# EDGAR Filing Document

**Accession Number:** 0001322252
**File Stem:** 0001398344-26-000404
**Filing Date:** 2026-1
**Character Count:** 347111
**Document Hash:** c2b5a5b300b37833bc62b37b430d142b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000404.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001398344-26-000404

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21749
- **FILM NUMBER:** 26521042

**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 MID CAP VALUE FUND (Series ID: S000001322)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003538 | INSTITUTIONAL | CRIMX           |
| C000003539 | INVESTOR      | CRMMX           |

### CRM SMALL CAP VALUE FUND (Series ID: S000001323)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003540 | INSTITUTIONAL | CRISX           |
| C000003541 | INVESTOR      | CRMSX           |

### CRM SMALL/MID CAP VALUE FUND (Series ID: S000001325)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003543 | INSTITUTIONAL | CRIAX           |
| C000003544 | INVESTOR      | CRMAX           |

### CRM All Cap Value Fund (Series ID: S000013816)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000037908 | INVESTOR SHARES      | CRMEX           |
| C000037909 | INSTITUTIONAL SHARES | CRIEX           |

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number<u>&nbsp;&nbsp;&nbsp;&nbsp; 811-21749&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

CRM Mutual Fund Trust

(Exact name of registrant as specified in charter)

c/o Cramer Rosenthal McGlynn, LLC.

300 First Stamford Place, Suite 440

Stamford, CT 06902

(Address of principal executive offices) (Zip code)

Corporation Service Company

2711 Centerville Road Suite 400

Wilmington, DE 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>212-326-5300</u>

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) **#### CRM All Cap Value Fund

#### Institutional Class (CRIEX)

#### Annual Shareholder Report - October 31, 2025
![Image](if7909473bf8747e0bd597c08.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM All Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional | $42 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM All Cap Value Fund, Institutional Share Class (CRIEX) returned 9.87% for the period July 1, 2025 through October 31, 2025. The Performance Benchmark, the Russell 3000 Value Total Return Index (the "Index"), returned 6.09% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, relative outperformance was attributed to the Fund's portfolio holdings within the Information Technology, Consumer Discretionary, and Financials sectors compared to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings within the Industrials and Health Care sectors were a headwind to relative performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small and mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ieb8f4f1ea8f6f0baef0e4aa3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM All Cap Value Fund - Institutional Class | Russell 3000<sup>®</sup> Value Index | Russell 3000<sup>®</sup> Index |
| Oct-2015 | $1000000 | $1000000 | $1000000 |
| Oct-2016 | $1068208 | $1065512 | $1042431 |
| Oct-2017 | $1280811 | $1260516 | $1292400 |
| Oct-2018 | $1268800 | $1295618 | $1377646 |
| Oct-2019 | $1332838 | $1433553 | $1563486 |
| Oct-2020 | $1310942 | $1318900 | $1722150 |
| Oct-2021 | $1883070 | $1912048 | $2478160 |
| Oct-2022 | $1851605 | $1773461 | $2068824 |
| Oct-2023 | $1619592 | $1765005 | $2242194 |
| Oct-2024 | $2141436 | $2312525 | $3090981 |
| Oct-2025 | $2315471 | $2568200 | $3734292 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM All Cap Value Fund - Institutional Class | 9.87% | 8.13% | 12.05% | 8.76% |
| Russell 3000<sup>®</sup> Value Index | 6.09% | 11.06% | 14.26% | 9.89% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $23219739 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $43997 |
| Portfolio Turnover | 26% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ibbd178c1314e9d5bbf923b0d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.3% |
| Common Stocks | 97.5% |
| Money Market Funds | 2.2% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i51385f08cd5748d8fb1f1fe5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.3% |
| Utilities | 1.6% |
| Money Market Funds | 2.5% |
| Energy | 4.0% |
| Real Estate | 6.2% |
| Consumer Discretionary | 8.8% |
| Materials | 8.9% |
| Health Care | 9.8% |
| Industrials | 10.7% |
| Financials | 19.3% |
| Technology | 28.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 3.9% |
| Broadcom, Inc. | 3.3% |
| Global Payments, Inc. | 3.2% |
| Ciena Corporation | 3.2% |
| First American Financial Corporation | 3.2% |
| Skyline Champion Corporation | 3.1% |
| Rogers Corporation | 2.8% |
| Concentra Group Holdings Parent, Inc. | 2.8% |
| Vontier Corporation | 2.7% |
| MongoDB, Inc. | 2.7% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](if7909473bf8747e0bd597c08.jpg)

#### CRM All Cap Value Fund

#### Institutional Class (CRIEX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRIEX

Distributed by ALPS Distributors, Inc.

#### CRM All Cap Value Fund

#### Investor Class (CRMEX)

#### Annual Shareholder Report - October 31, 2025
![Image](if7909473bf8747e0bd597c08.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM All Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor | $51 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM All Cap Value Fund, Investor Share Class (CRMEX) returned 9.68% for the period July 1, 2025 through October 31, 2025. The Performance Benchmark, the Russell 3000 Value Total Return Index (the "Index"), returned 6.09% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, relative outperformance was attributed to the Fund's portfolio holdings within the Information Technology, Consumer Discretionary, and Financials sectors compared to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings within the Industrials and Health Care sectors were a headwind to relative performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small and mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5ce9aab70d8c16119c5cd904.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM All Cap Value Fund - Investor Class | Russell 3000<sup>®</sup> Value Index | Russell 3000<sup>®</sup> Index |
| Oct-2015 | $10000 | $10000 | $10000 |
| Oct-2016 | $10665 | $10655 | $10424 |
| Oct-2017 | $12772 | $12605 | $12924 |
| Oct-2018 | $12607 | $12956 | $13776 |
| Oct-2019 | $13213 | $14336 | $15635 |
| Oct-2020 | $12943 | $13189 | $17222 |
| Oct-2021 | $18565 | $19120 | $24782 |
| Oct-2022 | $18219 | $17735 | $20688 |
| Oct-2023 | $15896 | $17650 | $22422 |
| Oct-2024 | $20951 | $23125 | $30910 |
| Oct-2025 | $22583 | $25682 | $37343 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM All Cap Value Fund - Investor Class | 9.68% | 7.79% | 11.78% | 8.49% |
| Russell 3000<sup>®</sup> Value Index | 6.09% | 11.06% | 14.26% | 9.89% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $23219739 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $43997 |
| Portfolio Turnover | 26% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ibbd178c1314e9d5bbf923b0d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.3% |
| Common Stocks | 97.5% |
| Money Market Funds | 2.2% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i51385f08cd5748d8fb1f1fe5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.3% |
| Utilities | 1.6% |
| Money Market Funds | 2.5% |
| Energy | 4.0% |
| Real Estate | 6.2% |
| Consumer Discretionary | 8.8% |
| Materials | 8.9% |
| Health Care | 9.8% |
| Industrials | 10.7% |
| Financials | 19.3% |
| Technology | 28.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 3.9% |
| Broadcom, Inc. | 3.3% |
| Global Payments, Inc. | 3.2% |
| Ciena Corporation | 3.2% |
| First American Financial Corporation | 3.2% |
| Skyline Champion Corporation | 3.1% |
| Rogers Corporation | 2.8% |
| Concentra Group Holdings Parent, Inc. | 2.8% |
| Vontier Corporation | 2.7% |
| MongoDB, Inc. | 2.7% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](if7909473bf8747e0bd597c08.jpg)

#### CRM All Cap Value Fund

#### Investor Class (CRMEX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRMEX

Distributed by ALPS Distributors, Inc.

#### CRM Long/Short Opportunities Fund

#### Institutional Class (CRIHX)

#### Annual Shareholder Report - October 31, 2025
![Image](i96bedad7d60f1333f13f49aa.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Long/Short Opportunities Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional | $60 | 1.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Long/Short Opportunities Fund, Institutional Share Class (CRIHX) returned 3.16% for the period July 1, 2025 through October 31, 2025 (the "Period"). The S&P 500 Total Return Index (the "Index"), returned 10.66% for the period.

During the Period, the Fund underperformed relative to the Index. From a sector perspective, the Fund's holdings in Information Technology, Consumer Discretionary, and Financials contributed most to Fund performance during the Period on an absolute basis based on financial results and forward guidance. The Fund's holdings in the Industrials, Energy, and Consumer Staples sectors were the largest detractors to performance on an absolute basis based on mixed earnings results and negative investor sentiment. In terms of exposure during the Period, the Fund averaged approximately 99% gross long, 42% gross short, and 57% net long. Fund net exposure increased during the Period from roughly 42% net long to 61% net long, largely through the increase in long exposure. During the period, Consumer Discretionary net exposure increased by over 5%, while Information Technology, Utilities, Industrials, and Health Care increased by a more modest amount. At the same time, Materials and Financials net exposure decreased throughout the Period. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic977a4e343e904610c234c09.jpg)

---

| | | |
|:---|:---|:---|
| | CRM Long/Short Opportunities Fund - Institutional Class | S&P 500<sup>®</sup> Index |
| Aug-2016 | $10000 | $10000 |
| Oct-2016 | $10070 | $9797 |
| Oct-2017 | $10540 | $12112 |
| Oct-2018 | $10144 | $13002 |
| Oct-2019 | $10401 | $14865 |
| Oct-2020 | $11788 | $16308 |
| Oct-2021 | $13453 | $23307 |
| Oct-2022 | $13103 | $19902 |
| Oct-2023 | $13237 | $21920 |
| Oct-2024 | $15990 | $30254 |
| Oct-2025 | $15714 | $36744 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;4 months | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;Since Inception (August 16, 2016) |
| &nbsp;&nbsp;CRM Long/Short Opportunities Fund - Institutional Class | &nbsp;&nbsp;3.16% | &nbsp;&nbsp;-1.73% | &nbsp;&nbsp;5.92% | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;10.66% | &nbsp;&nbsp;21.45% | &nbsp;&nbsp;17.64% | &nbsp;&nbsp;15.18% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $403662068 |
| Number of Portfolio Holdings | 91 |
| Advisory Fee | $1412260 |
| Portfolio Turnover | 65% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i17a9a28ab2c8154744622827.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Business Development Companies | -0.3% |
| Common Stocks | 87.5% |
| Money Market Funds | 12.8% |
| Purchased Options | 0.2% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i118379fbb19a08eca32f9a8c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -2.2% |
| Put Options Purchased | 0.2% |
| Real Estate | 1.9% |
| Energy | 4.4% |
| Utilities | 5.1% |
| Health Care | 9.9% |
| Money Market | 12.2% |
| Financials | 14.9% |
| Technology | 16.2% |
| Industrials | 18.4% |
| Consumer Discretionary | 19.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Blackrock Liquidity Funds T-Fund, Institutional Shares | 6.1% |
| Federated Hermes Treasury Obligations Fund, Institutional Shares | 6.1% |
| Victoria's Secret & Company | 4.4% |
| BankUnited, Inc. | 4.4% |
| First American Financial Corporation | 3.5% |
| Skyline Champion Corporation | 3.5% |
| ZoomInfo Technologies, Inc., Class A | 3.2% |
| Hayward Holdings, Inc. | 3.2% |
| Bio-Techne Corporation | 3.1% |
| Evergy, Inc. | 3.0% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i96bedad7d60f1333f13f49aa.jpg)

#### CRM Long/Short Opportunities Fund

#### Institutional Class (CRIHX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRIHX

Distributed by ALPS Distributors, Inc.

#### CRM Mid Cap Value Fund

#### Institutional Class (CRIMX)

#### Annual Shareholder Report - October 31, 2025
![Image](i508432282cfdf5c86642d446.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Mid Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional | $35 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Mid Cap Value Fund, Institutional Share Class (CRIMX) returned 6.87% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell Mid Cap Value Total Return Index (the "Index"), returned 5.11% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, the Fund outperformed during the Period. Relative outperformance during the Period was mainly attributed to the Fund's portfolio holdings within the Consumer Discretionary sector compared to the stocks included in that sector in the Index. The Fund also benefited from our overweight to the Information Technology sector relative to the Index based on positive investor sentiment in this sector. The Fund's portfolio holdings within the Industrials, Energy, and Health Care sectors were a headwind to performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ia1262991bdf98092ebe9db31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Mid Cap Value Fund - Institutional Class | Russell Midcap<sup>®</sup> Value Index | Russell 3000<sup>®</sup> Index |
| Oct-2015 | $1000000 | $1000000 | $1000000 |
| Oct-2016 | $1085601 | $1078381 | $1042431 |
| Oct-2017 | $1322859 | $1262971 | $1292400 |
| Oct-2018 | $1354649 | $1265043 | $1377646 |
| Oct-2019 | $1512422 | $1392526 | $1563486 |
| Oct-2020 | $1477827 | $1295920 | $1722150 |
| Oct-2021 | $2154241 | $1925719 | $2478160 |
| Oct-2022 | $2048402 | $1729767 | $2068824 |
| Oct-2023 | $1883503 | $1668148 | $2242194 |
| Oct-2024 | $2427811 | $2235856 | $3090981 |
| Oct-2025 | $2495351 | $2411580 | $3734292 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Mid Cap Value Fund - Institutional Class | 6.87% | 2.78% | 11.05% | 9.58% |
| Russell Midcap<sup>®</sup> Value Index | 5.11% | 7.86% | 13.23% | 9.20% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $265937009 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee | $749328 |
| Portfolio Turnover | 27% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5c3bf64cddf8868ed7bc8338.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.8% |
| Common Stocks | 98.8% |
| Money Market Funds | 0.4% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i774b4ffe75841f3a5a71a490.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.6% |
| Money Market Funds | 1.2% |
| Energy | 2.6% |
| Utilities | 5.5% |
| Health Care | 8.7% |
| Consumer Discretionary | 9.4% |
| Real Estate | 9.7% |
| Materials | 13.0% |
| Financials | 13.4% |
| Technology | 16.8% |
| Industrials | 21.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 3.6% |
| Vontier Corporation | 3.5% |
| Ciena Corporation | 3.3% |
| Atmos Energy Corporation | 3.3% |
| First American Financial Corporation | 3.3% |
| CRH PLC | 3.2% |
| Teledyne Technologies, Inc. | 3.1% |
| Regal Rexnord Corporation | 2.9% |
| AMETEK, Inc. | 2.9% |
| CBRE Group, Inc., Class A | 2.8% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i508432282cfdf5c86642d446.jpg)

#### CRM Mid Cap Value Fund

#### Institutional Class (CRIMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRIMX

Distributed by ALPS Distributors, Inc.

#### CRM Mid Cap Value Fund

#### Investor Class (CRMMX)

#### Annual Shareholder Report - October 31, 2025
![Image](i508432282cfdf5c86642d446.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Mid Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor | $43 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Mid Cap Value Fund, Investor Share Class (CRMMX) returned 6.81% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell Mid Cap Value Total Return Index (the "Index"), returned 5.11% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, the Fund outperformed during the Period. Relative outperformance during the Period was mainly attributed to the Fund's portfolio holdings within the Consumer Discretionary sector compared to the stocks included in that sector in the Index. The Fund also benefited from our overweight to the Information Technology sector relative to the Index based on positive investor sentiment in this sector. The Fund's portfolio holdings within the Industrials, Energy, and Health Care sectors were a headwind to performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i02ad9fa00e6af911f08e87c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Mid Cap Value Fund - Investor Class | Russell Midcap<sup>®</sup> Value Index | Russell 3000<sup>®</sup> Index |
| Oct-2015 | $10000 | $10000 | $10000 |
| Oct-2016 | $10836 | $10784 | $10424 |
| Oct-2017 | $13177 | $12630 | $12924 |
| Oct-2018 | $13464 | $12650 | $13776 |
| Oct-2019 | $15005 | $13925 | $15635 |
| Oct-2020 | $14636 | $12959 | $17222 |
| Oct-2021 | $21287 | $19257 | $24782 |
| Oct-2022 | $20216 | $17298 | $20688 |
| Oct-2023 | $18556 | $16681 | $22422 |
| Oct-2024 | $23874 | $22359 | $30910 |
| Oct-2025 | $24495 | $24116 | $37343 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Mid Cap Value Fund - Investor Class | 6.81% | 2.60% | 10.85% | 9.37% |
| Russell Midcap<sup>®</sup> Value Index | 5.11% | 7.86% | 13.23% | 9.20% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $265937009 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee | $749328 |
| Portfolio Turnover | 27% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5c3bf64cddf8868ed7bc8338.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.8% |
| Common Stocks | 98.8% |
| Money Market Funds | 0.4% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i774b4ffe75841f3a5a71a490.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.6% |
| Money Market Funds | 1.2% |
| Energy | 2.6% |
| Utilities | 5.5% |
| Health Care | 8.7% |
| Consumer Discretionary | 9.4% |
| Real Estate | 9.7% |
| Materials | 13.0% |
| Financials | 13.4% |
| Technology | 16.8% |
| Industrials | 21.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 3.6% |
| Vontier Corporation | 3.5% |
| Ciena Corporation | 3.3% |
| Atmos Energy Corporation | 3.3% |
| First American Financial Corporation | 3.3% |
| CRH PLC | 3.2% |
| Teledyne Technologies, Inc. | 3.1% |
| Regal Rexnord Corporation | 2.9% |
| AMETEK, Inc. | 2.9% |
| CBRE Group, Inc., Class A | 2.8% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i508432282cfdf5c86642d446.jpg)

#### CRM Mid Cap Value Fund

#### Investor Class (CRMMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRMMX

Distributed by ALPS Distributors, Inc.

#### CRM Small Cap Value Fund

#### Institutional Class (CRISX)

#### Annual Shareholder Report - October 31, 2025
![Image](i68234a7a6a29c302be789c24.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Small Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional | $37 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Small Cap Value Fund, Institutional Share Class (CRISX) returned 3.76% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell 2000 Value Total Return Index (the "Index"), returned 12.89% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, relative underperformance during the Period was mainly attributed to the Fund's underweight to Non-Earning companies relative to the Index. From a sector perspective, the portfolio holdings within the Health Care, Materials, Energy, Industrials, and Information Technology sectors underperformed to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings within the Financials and Consumer Discretionary sectors were a tailwind to relative performance due to positive earnings reports and forward guidance. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i7ff7f37918008d55551e7d1d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Small Cap Value Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| Oct-2015 | $1000000 | $1000000 | $1000000 |
| Oct-2016 | $1062690 | $1042431 | $1088118 |
| Oct-2017 | $1371081 | $1292400 | $1358070 |
| Oct-2018 | $1328892 | $1377646 | $1350041 |
| Oct-2019 | $1435523 | $1563486 | $1393505 |
| Oct-2020 | $1131063 | $1722150 | $1199517 |
| Oct-2021 | $1672155 | $2478160 | $1970787 |
| Oct-2022 | $1657656 | $2068824 | $1759373 |
| Oct-2023 | $1529670 | $2242194 | $1584672 |
| Oct-2024 | $2011444 | $3090981 | $2088113 |
| Oct-2025 | $2012507 | $3734292 | $2294299 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Small Cap Value Fund - Institutional Class | 3.76% | 0.05% | 12.21% | 7.24% |
| Russell 2000<sup>®</sup> Value Index | 12.89% | 9.87% | 13.85% | 8.66% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $64412047 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $167587 |
| Portfolio Turnover | 38% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ib85a8001920dfe3a194cd494.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.5% |
| Common Stocks | 95.5% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i50eceb84fd199d2809cbc6f4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 4.6% |
| Utilities | 5.2% |
| Energy | 5.5% |
| Health Care | 6.0% |
| Real Estate | 7.7% |
| Materials | 8.6% |
| Industrials | 9.8% |
| Technology | 11.8% |
| Consumer Discretionary | 14.5% |
| Financials | 27.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 4.4% |
| Knowles Corporation | 4.0% |
| BankUnited, Inc. | 3.9% |
| Central Pacific Financial Corporation | 3.7% |
| Capitol Federal Financial, Inc. | 3.7% |
| Concentra Group Holdings Parent, Inc. | 3.4% |
| Rogers Corporation | 3.3% |
| Stewart Information Services Corporation | 3.1% |
| Skyline Champion Corporation | 3.0% |
| Moelis & Company, Class A | 2.9% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i68234a7a6a29c302be789c24.jpg)

#### CRM Small Cap Value Fund

#### Institutional Class (CRISX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRISX

Distributed by ALPS Distributors, Inc.

#### CRM Small Cap Value Fund

#### Investor Class (CRMSX)

#### Annual Shareholder Report - October 31, 2025
![Image](i68234a7a6a29c302be789c24.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Small Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor | $45 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Small Cap Value Fund, Investor Share Class (CRMSX) returned 3.65% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell 2000 Value Total Return Index (the "Index"), returned 12.89% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

Against the Index, relative underperformance during the Period was mainly attributed to the Fund's underweight to Non-Earning companies relative to the Index. From a sector perspective, the portfolio holdings within the Health Care, Materials, Energy, Industrials, and Information Technology sectors underperformed to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings within the Financials and Consumer Discretionary sectors were a tailwind to relative performance due to positive earnings reports and forward guidance. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7f2fede8b82545be782fc5b0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Small Cap Value Fund - Investor Class | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| Oct-2015 | $10000 | $10000 | $10000 |
| Oct-2016 | $10602 | $10424 | $10881 |
| Oct-2017 | $13651 | $12924 | $13581 |
| Oct-2018 | $13198 | $13776 | $13500 |
| Oct-2019 | $14222 | $15635 | $13935 |
| Oct-2020 | $11185 | $17222 | $11995 |
| Oct-2021 | $16485 | $24782 | $19708 |
| Oct-2022 | $16308 | $20688 | $17594 |
| Oct-2023 | $15015 | $22422 | $15847 |
| Oct-2024 | $19716 | $30910 | $20881 |
| Oct-2025 | $19694 | $37343 | $22943 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Small Cap Value Fund - Investor Class | 3.65% | -0.11% | 11.98% | 7.01% |
| Russell 2000<sup>®</sup> Value Index | 12.89% | 9.87% | 13.85% | 8.66% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $64412047 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $167587 |
| Portfolio Turnover | 38% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ib85a8001920dfe3a194cd494.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.5% |
| Common Stocks | 95.5% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i50eceb84fd199d2809cbc6f4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 4.6% |
| Utilities | 5.2% |
| Energy | 5.5% |
| Health Care | 6.0% |
| Real Estate | 7.7% |
| Materials | 8.6% |
| Industrials | 9.8% |
| Technology | 11.8% |
| Consumer Discretionary | 14.5% |
| Financials | 27.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 4.4% |
| Knowles Corporation | 4.0% |
| BankUnited, Inc. | 3.9% |
| Central Pacific Financial Corporation | 3.7% |
| Capitol Federal Financial, Inc. | 3.7% |
| Concentra Group Holdings Parent, Inc. | 3.4% |
| Rogers Corporation | 3.3% |
| Stewart Information Services Corporation | 3.1% |
| Skyline Champion Corporation | 3.0% |
| Moelis & Company, Class A | 2.9% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i68234a7a6a29c302be789c24.jpg)

#### CRM Small Cap Value Fund

#### Investor Class (CRMSX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRMSX

Distributed by ALPS Distributors, Inc.

#### CRM Small/Mid Cap Value Fund

#### Institutional Class (CRIAX)

#### Annual Shareholder Report - October 31, 2025
![Image](i571465913fddad4e8a96b7d7.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Small/Mid Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional | $36 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Small/Mid Cap Value Fund, Institutional Share Class (CRIAX) returned 7.73% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell 2500 Value Total Return Index (the "Index"), returned 7.89% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

The Fund performed roughly in line with the Index during the Period. The Fund's portfolio holdings within the Consumer Discretionary and Financials sectors were a positive contributor to performance compared to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings in the Industrials, Health Care, and Energy sectors were a headwind to performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small and mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i0ad83f6f56a5daf287a4a664.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Small/Mid Cap Value Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell 2500<sup>®</sup> Value Index |
| Oct-2015 | $1000000 | $1000000 | $1000000 |
| Oct-2016 | $1035922 | $1042431 | $1077758 |
| Oct-2017 | $1257053 | $1292400 | $1292961 |
| Oct-2018 | $1308905 | $1377646 | $1296482 |
| Oct-2019 | $1417233 | $1563486 | $1375515 |
| Oct-2020 | $1384935 | $1722150 | $1211618 |
| Oct-2021 | $2108938 | $2478160 | $1916110 |
| Oct-2022 | $1984151 | $2068824 | $1711918 |
| Oct-2023 | $1790211 | $2242194 | $1627349 |
| Oct-2024 | $2408436 | $3090981 | $2154942 |
| Oct-2025 | $2447492 | $3734292 | $2372763 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Small/Mid Cap Value Fund - Institutional Class | 7.73% | 1.62% | 12.06% | 9.36% |
| Russell 2500<sup>®</sup> Value Index | 7.89% | 10.11% | 14.39% | 9.02% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $130760824 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee | $336979 |
| Portfolio Turnover | 46% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i320547be55e2404bdbb444c6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.7% |
| Common Stocks | 97.2% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i80ca40d5adaee91da54b79f8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.2% |
| Consumer Staples | 0.8% |
| Money Market Funds | 2.8% |
| Energy | 3.2% |
| Utilities | 4.1% |
| Real Estate | 5.7% |
| Materials | 7.0% |
| Health Care | 10.4% |
| Consumer Discretionary | 14.8% |
| Industrials | 15.3% |
| Technology | 16.8% |
| Financials | 20.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 4.8% |
| BankUnited, Inc. | 4.5% |
| Skyline Champion Corporation | 3.8% |
| First American Financial Corporation | 3.6% |
| Hayward Holdings, Inc. | 3.5% |
| LendingClub Corporation | 3.3% |
| Tower Semiconductor Ltd. | 3.3% |
| First Interstate Bancsystem, Inc., Class A | 3.3% |
| Evergy, Inc. | 3.1% |
| Sun Communities, Inc. | 3.1% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i571465913fddad4e8a96b7d7.jpg)

#### CRM Small/Mid Cap Value Fund

#### Institutional Class (CRIAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRIAX

Distributed by ALPS Distributors, Inc.

#### CRM Small/Mid Cap Value Fund

#### Investor Class (CRMAX)

#### Annual Shareholder Report - October 31, 2025
![Image](i571465913fddad4e8a96b7d7.jpg)

# Fund Overview
This annual shareholder report contains important information about CRM Small/Mid Cap Value Fund for the period of July 1, 2025 to October 31, 2025. You can find additional information about the Fund at http://www.crmfunds.com/funds-overview/shareholder-resources/documents/. You can also request this information by contacting us at 800-CRM-2883. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor | $43 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The CRM Small/Mid Cap Value Fund, Investor Share Class (CRMAX) returned 7.75% for the period July 1, 2025 through October 31, 2025 (the "Period"). The Performance Benchmark, the Russell 2500 Value Total Return Index (the "Index"), returned 7.89% for the period, and the Regulatory Benchmark, the Russell 3000 Total Return Index, returned 10.49% for the period.

The Fund performed roughly in line with the Index during the Period. The Fund's portfolio holdings within the Consumer Discretionary and Financials sectors were a positive contributor to performance compared to the stocks included in those sectors in the Index. Conversely, the Fund's portfolio holdings in the Industrials, Health Care, and Energy sectors were a headwind to performance compared to the stocks included in those sectors in the Index. We continue to believe investing in companies that have strong management teams with the ability to effectively improve the returns of their businesses should drive compelling long-term returns over this and future cycles. We also believe investing in small and mid-cap stocks today provides the opportunity to generate inherently higher future potential returns, as this part of the market trades at an absolute valuation discount to its long-term average and at an extraordinary discount relative to large cap stocks. Updated performance information is available at www.crmfunds.com/funds-overview/performance/.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if031f095ec0d5489b31378a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CRM Small/Mid Cap Value Fund - Investor Class | Russell 3000<sup>®</sup> Index | Russell 2500<sup>®</sup> Value Index |
| Oct-2015 | $10000 | $10000 | $10000 |
| Oct-2016 | $10334 | $10424 | $10778 |
| Oct-2017 | $12509 | $12924 | $12930 |
| Oct-2018 | $12997 | $13776 | $12965 |
| Oct-2019 | $14053 | $15635 | $13755 |
| Oct-2020 | $13703 | $17222 | $12116 |
| Oct-2021 | $20802 | $24782 | $19161 |
| Oct-2022 | $19547 | $20688 | $17119 |
| Oct-2023 | $17606 | $22422 | $16273 |
| Oct-2024 | $23659 | $30910 | $21549 |
| Oct-2025 | $24005 | $37343 | $23728 |

---

# Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 4 months | 1 Year | 5 Years | 10 Years |
| CRM Small/Mid Cap Value Fund - Investor Class | 7.75% | 1.46% | 11.87% | 9.15% |
| Russell 2500<sup>®</sup> Value Index | 7.89% | 10.11% | 14.39% | 9.02% |
| Russell 3000<sup>®</sup> Index | 10.49% | 20.81% | 16.74% | 14.08% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $130760824 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee | $336979 |
| Portfolio Turnover | 46% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i320547be55e2404bdbb444c6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Collateral for Securities Loaned | 0.7% |
| Common Stocks | 97.2% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i80ca40d5adaee91da54b79f8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -1.2% |
| Consumer Staples | 0.8% |
| Money Market Funds | 2.8% |
| Energy | 3.2% |
| Utilities | 4.1% |
| Real Estate | 5.7% |
| Materials | 7.0% |
| Health Care | 10.4% |
| Consumer Discretionary | 14.8% |
| Industrials | 15.3% |
| Technology | 16.8% |
| Financials | 20.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Victoria's Secret & Company | 4.8% |
| BankUnited, Inc. | 4.5% |
| Skyline Champion Corporation | 3.8% |
| First American Financial Corporation | 3.6% |
| Hayward Holdings, Inc. | 3.5% |
| LendingClub Corporation | 3.3% |
| Tower Semiconductor Ltd. | 3.3% |
| First Interstate Bancsystem, Inc., Class A | 3.3% |
| Evergy, Inc. | 3.1% |
| Sun Communities, Inc. | 3.1% |

---

# Material Fund Changes
The Board of Trustees of the Trust, upon a recommendation from Cramer Rosenthal McGlynn, LLC, the Fund's investment adviser, have approved a change in fiscal and tax-year end of the Fund from June 30 to October 31.

![Image](i571465913fddad4e8a96b7d7.jpg)

#### CRM Small/Mid Cap Value Fund

#### Investor Class (CRMAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (http://www.crmfunds.com/funds-overview/shareholder-resources/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-CRMAX

Distributed by ALPS Distributors, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has, as of the end of the period covered by this
 report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
 registrant or a third party.

(b) Not applicable

(c) During the period covered by this report, there were no amendments
 to any provision of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, there were no waivers
 or implicit waivers of a provision of the code of ethics.

(e) Not applicable

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Andi Mullins is the audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Mullins is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate fees billed for each
 of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are as follows:

October 31, 2025 – $40,000

June 30, 2025 – $80,000

June 30, 2024 – $80,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees. There
 were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably
 related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this
 item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate fees
 billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

October 31, 2025 – $18,000

June 30, 2025 – $18,000

June 30, 2024 – $18,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees. The aggregate fees
 billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than
 the services reported in paragraphs (a) through (c) of this item were $0, $0 and $0 for the fiscal years ended June 30, 2024, June 30,
 2025 and October 31, 2025, respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.  |
| (f) | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All non-audit fees billed by the registrant's
 principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2024, June 30, 2025 and October 31, 2025,
 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant
 for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**October 31, 2025** <br>CRM Small Cap Value Fund <br>CRM Small/Mid Cap Value Fund <br>CRM Mid Cap Value Fund <br>CRM All Cap Value Fund <br>CRM Long/Short Opportunities Fund<br>

**FINANCIAL STATEMENTS**

***CRM FUNDS*** <br> ***CRM SMALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***COMMON STOCK — 96.6%*** | ***COMMON STOCK — 96.6%*** | ***COMMON STOCK — 96.6%*** |
| **Consumer Discretionary — 14.5%** | **Consumer Discretionary — 14.5%** | **Consumer Discretionary — 14.5%** |
| *Apparel & Textile Products — 2.2%* | *Apparel & Textile Products — 2.2%* | *Apparel & Textile Products — 2.2%* |
| 41211 | Steven Madden Ltd.<sup>1</sup>  | $1397465 |
| *Home Construction — 3.0%* | *Home Construction — 3.0%* | *Home Construction — 3.0%* |
| 28242 | Skyline Champion Corporation<sup>1</sup>  | 1926952 |
| *Leisure Facilities & Services — 1.7%* | *Leisure Facilities & Services — 1.7%* | *Leisure Facilities & Services — 1.7%* |
| 31318 | BJ's Restaurants, Inc.<sup>1</sup>  | 1063559 |
| *Retail — Discretionary — 6.1%* | *Retail — Discretionary — 6.1%* | *Retail — Discretionary — 6.1%* |
| 23895 | Advance Auto Parts, Inc.  | 1126171 |
| 79904 | Victoria's Secret & Company<sup>1</sup>  | 2816616 |
|  |  | 3942787 |
| *Wholesale — Discretionary — 1.5%* | *Wholesale — Discretionary — 1.5%* | *Wholesale — Discretionary — 1.5%* |
| 37786 | KAR Auction Services, Inc.<sup>1</sup>  | 998306 |
| **Total Consumer Discretionary**  | **Total Consumer Discretionary**  | 9329069 |
| **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** |
| *Oil & Gas Producers — 4.1%* | *Oil & Gas Producers — 4.1%* | *Oil & Gas Producers — 4.1%* |
| 104288 | Permian Resources Corporation  | 1309857 |
| 37975 | Range Resources Corporation  | 1350011 |
|  |  | 2659868 |
| *Oil & Gas Services & Equipment — 1.4%* | *Oil & Gas Services & Equipment — 1.4%* | *Oil & Gas Services & Equipment — 1.4%* |
| 123342 | TETRA Technologies, Inc.<sup>1</sup>  | 870795 |
| **Total Energy**  | **Total Energy**  | 3530663 |
| **Financials — 27.5%** | **Financials — 27.5%** | **Financials — 27.5%** |
| *Banking — 18.7%* | *Banking — 18.7%* | *Banking — 18.7%* |
| 27295 | Bank of Hawaii Corporation  | 1772265 |
| 62047 | BankUnited, Inc.  | 2486844 |
| 390020 | Capitol Federal Financial, Inc.  | 2355721 |
| 83456 | Central Pacific Financial Corporation  | 2379331 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Financials — (continued)** | **Financials — (continued)** | **Financials — (continued)** |
| *Banking — 18.7%* | *Banking — 18.7%* | *Banking — 18.7%* |
| 40957 | First Interstate Bancsystem, Inc., Class A  | $1279906 |
| 131824 | TFS Financial Corporation  | 1753259 |
|  |  | 12027326 |
| *Institutional Financial Services — 2.9%* | *Institutional Financial Services — 2.9%* | *Institutional Financial Services — 2.9%* |
| 29657 | Moelis & Company, Class A  | 1878178 |
| *Specialty Finance — 5.9%* | *Specialty Finance — 5.9%* | *Specialty Finance — 5.9%* |
| 106022 | LendingClub Corporation<sup>1</sup>  | 1843723 |
| 28921 | Stewart Information Services Corporation  | 1974436 |
|  |  | 3818159 |
| **Total Financials**  | **Total Financials**  | 17723663 |
| **Health Care — 6.0%** | **Health Care — 6.0%** | **Health Care — 6.0%** |
| *Health Care Facilities & Services — 3.4%* | *Health Care Facilities & Services — 3.4%* | *Health Care Facilities & Services — 3.4%* |
| 111164 | Concentra Group Holdings Parent, Inc.  | 2214387 |
| *Medical Equipment & Devices — 2.6%* | *Medical Equipment & Devices — 2.6%* | *Medical Equipment & Devices — 2.6%* |
| 26160 | Bio-Techne Corporation  | 1636831 |
| **Total Health Care**  | **Total Health Care**  | 3851218 |
| **Industrials — 9.8%** | **Industrials — 9.8%** | **Industrials — 9.8%** |
| *Commercial Support Services — 1.8%* | *Commercial Support Services — 1.8%* | *Commercial Support Services — 1.8%* |
| 5512 | Clean Harbors, Inc.<sup>1</sup>  | 1160331 |
| *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* |
| 104848 | Hayward Holdings, Inc.<sup>1</sup>  | 1779271 |
| 5475 | Itron, Inc.<sup>1</sup>  | 549307 |
|  |  | 2328578 |
| *Industrial Support Services — 1.9%* | *Industrial Support Services — 1.9%* | *Industrial Support Services — 1.9%* |
| 4705 | Applied Industrial Technologies, Inc.  | 1209608 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 1 |  |

---

***CRM FUNDS*** <br> ***CRM SMALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Industrials — (continued)** | **Industrials — (continued)** | **Industrials — (continued)** |
| *Transportation & Logistics — 2.5%* | *Transportation & Logistics — 2.5%* | *Transportation & Logistics — 2.5%* |
| 43404 | Hub Group, Inc., Class A<sup>1</sup>  | $1598569 |
| **Total Industrials**  | **Total Industrials**  | 6297086 |
| **Materials — 8.6%** | **Materials — 8.6%** | **Materials — 8.6%** |
| *Chemicals — 8.6%* | *Chemicals — 8.6%* | *Chemicals — 8.6%* |
| 27273 | H.B. Fuller Company  | 1564652 |
| 9689 | Quarker Houghton  | 1345705 |
| 24036 | Rogers Corporation<sup>1</sup>  | 2104111 |
| 5878 | Sensient Technologies Corporation  | 554237 |
| **Total Materials**  | **Total Materials**  | 5568705 |
| **Real Estate — 7.7%** | **Real Estate — 7.7%** | **Real Estate — 7.7%** |
| *REIT — 7.7%* | *REIT — 7.7%* | *REIT — 7.7%* |
| 15620 | Camden Property Trust  | 1553878 |
| 28576 | Terreno Realty Corporation  | 1632547 |
| 145954 | Xenia Hotels & Resorts, Inc.  | 1795234 |
| **Total Real Estate**  | **Total Real Estate**  | 4981659 |
| **Technology — 11.8%** | **Technology — 11.8%** | **Technology — 11.8%** |
| *Software — 6.4%* | *Software — 6.4%* | *Software — 6.4%* |
| 91484 | Jamf Holding Corporation<sup>1</sup>  | 1175569 |
| 47850 | nCino, Inc.<sup>1,2</sup>  | 1276638 |
| 148109 | ZoomInfo Technologies, Inc., Class A<sup>1</sup>  | 1661783 |
|  |  | 4113990 |
| *Technology Hardware — 4.0%* | *Technology Hardware — 4.0%* | *Technology Hardware — 4.0%* |
| 108763 | Knowles Corporation<sup>1</sup>  | 2567894 |
| *Technology Services — 1.4%* | *Technology Services — 1.4%* | *Technology Services — 1.4%* |
| 29610 | I3 Verticals, Inc., Class A<sup>1</sup>  | 910508 |
| **Total Technology**  | **Total Technology**  | 7592392 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** |
| *Gas & Water Utilities — 5.2%* | *Gas & Water Utilities — 5.2%* | *Gas & Water Utilities — 5.2%* |
| 13662 | Chesapeake Utilities Corporation  | $1738900 |
| 27769 | Middlesex Water Company  | 1595884 |
| **Total Utilities**  | **Total Utilities**  | 3334784 |
| **TOTAL COMMON STOCK (Cost $54,710,164)**  | **TOTAL COMMON STOCK (Cost $54,710,164)**  | **62209239** |
| ***SHORT-TERM INVESTMENTS — 4.1%*** | ***SHORT-TERM INVESTMENTS — 4.1%*** | ***SHORT-TERM INVESTMENTS — 4.1%*** |
| 1309274 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.94%<sup>3</sup>  | 1309274 |
| 1309273 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.94%<sup>3</sup>  | 1309273 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $2,618,547)**  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,618,547)**  | **2618547** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.7% (Cost $57,328,711)**  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.7% (Cost $57,328,711)**  | **64827786** |
| ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.5%*** | ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.5%*** | ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.5%*** |
| 317377 | Invesco Government & Agency Portfolio, Institutional Shares, 3.95%<sup>3</sup>  | 317377 |
| **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $317,377)**  | **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $317,377)**  | **317377** |
| **TOTAL INVESTMENTS — 101.2% (Cost $57,646,088)**  | **TOTAL INVESTMENTS — 101.2% (Cost $57,646,088)**  | $**65145163** **<sup>**4**</sup>** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%**  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%**  | **(733116)** |
| **NET ASSETS — 100.0%**  | **NET ASSETS — 100.0%**  | $**64412047** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 2 |  |

---

***CRM FUNDS*** <br> ***CRM SMALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Concluded)*** <br> ***October 31, 2025*** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Investments <br> in Securities <br> (Value)** |
|  Common Stocks | $62209239 | $— | $— | $62209239 |
|  Short-Term Investments | 2618547 |  |  | 2618547 |
|  Short-Term Investments Held As Collateral For Loaned Securities | 317377 |  |  | 317377 |
|  Total | $65145163 | $— | $— | $65145163 |

---

<sup>1</sup> <sup></sup>Non-income producing security.

<sup>2</sup> <sup></sup>Security partially or fully on loan.

<sup>3</sup> <sup></sup>Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>4</sup> At October 31, 2025, the market value of securities on loan for CRM Small Cap Value Fund was $307,914. 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. <br>

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 3 |  |

---

***CRM FUNDS*** <br> ***CRM SMALL/MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***COMMON STOCK — 98.4%*** | ***COMMON STOCK — 98.4%*** | ***COMMON STOCK — 98.4%*** |
| **Consumer Discretionary — 14.8%** | **Consumer Discretionary — 14.8%** | **Consumer Discretionary — 14.8%** |
| *Apparel & Textile Products — 1.7%* | *Apparel & Textile Products — 1.7%* | *Apparel & Textile Products — 1.7%* |
| 65408 | Steven Madden Ltd.<sup>1</sup>  | $2217985 |
| *Home Construction — 3.8%* | *Home Construction — 3.8%* | *Home Construction — 3.8%* |
| 71944 | Skyline Champion Corporation<sup>1</sup>  | 4908739 |
| *Leisure Facilities & Services — 2.7%* | *Leisure Facilities & Services — 2.7%* | *Leisure Facilities & Services — 2.7%* |
| 23710 | Vail Resorts, Inc.<sup>2</sup>  | 3516904 |
| *Retail — Discretionary — 6.6%* | *Retail — Discretionary — 6.6%* | *Retail — Discretionary — 6.6%* |
| 8694 | Burlington Stores, Inc.<sup>1</sup>  | 2378591 |
| 179313 | Victoria's Secret & Company<sup>1</sup>  | 6320784 |
|  |  | 8699375 |
| **Total Consumer Discretionary**  | **Total Consumer Discretionary**  | 19343003 |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| *Food — 0.8%* | *Food — 0.8%* | *Food — 0.8%* |
| 7002 | Marzetti Company (The)  | 1097844 |
| **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** |
| *Oil & Gas Producers — 3.2%* | *Oil & Gas Producers — 3.2%* | *Oil & Gas Producers — 3.2%* |
| 40979 | Devon Energy Corporation  | 1331408 |
| 81936 | Range Resources Corporation  | 2912825 |
| **Total Energy**  | **Total Energy**  | 4244233 |
| **Financials — 20.3%** | **Financials — 20.3%** | **Financials — 20.3%** |
| *Banking — 10.5%* | *Banking — 10.5%* | *Banking — 10.5%* |
| 147431 | BankUnited, Inc.  | 5909034 |
| 136114 | First Interstate Bancsystem, Inc., Class A  | 4253563 |
| 272888 | TFS Financial Corporation  | 3629410 |
|  |  | 13792007 |
| *Institutional Financial Services — 2.9%* | *Institutional Financial Services — 2.9%* | *Institutional Financial Services — 2.9%* |
| 7074 | Evercore Partners, Inc., Class A  | 2083717 |
| 26506 | Moelis & Company, Class A  | 1678625 |
|  |  | 3762342 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Financials — (continued)** | **Financials — (continued)** | **Financials — (continued)** |
| *Specialty Finance — 6.9%* | *Specialty Finance — 6.9%* | *Specialty Finance — 6.9%* |
| 74398 | First American Financial Corporation  | $4650619 |
| 247832 | LendingClub Corporation<sup>1</sup>  | 4309798 |
|  |  | 8960417 |
| **Total Financials**  | **Total Financials**  | 26514766 |
| **Health Care — 10.4%** | **Health Care — 10.4%** | **Health Care — 10.4%** |
| *Biotech & Pharma — 2.4%* | *Biotech & Pharma — 2.4%* | *Biotech & Pharma — 2.4%* |
| 142700 | WillScot Mobile Mini Holdings Corporation<sup>1</sup>  | 3103725 |
| *Health Care Facilities & Services — 2.7%* | *Health Care Facilities & Services — 2.7%* | *Health Care Facilities & Services — 2.7%* |
| 177103 | Concentra Group Holdings Parent, Inc.  | 3527892 |
| *Medical Equipment & Devices — 5.3%* | *Medical Equipment & Devices — 5.3%* | *Medical Equipment & Devices — 5.3%* |
| 59455 | Bio-Techne Corporation  | 3720100 |
| 13002 | Masimo Corporation<sup>1</sup>  | 1828731 |
| 5187 | West Pharmaceutical Services, Inc.  | 1463097 |
|  |  | 7011928 |
| **Total Health Care**  | **Total Health Care**  | 13643545 |
| **Industrials — 15.3%** | **Industrials — 15.3%** | **Industrials — 15.3%** |
| *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* |
| 4103 | Teledyne Technologies, Inc.<sup>1</sup>  | 2161542 |
| *Commercial Support Services — 1.5%* | *Commercial Support Services — 1.5%* | *Commercial Support Services — 1.5%* |
| 9397 | Clean Harbors, Inc.<sup>1</sup>  | 1978162 |
| *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* |
| 266826 | Hayward Holdings, Inc.<sup>1</sup>  | 4528038 |
| 12059 | Itron, Inc.<sup>1</sup>  | 1209879 |
| *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* |
| 67034 | Vontier Corporation  | 2580809 |
|  |  | 8318726 |
| *Machinery — 3.0%* | *Machinery — 3.0%* | *Machinery — 3.0%* |
| 27476 | Regal Rexnord Corporation  | 3871094 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 4 |  |

---

***CRM FUNDS*** <br> ***CRM SMALL/MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Industrials — (continued)** | **Industrials — (continued)** | **Industrials — (continued)** |
| *Transportation & Logistics — 2.8%* | *Transportation & Logistics — 2.8%* | *Transportation & Logistics — 2.8%* |
| 98078 | Hub Group, Inc., Class A<sup>1</sup>  | $3612213 |
| **Total Industrials**  | **Total Industrials**  | 19941737 |
| **Materials — 7.0%** | **Materials — 7.0%** | **Materials — 7.0%** |
| *Chemicals — 4.3%* | *Chemicals — 4.3%* | *Chemicals — 4.3%* |
| 66430 | HB Fuller Company  | 3811089 |
| 18330 | Sensient Technologies Corporation  | 1728336 |
|  |  | 5539425 |
| *Construction Materials — 2.7%* | *Construction Materials — 2.7%* | *Construction Materials — 2.7%* |
| 25517 | Advanced Drainage Systems, Inc.  | 3573656 |
| **Total Materials**  | **Total Materials**  | 9113081 |
| **Real Estate — 5.7%** | **Real Estate — 5.7%** | **Real Estate — 5.7%** |
| *REIT — 5.7%* | *REIT — 5.7%* | *REIT — 5.7%* |
| 31578 | Sun Communities, Inc.  | 3997775 |
| 60177 | Terreno Realty Corporation  | 3437912 |
| **Total Real Estate**  | **Total Real Estate**  | 7435687 |
| **Technology — 16.8%** | **Technology — 16.8%** | **Technology — 16.8%** |
| *Semiconductors — 4.7%* | *Semiconductors — 4.7%* | *Semiconductors — 4.7%* |
| 13122 | MKS Instruments, Inc.  | 1885763 |
| 49983 | Tower Semiconductor Ltd.<sup>1</sup>  | 4257052 |
|  |  | 6142815 |
| *Software — 7.1%* | *Software — 7.1%* | *Software — 7.1%* |
| 49840 | Gitlab Inc, Class A<sup>1</sup>  | 2429700 |
| 78403 | nCino, Inc.<sup>1,2</sup>  | 2091792 |
| 36510 | Unity Software, Inc.<sup>1</sup>  | 1383729 |
| 301833 | ZoomInfo Technologies, Inc., Class A<sup>1</sup>  | 3386566 |
|  |  | 9291787 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Technology — (continued)** | **Technology — (continued)** | **Technology — (continued)** |
| *Technology Hardware — 5.0%* | *Technology Hardware — 5.0%* | *Technology Hardware — 5.0%* |
| 13561 | Ciena Corporation<sup>1</sup>  | $2575505 |
| 166018 | Knowles Corporation<sup>1</sup>  | 3919685 |
|  |  | 6495190 |
| **Total Technology**  | **Total Technology**  | 21929792 |
| **Utilities — 4.1%** | **Utilities — 4.1%** | **Utilities — 4.1%** |
| *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* |
| 52164 | Evergy, Inc.  | 4006717 |
| *Gas & Water Utilities — 1.0%* | *Gas & Water Utilities — 1.0%* | *Gas & Water Utilities — 1.0%* |
| 8050 | Atmos Energy Corporation  | 1382346 |
| **Total Utilities**  | **Total Utilities**  | 5389063 |
| **TOTAL COMMON STOCK (Cost $111,262,518)**  | **TOTAL COMMON STOCK (Cost $111,262,518)**  | **128652751** |
| ***SHORT-TERM INVESTMENTS — 2.1%*** | ***SHORT-TERM INVESTMENTS — 2.1%*** | ***SHORT-TERM INVESTMENTS — 2.1%*** |
| 1382835 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.94%<sup>3</sup>  | 1382835 |
| 1382835 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.94%<sup>3</sup>  | 1382835 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $2,765,670)**  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,765,670)**  | **2765670** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.5% (Cost $114,028,188)**  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.5% (Cost $114,028,188)**  | **131418421** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 5 |  |

---

***CRM FUNDS*** <br> ***CRM SMALL/MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Concluded)*** <br> ***October 31, 2025*** <br>

---

| | |
|:---|:---|
| **Shares** | **Value** |
| ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.7%*** | ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.7%*** |
| 911812 Invesco Government & Agency Portfolio, Institutional Shares, 3.95%<sup>3</sup>  | $911812 |
| **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $911,812)**  | **911812** |
| **TOTAL INVESTMENTS — 101.2% (Cost $114,940,000)**  | $**132330233** **<sup>4</sup>** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%**  | **(1569409)** |
| **NET ASSETS — 100.0%**  | $**130760824** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Investments <br> in Securities <br> (Value)** |
|  Common Stocks | $128652751 | $— | $— | $128652751 |
|  Short-Term Investments | 2765670 |  |  | 2765670 |
|  Short-Term Investments Held As Collateral For Loaned Securities | 911812 |  |  | 911812 |
|  Total | $132330233 | $— | $— | $132330233 |

---

 

<sup>1</sup> Non-income producing security.

<sup>2</sup> Security partially or fully on loan.

<sup>3</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>4</sup> At October 31, 2025, the market value of securities on loan for CRM Small/Mid Cap Value Fund was $900,267. 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.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 6 |  |

---

***CRM FUNDS*** <br> ***CRM MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***COMMON STOCK — 100.4%*** | ***COMMON STOCK — 100.4%*** | ***COMMON STOCK — 100.4%*** |
| **Consumer Discretionary — 9.4%** | **Consumer Discretionary — 9.4%** | **Consumer Discretionary — 9.4%** |
| *Home Construction — 2.6%* | *Home Construction — 2.6%* | *Home Construction — 2.6%* |
| 102830 | Skyline Champion Corporation<sup>1</sup>  | $7016091 |
| *Retail — Discretionary — 6.8%* | *Retail — Discretionary — 6.8%* | *Retail — Discretionary — 6.8%* |
| 18929 | Burlington Stores, Inc.<sup>1</sup>  | 5178785 |
| 97224 | Valvoline, Inc.<sup>1,2</sup>  | 3209364 |
| 274564 | Victoria's Secret & Company<sup>1</sup>  | 9678381 |
|  |  | 18066530 |
| **Total Consumer Discretionary**  | **Total Consumer Discretionary**  | 25082621 |
| **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
| *Oil & Gas Producers — 2.6%* | *Oil & Gas Producers — 2.6%* | *Oil & Gas Producers — 2.6%* |
| 101871 | Matador Resources Company  | 4019829 |
| 77732 | Range Resources Corporation  | 2763373 |
| **Total Energy**  | **Total Energy**  | 6783202 |
| **Financials — 13.4%** | **Financials — 13.4%** | **Financials — 13.4%** |
| *Banking — 5.2%* | *Banking — 5.2%* | *Banking — 5.2%* |
| 180754 | BankUnited, Inc.  | 7244620 |
| 148268 | Truist Financial Corporation  | 6617201 |
|  |  | 13861821 |
| *Institutional Financial Services — 2.3%* | *Institutional Financial Services — 2.3%* | *Institutional Financial Services — 2.3%* |
| 20136 | Evercore Partners, Inc., Class A  | 5931260 |
| *Specialty Finance — 5.9%* | *Specialty Finance — 5.9%* | *Specialty Finance — 5.9%* |
| 32047 | Capital One Financial Corporation  | 7050020 |
| 138810 | First American Financial Corporation  | 8677013 |
|  |  | 15727033 |
| **Total Financials**  | **Total Financials**  | 35520114 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Health Care — 8.7%** | **Health Care — 8.7%** | **Health Care — 8.7%** |
| *Biotech & Pharma — 1.7%* | *Biotech & Pharma — 1.7%* | *Biotech & Pharma — 1.7%* |
| 214254 | WillScot Mobile Mini Holdings Corporation<sup>1,2</sup>  | $4660025 |
| *Health Care Facilities & Services — 2.3%* | *Health Care Facilities & Services — 2.3%* | *Health Care Facilities & Services — 2.3%* |
| 305035 | Concentra Group Holdings Parent, Inc.  | 6076297 |
| *Medical Equipment & Devices — 4.7%* | *Medical Equipment & Devices — 4.7%* | *Medical Equipment & Devices — 4.7%* |
| 119141 | Bio-Techne Corporation  | 7454651 |
| 40038 | Cooper Companies, Inc. (The)<sup>1</sup>  | 2799057 |
| 15612 | Masimo Corporation<sup>1</sup>  | 2195828 |
|  |  | 12449536 |
| **Total Health Care**  | **Total Health Care**  | 23185858 |
| **Industrials — 21.3%** | **Industrials — 21.3%** | **Industrials — 21.3%** |
| *Aerospace & Defense — 5.7%* | *Aerospace & Defense — 5.7%* | *Aerospace & Defense — 5.7%* |
| 15859 | Teledyne Technologies, Inc.<sup>1</sup>  | 8354838 |
| 25988 | Woodward, Inc.  | 6811715 |
|  |  | 15166553 |
| *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* | *Electrical Equipment — 6.4%* |
| 37845 | AMETEK, Inc.  | 7648853 |
| 243970 | Vontier Corporation  | 9392846 |
|  |  | 17041699 |
| *Industrial Support Services — 1.9%* | *Industrial Support Services — 1.9%* | *Industrial Support Services — 1.9%* |
| 19656 | Applied Industrial Technologies, Inc.  | 5053361 |
| *Machinery — 5.3%* | *Machinery — 5.3%* | *Machinery — 5.3%* |
| 55431 | Regal Rexnord Corporation  | 7809674 |
| 41217 | Xylem, Inc.  | 6217584 |
|  |  | 14027258 |
| *Transportation & Logistics — 2.0%* | *Transportation & Logistics — 2.0%* | *Transportation & Logistics — 2.0%* |
| 74922 | Canadian Pacific Kansas City Ltd.  | 5390638 |
| **Total Industrials**  | **Total Industrials**  | 56679509 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 7 |  |

---

***CRM FUNDS*** <br> ***CRM MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Materials — 13.0%** | **Materials — 13.0%** | **Materials — 13.0%** |
| *Chemicals — 6.4%* | *Chemicals — 6.4%* | *Chemicals — 6.4%* |
| 108784 | Ashland, Inc.  | $5319538 |
| 30005 | Avery Dennison Corporation  | 5247574 |
| 57569 | Corteva, Inc.  | 3537039 |
| 30361 | Sensient Technologies Corporation  | 2862739 |
|  |  | 16966890 |
| *Construction Materials — 6.6%* | *Construction Materials — 6.6%* | *Construction Materials — 6.6%* |
| 42396 | Advanced Drainage Systems, Inc.  | 5937560 |
| 70865 | CRH PLC<sup>3</sup>  | 8440022 |
| 14913 | Eagle Materials, Inc.  | 3166328 |
|  |  | 17543910 |
| **Total Materials**  | **Total Materials**  | 34510800 |
| **Real Estate — 9.7%** | **Real Estate — 9.7%** | **Real Estate — 9.7%** |
| *REIT — 9.7%* | *REIT — 9.7%* | *REIT — 9.7%* |
| 60037 | Camden Property Trust  | 5972481 |
| 49290 | CBRE Group, Inc., Class A<sup>1</sup>  | 7513274 |
| 50949 | Sun Communities, Inc.  | 6450143 |
| 104543 | Terreno Realty Corporation  | 5972542 |
| **Total Real Estate**  | **Total Real Estate**  | 25908440 |
| **Technology — 16.8%** | **Technology — 16.8%** | **Technology — 16.8%** |
| *Semiconductors — 2.2%* | *Semiconductors — 2.2%* | *Semiconductors — 2.2%* |
| 94181 | Microchip Technology, Inc.  | 5878778 |
| *Software — 9.1%* | *Software — 9.1%* | *Software — 9.1%* |
| 470807 | ACV Auctions, Inc.<sup>1</sup>  | 4270219 |
| 458155 | CCC Intelligent Solutions Holdings, Inc.<sup>1,2</sup>  | 3995112 |
| 16325 | MongoDB, Inc.<sup>1</sup>  | 5874062 |
| 31183 | PTC, Inc.<sup>1</sup>  | 6191072 |
| 346594 | ZoomInfo Technologies, Inc., Class A<sup>1</sup>  | 3888785 |
|  |  | 24219250 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Technology — (continued)** | **Technology — (continued)** | **Technology — (continued)** |
| *Technology Hardware — 3.3%* | *Technology Hardware — 3.3%* | *Technology Hardware — 3.3%* |
| 46549 | Ciena Corporation<sup>1</sup>  | $8840586 |
| *Technology Services — 2.2%* | *Technology Services — 2.2%* | *Technology Services — 2.2%* |
| 74672 | Global Payments, Inc.  | 5806495 |
| **Total Technology**  | **Total Technology**  | 44745109 |
| **Utilities — 5.5%** | **Utilities — 5.5%** | **Utilities — 5.5%** |
| *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* |
| 75128 | Evergy, Inc.  | 5770582 |
| *Gas & Water Utilities — 3.2%* | *Gas & Water Utilities — 3.2%* | *Gas & Water Utilities — 3.2%* |
| 50579 | Atmos Energy Corporation  | 8685426 |
| **Total Utilities**  | **Total Utilities**  | 14456008 |
| **TOTAL COMMON STOCK (Cost $221,620,113)**  | **TOTAL COMMON STOCK (Cost $221,620,113)**  | **266871661** |
| ***SHORT-TERM INVESTMENTS — 0.4%*** | ***SHORT-TERM INVESTMENTS — 0.4%*** | ***SHORT-TERM INVESTMENTS — 0.4%*** |
| 595632 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.94%<sup>4</sup>  | 595632 |
| 595631 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.94%<sup>4</sup>  | 595631 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $1,191,263)**  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,191,263)**  | **1191263** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 100.8% (Cost $222,811,376)**  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 100.8% (Cost $222,811,376)**  | **268062924** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 8 |  |

---

***CRM FUNDS*** <br> ***CRM MID CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Concluded)*** <br> ***October 31, 2025*** <br>

---

| | |
|:---|:---|
| **Shares** | **Value** |
| ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.8%*** | ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.8%*** |
| 2053694 Invesco Government & Agency Portfolio, Institutional Shares, 3.95%<sup>4</sup>  | $2053694 |
| **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $2,053,694)**  | **2053694** |
| **TOTAL INVESTMENTS — 101.6% (Cost $224,865,070)**  | $**270116618** **<sup>5</sup>** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.6)%**  | **(4179609)** |
| **NET ASSETS — 100.0%**  | $**265937009** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Investments <br> in Securities <br> (Value)** |
|  Common Stocks | $266871661 | $— | $— | $266871661 |
|  Short-Term Investments | 1191263 |  |  | 1191263 |
|  Short-Term Investments Held As Collateral For Loaned Securities | 2053694 |  |  | 2053694 |
|  Total | $270116618 | $— | $— | $270116618 |

---

<sup>1</sup> Non-income producing security.

<sup>2</sup> Security partially or fully on loan.

<sup>3</sup> PLC – Public Limited Company

<sup>4</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>5</sup> At October 31, 2025, the market value of securities on loan for CRM Mid Cap Value Fund was $1,992,059. 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.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 9 |  |

---

***CRM FUNDS*** <br> ***CRM ALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***COMMON STOCK — 97.8%*** | ***COMMON STOCK — 97.8%*** | ***COMMON STOCK — 97.8%*** |
| **Consumer Discretionary — 8.8%** | **Consumer Discretionary — 8.8%** | **Consumer Discretionary — 8.8%** |
| *Home Construction — 3.1%* | *Home Construction — 3.1%* | *Home Construction — 3.1%* |
| 10624 | Skyline Champion Corporation<sup>1</sup>  | $724876 |
| *Retail — Discretionary — 5.7%* | *Retail — Discretionary — 5.7%* | *Retail — Discretionary — 5.7%* |
| 1502 | Burlington Stores, Inc.<sup>1</sup>  | 410932 |
| 25543 | Victoria's Secret & Company<sup>1</sup>  | 900390 |
|  |  | 1311322 |
| **Total Consumer Discretionary**  | **Total Consumer Discretionary**  | 2036198 |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| *Oil & Gas Producers — 2.4%* | *Oil & Gas Producers — 2.4%* | *Oil & Gas Producers — 2.4%* |
| 6624 | Matador Resources Company  | 261383 |
| 8455 | Range Resources Corporation  | 300576 |
|  |  | 561959 |
| *Oil & Gas Services & Equipment — 1.6%* | *Oil & Gas Services & Equipment — 1.6%* | *Oil & Gas Services & Equipment — 1.6%* |
| 51555 | TETRA Technologies, Inc.<sup>1</sup>  | 363978 |
| **Total Energy**  | **Total Energy**  | 925937 |
| **Financials — 19.3%** | **Financials — 19.3%** | **Financials — 19.3%** |
| *Asset Management — 2.5%* | *Asset Management — 2.5%* | *Asset Management — 2.5%* |
| 6210 | Charles Schwab Corporation (The)  | 586969 |
| *Banking — 7.2%* | *Banking — 7.2%* | *Banking — 7.2%* |
| 13460 | BankUnited, Inc.  | 539477 |
| 6196 | Citigroup, Inc.  | 627221 |
| 11552 | Truist Financial Corporation  | 515566 |
|  |  | 1682264 |
| *Institutional Financial Services — 1.4%* | *Institutional Financial Services — 1.4%* | *Institutional Financial Services — 1.4%* |
| 5172 | Moelis & Company, Class A  | 327543 |
| *Specialty Finance — 8.2%* | *Specialty Finance — 8.2%* | *Specialty Finance — 8.2%* |
| 2718 | Capital One Financial Corporation  | 597933 |
| 11794 | First American Financial Corporation  | 737242 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Financials — (continued)** | **Financials — (continued)** | **Financials — (continued)** |
| *Specialty Finance — (continued)* | *Specialty Finance — (continued)* | *Specialty Finance — (continued)* |
| 32040 | LendingClub Corporation<sup>1</sup>  | 557176 |
|  |  | 1892351 |
| **Total Financials**  | **Total Financials**  | 4489127 |
| **Health Care — 9.8%** | **Health Care — 9.8%** | **Health Care — 9.8%** |
| *Biotech & Pharma — 2.5%* | *Biotech & Pharma — 2.5%* | *Biotech & Pharma — 2.5%* |
| 26221 | WillScot Mobile Mini Holdings Corporation<sup>1</sup>  | 570307 |
| *Health Care Facilities & Services — 2.8%* | *Health Care Facilities & Services — 2.8%* | *Health Care Facilities & Services — 2.8%* |
| 32655 | Concentra Group Holdings Parent, Inc.  | 650488 |
| *Medical Equipment & Devices — 4.5%* | *Medical Equipment & Devices — 4.5%* | *Medical Equipment & Devices — 4.5%* |
| 5097 | Cooper Companies, Inc. (The)<sup>1</sup>  | 356330 |
| 1626 | Danaher Corporation  | 350208 |
| 2463 | Masimo Corporation<sup>1</sup>  | 346421 |
|  |  | 1052959 |
| **Total Health Care**  | **Total Health Care**  | 2273754 |
| **Industrials — 10.7%** | **Industrials — 10.7%** | **Industrials — 10.7%** |
| *Aerospace & Defense — 2.5%* | *Aerospace & Defense — 2.5%* | *Aerospace & Defense — 2.5%* |
| 2217 | Woodward, Inc.  | 581098 |
| *Electrical Equipment — 2.7%* | *Electrical Equipment — 2.7%* | *Electrical Equipment — 2.7%* |
| 16566 | Vontier Corporation  | 637791 |
| *Machinery — 3.7%* | *Machinery — 3.7%* | *Machinery — 3.7%* |
| 2028 | Regal Rexnord Corporation  | 285725 |
| 3733 | Xylem, Inc.  | 563123 |
|  |  | 848848 |
| *Transportation & Logistics — 1.8%* | *Transportation & Logistics — 1.8%* | *Transportation & Logistics — 1.8%* |
| 5703 | Canadian Pacific Kansas City Ltd.  | 410331 |
| **Total Industrials**  | **Total Industrials**  | 2478068 |
| **Materials — 8.9%** | **Materials — 8.9%** | **Materials — 8.9%** |
| *Chemicals — 4.4%* | *Chemicals — 4.4%* | *Chemicals — 4.4%* |
| 7298 | Ashland, Inc.  | 356872 |
| 7487 | Rogers Corporation<sup>1</sup>  | 655412 |
|  |  | 1012284 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 10 |  |

---

***CRM FUNDS*** <br> ***CRM ALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Materials — (continued)** | **Materials — (continued)** | **Materials — (continued)** |
| *Construction Materials — 4.5%* | *Construction Materials — 4.5%* | *Construction Materials — 4.5%* |
| 3332 | Advanced Drainage Systems, Inc.  | $466647 |
| 4874 | CRH PLC<sup>2</sup>  | 580493 |
|  |  | 1047140 |
| **Total Materials**  | **Total Materials**  | 2059424 |
| **Real Estate — 6.2%** | **Real Estate — 6.2%** | **Real Estate — 6.2%** |
| *REIT — 6.2%* | *REIT — 6.2%* | *REIT — 6.2%* |
| 3582 | CBRE Group, Inc., Class A<sup>1</sup>  | 546004 |
| 4293 | Sun Communities, Inc.  | 543494 |
| 6401 | Terreno Realty Corporation  | 365689 |
| **Total Real Estate**  | **Total Real Estate**  | 1455187 |
| **Technology — 28.5%** | **Technology — 28.5%** | **Technology — 28.5%** |
| *Semiconductors — 6.8%* | *Semiconductors — 6.8%* | *Semiconductors — 6.8%* |
| 2050 | Broadcom, Inc.  | 757742 |
| 8870 | Microchip Technology, Inc.  | 553665 |
| 3148 | Tower Semiconductor Ltd.<sup>1</sup>  | 268115 |
|  |  | 1579522 |
| *Software — 13.0%* | *Software — 13.0%* | *Software — 13.0%* |
| 56512 | ACV Auctions, Inc.<sup>1</sup>  | 512564 |
| 56637 | CCC Intelligent Solutions Holdings, Inc.<sup>1,3</sup>  | 493875 |
| 1771 | MongoDB, Inc.<sup>1</sup>  | 637240 |
| 2588 | PTC, Inc.<sup>1</sup>  | 513822 |
| 6914 | Unity Software, Inc.<sup>1</sup>  | 262041 |
| 52403 | ZoomInfo Technologies, Inc., Class A<sup>1</sup>  | 587962 |
|  |  | 3007504 |
| *Technology Hardware — 5.5%* | *Technology Hardware — 5.5%* | *Technology Hardware — 5.5%* |
| 3958 | Ciena Corporation<sup>1</sup>  | 751703 |
| 8178 | Crane NXT Company<sup>3</sup>  | 517259 |
|  |  | 1268962 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Technology — (continued)** | **Technology — (continued)** | **Technology — (continued)** |
| *Technology Services — 3.2%* | *Technology Services — 3.2%* | *Technology Services — 3.2%* |
| 9700 | Global Payments, Inc.  | $754272 |
| **Total Technology**  | **Total Technology**  | 6610260 |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* |
| 4853 | Evergy, Inc.  | 372759 |
| **TOTAL COMMON STOCK (Cost $19,107,681)**  | **TOTAL COMMON STOCK (Cost $19,107,681)**  | **22700714** |
| ***SHORT-TERM INVESTMENTS — 2.2%*** | ***SHORT-TERM INVESTMENTS — 2.2%*** | ***SHORT-TERM INVESTMENTS — 2.2%*** |
| 254015 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.94%<sup>4</sup>  | 254015 |
| 254015 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.94%<sup>4</sup>  | 254015 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $508,030)**  | **TOTAL SHORT-TERM INVESTMENTS (Cost $508,030)**  | **508030** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 100.0% (Cost $19,615,711)**  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 100.0% (Cost $19,615,711)**  | **23208744** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 11 |  |

---

***CRM FUNDS*** <br> ***CRM ALL CAP VALUE FUND*** <br> ***SCHEDULE OF INVESTMENTS (Concluded)*** <br> ***October 31, 2025*** <br>

---

| | |
|:---|:---|
| **Shares** | **Value** |
| ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.3%*** | ***SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.3%*** |
| 75967 Invesco Government & Agency Portfolio, Institutional Shares, 3.95%<sup>4</sup>  | $75967 |
| **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $75,967)**  | **75967** |
| **TOTAL INVESTMENTS — 100.3% (Cost $19,691,678)**  | $**23284711** **<sup>5</sup>** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%**  | **(64972)** |
| **NET ASSETS — 100.0%**  | $**23219739** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Investments <br> in Securities <br> (Value)** |
|  Common Stocks | $22700714 | $— | $— | $22700714 |
|  Short-Term Investments | 508030 |  |  | 508030 |
|  Short-Term Investments Held As Collateral For Loaned Securities | 75967 |  |  | 75967 |
|  Total | $23284711 | $— | $— | $23284711 |

---

<sup>1</sup> Non-income producing security.

<sup>2</sup> PLC – Public Limited Company

<sup>3</sup> Security partially or fully on loan.

<sup>4</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>5</sup> At October 31, 2025, the market value of securities on loan for CRM All Cap Value Fund was $73,508. 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.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 12 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***COMMON STOCK — 89.8%*** | ***COMMON STOCK — 89.8%*** | ***COMMON STOCK — 89.8%*** |
| **Consumer Discretionary — 19.0%** | **Consumer Discretionary — 19.0%** | **Consumer Discretionary — 19.0%** |
| *Apparel & Textile Products — 2.5%* | *Apparel & Textile Products — 2.5%* | *Apparel & Textile Products — 2.5%* |
| 304945 | Steven Madden Ltd.<sup>1</sup>  | $10340685 |
| *Automotive — 2.1%* | *Automotive — 2.1%* | *Automotive — 2.1%* |
| 635556 | Mobileye Global, Inc., Class A<sup>1</sup>  | 8357562 |
| *Home Construction — 3.5%* | *Home Construction — 3.5%* | *Home Construction — 3.5%* |
| 205203 | Skyline Champion Corporation<sup>1</sup>  | 14001001 |
| *Leisure Facilities & Services — 3.8%* | *Leisure Facilities & Services — 3.8%* | *Leisure Facilities & Services — 3.8%* |
| 215844 | BJ's Restaurants, Inc.<sup>1</sup>  | 7330062 |
| 55206 | Vail Resorts, Inc.  | 8188706 |
|  |  | 15518768 |
| *Retail — Discretionary — 7.1%* | *Retail — Discretionary — 7.1%* | *Retail — Discretionary — 7.1%* |
| 76372 | Advance Auto Parts, Inc.  | 3599412 |
| 26565 | Burlington Stores, Inc.<sup>1</sup>  | 7267918 |
| 501910 | Victoria's Secret & Company<sup>1</sup>  | 17692328 |
|  |  | 28559658 |
| **Total Consumer Discretionary**  | **Total Consumer Discretionary**  | 76777674 |
| **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** |
| *Oil & Gas Producers — 3.0%* | *Oil & Gas Producers — 3.0%* | *Oil & Gas Producers — 3.0%* |
| 84326 | Matador Resources Company  | 3327504 |
| 245864 | Range Resources Corporation  | 8740466 |
|  |  | 12067970 |
| *Oil & Gas Services & Equipment — 1.4%* | *Oil & Gas Services & Equipment — 1.4%* | *Oil & Gas Services & Equipment — 1.4%* |
| 804640 | TETRA Technologies, Inc.<sup>1</sup>  | 5680758 |
| **Total Energy**  | **Total Energy**  | 17748728 |
| **Financials — 14.9%** | **Financials — 14.9%** | **Financials — 14.9%** |
| *Banking — 6.8%* | *Banking — 6.8%* | *Banking — 6.8%* |
| 441196 | BankUnited, Inc.  | 17683136 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Financials — (continued)** | **Financials — (continued)** | **Financials — (continued)** |
| *Banking — (continued)* | *Banking — (continued)* | *Banking — (continued)* |
| 306121 | First Interstate Bancsystem, Inc., Class A  | 9566281 |
|  |  | 27249417 |
| *Institutional Financial Services — 2.5%* | *Institutional Financial Services — 2.5%* | *Institutional Financial Services — 2.5%* |
| 34273 | Evercore Partners, Inc., Class A  | 10095455 |
| *Specialty Finance — 5.6%* | *Specialty Finance — 5.6%* | *Specialty Finance — 5.6%* |
| 226412 | First American Financial Corporation  | 14153014 |
| 493397 | LendingClub Corporation<sup>1</sup>  | 8580174 |
|  |  | 22733188 |
| **Total Financials**  | **Total Financials**  | 60078060 |
| **Health Care – 9.9%** | **Health Care – 9.9%** | **Health Care – 9.9%** |
| *Biotech & Pharma — 2.8%* | *Biotech & Pharma — 2.8%* | *Biotech & Pharma — 2.8%* |
| 516899 | WillScot Mobile Mini Holdings Corporation<sup>1</sup>  | 11242553 |
| *Health Care Facilities & Services — 2.3%* | *Health Care Facilities & Services — 2.3%* | *Health Care Facilities & Services — 2.3%* |
| 476355 | Concentra Group Holdings Parent, Inc.  | 9488992 |
| *Medical Equipment & Devices — 4.8%* | *Medical Equipment & Devices — 4.8%* | *Medical Equipment & Devices — 4.8%* |
| 201052 | Bio-Techne Corporation  | 12579823 |
| 48223 | Masimo Corporation<sup>1</sup>  | 6782565 |
|  |  | 19362388 |
| **Total Health Care**  | **Total Health Care**  | 40093933 |
| **Industrials — 18.3%** | **Industrials — 18.3%** | **Industrials — 18.3%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| 8957 | Teledyne Technologies, Inc.<sup>1</sup>  | 4718727 |
| *Commercial Support Services — 1.3%* | *Commercial Support Services — 1.3%* | *Commercial Support Services — 1.3%* |
| 25342 | Clean Harbors, Inc.<sup>1</sup>  | 5334744 |
| *Electrical Equipment — 5.9%* | *Electrical Equipment — 5.9%* | *Electrical Equipment — 5.9%* |
| 760092 | Hayward Holdings, Inc.<sup>1</sup>  | 12898761 |
| 15575 | Itron, Inc.<sup>1</sup>  | 1562640 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 13 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Industrials — (continued)** | **Industrials — (continued)** | **Industrials — (continued)** |
| *Electrical Equipment — (continued)* | *Electrical Equipment — (continued)* | *Electrical Equipment — (continued)* |
| 244223 | Vontier Corporation  | 9402585 |
|  |  | 23863986 |
| *Machinery — 5.0%* | *Machinery — 5.0%* | *Machinery — 5.0%* |
| 83627 | Regal Rexnord Corporation  | 11782208 |
| 56353 | Xylem, Inc.  | 8500850 |
|  |  | 20283058 |
| *Transportation & Logistics — 4.9%* | *Transportation & Logistics — 4.9%* | *Transportation & Logistics — 4.9%* |
| 116102 | Canadian Pacific Kansas City Ltd.  | 8353539 |
| 311754 | Hub Group, Inc., Class A<sup>1</sup>  | 11481900 |
|  |  | 19835439 |
| **Total Industrials**  | **Total Industrials**  | 74035954 |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| *REIT — 1.9%* | *REIT — 1.9%* | *REIT — 1.9%* |
| 58690 | Sun Communities, Inc.  | 7430154 |
| **Technology — 16.3%** | **Technology — 16.3%** | **Technology — 16.3%** |
| *Semiconductors — 3.3%* | *Semiconductors — 3.3%* | *Semiconductors — 3.3%* |
| 42197 | MKS Instruments, Inc.  | 6064131 |
| 75513 | Silicon Motion Technology Corporation - ADR  | 7408580 |
|  |  | 13472711 |
| *Software — 9.0%* | *Software — 9.0%* | *Software — 9.0%* |
| 684998 | ACV Auctions, Inc.<sup>1</sup>  | 6212932 |
| 163788 | Gitlab Inc, Class A<sup>1</sup>  | 7984665 |
| 24779 | MongoDB, Inc.<sup>1</sup>  | 8915980 |
| 1155982 | ZoomInfo Technologies, Inc., Class A<sup>1</sup>  | 12970118 |
|  |  | 36083695 |
| *Technology Hardware — 4.0%* | *Technology Hardware — 4.0%* | *Technology Hardware — 4.0%* |
| 23192 | Ciena Corporation<sup>1</sup>  | 4404625 |
| 496140 | Knowles Corporation<sup>1</sup>  | 11713865 |
|  |  | 16118490 |
| **Total Technology**  | **Total Technology**  | 65674896 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Utilities — 5.1%** | **Utilities — 5.1%** | **Utilities — 5.1%** |
| *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* |
| 157241 | Evergy, Inc.  | $12077681 |
| *Gas & Water Utilities — 2.1%* | *Gas & Water Utilities — 2.1%* | *Gas & Water Utilities — 2.1%* |
| 49994 | Atmos Energy Corporation  | 8584970 |
| **Total Utilities**  | **Total Utilities**  | 20662651 |
| **TOTAL COMMON STOCK (Cost $337,921,885)**  | **TOTAL COMMON STOCK (Cost $337,921,885)**  | **362502050** |
| ***SHORT-TERM INVESTMENTS — 12.2%*** | ***SHORT-TERM INVESTMENTS — 12.2%*** | ***SHORT-TERM INVESTMENTS — 12.2%*** |
| 24604928 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.94%<sup>2</sup>  | 24604928 |
| 24604928 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.94%<sup>2</sup>  | 24604928 |
| **TOTAL SHORT TERM INVESTMENTS (Cost $49,209,856)**  | **TOTAL SHORT TERM INVESTMENTS (Cost $49,209,856)**  | **49209856** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 14 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>3</sup>** |  | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Value** |
|  | ***OPTIONS PURCHASED — 0.2%***  | ***OPTIONS PURCHASED — 0.2%***  |  |  |  |
|  | **CALL OPTIONS PURCHASED — 0.1%** | **CALL OPTIONS PURCHASED — 0.1%** |  |  |  |
| 2410 | Mobileye Global, Inc.  | 11/24/2025 | $15 | $3169150 | $55430 |
| 3963 | Steven Madden Ltd.  | 11/24/2025 | 40 | 13438533 | 237780 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost — $833,416)** |  |  |  | 293210 |
|  | **PUT OPTIONS PURCHASED — 0.1%** | **PUT OPTIONS PURCHASED — 0.1%** |  |  |  |
| 714 | SPDR S&P 500 ETF Trust  | 12/01/2025 | 670 | 48699084 | 459816 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost — $402,403)** |  |  |  | 459816 |
|  | **TOTAL OPTIONS PURCHASED (Cost — $1,235,819)** |  |  |  | 753026 |
|  | **TOTAL INVESTMENTS IN SECURITIES (Cost $388,367,560)** |  |  |  | 412464932 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 15 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***BUSINESS DEVELOPMENT COMPANIES SOLD SHORT — (0.3)%*** | ***BUSINESS DEVELOPMENT COMPANIES SOLD SHORT — (0.3)%*** |  |
| (17492) | Main Street Capital Corporation (Proceeds $1,006,661) | $(995645) |
| ***COMMON STOCK SOLD SHORT — (13.3)%*** | ***COMMON STOCK SOLD SHORT — (13.3)%*** |  |
| **Consumer Discretionary — (9.5)%** | **Consumer Discretionary — (9.5)%** |  |
| *Apparel & Textile Products — (0.7)%* | *Apparel & Textile Products — (0.7)%* |  |
| (197866) | VF Corporation | (2778039) |
| *Home Construction — (0.5)%* | *Home Construction — (0.5)%* |  |
| (15204) | D.R. Horton, Inc. | (2266612) |
| *Leisure Facilities & Services — (2.7)%* | *Leisure Facilities & Services — (2.7)%* |  |
| (50171) | Cava Group, Inc. | (2695688) |
| (24808) | Dutch Bros, Inc. | (1377836) |
| (7316) | Hilton Worldwide Holdings, Inc. | (1879919) |
| (60098) | Starbucks Corporation | (4860125) |
|  |  | (10813568) |
| *Retail — Discretionary — (5.6)%* | *Retail — Discretionary — (5.6)%* |  |
| (74363) | American Eagle Outfitters, Inc. | (1242606) |
| (8954) | Dick's Sporting Goods, Inc. | (1982863) |
| (31109) | Lowe's Companies, Inc. | (7407986) |
| (16070) | Lululemon Athletica, Inc. | (2740578) |
| (75023) | Tractor Supply Company | (4059495) |
| (78730) | Urban Outfitters, Inc. | (5086745) |
|  |  | (22520273) |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | (38378492) |
| **Consumer Staples — (0.9)%** | **Consumer Staples — (0.9)%** |  |
| *Retail — Consumer Staples — (0.9)%* | *Retail — Consumer Staples — (0.9)%* |  |
| (56744) | Kroger Company (The) | (3610621) |
| **Energy — (0.3)%** |  |  |
| *Renewable Energy — (0.3)%* | *Renewable Energy — (0.3)%* |  |
| (54318) | Fluence Energy, Inc. | (1140678) |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Financials — (2.0)%** | **Financials — (2.0)%** | |
| *Banking — (1.5)%* |  |  |
| (169539) | Fulton Financial Corporation | $(2944892) |
| (54606) | Hancock Whitney Corporation | (3118549) |
|  |  | (6063441) |
| *Insurance — (0.5)%* | *Insurance — (0.5)%* |  |
| (8565) | RenaissanceRe Holdings Ltd. | (2176281) |
| **Total Financials** |  | (8239722) |
| **Industrials — (0.6)%** | **Industrials — (0.6)%** |  |
| *Electrical Equipment — (0.2)%* | *Electrical Equipment — (0.2)%* |  |
| (6546) | Bloom Energy Corporation, Class A | (865119) |
| *Machinery — (0.4)%* | *Machinery — (0.4)%* |  |
| (3994) | Franklin Electric Company, Inc. | (378512) |
| (53290) | Gates Industrial Corporation PLC<sup>4</sup> | (1176643) |
|  |  | (1555155) |
| **Total Industrials** |  | (2420274) |
| **TOTAL COMMON STOCK SOLD SHORT — (Proceeds $55,674,365)** | **TOTAL COMMON STOCK SOLD SHORT — (Proceeds $55,674,365)** | **(53789787)** |
| **TOTAL SECURITIES SOLD SHORT — (Proceeds $56,681,026)** | **TOTAL SECURITIES SOLD SHORT — (Proceeds $56,681,026)** | **(54785432)** |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 11.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 11.4%** | **45982568** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**403662068** |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 16 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

A summary of inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Note 2 to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets: Investments in Securities:**  |  |  |  |  |
|  Common Stocks | $362502050 | $— | $— | $362502050 |
|  Short-Term Investments | 49209856 |  |  | 49209856 |
|  Options Purchased |  | 753026 |  | 753026 |
|  **Total Assets — Investments in Securities** | $411711906 | $753026 | $— | $412464932 |
|  **Other Financial Instruments:\* Total Return Swap Agreements** — Equity Contracts | $— | $2529263 | $— | $2529263 |
|  **Total Assets — Other Financial Instruments** | $— | $2529263 | $— | $2529263 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Liabilities: Investments in Securities:**  |  |  |  |
|  Business Development Companies Sold Short | $(995645) | $— | $(995645) |
|  Common Stock Sold Short | (53789787) |  | (53789787) |
|  **Total Liabilities — Investments in Securities** | $(54785432) | $— | $(54785432) |
|  **Other Financial Instruments:\* Total Return Swap Agreements** — Equity Contracts | $— | $(3736201) | $(3736201) |
|  **Total Liabilities — Other Financial Instruments** | $— | $(3736201) | $(3736201) |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as total return swap agreements, which are recorded at fair value. 

There were no transfers into or out of Level 3 related to securities held at October 31, 2025.

<sup>1</sup> <sup></sup>Non-income producing security.

<sup>2</sup> <sup></sup>Rate disclosed is the seven day effective yield as of October 31, 2025.<sup></sup>

<sup>3</sup> <sup></sup>Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>4</sup> <sup></sup>PLC – Public Limited Company

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 17 |  |

---

[THIS PAGE INTENTIONALLY LEFT BLANK]

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 18 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

**OTC Total return swap agreements outstanding at October 31, 2025:** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Financing <br> Rate<sup>(1)</sup>** | **Termination <br> Date** | **Long (Short) <br> Notional <br> Amount<sup>(2)</sup>** |
| Morgan Stanley | 4.77% (Fed Funds Rate + 0.65%) | 3/2/2026 | $4830883 |
| Morgan Stanley | 4.77% (Fed Funds Rate + 0.65%) | 3/2/2026 | 7324607 |
| Morgan Stanley | 4.77% (Fed Funds Rate + 0.65%) | 3/2/2026 | 7274190 |
| Morgan Stanley | 4.77% (Fed Funds Rate + 0.65%) | 3/2/2026 | 10990014 |
| Morgan Stanley | 4.77% (Fed Funds Rate + 0.65%) | 3/2/2026 | 7935980 |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (3323739) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4792857) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5307669) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5527161) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4232189) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5543481) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4723670) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5499431) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5019607) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5496872) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5516014) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5125500) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5273004) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5283483) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5116291) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5731639) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5587017) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4382904) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4312949) |
| Morgan Stanley | 3.67% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5763153) |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 19 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

**OTC Total return swap agreements outstanding at October 31, 2025 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Reference <br> Entity** | **Fair <br> Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Broadcom, Inc. | $813097 | $— | $813097 |
| Capital One Financial Corporation | (143564) |  | (143564) |
| Charles Schwab | 81999 |  | 81999 |
| NextEra Energy, Inc. | 373435 |  | 373435 |
| Tower Semiconductor Ltd. | 1260732 |  | 1260732 |
| Morgan Stanley Custom Swap (MSCM1392) Index<sup>(3)</sup> | (163970) |  | (163970) |
| Morgan Stanley Custom Swap (MSCM1393) Index<sup>(3)</sup> | (229096) |  | (229096) |
| Morgan Stanley Custom Swap (MSCM1394) Index<sup>(3)</sup> | (414862) |  | (414862) |
| Morgan Stanley Custom Swap (MSCM1395) Index<sup>(3)</sup> | (170731) |  | (170731) |
| Morgan Stanley Custom Swap (MSCM1396) Index<sup>(3)</sup> | (212599) |  | (212599) |
| Morgan Stanley Custom Swap (MSCM1397) Index<sup>(3)</sup> | (289553) |  | (289553) |
| Morgan Stanley Custom Swap (MSCM1398) Index<sup>(3)</sup> | (357629) |  | (357629) |
| Morgan Stanley Custom Swap (MSCM1399) Index<sup>(3)</sup> | (190168) |  | (190168) |
| Morgan Stanley Custom Swap (MSCM1400) Index<sup>(3)</sup> | (246492) |  | (246492) |
| Morgan Stanley Custom Swap (MSCM1401) Index<sup>(3)</sup> | (237663) |  | (237663) |
| Morgan Stanley Custom Swap (MSCM1402) Index<sup>(3)</sup> | (139460) |  | (139460) |
| Morgan Stanley Custom Swap (MSCM1403) Index<sup>(3)</sup> | (183593) |  | (183593) |
| Morgan Stanley Custom Swap (MSCM1404) Index<sup>(3)</sup> | (123022) |  | (123022) |
| Morgan Stanley Custom Swap (MSCM1405) Index<sup>(3)</sup> | (221319) |  | (221319) |
| Morgan Stanley Custom Swap (MSCM1406) Index<sup>(3)</sup> | (132355) |  | (132355) |
| Morgan Stanley Custom Swap (MSCM1407) Index<sup>(3)</sup> | (14532) |  | (14532) |
| Morgan Stanley Custom Swap (MSCM1408) Index<sup>(3)</sup> | (128425) |  | (128425) |
| Morgan Stanley Custom Swap (MSCM1409) Index<sup>(3)</sup> | (84466) |  | (84466) |
| Morgan Stanley Custom Swap (MSCM1410) Index<sup>(3)</sup> | (24152) |  | (24152) |
| Morgan Stanley Custom Swap (MSCM1411) Index<sup>(3)</sup> | (28550) |  | (28550) |
| Total Unrealized Appreciation |  |  | $2529263 |
| Total Unrealized (Depreciation) |  |  | $(3736201) |
| Total | $(1206938) | $— | $(1206938) |

---

<sup>(1)</sup> <sup></sup>Paid monthly.

<sup>(2)</sup> 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. 

<sup>(3)</sup> <sup></sup>See the tables below for the swap constituents.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 20 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1392) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Amgen, Inc.  | 4069 | $1214294 | 34.81% |
| Lululemon Athletica, Inc.  | 6903 | 1177237 | 33.75% |
| Coinbase Global, Inc., Class A  | 3190 | 1096507 | 31.44% |
|  |  | $3488038 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1393) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total <br> Index Value** |
| Advanced Micro Devices, Inc.  | 1847 | $473044 | 9.42% |
| United Parcel Service, Class B  | 4344 | 418812 | 8.34% |
| Jabil, Inc.  | 1861 | 411022 | 8.18% |
| NVIDIA Corporation  | 2028 | 410617 | 8.18% |
| Mettler-Toledo International, Inc.  | 280 | 396108 | 7.89% |
| Amgen, Inc.  | 1279 | 381758 | 7.60% |
| CDW Corporation  | 2391 | 381075 | 7.59% |
| Eaton Corporation PLC  | 990 | 377770 | 7.52% |
| Guidewire Software, Inc.  | 1615 | 377375 | 7.51% |
| Carrier Global Corporation  | 6291 | 374232 | 7.45% |
| Lululemon Athletica, Inc.  | 2161 | 368509 | 7.34% |
| Coinbase Global, Inc., Class A  | 975 | 335031 | 6.67% |
| International Paper Company (The)  | 8201 | 316872 | 6.31% |
|  |  | $5022225 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1394) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total <br> Index Value** |
| Nokia Corporation, Class A  | 58952 | $407360 | 7.12% |
| Advanced Micro Devices, Inc.  | 1413 | 361927 | 6.32% |
| General Motors Company  | 5220 | 360639 | 6.30% |
| Ford Motor Company  | 25074 | 329228 | 5.75% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 21 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total <br> Index Value** |
| Jabil, Inc.  | 1475 | $325838 | 5.69% |
| Mettler-Toledo International, Inc.  | 228 | 323356 | 5.65% |
| Cognizant Technology Solutions Corporation  | 4399 | 320620 | 5.60% |
| Target Corporation  | 3348 | 310439 | 5.43% |
| Williams-Sonoma, Inc.  | 1581 | 307235 | 5.37% |
| CDW Corporation  | 1925 | 306820 | 5.36% |
| Dollar General Corporation  | 3101 | 305990 | 5.35% |
| Sherwin-Williams Company (The)  | 887 | 305930 | 5.35% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 14892 | 304994 | 5.33% |
| Amgen, Inc.  | 1011 | 301811 | 5.27% |
| NetApp, Inc.  | 2533 | 298356 | 5.21% |
| Lululemon Athletica, Inc.  | 1726 | 294349 | 5.14% |
| Tapestry, Inc.  | 2593 | 284781 | 4.98% |
| Coinbase Global, Inc., Class A  | 795 | 273436 | 4.78% |
|  |  | $5723109 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1395) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Nokia Corporation, Class A  | 29181 | $201640 | 3.54% |
| General Motors Company  | 2675 | 184810 | 3.24% |
| Caterpillar, Inc.  | 300 | 173441 | 3.04% |
| Hubbell, Inc.  | 359 | 168958 | 2.97% |
| Ford Motor Company  | 12851 | 168727 | 2.96% |
| United Parcel Service, Class B  | 1749 | 168654 | 2.96% |
| Advanced Micro Devices, Inc.  | 640 | 164033 | 2.88% |
| NVIDIA Corporation  | 798 | 161539 | 2.84% |
| Jabil, Inc.  | 730 | 161355 | 2.83% |
| Mettler-Toledo International, Inc.  | 114 | 160831 | 2.82% |
| Cognizant Technology Solutions Corporation  | 2206 | 160746 | 2.82% |
| Rockwell Automation, Inc.  | 433 | 159641 | 2.80% |
| Emerson Electric Company  | 1135 | 158389 | 2.78% |
| PACCAR, Inc.  | 1576 | 155073 | 2.72% |
| Target Corporation  | 1669 | 154771 | 2.72% |
| Westinghouse Air Brake Technologies Corporation  | 756 | 154624 | 2.71% |
| Sherwin-Williams Company (The)  | 447 | 154159 | 2.71% |
| Williams-Sonoma, Inc.  | 789 | 153415 | 2.69% |
| CDW Corporation  | 961 | 153221 | 2.69% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 7465 | 152881 | 2.68% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 22 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Amgen, Inc.  | 512 | $152816 | 2.68% |
| Eaton Corporation PLC  | 400 | 152812 | 2.68% |
| W. W. Grainger, Inc.  | 156 | 152707 | 2.68% |
| Dollar General Corporation  | 1537 | 151634 | 2.66% |
| Cummins, Inc.  | 346 | 151325 | 2.66% |
| General Dynamics Corporation  | 435 | 150194 | 2.64% |
| Carrier Global Corporation  | 2523 | 150083 | 2.64% |
| Lululemon Athletica, Inc.  | 863 | 147172 | 2.58% |
| NetApp, Inc.  | 1238 | 145862 | 2.56% |
| Tapestry, Inc.  | 1292 | 141837 | 2.49% |
| Cintas Corporation  | 759 | 139073 | 2.44% |
| Automatic Data Processing, Inc.  | 519 | 135088 | 2.37% |
| Boeing Company (The)  | 670 | 134595 | 2.36% |
| Coinbase Global, Inc., Class A  | 390 | 133923 | 2.35% |
| Motorola Solutions, Inc.  | 326 | 132736 | 2.33% |
| Fastenal Company  | 3173 | 130559 | 2.29% |
| International Paper Company (The)  | 3233 | 124934 | 2.19% |
|  |  | $5698258 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1396) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| NVIDIA Corporation  | 3889 | $787452 | 17.71% |
| Sherwin-Williams Company (The)  | 2247 | 775214 | 17.44% |
| Amgen, Inc.  | 2535 | 756479 | 17.02% |
| Lululemon Athletica, Inc.  | 4317 | 736183 | 16.56% |
| Tapestry, Inc.  | 6599 | 724722 | 16.30% |
| Coinbase Global, Inc., Class A  | 1935 | 665241 | 14.97% |
|  |  | $4445291 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1397) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total <br> Index Value** |
| General Motors Company  | 2855 | $197263 | 3.38% |
| Advanced Micro Devices, Inc.  | 735 | 188346 | 3.23% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 23 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total <br> Index Value** |
| Caterpillar, Inc.  | 322 | $185684 | 3.18% |
| United Parcel Service, Class B  | 1907 | 183873 | 3.15% |
| Ford Motor Company  | 13850 | 181856 | 3.12% |
| Hubbell, Inc.  | 387 | 181843 | 3.12% |
| Jabil, Inc.  | 815 | 179947 | 3.08% |
| Prologis, Inc.  | 1421 | 176305 | 3.02% |
| Mettler-Toledo International, Inc.  | 124 | 175729 | 3.01% |
| Emerson Electric Company  | 1254 | 175039 | 3.00% |
| Cognizant Technology Solutions Corporation  | 2402 | 175038 | 3.00% |
| NVIDIA Corporation  | 863 | 174712 | 2.99% |
| Rockwell Automation, Inc.  | 474 | 174421 | 2.99% |
| Target Corporation  | 1848 | 171318 | 2.94% |
| Westinghouse Air Brake Technologies Corporation  | 827 | 169127 | 2.90% |
| Cummins, Inc.  | 383 | 167445 | 2.87% |
| PACCAR, Inc.  | 1699 | 167210 | 2.87% |
| CyberArk Software Ltd.  | 320 | 166762 | 2.86% |
| Carrier Global Corporation  | 2789 | 165927 | 2.84% |
| Sherwin-Williams Company (The)  | 475 | 163793 | 2.81% |
| Eaton Corporation PLC  | 428 | 163377 | 2.80% |
| NetApp, Inc.  | 1387 | 163359 | 2.80% |
| W. W. Grainger, Inc.  | 167 | 163277 | 2.80% |
| Amgen, Inc.  | 545 | 162554 | 2.79% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 7890 | 161584 | 2.77% |
| Lululemon Athletica, Inc.  | 943 | 160892 | 2.76% |
| Pfizer, Inc.  | 6377 | 157204 | 2.69% |
| Guidewire Software, Inc.  | 661 | 154399 | 2.65% |
| Cintas Corporation  | 841 | 154090 | 2.64% |
| Coinbase Global, Inc., Class A  | 443 | 152177 | 2.61% |
| Boeing Company (The)  | 750 | 150752 | 2.58% |
| Extra Space Storage, Inc.  | 1113 | 148639 | 2.55% |
| Automatic Data Processing, Inc.  | 554 | 144241 | 2.47% |
| Fastenal Company  | 3452 | 142051 | 2.44% |
| International Paper Company (The)  | 3459 | 133649 | 2.29% |
|  |  | $5833883 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1398) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Advanced Micro Devices, Inc.  | 1713 | $438607 | 8.63% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 24 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Jabil, Inc.  | 1854 | $409536 | 8.06% |
| Mettler-Toledo International, Inc.  | 288 | 408570 | 8.04% |
| Cognizant Technology Solutions Corporation  | 5587 | 407157 | 8.01% |
| NVIDIA Corporation  | 1968 | 398507 | 7.84% |
| Target Corporation  | 4243 | 393450 | 7.74% |
| Waters Corporation  | 1102 | 385243 | 7.58% |
| Sherwin-Williams Company (The)  | 1116 | 384880 | 7.58% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 18512 | 379136 | 7.46% |
| Amgen, Inc.  | 1267 | 378257 | 7.45% |
| Lululemon Athletica, Inc.  | 2182 | 372126 | 7.32% |
| Pfizer, Inc.  | 14987 | 369421 | 7.27% |
| Guidewire Software, Inc.  | 1527 | 356726 | 7.02% |
|  |  | $5081616 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1399) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| General Motors Company  | 2907 | $200835 | 3.53% |
| Advanced Micro Devices, Inc.  | 762 | 195096 | 3.43% |
| United Parcel Service, Class B  | 1977 | 190577 | 3.35% |
| Ford Motor Company  | 14260 | 187232 | 3.29% |
| NVIDIA Corporation  | 923 | 186853 | 3.28% |
| Jabil, Inc.  | 828 | 182939 | 3.21% |
| Hubbell, Inc.  | 389 | 182673 | 3.21% |
| Caterpillar, Inc.  | 315 | 181809 | 3.20% |
| Mettler-Toledo International, Inc.  | 127 | 180566 | 3.17% |
| Cognizant Technology Solutions Corporation  | 2470 | 179981 | 3.16% |
| Emerson Electric Company  | 1280 | 178673 | 3.14% |
| Rockwell Automation, Inc.  | 483 | 177886 | 3.13% |
| Cummins, Inc.  | 399 | 174512 | 3.07% |
| Westinghouse Air Brake Technologies Corporation  | 848 | 173281 | 3.05% |
| Target Corporation  | 1867 | 173149 | 3.04% |
| Carrier Global Corporation  | 2889 | 171877 | 3.02% |
| PACCAR, Inc.  | 1747 | 171874 | 3.02% |
| Canadian Imperial Bank of Commerce  | 2065 | 171167 | 3.01% |
| Sherwin-Williams Company (The)  | 496 | 170919 | 3.00% |
| W. W. Grainger, Inc.  | 173 | 169461 | 2.98% |
| Eaton Corporation PLC  | 444 | 169327 | 2.98% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 8261 | 169184 | 2.97% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 25 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Amgen, Inc.  | 565 | $168716 | 2.97% |
| Lululemon Athletica, Inc.  | 982 | 167512 | 2.94% |
| Pfizer, Inc.  | 6775 | 167008 | 2.93% |
| NetApp, Inc.  | 1378 | 162310 | 2.85% |
| Cintas Corporation  | 883 | 161750 | 2.84% |
| Guidewire Software, Inc.  | 692 | 161604 | 2.84% |
| Fastenal Company  | 3886 | 159909 | 2.81% |
| Tapestry, Inc.  | 1429 | 156925 | 2.76% |
| Boeing Company (The)  | 775 | 155832 | 2.74% |
| Automatic Data Processing, Inc.  | 581 | 151241 | 2.66% |
| International Paper Company (The)  | 3560 | 137543 | 2.42% |
|  |  | $5690221 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1400) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| General Motors Company  | 8679 | $599644 | 11.39% |
| NVIDIA Corporation  | 2790 | 564869 | 10.73% |
| Ford Motor Company  | 42658 | 560098 | 10.64% |
| Sherwin-Williams Company (The)  | 1508 | 520066 | 9.87% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 25362 | 519410 | 9.86% |
| Target Corporation  | 5518 | 511644 | 9.71% |
| Canadian Imperial Bank of Commerce  | 6133 | 508281 | 9.65% |
| Pfizer, Inc.  | 20568 | 507004 | 9.63% |
| Amgen, Inc.  | 1687 | 503529 | 9.56% |
| Tapestry, Inc.  | 4299 | 472122 | 8.96% |
|  |  | $5266667 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1401) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Nokia Corporation, Class A  | 24949 | $172395 | 3.01% |
| General Motors Company  | 2471 | 170746 | 2.98% |
| United Parcel Service, Class B  | 1655 | 159545 | 2.78% |
| Ford Motor Company  | 12071 | 158486 | 2.76% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 26 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| NVIDIA Corporation  | 779 | $157826 | 2.75% |
| Cognizant Technology Solutions Corporation  | 2164 | 157747 | 2.75% |
| Hubbell, Inc.  | 330 | 155316 | 2.71% |
| Apple, Inc.  | 573 | 154834 | 2.70% |
| Advanced Micro Devices, Inc.  | 604 | 154733 | 2.70% |
| Emerson Electric Company  | 1099 | 153450 | 2.68% |
| CyberArk Software Ltd.  | 291 | 151727 | 2.65% |
| Caterpillar, Inc.  | 262 | 151217 | 2.64% |
| Rockwell Automation, Inc.  | 407 | 149990 | 2.61% |
| Westinghouse Air Brake Technologies Corporation  | 732 | 149635 | 2.61% |
| Jabil, Inc.  | 676 | 149241 | 2.60% |
| Carrier Global Corporation  | 2497 | 148550 | 2.59% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 7219 | 147844 | 2.58% |
| General Dynamics Corporation  | 429 | 147842 | 2.58% |
| Mettler-Toledo International, Inc.  | 104 | 147615 | 2.57% |
| Coinbase Global, Inc., Class A  | 429 | 147514 | 2.57% |
| Sherwin-Williams Company (The)  | 428 | 147471 | 2.57% |
| Williams-Sonoma, Inc.  | 756 | 146877 | 2.56% |
| Cummins, Inc.  | 335 | 146740 | 2.56% |
| PACCAR, Inc.  | 1489 | 146533 | 2.55% |
| Target Corporation  | 1573 | 145877 | 2.54% |
| W. W. Grainger, Inc.  | 148 | 145336 | 2.53% |
| Pfizer, Inc.  | 5848 | 144164 | 2.51% |
| Eaton Corporation PLC  | 377 | 143960 | 2.51% |
| Amgen, Inc.  | 479 | 142963 | 2.49% |
| Cintas Corporation  | 769 | 140870 | 2.46% |
| NetApp, Inc.  | 1187 | 139785 | 2.44% |
| Fastenal Company  | 3377 | 138972 | 2.42% |
| Guidewire Software, Inc.  | 581 | 135797 | 2.37% |
| Dollar General Corporation  | 1364 | 134587 | 2.35% |
| Boeing Company (The)  | 669 | 134438 | 2.34% |
| Tapestry, Inc.  | 1216 | 133571 | 2.33% |
| Motorola Solutions, Inc.  | 324 | 131822 | 2.30% |
| Automatic Data Processing, Inc.  | 506 | 131663 | 2.30% |
| International Paper Company (The)  | 3038 | 117401 | 2.05% |
|  |  | $5735080 | 100.00% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 27 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1402) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Nokia Corporation, Class A  | 28024 | $193645 | 3.42% |
| General Motors Company  | 2755 | 190367 | 3.37% |
| United Parcel Service, Class B  | 1862 | 179491 | 3.17% |
| NVIDIA Corporation  | 878 | 177775 | 3.14% |
| Hubbell, Inc.  | 378 | 177593 | 3.14% |
| Cognizant Technology Solutions Corporation  | 2434 | 177410 | 3.14% |
| Ford Motor Company  | 13495 | 177186 | 3.13% |
| Advanced Micro Devices, Inc.  | 690 | 176758 | 3.13% |
| Caterpillar, Inc.  | 305 | 176171 | 3.11% |
| Emerson Electric Company  | 1244 | 173661 | 3.07% |
| Cummins, Inc.  | 391 | 170954 | 3.02% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 8330 | 170604 | 3.02% |
| Rockwell Automation, Inc.  | 463 | 170435 | 3.01% |
| Carrier Global Corporation  | 2862 | 170274 | 3.01% |
| Jabil, Inc.  | 768 | 169732 | 3.00% |
| Westinghouse Air Brake Technologies Corporation  | 829 | 169383 | 2.99% |
| Mettler-Toledo International, Inc.  | 119 | 168846 | 2.99% |
| Williams-Sonoma, Inc.  | 868 | 168650 | 2.98% |
| Sherwin-Williams Company (The)  | 486 | 167764 | 2.97% |
| PACCAR, Inc.  | 1699 | 167160 | 2.96% |
| W. W. Grainger, Inc.  | 168 | 164901 | 2.92% |
| Eaton Corporation PLC  | 431 | 164417 | 2.91% |
| Target Corporation  | 1771 | 164186 | 2.90% |
| Amgen, Inc.  | 538 | 160653 | 2.84% |
| NetApp, Inc.  | 1351 | 159115 | 2.81% |
| Cintas Corporation  | 855 | 156727 | 2.77% |
| Fastenal Company  | 3788 | 155894 | 2.76% |
| Guidewire Software, Inc.  | 658 | 153851 | 2.72% |
| Boeing Company (The)  | 755 | 151853 | 2.69% |
| Tapestry, Inc.  | 1377 | 151219 | 2.67% |
| Dollar General Corporation  | 1521 | 150087 | 2.65% |
| Automatic Data Processing, Inc.  | 572 | 148865 | 2.63% |
| Motorola Solutions, Inc.  | 361 | 147016 | 2.60% |
| International Paper Company (The)  | 3453 | 133438 | 2.36% |
|  |  | $5656081 | 100.00% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 28 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1403) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| General Motors Company  | 6841 | $472654 | 8.90% |
| NVIDIA Corporation  | 2173 | 439910 | 8.29% |
| Ford Motor Company  | 33093 | 434512 | 8.18% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 20432 | 418443 | 7.88% |
| Sherwin-Williams Company (The)  | 1198 | 413197 | 7.78% |
| Canadian Imperial Bank of Commerce  | 4914 | 407253 | 7.67% |
| Williams-Sonoma, Inc.  | 2090 | 406213 | 7.65% |
| Target Corporation  | 4335 | 401944 | 7.57% |
| Pfizer, Inc.  | 16071 | 396143 | 7.46% |
| Amgen, Inc.  | 1308 | 390376 | 7.35% |
| Johnson & Johnson  | 2048 | 386852 | 7.29% |
| Tapestry, Inc.  | 3411 | 374549 | 7.05% |
| Dollar General Corporation  | 3728 | 367784 | 6.93% |
|  |  | $5309830 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1404) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| NVIDIA Corporation  | 1966 | $398195 | 7.38% |
| United Parcel Service, Class B  | 4046 | 390070 | 7.23% |
| Hubbell, Inc.  | 818 | 384657 | 7.13% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 18760 | 384202 | 7.12% |
| Emerson Electric Company  | 2695 | 376196 | 6.97% |
| Cummins, Inc.  | 852 | 373049 | 6.91% |
| Rockwell Automation, Inc.  | 1006 | 370534 | 6.87% |
| Eaton Corporation PLC  | 954 | 363977 | 6.74% |
| Waters Corporation  | 1020 | 356627 | 6.61% |
| Carrier Global Corporation  | 5955 | 354285 | 6.56% |
| Amgen, Inc.  | 1183 | 353044 | 6.54% |
| Fastenal Company  | 8224 | 338404 | 6.27% |
| Lululemon Athletica, Inc.  | 1964 | 334940 | 6.21% |
| Boeing Company (The)  | 1640 | 329620 | 6.11% |
| International Paper Company (The)  | 7472 | 288706 | 5.35% |
|  |  | $5396506 | 100.00% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 29 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1405) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Nokia Corporation, Class A  | 40060 | $276813 | 5.03% |
| NVIDIA Corporation  | 1233 | 249722 | 4.54% |
| Advanced Micro Devices, Inc.  | 966 | 247333 | 4.49% |
| Jabil, Inc.  | 1119 | 247098 | 4.49% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 11720 | 240029 | 4.36% |
| Coinbase Global, Inc., Class A  | 694 | 238607 | 4.33% |
| Cognizant Technology Solutions Corporation  | 3253 | 237049 | 4.31% |
| Ford Motor Company  | 17887 | 234852 | 4.27% |
| Williams-Sonoma, Inc.  | 1183 | 229841 | 4.17% |
| Sherwin-Williams Company (The)  | 666 | 229745 | 4.17% |
| General Motors Company  | 3303 | 228211 | 4.14% |
| Mettler-Toledo International, Inc.  | 161 | 227940 | 4.14% |
| Canadian Imperial Bank of Commerce  | 2741 | 227156 | 4.13% |
| CDW Corporation  | 1422 | 226611 | 4.12% |
| NetApp, Inc.  | 1904 | 224274 | 4.07% |
| Amgen, Inc.  | 751 | 224172 | 4.07% |
| Waters Corporation  | 638 | 222925 | 4.05% |
| Pfizer, Inc.  | 8994 | 221702 | 4.03% |
| Target Corporation  | 2365 | 219257 | 3.98% |
| Johnson & Johnson  | 1152 | 217641 | 3.95% |
| Lululemon Athletica, Inc.  | 1247 | 212667 | 3.86% |
| Tapestry, Inc.  | 1928 | 211709 | 3.85% |
| Guidewire Software, Inc.  | 888 | 207575 | 3.77% |
| Motorola Solutions, Inc.  | 498 | 202355 | 3.68% |
|  |  | $5505284 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1406) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| NVIDIA Corporation  | 2569 | $520236 | 9.91% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 24606 | 503928 | 9.60% |
| Ford Motor Company  | 37926 | 497965 | 9.49% |
| Sherwin-Williams Company (The)  | 1411 | 486611 | 9.27% |
| General Motors Company  | 7001 | 483686 | 9.22% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 30 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Amgen, Inc.  | 1598 | $476856 | 9.08% |
| Pfizer, Inc.  | 18971 | 467624 | 8.91% |
| Waters Corporation  | 1316 | 460004 | 8.76% |
| Johnson & Johnson  | 2432 | 459250 | 8.75% |
| Tapestry, Inc.  | 4073 | 447312 | 8.52% |
| Lululemon Athletica, Inc.  | 2614 | 445735 | 8.49% |
|  |  | $5249207 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1407) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Cardinal Health, Inc.  | 802 | $153020 | 2.66% |
| United Parcel Service, Class B  | 1489 | 143552 | 2.50% |
| Caterpillar, Inc.  | 248 | 143401 | 2.50% |
| Nokia Corporation, Class A  | 20612 | 142428 | 2.48% |
| NVIDIA Corporation  | 697 | 141169 | 2.46% |
| Hubbell, Inc.  | 299 | 140500 | 2.45% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 6852 | 140339 | 2.44% |
| Cognizant Technology Solutions Corporation  | 1914 | 139461 | 2.43% |
| Emerson Electric Company  | 979 | 136598 | 2.38% |
| Jabil, Inc.  | 611 | 135020 | 2.35% |
| Cummins, Inc.  | 308 | 134855 | 2.35% |
| Westinghouse Air Brake Technologies Corporation  | 657 | 134329 | 2.34% |
| Rockwell Automation, Inc.  | 364 | 134182 | 2.34% |
| Sherwin-Williams Company (The)  | 389 | 134108 | 2.33% |
| Carrier Global Corporation  | 2245 | 133559 | 2.32% |
| Williams-Sonoma, Inc.  | 687 | 133460 | 2.32% |
| Amgen, Inc.  | 445 | 132823 | 2.31% |
| Eaton Corporation PLC  | 345 | 131673 | 2.29% |
| Advanced Micro Devices, Inc.  | 513 | 131497 | 2.29% |
| McKesson Corporation  | 162 | 131421 | 2.29% |
| W. W. Grainger, Inc.  | 134 | 131274 | 2.28% |
| NetApp, Inc.  | 1113 | 131124 | 2.28% |
| CDW Corporation  | 821 | 130848 | 2.28% |
| Pfizer, Inc.  | 5245 | 129278 | 2.25% |
| Johnson & Johnson  | 682 | 128811 | 2.24% |
| General Motors Company  | 1864 | 128792 | 2.24% |
| Mettler-Toledo International, Inc.  | 91 | 128222 | 2.23% |
| AT&T, Inc.  | 5165 | 127840 | 2.22% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 31 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Target Corporation  | 1378 | $127733 | 2.22% |
| General Dynamics Corporation  | 370 | 127681 | 2.22% |
| PACCAR, Inc.  | 1297 | 127611 | 2.22% |
| Waters Corporation  | 361 | 126278 | 2.20% |
| Coinbase Global, Inc., Class A  | 366 | 125942 | 2.19% |
| Cintas Corporation  | 680 | 124710 | 2.17% |
| Fastenal Company  | 3029 | 124645 | 2.17% |
| Hilton Worldwide Holdings, Inc.  | 485 | 124612 | 2.17% |
| Tapestry, Inc.  | 1132 | 124319 | 2.16% |
| Lululemon Athletica, Inc.  | 729 | 124294 | 2.16% |
| Ford Motor Company  | 9383 | 123193 | 2.14% |
| Guidewire Software, Inc.  | 518 | 121095 | 2.11% |
| Automatic Data Processing, Inc.  | 462 | 120314 | 2.09% |
| Motorola Solutions, Inc.  | 296 | 120309 | 2.09% |
| Boeing Company (The)  | 587 | 117928 | 2.05% |
| International Paper Company (The)  | 2657 | 102672 | 1.79% |
|  |  | $5746920 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1408) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Western Digital Corporation  | 2018 | $303087 | 5.30% |
| Nokia Corporation, Class A  | 40187 | 277692 | 4.86% |
| Cognizant Technology Solutions Corporation  | 3756 | 273730 | 4.79% |
| United Therapeutics Corporation  | 607 | 270395 | 4.73% |
| NVIDIA Corporation  | 1335 | 270271 | 4.73% |
| Jabil, Inc.  | 1210 | 267277 | 4.68% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 13034 | 266928 | 4.67% |
| Emerson Electric Company  | 1901 | 265302 | 4.64% |
| Old Dominion Freight Line, Inc.  | 1869 | 262486 | 4.59% |
| Amgen, Inc.  | 878 | 261971 | 4.58% |
| Carrier Global Corporation  | 4385 | 260851 | 4.56% |
| NetApp, Inc.  | 2181 | 256876 | 4.49% |
| Eaton Corporation PLC  | 673 | 256814 | 4.49% |
| Mettler-Toledo International, Inc.  | 180 | 254973 | 4.46% |
| Pfizer, Inc.  | 10318 | 254351 | 4.45% |
| Waters Corporation  | 727 | 254027 | 4.45% |
| Johnson & Johnson  | 1343 | 253668 | 4.44% |
| Advanced Micro Devices, Inc.  | 984 | 252095 | 4.41% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 32 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Continued)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Coinbase Global, Inc., Class A  | 707 | $243107 | 4.25% |
| Lululemon Athletica, Inc.  | 1409 | 240300 | 4.20% |
| Guidewire Software, Inc.  | 1010 | 235984 | 4.13% |
| Motorola Solutions, Inc.  | 576 | 234128 | 4.10% |
|  |  | $5716313 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1409) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| United Therapeutics Corporation  | 2090 | $931034 | 20.84% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 43890 | 898863 | 20.12% |
| Amgen, Inc.  | 2972 | 886984 | 19.85% |
| Waters Corporation  | 2509 | 877299 | 19.64% |
| Pfizer, Inc.  | 35434 | 873455 | 19.55% |
|  |  | $4467635 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1410) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Waters Corporation  | 2513 | $878608 | 20.26% |
| Pfizer, Inc.  | 35537 | 875995 | 20.20% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 42669 | 873869 | 20.15% |
| Lululemon Athletica, Inc.  | 5069 | 864419 | 19.93% |
| NVIDIA Corporation  | 4169 | 844232 | 19.46% |
|  |  | $4337123 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1411) Index total return swap with Morgan Stanley Bank as of October 31, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Western Digital Corporation  | 1885 | $283099 | 4.89% |
| Coinbase Global, Inc., Class A  | 792 | 272433 | 4.70% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 33 |  |

---

***CRM FUNDS*** <br> ***CRM LONG/SHORT OPPORTUNITIES FUND*** <br> ***SCHEDULE OF INVESTMENTS (Concluded)*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br> Value** | **% of Total<br> Index Value** |
| Mettler-Toledo International, Inc.  | 189 | $267758 | 4.62% |
| Old Dominion Freight Line, Inc.  | 1897 | 266345 | 4.60% |
| Teva Pharmaceutical Industries Ltd. - ADR  | 12997 | 266181 | 4.60% |
| Amgen, Inc.  | 892 | 266065 | 4.59% |
| Waters Corporation  | 759 | 265419 | 4.58% |
| NetApp, Inc.  | 2253 | 265310 | 4.58% |
| CDW Corporation  | 1660 | 264599 | 4.57% |
| Lululemon Athletica, Inc.  | 1549 | 264237 | 4.56% |
| Pfizer, Inc.  | 10718 | 264191 | 4.56% |
| Cognizant Technology Solutions Corporation  | 3606 | 262820 | 4.54% |
| Advanced Micro Devices, Inc.  | 1022 | 261640 | 4.52% |
| Cardinal Health, Inc.  | 1371 | 261607 | 4.52% |
| Tractor Supply Company  | 4810 | 260284 | 4.49% |
| Johnson & Johnson  | 1377 | 260084 | 4.49% |
| NVIDIA Corporation  | 1283 | 259819 | 4.49% |
| Jabil, Inc.  | 1175 | 259650 | 4.48% |
| Guidewire Software, Inc.  | 1101 | 257271 | 4.44% |
| United Therapeutics Corporation  | 574 | 255683 | 4.41% |
| Williams-Sonoma, Inc.  | 1313 | 255159 | 4.41% |
| Nokia Corporation, Class A  | 36512 | 252299 | 4.36% |
|  |  | $5791953 | 100.00% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 34 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF ASSETS AND LIABILITIES*** <br> ***October 31, 2025*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM Small Cap<br> Value Fund** | **CRM Small/Mid<br> Cap Value Fund** | **CRM Mid Cap<br> Value Fund** |
|  ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost  | $57646088 | $114940000 | $224865070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation  | 7499075 | 17390233 | 45251548 |
| &nbsp;&nbsp;&nbsp; Total investments in securities, at value<sup>1</sup>  | 65145163 | 132330233 | 270116618 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 18924 | 9839 | 16530 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 427 | 54930 | 30811 |
| &nbsp;&nbsp;&nbsp; Receivable for securities lending income  | 549 | 388 | 372 |
| &nbsp;&nbsp;&nbsp; Other assets  | 14140 | 45733 | 39854 |
|  Total Assets  | 65179203 | 132441123 | 270204185 |
|  LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to return securities lending collateral  | 317377 | 911812 | 2053694 |
| &nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 3926 | 160570 | 1896725 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased  | 367971 | 449944 |  |
| &nbsp;&nbsp;&nbsp; Accrued advisory fee  | 35141 | 79824 | 140545 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 42741 | 78149 | 176212 |
|  Total Liabilities  | 767156 | 1680299 | 4267176 |
|  NET ASSETS  | $64412047 | $130760824 | $265937009 |
|  COMPONENTS OF NET ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid in capital  | $51940266 | $109732060 | $209185284 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | $12471781 | 21028764 | 56751725 |
|  NET ASSETS  | $64412047 | $130760824 | $265937009 |
|  NET ASSET VALUE PER SHARE  |  |  |  |
|  INVESTOR CLASS SHARES  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $24764673 | $12441819 | $121813510 |
| &nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)  | 1854927 | 1162121 | 5468793 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $13.35 | $10.71 | $22.27 |
|  INSTITUTIONAL CLASS SHARES  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $39647374 | $118319005 | $144123499 |
| &nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)  | 2318125 | 10477019 | 6052439 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $17.10 | $11.29 | $23.81 |
|  <sup>1</sup> Includes securities loaned of:  | $307914 | $900267 | $1992059 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 35 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF ASSETS AND LIABILITIES*** <br> ***October 31, 2025*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM All Cap<br> Value Fund** | **CRM Long/Short<br> Opportunities Fund** |
|  ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost  | $19691678 | $388367560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation  | 3593033 | 24097372 |
| &nbsp;&nbsp;&nbsp; Total investments in securities, at value<sup>1</sup>  | 23284711 | 412464932 |
| &nbsp;&nbsp;&nbsp; Cash pledged with broker for securities sold short  |  | 44419691 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap agreements  |  | 2529263 |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold  |  | 5652602 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 487971 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 1486 | 242258 |
| &nbsp;&nbsp;&nbsp; Receivable for securities lending income  | 116 |  |
| &nbsp;&nbsp;&nbsp; Other assets  | 29667 | 68947 |
|  Total Assets  | 23315980 | 465865664 |
|  LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to return securities lending collateral  | 75967 |  |
| &nbsp;&nbsp;&nbsp; Cash received from broker for swap agreements  |  | 586163 |
| &nbsp;&nbsp;&nbsp; Due to Broker - Short Sales  |  | 1280160 |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value (proceeds $0 and $56,681,026, respectively)  |  | 54785432 |
| &nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  |  | 165339 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased  |  | 1030557 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap agreements  |  | 3736201 |
| &nbsp;&nbsp;&nbsp; Payable for dividends on securities sold short  |  | 37024 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fee  | 3736 | 478352 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 16538 | 104368 |
|  Total Liabilities  | 96241 | 62203596 |
|  NET ASSETS  | $23219739 | $403662068 |
|  COMPONENTS OF NET ASSETS  |  |  |
| &nbsp;&nbsp;&nbsp; Paid in capital  | $17857373 | $400974582 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 5362366 | 2687486 |
|  NET ASSETS  | $23219739 | $403662068 |
|  NET ASSET VALUE PER SHARE  |  |  |
|  INVESTOR CLASS SHARES  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $6914773 |  |
| &nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)  | 953203 |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $7.25 |  |
|  INSTITUTIONAL CLASS SHARES |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $16304966 | $403662068 |
| &nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares)  | 2154236 | 32517277 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $7.57 | $12.41 |
|  <sup>1</sup> Includes securities loaned of:  | $73508 | $— |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 36 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM Small Cap<br> Value Fund** | **CRM Small Cap<br> Value Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | $369383 | $1473780 |
| &nbsp;&nbsp;&nbsp; Net securities lending income  | 941 | 879 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld  |  |  |
|  Total investment income  | 370324 | 1474659 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees  | 167587 | 575920 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer agent fees - Institutional Shares  | 2295 | 35171 |
| &nbsp;&nbsp;&nbsp; Shareholder Services - Investor Shares  | 21711 | 70876 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 11184 | 36335 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 8742 | 44301 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 7768 | 22983 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 5000 | 14999 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 8260 | 13238 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 5038 | 13874 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses  | 4085 | 13141 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 7164 | 11611 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 3408 | 7069 |
| &nbsp;&nbsp;&nbsp; Reflow fees and expenses  | 1423 | 5593 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 7320 | 25765 |
|  Total expenses  | 260985 | 890876 |
|  NET INVESTMENT INCOME  | 109339 | 583783 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 843606 | 9165934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions in kind  | 776071 | 1560369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 1619677 | 10726303 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 708671 | (8323453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 708671 | (8323453) |
|  Net realized and unrealized gain on investments and foreign currency | 2328348 | 2402850 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  | $2437687 | $2986633 |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.<sup></sup>

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 37 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM Small/Mid<br> Cap Value Fund** | **CRM Small/Mid<br> Cap Value Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | $558448 | $2487415 |
| &nbsp;&nbsp;&nbsp; Net securities lending income  | 786 | 897 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld  |  |  |
|  Total investment income  | 559234 | 2488312 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees  | 336979 | 1225464 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer agent fees - Institutional Shares  | 19402 | 126115 |
| &nbsp;&nbsp;&nbsp; Shareholder Services - Investor Shares  | 11712 | 48191 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 12058 | 28970 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 17146 | 75493 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 17842 | 57473 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 5000 | 15104 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 10437 | 18506 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 9734 | 30686 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses  | 6347 | 27366 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 7774 | 24240 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 6557 | 14949 |
| &nbsp;&nbsp;&nbsp; Reflow fees and expenses  | 5667 | 29497 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 1787 | 51347 |
|  Total expenses  | 468442 | 1773401 |
|  NET INVESTMENT INCOME  | 90792 | 714911 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 5493965 | 9368256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions in kind  | 4064741 | 9260083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 9558706 | 18628339 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 166707 | (17037495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 166707 | (17037495) |
|  Net realized and unrealized gain on investments and foreign currency | 9725413 | 1590844 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  | $9816205 | $2305755 |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.<sup></sup>

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 38 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM Mid Cap<br> Value Fund** | **CRM Mid Cap<br> Value Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | $1088156 | $4835110 |
| &nbsp;&nbsp;&nbsp; Net securities lending income  | 990 | 2013 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld  | (1948) | (9302) |
|  Total investment income  | 1087198 | 4827821 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees  | 749328 | 2586412 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer agent fees - Institutional Shares  | 31091 | 189600 |
| &nbsp;&nbsp;&nbsp; Shareholder Services - Investor Shares  | 106869 | 343863 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 13475 | 50443 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 36903 | 140670 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 30406 | 77197 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 5000 | 14999 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 15865 | 29532 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 23318 | 67915 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses  | 11437 | 59936 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 10182 | 53057 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 14632 | 32044 |
| &nbsp;&nbsp;&nbsp; Reflow fees and expenses  | 38639 | 94983 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 11843 | 68922 |
|  Total expenses  | 1098988 | 3809573 |
|  NET INVESTMENT INCOME  | (11790) | 1018248 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2623974 | 27441120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions in kind  | 18325186 | 30038870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (101) | (266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 20949059 | 57479724 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (249748) | (46861672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (288) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (250036) | (46861544) |
|  Net realized and unrealized gain on investments and foreign currency | 20699023 | 10618180 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  | $20687233 | $11636428 |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.<sup></sup>

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 39 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM All<br> Cap Value Fund** | **CRM All<br> Cap Value Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | $85558 | $346706 |
| &nbsp;&nbsp;&nbsp; Net securities lending income  | 180 | 1363 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld  | (148) | (627) |
|  Total investment income  | 85590 | 347442 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees  | 56274 | 165266 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer agent fees - Institutional Shares  |  | 2057 |
| &nbsp;&nbsp;&nbsp; Shareholder Services - Investor Shares  | 5736 | 16645 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 10430 | 33018 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 3467 | 25259 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 5000 | 14999 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 3983 | 13909 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 6878 | 9990 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses  | 2636 | 4190 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 1557 | 4213 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 6468 | 3485 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 1405 | 2740 |
| &nbsp;&nbsp;&nbsp; Reflow fees and expenses  | 1379 |  |
| &nbsp;&nbsp;&nbsp; Other expenses  | 9277 | 14992 |
|  Total expenses  | 114490 | 310763 |
| &nbsp;&nbsp;&nbsp; Expenses waived  | (12277) | (10390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 102213 | 300373 |
|  NET INVESTMENT INCOME (LOSS) | (16623) | 47069 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 469318 | 3086921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind transactions  | 466792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (110) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 936000 | 3086830 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1325111 | (2213372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1325106 | (2213367) |
|  Net realized and unrealized gain (loss) on investments and foreign currency | 2261106 | 873463 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  | $2244483 | $920532 |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 40 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM Long/Short <br> Opportunities Fund** | **CRM Long/Short <br> Opportunities Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | $1572858 | $5990025 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld  |  | (8701) |
|  Total investment income  | 1572858 | 5981324 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees  | 1509995 | 3930220 |
| &nbsp;&nbsp;&nbsp; Dividend expense on securities sold short  | 159964 | 644553 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer agent fees - Institutional Shares  | 26731 | 148910 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 8587 | 30609 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 37539 | 118592 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 6524 | 18549 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 26829 | 56364 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 16562 | 26732 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses  | 12611 | 39241 |
| &nbsp;&nbsp;&nbsp; Insurance fees  | 12786 | 37580 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 12277 | 36600 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 22529 | 22273 |
| &nbsp;&nbsp;&nbsp; Reflow fees and expenses  | 9830 | 30307 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 12380 | 97713 |
|  Total expenses  | 1875144 | 5238243 |
| &nbsp;&nbsp;&nbsp; Expenses waived  | (97735) | (396482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 1777409 | 4841761 |
|  NET INVESTMENT INCOME (LOSS) | (204551) | 1139563 |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 41 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF OPERATIONS*** <br>

---

| | | |
|:---|:---|:---|
|  | **CRM Long/Short <br> Opportunities Fund** | **CRM Long/Short <br> Opportunities Fund** |
|  | **For the <br> Period\*<br> Ended<br> October 31, <br> 2025** | **For the <br> Year<br> Ended<br> June 30, <br> 2025** |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN CURRENCY |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 14494275 | (802758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind transactions  | 2558198 | 9117988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | (3942503) | (8145912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements  | (7852769) | 1123292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | (1052187) | (880852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (28644) | (28452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | 4176370 | 383306 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1532385 | (7724507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | 1882033 | 2138852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements  | 63682 | (3628552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 47972 | (26937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3526072 | (9241144) |
|  Net realized and unrealized gain (loss) on investments, derivatives and foreign currency | 7702442 | (8857838) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  | $7497891 | $(7718275) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.<sup></sup>

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 42 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF CHANGES IN NET ASSETS*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM Small Cap Value Fund** | **CRM Small Cap Value Fund** | **CRM Small Cap Value Fund** |
|  | **Period\* Ended <br> October 31, 2025** | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
|  NET ASSETS - BEGINNING OF YEAR/PERIOD  | $65087390 | $75275015 | $77425561 |
|  OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 109339 | 583783 | 403786 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments  | 1619677 | 10726303 | 3784811 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 708671 | (8323453) | 5091061 |
|  Net increase in net assets resulting from operations  | 2437687 | 2986633 | 9279658 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  |  | (2783445) | (1207084) |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (4144665) | (1757607) |
|  Total distributions to shareholders  |  | (6928110) | (2964691) |
|  CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares - Investor Shares  | 16326 | 519097 | 121454 |
| &nbsp;&nbsp;&nbsp; Sale of shares - Institutional Shares  | 1343361 | 11681282 | 3450999 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Investor Class  |  | 2640950 | 1113318 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Institutional Class  |  | 3741091 | 1492966 |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Investor Class  | (2091181) | (4060577) | (3867972) |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Institutional Class  | (2381536) | (20767991) | (10776278) |
|  Net decrease from capital share transactions  | (3113030) | (6246148) | (8465513) |
|  Total decrease in net assets  | (675343) | (10187625) | (2150546) |
|  NET ASSETS - END OF YEAR/PERIOD  | $64412047 | $65087390 | $75275015 |
|  SHARE ACTIVITY |  |  |  |
|  Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 1229 | 35582 | 9523 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 180270 | 92010 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (158473) | (291527) | (307693) |
|  Net decrease  | (157244) | (75675) | (206160) |
|  Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 80687 | 673798 | 219901 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 199631 | 98416 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (139405) | (1277590) | (677114) |
|  Net decrease  | (58718) | (404161) | (358797) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 43 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF CHANGES IN NET ASSETS*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM Small/Mid Cap Value Fund** | **CRM Small/Mid Cap Value Fund** | **CRM Small/Mid Cap Value Fund** |
|  | **Period\* Ended <br> October 31, 2025** | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
|  NET ASSETS - BEGINNING OF YEAR/PERIOD  | $129426608 | $169225405 | $220259152 |
|  OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 90792 | 714911 | 753579 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments  | 9558706 | 18628339 | 17323035 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 166707 | (17037495) | (977558) |
|  Net increase in net assets resulting from operations  | 9816205 | 2305755 | 17099056 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  |  | (2824850) | (143572) |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (20411789) | (1453671) |
|  Total distributions to shareholders  |  | (23236639) | (1597243) |
|  CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares - Investor Shares  | 371997 | 1984198 | 2634374 |
| &nbsp;&nbsp;&nbsp; Sale of shares - Institutional Shares  | 17816849 | 95296464 | 33249945 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Investor Class  |  | 2817963 | 133292 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Institutional Class  |  | 10733537 | 1094832 |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Investor Class  | (2658150) | (10749657) | (5927585) |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Institutional Class  | (24012685) | (118950418) | (97720418) |
|  Net decrease from capital share transactions  | (8481989) | (18867913) | (66535560) |
|  Total increase (decrease) in net assets  | 1334216 | (39798797) | (51033747) |
|  NET ASSETS - END OF YEAR/PERIOD  | $130760824 | $129426608 | $169225405 |
|  SHARE ACTIVITY |  |  |  |
|  Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 36032 | 172195 | 258534 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 249377 | 13315 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (252923) | (1000723) | (570128) |
|  Net decrease  | (216891) | (579151) | (298279) |
|  Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 1608216 | 8888580 | 3033696 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 901978 | 104569 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (2175858) | (11568089) | (8786863) |
|  Net decrease  | (567642) | (1777531) | (5648598) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 44 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF CHANGES IN NET ASSETS*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM Mid Cap Value Fund** | **CRM Mid Cap Value Fund** | **CRM Mid Cap Value Fund** |
|  | **Period\* Ended <br> October 31, 2025** | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
|  NET ASSETS - BEGINNING OF YEAR/PERIOD  | $304560728 | $372057285 | $412887936 |
|  OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (11790) | 1018248 | 1138182 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments  | 20949059 | 57479724 | 36075123 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments and foreign currency  | (250036) | (46861544) | (1271028) |
|  Net increase in net assets resulting from operations  | 20687233 | 11636428 | 35942277 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  |  | (13168546) | (9626587) |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (19426962) | (13465463) |
|  Total distributions to shareholders  |  | (32595508) | (23092050) |
|  CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares - Investor Shares  | 1770088 | 7020092 | 7386528 |
| &nbsp;&nbsp;&nbsp; Sale of shares - Institutional Shares  | 33141838 | 103227504 | 30246143 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Investor Class  |  | 12937451 | 9467390 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Institutional Class  |  | 18242262 | 12666657 |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Investor Class  | (11477138) | (33874305) | (35327304) |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Institutional Class  | (82745740) | (154090481) | (78120292) |
|  Net decrease from capital share transactions  | (59310952) | (46537477) | (53680878) |
|  Total decrease in net assets  | (38623719) | (67496557) | (40830651) |
|  NET ASSETS - END OF YEAR/PERIOD  | $265937009 | $304560728 | $372057285 |
|  SHARE ACTIVITY |  |  |  |
|  Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 81241 | 326421 | 340185 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 576278 | 464543 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (519240) | (1526528) | (1627828) |
|  Net decrease  | (437999) | (623829) | (823100) |
|  Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 1403386 | 4714989 | 1315903 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 761363 | 585606 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (3491874) | (6804763) | (3438272) |
|  Net decrease  | (2088488) | (1328411) | (1536763) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 45 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF CHANGES IN NET ASSETS*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM All Cap Value Fund** | **CRM All Cap Value Fund** | **CRM All Cap Value Fund** |
|  | **Period\* Ended <br> October 31, 2025** | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
|  NET ASSETS - BEGINNING OF YEAR/PERIOD  | $22955782 | $23338121 | $23668129 |
|  OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (16623) | 47069 | 62998 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments  | 936000 | 3086830 | 1727201 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency  | 1325106 | (2213367) | 1079275 |
|  Net increase in net assets resulting from operations  | 2244483 | 920532 | 2869474 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  |  | (671820) | (122654) |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (1725521) | (343247) |
|  Total distributions to shareholders  |  | (2397341) | (465901) |
|  CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares - Investor Shares  | 5770 | 86016 | 114223 |
| &nbsp;&nbsp;&nbsp; Sale of shares - Institutional Shares  | 1900687 | 505968 | 444553 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Investor Class  |  | 671093 | 117823 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Institutional Class  |  | 1621462 | 325532 |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Investor Class  | (214301) | (623958) | (1710121) |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Institutional Class  | (3672682) | (1166111) | (2025591) |
|  Net increase (decrease) from capital share transactions  | (1980526) | 1094470 | (2733581) |
|  Total increase (decrease) in net assets  | 263957 | (382339) | (330008) |
|  NET ASSETS - END OF YEAR/PERIOD  | $23219739 | $22955782 | $23338121 |
|  SHARE ACTIVITY |  |  |  |
|  Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 823 | 12307 | 16865 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 94122 | 19065 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (29806) | (83827) | (276638) |
|  Net increase (decrease)  | (28983) | 22602 | (240708) |
|  Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 252734 | 66980 | 67776 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 218525 | 50865 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (489670) | (161288) | (296821) |
|  Net increase (decrease)  | (236936) | 124217 | (178180) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 46 |  |

---

***CRM FUNDS*** <br> ***STATEMENTS OF CHANGES IN NET ASSETS*** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **CRM Long/Short Opportunities Fund** | **CRM Long/Short Opportunities Fund** | **CRM Long/Short Opportunities Fund** |
|  | **Period\* Ended <br> October 31, 2025** | **Year Ended <br> June 30, 2025** | **Year Ended <br> June 30, 2024** |
|  NET ASSETS - BEGINNING OF YEAR/PERIOD  | $244727924 | $195995806 | $255340562 |
|  OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (204551) | 1139563 | 1362007 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments and foreign currency | 4176370 | 383306 | 21663471 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currency  | 3526072 | (9241144) | (11361034) |
|  Net increase (decrease) in net assets resulting from operations  | 7497891 | (7718275) | 11664444 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (22641710) | (3644212) |
| &nbsp;&nbsp;&nbsp; Return of Capital  |  | (752253) |  |
|  Total distributions to shareholders  |  | (23393963) | (3644212) |
|  CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares - Institutional Shares  | 174926979 | 351286172 | 62470181 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions - Institutional Class  |  | 23368461 | 3635291 |
| &nbsp;&nbsp;&nbsp; Redemption of shares - Institutional Class  | (23490726) | (294810277) | (133470460) |
|  Net increase (decrease) from capital share transactions  | 151436253 | 79844356 | (67364988) |
|  Total increase (decrease) in net assets  | 158934144 | 48732118 | (59344756) |
|  NET ASSETS - END OF YEAR/PERIOD  | $403662068 | $244727924 | $195995806 |
|  SHARE ACTIVITY |  |  |  |
|  Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | 14098493 | 27875006 | 4926945 |
| &nbsp;&nbsp;&nbsp; Issued on reinvestment of distributions  |  | 1790687 | 315016 |
| &nbsp;&nbsp;&nbsp; Redeemed  | (1925053) | (24372862) | (11271054) |
|  Net increase (decrease)  | 12173440 | 5292831 | (6029093) |

---

\* For the period July 1, 2025 to October 31, 2025. See Note 1.

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 47 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

*The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. The total returns in the tables represent the rate an investor would have earned or lost on an investment in the funds (assuming reinvestment of all dividends and distributions). This information should be read in conjunction with the financial statements and notes thereto.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Small Cap Value Fund — Investor Shares** | **CRM Small Cap Value Fund — Investor Shares** | **CRM Small Cap Value Fund — Investor Shares** | **CRM Small Cap Value Fund — Investor Shares** | **CRM Small Cap Value Fund — Investor Shares** | **CRM Small Cap Value Fund — Investor Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $12.88 | $13.50 | $12.49 | $11.40 | $17.35 | $11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.01 | 0.09 | 0.05 | 0.14 | —<sup>3</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.46 | 0.71 | 1.53 | 1.24 | (2.26) | 6.16 |
|  Total from investment operations  | 0.47 | 0.80 | 1.58 | 1.38 | (2.26) | 6.20 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.04) | (0.23) | (0.06) | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (1.38) | (0.34) | (0.23) | (3.68) |  |
|  Total distributions to shareholders  |  | (1.42) | (0.57) | (0.29) | (3.69) | (0.07) |
|  Net Asset Value - End of Year/Period  | $13.35 | $12.88 | $13.50 | $12.49 | $11.40 | $17.35 |
|  Total return  | 3.65% | 4.65% | 13.17% | 12.09% | (15.73)% | 55.36% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.31% | 1.27% | 1.26% | 1.21% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.35% | 0.65% | 0.43% | 1.11% | 0.01% | 0.30% |
|  Portfolio turnover rate  | 38% | 105% | 77% | 54% | 54% | 63% |
|  Net Assets at end of year/period (000's omitted)  | $24765 | $25910 | $28177 | $28660 | $28325 | $38548 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $0.005. 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 48 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Small Cap Value Fund - Institutional Shares** | **CRM Small Cap Value Fund - Institutional Shares** | **CRM Small Cap Value Fund - Institutional Shares** | **CRM Small Cap Value Fund - Institutional Shares** | **CRM Small Cap Value Fund - Institutional Shares** | **CRM Small Cap Value Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $16.48 | $16.94 | $15.53 | $14.10 | $20.55 | $13.28 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.04 | 0.14 | 0.10 | 0.19 | 0.03 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.58 | 0.85 | 1.90 | 1.55 | (2.75) | 7.28 |
|  Total from investment operations  | 0.62 | 0.99 | 2.00 | 1.74 | (2.72) | 7.37 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.07) | (0.25) | (0.08) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (1.38) | (0.34) | (0.23) | (3.68) |  |
|  Total distributions to shareholders  |  | (1.45) | (0.59) | (0.31) | (3.73) | (0.10) |
|  Net Asset Value - End of Year/Period  | $17.10 | $16.48 | $16.94 | $15.53 | $14.10 | $20.55 |
|  Total return  | 3.76% | 4.79% | 13.36% | 12.33% | (15.53)% | 55.68% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.08% | 1.09% | 1.07% | 1.01% | 0.93% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.58% | 0.82% | 0.61% | 1.27% | 0.18% | 0.54% |
|  Portfolio turnover rate  | 38% | 105% | 77% | 54% | 54% | 63% |
|  Net Assets at end of year/period (000's omitted)  | $39647 | $39177 | $47098 | $48766 | $90451 | $299170 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 49 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Small/Mid Cap Value Fund - Investor Shares** | **CRM Small/Mid Cap Value Fund - Investor Shares** | **CRM Small/Mid Cap Value Fund - Investor Shares** | **CRM Small/Mid Cap Value Fund - Investor Shares** | **CRM Small/Mid Cap Value Fund - Investor Shares** | **CRM Small/Mid Cap Value Fund - Investor Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $9.94 | $11.00 | $10.20 | $9.94 | $15.37 | $9.71 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | —<sup>3</sup> | 0.03 | 0.03 | 0.10 | 0.10 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.77 | 0.55 | 0.84 | 0.79 | (1.39) | 6.29 |
|  Total from investment operations  | 0.77 | 0.58 | 0.87 | 0.89 | (1.29) | 6.40 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.04) | (0.07) | (0.06) | (0.17) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (1.60) | —<sup>3</sup> | (0.57) | (3.97) | (0.71) |
|  Total distributions to shareholders  |  | (1.64) | (0.07) | (0.63) | (4.14) | (0.74) |
|  Net Asset Value - End of Year/Period  | $10.71 | $9.94 | $11.00 | $10.20 | $9.94 | $15.37 |
|  Total return  | 7.75% | 3.41% | 8.57% | 9.07% | (11.92)% | 67.80% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.22% | 1.23% | 1.21% | 1.18% | 1.18% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.02% | 0.27% | 0.24% | 1.02% | 0.82% | 0.83% |
|  Portfolio turnover rate  | 46% | 146% | 72% | 42% | 34% | 59% |
|  Net Assets at end of year/period (000's omitted)  | $12442 | $13706 | $21541 | $23018 | $20914 | $26464 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $0.005. 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 50 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Small/Mid Cap Value Fund - Institutional Shares** | **CRM Small/Mid Cap Value Fund - Institutional Shares** | **CRM Small/Mid Cap Value Fund - Institutional Shares** | **CRM Small/Mid Cap Value Fund - Institutional Shares** | **CRM Small/Mid Cap Value Fund - Institutional Shares** | **CRM Small/Mid Cap Value Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $10.48 | $11.52 | $10.68 | $10.38 | $15.87 | $10.00 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.01 | 0.05 | 0.04 | 0.13 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.80 | 0.56 | 0.89 | 0.82 | (1.46) | 6.50 |
|  Total from investment operations  | 0.81 | 0.61 | 0.93 | 0.95 | (1.33) | 6.63 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.05) | (0.09) | (0.08) | (0.19) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (1.60) | —<sup>3</sup> | (0.57) | (3.97) | (0.71) |
|  Total distributions to shareholders  |  | (1.65) | (0.09) | (0.65) | (4.16) | (0.76) |
|  Net Asset Value - End of Year/Period  | $11.29 | $10.48 | $11.52 | $10.68 | $10.38 | $15.87 |
|  Total return  | 7.73% | 3.58% | 8.75% | 9.28% | (11.78)% | 68.26% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.02% | 1.06% | 1.05% | 1.01% | 1.00% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.22% | 0.46% | 0.39% | 1.21% | 0.98% | 0.99% |
|  Portfolio turnover rate  | 46% | 146% | 72% | 42% | 34% | 59% |
|  Net Assets at end of year/period (000's omitted)  | $118319 | $115720 | $147684 | $197242 | $119384 | $286762 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $0.005. 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 51 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Mid Cap Value Fund - Investor Shares** | **CRM Mid Cap Value Fund - Investor Shares** | **CRM Mid Cap Value Fund - Investor Shares** | **CRM Mid Cap Value Fund - Investor Shares** | **CRM Mid Cap Value Fund - Investor Shares** | **CRM Mid Cap Value Fund - Investor Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $20.85 | $22.43 | $21.73 | $21.43 | $27.71 | $18.34 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup>  | (0.01) | 0.04 | 0.04 | 0.25 | 0.27 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 1.43 | 0.56 | 2.05 | 1.00 | (1.57) | 9.67 |
|  Total from investment operations  | 1.42 | 0.60 | 2.09 | 1.25 | (1.30) | 9.82 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.02) | (0.24) | (0.26) | (0.26) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (2.16) | (1.15) | (0.69) | (4.72) | (0.36) |
|  Total distributions to shareholders  |  | (2.18) | (1.39) | (0.95) | (4.98) | (0.45) |
|  Net Asset Value - End of Year/Period  | $22.27 | $20.85 | $22.43 | $21.73 | $21.43 | $27.71 |
|  Total return  | 6.81% | 1.97% | 10.27% | 5.78% | (6.68)% | 54.09% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.22% | 1.20% | 1.16% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.13)% | 0.20% | 0.19% | 1.16% | 1.06% | 0.66% |
|  Portfolio turnover rate  | 27% | 88% | 47% | 43% | 23% | 63% |
|  Net Assets at end of year/period (000's omitted)  | $121814 | $123186 | $146457 | $159797 | $164743 | $187541 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 52 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Mid Cap Value Fund - Institutional Shares** | **CRM Mid Cap Value Fund - Institutional Shares** | **CRM Mid Cap Value Fund - Institutional Shares** | **CRM Mid Cap Value Fund - Institutional Shares** | **CRM Mid Cap Value Fund - Institutional Shares** | **CRM Mid Cap Value Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $22.28 | $23.82 | $23.00 | $22.62 | $29.00 | $19.17 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.01 | 0.08 | 0.08 | 0.31 | 0.33 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 1.52 | 0.60 | 2.16 | 1.06 | (1.67) | 10.12 |
|  Total from investment operations  | 1.53 | 0.68 | 2.24 | 1.37 | (1.34) | 10.32 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.06) | (0.27) | (0.30) | (0.32) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (2.16) | (1.15) | (0.69) | (4.72) | (0.36) |
|  Total distributions to shareholders  |  | (2.22) | (1.42) | (0.99) | (5.04) | (0.49) |
|  Net Asset Value - End of Year/Period  | $23.81 | $22.28 | $23.82 | $23.00 | $22.62 | $29.00 |
|  Total return  | 6.87% | 2.19% | 10.39% | 6.00% | (6.55)% | 54.44% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.01% | 1.04% | 0.99% | 0.99% | 0.97% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.07% | 0.36% | 0.36% | 1.34% | 1.23% | 0.84% |
|  Portfolio turnover rate  | 27% | 88% | 47% | 43% | 23% | 63% |
|  Net Assets at end of year/period (000's omitted)  | $144123 | $181375 | $225601 | $253091 | $219322 | $251517 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 53 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM All Cap Value Fund - Investor Shares** | **CRM All Cap Value Fund - Investor Shares** | **CRM All Cap Value Fund - Investor Shares** | **CRM All Cap Value Fund - Investor Shares** | **CRM All Cap Value Fund - Investor Shares** | **CRM All Cap Value Fund - Investor Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $6.61 | $7.05 | $6.34 | $6.47 | $8.88 | $5.91 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup>  | (0.01) | —<sup>3</sup> | 0.01 | —<sup>3</sup> | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.65 | 0.32 | 0.83 | 0.33 | (0.70) | 3.16 |
|  Total from investment operations  | 0.64 | 0.32 | 0.84 | 0.33 | (0.68) | 3.18 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  |  | (0.01) | (0.01) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (0.76) | (0.12) | (0.45) | (1.69) | (0.19) |
|  Total distributions to shareholders  |  | (0.76) | (0.13) | (0.46) | (1.73) | (0.21) |
|  Net Asset Value - End of Year/Period  | $7.25 | $6.61 | $7.05 | $6.34 | $6.47 | $8.88 |
|  Total return  | 9.68% | 3.71% | 13.47% | 4.94% | (10.09)% | 54.42% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, including waiver/reimbursement  | 1.45% | 1.45% | 1.45% | 1.41% | 1.33% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, excluding waiver/reimbursement  | 1.61% | 1.48% | 1.47% | 1.41% | 1.33% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), including waiver/reimbursement  | (0.35)% | 0.02% | 0.09% | 0.03% | 0.32% | 0.31% |
|  Portfolio turnover rate  | 26% | 74% | 54% | 51% | 38% | 87% |
|  Net Assets at end of year/period (000's omitted)  | $6915 | $6489 | $6767 | $7609 | $7622 | $8916 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $0.005. 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 54 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM All Cap Value Fund - Institutional Shares** | **CRM All Cap Value Fund - Institutional Shares** | **CRM All Cap Value Fund - Institutional Shares** | **CRM All Cap Value Fund - Institutional Shares** | **CRM All Cap Value Fund - Institutional Shares** | **CRM All Cap Value Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $6.89 | $7.31 | $6.57 | $6.69 | $9.12 | $6.07 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup>  | —<sup>3</sup> | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.68 | 0.33 | 0.87 | 0.34 | (0.72) | 3.24 |
|  Total from investment operations  | 0.68 | 0.35 | 0.89 | 0.36 | (0.68) | 3.28 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.01) | (0.03) | (0.03) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (0.76) | (0.12) | (0.45) | (1.69) | (0.19) |
|  Total distributions to shareholders  |  | (0.77) | (0.15) | (0.48) | (1.75) | (0.23) |
|  Net Asset Value - End of Year/Period  | $7.57 | $6.89 | $7.31 | $6.57 | $6.69 | $9.12 |
|  Total return  | 9.87% | 3.93% | 13.77% | 5.18% | (9.81)% | 54.66% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, including waiver/reimbursement  | 1.20% | 1.20% | 1.20% | 1.18% | 1.09% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, excluding waiver/reimbursement  | 1.35% | 1.25% | 1.24% | 1.18% | 1.09% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), including waiver/reimbursement  | (0.09)% | 0.27% | 0.35% | 0.27% | 0.56% | 0.52% |
|  Portfolio turnover rate  | 26% | 74% | 54% | 51% | 38% | 87% |
|  Net Assets at end of year/period (000's omitted)  | $16305 | $16467 | $16571 | $16059 | $15509 | $18393 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $0.005. 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 55 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value - Beginning of Year/Period  | $12.03 | $13.02 | $12.11 | $11.15 | $11.62 | $10.23 |
|  Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup>  | (0.01) | 0.06 | 0.09 | —<sup>3</sup> | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments, derivatives and foreign currency  | 0.39 | —<sup>3</sup> | 1.09 | 1.14 | (0.15) | 2.22 |
|  Total from investment operations  | 0.38 | 0.06 | 1.18 | 1.14 | (0.38) | 1.97 |
|  Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  |  | (0.11) | (0.27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments  |  | (0.91) |  | (0.18) | (0.09) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  |  | (0.03) |  |  |  |  |
|  Total distributions to shareholders  |  | (1.05) | (0.27) | (0.18) | (0.09) | (0.58) |
|  Net Asset Value - End of Year/Period  | $12.41 | $12.03 | $13.02 | $12.11 | $11.15 | $11.62 |
|  Total return  | 3.16% | (0.20)% | 10.07% | 10.29% | (3.33)% | 19.49% |

---

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 56 |  |

---

***CRM FUNDS*** <br> ***FINANCIAL HIGHLIGHTS*** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** | **CRM Long/Short Opportunities Fund - Institutional Shares** |
|  | | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **For the <br> Period<sup>1</sup>** **<br> Ended <br> October 31,** <br>**2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, including waiver/reimbursement  | 1.76% | 1.85% | 2.25% | 2.48% | 2.68% | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, including waiver/reimbursement and excluding interest and dividend expense relating to short sales | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, excluding waiver/reimbursement  | 1.85% | 2.00% | 2.41% | 2.60% | 2.80% | 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, excluding waiver/reimbursement and interest and dividend expense relating to short sales  | 1.70% | 1.75% | 1.76% | 1.72% | 1.72% | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), including waiver/reimbursement  | (0.20)% | 0.43% | 0.73% | (0.03)% | (2.00)% | (2.18)% |
|  Portfolio turnover rate  | 65% | 187% | 113% | 90% | 157% | 201% |
|  Net Assets at end of year/period (000's omitted)  | $403662 | $244728 | $195996 | $255341 | $185463 | $127930 |

---

<sup>(1)</sup> For the period ended October 31, 2025. All ratios for the period have been annualized. Total returns and portfolio turnover for the period have not been annualized. 

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Amount represents less than $(0.005). 

---

| | | |
|:---|:---|:---|
| **See accompanying notes to financial statements.** | **See accompanying notes to financial statements.** | **CRM Funds** |
|  | 57 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025*** <br>

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Description of the Funds.** CRM Small Cap Value Fund ("Small Cap Value Fund"), CRM Small/Mid
 Cap Value Fund ("Small/Mid Cap Value Fund"), CRM Mid Cap Value Fund ("Mid Cap Value Fund"), CRM All Cap Value
 Fund ("All Cap Value Fund") and CRM Long/Short Opportunities Fund ("Long/Short Opportunities Fund") (each, a "Fund"
 and collectively, the "Funds") are series of the CRM Mutual Fund Trust (the "Trust"). The Trust consists of five
 funds. A shareholder of one series is not deemed to be a shareholder of any other series. The Trust is registered under the Investment
 Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Delaware
 statutory trust on March 30, 2005.

*Small Cap Value Fund, Small/Mid Cap Value Fund, Mid Cap Value Fund, and All Cap Value Fund:* Each Fund offers Investor and Institutional Shares. Each class has different minimum investment requirements, fees and expenses. All classes of shares have identical voting, dividend and liquidation rights. Investor Shares are available to all investors and are subject to a shareholder servicing fee. Institutional Shares are offered only to those investors who invest in a Fund through an intermediary (i.e. broker) or through a consultant and who invest $1,000,000 or more or where related accounts total $1,000,000 or more when combined. <br>

*Long/Short Opportunities Fund:* The Fund offers Institutional Shares. Shares are generally available for purchase and sale by registered investment advisers acting in a fiduciary capacity on behalf of their clients and by or through other qualified intermediaries and programs sponsored by such qualified financial intermediaries. Initial investments in the Fund are subject to a $10,000 minimum per registered investment adviser or qualified financial intermediary. <br>

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the portfolio manager and President of the Funds, who are responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights. <br>

Effective October 31, 2025, the Funds have changed their fiscal year and tax year end from June 30 to October 31 for operational efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies.** The Funds' financial statements have been prepared in conformity
 with U.S. generally accepted accounting principles

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 58 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting requirements for investment companies under Financial Accounting Standards Board ("FASB"), Accounting Standards Codification Topic 946. The following is a summary of the significant accounting policies of the Funds:

*Security Valuation.* The Funds value their investment securities based on current market values when such values are available. These prices normally are supplied by a pricing service.

In valuing a Fund's investment securities, a security listed on the New York Stock Exchange (the "Exchange") (and not subject to restrictions against sale by the Fund on the Exchange) will be valued at its last sale price on the Exchange on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the closing asked price and the closing bid price. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Securities that are quoted on the NASDAQ Stock Market, for which there have been sales of such securities on such day, shall be valued at the last sale price reported on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the closing asked price and the closing bid price.

The value of such securities quoted on the stock market system, but not listed on the national market system, shall be valued at the mean between the closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ Stock Market and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and asked prices for such security in the over-the-counter market.

Short-term investments with remaining maturities of less than 61 days are valued at amortized cost, provided such amount approximates fair value. A Fund's currency valuations, if any, are also valued at the close of regular trading on the Exchange. Investments in other open-end investment companies are valued at such investment company's current day closing net asset value per share. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations provided by a third-party pricing service. Option

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 59 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board" or "Trustees") has designated Cramer Rosenthal McGlynn, LLC, the adviser ("CRM"), to serve as the Trust's Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which market quotations are not readily available in accordance with the Trust's Securities Pricing Procedures. In addition, the Funds may use fair value methodologies if it is determined that a significant event has occurred between the time at which a market price is determined and the time at which the Fund's net asset value ("NAV") is calculated and that may materially affect the value of the security. In particular, the value of foreign securities may be materially affected by events occurring after the close of the market on which they are valued, but before a Fund prices its shares. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas market but prior to the close of the U.S. market. In addition, arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to profit at the expense of long-term investors. Valuing securities using fair value methodologies involves greater reliance on judgment than valuing securities based on readily available market quotations. A Fund, when using fair value methodologies to price securities, may value those securities higher or lower than another fund using market quotations or its own fair value methodologies to price the same securities. There can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security.

The Funds disclose the value of their investments in a hierarchy based on the inputs used to value the investments. The disclosure hierarchy consists of three broad levels:

● Level 1 — quoted prices in active markets for identical securities

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equity securities. The Funds do not adjust the quoted price for such

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 60 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

investments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds and less liquid listed equity securities.

In addition, foreign securities may require revised valuations if the values of the securities are materially affected by events occurring after the close of the market on which they are valued, but before a Fund prices its shares. As investments whose values are classified as Level 2 prices may include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the Funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for comparable companies or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting value and therefore the Funds' results of operations.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 61 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A financial instrument's level within the fair value hierarchy is based on the lowest level of any inputs both individually and in the aggregate that is significant to the fair value measurement. The Funds' policy is to recognize transfers among levels as of the beginning of the reporting period. A summary of the inputs used to value the Funds' investments as of October 31, 2025 is included with each Fund's Schedule of Investments.

*Foreign Currency Translations.* The books and records of the Funds are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of those investments. Such fluctuations are included with the net realized and unrealized gain or loss from investments that are disclosed within each Fund's statement of operations, as applicable.

*Federal Income Taxes.* Each Fund is treated as a separate entity for federal income tax purposes and intends to continue to qualify as a "regulated investment company" ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income tax provision has been made.

Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed each of the Fund's tax positions and has concluded that no provision for U.S. income tax is required in each of the Fund's financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. On an ongoing basis, management monitors the Funds' tax positions to determine if any adjustments to its conclusions are necessary.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 62 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended October 31, 2025, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income.* Investment security transactions are accounted for on a trade date basis for financial reporting purposes. Each Fund uses the specific identification method for determining realized gains and losses on investments for both financial and federal income tax reporting purposes. Interest income is recorded on the accrual basis and includes the amortization of premium and the accretion of discount. Dividend income and expense are recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. The Funds record expenses as incurred. Common expenses of the Trust are allocated on a pro-rata basis amongst the series of the Trust based on relative net assets.

The Funds' investments in certain countries are subjected to additional capital gain taxes. Such taxes are due upon sale of individual securities. The Funds accrue for taxes on the capital gains throughout the holding period based on the unrealized gain of the underlying securities, as applicable. The Funds held no such securities during the period ended October 31, 2025.

*Class Accounting.* In calculating the NAV per share for each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

*Repurchase Agreements.* Each Fund (except Long/Short Opportunities Fund) may, through its custodian, receive delivery of the underlying securities used to collateralize repurchase agreements, the market value of which is required to be in an amount at least equal to 101% of the resale price. The Funds' investment adviser is responsible for determining that the market value of these underlying

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 63 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

securities is maintained at all times at a level at least equal to 101% of the resale price. In event of default of the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Provisions of each agreement require that the market value of the collateral is sufficient in the event of default; however, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

*Distributions to Shareholders.* Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized gains, if any, will be declared and paid annually.

*Use of Estimates in the Preparation of Financial Statements.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Transactions with Affiliates and Other Servicing Agreements.** CRM serves as investment adviser to the Funds.
 CRM receives an advisory fee from Small Cap Value Fund, Small/Mid Cap Value Fund, and Mid Cap Value Fund of 0.75% of each Fund's
 first $1 billion of average daily net assets; 0.70% of each Fund's next $1 billion of average daily net assets; and 0.65% of each
 Fund's average daily net assets in excess of $2 billion. For its advisory services to All Cap Value Fund, CRM receives 0.70% of
 the Fund's first $1 billion of average daily net assets; 0.65% of the Fund's next $1 billion of average daily net assets;
 and 0.60% of the Fund's average daily net assets in excess of $2 billion. Advisory fees are paid monthly in arrears.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 64 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

CRM has contractually agreed to waive a portion of its fees and assume certain expenses of the Funds to the extent that total annual fund operating expenses (excluding taxes, extraordinary expenses, brokerage commissions, acquired fund fees and expenses and interest) exceeds the percentage of average daily net assets as follows: 

---

| | | |
|:---|:---|:---|
|  | *Investor <br> Shares* | *Institutional<br> Shares*  |
|  Small Cap Value Fund  | 1.50% | 1.25% |
|  Small/Mid Cap Value Fund  | 1.50% | 1.25% |
|  Mid Cap Value Fund  | 1.50% | 1.25% |
|  All Cap Value Fund  | 1.45% | 1.20% |

---

For its advisory services to Long/Short Opportunities Fund, CRM receives 1.50% of the Fund's first $1 billion of average daily net assets; 1.45% of the Fund's next $1 billion of average daily net assets; and 1.40% of the Fund's average daily net assets in excess of $2 billion. Advisory fees are paid monthly in arrears. CRM has contractually agreed to waive a portion of its fees and assume certain expenses of Long/Short Opportunities Fund to the extent that total annual fund operating expenses (excluding taxes, extraordinary expenses, brokerage commissions, interest, dividend and interest expenses related to short sales, and acquired fund fees and expenses) exceeds the percentage of average daily net assets as follows:

---

| | |
|:---|:---|
|  | *Institutional<br> Shares*  |
|  Long/Short Opportunities Fund  | 1.60% |

---

The expense limitations are in effect until November 1, 2026. Fees waived by the Advisor are not subject to recoupment in future periods. Prior to that date, the arrangement may be terminated for a class of a Fund only by the vote of the Board of Trustees of the Funds.

*Compliance Services.* Northern Lights Compliance Services, LLC provides compliance services to the Trust, including the services of a Chief Compliance Officer. The fees payable to Northern Lights are included in the Statements of Operations under other expenses.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 65 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

*Compensation of Trustees and Officers.* Trustees and officers of the Funds who are interested persons of CRM, as defined in the 1940 Act, receive no compensation from the Funds.

Trustees of the Funds who are not interested persons of CRM, as defined in the 1940 Act (each an "Independent Trustee"), receive compensation and reimbursement of expenses. Each Independent Trustee receives aggregate annual compensation from the Trust at an annual rate of $19,000 which is allocated on a pro-rata basis amongst the series of the Trust based on relative net assets. In addition, the Chairman of the Audit Committee receives $3,500 annually. Prior to January 22, 2025, each Independent Trustee received aggregate annual compensation from the Trust at an annual rate of $60,000 which was allocated on a pro-rata basis amongst the series of the Trust based on relative net assets. Under a Deferred Compensation Plan (the "Plan") adopted August 12, 2005, an Independent Trustee may elect to defer receipt of all, or a portion, of his annual compensation. If an Independent Trustee opts for deferral, then the deferred amounts are credited to an Independent Trustee's deferral account and invested and reinvested in Institutional Shares of one or more of the Funds in the series of the Trust until such amounts are distributed in accordance with the Plan. No Independent Trustee deferred their compensation earned for the period ended October 31, 2025. Trustees' fees reflected in the accompanying financial statements include total compensation earned, which were paid in cash. Each trustee serves during the continued lifetime of the Funds, or the earlier of when his or her successor is elected or qualified, the Trustee dies, resigns, is removed or becomes disqualified.

*Shareholder Servicing Fees.* The Board has adopted a Shareholder Servicing Plan which allows each Fund to obtain, for its Investor Shares, the services of CRM and other qualified financial institutions to act as shareholder servicing agents for its shareholders. Under the Shareholder Servicing Plan, each Fund may pay shareholder servicing agents, including CRM, monthly fees at an annual rate not to exceed 0.25% of the Fund's average daily net assets attributable to its Investor Shares.

*Sub-Transfer Agent Fees.* Institutional Shares of each Fund are sold through certain intermediaries that provide accounting, recordkeeping, and/or other services to shareholders. The Board of Trustees has approved payment of the fees charged by these intermediaries for providing these sub-transfer

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 66 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

agency services from the assets of the Institutional Shares of each Fund based on reasonable charges for similar services in the industry, subject to certain limitations. CRM, as the Funds' agent, remits these payments to the intermediaries. In some cases, where the sub-transfer agency fees of an intermediary are greater than the amounts paid to CRM by the Funds for that intermediary, CRM will pay the balance of those fees itself.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Investment Securities Transactions.** The cost of investments purchased and the proceeds from investments sold (excluding in-kind transactions and short-term
 investments) for the period ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases**  | **Sales**  | **Short Sales**  | **Purchases to <br> Cover Shorts**  |
|  Small Cap Value Fund  | $24612156 | $27872044 | $— | $— |
|  Small/Mid Cap Value Fund  | 60342050 | 60699036 |  |  |
|  Mid Cap Value Fund  | 77846737 | 103306408 |  |  |
|  All Cap Value Fund  | 6016549 | 7026780 |  |  |
|  Long/Short Opportunities Fund  | 263121236 | 133028100 | 75845956 | 66558258 |

---

For the period ended October 31, 2025, the aggregate cost of purchases and proceeds from sales of portfolio securities for in-kind transactions was as follows: 

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
|  Small Cap Value Fund  | $– $| 992493 |
|  Small/Mid Cap Value Fund  | – | 8067452 |
|  Mid Cap Value Fund  | – | 28581829 |
|  All Cap Value Fund  | – | 1128254 |
|  Long/Short Opportunities Fund  | – | 6590453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Securities Lending Agreement.** Each Fund (except Long/Short Opportunities Fund) may lend their securities pursuant
 to a securities lending agreement ("Lending Agreement") with The Bank of New York Mellon. Security loans made pursuant to
 the Lending Agreement are required at all times to be secured by cash collateral at least equal to 102% of the market value of the securities
 loaned. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral
 is delivered to the Fund on the next business day. Cash collateral received, pursuant to investment guidelines established by the Funds
 and approved by the Board of Trustees, is invested in short-term fixed income securities rated in the highest

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 67 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

rating category by nationally recognized statistical rating organizations (or of comparable quality if unrated) with a maturity date of 397 days or less, including corporate obligations and money market mutual funds. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses.

The Bank of New York Mellon and the lender retain a portion of the earnings from the collateral investments, with the remainder being retained by the Fund. The Funds record securities lending income net of such allocations.

In the event the borrower fails to return loaned securities and 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 Bank of New York Mellon has agreed to pay the amount of the shortfall to the Funds, or at its discretion, replace the loaned securities. In the event of default or bankruptcy by The Bank of New York Mellon, realization and/or retention of the collateral may be subject to legal proceedings.

At October 31, 2025, the following Funds had securities on loan:

---

| | | |
|:---|:---|:---|
|  | **Market <br> Value** | **Cash <br> Collateral\*** |
|  Small Cap Value Fund  | $307914 | $317377 |
|  Small/Mid Cap Value Fund  | $900267 | $911812 |
|  Mid Cap Value Fund  | $1992059 | $2053694 |
|  All Cap Value Fund  | $73508 | $75967 |

---

\* Please note any reported shortfall in required collateral coverage of 102% is based on closing market value of securities on loan as of the date of the report. Any required collateral adjustment needed in order to bring coverage to 102% is done on the next business day. 

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Short Sale Transactions.** In short sale transactions, the Fund sells a security it does not hold in anticipation
 of a decline in the market price of that security. When the Fund makes a short sale, it will borrow the security sold short (borrowed
 bond) and deliver the security to the counterparty to which it sold the security short. An amount equal to the proceeds received by the
 Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the
 market value of the short sale. The Fund is required to repay the counterparty any dividends declared on the security sold short, which
 is shown as dividend expense in the Statements of

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 68 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

Operations. The Fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which the Fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that the Fund will be able to close out a short position at a particular time or at an acceptable price.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash that has been pledged to secure the Fund's obligation to cover the short positions is reported separately on the Statements of Assets and Liabilities. The Fund may receive from or pay to the broker the net of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) income on cash collateral held at the broker and (ii) a financing charge to the extent the cash collateral is less than the margin requirement. The net amounts of income or fees are included as interest income or expense, as applicable, on securities sold short in the Statements of Operations.

During the period ended October 31, 2025, Long/Short Opportunities Fund participated in short sale transactions.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 69 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Federal Tax Information.** 

During the current year, the funds had a change of fiscal year and tax year end from June 30 to October 31. There were no Fund distributions for the period ended October 31, 2025. Tax character of Fund distributions paid for the following periods was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital <br> Gains** | **Return of <br> Capital** | **Total** |
|  CRM Small Cap Value Fund  | $313596 | $6614514 | $— | $6928110 |
|  CRM Small Mid Cap Value Fund  | 716364 | 22520275 |  | 23236639 |
|  CRM Mid Cap Value Fund  | 7000925 | 25594583 |  | 32595508 |
|  CRM All Cap Value Fund  | 776869 | 1620472 |  | 2397341 |
|  CRM Long/Short Opportunities Fund  | 2465659 | 20176051 | 752253 | 23393963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital <br> Gains** | **Return of <br> Capital** | **Total** |
|  CRM Small Cap Value Fund  | $1217678 | $1747013 | $— | $2964691 |
|  CRM Small Mid Cap Value Fund  | 1589627 | 7616 |  | 1597243 |
|  CRM Mid Cap Value Fund  | 3119964 | 19972086 |  | 23092050 |
|  CRM All Cap Value Fund  | 246289 | 219612 |  | 465901 |
|  CRM Long/Short Opportunities Fund  | 3559388 | 84824 |  | 3644212 |

---

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 70 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

As of October 31, 2025, the components of accumulated earnings/(deficit) on a tax basis (including undistributed ordinary income and accumulated capital gain/loss amounts as determined at the Funds' prior fiscal year end of June 30, 2025) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Capital <br> Loss Carry <br> Forwards** | **Other <br> Book/Tax <br> Differences** |
|  CRM Small Cap Value Fund  | $735595 | $4939454 | $— | $— |
|  CRM Small Mid Cap Value Fund  | 389228 | 5999810 |  |  |
|  CRM Mid Cap Value Fund  |  | 15089298 |  |  |
|  CRM All Cap Value Fund  | 603899 | 1371359 |  |  |
|  CRM Long/Short Opportunities Fund  |  |  | (12185725) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Post October <br> Loss and <br> Late Year <br> Loss** | **Unrealized <br> Appreciation/ <br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/<br> (Deficits)** |
|  CRM Small Cap Value Fund  | $– $| 6796732 | $12471781 |
|  CRM Small Mid Cap Value Fund  | – | 14639726 | 21028764 |
|  CRM Mid Cap Value Fund  | – | 41662427 | 56751725 |
|  CRM All Cap Value Fund  | – | 3387108 | 5632366 |
|  CRM Long/Short Opportunities Fund  | – | 14873211 | 2687486 |

---

The difference between book basis and tax basis unrealized appreciation, undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open Swaps, deferral of unsettled short sale losses, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(180) and $63,079 for the CRM Mid Cap Value Fund and CRM Long/Short Opportunities Fund, respectively.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 71 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

At October 31, 2025, the CRM Long/Short Opportunities Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** | **CLCF <br> Utilized** |
|  CRM Small Cap Value Fund  | $— | $– $|  | $— |
|  CRM Small Mid Cap Value Fund  |  | – |  |  |
|  CRM Mid Cap Value Fund  |  | – |  |  |
|  CRM All Cap Value Fund  |  | – |  |  |
|  CRM Long/Short Opportunities Fund  | 12185725 | – | 12185725 |  |

---

During the fiscal year ended October 31, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions, net operating losses and the book/tax basis treatment of equalization credits, resulted in reclassifications for the Funds for the fiscal year ended October 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid <br> In <br> Capital** | **Accumulated <br> Earnings <br> (Losses)**  |
|  CRM Small Cap Value Fund  | $1148416 | $(1148416) |
|  CRM Small Mid Cap Value Fund  | 3998625 | (3998625) |
|  CRM Mid Cap Value Fund  | 19984742 | (19984742) |
|  CRM All Cap Value Fund  | 688012 | (688012) |
|  CRM Long/Short Opportunities Fund  | (369951) | 369951 |

---

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 72 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

The total cost of investments and net unrealized appreciation or depreciation for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, and related gross unrealized appreciation and depreciation of securities held by the Funds as of October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of <br> Investments**  | **Gross <br> Unrealized <br> Appreciation**  | **Gross <br> Unrealized <br> Depreciation**  | **Net <br> Unrealized <br> Appreciation <br> on <br> Investments** |
|  CRM Small Cap Value Fund  | $58348431 | $8459805 | $(1663073) | $6796732 |
|  CRM Small Mid Cap Value Fund  | 117690507 | 18845833 | (4206107) | 14639726 |
|  CRM Mid Cap Value Fund  | 228454011 | 54367081 | (12704474) | 41662607 |
|  CRM All Cap Value Fund  | 19897603 | 4790001 | (1402893) | 3387108 |
|  CRM Long/Short Opportunities Fund  | 342869368 | 181169614 | (166359482) | 14810132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Reflow Transactions** The Funds participate in the ReFlow Fund, LLC ("ReFlow") liquidity program. ReFlow operates an auction program through which it makes a source of
 capital available to participating funds (like the Fund) to allow participating funds to satisfy some or all of their daily net redemptions.
 This program is designed to provide an alternative liquidity source to funds on days where redemptions of fund shares exceed purchases.
 Pursuant to the program, ReFlow stands ready to purchase Fund shares up to the value of net redemptions on a given day, which provides
 a source of cash to the Fund to satisfy net shareholder redemptions by other shareholders.

Following purchases of the Fund's shares, ReFlow periodically redeems its entire share position in the Fund and requests that such redemption be met in-kind in accordance with the Fund's redemption in-kind policies. ReFlow generally redeems its shares when the Fund experiences net sales, when a maximum holding period is reached (currently 8 days), when ReFlow reaches a maximum position in the Fund, or at other times at ReFlow's or the Adviser's discretion. While ReFlow holds the Fund's shares, it will have the same rights and privileges with respect to those shares as any other shareholder.

For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 73 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

mutual funds. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow fees that were incurred by the Funds during the period ended October 31, 2025 are recorded within the Statement of Operations.

ReFlow's purchases of the Fund's shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow will not be subject to the Funds' investment minimums. The Board has approved the Fund's use of the ReFlow program. The Advisor believes that the program may assist in stabilizing the Fund's net assets, to the benefit of the Fund and its shareholders, although there is no guarantee that the program will do so.

During the period ended October 31, 2025, the Funds had the following in-kind redemption transactions related to ReFlow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CRM Small <br> Cap Value <br> Fund** | **CRM Small <br> Mid Cap <br> Value Fund** | **CRM Mid <br> Cap Value <br> Fund** | **CRM All <br> Cap Value <br> Fund** | **CRM Long/<br> Short <br> Opportunities <br> Fund** |
|  Fund Shares  | 61540 | 772621 | 1268114 | 159586 | 576503 |
|  Value of Securities  | $992493 | $8067452 | $28581829 | $1128254 | $6590453 |
|  Cash  | 49382 | 425611 | 1508425 | 61760 | 367938 |
|  Total Amount  | $1041875 | $8493063 | $30090254 | $1190014 | $6958391 |
|  Realized Gains  | $776071 | $4064741 | $18325186 | $466792 | $2558198 |

---

The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Fund and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 74 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

tax reporting requirements, has no effect on the net assets or NAV per share of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Derivative Financial Instruments.** Each Fund may, but is not required to, invest in derivative contracts,
 such as swaps and options on securities and securities indices, for a variety of purposes, including: in an attempt to hedge against adverse
 changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities,
 including short sales; to attempt to increase the Fund's return as a non-hedging strategy that may be considered speculative; to
 manage portfolio characteristics; and as a cash flow management technique. Using swaps, options and other derivatives can increase Fund
 losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way
 not anticipated by the Fund. Using derivatives may increase the volatility of the Fund's net asset value and may not provide the
 result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives have the potential for unlimited loss, regardless
 of the size of the Fund's initial investment. Changes in a derivative's value may not correlate well with the referenced asset
 or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell,
 unwind or value, and the counterparty may default on its obligations to the Fund.

*Options.* A Fund purchases and writes call and put options to increase or decrease its exposure to underlying instruments (including credit risk, equity risk, foreign currency exchange rate risk and/or interest rate risk) and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in the

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 75 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Fund writes an option, such option is covered by cash in an amount sufficient to cover the obligation. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

*Forward Foreign Currency Exchange Contracts.* A Fund enters into forward foreign currency exchange contracts to gain or reduce exposure, to foreign currencies (foreign currency exchange rate risk). A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and, in some cases, may be used to obtain exposure to a particular market.

The contract is marked to market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

As of October 31, 2025, the Funds did not hold any forward foreign currency exchange contracts.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 76 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

*Swaps.* A Fund enters into swap contracts to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the OTC swap. Payments received or made by the Fund for OTC swaps are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statements of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

*Collateral Requirements.* For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA MA"), the collateral requirements are typically calculated by netting the mark-to-market

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 77 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA MA, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

The following is a summary of the location of derivatives on Long/Short Opportunities Fund's Statement of Assets and Liabilities as of October 31, 2025:

---

| | |
|:---|:---|
| **Location on the Consolidated Statement of Assets and Liabilities** | **Location on the Consolidated Statement of Assets and Liabilities** |
| **Derivatives Investment Type** | **Asset/Liability Derivatives** |
|  Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value Net unrealized appreciation/(depreciation) from swap contracts |

---

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 78 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

The following table sets forth the fair value of the Long/Short Opportunities Fund's derivative contracts by primary risk exposure as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Asset Derivatives Investment Fair Value** | **Asset Derivatives Investment Fair Value** | **Asset Derivatives Investment Fair Value** |
|  | **Equity** | **Total as of <br> October 31, <br> 2025** |
|  Swap Contracts  | $2529263 | $2529263 |
|  Options Purchased  | 753026 | 753026 |
|  | $3282289 | $3282289 |

---

---

| | | |
|:---|:---|:---|
| **Liability Derivatives Investment Fair Value** | **Liability Derivatives Investment Fair Value** | **Liability Derivatives Investment Fair Value** |
|  | **Equity** | **Total as of <br> October 31, <br> 2025** |
|  Swap Contracts  | $3736201 | $3736201 |
|  | $3736201 | $3736201 |

---

The following is a summary of the location of derivatives on Long/Short Opportunities Fund's Statement of Operations for the period ended October 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Net Realized and Unrealized <br> Gain/(Loss) on Derivatives** |
|  Equity  | Net realized gain/(loss) and change in net unrealized appreciation/(depreciation) of: Investments and Swap Contracts |

---

The following is a summary of the Long/Short Opportunities Fund's realized and unrealized gain/(loss) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Realized Gain/(Loss)** | **Realized Gain/(Loss)** | **Realized Gain/(Loss)** |
|  | **Equity** | **Total as of <br> October 31, <br> 2025** |
|  Swap Contracts  | $(7852769) | $(7852769) |
|  Options Purchased  | (1052187) | (1052187) |
|  | $(8904916) | $(8904956) |

---

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 79 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** |
|  | **Equity** | **Total as of <br> October 31, <br> 2025** |
|  Swap Contracts  | $63682 | $63682 |
|  Options Purchased  | (482793) | (482793) |
|  | $(419111) | $(419111) |

---

The average monthly balance of derivatives held is indicative of the trading volume of the Long/Short Opportunities Fund. For the period ended October 31, 2025, the average notional value of options contracts and swap contracts was $25,289,691 and $4,502,217, respectively.

In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an ISDA MA or similar agreement with its counterparties. An ISDA MA is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA MA, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA MA typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA MA, such laws may prohibit the Fund from setting off amounts owed to a defaulting counterparty under an ISDA MA against amounts owed to the Fund by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts. In addition, certain ISDA MA allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA MA, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 80 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

*Offsetting of Financial and Derivative Assets and Liabilities.* For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following table presents derivative assets and liabilities net of amounts available for offset under an ISDA MA or similar agreement and, as applicable, the related collateral and potential loss exposure to Long/Short Opportunities Fund as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | $2529263 | $3736201 |
| &nbsp;&nbsp;&nbsp; Total derivative assets and liabilities in the Statements of Assets and Liabilities  | 2529263 | 3736201 |
| &nbsp;&nbsp;&nbsp; Derivatives not subject to an ISDA MA or similar agreement  |  |  |
| &nbsp;&nbsp;&nbsp; Total assets and liabilities subject to an ISDA MA  | $2529263 | $3736201 |

---

At October 31, 2025, derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA MA and net of the related collateral received by the Long/Short Opportunities Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative <br> Assets <br> Subject to <br> an ISDA <br> MA** | **Derivative <br> Liabilities <br> Subject to <br> an ISDA <br> MA** | **Value of <br> Derivatives <br> Subject to <br> an ISDA <br> MA** | **Collateral <br> (Received)/ <br> Pledged** | **Net <br> Exposure<sup>1</sup>** |
|  Morgan Stanley  | $2529263 | $(3736201) | $(1206938) | $(1206938) | $— |

---

<sup>1</sup> Net exposure represents the receivable (payable) that would be due to (from) the counterparty in an event of default.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Risks.** In
 the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the
 market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due
 (issuer credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving
 the issuers of securities owned by the Fund. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably,
 due to changes in general market conditions, overall economic trends or events,

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 81 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Continued)*** <br>

governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions, natural or environmental disasters, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, inflationary pressures and other factors that may or may not be related to the issuer of the security or other asset.

In addition to the risks discussed above, Long/Short Opportunities Fund may also be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that CRM believes have the financial resources to honor its obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately its value recorded in the Statements of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Fund.

For OTC options purchased, a Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. A Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option. With exchange-traded options purchased and centrally cleared swaps, there is less counterparty credit risk to a Fund since the exchange

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 82 |  |

---

***CRM FUNDS*** <br> ***NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Concluded)*** <br>

or clearinghouse, as counterparty to such instruments, guarantees against possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** &nbsp;&nbsp;&nbsp;&nbsp; **Contractual Obligations.** The Funds enter into contracts in the normal course of business that contain a variety of indemnification obligations. The Funds'
 maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts.
 Management has reviewed the Funds' existing contracts and expects the risk of liability for indemnity claims to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **New Accounting Pronouncements.** In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements
 to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure
 consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective
 for annual periods beginning after December 15, 2024, and early adoption is permitted. The funds have adopted the amendment for the current
 fiscal period, but related income taxes paid were deemed immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Subsequent Events.** Management has evaluated the impact of all subsequent events on the Funds and has determined that no subsequent event currently requires
 recognition or disclosure in the financial statements.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 83 |  |

---

***CRM FUNDS*** <br> ***REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*** <br>

**To the Shareholders and Board of Trustees of CRM Mutual Fund Trust** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund, CRM All Cap Value Fund, and the CRM Long/Short Opportunities Fund (the "Funds"), each a series of CRM Mutual Fund Trust (the "Trust"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the period July 1, 2025 to October 31, 2025 and for the year ended June 30, 2025, the statements of changes in net assets for the period July 1, 2025 to October 31, 2025 and for each of the two years in the period ended June 30, 2025, financial highlights for the period July 1, 2025 to October 31, 2025 and for each of the five years in the period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2020.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 84 |  |

---

***CRM FUNDS*** <br> ***REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*** <br>

effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](fp0096510-1_85.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania December 30, 2025** 

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 85 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION*** <br>

**Quarterly Portfolio Schedule** 

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC's website at http://www.sec.gov.

**Voting Proxies on Fund Portfolio Securities** 

A description of the policies and procedures that the Trust used to determine how to vote proxies relating to securities held in the Trust's portfolios is available, without charge and upon request, by calling 800-CRM-2883 and on the SEC's website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 is available without charge and upon request by calling 800-CRM-2883, on the Funds' website at www.crmfunds.com, and on the SEC's website listed above.

**Board Consideration of the Approval of the Investment Advisory Agreement between the Trust and CRM** 

The following discussion reflects the considerations of the Board in connection with the annual renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust with respect to the Funds, and CRM. The Board did not identify any particular information that was most relevant to its consideration to renew the Investment Advisory Agreement and each Trustee may have afforded different weight to the various factors.

**Nature, Extent and Quality of Services Provided** 

The Board considered the nature, extent and quality of services provided by CRM to the Funds and expected to be provided in the future. The Board reviewed the quality, size and experience of CRM's professional portfolio management team. The Board reviewed CRM's investment approach and research process, including CRM's capabilities and experience in the development and implementation of its value-oriented investment process. Additionally, the Board considered CRM's compliance programs and compliance record, marketing strategies, CRM's personnel and the Board's dealings with CRM. Based on the foregoing, the Board concluded that CRM is able to provide investment and related services that are appropriate in nature, extent and quality in light of the Funds' investment objectives, policies, strategies and operations, the competitive landscape of the investment company business and investor needs.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 86 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Continued)*** <br>

**Performance Information** 

In reaching its conclusions, the Board considered the investment performance of each Fund. The Board considered CRM's focus on achieving long-term performance in a manner consistent with each Fund's investment objective and investment strategies, as well as CRM's value-oriented, research-driven investment philosophy. The Board considered CRM's experience in implementing its investment philosophy and concluded that this, along with CRM's overall approach to investing, supported approval of the continuance of the Investment Advisory Agreement. The Board also considered the report prepared by CRM which compared each Fund's performance against its benchmark, an index, and other mutual funds with similar investment objectives and strategies using peer groups provided by Broadridge for each Fund (a "Fund's peer group") and performance data provided by Morningstar. Where the Funds had underperformed their peer groups or benchmark indices, the Board considered CRM's explanations for such underperformance and, as applicable, measures CRM had taken or proposed to take to improve performance. In particular, because CRM pursues a value strategy with respect to the Funds, the Board noted CRM's explanation regarding past underperformance of value strategies generally versus growth strategies. Further, the Board considered that, in order to provide a relevant sample size, the peer groups for the Funds (other than CRM Long/Short Opportunities Fund) consisted of funds that pursue a "core" strategy.

**CRM Small Cap Value Fund** 

The Board noted that Institutional Shares of CRM Small Cap Value Fund had outperformed the Fund's performance benchmark, the Russell 2000 Value Index, for the one-year, three-year and ten-year periods ended December 31, 2024. Further, the Board noted that the Fund had underperformed the Russell 2000 Value Index for the five-year period ended December 31, 2024. The Board noted that Institutional Shares of the Fund had outperformed the Fund's peer group average for the one-year and three-year periods ended December 31, 2024 and had underperformed the Fund's peer group average for the five-year and ten-year periods ended December 31, 2024.

**CRM Small/Mid Cap Value Fund** 

The Board noted that Institutional Shares of CRM Small/Mid Cap Value Fund had outperformed the Fund's performance benchmark, the Russell 2500 Value Index,

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 87 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Continued)*** <br>

and the Fund's peer group average, for the one-year, three-year, five year and ten-year periods ended December 31, 2024.

**CRM Mid Cap Value Fund** 

The Board noted that Institutional Shares of CRM Mid Cap Value Fund had underperformed the Fund's performance benchmark, the Russell Midcap Value Index, for the one-year and three-year periods ended December 31, 2024. Further, the Board noted that the Fund had performed in-line with the Russell Midcap Value Index for the five-year period ended December 31, 2024 and had outperformed the Russell MidCap Value Index for the ten-year period ended December 31, 2024. The Board noted further that Institutional Shares of the Fund had underperformed the Fund's peer group average for the one-year, three-year and five-year periods ended December 31, 2024, but had outperformed the Fund's peer group average for the ten-year period ended December 31, 2024.

**CRM All Cap Value Fund** 

The Board noted that Institutional Shares of CRM All Cap Value Fund had outperformed the Fund's performance benchmark, the Russell 3000 Value Index, for the one-year and five-year periods ended December 31, 2024. The Board noted further that the Fund had outperformed the Fund's benchmark, the Russell 3000 Value Index, for the five-year period ended December 31, 2024 and had performed in-line with the Fund's benchmark, the Russell 3000 Value Index, for the ten-year period ended December 31, 2024. The Board also noted that Institutional Shares of the Fund had underperformed the Fund's peer group average for the one-year, three-year, five-year and ten-year periods ended December 31, 2024.

**CRM Long/Short Opportunities Fund** 

The Board noted that Institutional Shares of CRM Long/Short Opportunities Fund had underperformed the Fund's performance benchmark, the S&P 500 Index, for the one-year, three-year and five-year periods ended December 31, 2024. The Board also noted that Institutional Shares of the Fund had outperformed the Fund's peer group average for the one-year, three-year and five-year periods ended December 31, 2024.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 88 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Continued)*** <br>

**Conclusion as to Investment Performance** 

The Board determined that it would continue to monitor each Fund's performance, but that the information it considered supported approval of the Investment Advisory Agreement.

**Fees and Expenses** 

In reaching its conclusions, the Board considered the fees and expenses paid by each class of each Fund.

The Board considered the research and analysis conducted by CRM in order to identify investment opportunities for the Funds and attempt to distinguish itself from each Fund's respective peer group. The Board observed that CRM relies heavily on its own proprietary research to implement its value-oriented investment philosophy, and considered CRM's experience in implementing its value-oriented investment philosophy. Further, the Board compared the management fee schedule for each Fund with the standard management fee schedule applicable to institutional separate accounts managed by CRM in a similar investment strategy to that of the applicable Fund. The Board noted the fee schedule for each Fund was lower than or equal to the standard management fee schedule applicable to the respective institutional separate accounts managed by CRM in a similar investment strategy up to an AUM size of $25 million. However, citing the fee schedule detailed in Item 5 of Part 2A of CRM's Form ADV, the Board noted that, for certain Funds, investors in comparable separate accounts may ultimately pay lower fees than the Funds as asset levels increase. In comparing the overall expenses paid by the Funds to the overall expenses paid by institutional separate accounts, the Board considered that the costs associated with the management of the Funds generally are greater than those associated with providing investment advisory services to separately managed accounts. The Board noted the additional complexities involved in the management of the Funds resulting from more frequent and less predictable cash flows and regulatory requirements, among other factors. The Board considered the additional services provided to the Funds that CRM does not perform for its separate account clients, or services that are broader in scope, including oversight of compliance with the regulatory and tax regimes to which the Funds are subject, oversight of third-party service providers, preparation of prospectuses, shareholder reports and other disclosure documents and preparation of materials for Board meetings. Additionally, the Board considered the risks that CRM faces regarding the Funds, including regulatory and reputational risks with respect to CRM's

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 89 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Continued)*** <br>

investment decisions and compliance oversight on behalf of the Funds, and the substantial entrepreneurial risks that CRM assumes with respect to its sponsorship of the Funds. The Board also considered that there may be historical reasons for certain separate account fees, and the element of negotiation with respect to the level of fees paid by CRM's separate account clients.

**CRM Small Cap Value Fund** 

The Board noted that, based on the information provided, the current investment advisory fee for CRM Small Cap Value Fund was lower than both the median and average advisory fee paid by funds in the Fund's peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Small Cap Value Fund were higher than the average and median net expenses paid by funds in the Fund's peer group.

**CRM Small/Mid Cap Value Fund** 

The Board noted that, based on the information provided, the current investment advisory fee for CRM Small/Mid Cap Value Fund was lower than the median and average advisory fee paid by funds in the Fund's peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Small/Mid Cap Value Fund were higher than both the median and the average net expenses paid by funds in the Fund's peer group.

**CRM Mid Cap Value Fund** 

The Board noted that based on the information provided, the current investment advisory fee for CRM Mid Cap Value Fund was equal to the median and higher than the average advisory fee paid by funds in the Fund's peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Mid Cap Value Fund were higher than both the median and the average net expenses paid by funds in the Fund's peer group.

**CRM All Cap Value Fund** 

The Board noted that, based on the information provided, the current investment advisory fee for CRM All Cap Value Fund was lower than the median and average advisory fees paid by funds in the Fund's peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 90 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Continued)*** <br>

Shares of CRM All Cap Value Fund were higher than both the median and the average net expenses paid by funds in the Fund's peer group.

**CRM Long/Short Opportunities Fund** 

The Board noted that, based on the information provided, the current investment advisory fee for CRM Long/Short Opportunities Fund was higher than both the median and average advisory fees paid by funds in the Fund's peer group. The Board noted that, based on the information provided, the total net annual operating expenses of Institutional Shares of CRM Long/Short Opportunities Fund were higher than both the median and the average net expenses paid by funds in the Fund's peer group.

**Conclusion as to Fees and Expenses** 

In view of what it understood to be the costs of CRM's proprietary research and CRM's experience in implementing its value-oriented investment philosophy, the Board concluded that the investment advisory fee paid by each Fund was reasonable in relation to the nature and quality of the services provided by CRM. The Board also indicated it would continue to monitor the Funds' fees and expenses.

**Economies of Scale** 

The Board considered whether economies of scale would be realized by CRM as each Fund's assets increased, and the extent to which such economies of scale were reflected in the fees charged under the Investment Advisory Agreement. The Board observed that the Investment Advisory Agreement contains breakpoints that reduce the investment advisory fee rate paid by each Fund on assets above specified levels. The Board concluded that breakpoints were an effective way to share any economies of scale or other efficiencies with Fund shareholders as the Funds grow larger. In addition, the Board noted that expense subsidization, investment by CRM in proprietary research, and CRM's commitment and resource allocation to the Funds may be relevant in considering the sharing of economies of scale, and that profitability also may be an indicator of the existence of any economies of scale. Accordingly, the Board determined that economies of scale, if any, were being appropriately shared with the Funds.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 91 |  |

---

***CRM FUNDS*** <br> ***OTHER INFORMATION (Concluded)*** <br>

**Profitability** 

The Board considered the information provided by CRM regarding CRM's profitability in relation to the Funds and considered the methodology used by CRM in preparing the profitability information. The Board reviewed the financial results of CRM in relation to the Funds for the year ended December 31, 2024. The Board considered CRM's profit margins with respect to the Funds. The Board also considered information regarding compensation provided to CRM personnel as a percentage of CRM's net revenue. The Board indicated that the profitability of any adviser was affected by numerous factors, including its organizational structure, method for allocating expenses and the compensation to be paid to its employees, and, therefore, acknowledged the limitations inherent in any comparison of adviser profitability information. The Board concluded that, based on the information provided, the profit to CRM on the fees paid by the Funds was not excessive in view of the nature, quality and extent of services provided.

**Other Benefits** 

The Board considered the other benefits which CRM receives from its relationship with the Funds. The Board noted that CRM acts as the shareholder servicing agent for Investor Shares of the Funds and receives fees under a shareholder service plan in connection with the services CRM provides or arranges as the Funds' shareholder servicing agent. The Board considered the fees received by CRM under the shareholder service plan, and the amounts paid by CRM to third-party shareholder servicing agents. The Board noted that the amounts paid by CRM to the Funds' third-party shareholder servicing agents since the inception of the Trust exceeded the amounts paid by Investor Shares of the Funds to CRM under the shareholder servicing plan. The Board considered how CRM uses "soft" commission dollars generated by the Funds to pay for research and brokerage services and the ways in which CRM conducts portfolio transactions for the Funds and selects brokers. The Board concluded that any other benefits derived by CRM from managing the Funds were reasonable.

**General Conclusion** 

Based on the foregoing considerations, the Board, including the Independent Trustees voting separately, in the exercise of the Trustees' business judgment, concluded that the terms of the Investment Advisory Agreement, including the fees payable thereunder, are fair and reasonable, and voted to approve the continuance and renewal of the Investment Advisory Agreement.

---

| | |
|:---|:---|
|  | **CRM Funds** |
| 92 |  |

---

![](fp0096510-1_93.jpg)

TRUSTEES

Martin A. Burns

Ira P. Cohen

Andrea N. Mullins

Susan J. Templeton

INVESTMENT ADVISER

Cramer Rosenthal McGlynn, LLC

300 First Stamford Place, Suite 440

Stamford, CT 06902

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

ADMINISTRATOR & TRANSFER AGENT

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

CUSTODIAN

The Bank of New York Mellon

2 Hanson Place, 7th Floor

Brooklyn, NY 11217

LEGAL COUNSEL

DLA Piper LLP (US)

One Atlantic Center

1201 West Peachtree Street

Suite 2900

Atlanta, GA 30309

*Investor Information: 800-CRM-2883 www.crmfunds.com* 

***This report is authorized for distribution only to shareholders and to others who have received current prospectuses of the CRM Funds.***

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 19. Exhibits.**

[(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.](fp0096510-2_ex99code.htm)

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](fp0096510-2_ex99cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](fp0096510-2_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | CRM Mutual Fund Trust |
| By (Signature and Title)\* | /s/ Matthew J. Miller |
|  | Matthew J. Miller, President and Principal Executive Officer |

---

Date: <u>1/8/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Matthew J. Miller |
|  | Matthew J. Miller, President and Principal Executive Officer |

---

Date: <u>1/8/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

---

Date: <u>1/8/2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Rule 17j-1 Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTRODUCTION** 

A. **Adoption.** This Code of Ethics (hereinafter sometimes referred to as this "<u>Code</u>") has been adopted by the Board of Trustees of CRM Mutual Fund Trust (the "<u>Trust</u>"), on behalf of each of CRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund, CRM All Cap Value Fund, and CRM Long/Short Opportunities Fund (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), in accordance with the requirements of Rule 17j-1 (the "<u>Rule</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>").

B. **Violations.** Violations of this Code may constitute grounds for the imposition of significant administrative and civil injunctive, as well as criminal, sanctions by the U.S. Securities and Exchange Commission (the "<u>SEC</u>") or the federal courts. In addition, the Trust may impose internal sanctions for violations of this Code. **All persons that are or that are about to become covered by this Code are expected to be familiar with the proscriptions of this Rule.**

C. **Guiding Principle**. This Code of Ethics is based upon the principle that the trustees and officers of the Funds and certain affiliated persons of the Funds and any investment adviser to the Funds owe a fiduciary duty to, among others, the shareholders of the Trust, to conduct their affairs, including their personal securities transactions, in such manner to avoid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) serving their own personal interests ahead of such shareholders and investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) taking inappropriate advantage of their position with the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

D. **Application.** This Code does not apply to "access persons" (as defined in the Rule) of any investment adviser, administrator or principal underwriter of the Trust who are required to file reports with any investment adviser, sub-adviser, administrator or principal underwriter pursuant to a code of ethics (a "<u>Conforming Code</u>") adopted by such entity that conforms with the requirements of the Rule (such persons "<u>Non-Covered Persons</u>"). The Chief Compliance Officer reports under the administrator's Code of Ethics. In the event that any such entity has adopted a Conforming Code, such entity shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) submit to the Board of Trustees of the Trust a copy of its Conforming Code ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly report to the Trust in writing any material amendments to its Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly furnish to the Trust, upon request, copies of any reports made pursuant to such Code of Ethics by any Non-Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) immediately furnish to the Trust, without request, all material information regarding any violation of such Code of Ethics by any
Non-Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) provide reports to the Board of Trustees of the Trust required by paragraph (c)(2)(ii) of the Rule.

**2.** **DEFINITIONS.** For purposes of this Code, the following
terms shall have the respective meanings set forth below:

A. "<u>Access Person</u>" means any director, trustee, manager, general partner, officer or Advisory Person of the Trust or the investment adviser to the Funds that is not a Non-Covered Person.

B. " <u>Advisory Person</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any employee of the Trust or Investment Adviser of the Trust that is not a Non-Covered Person who, in
connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale
of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to the purchases or sales;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any natural person in a control relationship to the Trust, or investment adviser to the Trust that is
not a Non-Covered Person who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered
Securities by the Trust.

C. "<u>Automatic Investment Plan</u>" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

D. "<u>Beneficial Ownership</u>" for purposes of this Code, shall be interpreted in a manner consistent with the provisions of Section 16 of the of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder which, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy some economic benefit from the ownership of the security regardless of who is the registered owner. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities which a person holds for his or her own benefit either in bearer form, registered in his or
her own name or otherwise regardless of whether the securities are owned individually or jointly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities held in the name of a member of his or her immediate family (spouse, minor child and adults) sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) securities held by a trustee, executor, administrator, custodian or broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general
partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) securities held by a corporation which can be regarded as a personal holding company of a person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) securities recently purchased by a person and awaiting transfer into his or her name.

E. " <u>Chief Compliance Officer</u> " means the Chief
Compliance Officer of the Trust appointed pursuant to Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Code</u> " shall have the meaning set forth in Section 1.A. hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Conforming Code</u> " shall have the meaning set forth in Section 1.D. hereof.

H. " <u>Control</u> " has the same meaning as in Section 2(a)(9) of the 1940 Act.

I. "<u>Covered Security</u>" means any Security defined under Section 2(a)(36) of the 1940 Act (see Section 2.U. below), except that the following types of securities are generally exempt from trading restrictions under this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt instruments, including repurchase
agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares issued by open-end investment companies registered under the 1940 Act.

J. " <u>Equivalent Security</u> " shall include any option
to purchase or sell, and any security convertible into or exchangeable for such Covered Security.

K. " <u>Fund(s)</u> " shall have the meaning set forth in Section 1.A. hereof.

L. " <u>Independent Trustee</u> " means a Trustee of the
Trust, who is not an "interested person" of the Trust, within the meaning of Section 2(a)(19)(A) of the 1940 Act.

M. "<u>Initial Public Offering</u>" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

N. " <u>Investment Personnel</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any employee of the Trust or investment adviser to the Trust (or of any company in a control relationship
with the Trust or investment adviser), that is not a Non-Covered Person who, in connection with his or her regular functions or duties,
makes or participates in making recommendations regarding the purchase or sale of securities by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any natural person who controls the Trust or investment adviser to the Trust, that is not a Non-Covered
Person who obtains information concerning recommendations made to the Trust regarding the purchase or sale of securities by the Trust.

O. "<u>Limited Offering</u>" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(5) or pursuant to Rule 504, Rule 505 or Rule 506 thereunder.

P. " <u>1940 Act</u> " shall have the meaning set forth in Section 1.A. hereof.

Q. " <u>Non-Covered Persons(s)</u> " shall have the meaning set forth in Section 1.D. hereof.

R. " <u>Purchase or Sale of a Covered Security</u> " includes,
among other things, the writing of an option to purchase or sell a Covered Security.

S. " <u>Rule</u> " shall have the meaning set forth in Section 1.A. hereof.

T. " <u>SEC</u> " shall have the meaning set forth in Section 1.B. hereof.

U. "<u>Security</u>" shall have the same meaning set forth under Section 2(a)(36) of the 1940 Act, generally defined as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into in a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

V. " <u>Security Held or to be Acquired by the Trust</u> " mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in clause (i)
above.

W. " <u>Trust</u> " shall have the meaning set forth in Section 1.A. hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PROHIBITED ACTIONS** 

A. **Unlawful Actions**. No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to the Trust any untrue statement of a material fact or omit to state to the Trust a material fact
necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice or course of business which would operate as a fraud or deceit upon the Trust;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to the Trust.

B. **Prohibitions on Purchases and Sales and Other Activities**. Except as otherwise provided, no Access
Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchase or sell, directly or indirectly, any Covered Security (or any Equivalent Security) in which he
or she has or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which at the time of such purchase
or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is "being considered for purchase or sale" by a series of the Trust with respect to which
such Access Person has access to information regarding the Trust's transactions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is "being purchased or sold" by a series of the Trust with respect to which such Access Person
has access to information regarding the Trust's transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disclose to other persons the securities activities engaged in or contemplated for the various series
of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trade on or communicate material non-public information, or "inside information" of any sort,
whether obtained in the course of research activities, through a client relationship or otherwise.

C. A security is "being considered for purchase or sale" or is "being purchased or sold" when an instruction to purchase or sell the security has been made and communicated to the trading desk, which includes a pending "buy" or "sell" order with respect to a security for the Trust. In addition, as to any person, a security is "being considered for purchase or sale" or is "being purchased or sold" if such person is considering giving an instruction to purchase or sell the security or is aware that any other person is considering giving an instruction to purchase or sell the security for the Trust.

D. **Pre-Approval of Certain Transactions.** No Investment Personnel shall, without approval of the Chief Compliance Officer, acquire directly or indirectly any Beneficial Ownership in any securities (i) in an Initial Public Offering or (ii) in a Limited Offering.

**4.** **EXEMPTED TRANSACTIONS** 

A. The prohibitions of Sections 3.B. of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchases or sales effected in any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) purchases which are part of an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchases or sales that are non-volitional on the part of the Access Person or the Trust, including mergers,
reorganizations and similar transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchases effected upon the exercise of rights issued by an
issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such
rights so acquired.

**5.** **INITIAL HOLDINGS REPORTS** 

All Access Persons, except Independent Trustees, shall report to the CCO within ten (10) days of becoming an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect Beneficial Ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank ("financial institution") with whom the Access Person
maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person
became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

The information set forth in such report must be current as of a date no more than forty five (45) days prior to the date such person becomes an Access Person.

**6.** **QUARTERLY TRANSACTION REPORTS** 

A. Every Access Person shall report to the CCO the information described in Section 6.D. below with respect to transactions in any Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the security; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person has no direct or indirect influence or control.

B. Each Independent Trustee need only report a transaction in a security if such Trustee, at the time of that transaction knew, or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that, during the fifteen (15) day period immediately preceding or after the date of the transaction by the Trustee, such security was purchased or sold by the Trust, or was being considered for purchase or sale by the Trust or its investment adviser.

C. Reports required under this Section shall be made not later than thirty (30) days after the end of the calendar quarter. EVERY ACCESS PERSON SHALL BE REQUIRED TO SUBMIT A REPORT FOR ALL PERIODS, INCLUDING THOSE PERIODS IN WHICH NO SECURITIES TRANSACTIONS WERE EFFECTED.

D. For all Access Persons, other than Independent Trustees, a report
shall be made on a form containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial
Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number
of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the price at which the transaction in the Covered Security was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of the financial institution with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or
indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the financial institution with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date that the report is submitted by the Access Person.

E. For Independent Trustees with reportable transactions, a report
shall be made on the form of Quarterly Securities Transactions Report attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ANNUAL HOLDINGS REPORTS** 

A. All Access Persons, except Independent Trustees, shall report
to the CCO on an annual basis as of January 15th.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial
Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any financial institution with whom the Access Person maintains an account in which any securities are held for the direct
or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

B. The information set forth in such report must be current as
of a date no more than 45 days prior to the date of such report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **STATEMENTS FROM FINANCIAL INSTITUTIONS.** 

A. With the exception of the Independent Trustees, every Access Person shall direct his or her financial institution to supply to the CCO, on a timely basis, duplicate copies of all periodic statements for all securities accounts.

B. If copies of periodic statements are not received within thirty (30) days of the end of the reporting period, the Access Person shall provide a written authorization to the CCO to obtain such statements directly from the Access Person's financial institution.

**9. NOTIFICATION OF REPORTING OBLIGATION.** The CCO shall notify each identified Access Person that he or she is subject to these reporting requirements and shall deliver a copy of the current Code of Ethics, and any subsequent amendments thereto, to each Access Person.

 **10. CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS.** With the exception of the Independent Trustees, Access Persons shall certify annually pursuant to the Annual Holdings Report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they have read and understand this Code of Ethics and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) they have complied with the requirements of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) they have reported all personal securities transactions required to be reported pursuant to the requirements of this Code of Ethics;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to accounts that the Access Person has represented that he or she has no direct or indirect
influence or control, such Access Person still has no direct or indirect influence or control over such accounts.

**11. CONFLICT OF INTEREST.** Every Access Person shall notify the CCO of any personal conflict of interest relationship that may involve the Trust, such as the existence of any economic relationship between their transactions and securities held or to be acquired by any series of the Trust.

 **12. REVIEW OF REPORTS.** The CCO or its delegate shall review all holdings or transactions reports submitted by Access Persons, including periodic statements from financial institutions confirming personal securities transactions, to ensure that no trading has taken place in violation of the Rule or this Code of Ethics.

**13. BENEFICIAL OWNERSHIP.** Any form of report required pursuant to this Section may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in any Covered Security to which the report relates.

 **14. ANNUAL REPORTING.** The CCO shall furnish to the Board of Trustees of the Trust and the Board of Trustees shall consider, an annual report relating to this Code of Ethics. Such annual report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describe any issues arising under this Code or procedures since
the last report to the Board of Trustees of the Trust, including, but not limited to, information about material violations of this Code
or procedures and sanctions imposed in response to material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certify that the Trust has adopted procedures reasonably necessary
to prevent Access Persons from violating the Applicable Codes.

15. **REPORTING OF VIOLATIONS.** Any violations of this Code should be reported promptly to the CCO or his designee. The CCO shall report any violation of this Code of Ethics to the Board of Trustees of the Trust which shall consider reports of such violations on a quarterly basis, unless a more timely review is deemed necessary, and shall determine the extent to which this Code of Ethics has been violated and what sanctions, if any, should be imposed. Access Persons must comply with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **SANCTIONS.** 

A. Any securities trade found to be executed in violation of this Code or the Rule shall be unwound (if possible) or, in the alternative, all profits shall be disgorged (net of commissions but before any tax effect). Such disgorged profits shall be paid over to the affected series of the Trust, or in the event the Trust is unaffected by the trade, such disgorged profits shall be donated to a recognized charity.

B. Upon determination that a material violation of this Code has occurred, sanctions may be deemed appropriate, including, among other things, a letter of censure or suspension or termination of the violator.

**17. RETENTION OF RECORDS.** As required under the Rule, the Trust shall maintain: this Code of Ethics; a list of all persons required to make reports hereunder from time to time; a copy of each report made by an Access Person hereunder; a list of all persons responsible for reviewing the reports required hereunder; a record of any decision, including the reasons supporting the decision, to approve the acquisition by an Advisory Person or Investment Personnel of securities in a Limited Offering; each memorandum made by the CCO hereunder; and a record of any violation hereof, including any action taken as a result of such violation.

**18. AMENDMENTS.** This Code shall be amended from time to time, as changing regulations warrant, as operational procedures are enhanced, or to reflect non-material updates. Should reported transaction activity of Access Persons indicate trends that could pose a potential risk to achieving full compliance with the Rule, additional trading restrictions may be implemented under this Code of Ethics.

**19. ADOPTION AND APPROVAL.** The Board of Trustees of the Trust, including a majority of the Independent Trustees of the Board, shall approve this Code of Ethics with respect to the Trust, including any material changes to this Code.

Approved by the Board of the Trust: June 15, 2005 & as amended May 23, 2022.

## Ex-99.Cert

**Certification [Exhibit 99. CERT]**

I, Matthew J. Miller, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CRM Mutual Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Matthew J. Miller |
|  |  | Matthew J. Miller, |
|  |  | President and Principal Executive Officer |

---

**Certification [Exhibit 99. CERT]**

I, Zachary P. Richmond, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CRM Mutual Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the**

**Sarbanes-Oxley Act**

I, Matthew J. Miller, President and Principal Executive Officer of CRM Mutual Fund Trust (the "Registrant"), with respect to the Registrant's Form N-CSR for the period ended October 31, 2025 as filed with the Securities and Exchange Commission, certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Matthew J. Miller |
|  |  | Matthew J. Miller, President and Principal Executive Officer |

---

I, Zachary P. Richmond, Treasurer and Principal Financial Officer of CRM Mutual Fund Trust (the "Registrant"), with respect to the Registrant's Form N-CSR for the period ended October 31, 2025 as filed with the Securities and Exchange Commission, certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

---