI: BPE6FTXDZEBNAGIT2T19 | Short            | EC               | CORP              | US        |    -22310 | NS      | $-388194.00   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS686)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -214 | NC      | $817.00       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Danaher Corporation                | Danaher Corp.                                         | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     20446 | NS      | $5426777.32   | 2.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunrun Inc.                        | Sunrun, Inc.                                          | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |    172816 | NS      | $4151040.32   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Eagle Materials, Inc. - TRS                           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Long             | DE               | CORP              | US        |     41084 | NC      | $-139406.86   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Saia Inc                           | Saia, Inc.                                            | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Short            | EC               | CORP              | US        |     -7320 | NS      | $-1534857.60  | -0.73%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS699)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -210 | NC      | $-41.13       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Generac Holdings Inc.              | Generac Holdings, Inc.                                | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Short            | EC               | CORP              | US        |    -10974 | NS      | $-1104642.84  | -0.53%            |  |  |  | No            | 1                  | On Loan: No      |
| 3D Systems Corporation             | 3D Systems Corp.                                      | CUSIP: 88554D205<br>LEI: 5493003HHDOCCW4OP744 | Short            | EC               | CORP              | US        |   -213119 | NS      | $-1577080.60  | -0.75%            |  |  |  | No            | 1                  | On Loan: No      |
| SVB Financial Group                | SVB Financial Group                                   | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Short            | EC               | CORP              | US        |     -2495 | NS      | $-574199.30   | -0.27%            |  |  |  | No            | 1                  | On Loan: No      |
| AdaptHealth Corporation            | AdaptHealth Corp                                      | CUSIP: 00653Q102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -96300 | NS      | $-1850886.00  | -0.88%            |  |  |  | No            | 1                  | On Loan: No      |
| Kellogg Company                    | Kellogg Co.                                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |    -18867 | NS      | $-1344085.08  | -0.64%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS687)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -213 | NC      | $558.39       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Kulicke and Soffa Industries, Inc. | Kulicke & Soffa Industries, Inc.                      | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Short            | EC               | CORP              | US        |    -38289 | NS      | $-1694671.14  | -0.81%            |  |  |  | No            | 1                  | On Loan: No      |
| Life Time Group Holdings Inc       | Life Time Group Holdings, Inc.                        | CUSIP: 53190C102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -160310 | NS      | $-1917307.60  | -0.91%            |  |  |  | No            | 1                  | On Loan: No      |
| Marvell Technology Inc             | Marvell Technology, Inc.                              | CUSIP: 573874104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -37665 | NS      | $-1395111.60  | -0.67%            |  |  |  | No            | 1                  | On Loan: No      |
| Seaworld Entertainment Inc         | SeaWorld Entertainment, Inc.                          | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Short            | EC               | CORP              | US        |    -25367 | NS      | $-1357388.17  | -0.65%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS689)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -215 | NC      | $807.67       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Becle Sab De Cv                    | Becle SAB de CV                                       | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |   2479999 | NS      | $5414928.34   | 2.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corporation              | Microsoft Corp.                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     20484 | NS      | $4912472.88   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| RH                                 | RH                                                    | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      7146 | NS      | $1909339.74   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Blink Charging Co.                 | Blink Charging Co.                                    | CUSIP: 09354A100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -53857 | NS      | $-590811.29   | -0.28%            |  |  |  | No            | 1                  | On Loan: No      |
| Webster Financial Corp.            | Webster Financial Corp.                               | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     69347 | NS      | $3282886.98   | 1.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Encore Wire Corp                   | Encore Wire Corp.                                     | CUSIP: 292562105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7116 | NS      | $-978876.96   | -0.47%            |  |  |  | No            | 1                  | On Loan: No      |
| Guidewire Software Inc             | Guidewire Software, Inc.                              | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Short            | EC               | CORP              | US        |    -11097 | NS      | $-694228.32   | -0.33%            |  |  |  | No            | 1                  | On Loan: No      |
| Anywhere Real Estate Inc.          | Anywhere Real Estate, Inc.                            | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Short            | EC               | CORP              | US        |   -135343 | NS      | $-864841.77   | -0.41%            |  |  |  | No            | 1                  | On Loan: No      |
| Celanese Corporation               | Celanese Corp.                                        | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Short            | EC               | CORP              | US        |    -22456 | NS      | $-2295901.44  | -1.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Fulgent Genetics Inc               | Fulgent Genetics Inc.                                 | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Short            | EC               | CORP              | US        |    -61861 | NS      | $-1842220.58  | -0.88%            |  |  |  | No            | 1                  | On Loan: No      |
| Crocs Inc                          | Crocs, Inc.                                           | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Short            | EC               | CORP              | US        |    -14493 | NS      | $-1571475.99  | -0.75%            |  |  |  | No            | 1                  | On Loan: No      |
| Signify NV                         | Signify NV                                            | CUSIP: N8063K107<br>LEI: 549300072P3J1X8NZO35 | Short            | EC               | CORP              | NL        |    -62344 | NS      | $-2094822.49  | -1.00%            |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc.                      | QUALCOMM, Inc.                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     38643 | NS      | $4248411.42   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Ally Financial Inc.                | Ally Financial, Inc.                                  | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Short            | EC               | CORP              | US        |    -65727 | NS      | $-1607025.15  | -0.77%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC           | Morgan Stanley Custom Swap Index (MSCMS694)           | CUSIP: N/A<br>LEI: 9R7GPTSO7KV3UQJZQ078       | Short            | DE               | CORP              | US        |      -211 | NC      | $9.63         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Trinet Group Inc                   | TriNet Group, Inc.                                    | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Short            | EC               | CORP              | US        |    -32205 | NS      | $-2183499.00  | -1.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Trupanion Inc                      | Trupanion, Inc.                                       | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Short            | EC               | CORP              | US        |    -19637 | NS      | $-933346.61   | -0.44%            |  |  |  | No            | 1                  | On Loan: No      |
| Paramount Global                   | Paramount Global                                      | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Short            | EC               | CORP              | US        |    -55724 | NS      | $-940621.12   | -0.45%            |  |  |  | No            | 1                  | On Loan: No      |
| Adtalem Global Education Inc       | Adtalem Global Education, Inc.                        | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Short            | EC               | CORP              | US        |    -35771 | NS      | $-1269870.50  | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| AT&T Inc                           | AT&T, Inc.                                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Short            | EC               | CORP              | US        |   -100897 | NS      | $-1857513.77  | -0.89%            |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer