<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000944515
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 U
001 A000000 CRM SMALL CAP VALUE FUND
001 B000000 811-9034
001 C000000 2078798910
002 A000000 2 PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 66648
071 B000000 39271
071 C000000 58124
071 D000000 68
072 A000000 6
072 B000000 83
072 C000000 174
072 D000000 0
072 E000000 0
072 F000000 228
072 G000000 46
<PAGE> PAGE 2
072 H000000 0
072 I000000 92
072 J000000 4
072 K000000 0
072 L000000 13
072 M000000 7
072 N000000 11
072 O000000 0
072 P000000 0
072 Q000000 20
072 R000000 7
072 S000000 12
072 T000000 0
072 U000000 9
072 V000000 0
072 W000000 7
072 X000000 456
074 N000000 77990
074 T000000 77253
075 A000000 0
075 B000000 60907
077 A000000 N
SIGNATURE RICHARD BUTT
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CRM
SMALL CAP VALUE FUND SEMI-ANNUAL REPORT DATED MARCH 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> CRM SMALL CAP VALUE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 72,857,731
<INVESTMENTS-AT-VALUE> 77,070,738
<RECEIVABLES> 820,033
<ASSETS-OTHER> 60,837
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,989,670
<PAYABLE-FOR-SECURITIES> 601,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 135,671
<TOTAL-LIABILITIES> 737,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,867,077
<SHARES-COMMON-STOCK> 5,660,933
<SHARES-COMMON-PRIOR> 3,309,727
<ACCUMULATED-NII-CURRENT> (199,101)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,371,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,213,007
<NET-ASSETS> 77,252,561
<DIVIDEND-INCOME> 173,934
<INTEREST-INCOME> 82,650
<OTHER-INCOME> 0
<EXPENSES-NET> 455,685
<NET-INVESTMENT-INCOME> (199,101)
<REALIZED-GAINS-CURRENT> 2,306,249
<APPREC-INCREASE-CURRENT> (233,863)
<NET-CHANGE-FROM-OPS> 1,873,285
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,073,364
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,426,777
<NUMBER-OF-SHARES-REDEEMED> 3,367,846
<SHARES-REINVESTED> 3,008,999
<NET-CHANGE-IN-ASSETS> 31,867,851
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,138,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 227,775
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 455,685
<AVERAGE-NET-ASSETS> 60,906,814
<PER-SHARE-NAV-BEGIN> 13.71
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .86
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.65
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
