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      <invstOrSec>
        <name>MTBC Inc</name>
        <lei>549300GEO5Y45G5I3070</lei>
        <title>MTBC Inc</title>
        <cusip>55378G102</cusip>
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          <isin value="US55378G1022"/>
          <ticker value="MTBC"/>
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        <balance>176062.00000000</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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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Perficient Inc</name>
        <lei>549300HTBXKL2755T650</lei>
        <title>Perficient Inc</title>
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          <isin value="US71375U1016"/>
          <ticker value="PRFT"/>
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        <balance>38642.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Spartan Motors Inc</name>
        <lei>549300YY0TB51BGRV994</lei>
        <title>Spartan Motors Inc</title>
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          <isin value="US8468191007"/>
          <ticker value="SPAR"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Douglas Dynamics Inc</name>
        <lei>529900CDFLKNQ0QT6580</lei>
        <title>Douglas Dynamics Inc</title>
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          <isin value="US25960R1059"/>
          <ticker value="PLOW"/>
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        <balance>29125.00000000</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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Silvercrest Asset Management G</name>
        <lei>N/A</lei>
        <title>Silvercrest Asset Management Group Inc</title>
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          <isin value="US8283591092"/>
          <ticker value="SAMG"/>
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        <balance>96748.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Luna Innovations Inc</name>
        <lei>N/A</lei>
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          <isin value="US5503511009"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heritage-Crystal Clean Inc</name>
        <lei>N/A</lei>
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          <isin value="US42726M1062"/>
          <ticker value="HCCI"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sharps Compliance Corp</name>
        <lei>N/A</lei>
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          <isin value="US8200171010"/>
          <ticker value="SMED"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank7 Corp</name>
        <lei>N/A</lei>
        <title>Bank7 Corp</title>
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          <isin value="US06652N1072"/>
          <ticker value="BSVN"/>
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        <balance>35400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sientra Inc</name>
        <lei>5493006T0OLHI64MOG63</lei>
        <title>Sientra Inc</title>
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          <isin value="US82621J1051"/>
          <ticker value="SIEN"/>
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        <balance>67679.00000000</balance>
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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>Kforce Inc</name>
        <lei>5493003RDQQDVXY2SK46</lei>
        <title>Kforce Inc</title>
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          <isin value="US4937321010"/>
          <ticker value="KFRC"/>
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        <balance>37021.00000000</balance>
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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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        <name>HealthStream Inc</name>
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        <title>HealthStream Inc</title>
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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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        <name>Monarch Casino &amp; Resort Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fulgent Genetics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BioDelivery Sciences Internati</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chefs' Warehouse Inc/The</name>
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        <name>Rigel Pharmaceuticals Inc</name>
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        <name>PCB Bancorp</name>
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        <name>Aehr Test Systems</name>
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        <title>Aehr Test Systems</title>
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        <name>ANI Pharmaceuticals Inc</name>
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        <name>Preferred Bank/Los Angeles CA</name>
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        <name>RBC DOMINION SECURITIES INC.</name>
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      <invstOrSec>
        <name>Recro Pharma Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zynex Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>1-800-Flowers.com Inc</name>
        <lei>N/A</lei>
        <title>1-800-Flowers.com Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Greenhill &amp; Co Inc</name>
        <lei>529900VEOQHHHSPI9C69</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mesa Laboratories Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mr Cooper Group Inc</name>
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          <ticker value="COOP"/>
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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>OptimizeRx Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Clearfield Inc</name>
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        <title>Clearfield Inc</title>
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          <isin value="US18482P1030"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Champions Oncology Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perdoceo Education Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Software Inc/GA</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Castle Biosciences Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Everi Holdings Inc</name>
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        <name>Graham Corp</name>
        <lei>N/A</lei>
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        <name>Agenus Inc</name>
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        <name>Turtle Beach Corp</name>
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        <name>Agilysys Inc</name>
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        <name>R1 RCM Inc</name>
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        <name>Dorian LPG Ltd</name>
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        <name>Tabula Rasa HealthCare Inc</name>
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        <name>BioSpecifics Technologies Corp</name>
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        <name>Century Communities Inc</name>
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        <title>Century Communities Inc</title>
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        <name>ProSight Global Inc</name>
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        <name>York Water Co/The</name>
        <lei>N/A</lei>
        <title>York Water Co/The</title>
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      <invstOrSec>
        <name>Pure Cycle Corp</name>
        <lei>N/A</lei>
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          <isin value="US7462283034"/>
          <ticker value="PCYO"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SMTC Corp</name>
        <lei>529900BD2UT6JMJ7XL27</lei>
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          <isin value="US8326822074"/>
          <ticker value="SMTX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ruth's Hospitality Group Inc</name>
        <lei>529900JQW9JP41OHOD14</lei>
        <title>Ruth's Hospitality Group Inc</title>
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          <isin value="US7833321091"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hanger Inc</name>
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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>HSBC SECURITIES (USA) INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>UMH Properties Inc</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH Properties Inc</title>
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          <isin value="US9030021037"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SP Plus Corp</name>
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          <isin value="US78469C1036"/>
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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>STAAR Surgical Co</name>
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        <title>STAAR Surgical Co</title>
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          <isin value="US8523123052"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PC-Tel Inc</name>
        <lei>N/A</lei>
        <title>PC-Tel Inc</title>
        <cusip>69325Q105</cusip>
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          <isin value="US69325Q1058"/>
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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>Catalyst Pharmaceuticals Inc</name>
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        <title>Catalyst Pharmaceuticals Inc</title>
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          <isin value="US14888U1016"/>
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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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        <name>Dreyfus Government Cash Management</name>
        <lei>549300F7IDB6WRO7VJ11</lei>
        <title>Dreyfus Government Cash Management</title>
        <cusip>262006208</cusip>
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          <isin value="US2620062081"/>
          <ticker value="DGCXX"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Curo Group Holdings Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National CineMedia Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ichor Holdings Ltd</name>
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        <title>Ichor Holdings Ltd</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Middlesex Water Co</name>
        <lei>N/A</lei>
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        <name>John B Sanfilippo &amp; Son Inc</name>
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        <name>Great Lakes Dredge &amp; Dock Corp</name>
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        <name>Joint Corp/The</name>
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        <name>BG Staffing Inc</name>
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        <name>International Money Express In</name>
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          <ticker value="IMXI"/>
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        <name>Lifevantage Corp</name>
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        <title>Lifevantage Corp</title>
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        <name>Dreyfus Institutional Preferred Government Money Market</name>
        <lei>549300RBWL04JG8SIX57</lei>
        <title>Dreyfus Institutional Preferred Government Money Market</title>
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          <ticker value="DSVXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Park Aerospace Corp</name>
        <lei>5299004AG0G7IB636095</lei>
        <title>Park Aerospace Corp</title>
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          <ticker value="PKE"/>
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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>NexPoint Residential Trust Inc</name>
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          <ticker value="NXRT"/>
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        <balance>34278.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bryn Mawr Bank Corp</name>
        <lei>4NOIGQXI7NPP6IUQF087</lei>
        <title>Bryn Mawr Bank Corp</title>
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          <isin value="US1176651099"/>
          <ticker value="BMTC"/>
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        <balance>38784.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zix Corp</name>
        <lei>N/A</lei>
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        <cusip>98974P100</cusip>
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          <isin value="US98974P1003"/>
          <ticker value="ZIXI"/>
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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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          <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>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC."/>
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          <isTriParty>Y</isTriParty>
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              <invstCat>AMBS</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>Adesto Technologies Corp</name>
        <lei>549300J97LXW3AREY415</lei>
        <title>Adesto Technologies Corp</title>
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          <isin value="US00687D1019"/>
          <ticker value="IOTS"/>
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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>Lantronix Inc</name>
        <lei>N/A</lei>
        <title>Lantronix Inc</title>
        <cusip>516548203</cusip>
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          <isin value="US5165482036"/>
          <ticker value="LTRX"/>
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        <balance>264877.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Addus HomeCare Corp</name>
        <lei>52990090ZT33AKPDBX62</lei>
        <title>Addus HomeCare Corp</title>
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          <isin value="US0067391062"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avid Technology Inc</name>
        <lei>549300PQGW3DXKJTQ914</lei>
        <title>Avid Technology Inc</title>
        <cusip>05367P100</cusip>
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          <isin value="US05367P1003"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Construction Partners Inc</name>
        <lei>549300G4ICXJKQN32X70</lei>
        <title>Construction Partners Inc</title>
        <cusip>21044C107</cusip>
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          <isin value="US21044C1071"/>
          <ticker value="ROAD"/>
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        <balance>50644.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan US Government Money Market Fund</name>
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        <title>JPMorgan US Government Money Market Fund</title>
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          <isin value="US4812C22704"/>
          <ticker value="MGMXX"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <title>J.P. MORGAN SECURITIES LLC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="9714000028"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>RadNet Inc</name>
        <lei>529900RECG94V2IZJ970</lei>
        <title>RadNet Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Malibu Boats Inc</name>
        <lei>N/A</lei>
        <title>Malibu Boats Inc</title>
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          <ticker value="MBUU"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Electromed Inc</name>
        <lei>N/A</lei>
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          <ticker value="ELMD"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>iRadimed Corp</name>
        <lei>549300YVHWP0YJ1YW816</lei>
        <title>iRadimed Corp</title>
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          <ticker value="IRMD"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Onto Innovation Inc</name>
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        <title>Onto Innovation Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FS Bancorp Inc</name>
        <lei>N/A</lei>
        <title>FS Bancorp Inc</title>
        <cusip>30263Y104</cusip>
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          <isin value="US30263Y1047"/>
          <ticker value="FSBW"/>
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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>CALAVO GROWERS INC</name>
        <lei>N/A</lei>
        <title>CALAVO GROWERS INC</title>
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          <ticker value="CVGW"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Foundation Building Materials</name>
        <lei>549300ZVE6MONHB01I28</lei>
        <title>Foundation Building Materials Inc</title>
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          <ticker value="FBM"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Harrow Health Inc</name>
        <lei>N/A</lei>
        <title>Harrow Health Inc</title>
        <cusip>415858109</cusip>
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          <isin value="US4158581094"/>
          <ticker value="HROW"/>
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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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        <name>Dicerna Pharmaceuticals Inc</name>
        <lei>549300CTZMJMPH28WN39</lei>
        <title>Dicerna Pharmaceuticals Inc</title>
        <cusip>253031108</cusip>
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          <ticker value="DRNA"/>
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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>Napco Security Technologies In</name>
        <lei>529900KV21J4YY9YST76</lei>
        <title>Napco Security Technologies Inc</title>
        <cusip>630402105</cusip>
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          <isin value="US6304021057"/>
          <ticker value="NSSC"/>
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        <curCd>USD</curCd>
        <valUSD>1184662.62000000</valUSD>
        <pctVal>1.041191084297</pctVal>
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        <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>Coda Octopus Group Inc</name>
        <lei>N/A</lei>
        <title>Coda Octopus Group Inc</title>
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          <isin value="US19188U2069"/>
          <ticker value="CODA"/>
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        <curCd>USD</curCd>
        <valUSD>546752.00000000</valUSD>
        <pctVal>0.480536228721</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="357145.60000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coherus Biosciences Inc</name>
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        <title>Coherus Biosciences Inc</title>
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          <ticker value="CHRS"/>
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        <curCd>USD</curCd>
        <valUSD>1505855.70000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="582435.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MasterCraft Boat Holdings Inc</name>
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        <title>MasterCraft Boat Holdings Inc</title>
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          <ticker value="MCFT"/>
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        <curCd>USD</curCd>
        <valUSD>1253498.40000000</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>Blue Bird Corp</name>
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        <title>Blue Bird Corp</title>
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          <ticker value="BLBD"/>
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        <balance>80183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1433672.04000000</valUSD>
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        <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>Fennec Pharmaceuticals Inc</name>
        <lei>5299003IE70ITO2CBM73</lei>
        <title>Fennec Pharmaceuticals Inc</title>
        <cusip>31447P100</cusip>
        <identifiers>
          <isin value="CA31447P1009"/>
          <ticker value="FENC"/>
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        <balance>61619.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>426403.48000000</valUSD>
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        <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>XOMA Corp</name>
        <lei>549300U6ZVYFCWNBJ613</lei>
        <title>XOMA Corp</title>
        <cusip>98419J206</cusip>
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          <isin value="US98419J2069"/>
          <ticker value="XOMA"/>
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        <balance>34975.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>849892.50000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="442405.80000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flexible Solutions Internation</name>
        <lei>N/A</lei>
        <title>Flexible Solutions International Inc</title>
        <cusip>33938T104</cusip>
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          <ticker value="FSI"/>
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        <balance>156703.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311838.97000000</valUSD>
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        <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>UFP Technologies Inc</name>
        <lei>549300RJ8LY41HS70C91</lei>
        <title>UFP Technologies Inc</title>
        <cusip>902673102</cusip>
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          <ticker value="UFPT"/>
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        <balance>30424.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1500815.92000000</valUSD>
        <pctVal>1.319055846528</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>Pfenex Inc</name>
        <lei>529900BC3CXQXBZW9705</lei>
        <title>Pfenex Inc</title>
        <cusip>717071104</cusip>
        <identifiers>
          <isin value="US7170711045"/>
          <ticker value="PFNX"/>
        </identifiers>
        <balance>83930.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>973588.00000000</valUSD>
        <pctVal>0.855679185166</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>LeMaitre Vascular Inc</name>
        <lei>549300FZUBUB7MHY8R17</lei>
        <title>LeMaitre Vascular Inc</title>
        <cusip>525558201</cusip>
        <identifiers>
          <isin value="US5255582018"/>
          <ticker value="LMAT"/>
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        <balance>38142.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1087047.00000000</valUSD>
        <pctVal>0.955397448610</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="1076160.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Electronics Inc</name>
        <lei>549300ZW9EULAR7T6F89</lei>
        <title>Universal Electronics Inc</title>
        <cusip>913483103</cusip>
        <identifiers>
          <isin value="US9134831034"/>
          <ticker value="UEIC"/>
        </identifiers>
        <balance>22071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>931837.62000000</valUSD>
        <pctVal>0.818985089574</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>
    <signature>
      <ncom:dateSigned>2020-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds III</ncom:nameOfApplicant>
      <ncom:signature>Thomas Disbrow</ncom:signature>
      <ncom:signerName>Thomas Disbrow</ncom:signerName>
      <ncom:title>Vice President, Mutual Fund Treasurer &amp; CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
