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        <name>ORRSTOWN FINANCIAL SERVICES INC</name>
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      <invstOrSec>
        <name>RBB BANCORP</name>
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      <invstOrSec>
        <name>KINGSTONE COMPANIES INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NORTHFIELD BANCORP INC (NEW)</name>
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      <invstOrSec>
        <name>WHITESTONE REIT</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>LIBERTY CAPITAL CORP</name>
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        <name>MOVADO GROUP INC</name>
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        <name>OPPFI INC</name>
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        <name>TETRA TECHNOLOGIES INC</name>
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        <name>DELUXE CORP</name>
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        <name>GREAT SOUTHERN BANCORP INC</name>
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        <name>CRICUT INC</name>
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        <name>ORANGE COUNTY BANCORP INC</name>
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        <name>CALIFORNIA BANCORP</name>
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        <name>NATIONAL PRESTO INDUSTRIES INC</name>
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        <name>DAUCH CORP</name>
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        <name>NERDWALLET INC</name>
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        <name>E.W. SCRIPPS COMPANY (THE)</name>
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        <name>SINCLAIR INC</name>
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        <name>PORTILLO'S INC</name>
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        <name>HORIZON BANCORP INC</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>HORIZON BANCORP INC COM</title>
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          <ticker value="HBNC"/>
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        <name>NWPX INFRASTRUCTURE INC</name>
        <lei>54930056VW2CRCZ9RE54</lei>
        <title>NWPX INFRASTRUCTURE INC COM</title>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FRANKLIN FINANCIAL SERVICES CORP</name>
        <lei>N/A</lei>
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        <cusip>353525108</cusip>
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          <isin value="US3535251082"/>
          <ticker value="FRAF"/>
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        <balance>14017.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NB BANCORP INC</name>
        <lei>N/A</lei>
        <title>NB BANCORP INC COM</title>
        <cusip>63945M107</cusip>
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          <isin value="US63945M1071"/>
          <ticker value="NBBK"/>
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        <balance>126117.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FREQUENCY ELECTRONICS INC</name>
        <lei>549300S56SO2JB5JBE31</lei>
        <title>FREQUENCY ELECTRONICS INC COM</title>
        <cusip>358010106</cusip>
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          <isin value="US3580101067"/>
          <ticker value="FEIM"/>
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        <balance>22865.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1517092.75000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CYTOMX THERAPEUTICS INC</name>
        <lei>5493004VW2FW0QLL3345</lei>
        <title>CYTOMX THERAPEUTICS INC COM</title>
        <cusip>23284F105</cusip>
        <identifiers>
          <isin value="US23284F1057"/>
          <ticker value="CTMX"/>
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        <balance>599696.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2248860.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVERSAL INSURANCE HOLDINGS INC</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>UNIVERSAL INSURANCE HOLDINGS INC COM</title>
        <cusip>91359V107</cusip>
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          <isin value="US91359V1070"/>
          <ticker value="UVE"/>
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        <balance>83369.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3448141.84000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEWTEKONE INC</name>
        <lei>549300YLU78IA8GKJ688</lei>
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        <cusip>652526203</cusip>
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          <isin value="US6525262035"/>
          <ticker value="NEWT"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STOKE THERAPEUTICS INC</name>
        <lei>549300RD25SS2DIJHJ67</lei>
        <title>STOKE THERAPEUTICS INC COM</title>
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          <isin value="US86150R1077"/>
          <ticker value="STOK"/>
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        <balance>186035.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VIEMED HEALTHCARE INC</name>
        <lei>N/A</lei>
        <title>VIEMED HEALTHCARE INC COM</title>
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          <isin value="CA92663R1055"/>
          <ticker value="VMD"/>
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        <balance>110694.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1261911.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VAALCO ENERGY INC</name>
        <lei>549300CFHFVIWB8M6T24</lei>
        <title>VAALCO ENERGY INC COM NEW</title>
        <cusip>91851C201</cusip>
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          <isin value="US91851C2017"/>
          <ticker value="EGY"/>
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        <balance>346017.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1757766.36000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED FIRE GROUP INC</name>
        <lei>N/A</lei>
        <title>UNITED FIRE GROUP INC COM</title>
        <cusip>910340108</cusip>
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          <isin value="US9103401082"/>
          <ticker value="UFCS"/>
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        <balance>73228.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3840076.32000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROCKY BRANDS INC</name>
        <lei>5299004HQ6GCTW838N96</lei>
        <title>ROCKY BRANDS INC COM</title>
        <cusip>774515100</cusip>
        <identifiers>
          <isin value="US7745151008"/>
          <ticker value="RCKY"/>
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        <balance>25028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1032154.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MANITOWOC COMPANY INC (THE)</name>
        <lei>2RTSLGQ89VMY18RHX631</lei>
        <title>MANITOWOC COMPANY INC (THE) COM NEW</title>
        <cusip>563571405</cusip>
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          <isin value="US5635714059"/>
          <ticker value="MTW"/>
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        <balance>119180.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1655410.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHOICEONE FINANCIAL SERVICES INC</name>
        <lei>N/A</lei>
        <title>CHOICEONE FINANCIAL SERVICES INC COM</title>
        <cusip>170386106</cusip>
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          <isin value="US1703861062"/>
          <ticker value="COFS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSOLIDATE WATER COMPANY LTD</name>
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        <title>CONSOLIDATE WATER COMPANY LTD ORD</title>
        <cusip>000000000</cusip>
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          <isin value="KYG237731073"/>
          <ticker value="CWCO"/>
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        <balance>49916.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1472522.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPITAL CITY BANK GROUP INC</name>
        <lei>254900NVLVUJQZKTQE82</lei>
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        <cusip>139674105</cusip>
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          <isin value="US1396741050"/>
          <ticker value="CCBG"/>
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        <balance>45972.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEGACY HOUSING CORP</name>
        <lei>V6WE5M18QYITU8L1QF76</lei>
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        <cusip>52472M101</cusip>
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          <isin value="US52472M1018"/>
          <ticker value="LEGH"/>
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        <balance>29993.00000000</balance>
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        <valUSD>787916.11000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIGEL PHARMACEUTICALS INC</name>
        <lei>529900KPTNUS5J8K9K66</lei>
        <title>RIGEL PHARMACEUTICALS INC COM</title>
        <cusip>766559702</cusip>
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          <isin value="US7665597024"/>
          <ticker value="RIGL"/>
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        <balance>61405.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRUSTCO BANK CORP NY</name>
        <lei>N/A</lei>
        <title>TRUSTCO BANK CORP NY COM NEW</title>
        <cusip>898349204</cusip>
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          <isin value="US8983492047"/>
          <ticker value="TRST"/>
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        <balance>57997.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3184615.27000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORION SA</name>
        <lei>N/A</lei>
        <title>ORION SA COM</title>
        <cusip>000000000</cusip>
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          <isin value="LU1092234845"/>
          <ticker value="OEC"/>
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        <balance>187147.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1240784.61000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>USA TODAY CO INC</name>
        <lei>549300JQ2PU0RI3ZBA32</lei>
        <title>USA TODAY CO INC COM</title>
        <cusip>36472T109</cusip>
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          <isin value="US36472T1097"/>
          <ticker value="TDAY"/>
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        <balance>420395.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3594377.25000000</valUSD>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PRIMEENERGY RESOURCES CORP</name>
        <lei>9QMD37QNHRX1B7685Y44</lei>
        <title>PRIMEENERGY RESOURCES CORP COM</title>
        <cusip>74158E104</cusip>
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          <isin value="US74158E1047"/>
          <ticker value="PNRG"/>
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        <balance>2148.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>358479.72000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>OIL-DRI CORP OF AMERICA</name>
        <lei>549300RSG5KPUH16WH66</lei>
        <title>OIL-DRI CORP OF AMERICA COM</title>
        <cusip>677864100</cusip>
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          <isin value="US6778641000"/>
          <ticker value="ODC"/>
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        <balance>34005.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3475651.05000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARRIAGE SERVICES INC</name>
        <lei>N/A</lei>
        <title>CARRIAGE SERVICES INC COM</title>
        <cusip>143905107</cusip>
        <identifiers>
          <isin value="US1439051079"/>
          <ticker value="CSV"/>
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        <balance>52677.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2019636.18000000</valUSD>
        <pctVal>0.761197721727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BUILD-A-BEAR WORKSHOP INC</name>
        <lei>529900S9MWZC1UBF3D13</lei>
        <title>BUILD-A-BEAR WORKSHOP INC COM</title>
        <cusip>120076104</cusip>
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          <isin value="US1200761047"/>
          <ticker value="BBW"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SIGA TECHNOLOGIES INC</name>
        <lei>N/A</lei>
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        <cusip>826917106</cusip>
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          <isin value="US8269171067"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHPOINTE BANCSHARES INC</name>
        <lei>549300EYMKMD4WKEKP72</lei>
        <title>NORTHPOINTE BANCSHARES INC COM SHS</title>
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          <isin value="US66661N8864"/>
          <ticker value="NPB"/>
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        <balance>34432.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>LSI INDUSTRIES INC</name>
        <lei>529900HY42OANH6BVT33</lei>
        <title>LSI INDUSTRIES INC COM</title>
        <cusip>50216C108</cusip>
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          <isin value="US50216C1080"/>
          <ticker value="LYTS"/>
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        <balance>121842.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>CITIGROUP GLOBAL MARKETS INC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="9084290014"/>
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        <balance>2789588.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2789588.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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          <transCat>Repurchase</transCat>
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              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC."/>
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            <repurchaseCollateral>
              <principalAmt>2816393.54960457</principalAmt>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="2789588.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>IMMERSION CORP</name>
        <lei>529900AKNC1UAMQ2YB35</lei>
        <title>IMMERSION CORP COM</title>
        <cusip>452521107</cusip>
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          <isin value="US4525211078"/>
          <ticker value="IMMR"/>
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        <balance>92278.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CARTER BANKSHARES INC</name>
        <lei>549300SO0M022D8D8358</lei>
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          <isin value="US1461031064"/>
          <ticker value="CARE"/>
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        <curCd>USD</curCd>
        <valUSD>2508305.52000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>C&amp;F FINANCIAL CORP</name>
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          <isin value="US12466Q1040"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STANDARD MOTOR PRODUCTS INC</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>STANDARD MOTOR PRODUCTS INC COM</title>
        <cusip>853666105</cusip>
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          <isin value="US8536661056"/>
          <ticker value="SMP"/>
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        <balance>70193.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2735421.21000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLOTEK INDUSTRIES INC</name>
        <lei>549300TF60OEK4FPPC44</lei>
        <title>FLOTEK INDUSTRIES INC COM NEW</title>
        <cusip>343389409</cusip>
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          <isin value="US3433894090"/>
          <ticker value="FTK"/>
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        <balance>46826.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101347.52000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOME BANCORP INC</name>
        <lei>5493008ATL42O3U2YM84</lei>
        <title>HOME BANCORP INC COM</title>
        <cusip>43689E107</cusip>
        <identifiers>
          <isin value="US43689E1073"/>
          <ticker value="HBCP"/>
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        <balance>22906.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1569519.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STRATTEC SECURITY CORP</name>
        <lei>549300Z394OP8S8TSR40</lei>
        <title>STRATTEC SECURITY CORP COM</title>
        <cusip>863111100</cusip>
        <identifiers>
          <isin value="US8631111007"/>
          <ticker value="STRT"/>
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        <balance>13870.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1129711.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLOWCO HOLDINGS INC</name>
        <lei>529900837MXVPIR9FZ68</lei>
        <title>FLOWCO HOLDINGS INC COM CL A</title>
        <cusip>342909108</cusip>
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          <isin value="US3429091081"/>
          <ticker value="FLOC"/>
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        <balance>115211.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2458602.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GIGACLOUD TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>GIGACLOUD TECHNOLOGY INC CLASS A ORD</title>
        <cusip>000000000</cusip>
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          <isin value="KYG386441037"/>
          <ticker value="GCT"/>
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        <balance>87524.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2765758.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENERGY SERVICES OF AMERICA CORP</name>
        <lei>984500A00BECD43F7B49</lei>
        <title>ENERGY SERVICES OF AMERICA CORP COM</title>
        <cusip>29271Q103</cusip>
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          <isin value="US29271Q1031"/>
          <ticker value="ESOA"/>
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        <balance>45828.00000000</balance>
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        <valUSD>886313.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <name>GENCO SHIPPING &amp; TRADING LTD</name>
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        <title>GENCO SHIPPING &amp; TRADING LTD SHS</title>
        <cusip>000000000</cusip>
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          <isin value="MHY2685T1313"/>
          <ticker value="GNK"/>
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        <curCd>USD</curCd>
        <valUSD>3153775.38000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>KEARNY FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>KEARNY FINANCIAL CORP COM</title>
        <cusip>48716P108</cusip>
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          <isin value="US48716P1084"/>
          <ticker value="KRNY"/>
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        <balance>191225.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1808988.50000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>CASS INFORMATION SYSTEMS INC</name>
        <lei>549300G7XPIPR7SJ2F38</lei>
        <title>CASS INFORMATION SYSTEMS INC COM</title>
        <cusip>14808P109</cusip>
        <identifiers>
          <isin value="US14808P1093"/>
          <ticker value="CASS"/>
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        <balance>38018.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1951083.76000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FIRST FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>FIRST FINANCIAL CORP COM</title>
        <cusip>320218100</cusip>
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          <isin value="US3202181000"/>
          <ticker value="THFF"/>
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        <balance>39468.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3056401.92000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BRIDGEWATER BANCSHARES INC</name>
        <lei>5493001FLSBTVILKXZ71</lei>
        <title>BRIDGEWATER BANCSHARES INC COM</title>
        <cusip>108621103</cusip>
        <identifiers>
          <isin value="US1086211034"/>
          <ticker value="BWB"/>
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        <balance>73106.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1538150.24000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUDSON TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>HUDSON TECHNOLOGIES INC COM</title>
        <cusip>444144109</cusip>
        <identifiers>
          <isin value="US4441441098"/>
          <ticker value="HDSN"/>
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        <balance>122866.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>705250.84000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERICA'S CAR-MART INC</name>
        <lei>N/A</lei>
        <title>AMERICA'S CAR-MART INC COM</title>
        <cusip>03062T105</cusip>
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          <isin value="US03062T1051"/>
          <ticker value="CRMT"/>
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        <balance>26175.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73028.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EPSILON ENERGY LTD</name>
        <lei>N/A</lei>
        <title>EPSILON ENERGY LTD COM</title>
        <cusip>294375209</cusip>
        <identifiers>
          <isin value="CA2943752097"/>
          <ticker value="EPSN"/>
        </identifiers>
        <balance>87341.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>472514.81000000</valUSD>
        <pctVal>0.178090093857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUSINESS FIRST BANCSHARES INC</name>
        <lei>549300ILTC50KHDX4A08</lei>
        <title>BUSINESS FIRST BANCSHARES INC COM</title>
        <cusip>12326C105</cusip>
        <identifiers>
          <isin value="US12326C1053"/>
          <ticker value="BFST"/>
        </identifiers>
        <balance>108454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3332791.42000000</valUSD>
        <pctVal>1.256123880637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMUNITY WEST BANCSHARES</name>
        <lei>N/A</lei>
        <title>COMMUNITY WEST BANCSHARES COM</title>
        <cusip>203937107</cusip>
        <identifiers>
          <isin value="US2039371073"/>
          <ticker value="CWBC"/>
        </identifiers>
        <balance>77446.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2080199.56000000</valUSD>
        <pctVal>0.784023965054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHORE BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>SHORE BANCSHARES INC COM</title>
        <cusip>825107105</cusip>
        <identifiers>
          <isin value="US8251071051"/>
          <ticker value="SHBI"/>
        </identifiers>
        <balance>102153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2344411.35000000</valUSD>
        <pctVal>0.883604976027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSENSUS CLOUD SOLUTIONS INC</name>
        <lei>N/A</lei>
        <title>CONSENSUS CLOUD SOLUTIONS INC COM</title>
        <cusip>20848V105</cusip>
        <identifiers>
          <isin value="US20848V1052"/>
          <ticker value="CCSI"/>
        </identifiers>
        <balance>61060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2329439.00000000</valUSD>
        <pctVal>0.877961920698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLD.COM INC</name>
        <lei>XP6XYFDZQGKLUMOFGT37</lei>
        <title>GOLD.COM INC COM</title>
        <cusip>00181T107</cusip>
        <identifiers>
          <isin value="US00181T1079"/>
          <ticker value="GOLD"/>
        </identifiers>
        <balance>68041.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2831186.01000000</valUSD>
        <pctVal>1.067069585077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGIONAL MANAGEMENT CORP</name>
        <lei>549300S5O87W87JW4146</lei>
        <title>REGIONAL MANAGEMENT CORP COM</title>
        <cusip>75902K106</cusip>
        <identifiers>
          <isin value="US75902K1060"/>
          <ticker value="RM"/>
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        <balance>27810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1145772.00000000</valUSD>
        <pctVal>0.431839677193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN PUBLIC EDUCATION INC</name>
        <lei>254900GZNX6TJQGM4S17</lei>
        <title>AMERICAN PUBLIC EDUCATION INC COM</title>
        <cusip>02913V103</cusip>
        <identifiers>
          <isin value="US02913V1035"/>
          <ticker value="APEI"/>
        </identifiers>
        <balance>60878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3269148.60000000</valUSD>
        <pctVal>1.232137001185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BK TECHNOLOGIES CORP</name>
        <lei>N/A</lei>
        <title>BK TECHNOLOGIES CORP COM NEW</title>
        <cusip>05587G203</cusip>
        <identifiers>
          <isin value="US05587G2030"/>
          <ticker value="BKTI"/>
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        <balance>12426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1068387.48000000</valUSD>
        <pctVal>0.402673572474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RCM TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>RCM TECHNOLOGIES INC COM NEW</title>
        <cusip>749360400</cusip>
        <identifiers>
          <isin value="US7493604000"/>
          <ticker value="RCMT"/>
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        <balance>15291.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>431664.93000000</valUSD>
        <pctVal>0.162693837890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY BANCSHARES INC</name>
        <lei>549300BPQ2EJNU4WF694</lei>
        <title>EQUITY BANCSHARES INC COM CL A</title>
        <cusip>29460X109</cusip>
        <identifiers>
          <isin value="US29460X1090"/>
          <ticker value="EQBK"/>
        </identifiers>
        <balance>54804.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2684847.96000000</valUSD>
        <pctVal>1.011915002601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIMBALL ELECTRONICS INC</name>
        <lei>549300COBYN2GZCBIU87</lei>
        <title>KIMBALL ELECTRONICS INC COM</title>
        <cusip>49428J109</cusip>
        <identifiers>
          <isin value="US49428J1097"/>
          <ticker value="KE"/>
        </identifiers>
        <balance>79815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2043264.00000000</valUSD>
        <pctVal>0.770103010181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANMI FINANCIAL CORP</name>
        <lei>549300MSZ7RCG7EA6587</lei>
        <title>HANMI FINANCIAL CORP COM NEW</title>
        <cusip>410495204</cusip>
        <identifiers>
          <isin value="US4104952043"/>
          <ticker value="HAFC"/>
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        <balance>98029.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3176139.60000000</valUSD>
        <pctVal>1.197082054357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST BUSINESS FINANCIAL SERVICES INC</name>
        <lei>549300BXKLW2T50TKU95</lei>
        <title>FIRST BUSINESS FINANCIAL SERVICES INC COM</title>
        <cusip>319390100</cusip>
        <identifiers>
          <isin value="US3193901002"/>
          <ticker value="FBIZ"/>
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        <balance>27752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1753093.84000000</valUSD>
        <pctVal>0.660738330100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTRAL PACIFIC FINANCIAL CORP</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>CENTRAL PACIFIC FINANCIAL CORP COM NEW</title>
        <cusip>154760409</cusip>
        <identifiers>
          <isin value="US1547604090"/>
          <ticker value="CPF"/>
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        <balance>86625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3309075.00000000</valUSD>
        <pctVal>1.247185198983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KOPPERS HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>KOPPERS HOLDINGS INC COM</title>
        <cusip>50060P106</cusip>
        <identifiers>
          <isin value="US50060P1066"/>
          <ticker value="KOP"/>
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        <balance>63828.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2865877.20000000</valUSD>
        <pctVal>1.080144640403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERESCO INC</name>
        <lei>529900NZXZGBCBXYY327</lei>
        <title>AMERESCO INC CL A</title>
        <cusip>02361E108</cusip>
        <identifiers>
          <isin value="US02361E1082"/>
          <ticker value="AMRC"/>
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        <balance>102078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2817352.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VELOCITY FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>VELOCITY FINANCIAL INC COM</title>
        <cusip>92262D101</cusip>
        <identifiers>
          <isin value="US92262D1019"/>
          <ticker value="VEL"/>
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        <balance>32570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>601242.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DONEGAL GROUP INC</name>
        <lei>N/A</lei>
        <title>DONEGAL GROUP INC CL A</title>
        <cusip>257701201</cusip>
        <identifiers>
          <isin value="US2577012014"/>
          <ticker value="DGICA"/>
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        <balance>56405.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1063798.30000000</valUSD>
        <pctVal>0.400943917700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMPLIFY ENERGY CORP</name>
        <lei>J0TW5YQRAZXYN7VEU787</lei>
        <title>AMPLIFY ENERGY CORP COM</title>
        <cusip>03212B103</cusip>
        <identifiers>
          <isin value="US03212B1035"/>
          <ticker value="AMPY"/>
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        <balance>116472.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>463558.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CLIMB GLOBAL SOLUTIONS INC</name>
        <lei>549300LKM16VX2FG7J68</lei>
        <title>CLIMB GLOBAL SOLUTIONS INC COM</title>
        <cusip>946760105</cusip>
        <identifiers>
          <isin value="US9467601053"/>
          <ticker value="CLMB"/>
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        <balance>54736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1270422.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EASTMAN KODAK COMPANY</name>
        <lei>549300P7J8F3SSMY3E81</lei>
        <title>EASTMAN KODAK COMPANY COM NEW</title>
        <cusip>277461406</cusip>
        <identifiers>
          <isin value="US2774614067"/>
          <ticker value="KODK"/>
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        <balance>236462.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2187273.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN MISSOURI BANCORP INC</name>
        <lei>N/A</lei>
        <title>SOUTHERN MISSOURI BANCORP INC COM</title>
        <cusip>843380106</cusip>
        <identifiers>
          <isin value="US8433801060"/>
          <ticker value="SMBC"/>
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        <balance>30711.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2340485.31000000</valUSD>
        <pctVal>0.882125257683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRA GROUP INC</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GROUP INC COM</title>
        <cusip>69354N106</cusip>
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      <invstOrSec>
        <name>ARENA GROUP HOLDINGS INC (THE)</name>
        <lei>N/A</lei>
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        <cusip>040044109</cusip>
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          <isin value="US0400441095"/>
          <ticker value="AREN"/>
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      <invstOrSec>
        <name>RE/MAX HOLDINGS INC</name>
        <lei>54930033W2KS56JHAN30</lei>
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          <isin value="US75524W1080"/>
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      <invstOrSec>
        <name>GENIE ENERGY LTD</name>
        <lei>52990057E36X8869GX58</lei>
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          <isin value="US3722842081"/>
          <ticker value="GNE"/>
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      <invstOrSec>
        <name>THIRD COAST BANCSHARES INC</name>
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          <isin value="US88422P1093"/>
          <ticker value="TCBX"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SMITH AND WESSON BRANDS INC</name>
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          <isin value="US8317541063"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RANGER ENERGY SERVICES INC</name>
        <lei>549300J7RIVGVAN0RE23</lei>
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          <isin value="US75282U1043"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPOK HOLDINGS INC</name>
        <lei>549300HXXANIVN2ICC89</lei>
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        <cusip>84863T106</cusip>
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          <isin value="US84863T1060"/>
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      <invstOrSec>
        <name>NATURAL GAS SERVICES GROUP INC</name>
        <lei>N/A</lei>
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          <isin value="US63886Q1094"/>
          <ticker value="NGS"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERICAN COASTAL INSURANCE CORP</name>
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          <isin value="US9107101027"/>
          <ticker value="ACIC"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INSTEEL INDUSTRIES INC</name>
        <lei>52990026LKY4MOX3L174</lei>
        <title>INSTEEL INDUSTRIES INC COM</title>
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          <isin value="US45774W1080"/>
          <ticker value="IIIN"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MISTRAS GROUP INC</name>
        <lei>5493000CMNXVLND3FU73</lei>
        <title>MISTRAS GROUP INC COM</title>
        <cusip>60649T107</cusip>
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          <isin value="US60649T1079"/>
          <ticker value="MG"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ORION GROUP HOLDINGS INC</name>
        <lei>549300KBVXPV9Q3CT222</lei>
        <title>ORION GROUP HOLDINGS INC COM</title>
        <cusip>68628V308</cusip>
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          <isin value="US68628V3087"/>
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        <name>HOMETRUST BANCSHARES INC</name>
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        <name>ONITY GROUP INC</name>
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        <name>FIRST WESTERN FINANCIAL INC</name>
        <lei>549300PPOGX4C7S66B47</lei>
        <title>FIRST WESTERN FINANCIAL INC COM</title>
        <cusip>33751L105</cusip>
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          <ticker value="MYFW"/>
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        <name>PEAPACK-GLADSTONE FINANCIAL CORP</name>
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        <title>PEAPACK-GLADSTONE FINANCIAL CORP COM</title>
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        <name>SMARTFINANCIAL INC</name>
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        <name>JOHN B. SANFILIPPO &amp; SON INC</name>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <title>CENTRAL GARDEN &amp; PET COMPANY COM</title>
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        <name>RESOLUTE HOLDINGS MANAGEMENT INC</name>
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        <title>RESOLUTE HOLDINGS MANAGEMENT INC COM</title>
        <cusip>76134H101</cusip>
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          <ticker value="RHLD"/>
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        <name>RIVERVIEW BANCORP INC</name>
        <lei>N/A</lei>
        <title>RIVERVIEW BANCORP INC COM</title>
        <cusip>769397100</cusip>
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        <name>FINANCE OF AMERICA COMPANIES INC</name>
        <lei>N/A</lei>
        <title>FINANCE OF AMERICA COMPANIES INC CL A NEW</title>
        <cusip>31738L206</cusip>
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          <ticker value="FOA"/>
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        <name>DREYFUS GOVERNMENT CASH MANAGEMENT FUNDS</name>
        <lei>549300F7IDB6WRO7VJ11</lei>
        <title>DREYFUS GOVERNMENT CASH MANAGEMENT FUNDS SH BEN INT</title>
        <cusip>262006208</cusip>
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          <ticker value="MISXX"/>
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        <balance>138974.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138974.55000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CNB FINANCIAL CORP (PENNSYLVANIA)</name>
        <lei>254900RUYUOKD91VNX69</lei>
        <title>CNB FINANCIAL CORP (PENNSYLVANIA) COM</title>
        <cusip>126128107</cusip>
        <identifiers>
          <isin value="US1261281075"/>
          <ticker value="CCNE"/>
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        <balance>97306.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC COM</title>
        <cusip>389375106</cusip>
        <identifiers>
          <isin value="US3893751061"/>
          <ticker value="GTN"/>
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        <balance>277069.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LUXFER HOLDINGS PLC</name>
        <lei>21380045UF5SJYZOXE41</lei>
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        <cusip>000000000</cusip>
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          <isin value="GB00BNK03D49"/>
          <ticker value="LXFR"/>
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        <balance>89629.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OP BANCORP</name>
        <lei>549300LTYZMS0Q13U522</lei>
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        <cusip>67109R109</cusip>
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          <isin value="US67109R1095"/>
          <ticker value="OPBK"/>
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        <balance>38556.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KARAT PACKAGING INC</name>
        <lei>549300JYUKCQP3P8D632</lei>
        <title>KARAT PACKAGING INC COM</title>
        <cusip>48563L101</cusip>
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          <isin value="US48563L1017"/>
          <ticker value="KRT"/>
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        <balance>28491.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FARMERS NATIONAL BANC CORP</name>
        <lei>N/A</lei>
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          <isin value="US3096271073"/>
          <ticker value="FMNB"/>
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        <balance>188665.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIVISTA BANCSHARES INC</name>
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          <isin value="US1788671071"/>
          <ticker value="CIVB"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTERN NEW ENGLAND BANCORP INC</name>
        <lei>549300Y8QE4EI2LP6B42</lei>
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        <cusip>958892101</cusip>
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          <isin value="US9588921018"/>
          <ticker value="WNEB"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DOUGLAS DYNAMICS INC</name>
        <lei>529900CDFLKNQ0QT6580</lei>
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        <cusip>25960R105</cusip>
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          <isin value="US25960R1059"/>
          <ticker value="PLOW"/>
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        <balance>76749.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4140608.55000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HERITAGE INSURANCE HOLDINGS INC</name>
        <lei>9845008CCYDD87F66B45</lei>
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          <isin value="US42727J1025"/>
          <ticker value="HRTG"/>
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        <balance>74411.00000000</balance>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUMA BIOTECHNOLOGY INC</name>
        <lei>N/A</lei>
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          <isin value="US74587V1070"/>
          <ticker value="PBYI"/>
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        <balance>130073.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARHAUS INC</name>
        <lei>N/A</lei>
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          <ticker value="ARHS"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAMDEN NATIONAL CORP</name>
        <lei>549300ZVEDL2L8UW4F28</lei>
        <title>CAMDEN NATIONAL CORP COM</title>
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          <ticker value="CAC"/>
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        <balance>56138.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PANGAEA LOGISTICS SOLUTIONS LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <ticker value="PANL"/>
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        <balance>112894.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>RILEY EXPLORATION PERMIAN INC</name>
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          <ticker value="REPX"/>
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        <name>HOVNANIAN ENTERPRISES INC</name>
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        <name>NATHAN'S FAMOUS INC</name>
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        <name>ONESPAN INC</name>
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          <ticker value="OSPN"/>
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        <name>AMERICAN INTEGRITY INSURANCE GROUP INC</name>
        <lei>529900Y2VOV2LYV4OK68</lei>
        <title>AMERICAN INTEGRITY INSURANCE GROUP INC COM</title>
        <cusip>026948109</cusip>
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          <ticker value="AII"/>
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        <name>INVESTORS TITLE CO INC</name>
        <lei>N/A</lei>
        <title>INVESTORS TITLE CO INC COM</title>
        <cusip>461804106</cusip>
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          <ticker value="ITIC"/>
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        <name>SANDRIDGE ENERGY INC</name>
        <lei>W1MKPVGS6I5155L7VV67</lei>
        <title>SANDRIDGE ENERGY INC COM NEW</title>
        <cusip>80007P869</cusip>
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          <ticker value="SD"/>
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        <name>CPI CARD GROUP INC</name>
        <lei>54930087HHJ1VWIJK062</lei>
        <title>CPI CARD GROUP INC COM NEW</title>
        <cusip>12634H200</cusip>
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          <isin value="US12634H2004"/>
          <ticker value="PMTS"/>
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        <balance>20948.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435299.44000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TURTLE BEACH CORP</name>
        <lei>549300SZRV8U8PXSYI20</lei>
        <title>TURTLE BEACH CORP COM NEW</title>
        <cusip>900450206</cusip>
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          <isin value="US9004502061"/>
          <ticker value="TBCH"/>
        </identifiers>
        <balance>46767.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>582249.15000000</valUSD>
        <pctVal>0.219448795207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALERUS FINANCIAL CORP</name>
        <lei>5493008BXLBPPELQ3G57</lei>
        <title>ALERUS FINANCIAL CORP COM</title>
        <cusip>01446U103</cusip>
        <identifiers>
          <isin value="US01446U1034"/>
          <ticker value="ALRS"/>
        </identifiers>
        <balance>83400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2593740.00000000</valUSD>
        <pctVal>0.977576554780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUTEX HEALTH INC</name>
        <lei>254900RSD2OET3HENJ50</lei>
        <title>NUTEX HEALTH INC COM</title>
        <cusip>67079U306</cusip>
        <identifiers>
          <isin value="US67079U3068"/>
          <ticker value="NUTX"/>
        </identifiers>
        <balance>16671.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2848907.19000000</valUSD>
        <pctVal>1.073748670140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1318416.35000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESPEY MANIFATCURING &amp; ELECTRONICS CORP</name>
        <lei>N/A</lei>
        <title>ESPEY MANIFATCURING &amp; ELECTRONICS CORP COM</title>
        <cusip>296650104</cusip>
        <identifiers>
          <isin value="US2966501049"/>
          <ticker value="ESP"/>
        </identifiers>
        <balance>7358.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495561.30000000</valUSD>
        <pctVal>0.186776279941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6735.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATURE'S SUNSHINE PRODUCTS INC</name>
        <lei>N/A</lei>
        <title>NATURE'S SUNSHINE PRODUCTS INC COM</title>
        <cusip>639027101</cusip>
        <identifiers>
          <isin value="US6390271012"/>
          <ticker value="NATR"/>
        </identifiers>
        <balance>47273.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1030551.40000000</valUSD>
        <pctVal>0.388413213019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL BANCORP INC (MARYLAND)</name>
        <lei>549300LQKYGWQ7VP0C75</lei>
        <title>CAPITAL BANCORP INC (MARYLAND) COM</title>
        <cusip>139737100</cusip>
        <identifiers>
          <isin value="US1397371006"/>
          <ticker value="CBNK"/>
        </identifiers>
        <balance>37300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1309976.00000000</valUSD>
        <pctVal>0.493727908319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENECA FOODS CORP</name>
        <lei>N/A</lei>
        <title>SENECA FOODS CORP CL A</title>
        <cusip>817070501</cusip>
        <identifiers>
          <isin value="US8170705011"/>
          <ticker value="SENEA"/>
        </identifiers>
        <balance>16078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2796607.32000000</valUSD>
        <pctVal>1.054036930825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Exchange-Traded Fund</ncom:nameOfApplicant>
      <ncom:signature>Derek Maltbie</ncom:signature>
      <ncom:signerName>Derek Maltbie</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
