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      <regStreet1>225 Pictoria Drive</regStreet1>
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      <regCity>Cincinnati</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
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      <seriesId>S000020493</seriesId>
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      <repPdEnd>2026-11-30</repPdEnd>
      <repPdDate>2026-02-28</repPdDate>
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      <totLiabs>4273932.63</totLiabs>
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        <name>PCB Bancorp</name>
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        <name>Meridian Corporation</name>
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        <name>Range Resources Corp.</name>
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        <title>Range Resources Corporation </title>
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        <name>SIGA Technologies Inc.</name>
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        <name>SiriusPoint Ltd</name>
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        <name>Vital Farms Inc.</name>
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        <name>Harmony Gold Mining Co Ltd</name>
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        <invCountry>ZA</invCountry>

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        <name>National Fuel Gas Company</name>
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        <name>Lincoln National Corp.</name>
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        <name>Friedman Industries Inc.</name>
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        <name>Himalaya Shipping Ltd.</name>
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        <name>Third Coast Bancshares Inc.</name>
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        <name>Coffee Hldg Co Inc</name>
        <lei>549300FD5P29KIHQU051</lei>
        <title>Coffee Holding Company, Inc. </title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>North American Construction GRP Ltd</name>
        <lei>549300DQ6060LO4XGI15</lei>
        <title>North American Construction Group Ltd. </title>
        <cusip>656811106</cusip>
        <identifiers>
          <isin value="CA6568111067"/>
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        <balance>77000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1284360.00000000</valUSD>
        <pctVal>1.766782526681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flushing Financial Corp.</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corporation </title>
        <cusip>343873105</cusip>
        <identifiers>
          <isin value="US3438731057"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324030.00000000</valUSD>
        <pctVal>0.445739934380</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>Waterstone Financial Inc. (Maryland)</name>
        <lei>5493002KM21XRC2DCQ02</lei>
        <title>Waterstone Financial, Inc. </title>
        <cusip>94188P101</cusip>
        <identifiers>
          <isin value="US94188P1012"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320580.00000000</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>Eagle Bancorp Montana Inc</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>Eagle Bancorp Montana, Inc. </title>
        <cusip>26942G100</cusip>
        <identifiers>
          <isin value="US26942G1004"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>434000.00000000</valUSD>
        <pctVal>0.597016114313</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>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>Fidelity Investments Money Market Funds  - Government Portfolio</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
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        <balance>10961549.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10961549.16000000</valUSD>
        <pctVal>15.07885135106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>Rigel Pharmaceuticals Inc.</name>
        <lei>529900KPTNUS5J8K9K66</lei>
        <title>Rigel Pharmaceuticals, Inc. </title>
        <cusip>766559702</cusip>
        <identifiers>
          <isin value="US7665597024"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277920.00000000</valUSD>
        <pctVal>0.382310411267</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>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corporation </title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>737040.00000000</valUSD>
        <pctVal>1.013881928326</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 Internet Bancorp.</name>
        <lei>549300T25MP2M92XU194</lei>
        <title>First Internet Bancorp </title>
        <cusip>320557101</cusip>
        <identifiers>
          <isin value="US3205571017"/>
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        <balance>44000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>892320.00000000</valUSD>
        <pctVal>1.227487140839</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc. </title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
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        <balance>7700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>848463.00000000</valUSD>
        <pctVal>1.167156874190</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>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corporation </title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761100.00000000</valUSD>
        <pctVal>1.046979181115</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>
        <name>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>Warrior Met Coal, Inc. </title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>665920.00000000</valUSD>
        <pctVal>0.916048319916</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>Sunrise Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>Sunrise Realty Trust, Inc. </title>
        <cusip>867981102</cusip>
        <identifiers>
          <isin value="US8679811021"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206140.00000000</valUSD>
        <pctVal>0.283568898167</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>Everquote Inc</name>
        <lei>N/A</lei>
        <title>EverQuote, Inc. </title>
        <cusip>30041R108</cusip>
        <identifiers>
          <isin value="US30041R1086"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1106000.00000000</valUSD>
        <pctVal>1.521428162282</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>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc. </title>
        <cusip>758075402</cusip>
        <identifiers>
          <isin value="US7580754023"/>
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        <balance>47000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284350.00000000</valUSD>
        <pctVal>0.391155603928</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>Scorpio Tankers Inc</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers, Inc. </title>
        <cusip>Y7542C130</cusip>
        <identifiers>
          <isin value="MHY7542C1306"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790800.00000000</valUSD>
        <pctVal>1.087834892163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc. </title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
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        <balance>47000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988410.00000000</valUSD>
        <pctVal>1.359669810019</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>MiMedx Group Inc.</name>
        <lei>N/A</lei>
        <title>MiMedx Group, Inc. </title>
        <cusip>602496101</cusip>
        <identifiers>
          <isin value="US6024961012"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>489000.00000000</valUSD>
        <pctVal>0.672674838477</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>Motorsport Games Inc</name>
        <lei>N/A</lei>
        <title>Motorsport Games, Inc. </title>
        <cusip>62011B201</cusip>
        <identifiers>
          <isin value="US62011B2016"/>
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        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>682500.00000000</valUSD>
        <pctVal>0.938855986218</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>Oneok Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc. </title>
        <cusip>682680103</cusip>
        <identifiers>
          <isin value="US6826801036"/>
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        <balance>8500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>703545.00000000</valUSD>
        <pctVal>0.967805765310</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>Ameriserv Finl Inc</name>
        <lei>N/A</lei>
        <title>AmeriServ Financial, Inc. </title>
        <cusip>03074A102</cusip>
        <identifiers>
          <isin value="US03074A1025"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190000.00000000</valUSD>
        <pctVal>0.261366501658</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>Prairie Operating Co</name>
        <lei>549300NX50XL5HR17C26</lei>
        <title>Prairie Operating Company </title>
        <cusip>739650109</cusip>
        <identifiers>
          <isin value="US7396501097"/>
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        <balance>710000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1256700.00000000</valUSD>
        <pctVal>1.728733066492</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>Epsilon Energy Limited</name>
        <lei>N/A</lei>
        <title>Epsilon Energy Ltd. </title>
        <cusip>294375209</cusip>
        <identifiers>
          <isin value="CA2943752097"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>512000.00000000</valUSD>
        <pctVal>0.704313941309</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>First American Financial Corporation</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corporation </title>
        <cusip>31847R102</cusip>
        <identifiers>
          <isin value="US31847R1023"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>771210.00000000</valUSD>
        <pctVal>1.060886630229</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>Harmony Biosciences Holdings Inc</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc. </title>
        <cusip>413197104</cusip>
        <identifiers>
          <isin value="US4131971040"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1141600.00000000</valUSD>
        <pctVal>1.570399991014</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>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corporation </title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2310000.00000000</valUSD>
        <pctVal>3.177666414894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tredegar Corp.</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corporation </title>
        <cusip>894650100</cusip>
        <identifiers>
          <isin value="US8946501009"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>321300.00000000</valUSD>
        <pctVal>0.441984510435</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>Vista Energy S.A.B. de C.V.</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>Vista Energy S.A.B. de C.V. </title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
        </identifiers>
        <balance>11500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>664010.00000000</valUSD>
        <pctVal>0.913420898768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intelligent Protection Management Corp.</name>
        <lei>N/A</lei>
        <title>Intelligent Protection Management Corporation </title>
        <cusip>69764K106</cusip>
        <identifiers>
          <isin value="US69764K1060"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211250.00000000</valUSD>
        <pctVal>0.290598281448</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>Parke Bancorp Inc.</name>
        <lei>5493000JF1TWXVD0CR78</lei>
        <title>Parke Bancorp, Inc. </title>
        <cusip>700885106</cusip>
        <identifiers>
          <isin value="US7008851062"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306460.00000000</valUSD>
        <pctVal>0.421570411042</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>Antero Resources Corporation</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>Antero Resources Corporation </title>
        <cusip>03674X106</cusip>
        <identifiers>
          <isin value="US03674X1063"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1472400.00000000</valUSD>
        <pctVal>2.025452826532</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>Pagaya Technologies Ltd.</name>
        <lei>N/A</lei>
        <title>Pagaya Technologies Ltd. </title>
        <cusip>M7S64L123</cusip>
        <identifiers>
          <isin value="IL0011858912"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>727350.00000000</valUSD>
        <pctVal>1.000552236741</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>Galiano Gold Inc</name>
        <lei>529900V13XJFM0VPGC86</lei>
        <title>Galiano Gold, Inc. </title>
        <cusip>36352H100</cusip>
        <identifiers>
          <isin value="CA36352H1001"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1584000.00000000</valUSD>
        <pctVal>2.178971255927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NB Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>NB Bancorp, Inc. </title>
        <cusip>63945M107</cusip>
        <identifiers>
          <isin value="US63945M1071"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>341440.00000000</valUSD>
        <pctVal>0.469689359611</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>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc. </title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901320.00000000</valUSD>
        <pctVal>1.239867659338</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>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corporation </title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1105650.00000000</valUSD>
        <pctVal>1.520946697674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Western Financial Inc.</name>
        <lei>549300PPOGX4C7S66B47</lei>
        <title>First Western Financial, Inc. </title>
        <cusip>33751L105</cusip>
        <identifiers>
          <isin value="US33751L1052"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252900.00000000</valUSD>
        <pctVal>0.347892569838</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>Dime Community Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>Dime Community Bancshares, Inc. </title>
        <cusip>25432X102</cusip>
        <identifiers>
          <isin value="US25432X1028"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711700.00000000</valUSD>
        <pctVal>0.979023890684</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>Northfield Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Northfield Bancorp, Inc. </title>
        <cusip>66611T108</cusip>
        <identifiers>
          <isin value="US66611T1088"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320160.00000000</valUSD>
        <pctVal>0.440416311425</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>B.O.S. Better Online Solutions Ltd.</name>
        <lei>N/A</lei>
        <title>BOS Better On-Line Solutions </title>
        <cusip>M20115180</cusip>
        <identifiers>
          <isin value="IL0010828171"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229000.00000000</valUSD>
        <pctVal>0.315015415156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corporation </title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>780000.00000000</valUSD>
        <pctVal>1.072978269964</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>Kearny Financial Corp.</name>
        <lei>N/A</lei>
        <title>Kearny Financial Corp </title>
        <cusip>48716P108</cusip>
        <identifiers>
          <isin value="US48716P1084"/>
        </identifiers>
        <balance>42000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>321300.00000000</valUSD>
        <pctVal>0.441984510435</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>Ames National Corp</name>
        <lei>N/A</lei>
        <title>Ames National Corporation </title>
        <cusip>031001100</cusip>
        <identifiers>
          <isin value="US0310011004"/>
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        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>351130.00000000</valUSD>
        <pctVal>0.483019051195</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>Super Micro Computer Inc.</name>
        <lei>54930022CZO1N2UGVW07</lei>
        <title>Super Micro Computer, Inc. </title>
        <cusip>86800U302</cusip>
        <identifiers>
          <isin value="US86800U3023"/>
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        <balance>42000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1360380.00000000</valUSD>
        <pctVal>1.871356639607</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>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc. </title>
        <cusip>88224Q107</cusip>
        <identifiers>
          <isin value="US88224Q1076"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>571800.00000000</valUSD>
        <pctVal>0.786575608673</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>Millrose Properties Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc. </title>
        <cusip>601137102</cusip>
        <identifiers>
          <isin value="US6011371027"/>
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        <balance>9000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282240.00000000</valUSD>
        <pctVal>0.388253060147</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>Kewaunee Scientific Corp.</name>
        <lei>549300Z8MHH8NUYXQ229</lei>
        <title>Kewaunee Scientific Corporation </title>
        <cusip>492854104</cusip>
        <identifiers>
          <isin value="US4928541048"/>
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        <balance>10500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435645.00000000</valUSD>
        <pctVal>0.599278997972</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>Euroseas Ltd</name>
        <lei>213800ADWWZOFC9KU444</lei>
        <title>Euroseas Ltd. </title>
        <cusip>Y23592135</cusip>
        <identifiers>
          <isin value="MHY235921357"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>412440.00000000</valUSD>
        <pctVal>0.567357894441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Investar Holding Corp</name>
        <lei>54930001EK2YM28LOJ08</lei>
        <title>Investar Holding Corporation </title>
        <cusip>46134L105</cusip>
        <identifiers>
          <isin value="US46134L1052"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423450.00000000</valUSD>
        <pctVal>0.582503395405</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>Ategrity Specialty Holdings LLC</name>
        <lei>N/A</lei>
        <title>Ategrity Specialty Holdings, LLC </title>
        <cusip>04681Y103</cusip>
        <identifiers>
          <isin value="US04681Y1038"/>
        </identifiers>
        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>818440.00000000</valUSD>
        <pctVal>1.125856840089</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>Orchid Island Capital Inc.</name>
        <lei>549300KBIHGT19K9DY89</lei>
        <title>Orchid Island Capital, Inc. </title>
        <cusip>68571X301</cusip>
        <identifiers>
          <isin value="US68571X3017"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>297600.00000000</valUSD>
        <pctVal>0.409382478386</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>Innoviva Inc</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>Innoviva, Inc. </title>
        <cusip>45781M101</cusip>
        <identifiers>
          <isin value="US45781M1018"/>
        </identifiers>
        <balance>32000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>734720.00000000</valUSD>
        <pctVal>1.010690505779</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>CorMedix Inc.</name>
        <lei>5299006YIA3L0MBW8358</lei>
        <title>CorMedix, Inc. </title>
        <cusip>21900C308</cusip>
        <identifiers>
          <isin value="US21900C3088"/>
        </identifiers>
        <balance>180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1283400.00000000</valUSD>
        <pctVal>1.765461938041</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>Mainstreet Bancshares Inc.</name>
        <lei>549300FHZZP7SP56TS88</lei>
        <title>MainStreet Bancshares, Inc. </title>
        <cusip>56064Y100</cusip>
        <identifiers>
          <isin value="US56064Y1001"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>355200.00000000</valUSD>
        <pctVal>0.488617796783</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>Perma Pipe International Hld Inc</name>
        <lei>549300QBMR25XXRKXK93</lei>
        <title>Perma-Pipe International Holdings, Inc. </title>
        <cusip>714167103</cusip>
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          <isin value="US7141671039"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388440.00000000</valUSD>
        <pctVal>0.534343178442</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>Seanergy Maritime Holdings Corp.</name>
        <lei>213800S7JIZA8FZXF245</lei>
        <title>Seanergy Maritime Holdings Corp </title>
        <cusip>Y73760400</cusip>
        <identifiers>
          <isin value="MHY737604006"/>
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        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1865500.00000000</valUSD>
        <pctVal>2.566206362331</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>
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      <invstOrSec>
        <name>Ring Energy Inc</name>
        <lei>549300HMY6TJ265I8S64</lei>
        <title>Ring Energy, Inc. </title>
        <cusip>76680V108</cusip>
        <identifiers>
          <isin value="US76680V1089"/>
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        <balance>550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>775500.00000000</valUSD>
        <pctVal>1.066788010714</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>Sandridge Energy, Inc.</name>
        <lei>W1MKPVGS6I5155L7VV67</lei>
        <title>SandRidge Energy, Inc. </title>
        <cusip>80007P869</cusip>
        <identifiers>
          <isin value="US80007P8692"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1577700.00000000</valUSD>
        <pctVal>2.170304892978</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>BKV Corporation</name>
        <lei>549300S3T4Z01TRFU656</lei>
        <title>BKV Corporation </title>
        <cusip>05603J108</cusip>
        <identifiers>
          <isin value="US05603J1088"/>
        </identifiers>
        <balance>49000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1535170.00000000</valUSD>
        <pctVal>2.111800065001</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>Peapack-Gladstone Financial Corp.</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack-Gladstone Financial Corporation </title>
        <cusip>704699107</cusip>
        <identifiers>
          <isin value="US7046991078"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>703290.00000000</valUSD>
        <pctVal>0.967454983952</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>Banc Of California Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California, Inc. </title>
        <cusip>05990K106</cusip>
        <identifiers>
          <isin value="US05990K1060"/>
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        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>683390.00000000</valUSD>
        <pctVal>0.940080281937</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>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corporation </title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443880.00000000</valUSD>
        <pctVal>0.610607172399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dorian LPG Ltd.</name>
        <lei>549300WP1W2WGMC7F395</lei>
        <title>Dorian, L.P.G Ltd. </title>
        <cusip>Y2106R110</cusip>
        <identifiers>
          <isin value="MHY2106R1100"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>369900.00000000</valUSD>
        <pctVal>0.508839310333</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>Micron Technology Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology, Inc. </title>
        <cusip>595112103</cusip>
        <identifiers>
          <isin value="US5951121038"/>
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        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1443295.00000000</valUSD>
        <pctVal>1.985415605318</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>Bankwell Financial Group, Inc.</name>
        <lei>5493004NUBQXPY84NX67</lei>
        <title>Bankwell Financial Group, Inc. </title>
        <cusip>06654A103</cusip>
        <identifiers>
          <isin value="US06654A1034"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303550.00000000</valUSD>
        <pctVal>0.417567376727</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>Gulfport Energy Operating Corp.</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>Gulfport Energy Corporation </title>
        <cusip>402635502</cusip>
        <identifiers>
          <isin value="US4026355028"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1564950.00000000</valUSD>
        <pctVal>2.152765825103</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>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corporation </title>
        <cusip>165167735</cusip>
        <identifiers>
          <isin value="US1651677353"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>539600.00000000</valUSD>
        <pctVal>0.742280864708</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>Caledonia Mining Corp PLC</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp plc </title>
        <cusip>G1757E113</cusip>
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          <isin value="JE00BF0XVB15"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317400.00000000</valUSD>
        <pctVal>0.436619619085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Opera Limited</name>
        <lei>5493001ULS7KDNNZ3W51</lei>
        <title>Opera Ltd. </title>
        <cusip>68373M107</cusip>
        <identifiers>
          <isin value="US68373M1071"/>
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        <balance>34000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>545360.00000000</valUSD>
        <pctVal>0.750204396548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Incyte Corporation.</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>Incyte Corporation </title>
        <cusip>45337C102</cusip>
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          <isin value="US45337C1027"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>708890.00000000</valUSD>
        <pctVal>0.975158417686</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>Hamilton Insurance Group Ltd.</name>
        <lei>549300W92BN1FIEXG871</lei>
        <title>Hamilton Insurance Group Ltd. </title>
        <cusip>G42706104</cusip>
        <identifiers>
          <isin value="BMG427061046"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>694980.00000000</valUSD>
        <pctVal>0.956023638538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Unified Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>