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      <regStreet1>6300 Lamar Avenue</regStreet1>
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      <regCity>Shawnee Mission</regCity>
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      <invstOrSec>
        <name>Mercury Computer Systems Inc.</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>Mercury Computer Systems Inc.</title>
        <cusip>589378108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="589378108"/>
          <other otherDesc="Primary Identifier" value="589378108"/>
        </identifiers>
        <balance>121738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8413313.18000000</valUSD>
        <pctVal>2.161615832131</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>Malibu Boats Inc. Class A</name>
        <lei>N/A</lei>
        <title>Malibu Boats Inc. Class A</title>
        <cusip>56117J100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="56117J100"/>
          <other otherDesc="Primary Identifier" value="56117J100"/>
        </identifiers>
        <balance>70325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2879808.75000000</valUSD>
        <pctVal>0.739903537919</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>GMS Inc.</name>
        <lei>52990057RENOQO4U0D72</lei>
        <title>GMS Inc.</title>
        <cusip>36251C103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="36251C103"/>
          <other otherDesc="Primary Identifier" value="36251C103"/>
        </identifiers>
        <balance>77325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2093961.00000000</valUSD>
        <pctVal>0.537997237547</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>Vericel Corp.</name>
        <lei>54930076YM3PLTDR4B91</lei>
        <title>Vericel Corp.</title>
        <cusip>92346J108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92346J108"/>
          <other otherDesc="Primary Identifier" value="92346J108"/>
        </identifiers>
        <balance>299998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5219965.20000000</valUSD>
        <pctVal>1.341155283071</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>Cactus Inc. Class A</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>Cactus Inc. Class A</title>
        <cusip>127203107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="127203107"/>
          <other otherDesc="Primary Identifier" value="127203107"/>
        </identifiers>
        <balance>55613.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1908638.16000000</valUSD>
        <pctVal>0.490382608634</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>Viavi Solutions Inc.</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions Inc.</title>
        <cusip>925550105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="925550105"/>
          <other otherDesc="Primary Identifier" value="925550105"/>
        </identifiers>
        <balance>273139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4097085.00000000</valUSD>
        <pctVal>1.052655905243</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>Paycom Software Inc.</name>
        <lei>254900LSB0HNJUDC6Q18</lei>
        <title>Paycom Software Inc.</title>
        <cusip>70432V102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="70432V102"/>
          <other otherDesc="Primary Identifier" value="70432V102"/>
        </identifiers>
        <balance>13032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3450352.32000000</valUSD>
        <pctVal>0.886492163286</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>Globant S.A.</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="L44385109"/>
          <other otherDesc="Primary Identifier" value="L44385109"/>
        </identifiers>
        <balance>53640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5688522.00000000</valUSD>
        <pctVal>1.461540650341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seacoast Banking Corp. of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>Seacoast Banking Corp. of Florida</title>
        <cusip>811707801</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="811707801"/>
          <other otherDesc="Primary Identifier" value="811707801"/>
        </identifiers>
        <balance>145798.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4457044.86000000</valUSD>
        <pctVal>1.145139676578</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>HealthEquity Inc.</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity Inc.</title>
        <cusip>42226A107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="42226A107"/>
          <other otherDesc="Primary Identifier" value="42226A107"/>
        </identifiers>
        <balance>65969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4886323.83000000</valUSD>
        <pctVal>1.255433469059</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>Woodward Inc.</name>
        <lei>YPYKXXTR8TFDH54ZMB45</lei>
        <title>Woodward Inc.</title>
        <cusip>980745103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="980745103"/>
          <other otherDesc="Primary Identifier" value="980745103"/>
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        <balance>59140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7004541.60000000</valUSD>
        <pctVal>1.799662950307</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>LHC Group Inc.</name>
        <lei>5299009NPLWAMRQYZX73</lei>
        <title>LHC Group Inc.</title>
        <cusip>50187A107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="50187A107"/>
          <other otherDesc="Primary Identifier" value="50187A107"/>
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        <balance>42590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5867198.40000000</valUSD>
        <pctVal>1.507447622637</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>Tactile Systems Technology Inc.</name>
        <lei>54930069VDTITHOTKJ98</lei>
        <title>Tactile Systems Technology Inc.</title>
        <cusip>87357P100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="87357P100"/>
          <other otherDesc="Primary Identifier" value="87357P100"/>
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        <balance>104305.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7041630.55000000</valUSD>
        <pctVal>1.809192140509</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>RBC Bearings Inc.</name>
        <lei>N/A</lei>
        <title>RBC Bearings Inc.</title>
        <cusip>75524B104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="75524B104"/>
          <other otherDesc="Primary Identifier" value="75524B104"/>
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        <balance>28863.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4570167.42000000</valUSD>
        <pctVal>1.174204031064</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>Proofpoint Inc.</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>Proofpoint Inc.</title>
        <cusip>743424103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="743424103"/>
          <other otherDesc="Primary Identifier" value="743424103"/>
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        <balance>60794.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6977935.32000000</valUSD>
        <pctVal>1.792827051672</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>TopBuild Corp.</name>
        <lei>5493007YSKHOL4RWII46</lei>
        <title>TopBuild Corp.</title>
        <cusip>89055F103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89055F103"/>
          <other otherDesc="Primary Identifier" value="89055F103"/>
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        <balance>28005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2886755.40000000</valUSD>
        <pctVal>0.741688326896</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>Clean Harbors Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors Inc.</title>
        <cusip>184496107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="184496107"/>
          <other otherDesc="Primary Identifier" value="184496107"/>
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        <balance>85170.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7303327.50000000</valUSD>
        <pctVal>1.876429417695</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>Varonis Systems Inc.</name>
        <lei>549300SHIVNRRH7STS26</lei>
        <title>Varonis Systems Inc.</title>
        <cusip>922280102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="922280102"/>
          <other otherDesc="Primary Identifier" value="922280102"/>
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        <balance>79715.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6194652.65000000</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>Houlihan Lokey Inc.</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey Inc.</title>
        <cusip>441593100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="441593100"/>
          <other otherDesc="Primary Identifier" value="441593100"/>
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        <balance>35998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1759222.26000000</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>Crane Co.</name>
        <lei>549300X1RO9ID7AUCA83</lei>
        <title>Crane Co.</title>
        <cusip>224399105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="224399105"/>
          <other otherDesc="Primary Identifier" value="224399105"/>
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        <balance>55478.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4792189.64000000</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>
      <invstOrSec>
        <name>Pluralsight Inc. Class A</name>
        <lei>254900B3VHPCKNREOX50</lei>
        <title>Pluralsight Inc. Class A</title>
        <cusip>72941B106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="72941B106"/>
          <other otherDesc="Primary Identifier" value="72941B106"/>
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        <balance>196578.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3383107.38000000</valUSD>
        <pctVal>0.869215054515</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>NovoCure Ltd.</name>
        <lei>213800YPP55UMHWA4826</lei>
        <title>NovoCure Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G6674U108"/>
          <other otherDesc="Primary Identifier" value="G6674U108"/>
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        <balance>32802.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2764224.54000000</valUSD>
        <pctVal>0.710206716592</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485205</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="576485205"/>
          <other otherDesc="Primary Identifier" value="576485205"/>
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        <balance>166110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2984996.70000000</valUSD>
        <pctVal>0.766929268830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hamilton Lane Inc. Class A</name>
        <lei>5493006OKN3V1NORM833</lei>
        <title>Hamilton Lane Inc. Class A</title>
        <cusip>407497106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="407497106"/>
          <other otherDesc="Primary Identifier" value="407497106"/>
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        <balance>46906.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2795597.60000000</valUSD>
        <pctVal>0.718267334537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Community Healthcare Trust Inc.</name>
        <lei>549300FATSRCMKOV9536</lei>
        <title>Community Healthcare Trust Inc.</title>
        <cusip>20369C106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="20369C106"/>
          <other otherDesc="Primary Identifier" value="20369C106"/>
        </identifiers>
        <balance>33816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1449353.76000000</valUSD>
        <pctVal>0.372379580665</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>Monolithic Power Systems Inc.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>Monolithic Power Systems Inc.</title>
        <cusip>609839105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="609839105"/>
          <other otherDesc="Primary Identifier" value="609839105"/>
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        <balance>37403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6658482.06000000</valUSD>
        <pctVal>1.710750560560</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>Enphase Energy Inc.</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>Enphase Energy Inc.</title>
        <cusip>29355A107</cusip>
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          <other otherDesc="Primary Identifier" value="29355A107"/>
          <other otherDesc="Primary Identifier" value="29355A107"/>
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        <balance>121872.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3184515.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1607008.37" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1568068.96"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Coherent Inc.</name>
        <lei>549300RYOCKUMWACR010</lei>
        <title>Coherent Inc.</title>
        <cusip>192479103</cusip>
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          <other otherDesc="Primary Identifier" value="192479103"/>
          <other otherDesc="Primary Identifier" value="192479103"/>
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        <balance>28175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4686911.25000000</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>Air Transport Services Group Inc.</name>
        <lei>5493000F3MSFGIXTQE27</lei>
        <title>Air Transport Services Group Inc.</title>
        <cusip>00922R105</cusip>
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          <other otherDesc="Primary Identifier" value="00922R105"/>
          <other otherDesc="Primary Identifier" value="00922R105"/>
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        <balance>229570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5385712.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Installed Building Products Inc.</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products Inc.</title>
        <cusip>45780R101</cusip>
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          <other otherDesc="Primary Identifier" value="45780R101"/>
          <other otherDesc="Primary Identifier" value="45780R101"/>
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        <balance>94306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6494854.22000000</valUSD>
        <pctVal>1.668709984873</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>EVO Payments Inc. Class A</name>
        <lei>549300Z5UL344C8KEC55</lei>
        <title>EVO Payments Inc. Class A</title>
        <cusip>26927E104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26927E104"/>
          <other otherDesc="Primary Identifier" value="26927E104"/>
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        <balance>154913.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4091252.33000000</valUSD>
        <pctVal>1.051157328933</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>CareDx Inc.</name>
        <lei>549300NQOFKL9NON0U06</lei>
        <title>CareDx Inc.</title>
        <cusip>14167L103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="14167L103"/>
          <other otherDesc="Primary Identifier" value="14167L103"/>
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        <balance>311619.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6721621.83000000</valUSD>
        <pctVal>1.726972936163</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>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
        <cusip>29275Y102</cusip>
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          <other otherDesc="Primary Identifier" value="29275Y102"/>
          <other otherDesc="Primary Identifier" value="29275Y102"/>
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        <balance>66729.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4993331.07000000</valUSD>
        <pctVal>1.282926626533</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>HMS Holdings Corp.</name>
        <lei>5299008569C65X81JE73</lei>
        <title>HMS Holdings Corp.</title>
        <cusip>40425J101</cusip>
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          <other otherDesc="Primary Identifier" value="40425J101"/>
          <other otherDesc="Primary Identifier" value="40425J101"/>
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        <balance>165190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4889624.00000000</valUSD>
        <pctVal>1.256281375177</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>8x8 Inc.</name>
        <lei>254900XWSOC5U1BRW939</lei>
        <title>8x8 Inc.</title>
        <cusip>282914100</cusip>
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          <other otherDesc="Primary Identifier" value="282914100"/>
          <other otherDesc="Primary Identifier" value="282914100"/>
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        <balance>245150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4486245.00000000</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>HubSpot Inc.</name>
        <lei>529900BLNVEW0MVKJB37</lei>
        <title>HubSpot Inc.</title>
        <cusip>443573100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="443573100"/>
          <other otherDesc="Primary Identifier" value="443573100"/>
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        <balance>25387.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4023839.50000000</valUSD>
        <pctVal>1.033837084518</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>STAAR Surgical Co.</name>
        <lei>5299006LRHI7OJ8BY308</lei>
        <title>STAAR Surgical Co.</title>
        <cusip>852312305</cusip>
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        <balance>133300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4688161.00000000</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>RECV BIOTECH SWAP 7/2/20</name>
        <lei>N/A</lei>
        <title>RECV BIOTECH SWAP 7/2/20</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="TRRBGB3"/>
          <other otherDesc="Primary Identifier" value="TRRBGB3"/>
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        <balance>16520.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>95607.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>Biotech Custom Index</narrativeDesc>
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      <invstOrSec>
        <name>eHealth Inc.</name>
        <lei>5299003O8Y5OKXUZQ421</lei>
        <title>eHealth Inc.</title>
        <cusip>28238P109</cusip>
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          <other otherDesc="Primary Identifier" value="28238P109"/>
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        <balance>48913.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4699561.04000000</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>LPL Investment Holdings Inc.</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL Investment Holdings Inc.</title>
        <cusip>50212V100</cusip>
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          <other otherDesc="Primary Identifier" value="50212V100"/>
          <other otherDesc="Primary Identifier" value="50212V100"/>
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        <balance>74370.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6860632.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ollie's Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings Inc.</title>
        <cusip>681116109</cusip>
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          <other otherDesc="Primary Identifier" value="681116109"/>
          <other otherDesc="Primary Identifier" value="681116109"/>
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        <balance>31840.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2079470.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Penumbra Inc.</name>
        <lei>549300RGE06P3ECANU72</lei>
        <title>Penumbra Inc.</title>
        <cusip>70975L107</cusip>
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          <other otherDesc="Primary Identifier" value="70975L107"/>
          <other otherDesc="Primary Identifier" value="70975L107"/>
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        <balance>29558.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4855492.66000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>Brink's Co. (The)</title>
        <cusip>109696104</cusip>
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          <other otherDesc="Primary Identifier" value="109696104"/>
          <other otherDesc="Primary Identifier" value="109696104"/>
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        <balance>76710.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6956062.80000000</valUSD>
        <pctVal>1.787207388585</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>SeaWorld Entertainment Inc.</name>
        <lei>529900G0H4NV3IIK3269</lei>
        <title>SeaWorld Entertainment Inc.</title>
        <cusip>81282V100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="81282V100"/>
          <other otherDesc="Primary Identifier" value="81282V100"/>
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        <balance>182390.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5783586.90000000</valUSD>
        <pctVal>1.485965486137</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>Essent Group Ltd.</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G3198U102"/>
          <other otherDesc="Primary Identifier" value="G3198U102"/>
        </identifiers>
        <balance>80122.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4165542.78000000</valUSD>
        <pctVal>1.070244626584</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>
      <invstOrSec>
        <name>Q2 Holdings Inc.</name>
        <lei>549300M9RKR9DZXWS696</lei>
        <title>Q2 Holdings Inc.</title>
        <cusip>74736L109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="74736L109"/>
          <other otherDesc="Primary Identifier" value="74736L109"/>
        </identifiers>
        <balance>82710.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6706126.80000000</valUSD>
        <pctVal>1.722991828905</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>PetIQ Inc.</name>
        <lei>549300GROACFGKVYOX14</lei>
        <title>PetIQ Inc.</title>
        <cusip>71639T106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="71639T106"/>
          <other otherDesc="Primary Identifier" value="71639T106"/>
        </identifiers>
        <balance>202573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5074453.65000000</valUSD>
        <pctVal>1.303769289764</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>Dril-Quip Inc.</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Dril-Quip Inc.</title>
        <cusip>262037104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="262037104"/>
          <other otherDesc="Primary Identifier" value="262037104"/>
        </identifiers>
        <balance>35802.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1679471.82000000</valUSD>
        <pctVal>0.431503356413</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>RECV BIOTECH SWAP 7/2/20</name>
        <lei>N/A</lei>
        <title>RECV BIOTECH SWAP 7/2/20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="TRRBGB2"/>
          <other otherDesc="Primary Identifier" value="TRRBGB2"/>
        </identifiers>
        <balance>2200.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12956.13000000</valUSD>
        <pctVal>0.003328792727</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>Biotech Custom Index</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="0" floatingRtSpread="0" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="0.1" floatingRtSpread="0.1" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2020-07-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>234811.94</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>12956.13</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omnicell Inc.</name>
        <lei>5493008RH0GTKHHPZI77</lei>
        <title>Omnicell Inc.</title>
        <cusip>68213N109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="68213N109"/>
          <other otherDesc="Primary Identifier" value="68213N109"/>
        </identifiers>
        <balance>60623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4954111.56000000</valUSD>
        <pctVal>1.272850035785</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>Pool Corp.</name>
        <lei>5493005VZK1KMN6CO617</lei>
        <title>Pool Corp.</title>
        <cusip>73278L105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="73278L105"/>
          <other otherDesc="Primary Identifier" value="73278L105"/>
        </identifiers>
        <balance>18634.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3957488.92000000</valUSD>
        <pctVal>1.016789761884</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>Insulet Corp.</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>Insulet Corp.</title>
        <cusip>45784P101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="45784P101"/>
          <other otherDesc="Primary Identifier" value="45784P101"/>
        </identifiers>
        <balance>46235.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7915432.00000000</valUSD>
        <pctVal>2.033696210195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Ivy Variable Insurance Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
