<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon">
    <headerData>
        <submissionType>NPORT-P</submissionType>
        <isConfidential>false</isConfidential>
        <filerInfo>

            <filer>
                <issuerCredentials>
                    <cik>0000822671</cik>
                    <ccc>XXXXXXXX</ccc>
                </issuerCredentials>
            </filer>


            <seriesClassInfo>
                <seriesId>S000003883</seriesId>
                <classId>C000010862</classId>
                <classId>C000010861</classId>
            </seriesClassInfo>


        </filerInfo>
    </headerData>
    <formData>
        <genInfo>
            <regName>Putnam Variable Trust</regName>
            <regFileNumber>811-05346</regFileNumber>
            <regCik>0000822671</regCik>
            <regLei>549300TBVD21LYBGBD46</regLei>
            <regStreet1>100 FEDERAL STREET</regStreet1>
            <regCity>BOSTON</regCity>
            <regStateConditional regCountry="US" regState="US-MA"/>
            <regZipOrPostalCode>02110</regZipOrPostalCode>
            <regPhone>1-800-225-1581</regPhone>
            <seriesName>Putnam VT Small Cap Growth Fund</seriesName>
            <seriesId>S000003883</seriesId>
            <seriesLei>YW6EJ1M3RMPJSDI6CN88</seriesLei>
            <repPdEnd>2020-12-31</repPdEnd>
            <repPdDate>2019-12-31</repPdDate>
            <isFinalFiling>N</isFinalFiling>
        </genInfo>
        <fundInfo>
            <totAssets>33770416.26</totAssets>
            <totLiabs>5707580.75</totLiabs>
            <netAssets>28062835.51</netAssets>
            <assetsAttrMiscSec>0.00</assetsAttrMiscSec>
            <assetsInvested>0.00</assetsInvested>
            <amtPayOneYrBanksBorr>0.00</amtPayOneYrBanksBorr>
            <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
            <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
            <amtPayOneYrOther>0.00</amtPayOneYrOther>
            <amtPayAftOneYrBanksBorr>0.00</amtPayAftOneYrBanksBorr>
            <amtPayAftOneYrCtrldComp>0.00</amtPayAftOneYrCtrldComp>
            <amtPayAftOneYrOthAffil>0.00</amtPayAftOneYrOthAffil>
            <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
            <delayDeliv>0.00</delayDeliv>
            <standByCommit>0.00</standByCommit>
            <liquidPref>0.00</liquidPref>
            <cshNotRptdInCorD>9069.03</cshNotRptdInCorD>
            <borrowers>
                <borrower aggrVal="221130" lei="AC28XWWI3WIBK2824319" name="BARC"/>
                <borrower aggrVal="507824" lei="ZBUT11V806EZRVTWT807" name="BS"/>
                <borrower aggrVal="1238184" lei="549300JRHF1MHHWUAW04" name="NFS"/>
                <borrower aggrVal="70560" lei="T6FIZBDPKLYJKFCRVK44" name="UBS"/>
                <borrower aggrVal="187420" lei="RUC0QBLBRPRCU4W1NE59" name="BMO"/>
                <borrower aggrVal="639116" lei="VYVVCKR63DVZZN70PB21" name="WFS"/>
                <borrower aggrVal="1493014" lei="FOR8UP27PHTHYVLBNG30" name="GS"/>
                <borrower aggrVal="806021" lei="9R7GPTSO7KV3UQJZQ078" name="MSSI"/>
            </borrowers>
            <isNonCashCollateral>N</isNonCashCollateral>
            <returnInfo>
                <monthlyTotReturns>
                    <monthlyTotReturn classId="C000010862" rtn1="0" rtn2="6.59" rtn3="1.47"/>
                    <monthlyTotReturn classId="C000010861" rtn1="0" rtn2="6.62" rtn3="1.45"/>
                </monthlyTotReturns>
                <monthlyReturnCats>
                    <commodityContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </commodityContracts>
                    <creditContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </creditContracts>
                    <equityContracts>
                        <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </equityContracts>
                    <foreignExchgContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </foreignExchgContracts>
                    <interestRtContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </interestRtContracts>
                    <otherContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </otherContracts>
                </monthlyReturnCats>
                <othMon1 netRealizedGain="260393.2" netUnrealizedAppr="-251662.59"/>
                <othMon2 netRealizedGain="-191461.01" netUnrealizedAppr="1937130.30"/>
                <othMon3 netRealizedGain="-84037.05" netUnrealizedAppr="486531.82"/>
            </returnInfo>
            <mon1Flow redemption="-1030597.66" reinvestment="0.01" sales="1090710.75"/>
            <mon2Flow redemption="-274367.1" reinvestment="0.01" sales="73093.28"/>
            <mon3Flow redemption="-320733.84" reinvestment="0.01" sales="67543.05"/>


        </fundInfo>
        <invstOrSecs>
            <invstOrSec>
                <name>EMERGENT BIOSOLUTIONS INC</name>
                <lei>549300YW6TUOX8BE5103</lei>
                <title>COMMON STOCK</title>
                <cusip>29089Q105</cusip>
                <identifiers>
                    <isin value="US29089Q1058"/>
                </identifiers>
                <balance>7520</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>405704</valUSD>
                <pctVal>1.445698528416</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>COMMON STOCK</title>
                <cusip>45784P101</cusip>
                <identifiers>
                    <isin value="US45784P1012"/>
                </identifiers>
                <balance>1770</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>303024</valUSD>
                <pctVal>1.079805352855</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>PROS HOLDINGS INC</name>
                <lei>549300LPE1KNL5RWKQ48</lei>
                <title>COMMON STOCK</title>
                <cusip>74346Y103</cusip>
                <identifiers>
                    <isin value="US74346Y1038"/>
                </identifiers>
                <balance>5230</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>313381.6</valUSD>
                <pctVal>1.116713953899</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>TERRENO REALTY CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>88146M101</cusip>
                <identifiers>
                    <isin value="US88146M1018"/>
                </identifiers>
                <balance>7215</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>390620.1</valUSD>
                <pctVal>1.391948079733</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>CODEXIS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>192005106</cusip>
                <identifiers>
                    <isin value="US1920051067"/>
                </identifiers>
                <balance>11005</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>175969.95</valUSD>
                <pctVal>0.627056912824</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>SPS COMMERCE INC</name>
                <lei>2549006XVF9GCCETDQ72</lei>
                <title>COMMON STOCK</title>
                <cusip>78463M107</cusip>
                <identifiers>
                    <isin value="US78463M1071"/>
                </identifiers>
                <balance>5620</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>311460.4</valUSD>
                <pctVal>1.109867888756</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>R1 RCM INC</name>
                <lei>549300VKOMJ3EM506212</lei>
                <title>COMMON STOCK</title>
                <cusip>749397105</cusip>
                <identifiers>
                    <isin value="US7493971052"/>
                </identifiers>
                <balance>22325</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>289778.5</valUSD>
                <pctVal>1.032605917163</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>QAD INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>74727D306</cusip>
                <identifiers>
                    <isin value="US74727D3061"/>
                </identifiers>
                <balance>4287</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>218336.91</valUSD>
                <pctVal>0.778028684672</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>HORIZON THERAPEUTICS PLC</name>
                <lei>529900P0GSQ79OOZEV53</lei>
                <title>COMMON STOCK</title>
                <cusip>G46188101</cusip>
                <identifiers>
                    <isin value="IE00BQPVQZ61"/>
                </identifiers>
                <balance>7930</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>287066</valUSD>
                <pctVal>1.02294010845</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>FIVE BELOW INC</name>
                <lei>529900AAXP5Z6BGI7418</lei>
                <title>COMMON STOCK</title>
                <cusip>33829M101</cusip>
                <identifiers>
                    <isin value="US33829M1018"/>
                </identifiers>
                <balance>6875</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>879037.5</valUSD>
                <pctVal>3.132390166656</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>BRIGHT HORIZONS FAMILY SOLUTIONS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>109194100</cusip>
                <identifiers>
                    <isin value="US1091941005"/>
                </identifiers>
                <balance>3800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>571102</valUSD>
                <pctVal>2.035083018594</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>PTC THERAPEUTICS INC</name>
                <lei>549300UJLWOIWFDGB318</lei>
                <title>COMMON STOCK</title>
                <cusip>69366J200</cusip>
                <identifiers>
                    <isin value="US69366J2006"/>
                </identifiers>
                <balance>4370</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>209891.1</valUSD>
                <pctVal>0.747932616878</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>ACCELERON PHARMA INC</name>
                <lei>529900TQRID2UY164805</lei>
                <title>COMMON STOCK</title>
                <cusip>00434H108</cusip>
                <identifiers>
                    <isin value="US00434H1086"/>
                </identifiers>
                <balance>4820</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>255556.4</valUSD>
                <pctVal>0.910657798315</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>VERACYTE INC</name>
                <lei>529900ESWZRHXOW27Z37</lei>
                <title>COMMON STOCK</title>
                <cusip>92337F107</cusip>
                <identifiers>
                    <isin value="US92337F1075"/>
                </identifiers>
                <balance>5263</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>146942.96</valUSD>
                <pctVal>0.52362121407</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>TANDEM DIABETES CARE INC</name>
                <lei>549300JEPFOD0K4D3I05</lei>
                <title>COMMON STOCK</title>
                <cusip>875372203</cusip>
                <identifiers>
                    <isin value="US8753722037"/>
                </identifiers>
                <balance>2665</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>158860.65</valUSD>
                <pctVal>0.566089089406</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>CHEGG INC</name>
                <lei>549300AKX7O8JG0O3G77</lei>
                <title>COMMON STOCK</title>
                <cusip>163092109</cusip>
                <identifiers>
                    <isin value="US1630921096"/>
                </identifiers>
                <balance>6020</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>228218.2</valUSD>
                <pctVal>0.813239987523</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="197132"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MIRATI THERAPEUTICS INC</name>
                <lei>529900GYRW59IDQV6N54</lei>
                <title>COMMON STOCK</title>
                <cusip>60468T105</cusip>
                <identifiers>
                    <isin value="US60468T1051"/>
                </identifiers>
                <balance>1745</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>224860.7</valUSD>
                <pctVal>0.801275765308</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>PAYLOCITY HOLDING CORP</name>
                <lei>549300VH75FTB4DIEE07</lei>
                <title>COMMON STOCK</title>
                <cusip>70438V106</cusip>
                <identifiers>
                    <isin value="US70438V1061"/>
                </identifiers>
                <balance>4425</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>534628.5</valUSD>
                <pctVal>1.905112189428</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>Q2 HOLDINGS INC</name>
                <lei>549300M9RKR9DZXWS696</lei>
                <title>COMMON STOCK</title>
                <cusip>74736L109</cusip>
                <identifiers>
                    <isin value="US74736L1098"/>
                </identifiers>
                <balance>1850</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>149998</valUSD>
                <pctVal>0.534507640707</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>FIVE9 INC</name>
                <lei>254900MXP6EWY0SFFR59</lei>
                <title>COMMON STOCK</title>
                <cusip>338307101</cusip>
                <identifiers>
                    <isin value="US3383071012"/>
                </identifiers>
                <balance>3530</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>231497.4</valUSD>
                <pctVal>0.824925193028</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>COMMON STOCK</title>
                <cusip>42226A107</cusip>
                <identifiers>
                    <isin value="US42226A1079"/>
                </identifiers>
                <balance>2370</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>175545.9</valUSD>
                <pctVal>0.625545839576</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>BOOT BARN HOLDINGS INC</name>
                <lei>529900QE1BFMYA3N4E71</lei>
                <title>COMMON STOCK</title>
                <cusip>099406100</cusip>
                <identifiers>
                    <isin value="US0994061002"/>
                </identifiers>
                <balance>6488</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>288910.64</valUSD>
                <pctVal>1.029513357255</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>NV5 GLOBAL INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>62945V109</cusip>
                <identifiers>
                    <isin value="US62945V1098"/>
                </identifiers>
                <balance>2120</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>106954</valUSD>
                <pctVal>0.381123283005</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>WINGSTOP INC</name>
                <lei>549300SSH3F8HPIM3Q47</lei>
                <title>COMMON STOCK</title>
                <cusip>974155103</cusip>
                <identifiers>
                    <isin value="US9741551033"/>
                </identifiers>
                <balance>5385</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>464348.55</valUSD>
                <pctVal>1.654674381833</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="267141"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOPBUILD CORP</name>
                <lei>5493007YSKHOL4RWII46</lei>
                <title>COMMON STOCK</title>
                <cusip>89055F103</cusip>
                <identifiers>
                    <isin value="US89055F1030"/>
                </identifiers>
                <balance>1550</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>159774</valUSD>
                <pctVal>0.569343749826</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>CABLE ONE INC</name>
                <lei>549300648QS85T0XSH18</lei>
                <title>COMMON STOCK</title>
                <cusip>12685J105</cusip>
                <identifiers>
                    <isin value="US12685J1051"/>
                </identifiers>
                <balance>530</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>788889.1</valUSD>
                <pctVal>2.811152492837</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>TELADOC HEALTH INC</name>
                <lei>549300I2PVFBC9MFAC61</lei>
                <title>COMMON STOCK</title>
                <cusip>87918A105</cusip>
                <identifiers>
                    <isin value="US87918A1051"/>
                </identifiers>
                <balance>2355</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>197160.6</valUSD>
                <pctVal>0.702568348554</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="159068"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PLANET FITNESS INC</name>
                <lei>549300LLE5HUPF6H8G33</lei>
                <title>COMMON STOCK</title>
                <cusip>72703H101</cusip>
                <identifiers>
                    <isin value="US72703H1014"/>
                </identifiers>
                <balance>9045</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>675480.6</valUSD>
                <pctVal>2.407029039383</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="507824"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GLOBAL BLOOD THERAPEUTICS INC</name>
                <lei>549300U4G0QKK99GRT15</lei>
                <title>COMMON STOCK</title>
                <cusip>37890U108</cusip>
                <identifiers>
                    <isin value="US37890U1088"/>
                </identifiers>
                <balance>3170</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>251983.3</valUSD>
                <pctVal>0.897925300208</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>CSW INDUSTRIALS INC</name>
                <lei>549300SYOEO3RVQ7FB83</lei>
                <title>COMMON STOCK</title>
                <cusip>126402106</cusip>
                <identifiers>
                    <isin value="US1264021064"/>
                </identifiers>
                <balance>5495</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>423115</valUSD>
                <pctVal>1.507741439204</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>MIMECAST LTD</name>
                <lei>254900ELSYFSTT9X2740</lei>
                <title>COMMON STOCK</title>
                <cusip>G14838109</cusip>
                <identifiers>
                    <isin value="GB00BYT5JK65"/>
                </identifiers>
                <balance>3065</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>132959.7</valUSD>
                <pctVal>0.473792820945</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>SITEONE LANDSCAPE SUPPLY INC</name>
                <lei>5299008LX7SBD4HIAU03</lei>
                <title>COMMON STOCK</title>
                <cusip>82982L103</cusip>
                <identifiers>
                    <isin value="US82982L1035"/>
                </identifiers>
                <balance>4490</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>407018.5</valUSD>
                <pctVal>1.450382659496</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="353535"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INGEVITY CORP</name>
                <lei>5493009UTFC4B5IMGF87</lei>
                <title>COMMON STOCK</title>
                <cusip>45688C107</cusip>
                <identifiers>
                    <isin value="US45688C1071"/>
                </identifiers>
                <balance>5145</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>449570.1</valUSD>
                <pctVal>1.602012383388</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>COMMON STOCK</title>
                <cusip>87357P100</cusip>
                <identifiers>
                    <isin value="US87357P1003"/>
                </identifiers>
                <balance>4560</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>307845.6</valUSD>
                <pctVal>1.096986795544</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="263289"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KINSALE CAPITAL GROUP INC</name>
                <lei>529900QTUQHNZ6HOA508</lei>
                <title>COMMON STOCK</title>
                <cusip>49714P108</cusip>
                <identifiers>
                    <isin value="US49714P1084"/>
                </identifiers>
                <balance>4500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>457470</valUSD>
                <pctVal>1.630163138137</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>EVERBRIDGE INC</name>
                <lei>549300WCY0UMR64ATW81</lei>
                <title>COMMON STOCK</title>
                <cusip>29978A104</cusip>
                <identifiers>
                    <isin value="US29978A1043"/>
                </identifiers>
                <balance>7140</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>557491.2</valUSD>
                <pctVal>1.986581861271</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="538752"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MEDPACE HOLDINGS INC</name>
                <lei>549300H8TYEUVTW14A54</lei>
                <title>COMMON STOCK</title>
                <cusip>58506Q109</cusip>
                <identifiers>
                    <isin value="US58506Q1094"/>
                </identifiers>
                <balance>5710</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>479982.6</valUSD>
                <pctVal>1.710385252513</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>TABULA RASA HEALTHCARE INC</name>
                <lei>549300K6KY242XRMEF28</lei>
                <title>COMMON STOCK</title>
                <cusip>873379101</cusip>
                <identifiers>
                    <isin value="US8733791011"/>
                </identifiers>
                <balance>2870</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>139711.6</valUSD>
                <pctVal>0.497852756006</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="121700"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HAMILTON LANE INC</name>
                <lei>5493006OKN3V1NORM833</lei>
                <title>COMMON STOCK</title>
                <cusip>407497106</cusip>
                <identifiers>
                    <isin value="US4074971064"/>
                </identifiers>
                <balance>11005</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>655898</valUSD>
                <pctVal>2.337247780134</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>BIOHAVEN PHARMACEUTICAL HOLDING CO LTD</name>
                <lei>5299007STZTNN32O9920</lei>
                <title>COMMON STOCK</title>
                <cusip>G11196105</cusip>
                <identifiers>
                    <isin value="VGG111961055"/>
                </identifiers>
                <balance>3395</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>184823.8</valUSD>
                <pctVal>0.658607003323</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>EVO PAYMENTS INC</name>
                <lei>549300Z5UL344C8KEC55</lei>
                <title>COMMON STOCK</title>
                <cusip>26927E104</cusip>
                <identifiers>
                    <isin value="US26927E1047"/>
                </identifiers>
                <balance>14650</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>386906.5</valUSD>
                <pctVal>1.37871491946</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>Y-MABS THERAPEUTICS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>984241109</cusip>
                <identifiers>
                    <isin value="US9842411095"/>
                </identifiers>
                <balance>4395</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>137343.75</valUSD>
                <pctVal>0.489415084057</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>VERRA MOBILITY CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>92511U102</cusip>
                <identifiers>
                    <isin value="US92511U1025"/>
                </identifiers>
                <balance>34764</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>486348.36</valUSD>
                <pctVal>1.733069204025</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="432291"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PALOMAR HOLDINGS INC</name>
                <lei>549300DOI1MUW11BLX74</lei>
                <title>COMMON STOCK</title>
                <cusip>69753M105</cusip>
                <identifiers>
                    <isin value="US69753M1053"/>
                </identifiers>
                <balance>8841</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>446382.09</valUSD>
                <pctVal>1.590652127227</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>PHREESIA INC</name>
                <lei>5493000HHF8NU4QOCG53</lei>
                <title>COMMON STOCK</title>
                <cusip>71944F106</cusip>
                <identifiers>
                    <isin value="US71944F1066"/>
                </identifiers>
                <balance>7835</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>208724.4</valUSD>
                <pctVal>0.743775161015</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="114552"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PING IDENTITY HOLDING CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>72341T103</cusip>
                <identifiers>
                    <isin value="US72341T1034"/>
                </identifiers>
                <balance>10195</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>247738.5</valUSD>
                <pctVal>0.882799244972</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="221130"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALBANY INTERNATIONAL CORP</name>
                <lei>L73WCPNCZIRSQGZTW097</lei>
                <title>COMMON STOCK</title>
                <cusip>012348108</cusip>
                <identifiers>
                    <isin value="US0123481089"/>
                </identifiers>
                <balance>5725</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>434642</valUSD>
                <pctVal>1.548817117376</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>CONMED CORP</name>
                <lei>Z6C0YCECH9DCU5ZIQW84</lei>
                <title>COMMON STOCK</title>
                <cusip>207410101</cusip>
                <identifiers>
                    <isin value="US2074101013"/>
                </identifiers>
                <balance>4140</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>462976.2</valUSD>
                <pctVal>1.649784106225</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>LIGAND PHARMACEUTICALS INC</name>
                <lei>5493008K7TB0IKP37H79</lei>
                <title>COMMON STOCK</title>
                <cusip>53220K504</cusip>
                <identifiers>
                    <isin value="US53220K5048"/>
                </identifiers>
                <balance>1920</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>200236.8</valUSD>
                <pctVal>0.713530177407</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>HAEMONETICS CORP</name>
                <lei>549300ZEL6TXZS6F5F95</lei>
                <title>COMMON STOCK</title>
                <cusip>405024100</cusip>
                <identifiers>
                    <isin value="US4050241003"/>
                </identifiers>
                <balance>2110</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>242439</valUSD>
                <pctVal>0.863914838234</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>CABOT MICROELECTRONICS CORP</name>
                <lei>31F6V1MN00ZW3XWB4J69</lei>
                <title>COMMON STOCK</title>
                <cusip>12709P103</cusip>
                <identifiers>
                    <isin value="US12709P1030"/>
                </identifiers>
                <balance>1300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>187616</valUSD>
                <pctVal>0.66855681755</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>BROOKS AUTOMATION INC</name>
                <lei>35ZN6X1ANPH25YN32Y17</lei>
                <title>COMMON STOCK</title>
                <cusip>114340102</cusip>
                <identifiers>
                    <isin value="US1143401024"/>
                </identifiers>
                <balance>5470</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>229521.2</valUSD>
                <pctVal>0.817883139137</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>US PHYSICAL THERAPY INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>90337L108</cusip>
                <identifiers>
                    <isin value="US90337L1089"/>
                </identifiers>
                <balance>2150</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>245852.5</valUSD>
                <pctVal>0.876078612628</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="217265"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MERCURY SYSTEMS INC</name>
                <lei>549300P3B84SGK7HH679</lei>
                <title>COMMON STOCK</title>
                <cusip>589378108</cusip>
                <identifiers>
                    <isin value="US5893781089"/>
                </identifiers>
                <balance>9665</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>667948.15</valUSD>
                <pctVal>2.380187667643</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>IMMUNOMEDICS INC</name>
                <lei>5493007ZU7DDO8PSIM59</lei>
                <title>COMMON STOCK</title>
                <cusip>452907108</cusip>
                <identifiers>
                    <isin value="US4529071080"/>
                </identifiers>
                <balance>7120</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>150659.2</valUSD>
                <pctVal>0.536863781802</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>ENTEGRIS INC</name>
                <lei>IYX6OWO7BT5DKO3BYG52</lei>
                <title>COMMON STOCK</title>
                <cusip>29362U104</cusip>
                <identifiers>
                    <isin value="US29362U1043"/>
                </identifiers>
                <balance>9375</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>469593.75</valUSD>
                <pctVal>1.673365294226</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>INSMED INC</name>
                <lei>529900Q55QAG41CCAC11</lei>
                <title>COMMON STOCK</title>
                <cusip>457669307</cusip>
                <identifiers>
                    <isin value="US4576693075"/>
                </identifiers>
                <balance>7040</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>168115.2</valUSD>
                <pctVal>0.599067047021</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>BRINK'S CO/THE</name>
                <lei>XFP140TFNOQMIVFTVQ13</lei>
                <title>COMMON STOCK</title>
                <cusip>109696104</cusip>
                <identifiers>
                    <isin value="US1096961040"/>
                </identifiers>
                <balance>6125</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>555415</valUSD>
                <pctVal>1.979183464202</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>HARSCO CORP</name>
                <lei>KAO98FK89NPNNPQGUZ43</lei>
                <title>COMMON STOCK</title>
                <cusip>415864107</cusip>
                <identifiers>
                    <isin value="US4158641070"/>
                </identifiers>
                <balance>13775</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>316962.75</valUSD>
                <pctVal>1.129475137632</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>NOVANTA INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>67000B104</cusip>
                <identifiers>
                    <isin value="CA67000B1040"/>
                </identifiers>
                <balance>7535</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>666395.4</valUSD>
                <pctVal>2.374654548941</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>HEICO CORP</name>
                <lei>529900O1DTDLCJ7L0I14</lei>
                <title>COMMON STOCK</title>
                <cusip>422806208</cusip>
                <identifiers>
                    <isin value="US4228062083"/>
                </identifiers>
                <balance>6515</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>583287.95</valUSD>
                <pctVal>2.07850682014</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>COMMON STOCK</title>
                <cusip>92346J108</cusip>
                <identifiers>
                    <isin value="US92346J1088"/>
                </identifiers>
                <balance>7430</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>129282</valUSD>
                <pctVal>0.460687587874</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>AMEDISYS INC</name>
                <lei>5299001RBS9GK9STN379</lei>
                <title>COMMON STOCK</title>
                <cusip>023436108</cusip>
                <identifiers>
                    <isin value="US0234361089"/>
                </identifiers>
                <balance>3200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>534144</valUSD>
                <pctVal>1.903385706728</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>ANTARES PHARMA INC</name>
                <lei>5299004QMIHMZUUNYY44</lei>
                <title>COMMON STOCK</title>
                <cusip>036642106</cusip>
                <identifiers>
                    <isin value="US0366421065"/>
                </identifiers>
                <balance>31665</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>148825.5</valUSD>
                <pctVal>0.530329516941</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>CHURCHILL DOWNS INC</name>
                <lei>529900FODTBQC8MIS994</lei>
                <title>COMMON STOCK</title>
                <cusip>171484108</cusip>
                <identifiers>
                    <isin value="US1714841087"/>
                </identifiers>
                <balance>3205</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>439726</valUSD>
                <pctVal>1.566933604565</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>LIVEPERSON INC</name>
                <lei>549300IN2P1JZ20G7N40</lei>
                <title>COMMON STOCK</title>
                <cusip>538146101</cusip>
                <identifiers>
                    <isin value="US5381461012"/>
                </identifiers>
                <balance>7285</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>269545</valUSD>
                <pctVal>0.960505220165</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>MESA LABORATORIES INC</name>
                <lei>549300ZCG738WLX8ZW79</lei>
                <title>COMMON STOCK</title>
                <cusip>59064R109</cusip>
                <identifiers>
                    <isin value="US59064R1095"/>
                </identifiers>
                <balance>580</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>144652</valUSD>
                <pctVal>0.515457534391</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>QUIDEL CORP</name>
                <lei>549300X2FQ6S98OQLQ46</lei>
                <title>COMMON STOCK</title>
                <cusip>74838J101</cusip>
                <identifiers>
                    <isin value="US74838J1016"/>
                </identifiers>
                <balance>7710</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>578481.3</valUSD>
                <pctVal>2.061378650756</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>REPLIGEN CORP</name>
                <lei>54930006QJ0T5AUO1E71</lei>
                <title>COMMON STOCK</title>
                <cusip>759916109</cusip>
                <identifiers>
                    <isin value="US7599161095"/>
                </identifiers>
                <balance>4540</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>419950</valUSD>
                <pctVal>1.496463177609</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>TREX CO INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>89531P105</cusip>
                <identifiers>
                    <isin value="US89531P1057"/>
                </identifiers>
                <balance>7500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>674100</valUSD>
                <pctVal>2.402109365462</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="593208"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>J2 GLOBAL INC</name>
                <lei>5493008OJYGLHD7MXA18</lei>
                <title>COMMON STOCK</title>
                <cusip>48123V102</cusip>
                <identifiers>
                    <isin value="US48123V1026"/>
                </identifiers>
                <balance>5391</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>505190.61</valUSD>
                <pctVal>1.800212276553</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="412324"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SCS TRANSPORTATION INC</name>
                <lei>549300WNPG4N9GBOYB29</lei>
                <title>COMMON STOCK</title>
                <cusip>78709Y105</cusip>
                <identifiers>
                    <isin value="US78709Y1055"/>
                </identifiers>
                <balance>3850</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>358512</valUSD>
                <pctVal>1.277533055675</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>ACADIA PHARMACEUTICALS INC</name>
                <lei>529900O3044NO0PEA039</lei>
                <title>COMMON STOCK</title>
                <cusip>004225108</cusip>
                <identifiers>
                    <isin value="US0042251084"/>
                </identifiers>
                <balance>3275</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>140104.5</valUSD>
                <pctVal>0.499252828354</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>RBC BEARINGS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>75524B104</cusip>
                <identifiers>
                    <isin value="US75524B1044"/>
                </identifiers>
                <balance>2751</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>435593.34</valUSD>
                <pctVal>1.552207152569</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>EVERCORE INC</name>
                <lei>529900P6KLPT95DW3W58</lei>
                <title>COMMON STOCK</title>
                <cusip>29977A105</cusip>
                <identifiers>
                    <isin value="US29977A1051"/>
                </identifiers>
                <balance>1715</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>128213.4</valUSD>
                <pctVal>0.45687970467</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>LUCKIN COFFEE INC</name>
                <lei>549300FO16ASCVSMYI15</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>54951L109</cusip>
                <identifiers>
                    <isin value="US54951L1098"/>
                </identifiers>
                <balance>6655</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>261940.8</valUSD>
                <pctVal>0.933408172195</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="232224"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASCENDIS PHARMA A/S</name>
                <lei>549300B66JN3W3J8GH73</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>04351P101</cusip>
                <identifiers>
                    <isin value="US04351P1012"/>
                </identifiers>
                <balance>2460</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>342235.2</valUSD>
                <pctVal>1.219531789217</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="292152"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COLLIERS INTERNATIONAL GROUP INC</name>
                <lei>D3O8K13PHLEXXD1DT480</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA1946931070"/>
                </identifiers>
                <balance>5815</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".770089715"/>
                <valUSD>452733.05</valUSD>
                <pctVal>1.613283339949</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>NOVOCURE LTD</name>
                <lei>213800YPP55UMHWA4826</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G6674U108</cusip>
                <identifiers>
                    <isin value="JE00BYSS4X48"/>
                </identifiers>
                <balance>3330</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>280619.1</valUSD>
                <pctVal>0.999967020082</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>NOVA MEASURING INSTRUMENTS LTD</name>
                <lei>529900B2DSWE5V3SC292</lei>
                <title>ORDINARY SHARES</title>
                <cusip>M7516K103</cusip>
                <identifiers>
                    <isin value="IL0010845571"/>
                </identifiers>
                <balance>5280</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>199742.4</valUSD>
                <pctVal>0.711768416733</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>INMODE LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>M5425M103</cusip>
                <identifiers>
                    <isin value="IL0011595993"/>
                </identifiers>
                <balance>4076</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>159779.2</valUSD>
                <pctVal>0.569362279671</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>
                    <loanByFundCondition isLoanByFund="Y" loanVal="141120"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EVERARC HOLDINGS LTD</name>
                <lei>213800HX5NY11VG7GW55</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="VGG3218K1003"/>
                </identifiers>
                <balance>12706</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>171531</valUSD>
                <pctVal>0.611239017308</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>VG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>393186</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>393186</valUSD>
                <pctVal>1.401091489347</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM CASH COLLATERAL POOL LLC</name>
                <lei>N/A</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="1181681"/>
                </identifiers>
                <balance>5262550</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>5262550</valUSD>
                <pctVal>18.752737933858</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <cashCollateralCondition cashCollateralVal="5262550" isCashCollateral="Y"/>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EVERARC HOLDINGS LTD</name>
                <lei>213800HX5NY11VG7GW55</lei>
                <title>WARRANTS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="VGG3218K1185"/>
                </identifiers>
                <balance>12860</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>128.6</valUSD>
                <pctVal>0.000458257327</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>VG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <optionSwaptionWarrantDeriv derivCat="WAR">
                        <counterparties>
                            <counterpartyName>EVERARC HOLDINGS LTD</counterpartyName>
                            <counterpartyLei>213800HX5NY11VG7GW55</counterpartyLei>
                        </counterparties>
                        <putOrCall>Call</putOrCall>
                        <writtenOrPur>Purchased</writtenOrPur>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>EVERARC HOLDINGS LTD</issuerName>
<issueTitle>ORDINARY SHARES</issueTitle>
<identifiers>
    <isin value="VGG3218K1003"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <shareNo>1</shareNo>
                        <exercisePrice>12</exercisePrice>
                        <exercisePriceCurCd>USD</exercisePriceCurCd>
                        <expDt>2020-12-11</expDt>
                        <delta>XXXX</delta>
                        <unrealizedAppr>0</unrealizedAppr>
                    </optionSwaptionWarrantDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2020-02-24</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
