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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 32097
071 B000400 11148
071 C000400 20073
071 D000400 56
072 A000400 9
072 B000400 249
072 C000400 117
072 D000400 0
072 E000400 0
072 F000400 129
072 G000400 26
072 H000400 0
072 I000400 82
072 J000400 18
<PAGE> PAGE 22
072 K000400 0
072 L000400 3
072 M000400 3
072 N000400 13
072 O000400 0
072 P000400 0
072 Q000400 28
072 R000400 18
072 S000400 5
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 4
072 X000400 329
072 Y000400 72
072 Z000400 109
072AA000400 176
072BB000400 0
072CC010400 3103
072CC020400 0
072DD010400 121
072DD020400 0
072EE000400 12
073 A010400 0.0593
073 A020400 0.0000
073 B000400 0.0071
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 980
074 D000400 0
074 E000400 0
074 F000400 29975
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 1
074 L000400 43
074 M000400 0
074 N000400 30999
074 O000400 0
074 P000400 43
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 20
074 S000400 0
074 T000400 30936
074 U010400 2542
<PAGE> PAGE 23
074 U020400 0
074 V010400 12.17
074 V020400 0.00
074 W000400 0.0000
074 X000400 206
074 Y000400 0
075 A000400 0
075 B000400 22943
076 000400 0.00
SIGNATURE STEPHEN BARRETT
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CRM FUNDS SEMI-ANNUAL REPORT DATED JUNE 30, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000944515
<SERIES>
<NUMBER>011
<NAME>SMALL CAP VALUE FUND - Investor
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> OCT-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 158,513,281
<INVESTMENTS-AT-VALUE> 183,930,542
<RECEIVABLES> 1,948,868
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,228
<TOTAL-ASSETS> 185,901,638
<PAYABLE-FOR-SECURITIES> 520,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 523,430
<TOTAL-LIABILITIES> 1,044,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,379,608
<SHARES-COMMON-STOCK> 6,344,337
<SHARES-COMMON-PRIOR> 9,617,646
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,939,468)
<ACCUM-APPREC-OR-DEPREC> 25,417,261
<NET-ASSETS> 184,857,401
<DIVIDEND-INCOME> 1,188,841
<INTEREST-INCOME> 423,522
<OTHER-INCOME> 0
<EXPENSES-NET> (1,674,988)
<NET-INVESTMENT-INCOME> (62,625)
<REALIZED-GAINS-CURRENT> (24,868,940)
<APPREC-INCREASE-CURRENT> 39,680,895
<NET-CHANGE-FROM-OPS> 14,749,330
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (32,526)
<NUMBER-OF-SHARES-SOLD> 2,003,255
<NUMBER-OF-SHARES-REDEEMED> (5,278,702)
<SHARES-REINVESTED> 2,138
<NET-CHANGE-IN-ASSETS> 5,682,374
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,220,991)
<GROSS-ADVISORY-FEES> 985,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,711,998
<AVERAGE-NET-ASSETS> 175,692,650
<PER-SHARE-NAV-BEGIN> 13.61
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.94
<EXPENSE-RATIO> 1.42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CRM FUNDS SEMI-ANNUAL REPORT DATED JUNE 30, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000944515
<SERIES>
<NUMBER>012
<NAME>SMALL CAP VALUE FUND - Institutional
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> OCT-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 158,513,281
<INVESTMENTS-AT-VALUE> 183,930,542
<RECEIVABLES> 1,948,868
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,228
<TOTAL-ASSETS> 185,901,638
<PAYABLE-FOR-SECURITIES> 520,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 523,430
<TOTAL-LIABILITIES> 1,044,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,379,608
<SHARES-COMMON-STOCK> 5,960,777
<SHARES-COMMON-PRIOR> 3,516,391
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,939,468)
<ACCUM-APPREC-OR-DEPREC> 25,417,261
<NET-ASSETS> 184,857,401
<DIVIDEND-INCOME> 1,188,841
<INTEREST-INCOME> 423,522
<OTHER-INCOME> 0
<EXPENSES-NET> (1,674,988)
<NET-INVESTMENT-INCOME> (62,625)
<REALIZED-GAINS-CURRENT> (24,868,940)
<APPREC-INCREASE-CURRENT> 39,680,895
<NET-CHANGE-FROM-OPS> 14,749,330
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (21,148)
<NUMBER-OF-SHARES-SOLD> 3,827,612
<NUMBER-OF-SHARES-REDEEMED> (1,384,480)
<SHARES-REINVESTED> 1,254
<NET-CHANGE-IN-ASSETS> 5,682,374
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,220,991)
<GROSS-ADVISORY-FEES> 985,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,711,998
<AVERAGE-NET-ASSETS> 175,692,650
<PER-SHARE-NAV-BEGIN> 13.72
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.11
<EXPENSE-RATIO> 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CRM FUNDS SEMI-ANNUAL REPORT DATED JUNE 30, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000944515
<SERIES>
<NUMBER>022
<NAME>MID CAP VALUE FUND - Institutional
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> OCT-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 8,927,785
<INVESTMENTS-AT-VALUE> 9,771,324
<RECEIVABLES> 47,566
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 157,890
<TOTAL-ASSETS> 9,976,780
<PAYABLE-FOR-SECURITIES> 56,700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,394
<TOTAL-LIABILITIES> 90,094
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,535,549
<SHARES-COMMON-STOCK> 888,110
<SHARES-COMMON-PRIOR> 552,149
<ACCUMULATED-NII-CURRENT> 11,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (504,059)
<ACCUM-APPREC-OR-DEPREC> 843,539
<NET-ASSETS> 9,886,686
<DIVIDEND-INCOME> 48,587
<INTEREST-INCOME> 25,422
<OTHER-INCOME> 0
<EXPENSES-NET> (62,078)
<NET-INVESTMENT-INCOME> 11,931
<REALIZED-GAINS-CURRENT> (504,333)
<APPREC-INCREASE-CURRENT> 1,530,947
<NET-CHANGE-FROM-OPS> 1,038,545
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28,981)
<DISTRIBUTIONS-OF-GAINS> (27,223)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 414,468
<NUMBER-OF-SHARES-REDEEMED> (83,990)
<SHARES-REINVESTED> 5,483
<NET-CHANGE-IN-ASSETS> 4,548,404
<ACCUMULATED-NII-PRIOR> 28,981
<ACCUMULATED-GAINS-PRIOR> 27,223
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,525
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 154,388
<AVERAGE-NET-ASSETS> 7,224,322
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.53
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 1.15
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CRM FUNDS SEMI-ANNUAL REPORT DATED JUNE 30, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000944515
<SERIES>
<NUMBER>041
<NAME>LARGE CAP VALUE FUND - Investor
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> OCT-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 27,796,049
<INVESTMENTS-AT-VALUE> 30,955,366
<RECEIVABLES> 43,686
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,999,052
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63,346
<TOTAL-LIABILITIES> 63,346
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,633,872
<SHARES-COMMON-STOCK> 2,542,363
<SHARES-COMMON-PRIOR> 1,064,174
<ACCUMULATED-NII-CURRENT> 2,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140,254
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,159,317
<NET-ASSETS> 30,935,706
<DIVIDEND-INCOME> 249,159
<INTEREST-INCOME> 116,909
<OTHER-INCOME> 0
<EXPENSES-NET> (257,147)
<NET-INVESTMENT-INCOME> 108,921
<REALIZED-GAINS-CURRENT> 176,140
<APPREC-INCREASE-CURRENT> 3,102,837
<NET-CHANGE-FROM-OPS> 3,387,898
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (121,068)
<DISTRIBUTIONS-OF-GAINS> (12,387)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,290,936
<NUMBER-OF-SHARES-REDEEMED> (824,142)
<SHARES-REINVESTED> 11,395
<NET-CHANGE-IN-ASSETS> 20,267,945
<ACCUMULATED-NII-PRIOR> 14,671
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (23,760)
<GROSS-ADVISORY-FEES> 128,702
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 328,935
<AVERAGE-NET-ASSETS> 22,943,164
<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.17
<EXPENSE-RATIO> 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CRM FUNDS SEMI-ANNUAL REPORT DATED JUNE 30, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000944515
<SERIES>
<NUMBER>031
<NAME>VALUE FUND - Investor
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> OCT-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137,351
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 762,934
<ACCUMULATED-NII-CURRENT> 5,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (142,544)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 43,444
<INTEREST-INCOME> 37,845
<OTHER-INCOME> 0
<EXPENSES-NET> (69,249)
<NET-INVESTMENT-INCOME> 12,040
<REALIZED-GAINS-CURRENT> 52,584
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 64,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,723)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 248,261
<NUMBER-OF-SHARES-REDEEMED> (1,013,690)
<SHARES-REINVESTED> 2,505
<NET-CHANGE-IN-ASSETS> (7,116,296)
<ACCUMULATED-NII-PRIOR> 19,876
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (195,128)
<GROSS-ADVISORY-FEES> 34,683
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133,071
<AVERAGE-NET-ASSETS> 6,393,646
<PER-SHARE-NAV-BEGIN> 9.33
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (9.29)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
The CRM Funds
In planning and performing our audit of the financial
statements of The CRM Funds for the period ended
June 30, 1999, we considered its internal control,
including control activities for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the
internal control.
The management of The CRM Funds is responsible for
establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial
statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles.
Those controls include the safeguarding
of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of one or more of the
specific internal control components does not reduce to a
relatively low level the risk that errors or fraud
in amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by employees in
the normal course of performing their assigned
functions. However, we noted no matters involving
internal control and its operation, including controls
for safeguarding securities, that we consider to be
material weaknesses as defined above at June 30,1999.
This report is intended solely for the information and
use of the board of directors and management of
The CRM Funds and the Securities and Exchange Commission
and is not intended to be and should not
be used by anyone other than these specified parties.
/s/ ERNST & YOUNG LLP
August 10, 1999
