# EDGAR Filing Document

**Accession Number:** 0001322252
**File Stem:** 0000910472-25-004131
**Filing Date:** 2025-11
**Character Count:** 134036
**Document Hash:** 0eac3c021df2268fc82288b3f1967619
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004131.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004131

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21749
- **FILM NUMBER:** 251524227

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

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

## Nport-Ex

**CRM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 99.3%** |  |
|  | **Consumer Discretionary - 13.9%** |  |
|  | Apparel & Textile Products **-** 2.1% |  |
| 41487 | Steven Madden Ltd.<sup>1</sup> | $1388985 |
|  | Home Construction **-** 4.7% |  |
| 6579 | M/I Homes, Inc.<sup>1</sup> | 950271 |
| 28431 | Skyline Champion Corporation<sup>1</sup> | 2171275 |
|  |  | 3121546 |
|  | Leisure Facilities & Services **-** 2.2% |  |
| 46750 | BJ's Restaurants, Inc.<sup>1</sup> | 1427278 |
|  | Retail - Discretionary **-** 4.9% |  |
| 16419 | Advance Auto Parts, Inc. | 1008127 |
| 80438 | Victoria's Secret & Company<sup>1</sup> | 2183086 |
|  |  | 3191213 |
|  | **Total Consumer Discretionary** | 9129022 |
|  | **Consumer Staples - 1.9%** |  |
|  | Household Products **-** 1.9% |  |
| 59326 | Clearwater Paper Corporation<sup>1</sup> | 1231608 |
|  | **Energy - 4.4%** |  |
|  | Oil & Gas Producers **-** 4.4% |  |
| 32643 | Matador Resources Company | 1466650 |
| 38228 | Range Resources Corporation | 1438902 |
|  | **Total Energy** | 2905552 |
|  | **Financials - 27.6%** |  |
|  | Banking **-** 18.7% |  |
| 27477 | Bank of Hawaii Corporation | 1803590 |
| 62461 | BankUnited, Inc. | 2383512 |
| 392626 | Capitol Federal Financial, Inc. | 2493175 |
| 84014 | Central Pacific Financial Corporation | 2548985 |

---

**CRM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Banking **-** 18.7% |  |
| 41230 | First Interstate Bancsystem, Inc., Class A | $1314000 |
| 132704 | TFS Financial Corporation | 1748375 |
|  |  | 12291637 |
|  | Institutional Financial Services **-** 3.2% |  |
| 29732 | Moelis & Company, Class A | 2120486 |
|  | Specialty Finance **-** 5.7% |  |
| 106730 | LendingClub Corporation<sup>1</sup> | 1621229 |
| 29114 | Stewart Information Services Corporation | 2134638 |
|  |  | 3755867 |
|  | **Total Financials** | 18167990 |
|  | **Health Care - 3.6%** |  |
|  | Health Care Facilities & Services **-** 3.6% |  |
| 111907 | Concentra Group Holdings Parent, Inc. | 2342214 |
|  | **Industrials - 10.4%** |  |
|  | Commercial Support Services **-** 2.0% |  |
| 5549 | Clean Harbors, Inc.<sup>1</sup> | 1288589 |
|  | Electrical Equipment **-** 4.2% |  |
| 105549 | Hayward Holdings, Inc.<sup>1</sup> | 1595901 |
| 9248 | Itron, Inc.<sup>1</sup> | 1151931 |
|  |  | 2747832 |
|  | Industrial Support Services **-** 1.9% |  |
| 4736 | Applied Industrial Technologies, Inc. | 1236333 |
|  | Transportation & Logistics **-** 2.3% |  |
| 43694 | Hub Group, Inc., Class A<sup>1</sup> | 1504821 |
|  | **Total Industrials** | 6777575 |

---

**CRM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Materials - 8.2%** |  |
|  | Chemicals **-** 8.2% |  |
| 27456 | H.B. Fuller Company | $1627592 |
| 9754 | Quarker Houghton | 1285090 |
| 24197 | Rogers Corporation<sup>1</sup> | 1946890 |
| 5917 | Sensient Technologies Corporation | 555310 |
|  | **Total Materials** | 5414882 |
|  | **Real Estate - 9.5%** |  |
|  | REIT **-** 9.5% |  |
| 45999 | COPT Defense Properties | 1336731 |
| 100343 | Independence Realty Trust, Inc. | 1644622 |
| 28767 | Terreno Realty Corporation | 1632527 |
| 116907 | Xenia Hotels & Resorts, Inc. | 1603964 |
|  | **Total Real Estate** | 6217844 |
|  | **Technology - 14.7%** |  |
|  | Software **-** 9.3% |  |
| 104707 | ACV Auctions, Inc.<sup>1</sup> | 1037646 |
| 92095 | Jamf Holding Corporation<sup>1</sup> | 985417 |
| 48170 | nCino, Inc.<sup>1,2</sup> | 1305889 |
| 38673 | Omnicell, Inc.<sup>1</sup> | 1177593 |
| 149098 | ZoomInfo Technologies, Inc., Class A<sup>1</sup> | 1626659 |
|  |  | 6133204 |
|  | Technology Hardware **-** 3.9% |  |
| 109490 | Knowles Corporation<sup>1</sup> | 2552212 |
|  | Technology Services **-** 1.5% |  |
| 29807 | I3 Verticals, Inc., Class A<sup>1,2</sup> | 967535 |
|  | **Total Technology** | 9652951 |

---

**CRM SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Concluded)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 99.3%** |  |
|  | **Utilities - 5.1%** |  |
|  | Gas & Water Utilities **-** 5.1% |  |
| 13753 | Chesapeake Utilities Corporation | $1852392 |
| 27954 | Middlesex Water Company | 1512870 |
|  | **Total Utilities** | 3365262 |
|  | **TOTAL COMMON STOCK (Cost $58,763,559)** | 65204900 |
|  | **SHORT-TERM INVESTMENTS — 0.0%<sup>3</sup>** |  |
| 11549 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.01%<sup>4</sup> | 11549 |
| 11548 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.98%<sup>4</sup> | 11548 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $23,097)** | 23097 |
|  | **TOTAL INVESTMENTS BEFORE SHORT TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 99.3% (Cost $58,786,657)** | 65227998 |
|  | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 1.6%** |  |
| 1069177 | Invesco Government & Agency Portfolio, 4.00%<sup>4</sup> | 1069177 |
|  | **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $1,069,177)** | 1069177 |
|  | **TOTAL INVESTMENTS - 100.9% (Cost $59,855,833)** | $66297174<sup>5</sup> |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)%** | (570566) |
|  | **NET ASSETS - 100.0%** | $65726608 |

---

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

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

<sup>3</sup> Percentage rounds to less than 0.1%.

<sup>4</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>5</sup> At June 30, 2025, the market value of securities on loan for CRM Small Cap Value Fund was $1,028,666. In the event that the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the Fund's securities lending agent, The Bank of New York Mellon, has agreed to pay the amount of the shortfall to the Fund, or at its discretion, replace the loaned securities.

**CRM SMALL/MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 96.9%** |  |
|  | **Consumer Discretionary - 14.0%** |  |
|  | Apparel & Textile Products **-** 1.2% |  |
| 49105 | Steven Madden Ltd.<sup>1</sup> | $1644035 |
|  | Home Construction **-** 5.1% |  |
| 13105 | M/I Homes, Inc.<sup>1</sup> | 1892886 |
| 64558 | Skyline Champion Corporation<sup>1</sup> | 4930295 |
|  |  | 6823181 |
|  | Leisure Facilities & Services **-** 1.9% |  |
| 16925 | Vail Resorts, Inc. | 2531472 |
|  | Retail - Discretionary **-** 5.8% |  |
| 8876 | Burlington Stores, Inc.<sup>1</sup> | 2258942 |
| 203916 | Victoria's Secret & Company<sup>1</sup> | 5534281 |
|  |  | 7793223 |
|  | **Total Consumer Discretionary** | 18791911 |
|  | **Consumer Staples - 0.9%** |  |
|  | Food **-** 0.9% |  |
| 7002 | Marzetti Company (The) | 1209876 |
|  | **Energy - 3.4%** |  |
|  | Oil & Gas Producers **-** 3.4% |  |
| 32402 | Matador Resources Company | 1455822 |
| 83798 | Range Resources Corporation | 3154157 |
|  | **Total Energy** | 4609979 |
|  | **Financials - 21.0%** |  |
|  | Banking **-** 10.3% |  |
| 150621 | BankUnited, Inc. | 5747696 |
| 138924 | First Interstate Bancsystem, Inc., Class A | 4427508 |
| 279090 | TFS Financial Corporation | 3677011 |
|  |  | 13852215 |

---

**CRM SMALL/MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Institutional Financial Services **-** 4.2% |  |
| 7980 | Evercore Partners, Inc., Class A | $2691814 |
| 42134 | Moelis & Company, Class A | 3004996 |
|  |  | 5696810 |
|  | Specialty Finance **-** 6.5% |  |
| 76089 | First American Financial Corporation | 4887958 |
| 253464 | LendingClub Corporation<sup>1</sup> | 3850118 |
|  |  | 8738076 |
|  | **Total Financials** | 28287101 |
|  | **Health Care - 7.5%** |  |
|  | Health Care Facilities & Services **-** 2.8% |  |
| 181128 | Concentra Group Holdings Parent, Inc. | 3791009 |
|  | Medical Equipment & Devices **-** 4.7% |  |
| 27090 | BioLife Solutions, Inc.<sup>1</sup> | 691066 |
| 49754 | Bio-Techne Corporation | 2767815 |
| 13092 | Cooper Companies, Inc. (The)<sup>1</sup> | 897588 |
| 13297 | Masimo Corporation<sup>1</sup> | 1961972 |
|  |  | 6318441 |
|  | **Total Health Care** | 10109450 |
|  | **Industrials - 16.9%** |  |
|  | Aerospace & Defense **-** 2.2% |  |
| 5134 | Teledyne Technologies, Inc.<sup>1</sup> | 3008729 |
|  | Commercial Support Services **-** 1.9% |  |
| 11138 | Clean Harbors, Inc.<sup>1</sup> | 2586466 |
|  | Electrical Equipment **-** 6.4% |  |
| 218685 | Hayward Holdings, Inc.<sup>1</sup> | 3306517 |
| 19330 | Itron, Inc.<sup>1</sup> | 2407745 |
| 68425 | Vontier Corporation | 2871797 |
|  |  | 8586059 |

---

**CRM SMALL/MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Machinery **-** 3.8% |  |
| 35866 | Regal Rexnord Corporation | $5144619 |
|  | Transportation & Logistics **-** 2.6% |  |
| 100307 | Hub Group, Inc., Class A<sup>1</sup> | 3454573 |
|  | **Total Industrials** | 22780446 |
|  | **Materials - 8.4%** |  |
|  | Chemicals **-** 3.4% |  |
| 55667 | HB Fuller Company | 3299939 |
| 13436 | Sensient Technologies Corporation | 1260969 |
|  |  | 4560908 |
|  | Construction Materials **-** 5.0% |  |
| 26082 | Advanced Drainage Systems, Inc. | 3617574 |
| 9350 | Carlisle Companies, Inc. | 3075776 |
|  |  | 6693350 |
|  | **Total Materials** | 11254258 |
|  | **Real Estate - 5.7%** |  |
|  | REIT **-** 5.7% |  |
| 32295 | Sun Communities, Inc. | 4166055 |
| 61417 | Terreno Realty Corporation | 3485415 |
|  | **Total Real Estate** | 7651470 |
|  | **Technology - 15.7%** |  |
|  | Software **-** 10.5% |  |
| 257190 | ACV Auctions, Inc.<sup>1</sup> | 2548753 |
| 50799 | Gitlab Inc, Class A<sup>1</sup> | 2290019 |
| 80184 | nCino, Inc.<sup>1,2</sup> | 2173788 |
| 6576 | PTC, Inc.<sup>1</sup> | 1335060 |
| 61122 | Unity Software, Inc.<sup>1</sup> | 2447325 |
| 308692 | ZoomInfo Technologies, Inc., Class A<sup>1</sup> | 3367829 |
|  |  | 14162774 |

---

**CRM SMALL/MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Technology Hardware **-** 5.2% |  |
| 15512 | Ciena Corporation<sup>1</sup> | $2259633 |
| 201266 | Knowles Corporation<sup>1</sup> | 4691511 |
|  |  | 6951144 |
|  | **Total Technology** | 21113918 |
|  | **Utilities - 3.4%** |  |
|  | Electric Utilities **-** 2.4% |  |
| 42811 | Evergy, Inc. | 3254492 |
|  | Gas & Water Utilities **-** 1.0% |  |
| 8233 | Atmos Energy Corporation | 1405785 |
|  | **Total Utilities** | 4660277 |
|  | **TOTAL COMMON STOCK (Cost $112,967,537)** | 130468686 |
|  | **SHORT-TERM INVESTMENTS — 1.9%** |  |
| 1277969 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.01%<sup>3</sup> | 1277969 |
| 1277968 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.98%<sup>3</sup> | 1277968 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,555,937)** | 2555937 |
|  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 98.8% (Cost $115,523,474)** | 133024623 |
|  | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 1.0%** |  |
| 1327230 | Invesco Government & Agency Portfolio, 4.00%<sup>3</sup> | 1327230 |
|  | **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $1,327,230)** | 1327230 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $116,850,704)** | $134351853<sup>4</sup> |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 271400 |
|  | **NET ASSETS - 100.0%** | $134623253 |

---

**CRM SMALL/MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Concluded)**

**September 30, 2025 (Unaudited)**

<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 September 30, 2025.

<sup>4</sup> At June 30, 2025, the market value of securities on loan for CRM Small/Mid Cap Value Fund was $265,434. In the event that the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the Fund's securities lending agent, The Bank of New York Mellon, has agreed to pay the amount of the shortfall to the Fund, or at its discretion, replace the loaned securities.

**CRM MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 98.8%** |  |
|  | **Consumer Discretionary - 7.9%** |  |
|  | Home Construction **-** 2.0% |  |
| 72933 | Skyline Champion Corporation<sup>1</sup> | $5569893 |
|  | Retail - Discretionary **-** 5.9% |  |
| 19827 | Burlington Stores, Inc.<sup>1</sup> | 5045972 |
| 101833 | Valvoline, Inc.<sup>1</sup> | 3656823 |
| 287583 | Victoria's Secret & Company<sup>1</sup> | 7805002 |
|  |  | 16507797 |
|  | **Total Consumer Discretionary** | 22077690 |
|  | **Energy - 2.9%** |  |
|  | Oil & Gas Producers **-** 2.9% |  |
| 148500 | Devon Energy Corporation | 5206410 |
| 81418 | Range Resources Corporation | 3064574 |
|  | **Total Energy** | 8270984 |
|  | **Financials - 13.5%** |  |
|  | Banking **-** 5.1% |  |
| 189324 | BankUnited, Inc. | 7224603 |
| 155298 | Truist Financial Corporation | 7100225 |
|  |  | 14324828 |
|  | Institutional Financial Services **-** 2.5% |  |
| 21090 | Evercore Partners, Inc., Class A | 7114079 |
|  | Specialty Finance **-** 5.9% |  |
| 33566 | Capital One Financial Corporation | 7135460 |
| 145392 | First American Financial Corporation | 9339983 |
|  |  | 16475443 |
|  | **Total Financials** | 37914350 |
|  | **Health Care - 8.4%** |  |
|  | Biotech & Pharma **-** 1.7% |  |
| 224412 | WillScot Mobile Mini Holdings Corporation<sup>1,2</sup> | 4737337 |

---

**CRM MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Facilities & Services **-** 2.4% |  |
| 319498 | Concentra Group Holdings Parent, Inc. | $6687093 |
|  | Medical Equipment & Devices **-** 4.3% |  |
| 124790 | Bio-Techne Corporation | 6942068 |
| 41936 | Cooper Companies, Inc. (The)<sup>1</sup> | 2875132 |
| 16352 | Masimo Corporation<sup>1</sup> | 2412738 |
|  |  | 12229938 |
|  | **Total Health Care** | 23654368 |
|  | **Industrials - 21.6%** |  |
|  | Aerospace & Defense **-** 5.9% |  |
| 16611 | Teledyne Technologies, Inc.<sup>1</sup> | 9734710 |
| 27221 | Woodward, Inc. | 6879019 |
|  |  | 16613729 |
|  | Electrical Equipment **-** 6.5% |  |
| 39639 | AMETEK, Inc. | 7452132 |
| 255538 | Vontier Corporation | 10724930 |
|  |  | 18177062 |
|  | Industrial Support Services **-** 1.9% |  |
| 20588 | Applied Industrial Technologies, Inc. | 5374497 |
|  | Machinery **-** 5.2% |  |
| 58059 | Regal Rexnord Corporation | 8327982 |
| 43171 | Xylem, Inc. | 6367723 |
|  |  | 14695705 |
|  | Transportation & Logistics **-** 2.1% |  |
| 78475 | Canadian Pacific Kansas City Ltd. | 5845603 |
|  | **Total Industrials** | 60706596 |
|  | **Materials - 13.0%** |  |
|  | Chemicals **-** 6.4% |  |
| 31427 | Avery Dennison Corporation | 5096517 |
| 60299 | Corteva, Inc. | 4078021 |
| 97500 | HB Fuller Company | 5779800 |

---

**CRM MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Chemicals **-** 6.4% (Continued) |  |
| 31800 | Sensient Technologies Corporation | $2984430 |
|  |  | 17938768 |
|  | Construction Materials **-** 6.6% |  |
| 44406 | Advanced Drainage Systems, Inc. | 6159112 |
| 74225 | CRH PLC | 8899577 |
| 15620 | Eagle Materials, Inc. | 3640085 |
|  |  | 18698774 |
|  | **Total Materials** | 36637542 |
|  | **Real Estate - 10.0%** |  |
|  | REIT **-** 10.0% |  |
| 62883 | Camden Property Trust | 6714647 |
| 51627 | CBRE Group, Inc., Class A<sup>1</sup> | 8134350 |
| 53364 | Sun Communities, Inc. | 6883956 |
| 109500 | Terreno Realty Corporation | 6214125 |
|  | **Total Real Estate** | 27947078 |
|  | **Technology - 16.2%** |  |
|  | Semiconductors **-** 2.3% |  |
| 98646 | Microchip Technology, Inc. | 6335046 |
|  | Software **-** 8.9% |  |
| 480737 | ACV Auctions, Inc.<sup>1</sup> | 4764104 |
| 479878 | CCC Intelligent Solutions Holdings, Inc.<sup>1,2</sup> | 4371689 |
| 17099 | MongoDB, Inc.<sup>1</sup> | 5307188 |
| 32662 | PTC, Inc.<sup>1</sup> | 6631038 |
| 363028 | ZoomInfo Technologies, Inc., Class A<sup>1</sup> | 3960635 |
|  |  | 25034654 |
|  | Technology Hardware **-** 2.5% |  |
| 48756 | Ciena Corporation<sup>1</sup> | 7102287 |
|  | Technology Services **-** 2.5% |  |
| 105000 | Fidelity National Information Services, Inc. | 6923700 |
|  | **Total Technology** | 45395687 |

---

**CRM MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Concluded)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Utilities - 5.3%** |  |
|  | Electric Utilities **-** 2.1% |  |
| 78690 | Evergy, Inc. | $5982014 |
|  | Gas & Water Utilities **-** 3.2% |  |
| 52977 | Atmos Energy Corporation | 9045823 |
|  | **Total Utilities** | 15027837 |
|  | **TOTAL COMMON STOCK (Cost $225,388,511)** | 277632132 |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
| 1686741 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.01%<sup>3.</sup> | 1686741 |
| 1686741 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.98%<sup>3</sup> | 1686741 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,373,482)** | 3373482 |
|  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 100.0% (Cost $228,761,993)** | 281005614 |
|  | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 0.5%** |  |
| 1438081 | Invesco Government & Agency Portfolio, 4.00%<sup>3</sup> | 1438081 |
|  | **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $1,438,081)** | 1438081 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $230,200,074)** | $282443695<sup>4</sup> |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | (1484459) |
|  | **NET ASSETS - 100.0%** | $280959236 |

---

<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 September 30, 2025.

<sup>4</sup> At June 30, 2025, the market value of securities on loan for CRM Mid Cap Value Fund was $1,403,921. In the event that the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the Fund's securities lending agent, The Bank of New York Mellon, has agreed to pay the amount of the shortfall to the Fund, or at its discretion, replace the loaned securities.

**CRM ALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 99.5%** |  |
|  | **Consumer Discretionary - 8.2%** |  |
|  | Home Construction **-** 2.8% |  |
| 8666 | Skyline Champion Corporation<sup>1</sup> | $661822 |
|  | Retail - Discretionary **-** 5.4% |  |
| 1577 | Burlington Stores, Inc.<sup>1</sup> | 401347 |
| 32064 | Victoria's Secret & Company<sup>1</sup> | 870217 |
|  |  | 1271564 |
|  | **Total Consumer Discretionary** | 1933386 |
|  | **Energy - 3.1%** |  |
|  | Oil & Gas Producers **-** 3.1% |  |
| 8795 | Matador Resources Company | 395159 |
| 9026 | Range Resources Corporation | 339739 |
|  | **Total Energy** | 734898 |
|  | **Financials - 21.8%** |  |
|  | Asset Management **-** 3.3% |  |
| 8121 | Charles Schwab Corporation (The) | 775312 |
|  | Banking **-** 7.4% |  |
| 14256 | BankUnited, Inc. | 544009 |
| 6588 | Citigroup, Inc. | 668682 |
| 12098 | Truist Financial Corporation | 553121 |
|  |  | 1765812 |
|  | Institutional Financial Services **-** 2.6% |  |
| 8530 | Moelis & Company, Class A | 608360 |
|  | Specialty Finance **-** 8.5% |  |
| 2841 | Capital One Financial Corporation | 603940 |
| 12547 | First American Financial Corporation | 806018 |
| 41011 | LendingClub Corporation<sup>1</sup> | 622957 |
|  |  | 2032915 |
|  | **Total Financials** | 5182399 |

---

**CRM ALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care - 8.4%** |  |
|  | Biotech & Pharma **-** 2.2% |  |
| 24587 | WillScot Mobile Mini Holdings Corporation<sup>1</sup> | $519032 |
|  | Health Care Facilities & Services **-** 3.0% |  |
| 34706 | Concentra Group Holdings Parent, Inc. | 726397 |
|  | Medical Equipment & Devices **-** 3.2% |  |
| 5395 | Cooper Companies, Inc. (The)<sup>1</sup> | 369881 |
| 2608 | Masimo Corporation<sup>1</sup> | 384810 |
|  |  | 754691 |
|  | **Total Health Care** | 2000120 |
|  | **Industrials - 11.2%** |  |
|  | Aerospace & Defense **-** 2.5% |  |
| 2322 | Woodward, Inc. | 586793 |
|  | Electrical Equipment **-** 3.1% |  |
| 17353 | Vontier Corporation | 728305 |
|  | Machinery **-** 3.7% |  |
| 2149 | Regal Rexnord Corporation | 308253 |
| 3908 | Xylem, Inc. | 576429 |
|  |  | 884682 |
|  | Transportation & Logistics **-** 1.9% |  |
| 6040 | Canadian Pacific Kansas City Ltd. | 449920 |
|  | **Total Industrials** | 2649700 |
|  | **Materials - 10.1%** |  |
|  | Chemicals **-** 4.8% |  |
| 10656 | Ashland, Inc. | 510529 |
| 7962 | Rogers Corporation<sup>1</sup> | 640622 |
|  |  | 1151151 |

---

**CRM ALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 99.5%** |  |
|  | Construction Materials **-** 5.3% |  |
| 3536 | Advanced Drainage Systems, Inc. | $490443 |
| 6389 | CRH PLC | 766042 |
|  |  | 1256485 |
|  | **Total Materials** | 2407636 |
|  | **Real Estate - 7.6%** |  |
|  | REIT **-** 7.6% |  |
| 2348 | Camden Property Trust | 250719 |
| 3794 | CBRE Group, Inc., Class A<sup>1</sup> | 597783 |
| 4499 | Sun Communities, Inc. | 580371 |
| 6762 | Terreno Realty Corporation | 383744 |
|  | **Total Real Estate** | 1812617 |
|  | **Technology - 27.5%** |  |
|  | Semiconductors **-** 5.5% |  |
| 2141 | Broadcom, Inc. | 706337 |
| 9405 | Microchip Technology, Inc. | 603989 |
|  |  | 1310326 |
|  | Software **-** 13.4% |  |
| 59836 | ACV Auctions, Inc.<sup>1</sup> | 592975 |
| 59958 | CCC Intelligent Solutions Holdings, Inc.<sup>1,2</sup> | 546217 |
| 1875 | MongoDB, Inc.<sup>1</sup> | 581963 |
| 2750 | PTC, Inc.<sup>1</sup> | 558305 |
| 7332 | Unity Software, Inc.<sup>1</sup> | 293573 |
| 55475 | ZoomInfo Technologies, Inc., Class A<sup>1</sup> | 605232 |
|  |  | 3178265 |
|  | Technology Hardware **-** 5.0% |  |
| 4210 | Ciena Corporation<sup>1</sup> | 613271 |
| 8661 | Crane NXT Company<sup>2</sup> | 580893 |
|  |  | 1194164 |

---

**CRM ALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Concluded)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 99.5%** |  |
|  | Technology Services **-** 3.6% |  |
| 10266 | Global Payments, Inc. | $852899 |
|  | **Total Technology** | 6535654 |
|  | **Utilities - 1.6%** |  |
|  | Electric Utilities **-** 1.6% |  |
| 5139 | Evergy, Inc. | 390667 |
|  | **TOTAL COMMON STOCK (Cost $20,062,063)** | 23647077 |
|  | **SHORT-TERM INVESTMENTS — 4.8%** |  |
| 564725 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.01%<sup>3</sup> | 564725 |
| 564724 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.98%<sup>3</sup> | 564724 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,129,449)** | 1129449 |
|  | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 104.3% (Cost $21,191,512)** | 24776526 |
|  | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES — 4.3%** |  |
| 1027321 | Invesco Government & Agency Portfolio, 4.00%<sup>3</sup> | 1027321 |
|  | **TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $1,027,321)** | 1027321 |
|  | **TOTAL INVESTMENTS - 108.6% (Cost $22,218,833)** | $25803847<sup>4</sup> |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.6)%** | (2044232) |
|  | **NET ASSETS - 100.0%** | $23759615 |

---

<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 September 30, 2025.

<sup>4</sup> At June 30, 2025, the market value of securities on loan for CRM All Cap Value Fund was $1,015,805. In the event that the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the Fund's securities lending agent, The Bank of New York Mellon, has agreed to pay the amount of the shortfall to the Fund, or at its discretion, replace the loaned securities.

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCK — 98.8%** |  |
|  | **Communications - 1.2%** |  |
|  | Internet Media & Services **-** 1.2% |  |
| 5374 | Meta Platforms, Inc., Class A | $3946558 |
|  | **Consumer Discretionary - 19.4%** |  |
|  | Apparel & Textile Products **-** 2.1% |  |
| 205039 | Steven Madden Ltd. <sup>1</sup> | 6864705 |
|  | Automotive **-** 2.2% |  |
| 521648 | Mobileye Global, Inc., Class A<sup>1</sup> | 7365670 |
|  | Home Construction **-** 4.8% |  |
| 28188 | M/I Homes, Inc.<sup>1</sup> | 4071475 |
| 156054 | Skyline Champion Corporation<sup>1</sup> | 11917844 |
|  |  | 15989319 |
|  | Leisure Facilities & Services **-** 3.3% |  |
| 177155 | BJ's Restaurants, Inc.<sup>1</sup> | 5408542 |
| 35746 | Vail Resorts, Inc. | 5346529 |
|  |  | 10755071 |
|  | Retail - Discretionary – 7.0% |  |
| 21807 | Burlington Stores, Inc.<sup>1</sup> | 5549882 |
| 640116 | Victoria's Secret & Company<sup>1</sup> | 17372748 |
|  |  | 22922630 |
|  | **Total Consumer Discretionary** | 63897395 |
|  | **Consumer Staples - 0.9%** |  |
|  | Beverages **-** 0.9% |  |
| 2661448 | Becle SAB de CV | 2821806 |
|  | **Energy - 3.3%** |  |
|  | Oil & Gas Producers **-** 3.3% |  |
| 69211 | Matador Resources Company | 3109650 |
| 201799 | Range Resources Corporation | 7595715 |
|  | **Total Energy** | 10705365 |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Financials - 17.8%** |  |
|  | Asset Management **-** 1.9% |  |
| 63891 | Charles Schwab Corporation (The) | $6099674 |
|  | Banking **-** 6.6% |  |
| 364055 | BankUnited, Inc. | 13892339 |
| 251259 | First Interstate Bancsystem, Inc., Class A | 8007624 |
|  |  | 21899963 |
|  | Institutional Financial Services **-** 3.8% |  |
| 37159 | Evercore Partners, Inc., Class A | 12534474 |
|  | Specialty Finance **-** 5.5% |  |
| 185837 | First American Financial Corporation | 11938169 |
| 405647 | LendingClub Corporation<sup>1</sup> | 6161778 |
|  |  | 18099947 |
|  | **Total Financials** | 58634058 |
|  | **Health Care - 9.9%** |  |
|  | Biotech & Pharma **-** 2.7% |  |
| 424260 | WillScot Mobile Mini Holdings Corporation<sup>1</sup> | 8956129 |
|  | Health Care Facilities & Services **-** 2.5% |  |
| 390977 | Concentra Group Holdings Parent, Inc. | 8183149 |
|  | Medical Equipment & Devices **-** 4.7% |  |
| 69728 | BioLife Solutions, Inc.<sup>1</sup> | 1778761 |
| 143743 | Bio-Techne Corporation | 7996422 |
| 39578 | Masimo Corporation<sup>1</sup> | 5839734 |
|  |  | 15614917 |
|  | **Total Health Care** | 32754195 |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Industrials – 20.9%** |  |
|  | Aerospace & Defense **-** 1.3% |  |
| 7355 | Teledyne Technologies, Inc.<sup>1</sup> | $4310324 |
|  | Commercial Support Services **–** 1.9% |  |
| 27802 | Clean Harbors, Inc.<sup>1</sup> | 6456180 |
|  | Electrical Equipment **-** 7.6% |  |
| 623854 | Hayward Holdings, Inc.<sup>1</sup> | 9432671 |
| 57360 | Itron, Inc.<sup>1</sup> | 7144762 |
| 200450 | Vontier Corporation | 8412887 |
|  |  | 24990320 |
|  | Machinery **-** 5.3% |  |
| 73547 | Regal Rexnord Corporation | 10549582 |
| 46248 | Xylem, Inc. | 6821580 |
|  |  | 17371162 |
|  | Transportation & Logistics **-** 4.8% |  |
| 95290 | Canadian Pacific Kansas City Ltd. | 7098152 |
| 255873 | Hub Group, Inc., Class A<sup>1</sup> | 8812266 |
|  |  | 15910418 |
|  | **Total Industrials** | 69038404 |
|  | **Materials - 1.0%** |  |
|  | Construction Materials **-** 1.0% |  |
| 14324 | Eagle Materials, Inc. | 3338065 |
|  | **Real Estate - 1.9%** |  |
|  | REIT **-** 1.9% |  |
| 48175 | Sun Communities, Inc. | 6214575 |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Technology - 15.9%** |  |
|  | Software **-** 11.4% |  |
| 562222 | ACV Auctions, Inc.<sup>1</sup> | $5571620 |
| 134244 | Gitlab Inc, Class A<sup>1</sup> | 6051720 |
| 305091 | Jamf Holding Corporation<sup>1</sup> | 3264474 |
| 20341 | MongoDB, Inc.<sup>1</sup> | 6313440 |
| 170400 | Unity Software, Inc.<sup>1</sup> | 6822816 |
| 869460 | ZoomInfo Technologies, Inc., Class A<sup>1</sup> | 9485808 |
|  |  | 37509878 |
|  | Technology Hardware **-** 4.5% |  |
| 37716 | Ciena Corporation<sup>1</sup> | 5494090 |
| 407217 | Knowles Corporation<sup>1</sup> | 9492228 |
|  |  | 14986318 |
|  | **Total Technology** | 52496196 |
|  | **Utilities - 6.6%** |  |
|  | Electric Utilities **-** 4.5% |  |
| 81084 | Evergy, Inc. | 6164006 |
| 114592 | NextEra Energy, Inc. | 8650549 |
|  |  | 14814555 |
|  | Gas & Water Utilities **-** 2.1% |  |
| 41034 | Atmos Energy Corporation | 7006556 |
|  | **Total Utilities** | 21821111 |
|  | **TOTAL COMMON STOCK (Cost $301,091,582)** | 325667728 |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |
| 4960045 | Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.01%<sup>2</sup> | 4960045 |
| 4960045 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.98%<sup>2</sup> | 4960045 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,920,090)** | 9920090 |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>3</sup>** |  | **Expiration Date** | **Exercise Price** | **Exercise Price** | **Notional Value** | **Value** |
| | **OPTIONS PURCHASED - 0.1%** |  | | | | |
|  | **CALL OPTIONS PURCHASED - 0.0%<sup>4</sup>** |  |  |  |  |  |
| 4346 | Mobileye Global, Inc. | 10/20/2025 | $| 15 | $6136552 | $171667 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $306,868)** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 441 | SPDR S&P 500 ETF Trust | 10/01/2025 |  | 648 | 29378538 | 662 |
| 565 | SPDR S&P 500 ETF Trust | 11/03/2025 |  | 650 | 37639170 | 284195 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $665,585)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $665,585)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $665,585)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $665,585)** |  | 284857 |
|  | **TOTAL OPTIONS PURCHASED (Cost - $972,453)** | **TOTAL OPTIONS PURCHASED (Cost - $972,453)** | **TOTAL OPTIONS PURCHASED (Cost - $972,453)** | **TOTAL OPTIONS PURCHASED (Cost - $972,453)** |  | 456524 |
|  | **TOTAL INVESTMENTS IN SECURITIES- 102.0% (Cost $311,984,125)** | **TOTAL INVESTMENTS IN SECURITIES- 102.0% (Cost $311,984,125)** | **TOTAL INVESTMENTS IN SECURITIES- 102.0% (Cost $311,984,125)** | **TOTAL INVESTMENTS IN SECURITIES- 102.0% (Cost $311,984,125)** |  | 336044342 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **COMMON STOCKS SOLD SHORT — (11.9)%** |  |
|  | **Consumer Discretionary - (8.3)%** |  |
|  | Apparel & Textile Products **-** (1.5)% |  |
| (21443) | Deckers Outdoor Corporation | (2173677) |
| (184724) | VF Corporation | (2665567) |
|  |  | (4839244) |
|  | Leisure Facilities & Services **-** (1.7)% |  |
| (5995) | Hilton Worldwide Holdings, Inc. | (1555343) |
| (49449) | Starbucks Corporation | (4183385) |
|  |  | (5738728) |
|  | Retail - Discretionary **-** (5.1)% |  |
| (34718) | Abercrombie & Fitch Company, Class A | (2970125) |
| (25578) | Lowe's Companies, Inc. | (6428007) |
| (13214) | Lululemon Athletica, Inc. | (2351167) |
| (60476) | Tractor Supply Company | (3439270) |
| (23006) | Urban Outfitters, Inc. | (1643319) |
|  |  | (16831888) |
|  | **Total Consumer Discretionary** | (27409860) |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Consumer Staples - (1.0)%** |  |
|  | Retail - Consumer Staples **-** (1.0)% |  |
| (46411) | Kroger Company (The) | $(3128566) |
|  | **Financials - (0.5)%** |  |
|  | Insurance **-** (0.5)% |  |
| (7002) | RenaissanceRe Holdings Ltd. | (1778018) |
|  | **Health Care - (0.2)%** |  |
|  | Medical Equipment & Devices **-** (0.2)% |  |
| (7887) | Illumina, Inc. | (749028) |
|  | **Industrials - (1.2)%** |  |
|  | Industrial Intermediate Products **-** (0.3)% |  |
| (2484) | Valmont Industries, Inc. | (963121) |
|  | Machinery **-** (0.9)% |  |
| (18264) | Franklin Electric Company, Inc. | (1738733) |
| (44007) | Gates Industrial Corporation PLC | (1092254) |
|  |  | (2830987) |
|  | **Total Industrials** | (3794108) |
|  | **Technology - (0.7)%** |  |
|  | Semiconductors **-** (0.7)% |  |
| (14573) | Advanced Micro Devices, Inc. | (2357766) |
|  | **TOTAL COMMON STOCK SOLD SHORT - (Proceeds - $39,608,428)** | (39217346) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.9%** | 32791868 |
|  | **NET ASSETS - 100.0%** | $329618864 |

---

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt

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

<sup>2</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

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

<sup>4</sup> Percentage rounds to less than 0.1%.

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

**OTC Total return swap agreements outstanding at September 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Financing Rate<sup>(1)</sup>** | **Termination <br> Date** | **Long (Short) <br> Notional Amount<sup>(2)</sup>** | **Reference Entity** | **Fair Value** | **Upfront Premiums Paid<br> (Received)** | **Unrealized Appreciation<br> (Depreciation)** |
| Morgan Stanley | 4.74% (Fed Funds Rate - 0.65%) | 3/2/2026 | $(4846687) | Broadcom, Inc. | $347380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $347380 |
| Morgan Stanley | 4.74% (Fed Funds Rate - 0.65%) | 3/2/2026 | (9894040) | Capital One Financial Corporation | (681673) |  | (681673) |
| Morgan Stanley | 4.74% (Fed Funds Rate - 0.65%) | 3/2/2026 | (1845769) | Tower Semiconductor | 22463 |  | 22463 |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4759536) | Morgan Stanley Custom Swap (MSCM1369) Index<sup>(3)</sup> | (68358) |  | (68358) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4781512) | Morgan Stanley Custom Swap (MSCM1370) Index<sup>(3)</sup> | (62580) |  | (62580) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4761366) | Morgan Stanley Custom Swap (MSCM1371)Index<sup>(3)</sup> | (30790) |  | (30790) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4763265) | Morgan Stanley Custom Swap (MSCM1372) Index<sup>(3)</sup> | (26508) |  | (26508) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4760580) | Morgan Stanley Custom Swap (MSCM1373) Index<sup>(3)</sup> | (30622) |  | (30622) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5004681) | Morgan Stanley Custom Swap (MSCM1374) Index<sup>(3)</sup> | (35700) |  | (35700) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5011735) | Morgan Stanley Custom Swap (MSCM1375) Index<sup>(3)</sup> | (37142) |  | (37142) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4982554) | Morgan Stanley Custom Swap (MSCM1376) Index<sup>(3)</sup> | 3152 |  | 3152 |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4979281) | Morgan Stanley Custom Swap (MSCM1377) Index<sup>(3)</sup> | (19879) |  | (19879) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5011692) | Morgan Stanley Custom Swap (MSCM1378) Index<sup>(3)</sup> | (27456) |  | (27456) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4994008) | Morgan Stanley Custom Swap (MSCM1379) Index<sup>(3)</sup> | (33974) |  | (33974) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4977735) | Morgan Stanley Custom Swap (MSCM1380) Index<sup>(3)</sup> | (42912) |  | (42912) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (5035096) | Morgan Stanley Custom Swap (MSCM1381) Index<sup>(3)</sup> | (112478) |  | (112478) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4935270) | Morgan Stanley Custom Swap (MSCM1382) Index<sup>(3)</sup> | (191221) |  | (191221) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4913725) | Morgan Stanley Custom Swap (MSCM1383) Index<sup>(3)</sup> | (123208) |  | (123208) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4952869) | Morgan Stanley Custom Swap (MSCM1384) Index<sup>(3)</sup> | (15352) |  | (15352) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4906946) | Morgan Stanley Custom Swap (MSCM1385) Index<sup>(3)</sup> | (61664) |  | (61664) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4938469) | Morgan Stanley Custom Swap (MSCM1386) Index<sup>(3)</sup> | (74581) |  | (74581) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4983977) | Morgan Stanley Custom Swap (MSCM1387) Index<sup>(3)</sup> | (33694) |  | (33694) |
| Morgan Stanley | 3.64% (Fed Funds Rate - 0.45%) | 7/28/2026 | (4952118) | Morgan Stanley Custom Swap (MSCM1388) Index<sup>(3)</sup> | (36435) |  | (36435) |
| Total Unrealized Appreciation | Total Unrealized Appreciation |  |  |  |  |  | $372995 |
| Total Unrealized (Depreciation) | Total Unrealized (Depreciation) |  |  |  |  |  | $(1746227) |
| Total | Total |  |  |  | $(1373232) | $- | $(1373232) |

---

<sup>(1)</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> See the tables below for the swap constituents.

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1369) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 1272 | $106916 | 2.21% |
| McKesson Corporation | 119 | 91767 | 1.90% |
| Coinbase Global, Inc., Class A | 271 | 91338 | 1.89% |
| Apple, Inc. | 358 | 91064 | 1.89% |
| Tapestry, Inc. | 799 | 90491 | 1.87% |
| NVIDIA Corporation | 481 | 89756 | 1.86% |
| Teva Pharmaceutical Industries Ltd. - ADR | 4382 | 88508 | 1.83% |
| Jabil, Inc. | 407 | 88290 | 1.83% |
| CyberArk Software Ltd. | 181 | 87590 | 1.81% |
| W. R. Berkley Corporation | 1141 | 87451 | 1.81% |
| Allstate Corporation (The) | 404 | 86725 | 1.80% |
| Realty Income Corporation | 1423 | 86495 | 1.79% |
| Cardinal Health, Inc. | 549 | 86226 | 1.79% |
| HCA Healthcare, Inc. | 202 | 86213 | 1.79% |
| General Motors Company | 1404 | 85580 | 1.77% |
| Johnson & Johnson | 461 | 85551 | 1.77% |
| Canadian Imperial Bank of Commerce | 1063 | 84963 | 1.76% |
| Brookfield Corporation | 1239 | 84955 | 1.76% |
| Prologis, Inc. | 738 | 84532 | 1.75% |
| NetApp, Inc. | 712 | 84356 | 1.75% |
| Restaurant Brands International, Inc. | 1314 | 84311 | 1.75% |
| Agilent Technologies, Inc. | 656 | 84215 | 1.74% |
| Steris Corporation | 339 | 83995 | 1.74% |
| General Mills, Inc. | 1666 | 83987 | 1.74% |
| Sysco Corporation | 1020 | 83981 | 1.74% |
| Ford Motor Company | 7010 | 83838 | 1.74% |
| Pfizer, Inc. | 3289 | 83800 | 1.74% |
| Williams-Sonoma, Inc. | 428 | 83649 | 1.73% |
| CVS Health Corporation | 1109 | 83597 | 1.73% |
| Blackstone, Inc. | 485 | 82785 | 1.71% |
| ON Semiconductor Corporation | 1679 | 82776 | 1.71% |
| Hershey Company (The) | 442 | 82717 | 1.71% |
| Progressive Corporation | 334 | 82519 | 1.71% |
| Extra Space Storage, Inc. | 583 | 82202 | 1.70% |
| Home Depot, Inc. (The) | 202 | 81929 | 1.70% |
| Advanced Micro Devices, Inc. | 506 | 81887 | 1.70% |
| Ecolab, Inc. | 299 | 81877 | 1.70% |
| Costco Wholesale Corporation | 88 | 81001 | 1.68% |
| Amgen, Inc. | 286 | 80804 | 1.67% |
| Kroger Company (The) | 1197 | 80683 | 1.67% |
| CDW Corporation | 506 | 80641 | 1.67% |
| Carlyle Group, Inc. | 1275 | 79949 | 1.66% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Anheuser-Busch InBev S.A. - ADR | 1339 | $79799 | 1.65% |
| Lowe's Companies, Inc. | 318 | 79796 | 1.65% |
| AT&T, Inc. | 2825 | 79782 | 1.65% |
| Target Corporation | 889 | 79720 | 1.65% |
| McDonald's Corporation | 260 | 79067 | 1.64% |
| Mettler-Toledo International, Inc. | 64 | 79040 | 1.64% |
| Sherwin-Williams Company (The) | 228 | 78818 | 1.63% |
| Moody's Corporation | 165 | 78526 | 1.63% |
| Motorola Solutions, Inc. | 172 | 78432 | 1.62% |
| Hilton Worldwide Holdings, Inc. | 298 | 77223 | 1.60% |
| Church & Dwight Company, Inc. | 881 | 77204 | 1.60% |
| Dollar General Corporation | 744 | 76867 | 1.59% |
| Cognizant Technology Solutions Corporation | 1145 | 76764 | 1.59% |
| Darden Restaurants, Inc. | 395 | 75166 | 1.56% |
| Constellation Brands, Inc. | 543 | 73144 | 1.52% |
| Lululemon Athletica, Inc. | 410 | 73013 | 1.51% |
|  |  | $4828271 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1370) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 1390 | $116892 | 2.41% |
| McKesson Corporation | 125 | 96882 | 2.00% |
| Coinbase Global, Inc., Class A | 287 | 96718 | 2.00% |
| NVIDIA Corporation | 508 | 94740 | 1.95% |
| Tapestry, Inc. | 830 | 93929 | 1.94% |
| Teva Pharmaceutical Industries Ltd. - ADR | 4618 | 93287 | 1.92% |
| Jabil, Inc. | 426 | 92593 | 1.91% |
| Apple, Inc. | 363 | 92507 | 1.91% |
| CyberArk Software Ltd. | 190 | 91885 | 1.90% |
| W. R. Berkley Corporation | 1199 | 91838 | 1.90% |
| General Motors Company | 1500 | 91467 | 1.89% |
| Brookfield Corporation | 1326 | 90932 | 1.88% |
| Allstate Corporation (The) | 424 | 90905 | 1.88% |
| Realty Income Corporation | 1495 | 90882 | 1.88% |
| HCA Healthcare, Inc. | 213 | 90588 | 1.87% |
| Cardinal Health, Inc. | 575 | 90319 | 1.86% |
| Johnson & Johnson | 487 | 90248 | 1.86% |
| Prologis, Inc. | 781 | 89424 | 1.85% |
| Ford Motor Company | 7456 | 89171 | 1.84% |
| CVS Health Corporation | 1182 | 89082 | 1.84% |
| Pfizer, Inc. | 3495 | 89048 | 1.84% |
| Restaurant Brands International, Inc. | 1388 | 89038 | 1.84% |
| Agilent Technologies, Inc. | 692 | 88802 | 1.83% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Blackstone, Inc. | 518 | $88454 | 1.83% |
| Steris Corporation | 357 | 88416 | 1.82% |
| Canadian Imperial Bank of Commerce | 1104 | 88238 | 1.82% |
| Williams-Sonoma, Inc. | 451 | 88134 | 1.82% |
| NetApp, Inc. | 744 | 88117 | 1.82% |
| Sysco Corporation | 1069 | 88026 | 1.82% |
| General Mills, Inc. | 1741 | 87803 | 1.81% |
| Hershey Company (The) | 469 | 87743 | 1.81% |
| Ecolab, Inc. | 317 | 86836 | 1.79% |
| Progressive Corporation | 351 | 86717 | 1.79% |
| Advanced Micro Devices, Inc. | 534 | 86455 | 1.78% |
| Amgen, Inc. | 305 | 86133 | 1.78% |
| Home Depot, Inc. (The) | 212 | 86101 | 1.78% |
| Carlyle Group, Inc. | 1367 | 85707 | 1.77% |
| Kroger Company (The) | 1270 | 85633 | 1.77% |
| Extra Space Storage, Inc. | 605 | 85269 | 1.76% |
| CDW Corporation | 530 | 84467 | 1.74% |
| Costco Wholesale Corporation | 91 | 84434 | 1.74% |
| AT&T, Inc. | 2983 | 84250 | 1.74% |
| Target Corporation | 938 | 84150 | 1.74% |
| Mettler-Toledo International, Inc. | 68 | 83837 | 1.73% |
| Motorola Solutions, Inc. | 183 | 83554 | 1.72% |
| Lowe's Companies, Inc. | 332 | 83522 | 1.72% |
| McDonald's Corporation | 274 | 83214 | 1.72% |
| Moody's Corporation | 175 | 83153 | 1.72% |
| Sherwin-Williams Company (The) | 239 | 82634 | 1.71% |
| Hilton Worldwide Holdings, Inc. | 315 | 81734 | 1.69% |
| Dollar General Corporation | 790 | 81629 | 1.68% |
| Church & Dwight Company, Inc. | 929 | 81389 | 1.68% |
| Cognizant Technology Solutions Corporation | 1206 | 80906 | 1.67% |
| Darden Restaurants, Inc. | 416 | 79186 | 1.63% |
| Lululemon Athletica, Inc. | 436 | 77647 | 1.60% |
|  |  | $4844665 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1371) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 1047 | $88021 | 1.84% |
| Caterpillar, Inc. | 160 | 76205 | 1.59% |
| McKesson Corporation | 97 | 74983 | 1.56% |
| Coinbase Global, Inc., Class A | 219 | 73826 | 1.54% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3632 | 73359 | 1.53% |
| NVIDIA Corporation | 391 | 72946 | 1.52% |
| Eaton Corporation PLC | 193 | 72129 | 1.51% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Tapestry, Inc. | 634 | $71806 | 1.50% |
| Apple, Inc. | 280 | 71269 | 1.49% |
| General Dynamics Corporation | 208 | 70976 | 1.48% |
| CyberArk Software Ltd. | 147 | 70783 | 1.48% |
| Cummins, Inc. | 167 | 70702 | 1.48% |
| Cardinal Health, Inc. | 449 | 70537 | 1.47% |
| W. R. Berkley Corporation | 920 | 70518 | 1.47% |
| General Motors Company | 1154 | 70367 | 1.47% |
| Jabil, Inc. | 323 | 70082 | 1.46% |
| Realty Income Corporation | 1152 | 70003 | 1.46% |
| Pfizer, Inc. | 2735 | 69683 | 1.45% |
| Johnson & Johnson | 375 | 69613 | 1.45% |
| HCA Healthcare, Inc. | 163 | 69495 | 1.45% |
| Westinghouse Air Brake Technologies Corporation | 346 | 69430 | 1.45% |
| Restaurant Brands International, Inc. | 1081 | 69317 | 1.45% |
| Allstate Corporation (The) | 1008 | 69149 | 1.44% |
| Brookfield Corporation | 322 | 69149 | 1.44% |
| Ford Motor Company | 5746 | 68722 | 1.43% |
| CVS Health Corporation | 911 | 68661 | 1.43% |
| Rockwell Automation, Inc. | 196 | 68618 | 1.43% |
| Prologis, Inc. | 596 | 68251 | 1.42% |
| Steris Corporation | 276 | 68229 | 1.42% |
| Canadian Imperial Bank of Commerce | 848 | 67749 | 1.41% |
| Amgen, Inc. | 240 | 67616 | 1.41% |
| Blackstone, Inc. | 395 | 67488 | 1.41% |
| PACCAR, Inc. | 683 | 67188 | 1.40% |
| Advanced Micro Devices, Inc. | 415 | 67113 | 1.40% |
| Agilent Technologies, Inc. | 522 | 67045 | 1.40% |
| Sysco Corporation | 813 | 66974 | 1.40% |
| NetApp, Inc. | 565 | 66904 | 1.40% |
| Ecolab, Inc. | 244 | 66849 | 1.39% |
| Kroger Company (The) | 989 | 66687 | 1.39% |
| Cintas Corporation | 324 | 66600 | 1.39% |
| Progressive Corporation | 270 | 66557 | 1.39% |
| United Parcel Service, Class B | 794 | 66358 | 1.38% |
| Emerson Electric Company | 504 | 66145 | 1.38% |
| Hubbell, Inc. | 154 | 66061 | 1.38% |
| Home Depot, Inc. (The) | 163 | 66053 | 1.38% |
| Extra Space Storage, Inc. | 467 | 65760 | 1.37% |
| Ralph Lauren Corporation | 209 | 65608 | 1.37% |
| Fastenal Company | 1335 | 65471 | 1.37% |
| Automatic Data Processing, Inc. | 223 | 65399 | 1.36% |
| Costco Wholesale Corporation | 70 | 64987 | 1.36% |
| Target Corporation | 724 | 64934 | 1.35% |
| Carlyle Group, Inc. | 1034 | 64808 | 1.35% |
| Williams-Sonoma, Inc. | 331 | 64645 | 1.35% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| International Paper Company (The) | 1389 | $64459 | 1.35% |
| McDonald's Corporation | 212 | 64339 | 1.34% |
| CDW Corporation | 404 | 64299 | 1.34% |
| Motorola Solutions, Inc. | 140 | 64122 | 1.34% |
| AT&T, Inc. | 2269 | 64072 | 1.34% |
| Moody's Corporation | 134 | 63986 | 1.34% |
| Mettler-Toledo International, Inc. | 52 | 63976 | 1.34% |
| Dollar General Corporation | 619 | 63963 | 1.33% |
| Lowe's Companies, Inc. | 254 | 63749 | 1.33% |
| Sherwin-Williams Company (The) | 183 | 63531 | 1.33% |
| Carrier Global Corporation | 1056 | 63057 | 1.32% |
| Cognizant Technology Solutions Corporation | 939 | 62999 | 1.31% |
| Boeing Company (The) | 291 | 62773 | 1.31% |
| Hilton Worldwide Holdings, Inc. | 241 | 62619 | 1.31% |
| W. W. Grainger, Inc. | 65 | 62212 | 1.30% |
| Church & Dwight Company, Inc. | 705 | 61757 | 1.29% |
| Darden Restaurants, Inc. | 319 | 60781 | 1.27% |
| Lululemon Athletica, Inc. | 326 | 57942 | 1.21% |
|  |  | $4792464 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1372) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 977 | $82149 | 1.72% |
| Coinbase Global, Inc., Class A | 207 | 69833 | 1.46% |
| Caterpillar, Inc. | 146 | 69792 | 1.46% |
| McKesson Corporation | 90 | 69548 | 1.45% |
| NVIDIA Corporation | 371 | 69130 | 1.44% |
| Tapestry, Inc. | 594 | 67253 | 1.40% |
| Eaton Corporation PLC | 177 | 66355 | 1.39% |
| Advanced Micro Devices, Inc. | 409 | 66244 | 1.38% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3266 | 65965 | 1.38% |
| Allstate Corporation (The) | 307 | 65912 | 1.38% |
| W. R. Berkley Corporation | 860 | 65891 | 1.38% |
| Apple, Inc. | 258 | 65740 | 1.37% |
| Lululemon Athletica, Inc. | 369 | 65619 | 1.37% |
| Cummins, Inc. | 155 | 65368 | 1.36% |
| General Dynamics Corporation | 192 | 65360 | 1.36% |
| Cardinal Health, Inc. | 414 | 64945 | 1.36% |
| General Motors Company | 1062 | 64751 | 1.35% |
| CyberArk Software Ltd. | 134 | 64608 | 1.35% |
| Johnson & Johnson | 347 | 64307 | 1.34% |
| Westinghouse Air Brake Technologies Corporation | 320 | 64218 | 1.34% |
| Jabil, Inc. | 295 | 63965 | 1.34% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Brookfield Corporation | 930 | $63809 | 1.33% |
| Rockwell Automation, Inc. | 182 | 63663 | 1.33% |
| Realty Income Corporation | 1044 | 63449 | 1.32% |
| Pfizer, Inc. | 2487 | 63375 | 1.32% |
| Fastenal Company | 1290 | 63237 | 1.32% |
| CVS Health Corporation | 839 | 63233 | 1.32% |
| Canadian Imperial Bank of Commerce | 790 | 63124 | 1.32% |
| Ford Motor Company | 5271 | 63043 | 1.32% |
| Restaurant Brands International, Inc. | 981 | 62903 | 1.31% |
| HCA Healthcare, Inc. | 147 | 62682 | 1.31% |
| Progressive Corporation | 254 | 62667 | 1.31% |
| Steris Corporation | 252 | 62423 | 1.30% |
| Hershey Company (The) | 334 | 62407 | 1.30% |
| Prologis, Inc. | 545 | 62357 | 1.30% |
| Blackstone, Inc. | 364 | 62196 | 1.30% |
| ON Semiconductor Corporation | 1260 | 62141 | 1.30% |
| Cintas Corporation | 303 | 62113 | 1.30% |
| Ecolab, Inc. | 226 | 61951 | 1.29% |
| Sysco Corporation | 751 | 61801 | 1.29% |
| NetApp, Inc. | 521 | 61732 | 1.29% |
| Agilent Technologies, Inc. | 481 | 61691 | 1.29% |
| General Mills, Inc. | 1223 | 61687 | 1.29% |
| Kroger Company (The) | 913 | 61573 | 1.29% |
| Amgen, Inc. | 218 | 61569 | 1.29% |
| PACCAR, Inc. | 625 | 61427 | 1.28% |
| Automatic Data Processing, Inc. | 209 | 61367 | 1.28% |
| Anheuser-Busch InBev S.A. - ADR | 1027 | 61246 | 1.28% |
| Emerson Electric Company | 467 | 61243 | 1.28% |
| Hubbell, Inc. | 142 | 61070 | 1.28% |
| Carlyle Group, Inc. | 971 | 60864 | 1.27% |
| United Parcel Service, Class B | 728 | 60784 | 1.27% |
| Home Depot, Inc. (The) | 148 | 59851 | 1.25% |
| McDonald's Corporation | 197 | 59818 | 1.25% |
| Williams-Sonoma, Inc. | 306 | 59752 | 1.25% |
| Target Corporation | 664 | 59578 | 1.24% |
| Costco Wholesale Corporation | 64 | 59452 | 1.24% |
| W. W. Grainger, Inc. | 62 | 59360 | 1.24% |
| Extra Space Storage, Inc. | 420 | 59219 | 1.24% |
| Moody's Corporation | 124 | 59087 | 1.23% |
| Motorola Solutions, Inc. | 129 | 59081 | 1.23% |
| AT&T, Inc. | 2091 | 59060 | 1.23% |
| International Paper Company (The) | 1271 | 58973 | 1.23% |
| Hilton Worldwide Holdings, Inc. | 227 | 58961 | 1.23% |
| Dollar General Corporation | 566 | 58525 | 1.22% |
| Mettler-Toledo International, Inc. | 47 | 58182 | 1.21% |
| Boeing Company (The) | 270 | 58169 | 1.21% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| CDW Corporation | 365 | $58073 | 1.21% |
| Cognizant Technology Solutions Corporation | 862 | 57790 | 1.21% |
| Lowe's Companies, Inc. | 229 | 57606 | 1.20% |
| Sherwin-Williams Company (The) | 166 | 57535 | 1.20% |
| Lennox International, Inc. | 107 | 56671 | 1.18% |
| Church & Dwight Company, Inc. | 646 | 56606 | 1.18% |
| Carrier Global Corporation | 945 | 56395 | 1.18% |
| Constellation Brands, Inc. | 417 | 56146 | 1.17% |
| Darden Restaurants, Inc. | 294 | 56058 | 1.17% |
| Guidewire Software, Inc. | 237 | 54560 | 1.14% |
|  |  | $4790288 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1373) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 1203 | $101160 | 2.11% |
| Coinbase Global, Inc., Class A | 263 | 88691 | 1.85% |
| NVIDIA Corporation | 472 | 88037 | 1.84% |
| McKesson Corporation | 114 | 88026 | 1.84% |
| Tapestry, Inc. | 758 | 85781 | 1.79% |
| CVS Health Corporation | 1130 | 85215 | 1.78% |
| Allstate Corporation (The) | 396 | 85102 | 1.78% |
| Apple, Inc. | 334 | 85009 | 1.77% |
| Advanced Micro Devices, Inc. | 525 | 84861 | 1.77% |
| Lululemon Athletica, Inc. | 472 | 84061 | 1.75% |
| W. R. Berkley Corporation | 1097 | 84034 | 1.75% |
| General Motors Company | 1365 | 83196 | 1.74% |
| Teva Pharmaceutical Industries Ltd. - ADR | 4115 | 83120 | 1.73% |
| Cardinal Health, Inc. | 528 | 82947 | 1.73% |
| Johnson & Johnson | 446 | 82667 | 1.73% |
| Jabil, Inc. | 380 | 82454 | 1.72% |
| Pfizer, Inc. | 3235 | 82425 | 1.72% |
| Restaurant Brands International, Inc. | 1281 | 82131 | 1.71% |
| CyberArk Software Ltd. | 169 | 81848 | 1.71% |
| Brookfield Corporation | 1192 | 81753 | 1.71% |
| Realty Income Corporation | 1344 | 81688 | 1.71% |
| Ford Motor Company | 6794 | 81251 | 1.70% |
| Canadian Imperial Bank of Commerce | 1017 | 81226 | 1.70% |
| HCA Healthcare, Inc. | 190 | 80955 | 1.69% |
| Sysco Corporation | 974 | 80186 | 1.67% |
| ON Semiconductor Corporation | 1625 | 80115 | 1.67% |
| Prologis, Inc. | 699 | 80088 | 1.67% |
| Amgen, Inc. | 283 | 79986 | 1.67% |
| General Mills, Inc. | 1585 | 79892 | 1.67% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Progressive Corporation | 323 | $79743 | 1.66% |
| Anheuser-Busch InBev S.A. - ADR | 1336 | 79657 | 1.66% |
| Agilent Technologies, Inc. | 620 | 79553 | 1.66% |
| Hershey Company (The) | 423 | 79213 | 1.65% |
| Steris Corporation | 320 | 79135 | 1.65% |
| Ecolab, Inc. | 288 | 78987 | 1.65% |
| Estee Lauder Companies, Inc. (The) | 894 | 78764 | 1.64% |
| Kroger Company (The) | 1168 | 78728 | 1.64% |
| Blackstone, Inc. | 458 | 78294 | 1.63% |
| Target Corporation | 868 | 77854 | 1.62% |
| NetApp, Inc. | 655 | 77641 | 1.62% |
| Carlyle Group, Inc. | 1238 | 77622 | 1.62% |
| AT&T, Inc. | 2748 | 77603 | 1.62% |
| McDonald's Corporation | 254 | 77155 | 1.61% |
| Home Depot, Inc. (The) | 189 | 76627 | 1.60% |
| Williams-Sonoma, Inc. | 391 | 76365 | 1.59% |
| Extra Space Storage, Inc. | 540 | 76132 | 1.59% |
| Motorola Solutions, Inc. | 166 | 75917 | 1.58% |
| Costco Wholesale Corporation | 82 | 75640 | 1.58% |
| Dollar General Corporation | 730 | 75494 | 1.58% |
| CDW Corporation | 473 | 75362 | 1.57% |
| Cognizant Technology Solutions Corporation | 1116 | 74821 | 1.56% |
| Moody's Corporation | 156 | 74543 | 1.56% |
| Hilton Worldwide Holdings, Inc. | 286 | 74168 | 1.55% |
| Mettler-Toledo International, Inc. | 60 | 74159 | 1.55% |
| Church & Dwight Company, Inc. | 840 | 73581 | 1.54% |
| Sherwin-Williams Company (The) | 212 | 73285 | 1.53% |
| Constellation Brands, Inc. | 544 | 73204 | 1.53% |
| Lowe's Companies, Inc. | 291 | 73102 | 1.53% |
| Darden Restaurants, Inc. | 377 | 71720 | 1.50% |
| Guidewire Software, Inc. | 303 | 69706 | 1.45% |
|  |  | $4791680 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1374) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 971 | $81648 | 1.62% |
| Caterpillar, Inc. | 155 | 74084 | 1.47% |
| McKesson Corporation | 92 | 71078 | 1.41% |
| NVIDIA Corporation | 380 | 70928 | 1.41% |
| Apple, Inc. | 277 | 70532 | 1.40% |
| Tapestry, Inc. | 617 | 69876 | 1.39% |
| Eaton Corporation PLC | 186 | 69765 | 1.38% |
| Allstate Corporation (The) | 324 | 69627 | 1.38% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Cummins, Inc. | 164 | $69451 | 1.38% |
| General Dynamics Corporation | 202 | 68888 | 1.37% |
| W. R. Berkley Corporation | 898 | 68812 | 1.37% |
| Coinbase Global, Inc., Class A | 204 | 68724 | 1.36% |
| Westinghouse Air Brake Technologies Corporation | 342 | 68470 | 1.36% |
| General Motors Company | 1119 | 68227 | 1.35% |
| CVS Health Corporation | 905 | 68207 | 1.35% |
| Johnson & Johnson | 367 | 68018 | 1.35% |
| Casey's General | 120 | 67795 | 1.34% |
| Ford Motor Company | 5650 | 67570 | 1.34% |
| Cardinal Health, Inc. | 430 | 67503 | 1.34% |
| Advanced Micro Devices, Inc. | 417 | 67401 | 1.34% |
| Jabil, Inc. | 310 | 67381 | 1.34% |
| Restaurant Brands International, Inc. | 1049 | 67307 | 1.34% |
| Brookfield Corporation | 981 | 67258 | 1.33% |
| Pfizer, Inc. | 2627 | 66937 | 1.33% |
| HCA Healthcare, Inc. | 157 | 66924 | 1.33% |
| CyberArk Software Ltd. | 138 | 66803 | 1.33% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3298 | 66629 | 1.32% |
| Fastenal Company | 1355 | 66459 | 1.32% |
| Canadian Imperial Bank of Commerce | 831 | 66419 | 1.32% |
| Prologis, Inc. | 580 | 66393 | 1.32% |
| Realty Income Corporation | 1091 | 66333 | 1.32% |
| Rockwell Automation, Inc. | 189 | 66160 | 1.31% |
| Sysco Corporation | 803 | 66111 | 1.31% |
| Agilent Technologies, Inc. | 514 | 65994 | 1.31% |
| Cintas Corporation | 321 | 65939 | 1.31% |
| Progressive Corporation | 267 | 65899 | 1.31% |
| ON Semiconductor Corporation | 1335 | 65836 | 1.31% |
| Ecolab, Inc. | 240 | 65682 | 1.30% |
| PACCAR, Inc. | 666 | 65440 | 1.30% |
| Amgen, Inc. | 232 | 65431 | 1.30% |
| Anheuser-Busch InBev S.A. - ADR | 1094 | 65243 | 1.29% |
| General Mills, Inc. | 1289 | 65005 | 1.29% |
| Kroger Company (The) | 960 | 64703 | 1.28% |
| Hershey Company (The) | 346 | 64693 | 1.28% |
| Steris Corporation | 261 | 64666 | 1.28% |
| Estee Lauder Companies, Inc. (The) | 732 | 64490 | 1.28% |
| Emerson Electric Company | 492 | 64487 | 1.28% |
| International Paper Company (The) | 1385 | 64250 | 1.27% |
| United Parcel Service, Class B | 769 | 64245 | 1.27% |
| Dollar General Corporation | 621 | 64169 | 1.27% |
| Automatic Data Processing, Inc. | 218 | 64097 | 1.27% |
| Target Corporation | 714 | 64050 | 1.27% |
| Blackstone, Inc. | 375 | 64045 | 1.27% |
| Carlyle Group, Inc. | 1020 | 63966 | 1.27% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Hubbell, Inc. | 148 | $63885 | 1.27% |
| Home Depot, Inc. (The) | 156 | 63328 | 1.26% |
| Extra Space Storage, Inc. | 448 | 63149 | 1.25% |
| McDonald's Corporation | 208 | 63122 | 1.25% |
| Williams-Sonoma, Inc. | 320 | 62611 | 1.24% |
| NetApp, Inc. | 527 | 62457 | 1.24% |
| AT&T, Inc. | 2206 | 62311 | 1.24% |
| Sherwin-Williams Company (The) | 180 | 62198 | 1.23% |
| W. W. Grainger, Inc. | 65 | 62181 | 1.23% |
| Motorola Solutions, Inc. | 136 | 62111 | 1.23% |
| Mettler-Toledo International, Inc. | 51 | 62000 | 1.23% |
| Cognizant Technology Solutions Corporation | 917 | 61512 | 1.22% |
| Costco Wholesale Corporation | 66 | 61360 | 1.22% |
| Hilton Worldwide Holdings, Inc. | 236 | 61248 | 1.21% |
| CDW Corporation | 384 | 61199 | 1.21% |
| Carrier Global Corporation | 1023 | 61058 | 1.21% |
| Boeing Company (The) | 283 | 61042 | 1.21% |
| Moody's Corporation | 128 | 60891 | 1.21% |
| Lowe's Companies, Inc. | 241 | 60639 | 1.20% |
| Church & Dwight Company, Inc. | 684 | 59935 | 1.19% |
| Constellation Brands, Inc. | 445 | 59885 | 1.19% |
| Darden Restaurants, Inc. | 306 | 58329 | 1.16% |
| Guidewire Software, Inc. | 254 | 58295 | 1.16% |
|  |  | $5040794 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1375) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 993 | $83500 | 1.65% |
| Caterpillar, Inc. | 158 | 75193 | 1.49% |
| Apple, Inc. | 294 | 74827 | 1.48% |
| McKesson Corporation | 94 | 72901 | 1.44% |
| HCA Healthcare, Inc. | 169 | 72026 | 1.43% |
| Tapestry, Inc. | 633 | 71658 | 1.42% |
| Allstate Corporation (The) | 333 | 71516 | 1.42% |
| Coinbase Global, Inc., Class A | 211 | 71327 | 1.41% |
| General Motors Company | 1162 | 70864 | 1.40% |
| W. R. Berkley Corporation | 924 | 70774 | 1.40% |
| Westinghouse Air Brake Technologies Corporation | 352 | 70470 | 1.40% |
| General Dynamics Corporation | 206 | 70348 | 1.39% |
| Johnson & Johnson | 379 | 70296 | 1.39% |
| NVIDIA Corporation | 376 | 70122 | 1.39% |
| Cardinal Health, Inc. | 446 | 70069 | 1.39% |
| Casey's General | 124 | 69965 | 1.39% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Ford Motor Company | 5836 | $69797 | 1.38% |
| Cummins, Inc. | 164 | 69457 | 1.38% |
| Pfizer, Inc. | 2712 | 69114 | 1.37% |
| Restaurant Brands International, Inc. | 1076 | 69035 | 1.37% |
| Agilent Technologies, Inc. | 537 | 68917 | 1.37% |
| Eaton Corporation PLC | 184 | 68853 | 1.36% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3405 | 68791 | 1.36% |
| Prologis, Inc. | 601 | 68771 | 1.36% |
| CyberArk Software Ltd. | 142 | 68678 | 1.36% |
| Rockwell Automation, Inc. | 196 | 68637 | 1.36% |
| Sysco Corporation | 831 | 68432 | 1.36% |
| Brookfield Corporation | 994 | 68166 | 1.35% |
| Realty Income Corporation | 1121 | 68148 | 1.35% |
| Fastenal Company | 1389 | 68132 | 1.35% |
| CVS Health Corporation | 901 | 67925 | 1.35% |
| Cintas Corporation | 331 | 67923 | 1.35% |
| Ecolab, Inc. | 248 | 67827 | 1.34% |
| Steris Corporation | 273 | 67632 | 1.34% |
| Advanced Micro Devices, Inc. | 418 | 67585 | 1.34% |
| Canadian Imperial Bank of Commerce | 845 | 67533 | 1.34% |
| Amgen, Inc. | 239 | 67528 | 1.34% |
| Anheuser-Busch InBev S.A. - ADR | 1130 | 67369 | 1.33% |
| General Mills, Inc. | 1333 | 67192 | 1.33% |
| Hershey Company (The) | 359 | 67166 | 1.33% |
| Jabil, Inc. | 309 | 67093 | 1.33% |
| Kroger Company (The) | 994 | 67023 | 1.33% |
| Automatic Data Processing, Inc. | 228 | 66898 | 1.33% |
| Progressive Corporation | 270 | 66791 | 1.32% |
| International Paper Company (The) | 1434 | 66545 | 1.32% |
| PACCAR, Inc. | 676 | 66416 | 1.32% |
| United Parcel Service, Class B | 795 | 66391 | 1.31% |
| McDonald's Corporation | 218 | 66199 | 1.31% |
| Target Corporation | 734 | 65852 | 1.30% |
| Emerson Electric Company | 499 | 65404 | 1.30% |
| Home Depot, Inc. (The) | 161 | 65349 | 1.29% |
| Mettler-Toledo International, Inc. | 53 | 65302 | 1.29% |
| Hubbell, Inc. | 151 | 64834 | 1.28% |
| Extra Space Storage, Inc. | 460 | 64779 | 1.28% |
| Dollar General Corporation | 626 | 64692 | 1.28% |
| Cognizant Technology Solutions Corporation | 964 | 64631 | 1.28% |
| Sherwin-Williams Company (The) | 186 | 64559 | 1.28% |
| Costco Wholesale Corporation | 70 | 64509 | 1.28% |
| AT&T, Inc. | 2282 | 64454 | 1.28% |
| Williams-Sonoma, Inc. | 329 | 64271 | 1.27% |
| NetApp, Inc. | 540 | 63910 | 1.27% |
| W. W. Grainger, Inc. | 67 | 63890 | 1.27% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Blackstone, Inc. | 374 | $63886 | 1.27% |
| Carlyle Group, Inc. | 1016 | 63689 | 1.26% |
| Carrier Global Corporation | 1066 | 63660 | 1.26% |
| Hilton Worldwide Holdings, Inc. | 244 | 63312 | 1.25% |
| Motorola Solutions, Inc. | 138 | 63268 | 1.25% |
| Boeing Company (The) | 293 | 63221 | 1.25% |
| Lowe's Companies, Inc. | 250 | 62835 | 1.24% |
| Constellation Brands, Inc. | 466 | 62807 | 1.24% |
| Church & Dwight Company, Inc. | 717 | 62797 | 1.24% |
| Moody's Corporation | 132 | 62747 | 1.24% |
| CDW Corporation | 390 | 62161 | 1.23% |
| Guidewire Software, Inc. | 263 | 60540 | 1.20% |
| Darden Restaurants, Inc. | 315 | 59995 | 1.19% |
|  |  | $5049174 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1376) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 988 | $83033 | 1.67% |
| Apple, Inc. | 286 | 72802 | 1.46% |
| Caterpillar, Inc. | 152 | 72747 | 1.46% |
| McKesson Corporation | 91 | 70587 | 1.42% |
| Allstate Corporation (The) | 325 | 69725 | 1.40% |
| Tapestry, Inc. | 615 | 69676 | 1.40% |
| HCA Healthcare, Inc. | 163 | 69580 | 1.40% |
| NVIDIA Corporation | 371 | 69262 | 1.39% |
| Westinghouse Air Brake Technologies Corporation | 342 | 68605 | 1.38% |
| Coinbase Global, Inc., Class A | 203 | 68517 | 1.38% |
| Eaton Corporation PLC | 183 | 68357 | 1.37% |
| Advanced Micro Devices, Inc. | 422 | 68354 | 1.37% |
| Johnson & Johnson | 368 | 68318 | 1.37% |
| General Motors Company | 1120 | 68300 | 1.37% |
| W. R. Berkley Corporation | 891 | 68300 | 1.37% |
| Fastenal Company | 1390 | 68145 | 1.37% |
| General Dynamics Corporation | 200 | 68039 | 1.37% |
| Cardinal Health, Inc. | 431 | 67705 | 1.36% |
| Cummins, Inc. | 160 | 67583 | 1.36% |
| CyberArk Software Ltd. | 140 | 67438 | 1.35% |
| Pfizer, Inc. | 2646 | 67409 | 1.35% |
| Casey's General | 119 | 67113 | 1.35% |
| Ford Motor Company | 5593 | 66887 | 1.34% |
| Sysco Corporation | 812 | 66823 | 1.34% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3307 | 66793 | 1.34% |
| Jabil, Inc. | 307 | 66655 | 1.34% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Agilent Technologies, Inc. | 519 | $66609 | 1.34% |
| Realty Income Corporation | 1093 | 66457 | 1.33% |
| Restaurant Brands International, Inc. | 1036 | 66452 | 1.33% |
| Anheuser-Busch InBev S.A. - ADR | 1115 | 66437 | 1.33% |
| CVS Health Corporation | 881 | 66403 | 1.33% |
| Hershey Company (The) | 354 | 66300 | 1.33% |
| Canadian Imperial Bank of Commerce | 827 | 66050 | 1.33% |
| Cintas Corporation | 322 | 66013 | 1.33% |
| Kroger Company (The) | 978 | 65945 | 1.32% |
| Amgen, Inc. | 233 | 65645 | 1.32% |
| Prologis, Inc. | 573 | 65597 | 1.32% |
| International Paper Company (The) | 1413 | 65585 | 1.32% |
| Rockwell Automation, Inc. | 188 | 65579 | 1.32% |
| Ecolab, Inc. | 239 | 65524 | 1.32% |
| General Mills, Inc. | 1300 | 65522 | 1.32% |
| Brookfield Corporation | 955 | 65501 | 1.32% |
| Progressive Corporation | 264 | 65279 | 1.31% |
| United Parcel Service, Class B | 777 | 64898 | 1.30% |
| McDonald's Corporation | 213 | 64800 | 1.30% |
| Automatic Data Processing, Inc. | 221 | 64769 | 1.30% |
| Boeing Company (The) | 299 | 64525 | 1.30% |
| Dollar General Corporation | 624 | 64495 | 1.29% |
| Steris Corporation | 261 | 64468 | 1.29% |
| Target Corporation | 719 | 64461 | 1.29% |
| PACCAR, Inc. | 646 | 63545 | 1.28% |
| CDW Corporation | 397 | 63209 | 1.27% |
| Williams-Sonoma, Inc. | 323 | 63161 | 1.27% |
| Costco Wholesale Corporation | 68 | 63130 | 1.27% |
| Carrier Global Corporation | 1056 | 63024 | 1.27% |
| AT&T, Inc. | 2230 | 62981 | 1.26% |
| Mettler-Toledo International, Inc. | 51 | 62943 | 1.26% |
| Home Depot, Inc. (The) | 155 | 62937 | 1.26% |
| Hubbell, Inc. | 146 | 62761 | 1.26% |
| Emerson Electric Company | 478 | 62759 | 1.26% |
| Cognizant Technology Solutions Corporation | 932 | 62524 | 1.26% |
| Extra Space Storage, Inc. | 443 | 62500 | 1.25% |
| NetApp, Inc. | 526 | 62283 | 1.25% |
| Constellation Brands, Inc. | 460 | 61946 | 1.24% |
| Sherwin-Williams Company (The) | 178 | 61769 | 1.24% |
| W. W. Grainger, Inc. | 65 | 61767 | 1.24% |
| Lennox International, Inc. | 116 | 61372 | 1.23% |
| Motorola Solutions, Inc. | 134 | 61340 | 1.23% |
| Hilton Worldwide Holdings, Inc. | 236 | 61329 | 1.23% |
| Carlyle Group, Inc. | 976 | 61182 | 1.23% |
| Blackstone, Inc. | 358 | 61095 | 1.23% |
| Church & Dwight Company, Inc. | 697 | 61039 | 1.23% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Lowe's Companies, Inc. | 241 | $60676 | 1.22% |
| Moody's Corporation | 127 | 60415 | 1.21% |
| Guidewire Software, Inc. | 260 | 59708 | 1.20% |
| Darden Restaurants, Inc. | 308 | 58668 | 1.18% |
|  |  | $4980130 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1377) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 959 | $80631 | 1.61% |
| Caterpillar, Inc. | 150 | 71425 | 1.43% |
| Apple, Inc. | 276 | 70269 | 1.41% |
| McKesson Corporation | 91 | 70144 | 1.40% |
| Allstate Corporation (The) | 322 | 69191 | 1.38% |
| Pfizer, Inc. | 2706 | 68952 | 1.38% |
| Tapestry, Inc. | 607 | 68690 | 1.37% |
| Westinghouse Air Brake Technologies Corporation | 342 | 68580 | 1.37% |
| Estee Lauder Companies, Inc. (The) | 772 | 68047 | 1.36% |
| HCA Healthcare, Inc. | 159 | 67954 | 1.36% |
| NVIDIA Corporation | 363 | 67777 | 1.36% |
| General Dynamics Corporation | 198 | 67536 | 1.35% |
| Coinbase Global, Inc., Class A | 200 | 67484 | 1.35% |
| General Motors Company | 1104 | 67322 | 1.35% |
| Agilent Technologies, Inc. | 524 | 67273 | 1.35% |
| Johnson & Johnson | 363 | 67265 | 1.35% |
| W. R. Berkley Corporation | 875 | 67045 | 1.34% |
| CyberArk Software Ltd. | 139 | 66929 | 1.34% |
| Fastenal Company | 1361 | 66759 | 1.33% |
| Cardinal Health, Inc. | 424 | 66597 | 1.33% |
| Cummins, Inc. | 157 | 66500 | 1.33% |
| Ford Motor Company | 5530 | 66143 | 1.32% |
| Eaton Corporation PLC | 177 | 66069 | 1.32% |
| ON Semiconductor Corporation | 1338 | 66000 | 1.32% |
| Anheuser-Busch InBev S.A. - ADR | 1107 | 65978 | 1.32% |
| Amgen, Inc. | 234 | 65953 | 1.32% |
| Casey's General | 117 | 65928 | 1.32% |
| Advanced Micro Devices, Inc. | 407 | 65907 | 1.32% |
| Restaurant Brands International, Inc. | 1027 | 65847 | 1.32% |
| Jabil, Inc. | 302 | 65533 | 1.31% |
| Cintas Corporation | 319 | 65517 | 1.31% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3241 | 65470 | 1.31% |
| Rockwell Automation, Inc. | 187 | 65456 | 1.31% |
| Sysco Corporation | 795 | 65429 | 1.31% |
| Brookfield Corporation | 953 | 65338 | 1.31% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Hershey Company (The) | 349 | $65307 | 1.31% |
| General Mills, Inc. | 1294 | 65242 | 1.30% |
| Canadian Imperial Bank of Commerce | 816 | 65191 | 1.30% |
| International Paper Company (The) | 1405 | 65171 | 1.30% |
| Realty Income Corporation | 1069 | 65001 | 1.30% |
| CVS Health Corporation | 861 | 64948 | 1.30% |
| Ecolab, Inc. | 237 | 64889 | 1.30% |
| Automatic Data Processing, Inc. | 220 | 64595 | 1.29% |
| Boeing Company (The) | 299 | 64562 | 1.29% |
| Target Corporation | 718 | 64408 | 1.29% |
| McDonald's Corporation | 212 | 64275 | 1.29% |
| Progressive Corporation | 260 | 64249 | 1.28% |
| Prologis, Inc. | 560 | 64130 | 1.28% |
| Williams-Sonoma, Inc. | 328 | 64103 | 1.28% |
| United Parcel Service, Class B | 766 | 63967 | 1.28% |
| Steris Corporation | 259 | 63964 | 1.28% |
| Dollar General Corporation | 619 | 63945 | 1.28% |
| Kroger Company (The) | 946 | 63762 | 1.28% |
| Hubbell, Inc. | 148 | 63543 | 1.27% |
| Mettler-Toledo International, Inc. | 51 | 62957 | 1.26% |
| Emerson Electric Company | 478 | 62721 | 1.25% |
| Cognizant Technology Solutions Corporation | 934 | 62634 | 1.25% |
| CDW Corporation | 393 | 62625 | 1.25% |
| Carrier Global Corporation | 1047 | 62531 | 1.25% |
| Constellation Brands, Inc. | 463 | 62363 | 1.25% |
| Sherwin-Williams Company (The) | 179 | 62112 | 1.24% |
| PACCAR, Inc. | 630 | 61955 | 1.24% |
| Home Depot, Inc. (The) | 153 | 61921 | 1.24% |
| Extra Space Storage, Inc. | 439 | 61869 | 1.24% |
| Costco Wholesale Corporation | 67 | 61774 | 1.24% |
| NetApp, Inc. | 521 | 61709 | 1.23% |
| AT&T, Inc. | 2184 | 61689 | 1.23% |
| Motorola Solutions, Inc. | 134 | 61320 | 1.23% |
| W. W. Grainger, Inc. | 64 | 61307 | 1.23% |
| Hilton Worldwide Holdings, Inc. | 235 | 61000 | 1.22% |
| Church & Dwight Company, Inc. | 695 | 60904 | 1.22% |
| Blackstone, Inc. | 356 | 60855 | 1.22% |
| Carlyle Group, Inc. | 970 | 60812 | 1.22% |
| Moody's Corporation | 126 | 60077 | 1.20% |
| Lowe's Companies, Inc. | 238 | 59719 | 1.19% |
| Guidewire Software, Inc. | 255 | 58701 | 1.17% |
| Darden Restaurants, Inc. | 304 | 57835 | 1.16% |
|  |  | $4999580 | 100.00% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1378) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 990 | $83270 | 1.65% |
| McKesson Corporation | 95 | 73407 | 1.46% |
| Caterpillar, Inc. | 153 | 73102 | 1.45% |
| Allstate Corporation (The) | 339 | 72813 | 1.44% |
| Apple, Inc. | 282 | 71847 | 1.43% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3536 | 71420 | 1.42% |
| Westinghouse Air Brake Technologies Corporation | 355 | 71090 | 1.41% |
| Pfizer, Inc. | 2786 | 70995 | 1.41% |
| HCA Healthcare, Inc. | 166 | 70603 | 1.40% |
| W. R. Berkley Corporation | 918 | 70302 | 1.39% |
| NVIDIA Corporation | 376 | 70106 | 1.39% |
| Johnson & Johnson | 376 | 69807 | 1.39% |
| Cardinal Health, Inc. | 444 | 69761 | 1.38% |
| General Dynamics Corporation | 204 | 69652 | 1.38% |
| General Motors Company | 1133 | 69077 | 1.37% |
| Coinbase Global, Inc., Class A | 204 | 68926 | 1.37% |
| Sysco Corporation | 836 | 68853 | 1.37% |
| General Mills, Inc. | 1363 | 68710 | 1.36% |
| Amgen, Inc. | 243 | 68687 | 1.36% |
| Cintas Corporation | 334 | 68644 | 1.36% |
| Tapestry, Inc. | 606 | 68637 | 1.36% |
| Fastenal Company | 1398 | 68578 | 1.36% |
| CVS Health Corporation | 909 | 68543 | 1.36% |
| Ford Motor Company | 5718 | 68389 | 1.36% |
| Agilent Technologies, Inc. | 532 | 68234 | 1.35% |
| Cummins, Inc. | 161 | 68105 | 1.35% |
| Casey's General | 120 | 68041 | 1.35% |
| International Paper Company (The) | 1466 | 68005 | 1.35% |
| Anheuser-Busch InBev S.A. - ADR | 1141 | 67997 | 1.35% |
| CyberArk Software Ltd. | 140 | 67798 | 1.35% |
| Target Corporation | 754 | 67648 | 1.34% |
| Ecolab, Inc. | 247 | 67590 | 1.34% |
| Realty Income Corporation | 1109 | 67420 | 1.34% |
| Automatic Data Processing, Inc. | 230 | 67392 | 1.34% |
| Rockwell Automation, Inc. | 193 | 67384 | 1.34% |
| Hershey Company (The) | 360 | 67324 | 1.34% |
| McDonald's Corporation | 221 | 67190 | 1.33% |
| Progressive Corporation | 272 | 67141 | 1.33% |
| Jabil, Inc. | 309 | 67131 | 1.33% |
| Restaurant Brands International, Inc. | 1046 | 67060 | 1.33% |
| Advanced Micro Devices, Inc. | 414 | 67049 | 1.33% |
| Canadian Imperial Bank of Commerce | 839 | 66998 | 1.33% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Prologis, Inc. | 584 | $66934 | 1.33% |
| Boeing Company (The) | 310 | 66813 | 1.33% |
| Kroger Company (The) | 991 | 66788 | 1.33% |
| Steris Corporation | 270 | 66688 | 1.32% |
| Eaton Corporation PLC | 178 | 66559 | 1.32% |
| Constellation Brands, Inc. | 493 | 66418 | 1.32% |
| United Parcel Service, Class B | 795 | 66399 | 1.32% |
| Dollar General Corporation | 639 | 66040 | 1.31% |
| Brookfield Corporation | 962 | 65980 | 1.31% |
| Hubbell, Inc. | 152 | 65599 | 1.30% |
| Extra Space Storage, Inc. | 465 | 65492 | 1.30% |
| Cognizant Technology Solutions Corporation | 974 | 65308 | 1.30% |
| CDW Corporation | 409 | 65212 | 1.29% |
| Carrier Global Corporation | 1091 | 65109 | 1.29% |
| Mettler-Toledo International, Inc. | 53 | 65064 | 1.29% |
| Williams-Sonoma, Inc. | 332 | 64921 | 1.29% |
| Sherwin-Williams Company (The) | 187 | 64764 | 1.29% |
| Emerson Electric Company | 492 | 64582 | 1.28% |
| Costco Wholesale Corporation | 70 | 64390 | 1.28% |
| PACCAR, Inc. | 654 | 64271 | 1.28% |
| Church & Dwight Company, Inc. | 732 | 64138 | 1.27% |
| Home Depot, Inc. (The) | 158 | 64020 | 1.27% |
| Hilton Worldwide Holdings, Inc. | 246 | 63880 | 1.27% |
| NetApp, Inc. | 538 | 63722 | 1.26% |
| AT&T, Inc. | 2255 | 63676 | 1.26% |
| Motorola Solutions, Inc. | 138 | 63308 | 1.26% |
| W. W. Grainger, Inc. | 66 | 62853 | 1.25% |
| Carlyle Group, Inc. | 1000 | 62689 | 1.24% |
| Moody's Corporation | 131 | 62550 | 1.24% |
| Blackstone, Inc. | 363 | 62082 | 1.23% |
| Lowe's Companies, Inc. | 245 | 61687 | 1.22% |
| Guidewire Software, Inc. | 266 | 61105 | 1.21% |
| Darden Restaurants, Inc. | 315 | 59925 | 1.19% |
|  |  | $5039692 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1379) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 953 | $80106 | 1.59% |
| McKesson Corporation | 95 | 73096 | 1.45% |
| Allstate Corporation (The) | 334 | 71747 | 1.43% |
| Caterpillar, Inc. | 149 | 71045 | 1.41% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3512 | 70952 | 1.41% |
| W. R. Berkley Corporation | 919 | 70390 | 1.40% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Apple, Inc. | 276 | $70154 | 1.40% |
| Westinghouse Air Brake Technologies Corporation | 350 | 70096 | 1.39% |
| NVIDIA Corporation | 375 | 70003 | 1.39% |
| HCA Healthcare, Inc. | 164 | 69955 | 1.39% |
| Pfizer, Inc. | 2745 | 69951 | 1.39% |
| Cardinal Health, Inc. | 442 | 69412 | 1.38% |
| Johnson & Johnson | 372 | 68945 | 1.37% |
| General Dynamics Corporation | 201 | 68548 | 1.36% |
| General Motors Company | 1122 | 68430 | 1.36% |
| Fastenal Company | 1389 | 68099 | 1.35% |
| Ecolab, Inc. | 248 | 68048 | 1.35% |
| Tapestry, Inc. | 599 | 67842 | 1.35% |
| Amgen, Inc. | 240 | 67803 | 1.35% |
| Ford Motor Company | 5651 | 67591 | 1.34% |
| Cintas Corporation | 329 | 67579 | 1.34% |
| Coinbase Global, Inc., Class A | 200 | 67530 | 1.34% |
| Anheuser-Busch InBev S.A. - ADR | 1133 | 67516 | 1.34% |
| CVS Health Corporation | 893 | 67319 | 1.34% |
| Rockwell Automation, Inc. | 192 | 67007 | 1.33% |
| Jabil, Inc. | 308 | 66794 | 1.33% |
| General Mills, Inc. | 1324 | 66752 | 1.33% |
| Cummins, Inc. | 158 | 66708 | 1.33% |
| Automatic Data Processing, Inc. | 509 | 66706 | 1.33% |
| Emerson Electric Company | 227 | 66706 | 1.33% |
| CyberArk Software Ltd. | 138 | 66607 | 1.33% |
| Realty Income Corporation | 1094 | 66499 | 1.32% |
| Sysco Corporation | 805 | 66265 | 1.32% |
| Kroger Company (The) | 983 | 66262 | 1.32% |
| Agilent Technologies, Inc. | 516 | 66212 | 1.32% |
| Advanced Micro Devices, Inc. | 409 | 66157 | 1.32% |
| Eaton Corporation PLC | 177 | 66154 | 1.32% |
| Progressive Corporation | 268 | 66143 | 1.32% |
| Casey's General | 117 | 66097 | 1.31% |
| Restaurant Brands International, Inc. | 1028 | 65911 | 1.31% |
| Prologis, Inc. | 575 | 65895 | 1.31% |
| Boeing Company (The) | 305 | 65860 | 1.31% |
| International Paper Company (The) | 1419 | 65840 | 1.31% |
| McDonald's Corporation | 216 | 65743 | 1.31% |
| Constellation Brands, Inc. | 487 | 65608 | 1.31% |
| Target Corporation | 731 | 65599 | 1.31% |
| Steris Corporation | 265 | 65468 | 1.30% |
| Williams-Sonoma, Inc. | 335 | 65409 | 1.30% |
| Canadian Imperial Bank of Commerce | 818 | 65335 | 1.30% |
| ON Semiconductor Corporation | 1324 | 65282 | 1.30% |
| Dollar General Corporation | 630 | 65072 | 1.29% |
| Hubbell, Inc. | 151 | 64840 | 1.29% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Brookfield Corporation | 941 | $64503 | 1.28% |
| Extra Space Storage, Inc. | 457 | 64479 | 1.28% |
| United Parcel Service, Class B | 770 | 64327 | 1.28% |
| Sherwin-Williams Company (The) | 186 | 64324 | 1.28% |
| Carrier Global Corporation | 1077 | 64289 | 1.28% |
| Costco Wholesale Corporation | 69 | 63791 | 1.27% |
| Cognizant Technology Solutions Corporation | 949 | 63621 | 1.27% |
| Hershey Company (The) | 339 | 63442 | 1.26% |
| AT&T, Inc. | 2237 | 63175 | 1.26% |
| Mettler-Toledo International, Inc. | 51 | 63120 | 1.26% |
| Home Depot, Inc. (The) | 156 | 63082 | 1.25% |
| NetApp, Inc. | 532 | 63002 | 1.25% |
| W. W. Grainger, Inc. | 66 | 62927 | 1.25% |
| Motorola Solutions, Inc. | 138 | 62923 | 1.25% |
| CDW Corporation | 395 | 62900 | 1.25% |
| Church & Dwight Company, Inc. | 717 | 62824 | 1.25% |
| PACCAR, Inc. | 638 | 62717 | 1.25% |
| Hilton Worldwide Holdings, Inc. | 240 | 62154 | 1.24% |
| Moody's Corporation | 129 | 61542 | 1.22% |
| Carlyle Group, Inc. | 980 | 61420 | 1.22% |
| Guidewire Software, Inc. | 266 | 61209 | 1.22% |
| Blackstone, Inc. | 357 | 61017 | 1.21% |
| Lowe's Companies, Inc. | 243 | 60954 | 1.21% |
| Darden Restaurants, Inc. | 312 | 59465 | 1.18% |
|  |  | $5028295 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1380) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 911 | $76623 | 1.53% |
| McKesson Corporation | 93 | 72196 | 1.44% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3520 | 71098 | 1.42% |
| NVIDIA Corporation | 380 | 70881 | 1.41% |
| Allstate Corporation (The) | 328 | 70399 | 1.40% |
| Westinghouse Air Brake Technologies Corporation | 348 | 69856 | 1.39% |
| HCA Healthcare, Inc. | 162 | 69035 | 1.37% |
| Apple, Inc. | 271 | 68926 | 1.37% |
| Pfizer, Inc. | 2690 | 68539 | 1.37% |
| Caterpillar, Inc. | 144 | 68495 | 1.36% |
| Cardinal Health, Inc. | 435 | 68295 | 1.36% |
| Coinbase Global, Inc., Class A | 202 | 68109 | 1.36% |
| General Dynamics Corporation | 199 | 67819 | 1.35% |
| W. R. Berkley Corporation | 885 | 67798 | 1.35% |
| Johnson & Johnson | 365 | 67693 | 1.35% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Fastenal Company | 1373 | $67328 | 1.34% |
| General Motors Company | 1102 | 67160 | 1.34% |
| Ecolab, Inc. | 244 | 66764 | 1.33% |
| Tapestry, Inc. | 589 | 66659 | 1.33% |
| Eaton Corporation PLC | 178 | 66633 | 1.33% |
| Amgen, Inc. | 235 | 66456 | 1.32% |
| Cintas Corporation | 323 | 66400 | 1.32% |
| Ford Motor Company | 5548 | 66357 | 1.32% |
| Cummins, Inc. | 157 | 66356 | 1.32% |
| General Mills, Inc. | 1315 | 66323 | 1.32% |
| CVS Health Corporation | 874 | 65907 | 1.31% |
| Realty Income Corporation | 1083 | 65862 | 1.31% |
| Casey's General | 116 | 65858 | 1.31% |
| Advanced Micro Devices, Inc. | 406 | 65761 | 1.31% |
| Jabil, Inc. | 303 | 65761 | 1.31% |
| Automatic Data Processing, Inc. | 224 | 65756 | 1.31% |
| Rockwell Automation, Inc. | 188 | 65606 | 1.31% |
| Progressive Corporation | 266 | 65579 | 1.31% |
| Anheuser-Busch InBev S.A. - ADR | 1100 | 65561 | 1.31% |
| Agilent Technologies, Inc. | 511 | 65524 | 1.30% |
| Constellation Brands, Inc. | 486 | 65485 | 1.30% |
| Target Corporation | 727 | 65252 | 1.30% |
| Kroger Company (The) | 966 | 65127 | 1.30% |
| CyberArk Software Ltd. | 135 | 65096 | 1.30% |
| Boeing Company (The) | 301 | 65054 | 1.30% |
| Prologis, Inc. | 568 | 65050 | 1.30% |
| Restaurant Brands International, Inc. | 1013 | 64945 | 1.29% |
| Emerson Electric Company | 494 | 64781 | 1.29% |
| Estee Lauder Companies, Inc. (The) | 734 | 64656 | 1.29% |
| Sysco Corporation | 785 | 64598 | 1.29% |
| McDonald's Corporation | 212 | 64463 | 1.28% |
| Canadian Imperial Bank of Commerce | 806 | 64410 | 1.28% |
| Steris Corporation | 260 | 64341 | 1.28% |
| Williams-Sonoma, Inc. | 329 | 64311 | 1.28% |
| Hubbell, Inc. | 149 | 64252 | 1.28% |
| United Parcel Service, Class B | 768 | 64193 | 1.28% |
| ON Semiconductor Corporation | 1299 | 64056 | 1.28% |
| Brookfield Corporation | 933 | 63974 | 1.27% |
| Sherwin-Williams Company (The) | 185 | 63963 | 1.27% |
| International Paper Company (The) | 1378 | 63948 | 1.27% |
| Extra Space Storage, Inc. | 452 | 63680 | 1.27% |
| Carrier Global Corporation | 1065 | 63605 | 1.27% |
| Hershey Company (The) | 339 | 63324 | 1.26% |
| PACCAR, Inc. | 641 | 63063 | 1.26% |
| Hilton Worldwide Holdings, Inc. | 243 | 63000 | 1.25% |
| Dollar General Corporation | 609 | 62992 | 1.25% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Home Depot, Inc. (The) | 155 | $62860 | 1.25% |
| Mettler-Toledo International, Inc. | 51 | 62339 | 1.24% |
| Costco Wholesale Corporation | 67 | 62180 | 1.24% |
| Cognizant Technology Solutions Corporation | 924 | 61958 | 1.23% |
| Motorola Solutions, Inc. | 135 | 61909 | 1.23% |
| AT&T, Inc. | 2190 | 61845 | 1.23% |
| NetApp, Inc. | 522 | 61842 | 1.23% |
| W. W. Grainger, Inc. | 65 | 61777 | 1.23% |
| Church & Dwight Company, Inc. | 703 | 61619 | 1.23% |
| CDW Corporation | 387 | 61595 | 1.23% |
| Lowe's Companies, Inc. | 241 | 60675 | 1.21% |
| Moody's Corporation | 126 | 60231 | 1.20% |
| Guidewire Software, Inc. | 262 | 60218 | 1.20% |
| Blackstone, Inc. | 352 | 60193 | 1.20% |
| Carlyle Group, Inc. | 957 | 60030 | 1.20% |
| Darden Restaurants, Inc. | 310 | 58982 | 1.17% |
|  |  | $5021245 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1381) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 22609 | $1900739 | 36.92% |
| Coinbase Global, Inc., Class A | 4891 | 1650681 | 32.06% |
| ON Semiconductor Corporation | 32380 | 1596669 | 31.02% |
|  |  | $5148089 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1382) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 22393 | $1882613 | 36.72% |
| Coinbase Global, Inc., Class A | 4856 | 1638800 | 31.96% |
| ON Semiconductor Corporation | 32562 | 1605624 | 31.32% |
|  |  | $5127037 | 100.00% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1383) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Marvell Technology, Inc. | 13129 | $1103740 | 21.91% |
| Coinbase Global, Inc., Class A | 2987 | 1008169 | 20.01% |
| Advanced Micro Devices, Inc. | 6206 | 1004032 | 19.93% |
| Bloom Energy Corporation, Class A | 11494 | 972080 | 19.30% |
| ON Semiconductor Corporation | 19255 | 949452 | 18.85% |
|  |  | $5037473 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1384) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Pfizer, Inc. | 3262 | $83115 | 1.67% |
| General Dynamics Corporation | 244 | 83046 | 1.67% |
| Coinbase Global, Inc., Class A | 246 | 82995 | 1.67% |
| Johnson & Johnson | 446 | 82652 | 1.66% |
| NVIDIA Corporation | 441 | 82306 | 1.66% |
| McKesson Corporation | 106 | 82027 | 1.65% |
| HCA Healthcare, Inc. | 192 | 81931 | 1.65% |
| General Motors Company | 1344 | 81922 | 1.65% |
| Teva Pharmaceutical Industries Ltd. - ADR | 4047 | 81746 | 1.65% |
| Progressive Corporation | 330 | 81462 | 1.64% |
| W. R. Berkley Corporation | 1062 | 81344 | 1.64% |
| Allstate Corporation (The) | 379 | 81333 | 1.64% |
| Westinghouse Air Brake Technologies Corporation | 405 | 81123 | 1.63% |
| Target Corporation | 904 | 81107 | 1.63% |
| Lululemon Athletica, Inc. | 454 | 80800 | 1.63% |
| Casey's General | 143 | 80745 | 1.62% |
| Cintas Corporation | 392 | 80544 | 1.62% |
| Fastenal Company | 1640 | 80433 | 1.62% |
| Darden Restaurants, Inc. | 422 | 80332 | 1.62% |
| Rockwell Automation, Inc. | 230 | 80273 | 1.62% |
| Ford Motor Company | 6710 | 80255 | 1.62% |
| Agilent Technologies, Inc. | 625 | 80217 | 1.61% |
| Eaton Corporation PLC | 214 | 79935 | 1.61% |
| Cardinal Health, Inc. | 509 | 79902 | 1.61% |
| Automatic Data Processing, Inc. | 272 | 79877 | 1.61% |
| Caterpillar, Inc. | 167 | 79695 | 1.60% |
| PACCAR, Inc. | 805 | 79170 | 1.59% |
| Sherwin-Williams Company (The) | 229 | 79125 | 1.59% |
| CyberArk Software Ltd. | 163 | 78950 | 1.59% |
| McDonald's Corporation | 260 | 78893 | 1.59% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Apple, Inc. | 309 | $78773 | 1.59% |
| International Paper Company (The) | 1697 | 78762 | 1.58% |
| Restaurant Brands International, Inc. | 1227 | 78699 | 1.58% |
| Moody's Corporation | 165 | 78662 | 1.58% |
| Carrier Global Corporation | 1318 | 78658 | 1.58% |
| Emerson Electric Company | 599 | 78544 | 1.58% |
| Boeing Company (The) | 364 | 78526 | 1.58% |
| Dollar General Corporation | 759 | 78468 | 1.58% |
| Cummins, Inc. | 186 | 78379 | 1.58% |
| Steris Corporation | 316 | 78146 | 1.57% |
| Cognizant Technology Solutions Corporation | 1163 | 78013 | 1.57% |
| United Parcel Service, Class B | 932 | 77891 | 1.57% |
| Hubbell, Inc. | 181 | 77821 | 1.57% |
| Home Depot, Inc. (The) | 192 | 77615 | 1.56% |
| CVS Health Corporation | 1029 | 77569 | 1.56% |
| Amgen, Inc. | 274 | 77446 | 1.56% |
| Hilton Worldwide Holdings, Inc. | 298 | 77440 | 1.56% |
| Costco Wholesale Corporation | 83 | 77212 | 1.55% |
| AT&T, Inc. | 2734 | 77207 | 1.55% |
| Canadian Imperial Bank of Commerce | 964 | 76986 | 1.55% |
| W. W. Grainger, Inc. | 81 | 76870 | 1.55% |
| Mettler-Toledo International, Inc. | 63 | 76869 | 1.55% |
| Williams-Sonoma, Inc. | 393 | 76775 | 1.55% |
| Tapestry, Inc. | 678 | 76732 | 1.54% |
| Motorola Solutions, Inc. | 167 | 76465 | 1.54% |
| CDW Corporation | 478 | 76176 | 1.53% |
| Lowe's Companies, Inc. | 303 | 76136 | 1.53% |
| NetApp, Inc. | 638 | 75536 | 1.52% |
| Brookfield Corporation | 1100 | 75423 | 1.52% |
| Guidewire Software, Inc. | 325 | 74778 | 1.50% |
| Carlyle Group, Inc. | 1171 | 73440 | 1.48% |
| Jabil, Inc. | 336 | 72910 | 1.47% |
| Blackstone, Inc. | 426 | 72726 | 1.46% |
|  |  | $4968908 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1385) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Pfizer, Inc. | 3357 | $85528 | 1.72% |
| NVIDIA Corporation | 457 | 85253 | 1.72% |
| General Dynamics Corporation | 250 | 85205 | 1.72% |
| Johnson & Johnson | 458 | 84858 | 1.71% |
| Coinbase Global, Inc., Class A | 251 | 84813 | 1.71% |
| Teva Pharmaceutical Industries Ltd. - ADR | 4196 | 84765 | 1.71% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Westinghouse Air Brake Technologies Corporation | 420 | $84293 | 1.70% |
| Casey's General | 148 | 83563 | 1.68% |
| Agilent Technologies, Inc. | 650 | 83443 | 1.68% |
| Fastenal Company | 1701 | 83414 | 1.68% |
| Progressive Corporation | 337 | 83204 | 1.67% |
| Ford Motor Company | 1234 | 83157 | 1.67% |
| Kroger Company (The) | 6953 | 83157 | 1.67% |
| Cintas Corporation | 404 | 82972 | 1.67% |
| Allstate Corporation (The) | 386 | 82886 | 1.67% |
| W. R. Berkley Corporation | 1081 | 82819 | 1.67% |
| Darden Restaurants, Inc. | 433 | 82487 | 1.66% |
| General Motors Company | 1350 | 82279 | 1.66% |
| CyberArk Software Ltd. | 170 | 82217 | 1.65% |
| Target Corporation | 916 | 82135 | 1.65% |
| McKesson Corporation | 106 | 82134 | 1.65% |
| Caterpillar, Inc. | 172 | 82129 | 1.65% |
| Cardinal Health, Inc. | 523 | 82107 | 1.65% |
| PACCAR, Inc. | 835 | 82056 | 1.65% |
| Amgen, Inc. | 290 | 81725 | 1.65% |
| Cummins, Inc. | 193 | 81712 | 1.64% |
| Sherwin-Williams Company (The) | 236 | 81640 | 1.64% |
| Constellation Brands, Inc. | 606 | 81638 | 1.64% |
| Apple, Inc. | 320 | 81606 | 1.64% |
| Automatic Data Processing, Inc. | 277 | 81417 | 1.64% |
| Sysco Corporation | 988 | 81376 | 1.64% |
| Steris Corporation | 329 | 81339 | 1.64% |
| Motorola Solutions, Inc. | 178 | 81246 | 1.64% |
| Moody's Corporation | 170 | 81148 | 1.63% |
| Boeing Company (The) | 376 | 81137 | 1.63% |
| International Paper Company (The) | 1748 | 81125 | 1.63% |
| Anheuser-Busch InBev S.A. - ADR | 1359 | 81025 | 1.63% |
| W. W. Grainger, Inc. | 85 | 80865 | 1.63% |
| McDonald's Corporation | 266 | 80745 | 1.63% |
| Tapestry, Inc. | 713 | 80720 | 1.62% |
| Hubbell, Inc. | 188 | 80703 | 1.62% |
| AT&T, Inc. | 2855 | 80634 | 1.62% |
| Restaurant Brands International, Inc. | 1254 | 80424 | 1.62% |
| Lululemon Athletica, Inc. | 451 | 80280 | 1.62% |
| CDW Corporation | 504 | 80263 | 1.62% |
| Dollar General Corporation | 774 | 79972 | 1.61% |
| Home Depot, Inc. (The) | 197 | 79958 | 1.61% |
| Mettler-Toledo International, Inc. | 65 | 79907 | 1.61% |
| CVS Health Corporation | 1059 | 79814 | 1.61% |
| Hilton Worldwide Holdings, Inc. | 307 | 79716 | 1.60% |
| Brookfield Corporation | 1160 | 79586 | 1.60% |
| Cognizant Technology Solutions Corporation | 1183 | 79336 | 1.60% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Hershey Company (The) | 424 | $79236 | 1.59% |
| Carlyle Group, Inc. | 1263 | 79220 | 1.59% |
| Costco Wholesale Corporation | 86 | 79182 | 1.59% |
| Lowe's Companies, Inc. | 314 | 78971 | 1.59% |
| Williams-Sonoma, Inc. | 404 | 78869 | 1.59% |
| Guidewire Software, Inc. | 342 | 78536 | 1.58% |
| Jabil, Inc. | 359 | 77951 | 1.57% |
| NetApp, Inc. | 656 | 77720 | 1.56% |
| Blackstone, Inc. | 454 | 77579 | 1.56% |
|  |  | $4969195 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1386) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Coinbase Global, Inc., Class A | 236 | $79651 | 1.59% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3942 | 79636 | 1.59% |
| Pfizer, Inc. | 3067 | 78148 | 1.56% |
| Cardinal Health, Inc. | 486 | 76270 | 1.52% |
| Agilent Technologies, Inc. | 594 | 76219 | 1.52% |
| General Dynamics Corporation | 223 | 76079 | 1.52% |
| Tapestry, Inc. | 671 | 76022 | 1.52% |
| NVIDIA Corporation | 407 | 76004 | 1.52% |
| McKesson Corporation | 98 | 75922 | 1.51% |
| Johnson & Johnson | 407 | 75514 | 1.51% |
| Casey's General | 133 | 75340 | 1.50% |
| Amgen, Inc. | 267 | 75324 | 1.50% |
| Lululemon Athletica, Inc. | 421 | 74873 | 1.49% |
| Jabil, Inc. | 344 | 74782 | 1.49% |
| Westinghouse Air Brake Technologies Corporation | 372 | 74596 | 1.49% |
| Target Corporation | 831 | 74509 | 1.49% |
| Kroger Company (The) | 1105 | 74504 | 1.49% |
| Ford Motor Company | 6229 | 74500 | 1.49% |
| Caterpillar, Inc. | 156 | 74479 | 1.49% |
| PACCAR, Inc. | 757 | 74465 | 1.48% |
| Rockwell Automation, Inc. | 213 | 74405 | 1.48% |
| W. R. Berkley Corporation | 971 | 74382 | 1.48% |
| HCA Healthcare, Inc. | 174 | 74356 | 1.48% |
| Eaton Corporation PLC | 198 | 74270 | 1.48% |
| Fastenal Company | 1513 | 74182 | 1.48% |
| International Paper Company (The) | 1597 | 74107 | 1.48% |
| Hubbell, Inc. | 172 | 74082 | 1.48% |
| Allstate Corporation (The) | 345 | 74049 | 1.48% |
| Cummins, Inc. | 175 | 73839 | 1.47% |
| Progressive Corporation | 299 | 73805 | 1.47% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Sherwin-Williams Company (The) | 213 | $73693 | 1.47% |
| Darden Restaurants, Inc. | 387 | 73675 | 1.47% |
| Carrier Global Corporation | 1232 | 73553 | 1.47% |
| Automatic Data Processing, Inc. | 251 | 73537 | 1.47% |
| Cintas Corporation | 358 | 73532 | 1.47% |
| Constellation Brands, Inc. | 546 | 73485 | 1.47% |
| Sysco Corporation | 892 | 73471 | 1.46% |
| Mettler-Toledo International, Inc. | 60 | 73464 | 1.46% |
| CDW Corporation | 461 | 73448 | 1.46% |
| Steris Corporation | 296 | 73346 | 1.46% |
| United Parcel Service, Class B | 877 | 73215 | 1.46% |
| Boeing Company (The) | 339 | 73162 | 1.46% |
| CVS Health Corporation | 970 | 73139 | 1.46% |
| Hershey Company (The) | 391 | 73082 | 1.46% |
| Emerson Electric Company | 556 | 72978 | 1.46% |
| Moody's Corporation | 153 | 72963 | 1.45% |
| General Motors Company | 1195 | 72836 | 1.45% |
| Cognizant Technology Solutions Corporation | 1086 | 72817 | 1.45% |
| CyberArk Software Ltd. | 151 | 72775 | 1.45% |
| McDonald's Corporation | 239 | 72763 | 1.45% |
| Dollar General Corporation | 704 | 72734 | 1.45% |
| Motorola Solutions, Inc. | 159 | 72630 | 1.45% |
| Brookfield Corporation | 1057 | 72509 | 1.45% |
| W. W. Grainger, Inc. | 76 | 72477 | 1.45% |
| Anheuser-Busch InBev S.A. - ADR | 1212 | 72249 | 1.44% |
| AT&T, Inc. | 2558 | 72229 | 1.44% |
| Home Depot, Inc. (The) | 178 | 71981 | 1.44% |
| Canadian Imperial Bank of Commerce | 901 | 71977 | 1.44% |
| Restaurant Brands International, Inc. | 1121 | 71911 | 1.43% |
| Hilton Worldwide Holdings, Inc. | 277 | 71873 | 1.43% |
| Apple, Inc. | 282 | 71751 | 1.43% |
| Carlyle Group, Inc. | 1137 | 71302 | 1.42% |
| Lowe's Companies, Inc. | 283 | 71187 | 1.42% |
| Costco Wholesale Corporation | 77 | 71026 | 1.42% |
| NetApp, Inc. | 599 | 70992 | 1.42% |
| Guidewire Software, Inc. | 309 | 70938 | 1.41% |
| Blackstone, Inc. | 412 | 70424 | 1.40% |
| Williams-Sonoma, Inc. | 360 | 70345 | 1.40% |
|  |  | $5013783 | 100.00% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1387) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Teva Pharmaceutical Industries Ltd. - ADR | 4232 | $85489 | 1.70% |
| Coinbase Global, Inc., Class A | 248 | 83800 | 1.67% |
| Pfizer, Inc. | 3267 | 83236 | 1.66% |
| NVIDIA Corporation | 436 | 81272 | 1.62% |
| Agilent Technologies, Inc. | 629 | 80737 | 1.61% |
| Tapestry, Inc. | 712 | 80585 | 1.61% |
| Amgen, Inc. | 284 | 80239 | 1.60% |
| Casey's General | 142 | 80138 | 1.60% |
| General Dynamics Corporation | 235 | 80122 | 1.60% |
| Johnson & Johnson | 432 | 80083 | 1.60% |
| Caterpillar, Inc. | 167 | 79515 | 1.58% |
| International Paper Company (The) | 1713 | 79467 | 1.58% |
| Eaton Corporation PLC | 212 | 79458 | 1.58% |
| Cardinal Health, Inc. | 505 | 79258 | 1.58% |
| Target Corporation | 884 | 79252 | 1.58% |
| Emerson Electric Company | 604 | 79174 | 1.58% |
| Westinghouse Air Brake Technologies Corporation | 395 | 79117 | 1.58% |
| Mettler-Toledo International, Inc. | 64 | 79111 | 1.58% |
| Rockwell Automation, Inc. | 226 | 78961 | 1.57% |
| HCA Healthcare, Inc. | 185 | 78936 | 1.57% |
| Constellation Brands, Inc. | 586 | 78894 | 1.57% |
| McKesson Corporation | 102 | 78841 | 1.57% |
| Carrier Global Corporation | 1319 | 78752 | 1.57% |
| Progressive Corporation | 319 | 78723 | 1.57% |
| Sherwin-Williams Company (The) | 227 | 78605 | 1.57% |
| Dollar General Corporation | 760 | 78552 | 1.56% |
| Hubbell, Inc. | 183 | 78546 | 1.56% |
| Darden Restaurants, Inc. | 413 | 78541 | 1.56% |
| Costco Wholesale Corporation | 85 | 78437 | 1.56% |
| Cummins, Inc. | 186 | 78421 | 1.56% |
| W. R. Berkley Corporation | 1023 | 78374 | 1.56% |
| Lululemon Athletica, Inc. | 440 | 78335 | 1.56% |
| Allstate Corporation (The) | 365 | 78307 | 1.56% |
| Anheuser-Busch InBev S.A. - ADR | 1312 | 78234 | 1.56% |
| Fastenal Company | 1594 | 78159 | 1.56% |
| Automatic Data Processing, Inc. | 266 | 78139 | 1.56% |
| Jabil, Inc. | 360 | 78095 | 1.56% |
| CyberArk Software Ltd. | 162 | 78053 | 1.56% |
| Cintas Corporation | 380 | 78005 | 1.55% |
| Brookfield Corporation | 1134 | 77799 | 1.55% |
| Motorola Solutions, Inc. | 170 | 77748 | 1.55% |
| Cognizant Technology Solutions Corporation | 1159 | 77722 | 1.55% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Moody's Corporation | 163 | $77575 | 1.55% |
| United Parcel Service, Class B | 927 | 77441 | 1.54% |
| AT&T, Inc. | 2742 | 77425 | 1.54% |
| Apple, Inc. | 304 | 77365 | 1.54% |
| Ford Motor Company | 6463 | 77294 | 1.54% |
| General Motors Company | 1267 | 77275 | 1.54% |
| McDonald's Corporation | 254 | 77274 | 1.54% |
| CVS Health Corporation | 1024 | 77228 | 1.54% |
| Steris Corporation | 312 | 77106 | 1.54% |
| W. W. Grainger, Inc. | 81 | 77070 | 1.54% |
| Hilton Worldwide Holdings, Inc. | 297 | 76932 | 1.53% |
| Canadian Imperial Bank of Commerce | 961 | 76781 | 1.53% |
| NetApp, Inc. | 647 | 76698 | 1.53% |
| Restaurant Brands International, Inc. | 1196 | 76696 | 1.53% |
| Home Depot, Inc. (The) | 189 | 76690 | 1.53% |
| Carlyle Group, Inc. | 1213 | 76053 | 1.52% |
| PACCAR, Inc. | 772 | 75934 | 1.51% |
| Lowe's Companies, Inc. | 302 | 75863 | 1.51% |
| Boeing Company (The) | 351 | 75712 | 1.51% |
| Blackstone, Inc. | 443 | 75638 | 1.51% |
| Williams-Sonoma, Inc. | 385 | 75343 | 1.50% |
| CDW Corporation | 472 | 75214 | 1.50% |
|  |  | $5017839 | 100.00% |

---

The following table represents the individual positions and related values of underlying securities of Morgan Stanley Custom Basket (MSCM1388) Index total return swap with Morgan Stanley Bank as of September 30, 2025, termination date 7/28/26:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Pfizer, Inc. | 2970 | $75682 | 1.52% |
| Teva Pharmaceutical Industries Ltd. - ADR | 3693 | 74607 | 1.50% |
| Agilent Technologies, Inc. | 572 | 73473 | 1.47% |
| Mettler-Toledo International, Inc. | 59 | 72996 | 1.46% |
| Amgen, Inc. | 259 | 72968 | 1.46% |
| General Dynamics Corporation | 213 | 72723 | 1.46% |
| NVIDIA Corporation | 390 | 72683 | 1.46% |
| Johnson & Johnson | 390 | 72322 | 1.45% |
| Eaton Corporation PLC | 193 | 72210 | 1.45% |
| Williams-Sonoma, Inc. | 369 | 72120 | 1.45% |
| Allstate Corporation (The) | 335 | 71970 | 1.44% |
| Tapestry, Inc. | 636 | 71959 | 1.44% |
| Cardinal Health, Inc. | 458 | 71935 | 1.44% |
| Emerson Electric Company | 548 | 71898 | 1.44% |
| Kroger Company (The) | 1066 | 71885 | 1.44% |
| Westinghouse Air Brake Technologies Corporation | 359 | 71876 | 1.44% |
| Rockwell Automation, Inc. | 206 | 71868 | 1.44% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| McKesson Corporation | 93 | $71837 | 1.44% |
| HCA Healthcare, Inc. | 168 | 71729 | 1.44% |
| Jabil, Inc. | 330 | 71718 | 1.44% |
| Caterpillar, Inc. | 150 | 71672 | 1.44% |
| Coinbase Global, Inc., Class A | 212 | 71582 | 1.44% |
| Progressive Corporation | 290 | 71579 | 1.44% |
| Target Corporation | 797 | 71534 | 1.43% |
| Sherwin-Williams Company (The) | 207 | 71530 | 1.43% |
| Carrier Global Corporation | 1198 | 71523 | 1.43% |
| Costco Wholesale Corporation | 77 | 71517 | 1.43% |
| Hubbell, Inc. | 166 | 71483 | 1.43% |
| Steris Corporation | 289 | 71438 | 1.43% |
| W. R. Berkley Corporation | 932 | 71399 | 1.43% |
| Casey's General | 126 | 71393 | 1.43% |
| Cummins, Inc. | 169 | 71337 | 1.43% |
| International Paper Company (The) | 1537 | 71332 | 1.43% |
| Motorola Solutions, Inc. | 156 | 71325 | 1.43% |
| Cintas Corporation | 347 | 71309 | 1.43% |
| Sysco Corporation | 866 | 71273 | 1.43% |
| AT&T, Inc. | 2524 | 71269 | 1.43% |
| W. W. Grainger, Inc. | 75 | 71212 | 1.43% |
| Dollar General Corporation | 688 | 71122 | 1.43% |
| Realty Income Corporation | 1170 | 71121 | 1.43% |
| Canadian Imperial Bank of Commerce | 890 | 71107 | 1.43% |
| Ecolab, Inc. | 260 | 71087 | 1.43% |
| Fastenal Company | 1450 | 71086 | 1.43% |
| McDonald's Corporation | 234 | 71050 | 1.42% |
| Automatic Data Processing, Inc. | 242 | 71043 | 1.42% |
| Prologis, Inc. | 620 | 71014 | 1.42% |
| Apple, Inc. | 278 | 70896 | 1.42% |
| Cognizant Technology Solutions Corporation | 1056 | 70829 | 1.42% |
| NetApp, Inc. | 597 | 70774 | 1.42% |
| CyberArk Software Ltd. | 146 | 70742 | 1.42% |
| CVS Health Corporation | 937 | 70671 | 1.42% |
| General Motors Company | 1159 | 70666 | 1.42% |
| Extra Space Storage, Inc. | 501 | 70585 | 1.42% |
| Home Depot, Inc. (The) | 174 | 70560 | 1.41% |
| Anheuser-Busch InBev S.A. - ADR | 1184 | 70556 | 1.41% |
| Boeing Company (The) | 326 | 70432 | 1.41% |
| Lululemon Athletica, Inc. | 396 | 70373 | 1.41% |
| Lowe's Companies, Inc. | 280 | 70278 | 1.41% |
| Brookfield Corporation | 1025 | 70266 | 1.41% |
| Moody's Corporation | 147 | 70201 | 1.41% |
| Ford Motor Company | 5859 | 70078 | 1.40% |
| Hilton Worldwide Holdings, Inc. | 270 | 70073 | 1.40% |
| United Parcel Service, Class B | 838 | 70027 | 1.40% |

---

**CRM LONG/SHORT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market Value** | **% of Total Index Value** |
| Constellation Brands, Inc. | 519 | $69906 | 1.40% |
| Darden Restaurants, Inc. | 367 | 69878 | 1.40% |
| PACCAR, Inc. | 709 | 69755 | 1.40% |
| CDW Corporation | 437 | 69543 | 1.39% |
| Restaurant Brands International, Inc. | 1080 | 69263 | 1.39% |
| Blackstone, Inc. | 402 | 68712 | 1.38% |
| Carlyle Group, Inc. | 1092 | 68449 | 1.37% |
|  |  | $4988309 | 100.00% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 6902

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

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

- **a. Name of Series:** CRM SMALL/MID CAP VALUE FUND

- **b. EDGAR series identifier (if any):** S000001325

- **c. LEI of Series:** 549300BJCER9KBZHER71

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $134862564.28

**Total Liabilities:** $239311.66

**Net Assets:** $134623252.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003543 | 3.34%                | 4.80%                | -1.59%               |
| Class ID C000003544 | 3.32%                | 4.87%                | -1.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3154455.07              | $1141067.75                                |
| Month 2  | $1903914.95              | $4406417.19                                |
| Month 3  | $2879503.08              | $-5255653.42                               |

### Schedule of Portfolio Investments

| Name                                 | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hayward Holdings Inc                 | Hayward Holdings, Inc.                                | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218685 | NS      | $3306517.20   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| STIT GOVT AND AGENCY INST            | INVESCO STIT GOVT & AGENCY-INST (                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1327230 | PA      | $1327230.12   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                           | Evergy, Inc.                                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     42811 | NS      | $3254492.22   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust       | Federated Hermes Treasury Oligations Fund             | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   1277968 | PA      | $1277968.29   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                   | Vail Resorts, Inc.                                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     16925 | NS      | $2531472.25   | 1.88%             |  |  |  | No            |                  1 | On Loan: —       |
| First Interstate Bancsystem Inc.     | FIRST INTERSTATE BANCSYSTEM, INC.                     | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    138924 | NS      | $4427507.88   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation            | Regal Rexnord Corp.                                   | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     35866 | NS      | $5144619.04   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ncino Inc.                           | nCino, Inc.                                           | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     80184 | NS      | $2173788.24   | 1.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Bio-Techne Corp                      | Bio-Techne Corp.                                      | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     49754 | NS      | $2767815.02   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lending Club Corporation             | LendingClub Corp.                                     | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |    253464 | NS      | $3850118.16   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                         | Moelis & Co.                                          | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     42134 | NS      | $3004996.88   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                | Range Resources Corp.                                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     83798 | NS      | $3154156.72   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage System Inc         | Advanced Drainage Systems, Inc.                       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     26082 | NS      | $3617573.40   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                       | M/I Homes, Inc.                                       | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     13105 | NS      | $1892886.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corporation                  | Vontier Corp.                                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     68425 | NS      | $2871797.25   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                          | Itron, Inc.                                           | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     19330 | NS      | $2407744.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                        | Hub Group, Inc.                                       | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100307 | NS      | $3454573.08   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp.                   | Atmos Energy Corp.                                    | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      8233 | NS      | $1405784.75   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                   | HB Fuller Co.                                         | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     55667 | NS      | $3299939.76   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp           | Sensient Technologies Corp.                           | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     13436 | NS      | $1260968.60   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.              | Carlisle Cos., Inc.                                   | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      9350 | NS      | $3075776.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc            | Teledyne Technologies, Inc.                           | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      5134 | NS      | $3008729.36   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.               | Burlington Stores, Inc.                               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      8876 | NS      | $2258942.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Victorias Secret and Co              | Victoria's Secret & Co.                               | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |    203916 | NS      | $5534280.24   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                           | Gitlab Inc                                            | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     50799 | NS      | $2290018.92   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                              | PTC, Inc.                                             | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      6576 | NS      | $1335059.52   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                         | Marzetti Company/The                                  | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      7002 | NS      | $1209875.58   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds            | Blackrock Liquidity Funds T-Fund Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1277968 | PA      | $1277968.31   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Madden(Steven)Ltd.                   | Steven Madden Ltd.                                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     49105 | NS      | $1644035.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                  | Knowles Corp.                                         | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    201266 | NS      | $4691510.46   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc            | ZoomInfo, Technologies, Inc.                          | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    308692 | NS      | $3367829.72   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation           | Terreno Realty Corp.                                  | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61417 | NS      | $3485414.75   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Biolife Solutions Inc.               | BioLife Solutions Inc                                 | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     27090 | NS      | $691065.90    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS Financial Corp                   | TFS Financial Corp.                                   | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    279090 | NS      | $3677010.75   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Parent Inc  | Concentra Group Holdings Parent, Inc.                 | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181128 | NS      | $3791009.04   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                    | Ciena Corp.                                           | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     15512 | NS      | $2259633.04   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corporation | First American Financial Corp.                        | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     76089 | NS      | $4887957.36   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                | Sun Communities, Inc.                                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     32295 | NS      | $4166055.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                      | BankUnited, Inc.                                      | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    150621 | NS      | $5747697.36   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                  | Skyline Champion Corp.                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64558 | NS      | $4930294.46   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                         | Evercore Partners, Inc.                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      7980 | NS      | $2691813.60   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company            | Matador Resources Co.                                 | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     32402 | NS      | $1455821.86   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                  | Clean Harbors, Inc.                                   | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     11138 | NS      | $2586466.36   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                     | ACV Auctions, Inc.                                    | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    257190 | NS      | $2548752.90   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                   | Unity Software, Inc.                                  | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     61122 | NS      | $2447324.88   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.           | Cooper Cos Inc/The                                    | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     13092 | NS      | $897587.52    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                   | Masimo Corp.                                          | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     13297 | NS      | $1961972.35   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer