Smith Micro Software (SMSI) had the highest return in April 1997 by a nano-cap US stock, returning 52.4%.

ASSET	MONTH	% RETURN
Smith Micro Software (SMSI)	April 1997	52.38%
Precision Optics Corporation, Inc Common stock (POCI)	April 1997	50%
BIO-Key International (BKYI)	April 1997	36.36%
Universal Security Instruments (UUU)	April 1997	35.29%
China Natural Resources (CHNR)	April 1997	26.83%
Lendway (LDWY)	April 1997	20.83%
GEE (JOB)	April 1997	18.62%
Chicago Rivet & Machine (CVR)	April 1997	18.3%
Euro Tech (CLWT)	April 1997	17.24%
Trio-Tech International (TRT)	April 1997	16%
Capstone Holding Corp Common Stock (CAPS)	April 1997	15%
GT Biopharma (GTBP)	April 1997	13.33%
CKX Lands (CKX)	April 1997	12%
Xos (XOS)	April 1997	8%
Taitron Components (TAIT)	April 1997	6.52%
Arts-Way Manufacturing (ARTW)	April 1997	6.39%
Ampco-Pittsburgh (AP)	April 1997	4.65%
SPAR (SGRP)	April 1997	4.26%
CryoCell International (CCEL)	April 1997	3.85%
Ainos (AIMD)	April 1997	3.33%
AmeriServ Financial (ASRV)	April 1997	2.84%
Key Tronic (KTCC)	April 1997	2.22%
Educational Development (EDUC)	April 1997	2.18%
Nixxy (NIXX)	April 1997	1.59%
Natural Alternatives International (NAII)	April 1997	1.54%

Nano-cap stocks are treated as having a market cap of <= $50M.