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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adams Resources &amp; Energy Inc</name>
        <lei>UP28TXL7K8XSRNNC7V02</lei>
        <title>Adams Resources &amp; Energy Inc</title>
        <cusip>006351308</cusip>
        <identifiers>
          <isin value="US0063513081"/>
          <ticker value="AE"/>
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        <balance>3100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119319.00000000</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>Maui Land &amp; Pineapple Co Inc</name>
        <lei>N/A</lei>
        <title>Maui Land &amp; Pineapple Co Inc</title>
        <cusip>577345101</cusip>
        <identifiers>
          <isin value="US5773451019"/>
          <ticker value="MLP"/>
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        <balance>3200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35552.00000000</valUSD>
        <pctVal>0.039533152605</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>Haynes International Inc</name>
        <lei>549300I9MS5UZLRFDO40</lei>
        <title>Haynes International Inc</title>
        <cusip>420877201</cusip>
        <identifiers>
          <isin value="US4208772016"/>
          <ticker value="HAYN"/>
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        <balance>10152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>432475.20000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gulf Resources Inc</name>
        <lei>N/A</lei>
        <title>Gulf Resources Inc</title>
        <cusip>40251W408</cusip>
        <identifiers>
          <isin value="US40251W4087"/>
          <ticker value="GURE"/>
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        <balance>81460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>345390.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Richardson Electronics Ltd/Uni</name>
        <lei>N/A</lei>
        <title>Richardson Electronics Ltd/United States</title>
        <cusip>763165107</cusip>
        <identifiers>
          <isin value="US7631651079"/>
          <ticker value="RELL"/>
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        <balance>42547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>529284.68000000</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>Randolph Bancorp Inc</name>
        <lei>549300DO98QGL5P82192</lei>
        <title>Randolph Bancorp Inc</title>
        <cusip>752378109</cusip>
        <identifiers>
          <isin value="US7523781091"/>
          <ticker value="RNDB"/>
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        <balance>8900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>235049.00000000</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>Lipocine Inc</name>
        <lei>549300RXPEQXOJXVBI10</lei>
        <title>Lipocine Inc</title>
        <cusip>53630X104</cusip>
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          <isin value="US53630X1046"/>
          <ticker value="LPCN"/>
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        <balance>176864.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>242303.68000000</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>WidePoint Corp</name>
        <lei>529900TW34CMYP8ZUJ88</lei>
        <title>WidePoint Corp</title>
        <cusip>967590209</cusip>
        <identifiers>
          <isin value="US9675902095"/>
          <ticker value="WYY"/>
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        <balance>19810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74881.80000000</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>Security National Financial Co</name>
        <lei>N/A</lei>
        <title>Security National Financial Corp</title>
        <cusip>814785309</cusip>
        <identifiers>
          <isin value="US8147853092"/>
          <ticker value="SNFCA"/>
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        <balance>166063.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1660630.00000000</valUSD>
        <pctVal>1.846589199214</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>Crown Crafts Inc</name>
        <lei>N/A</lei>
        <title>Crown Crafts Inc</title>
        <cusip>228309100</cusip>
        <identifiers>
          <isin value="US2283091005"/>
          <ticker value="CRWS"/>
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        <balance>41600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>270816.00000000</valUSD>
        <pctVal>0.301142277674</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>Good Times Restaurants Inc</name>
        <lei>N/A</lei>
        <title>Good Times Restaurants Inc</title>
        <cusip>382140879</cusip>
        <identifiers>
          <isin value="US3821408792"/>
          <ticker value="GTIM"/>
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        <balance>8300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29050.00000000</valUSD>
        <pctVal>0.032303051394</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>Investcorp Credit Management B</name>
        <lei>549300ZRNRCSKPLGYQ55</lei>
        <title>Investcorp Credit Management BDC Inc</title>
        <cusip>46090R104</cusip>
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          <isin value="US46090R1041"/>
          <ticker value="ICMB"/>
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        <balance>60800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>321632.00000000</valUSD>
        <pctVal>0.357648710020</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>USA Truck Inc</name>
        <lei>5493003Y5UNRIAHESQ33</lei>
        <title>USA Truck Inc</title>
        <cusip>902925106</cusip>
        <identifiers>
          <isin value="US9029251066"/>
          <ticker value="USAK"/>
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        <balance>64431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1327278.60000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>A-Mark Precious Metals Inc</name>
        <lei>XP6XYFDZQGKLUMOFGT37</lei>
        <title>A-Mark Precious Metals Inc</title>
        <cusip>00181T107</cusip>
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          <isin value="US00181T1079"/>
          <ticker value="AMRK"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1005420.00000000</valUSD>
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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>Flexible Solutions Internation</name>
        <lei>N/A</lei>
        <title>Flexible Solutions International Inc</title>
        <cusip>33938T104</cusip>
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          <isin value="CA33938T1049"/>
          <ticker value="FSI"/>
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        <balance>39600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161172.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DHI Group Inc</name>
        <lei>529900489RAC0CU0AO81</lei>
        <title>DHI Group Inc</title>
        <cusip>23331S100</cusip>
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          <isin value="US23331S1006"/>
          <ticker value="DHX"/>
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        <balance>2782.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16552.90000000</valUSD>
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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>Kingstone Cos Inc</name>
        <lei>N/A</lei>
        <title>Kingstone Cos Inc</title>
        <cusip>496719105</cusip>
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          <isin value="US4967191051"/>
          <ticker value="KINS"/>
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        <balance>16200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86184.00000000</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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      <invstOrSec>
        <name>Protara Therapeutics Inc</name>
        <lei>549300VWUGH3220TG273</lei>
        <title>Protara Therapeutics Inc</title>
        <cusip>74365U107</cusip>
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          <isin value="US74365U1079"/>
          <ticker value="TARA"/>
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        <balance>24800.00000000</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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      <invstOrSec>
        <name>SigmaTron International Inc</name>
        <lei>52990038RIWCDHP8G117</lei>
        <title>SigmaTron International Inc</title>
        <cusip>82661L101</cusip>
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          <isin value="US82661L1017"/>
          <ticker value="SGMA"/>
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        <balance>73800.00000000</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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      <invstOrSec>
        <name>Farmer Bros Co</name>
        <lei>5493006PMLETBTVJ3262</lei>
        <title>Farmer Bros Co</title>
        <cusip>307675108</cusip>
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          <isin value="US3076751086"/>
          <ticker value="FARM"/>
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        <balance>7900.00000000</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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      <invstOrSec>
        <name>Village Super Market Inc</name>
        <lei>25490069686XCNNEMQ07</lei>
        <title>Village Super Market Inc</title>
        <cusip>927107409</cusip>
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          <isin value="US9271074091"/>
          <ticker value="VLGEA"/>
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        <balance>22209.00000000</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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      <invstOrSec>
        <name>Ovid therapeutics Inc</name>
        <lei>549300H36NUI4L6U8F17</lei>
        <title>Ovid therapeutics Inc</title>
        <cusip>690469101</cusip>
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          <isin value="US6904691010"/>
          <ticker value="OVID"/>
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        <balance>120800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>379312.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Synchronoss Technologies Inc</name>
        <lei>5493007Z5J8Z2TA76376</lei>
        <title>Synchronoss Technologies Inc</title>
        <cusip>87157B103</cusip>
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          <isin value="US87157B1035"/>
          <ticker value="SNCR"/>
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        <balance>541200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>936276.00000000</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>Townsquare Media Inc</name>
        <lei>549300XBA8C68H0DR538</lei>
        <title>Townsquare Media Inc</title>
        <cusip>892231101</cusip>
        <identifiers>
          <isin value="US8922311019"/>
          <ticker value="TSQ"/>
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        <balance>57700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>737983.00000000</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>Electromed Inc</name>
        <lei>N/A</lei>
        <title>Electromed Inc</title>
        <cusip>285409108</cusip>
        <identifiers>
          <isin value="US2854091087"/>
          <ticker value="ELMD"/>
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        <balance>79338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>986964.72000000</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>Lee Enterprises Inc</name>
        <lei>N/A</lei>
        <title>Lee Enterprises Inc</title>
        <cusip>523768406</cusip>
        <identifiers>
          <isin value="US5237684064"/>
          <ticker value="LEE"/>
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        <balance>17282.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>465231.44000000</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>CareCloud Inc</name>
        <lei>549300GEO5Y45G5I3070</lei>
        <title>CareCloud Inc</title>
        <cusip>14167R100</cusip>
        <identifiers>
          <isin value="US14167R1005"/>
          <ticker value="MTBC"/>
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        <balance>270751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1394367.65000000</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>Hurco Cos Inc</name>
        <lei>XSC5XDOTBYOBQPOG2O82</lei>
        <title>Hurco Cos Inc</title>
        <cusip>447324104</cusip>
        <identifiers>
          <isin value="US4473241044"/>
          <ticker value="HURC"/>
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        <balance>3562.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112274.24000000</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>Geospace Technologies Corp</name>
        <lei>N/A</lei>
        <title>Geospace Technologies Corp</title>
        <cusip>37364X109</cusip>
        <identifiers>
          <isin value="US37364X1090"/>
          <ticker value="GEOS"/>
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        <balance>19692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113229.00000000</valUSD>
        <pctVal>0.125908509684</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>Schmitt Industries Inc</name>
        <lei>5299003BMFILFJNCJG46</lei>
        <title>Schmitt Industries Inc</title>
        <cusip>806870200</cusip>
        <identifiers>
          <isin value="US8068702005"/>
          <ticker value="SMIT"/>
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        <balance>61502.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>295824.62000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY INVESTMENTS FUNDS</name>
        <lei>N/A</lei>
        <title>FIDELITY INVESTMENTS FUNDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="FIGXX"/>
          <other otherDesc="INTERNAL" value="999F86488"/>
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        <balance>3548199.62000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3548199.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3548199.62000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>S&amp;W Seed Co</name>
        <lei>5493000VGNLHM547AC08</lei>
        <title>S&amp;W Seed Co</title>
        <cusip>785135104</cusip>
        <identifiers>
          <isin value="US7851351046"/>
          <ticker value="SANW"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42600.00000000</valUSD>
        <pctVal>0.047370395504</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>OFS Capital Corp</name>
        <lei>549300XTK3HSWPDBJD13</lei>
        <title>OFS Capital Corp</title>
        <cusip>67103B100</cusip>
        <identifiers>
          <isin value="US67103B1008"/>
          <ticker value="OFS"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182000.00000000</valUSD>
        <pctVal>0.202380562953</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="20800.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Alimera Sciences Inc</name>
        <lei>5299005C650OO6FJ1R63</lei>
        <title>Alimera Sciences Inc</title>
        <cusip>016259202</cusip>
        <identifiers>
          <isin value="US0162592028"/>
          <ticker value="ALIM"/>
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        <balance>18300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102480.00000000</valUSD>
        <pctVal>0.113955824678</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Atea Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Atea Pharmaceuticals Inc</title>
        <cusip>04683R106</cusip>
        <identifiers>
          <isin value="US04683R1068"/>
          <ticker value="AVIR"/>
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        <balance>26700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192774.00000000</valUSD>
        <pctVal>0.214361047487</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="192196.40000000"/>
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      <invstOrSec>
        <name>Enzo Biochem Inc</name>
        <lei>5299001N23WBO4XQ2P60</lei>
        <title>Enzo Biochem Inc</title>
        <cusip>294100102</cusip>
        <identifiers>
          <isin value="US2941001024"/>
          <ticker value="ENZ"/>
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        <balance>168300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>488070.00000000</valUSD>
        <pctVal>0.542724622860</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>RCM Technologies Inc</name>
        <lei>N/A</lei>
        <title>RCM Technologies Inc</title>
        <cusip>749360400</cusip>
        <identifiers>
          <isin value="US7493604000"/>
          <ticker value="RCMT"/>
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        <balance>60455.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>596086.30000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bel Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse Inc</title>
        <cusip>077347300</cusip>
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          <isin value="US0773473006"/>
          <ticker value="BELFB"/>
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        <balance>3200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57088.00000000</valUSD>
        <pctVal>0.063480777900</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>Atlantic American Corp</name>
        <lei>N/A</lei>
        <title>Atlantic American Corp</title>
        <cusip>048209100</cusip>
        <identifiers>
          <isin value="US0482091008"/>
          <ticker value="AAME"/>
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        <balance>81700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>253270.00000000</valUSD>
        <pctVal>0.281631457028</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>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>400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11192.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital Bancorp Inc</name>
        <lei>549300LQKYGWQ7VP0C75</lei>
        <title>Capital Bancorp Inc</title>
        <cusip>139737100</cusip>
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          <isin value="US1397371006"/>
          <ticker value="CBNK"/>
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        <balance>7100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162306.00000000</valUSD>
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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>Ocwen Financial Corp</name>
        <lei>549300DDD1YQ8EIAT278</lei>
        <title>Ocwen Financial Corp</title>
        <cusip>675746606</cusip>
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          <isin value="US6757466064"/>
          <ticker value="OCN"/>
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        <balance>36565.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pangaea Logistics Solutions Lt</name>
        <lei>N/A</lei>
        <title>Pangaea Logistics Solutions Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG6891L1054"/>
          <ticker value="PANL"/>
          <other otherDesc="SEDOL" value="BRGCNJ8"/>
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        <balance>312300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1736388.00000000</valUSD>
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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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      <invstOrSec>
        <name>FlexShopper Inc</name>
        <lei>5493007P8J2I11KFO744</lei>
        <title>FlexShopper Inc</title>
        <cusip>33939J303</cusip>
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          <isin value="US33939J3032"/>
          <ticker value="FPAY"/>
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        <balance>9700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16587.00000000</valUSD>
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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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      <invstOrSec>
        <name>Mammoth Energy Services Inc</name>
        <lei>549300ODHHN3MGXCQ803</lei>
        <title>Mammoth Energy Services Inc</title>
        <cusip>56155L108</cusip>
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          <isin value="US56155L1089"/>
          <ticker value="TUSK"/>
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        <balance>52989.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112866.57000000</valUSD>
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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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      <invstOrSec>
        <name>Charles &amp; Colvard Ltd</name>
        <lei>N/A</lei>
        <title>Charles &amp; Colvard Ltd</title>
        <cusip>159765106</cusip>
        <identifiers>
          <isin value="US1597651066"/>
          <ticker value="CTHR"/>
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        <balance>118885.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>186649.45000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RF Industries Ltd</name>
        <lei>529900MVE73NJ5FHP926</lei>
        <title>RF Industries Ltd</title>
        <cusip>749552105</cusip>
        <identifiers>
          <isin value="US7495521053"/>
          <ticker value="RFIL"/>
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        <balance>29696.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214108.16000000</valUSD>
        <pctVal>0.238084230514</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>Utah Medical Products Inc</name>
        <lei>5493002R27BBGV8DID60</lei>
        <title>Utah Medical Products Inc</title>
        <cusip>917488108</cusip>
        <identifiers>
          <isin value="US9174881089"/>
          <ticker value="UTMD"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179720.00000000</valUSD>
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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>
      <invstOrSec>
        <name>Kewaunee Scientific Corp</name>
        <lei>549300Z8MHH8NUYXQ229</lei>
        <title>Kewaunee Scientific Corp</title>
        <cusip>492854104</cusip>
        <identifiers>
          <isin value="US4928541048"/>
          <ticker value="KEQU"/>
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        <balance>16900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241670.00000000</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>Weyco Group Inc</name>
        <lei>549300I10J38MHJELM87</lei>
        <title>Weyco Group Inc</title>
        <cusip>962149100</cusip>
        <identifiers>
          <isin value="US9621491003"/>
          <ticker value="WEYS"/>
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        <balance>2515.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62170.80000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Information Services Group Inc</name>
        <lei>549300ZUNI6DQ0G8Q273</lei>
        <title>Information Services Group Inc</title>
        <cusip>45675Y104</cusip>
        <identifiers>
          <isin value="US45675Y1047"/>
          <ticker value="III"/>
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        <balance>252148.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1717127.88000000</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>VAALCO Energy Inc</name>
        <lei>549300CFHFVIWB8M6T24</lei>
        <title>VAALCO Energy Inc</title>
        <cusip>91851C201</cusip>
        <identifiers>
          <isin value="US91851C2017"/>
          <ticker value="EGY"/>
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        <balance>262000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1710860.00000000</valUSD>
        <pctVal>1.902444010627</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>Co-Diagnostics Inc</name>
        <lei>549300Z1JPESYWFM1R93</lei>
        <title>Co-Diagnostics Inc</title>
        <cusip>189763105</cusip>
        <identifiers>
          <isin value="US1897631057"/>
          <ticker value="CODX"/>
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        <balance>281800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1741524.00000000</valUSD>
        <pctVal>1.936541799541</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="495728.70000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Universal Security Instruments</name>
        <lei>N/A</lei>
        <title>Universal Security Instruments Inc</title>
        <cusip>913821302</cusip>
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          <isin value="US9138213023"/>
          <ticker value="UUU"/>
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        <balance>110500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>469625.00000000</valUSD>
        <pctVal>0.522214131191</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="129625.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Natural Alternatives Internati</name>
        <lei>549300QOT5V1NZ8WZY48</lei>
        <title>Natural Alternatives International Inc</title>
        <cusip>638842302</cusip>
        <identifiers>
          <isin value="US6388423021"/>
          <ticker value="NAII"/>
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        <balance>50300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>579456.00000000</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>Hallador Energy Co</name>
        <lei>254900GKEQRHOI2SSC19</lei>
        <title>Hallador Energy Co</title>
        <cusip>40609P105</cusip>
        <identifiers>
          <isin value="US40609P1057"/>
          <ticker value="HNRG"/>
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        <balance>459695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1608932.50000000</valUSD>
        <pctVal>1.789102555515</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>Citizens Community Bancorp Inc</name>
        <lei>549300VKLJAF4WABEF16</lei>
        <title>Citizens Community Bancorp Inc/WI</title>
        <cusip>174903104</cusip>
        <identifiers>
          <isin value="US1749031043"/>
          <ticker value="CZWI"/>
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        <balance>43900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>663329.00000000</valUSD>
        <pctVal>0.737609321116</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>Barnwell Industries Inc</name>
        <lei>N/A</lei>
        <title>Barnwell Industries Inc</title>
        <cusip>068221100</cusip>
        <identifiers>
          <isin value="US0682211000"/>
          <ticker value="BRN"/>
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        <balance>9233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23728.81000000</valUSD>
        <pctVal>0.026385988604</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>CynergisTek Inc/DE</name>
        <lei>N/A</lei>
        <title>CynergisTek Inc/DE</title>
        <cusip>23258P105</cusip>
        <identifiers>
          <isin value="US23258P1057"/>
          <ticker value="CTEK"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46900.00000000</valUSD>
        <pctVal>0.052151914299</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>First United Corp</name>
        <lei>549300G54QPXQLB4KN58</lei>
        <title>First United Corp</title>
        <cusip>33741H107</cusip>
        <identifiers>
          <isin value="US33741H1077"/>
          <ticker value="FUNC"/>
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        <balance>5017.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113033.01000000</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>Convey Health Solutions Holdin</name>
        <lei>N/A</lei>
        <title>Convey Health Solutions Holdings Inc</title>
        <cusip>21258C108</cusip>
        <identifiers>
          <isin value="US21258C1080"/>
          <ticker value="CNVY"/>
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        <balance>38200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249828.00000000</valUSD>
        <pctVal>0.277804018030</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Caledonia Mining Corp PLC</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00BF0XVB15"/>
          <ticker value="CMCL"/>
          <other otherDesc="SEDOL" value="BF0XVC2"/>
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        <balance>16135.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245413.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>inTEST Corp</name>
        <lei>549300RJJBPHDOAVDU15</lei>
        <title>inTEST Corp</title>
        <cusip>461147100</cusip>
        <identifiers>
          <isin value="US4611471008"/>
          <ticker value="INTT"/>
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        <balance>133134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1428527.82000000</valUSD>
        <pctVal>1.588495958274</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>Medallion Financial Corp</name>
        <lei>549300FJ4FMGJ2C34Y48</lei>
        <title>Medallion Financial Corp</title>
        <cusip>583928106</cusip>
        <identifiers>
          <isin value="US5839281061"/>
          <ticker value="MFIN"/>
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        <balance>39200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>333200.00000000</valUSD>
        <pctVal>0.370512107560</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Acorda Therapeutics Inc</name>
        <lei>5493007NPB5YRM8QGL53</lei>
        <title>Acorda Therapeutics Inc</title>
        <cusip>00484M601</cusip>
        <identifiers>
          <isin value="US00484M6012"/>
          <ticker value="ACOR"/>
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        <balance>141400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>227654.00000000</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>
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      <invstOrSec>
        <name>PHX Minerals Inc</name>
        <lei>5493007OI1JOF1QSPE51</lei>
        <title>PHX Minerals Inc</title>
        <cusip>69291A100</cusip>
        <identifiers>
          <isin value="US69291A1007"/>
          <ticker value="PHX"/>
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        <balance>21600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66096.00000000</valUSD>
        <pctVal>0.073497503785</pctVal>
        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Velocity Financial Inc</name>
        <lei>N/A</lei>
        <title>Velocity Financial Inc</title>
        <cusip>92262D101</cusip>
        <identifiers>
          <isin value="US92262D1019"/>
          <ticker value="VEL"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82050.00000000</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>Xtant Medical Holdings Inc</name>
        <lei>549300JOU6AK8387EW77</lei>
        <title>Xtant Medical Holdings Inc</title>
        <cusip>98420P308</cusip>
        <identifiers>
          <isin value="US98420P3082"/>
          <ticker value="XTNT"/>
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        <balance>54100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36788.00000000</valUSD>
        <pctVal>0.040907561263</pctVal>
        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Biocept Inc</name>
        <lei>5493000MP9GU5S88NF42</lei>
        <title>Biocept Inc</title>
        <cusip>09072V501</cusip>
        <identifiers>
          <isin value="US09072V5012"/>
          <ticker value="BIOC"/>
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        <balance>93900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217848.00000000</valUSD>
        <pctVal>0.242242861968</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ampco-Pittsburgh Corp</name>
        <lei>N/A</lei>
        <title>Ampco-Pittsburgh Corp</title>
        <cusip>032037103</cusip>
        <identifiers>
          <isin value="US0320371034"/>
          <ticker value="AP"/>
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        <balance>58032.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>366181.92000000</valUSD>
        <pctVal>0.407187379741</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>CF Bankshares Inc</name>
        <lei>5493005T7GGZJKF4UK64</lei>
        <title>CF Bankshares Inc</title>
        <cusip>12520L109</cusip>
        <identifiers>
          <isin value="US12520L1098"/>
          <ticker value="CFBK"/>
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        <balance>4800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106560.00000000</valUSD>
        <pctVal>0.118492707628</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>Chemung Financial Corp</name>
        <lei>N/A</lei>
        <title>Chemung Financial Corp</title>
        <cusip>164024101</cusip>
        <identifiers>
          <isin value="US1640241014"/>
          <ticker value="CHMG"/>
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        <balance>1200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56028.00000000</valUSD>
        <pctVal>0.062302077918</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>Live Ventures Inc</name>
        <lei>5493002HQW06QWT6U361</lei>
        <title>Live Ventures Inc</title>
        <cusip>538142308</cusip>
        <identifiers>
          <isin value="US5381423087"/>
          <ticker value="LIVE"/>
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        <balance>21702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>922552.02000000</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="1190.28000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Natural Health Trends Corp</name>
        <lei>529900WSPRKOOD9HNF27</lei>
        <title>Natural Health Trends Corp</title>
        <cusip>63888P406</cusip>
        <identifiers>
          <isin value="US63888P4063"/>
          <ticker value="NHTC"/>
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        <balance>7600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53808.00000000</valUSD>
        <pctVal>0.059833479842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Educational Development Corp</name>
        <lei>N/A</lei>
        <title>Educational Development Corp</title>
        <cusip>281479105</cusip>
        <identifiers>
          <isin value="US2814791057"/>
          <ticker value="EDUC"/>
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        <balance>55700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>431675.00000000</valUSD>
        <pctVal>0.480014447872</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>Friedman Industries Inc</name>
        <lei>N/A</lei>
        <title>Friedman Industries Inc</title>
        <cusip>358435105</cusip>
        <identifiers>
          <isin value="US3584351056"/>
          <ticker value="FRD"/>
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        <balance>90521.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>797490.01000000</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>AgroFresh Solutions Inc</name>
        <lei>549300SBHHYUXDIB7F37</lei>
        <title>AgroFresh Solutions Inc</title>
        <cusip>00856G109</cusip>
        <identifiers>
          <isin value="US00856G1094"/>
          <ticker value="AGFS"/>
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        <balance>154592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>293724.80000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Delta Apparel Inc</name>
        <lei>549300YCES15WEDS8Z04</lei>
        <title>Delta Apparel Inc</title>
        <cusip>247368103</cusip>
        <identifiers>
          <isin value="US2473681037"/>
          <ticker value="DLA"/>
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        <balance>10044.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299210.76000000</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>Silvercrest Asset Management G</name>
        <lei>N/A</lei>
        <title>Silvercrest Asset Management Group Inc</title>
        <cusip>828359109</cusip>
        <identifiers>
          <isin value="US8283591092"/>
          <ticker value="SAMG"/>
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        <balance>16744.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>342414.80000000</valUSD>
        <pctVal>0.380758791140</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>Ocean Bio-Chem Inc</name>
        <lei>N/A</lei>
        <title>Ocean Bio-Chem Inc</title>
        <cusip>674631106</cusip>
        <identifiers>
          <isin value="US6746311066"/>
          <ticker value="OBCI"/>
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        <balance>12798.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103279.86000000</valUSD>
        <pctVal>0.114845253893</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>Avalon Holdings Corp</name>
        <lei>N/A</lei>
        <title>Avalon Holdings Corp</title>
        <cusip>05343P109</cusip>
        <identifiers>
          <isin value="US05343P1093"/>
          <ticker value="AWX"/>
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        <balance>14700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48142.50000000</valUSD>
        <pctVal>0.053533550835</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>SilverBow Resources Inc</name>
        <lei>5493007QR70AVQSNF619</lei>
        <title>SilverBow Resources Inc</title>
        <cusip>82836G102</cusip>
        <identifiers>
          <isin value="US82836G1022"/>
          <ticker value="SBOW"/>
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        <balance>24585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>786720.00000000</valUSD>
        <pctVal>0.874817782893</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>Natural Gas Services Group Inc</name>
        <lei>N/A</lei>
        <title>Natural Gas Services Group Inc</title>
        <cusip>63886Q109</cusip>
        <identifiers>
          <isin value="US63886Q1094"/>
          <ticker value="NGS"/>
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        <balance>18400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219144.00000000</valUSD>
        <pctVal>0.243683989493</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>AstroNova Inc</name>
        <lei>549300D8PFP62QX00223</lei>
        <title>AstroNova Inc</title>
        <cusip>04638F108</cusip>
        <identifiers>
          <isin value="US04638F1084"/>
          <ticker value="ALOT"/>
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        <balance>28300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429311.00000000</valUSD>
        <pctVal>0.477385724516</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>SunLink Health Systems Inc</name>
        <lei>N/A</lei>
        <title>SunLink Health Systems Inc</title>
        <cusip>86737U102</cusip>
        <identifiers>
          <isin value="US86737U1025"/>
          <ticker value="SSY"/>
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        <balance>192800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>281488.00000000</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>NCS Multistage Holdings Inc</name>
        <lei>5493003WLG5T6MNJ7292</lei>
        <title>NCS Multistage Holdings Inc</title>
        <cusip>628877201</cusip>
        <identifiers>
          <isin value="US6288772014"/>
          <ticker value="NCSM"/>
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        <balance>2900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145174.00000000</valUSD>
        <pctVal>0.161430746407</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>Societal CDMO Inc</name>
        <lei>2549004EL1Z016VYWA54</lei>
        <title>Societal CDMO Inc</title>
        <cusip>75629F109</cusip>
        <identifiers>
          <isin value="US75629F1093"/>
          <ticker value="SCTL"/>
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        <balance>249600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>449280.00000000</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>Aviat Networks Inc</name>
        <lei>549300Z3X8Z4MK52CI65</lei>
        <title>Aviat Networks Inc</title>
        <cusip>05366Y201</cusip>
        <identifiers>
          <isin value="US05366Y2019"/>
          <ticker value="AVNW"/>
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        <balance>33526.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1031595.02000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LS Starrett Co/The</name>
        <lei>N/A</lei>
        <title>LS Starrett Co/The</title>
        <cusip>855668109</cusip>
        <identifiers>
          <isin value="US8556681091"/>
          <ticker value="SCX"/>
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        <balance>31001.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238397.69000000</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>Dixie Group Inc/The</name>
        <lei>549300MLTT5S33W3Q656</lei>
        <title>Dixie Group Inc/The</title>
        <cusip>255519100</cusip>
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          <isin value="US2555191004"/>
          <ticker value="DXYN"/>
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        <balance>25600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79360.00000000</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>Forte Biosciences Inc</name>
        <lei>529900Z84WFDHPS3JP76</lei>
        <title>Forte Biosciences Inc</title>
        <cusip>34962G109</cusip>
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          <isin value="US34962G1094"/>
          <ticker value="FBRX"/>
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        <balance>86865.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126822.90000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northeast Bank</name>
        <lei>549300F0LV9TSW34E306</lei>
        <title>Northeast Bank</title>
        <cusip>66405S100</cusip>
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          <isin value="US66405S1006"/>
          <ticker value="NBN"/>
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        <balance>26785.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>913636.35000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aquestive Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Aquestive Therapeutics Inc</title>
        <cusip>03843E104</cusip>
        <identifiers>
          <isin value="US03843E1047"/>
          <ticker value="AQST"/>
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        <balance>105556.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>275501.16000000</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>
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      <invstOrSec>
        <name>TESSCO Technologies Inc</name>
        <lei>254900BNVQFBKCIOE491</lei>
        <title>TESSCO Technologies Inc</title>
        <cusip>872386107</cusip>
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          <isin value="US8723861071"/>
          <ticker value="TESS"/>
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        <balance>49629.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299759.16000000</valUSD>
        <pctVal>0.333326525006</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>Entravision Communications Cor</name>
        <lei>549300SKHY2ALCLKV539</lei>
        <title>Entravision Communications Corp</title>
        <cusip>29382R107</cusip>
        <identifiers>
          <isin value="US29382R1077"/>
          <ticker value="EVC"/>
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        <balance>16100.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>DLH Holdings Corp</name>
        <lei>549300KRYPLQFKWVTE62</lei>
        <title>DLH Holdings Corp</title>
        <cusip>23335Q100</cusip>
        <identifiers>
          <isin value="US23335Q1004"/>
          <ticker value="DLHC"/>
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        <balance>17000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>321980.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALJ Regional Holdings Inc</name>
        <lei>N/A</lei>
        <title>ALJ Regional Holdings Inc</title>
        <cusip>001627108</cusip>
        <identifiers>
          <isin value="US0016271084"/>
          <ticker value="ALJJ"/>
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        <balance>23000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60260.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volt Information Sciences Inc</name>
        <lei>549300OQF9EZM81BDQ04</lei>
        <title>Volt Information Sciences Inc</title>
        <cusip>928703107</cusip>
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          <isin value="US9287031077"/>
          <ticker value="VOLT"/>
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        <balance>103700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Exagen Inc</name>
        <lei>549300JV2CYDOME5OO17</lei>
        <title>Exagen Inc</title>
        <cusip>30068X103</cusip>
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          <isin value="US30068X1037"/>
          <ticker value="XGN"/>
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        <balance>23800.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Western Financial Inc</name>
        <lei>549300PPOGX4C7S66B47</lei>
        <title>First Western Financial Inc</title>
        <cusip>33751L105</cusip>
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          <isin value="US33751L1052"/>
          <ticker value="MYFW"/>
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        <balance>1473.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46045.98000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Harvard Bioscience Inc</name>
        <lei>549300VLGB1D47GGC642</lei>
        <title>Harvard Bioscience Inc</title>
        <cusip>416906105</cusip>
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          <isin value="US4169061052"/>
          <ticker value="HBIO"/>
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        <balance>141500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>878715.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jerash Holdings US Inc</name>
        <lei>N/A</lei>
        <title>Jerash Holdings US Inc</title>
        <cusip>47632P101</cusip>
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          <isin value="US47632P1012"/>
          <ticker value="JRSH"/>
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        <balance>6500.00000000</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>Huttig Building Products Inc</name>
        <lei>529900WAHH5LR9Z8UM75</lei>
        <title>Huttig Building Products Inc</title>
        <cusip>448451104</cusip>
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          <isin value="US4484511047"/>
          <ticker value="HBP"/>
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        <balance>86710.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vince Holding Corp</name>
        <lei>5493002NOQOX2DHRRF35</lei>
        <title>Vince Holding Corp</title>
        <cusip>92719W207</cusip>
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          <isin value="US92719W2070"/>
          <ticker value="VNCE"/>
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        <balance>26200.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARC Document Solutions Inc</name>
        <lei>529900E4UQREZKXE7O60</lei>
        <title>ARC Document Solutions Inc</title>
        <cusip>00191G103</cusip>
        <identifiers>
          <isin value="US00191G1031"/>
          <ticker value="ARC"/>
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        <balance>460553.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1796156.70000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IntriCon Corp</name>
        <lei>549300QOZJC6ZFWND923</lei>
        <title>IntriCon Corp</title>
        <cusip>46121H109</cusip>
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          <isin value="US46121H1095"/>
          <ticker value="IIN"/>
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        <balance>101906.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2431477.16000000</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>Virco Mfg. Corp</name>
        <lei>N/A</lei>
        <title>Virco Mfg. Corp</title>
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          <isin value="US9276511097"/>
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        <balance>17600.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spruce Biosciences Inc</name>
        <lei>N/A</lei>
        <title>Spruce Biosciences Inc</title>
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          <isin value="US85209E1091"/>
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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>PCTEL Inc</name>
        <lei>N/A</lei>
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        <cusip>69325Q105</cusip>
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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>comScore Inc</name>
        <lei>N/A</lei>
        <title>comScore Inc</title>
        <cusip>20564W105</cusip>
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          <isin value="US20564W1053"/>
          <ticker value="SCOR"/>
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        <balance>24100.00000000</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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      <invstOrSec>
        <name>Paysign Inc</name>
        <lei>N/A</lei>
        <title>Paysign Inc</title>
        <cusip>70451A104</cusip>
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          <isin value="US70451A1043"/>
          <ticker value="PAYS"/>
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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>BGSF Inc</name>
        <lei>549300AUC6I9ZG3KKQ91</lei>
        <title>BGSF Inc</title>
        <cusip>05601C105</cusip>
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          <isin value="US05601C1053"/>
          <ticker value="BGSF"/>
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        <balance>4000.00000000</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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      <invstOrSec>
        <name>Core Molding Technologies Inc</name>
        <lei>549300ZY2MFRXCKVIJ28</lei>
        <title>Core Molding Technologies Inc</title>
        <cusip>218683100</cusip>
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          <isin value="US2186831002"/>
          <ticker value="CMT"/>
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        <balance>49704.00000000</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>Acme United Corp</name>
        <lei>549300NVT8NN13WP8M83</lei>
        <title>Acme United Corp</title>
        <cusip>004816104</cusip>
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          <isin value="US0048161048"/>
          <ticker value="ACU"/>
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        <balance>28185.00000000</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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      <invstOrSec>
        <name>Manning &amp; Napier Inc</name>
        <lei>N/A</lei>
        <title>Manning &amp; Napier Inc</title>
        <cusip>56382Q102</cusip>
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          <isin value="US56382Q1022"/>
          <ticker value="MN"/>
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        <balance>211071.00000000</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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      <invstOrSec>
        <name>Wireless Telecom Group Inc</name>
        <lei>N/A</lei>
        <title>Wireless Telecom Group Inc</title>
        <cusip>976524108</cusip>
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          <isin value="US9765241081"/>
          <ticker value="WTT"/>
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        <balance>191592.00000000</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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      <invstOrSec>
        <name>Destination XL Group Inc</name>
        <lei>N/A</lei>
        <title>Destination XL Group Inc</title>
        <cusip>25065K104</cusip>
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          <isin value="US25065K1043"/>
          <ticker value="DXLG"/>
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        <balance>363200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1772416.00000000</valUSD>
        <pctVal>1.970893120150</pctVal>
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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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      <invstOrSec>
        <name>American Shared Hospital Servi</name>
        <lei>N/A</lei>
        <title>American Shared Hospital Services</title>
        <cusip>029595105</cusip>
        <identifiers>
          <isin value="US0295951059"/>
          <ticker value="AMS"/>
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        <balance>209067.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>489216.78000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mannatech Inc</name>
        <lei>N/A</lei>
        <title>Mannatech Inc</title>
        <cusip>563771203</cusip>
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          <isin value="US5637712036"/>
          <ticker value="MTEX"/>
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        <balance>23388.00000000</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>
      <invstOrSec>
        <name>Zynex Inc</name>
        <lei>N/A</lei>
        <title>Zynex Inc</title>
        <cusip>98986M103</cusip>
        <identifiers>
          <isin value="US98986M1036"/>
          <ticker value="ZYXI"/>
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        <balance>23143.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="134536.85000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Hudson Global Inc</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>Hudson Global Inc</title>
        <cusip>443787205</cusip>
        <identifiers>
          <isin value="US4437872058"/>
          <ticker value="HSON"/>
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        <balance>3258.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>132502.86000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cumberland Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Cumberland Pharmaceuticals Inc</title>
        <cusip>230770109</cusip>
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          <isin value="US2307701092"/>
          <ticker value="CPIX"/>
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        <balance>233068.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8460.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Logan Ridge Finance Corp</name>
        <lei>5493007DZ22O2I4VJ124</lei>
        <title>Logan Ridge Finance Corp</title>
        <cusip>541098109</cusip>
        <identifiers>
          <isin value="US5410981097"/>
          <ticker value="LRFC"/>
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        <balance>23083.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="58272.48000000"/>
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      <invstOrSec>
        <name>Salem Media Group Inc</name>
        <lei>549300CTHBTS2MIXZL54</lei>
        <title>Salem Media Group Inc</title>
        <cusip>794093104</cusip>
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          <isin value="US7940931048"/>
          <ticker value="SALM"/>
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        <balance>473515.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TETRA Technologies Inc</name>
        <lei>549300T5W131705EK832</lei>
        <title>TETRA Technologies Inc</title>
        <cusip>88162F105</cusip>
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          <isin value="US88162F1057"/>
          <ticker value="TTI"/>
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        <balance>46900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192759.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Consumer Portfolio Services In</name>
        <lei>N/A</lei>
        <title>Consumer Portfolio Services Inc</title>
        <cusip>210502100</cusip>
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          <isin value="US2105021008"/>
          <ticker value="CPSS"/>
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        <balance>159604.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1621576.64000000</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>TransAct Technologies Inc</name>
        <lei>N/A</lei>
        <title>TransAct Technologies Inc</title>
        <cusip>892918103</cusip>
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          <isin value="US8929181035"/>
          <ticker value="TACT"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56480.00000000</valUSD>
        <pctVal>0.062804693382</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>Pzena Investment Management In</name>
        <lei>77FR8E97WY61TIP8ID10</lei>
        <title>Pzena Investment Management Inc</title>
        <cusip>74731Q103</cusip>
        <identifiers>
          <isin value="US74731Q1031"/>
          <ticker value="PZN"/>
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        <balance>15500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124310.00000000</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>Computer Task Group Inc</name>
        <lei>N/A</lei>
        <title>Computer Task Group Inc</title>
        <cusip>205477102</cusip>
        <identifiers>
          <isin value="US2054771025"/>
          <ticker value="CTG"/>
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        <balance>82310.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>804168.70000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Elevate Credit Inc</name>
        <lei>5493005YGC28MJELZ875</lei>
        <title>Elevate Credit Inc</title>
        <cusip>28621V101</cusip>
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          <isin value="US28621V1017"/>
          <ticker value="ELVT"/>
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        <balance>514300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1573758.00000000</valUSD>
        <pctVal>1.749989175781</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>FONAR Corp</name>
        <lei>N/A</lei>
        <title>FONAR Corp</title>
        <cusip>344437405</cusip>
        <identifiers>
          <isin value="US3444374058"/>
          <ticker value="FONR"/>
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        <balance>39100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>725305.00000000</valUSD>
        <pctVal>0.806525462707</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>C&amp;F Financial Corp</name>
        <lei>549300VFPAZLNS1R0361</lei>
        <title>C&amp;F Financial Corp</title>
        <cusip>12466Q104</cusip>
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          <isin value="US12466Q1040"/>
          <ticker value="CFFI"/>
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        <balance>1700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85187.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meridian Corp</name>
        <lei>N/A</lei>
        <title>Meridian Corp</title>
        <cusip>58958P104</cusip>
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          <isin value="US58958P1049"/>
          <ticker value="MRBK"/>
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        <balance>11170.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>358445.30000000</valUSD>
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        <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>Smart Sand Inc</name>
        <lei>549300JISW1T66DVOK23</lei>
        <title>Smart Sand Inc</title>
        <cusip>83191H107</cusip>
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          <isin value="US83191H1077"/>
          <ticker value="SND"/>
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        <balance>475637.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1640947.65000000</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>Taitron Components Inc</name>
        <lei>N/A</lei>
        <title>Taitron Components Inc</title>
        <cusip>874028103</cusip>
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          <isin value="US8740281030"/>
          <ticker value="TAIT"/>
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        <balance>68500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263040.00000000</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>IRIDEX Corp</name>
        <lei>N/A</lei>
        <title>IRIDEX Corp</title>
        <cusip>462684101</cusip>
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          <isin value="US4626841013"/>
          <ticker value="IRIX"/>
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        <balance>251900.00000000</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>Community West Bancshares</name>
        <lei>N/A</lei>
        <title>Community West Bancshares</title>
        <cusip>204157101</cusip>
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          <isin value="US2041571017"/>
          <ticker value="CWBC"/>
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        <balance>5000.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>iRadimed Corp</name>
        <lei>549300YVHWP0YJ1YW816</lei>
        <title>iRadimed Corp</title>
        <cusip>46266A109</cusip>
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          <isin value="US46266A1097"/>
          <ticker value="IRMD"/>
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        <balance>3996.00000000</balance>
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        <curCd>USD</curCd>
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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>Eton Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Eton Pharmaceuticals Inc</title>
        <cusip>29772L108</cusip>
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          <isin value="US29772L1089"/>
          <ticker value="ETON"/>
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        <balance>175163.00000000</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>Hill International Inc</name>
        <lei>N/A</lei>
        <title>Hill International Inc</title>
        <cusip>431466101</cusip>
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          <isin value="US4314661012"/>
          <ticker value="HIL"/>
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        <balance>34675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56520.25000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hovnanian Enterprises Inc</name>
        <lei>549300805N4EF0ROBT53</lei>
        <title>Hovnanian Enterprises Inc</title>
        <cusip>442487401</cusip>
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          <isin value="US4424874018"/>
          <ticker value="HOV"/>
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        <balance>11693.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>691056.30000000</valUSD>
        <pctVal>0.768441555090</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>Terns Pharmaceuticals Inc</name>
        <lei>254900S1ZDQMF4MYP709</lei>
        <title>Terns Pharmaceuticals Inc</title>
        <cusip>880881107</cusip>
        <identifiers>
          <isin value="US8808811074"/>
          <ticker value="TERN"/>
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        <balance>17200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51084.00000000</valUSD>
        <pctVal>0.056804443285</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>AMREP Corp</name>
        <lei>N/A</lei>
        <title>AMREP Corp</title>
        <cusip>032159105</cusip>
        <identifiers>
          <isin value="US0321591051"/>
          <ticker value="AXR"/>
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        <balance>28100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>379912.00000000</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>Hudson Technologies Inc</name>
        <lei>N/A</lei>
        <title>Hudson Technologies Inc</title>
        <cusip>444144109</cusip>
        <identifiers>
          <isin value="US4441441098"/>
          <ticker value="HDSN"/>
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        <balance>408600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2537406.00000000</valUSD>
        <pctVal>2.821547553411</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>J Jill Inc</name>
        <lei>529900I19PJIF8MIDL12</lei>
        <title>J Jill Inc</title>
        <cusip>46620W201</cusip>
        <identifiers>
          <isin value="US46620W2017"/>
          <ticker value="JILL"/>
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        <balance>16652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252610.84000000</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>Liquidia Corp</name>
        <lei>N/A</lei>
        <title>Liquidia Corp</title>
        <cusip>53635D202</cusip>
        <identifiers>
          <isin value="US53635D2027"/>
          <ticker value="LQDA"/>
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        <balance>69800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501164.00000000</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>Orion Group Holdings Inc</name>
        <lei>549300KBVXPV9Q3CT222</lei>
        <title>Orion Group Holdings Inc</title>
        <cusip>68628V308</cusip>
        <identifiers>
          <isin value="US68628V3087"/>
          <ticker value="ORN"/>
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        <balance>105926.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262696.48000000</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>Pro-Dex Inc</name>
        <lei>529900EB2AJA079NT411</lei>
        <title>Pro-Dex Inc</title>
        <cusip>74265M205</cusip>
        <identifiers>
          <isin value="US74265M2052"/>
          <ticker value="PDEX"/>
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        <balance>1700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28101.00000000</valUSD>
        <pctVal>0.031247781316</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>LSI Industries Inc</name>
        <lei>529900HY42OANH6BVT33</lei>
        <title>LSI Industries Inc</title>
        <cusip>50216C108</cusip>
        <identifiers>
          <isin value="US50216C1080"/>
          <ticker value="LYTS"/>
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        <balance>10665.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63990.00000000</valUSD>
        <pctVal>0.071155671557</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>Astria Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Astria Therapeutics Inc</title>
        <cusip>04635X102</cusip>
        <identifiers>
          <isin value="US04635X1028"/>
          <ticker value="ATXS"/>
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        <balance>19279.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>129362.09000000</valUSD>
        <pctVal>0.143848201093</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>Natural Grocers by Vitamin Cot</name>
        <lei>529900P4OTXDGBUS3O87</lei>
        <title>Natural Grocers by Vitamin Cottage Inc</title>
        <cusip>63888U108</cusip>
        <identifiers>
          <isin value="US63888U1088"/>
          <ticker value="NGVC"/>
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        <balance>5300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103880.00000000</valUSD>
        <pctVal>0.115512598239</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>TSR Inc</name>
        <lei>N/A</lei>
        <title>TSR Inc</title>
        <cusip>872885207</cusip>
        <identifiers>
          <isin value="US8728852075"/>
          <ticker value="TSRI"/>
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        <balance>5328.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49284.00000000</valUSD>
        <pctVal>0.054802877277</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="925.00000000"/>
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      <invstOrSec>
        <name>BIMI International Medical Inc</name>
        <lei>5299002XZU0SNKHPUS06</lei>
        <title>BIMI International Medical Inc</title>
        <cusip>05552Q202</cusip>
        <identifiers>
          <isin value="US05552Q2021"/>
          <ticker value="BIMI"/>
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        <balance>72762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100411.56000000</valUSD>
        <pctVal>0.111655758460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Myomo Inc</name>
        <lei>549300G63SSKC2EGLN41</lei>
        <title>Myomo Inc</title>
        <cusip>62857J201</cusip>
        <identifiers>
          <isin value="US62857J2015"/>
          <ticker value="MYO"/>
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        <balance>83910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319697.10000000</valUSD>
        <pctVal>0.355497137761</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>Nexpoint Real Estate Finance I</name>
        <lei>N/A</lei>
        <title>Nexpoint Real Estate Finance Inc</title>
        <cusip>65342V101</cusip>
        <identifiers>
          <isin value="US65342V1017"/>
          <ticker value="NREF"/>
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        <balance>16018.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362006.80000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trio-Tech International</name>
        <lei>N/A</lei>
        <title>Trio-Tech International</title>
        <cusip>896712205</cusip>
        <identifiers>
          <isin value="US8967122057"/>
          <ticker value="TRT"/>
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        <balance>6857.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49404.69000000</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="2161.50000000"/>
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      <invstOrSec>
        <name>Lincoln Educational Services C</name>
        <lei>549300BJ55KUY6RG7L98</lei>
        <title>Lincoln Educational Services Corp</title>
        <cusip>533535100</cusip>
        <identifiers>
          <isin value="US5335351004"/>
          <ticker value="LINC"/>
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        <balance>134564.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>962132.60000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Advanced Emissions Solutions I</name>
        <lei>52990086HRJSW2EZQH40</lei>
        <title>Advanced Emissions Solutions Inc</title>
        <cusip>00770C101</cusip>
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          <isin value="US00770C1018"/>
          <ticker value="ADES"/>
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        <balance>148293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>922382.46000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bassett Furniture Industries I</name>
        <lei>N/A</lei>
        <title>Bassett Furniture Industries Inc</title>
        <cusip>070203104</cusip>
        <identifiers>
          <isin value="US0702031040"/>
          <ticker value="BSET"/>
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        <balance>60300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>998568.00000000</valUSD>
        <pctVal>1.110388758170</pctVal>
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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>BK Technologies Corp</name>
        <lei>N/A</lei>
        <title>BK Technologies Corp</title>
        <cusip>05587G104</cusip>
        <identifiers>
          <isin value="US05587G1040"/>
          <ticker value="BKTI"/>
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        <balance>25500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65025.00000000</valUSD>
        <pctVal>0.072306572011</pctVal>
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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>
        <cusip>06652N107</cusip>
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          <isin value="US06652N1072"/>
          <ticker value="BSVN"/>
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        <balance>5840.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>137940.80000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eagle Bancorp Montana Inc</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>Eagle Bancorp Montana Inc</title>
        <cusip>26942G100</cusip>
        <identifiers>
          <isin value="US26942G1004"/>
          <ticker value="EBMT"/>
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        <balance>2700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60291.00000000</valUSD>
        <pctVal>0.067042453412</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Universal Technical Institute</name>
        <lei>2549003YOJGAZ0PVFV48</lei>
        <title>Universal Technical Institute Inc</title>
        <cusip>913915104</cusip>
        <identifiers>
          <isin value="US9139151040"/>
          <ticker value="UTI"/>
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        <balance>21900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>193815.00000000</valUSD>
        <pctVal>0.215518619828</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPAR Group Inc</name>
        <lei>529900GHU4LESX3IFN94</lei>
        <title>SPAR Group Inc</title>
        <cusip>784933103</cusip>
        <identifiers>
          <isin value="US7849331035"/>
          <ticker value="SGRP"/>
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        <balance>123400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>160420.00000000</valUSD>
        <pctVal>0.178384010488</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>Olympic Steel Inc</name>
        <lei>549300GQ061U6N6KWJ49</lei>
        <title>Olympic Steel Inc</title>
        <cusip>68162K106</cusip>
        <identifiers>
          <isin value="US68162K1060"/>
          <ticker value="ZEUS"/>
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        <balance>51380.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1976074.80000000</valUSD>
        <pctVal>2.197357859679</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>Synalloy Corp</name>
        <lei>549300U2S5125001TS43</lei>
        <title>Synalloy Corp</title>
        <cusip>871565107</cusip>
        <identifiers>
          <isin value="US8715651076"/>
          <ticker value="SYNL"/>
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        <balance>33100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531255.00000000</valUSD>
        <pctVal>0.590745527317</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>SEACOR Marine Holdings Inc</name>
        <lei>5493003LNKFW1W43N030</lei>
        <title>SEACOR Marine Holdings Inc</title>
        <cusip>78413P101</cusip>
        <identifiers>
          <isin value="US78413P1012"/>
          <ticker value="SMHI"/>
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        <balance>1100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8877.00000000</valUSD>
        <pctVal>0.009871056358</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>BioSig Technologies Inc</name>
        <lei>N/A</lei>
        <title>BioSig Technologies Inc</title>
        <cusip>09073N201</cusip>
        <identifiers>
          <isin value="US09073N2018"/>
          <ticker value="BSGM"/>
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        <balance>33500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38525.00000000</valUSD>
        <pctVal>0.042839072460</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="1108.60000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Big 5 Sporting Goods Corp</name>
        <lei>529900BFAM7VKQMKUC49</lei>
        <title>Big 5 Sporting Goods Corp</title>
        <cusip>08915P101</cusip>
        <identifiers>
          <isin value="US08915P1012"/>
          <ticker value="BGFV"/>
        </identifiers>
        <balance>48600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>833490.00000000</valUSD>
        <pctVal>0.926825139647</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="833490.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Opiant Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Opiant Pharmaceuticals Inc</title>
        <cusip>683750103</cusip>
        <identifiers>
          <isin value="US6837501039"/>
          <ticker value="OPNT"/>
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        <balance>10100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216342.00000000</valUSD>
        <pctVal>0.240568218408</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>Zedge Inc</name>
        <lei>549300EDIDRX7NRMGN17</lei>
        <title>Zedge Inc</title>
        <cusip>98923T104</cusip>
        <identifiers>
          <isin value="US98923T1043"/>
          <ticker value="ZDGE"/>
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        <balance>461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2807.49000000</valUSD>
        <pctVal>0.003121875860</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>Harrow Health Inc</name>
        <lei>N/A</lei>
        <title>Harrow Health Inc</title>
        <cusip>415858109</cusip>
        <identifiers>
          <isin value="US4158581094"/>
          <ticker value="HROW"/>
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        <balance>215000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1466300.00000000</valUSD>
        <pctVal>1.630497909111</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>Gran Tierra Energy Inc</name>
        <lei>549300IH2S17MAIUCM32</lei>
        <title>Gran Tierra Energy Inc</title>
        <cusip>38500T101</cusip>
        <identifiers>
          <isin value="US38500T1016"/>
          <ticker value="GTE"/>
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        <balance>74300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116651.00000000</valUSD>
        <pctVal>0.129713709060</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Milestone Scientific Inc</name>
        <lei>N/A</lei>
        <title>Milestone Scientific Inc</title>
        <cusip>59935P209</cusip>
        <identifiers>
          <isin value="US59935P2092"/>
          <ticker value="MLSS"/>
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        <balance>243700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370424.00000000</valUSD>
        <pctVal>0.411904492590</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>Lifeway Foods Inc</name>
        <lei>N/A</lei>
        <title>Lifeway Foods Inc</title>
        <cusip>531914109</cusip>
        <identifiers>
          <isin value="US5319141090"/>
          <ticker value="LWAY"/>
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        <balance>48059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>346985.98000000</valUSD>
        <pctVal>0.385841856974</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="24548.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Allakos Inc</name>
        <lei>549300S6ZD1W6BPMDY37</lei>
        <title>Allakos Inc</title>
        <cusip>01671P100</cusip>
        <identifiers>
          <isin value="US01671P1003"/>
          <ticker value="ALLK"/>
        </identifiers>
        <balance>47600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271320.00000000</valUSD>
        <pctVal>0.301702716156</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>ARCA biopharma Inc</name>
        <lei>529900TG7O4ESUDMGI54</lei>
        <title>ARCA biopharma Inc</title>
        <cusip>00211Y506</cusip>
        <identifiers>
          <isin value="US00211Y5069"/>
          <ticker value="ABIO"/>
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        <balance>21948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50480.40000000</valUSD>
        <pctVal>0.056133251484</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>NACCO Industries Inc</name>
        <lei>N/A</lei>
        <title>NACCO Industries Inc</title>
        <cusip>629579103</cusip>
        <identifiers>
          <isin value="US6295791031"/>
          <ticker value="NC"/>
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        <balance>1400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54908.00000000</valUSD>
        <pctVal>0.061056659069</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>Mastech Digital Inc</name>
        <lei>549300GD5HFB0F451006</lei>
        <title>Mastech Digital Inc</title>
        <cusip>57633B100</cusip>
        <identifiers>
          <isin value="US57633B1008"/>
          <ticker value="MHH"/>
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        <balance>17200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318028.00000000</valUSD>
        <pctVal>0.353641130081</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>SecureWorks Corp</name>
        <lei>N/A</lei>
        <title>SecureWorks Corp</title>
        <cusip>81374A105</cusip>
        <identifiers>
          <isin value="US81374A1051"/>
          <ticker value="SCWX"/>
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        <balance>19980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264735.00000000</valUSD>
        <pctVal>0.294380320513</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cumulus Media Inc</name>
        <lei>N/A</lei>
        <title>Cumulus Media Inc</title>
        <cusip>231082801</cusip>
        <identifiers>
          <isin value="US2310828015"/>
          <ticker value="CMLS"/>
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        <balance>177188.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1763020.60000000</valUSD>
        <pctVal>1.960445612781</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sensus Healthcare Inc</name>
        <lei>549300F3JF8NCDJJZW04</lei>
        <title>Sensus Healthcare Inc</title>
        <cusip>81728J109</cusip>
        <identifiers>
          <isin value="US81728J1097"/>
          <ticker value="SRTS"/>
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        <balance>200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2024.00000000</valUSD>
        <pctVal>0.002250649777</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Steel Connect Inc</name>
        <lei>549300DESX9Q74AQVP83</lei>
        <title>Steel Connect Inc</title>
        <cusip>858098106</cusip>
        <identifiers>
          <isin value="US8580981061"/>
          <ticker value="STCN"/>
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        <balance>140200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>180858.00000000</valUSD>
        <pctVal>0.201110680519</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Evolving Systems Inc</name>
        <lei>N/A</lei>
        <title>Evolving Systems Inc</title>
        <cusip>30049R209</cusip>
        <identifiers>
          <isin value="US30049R2094"/>
          <ticker value="EVOL"/>
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        <balance>150500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>273910.00000000</valUSD>
        <pctVal>0.304582747244</pctVal>
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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>Westwood Holdings Group Inc</name>
        <lei>N/A</lei>
        <title>Westwood Holdings Group Inc</title>
        <cusip>961765104</cusip>
        <identifiers>
          <isin value="US9617651040"/>
          <ticker value="WHG"/>
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        <balance>2800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42896.00000000</valUSD>
        <pctVal>0.047699541914</pctVal>
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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>Decibel Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Decibel Therapeutics Inc</title>
        <cusip>24343R106</cusip>
        <identifiers>
          <isin value="US24343R1068"/>
          <ticker value="DBTX"/>
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        <balance>14400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43776.00000000</valUSD>
        <pctVal>0.048678085295</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Build-A-Bear Workshop Inc</name>
        <lei>529900S9MWZC1UBF3D13</lei>
        <title>Build-A-Bear Workshop Inc</title>
        <cusip>120076104</cusip>
        <identifiers>
          <isin value="US1200761047"/>
          <ticker value="BBW"/>
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        <balance>66336.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1212622.08000000</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>
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          <loanByFundCondition isLoanByFund="Y" loanVal="214241.60000000"/>
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      <invstOrSec>
        <name>Potbelly Corp</name>
        <lei>54930027NUULUR2P5W11</lei>
        <title>Potbelly Corp</title>
        <cusip>73754Y100</cusip>
        <identifiers>
          <isin value="US73754Y1001"/>
          <ticker value="PBPB"/>
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        <balance>29300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196310.00000000</valUSD>
        <pctVal>0.218293012710</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AmeriServ Financial Inc</name>
        <lei>N/A</lei>
        <title>AmeriServ Financial Inc</title>
        <cusip>03074A102</cusip>
        <identifiers>
          <isin value="US03074A1025"/>
          <ticker value="ASRV"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60600.00000000</valUSD>
        <pctVal>0.067386055576</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 Servi</name>
        <lei>549300BXKLW2T50TKU95</lei>
        <title>First Business Financial Services Inc</title>
        <cusip>319390100</cusip>
        <identifiers>
          <isin value="US3193901002"/>
          <ticker value="FBIZ"/>
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        <balance>3400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>111554.00000000</valUSD>
        <pctVal>0.124045941316</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>Carver Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Carver Bancorp Inc</title>
        <cusip>146875604</cusip>
        <identifiers>
          <isin value="US1468756044"/>
          <ticker value="CARV"/>
        </identifiers>
        <balance>27387.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191709.00000000</valUSD>
        <pctVal>0.213176787600</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>2022-05-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Bridgeway Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Deborah Hanna </ncom:signature>
      <ncom:signerName>Deborah Hanna </ncom:signerName>
      <ncom:title>Secretary/Treasurer and Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
