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            <regStreet1>100 FEDERAL STREET</regStreet1>
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            <regZipOrPostalCode>02110</regZipOrPostalCode>
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            <seriesName>Putnam VT Small Cap Growth Fund</seriesName>
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                <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"/>
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                <balance>5180</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>240921.8</valUSD>
                <pctVal>1.130139772149</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>21120</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>191980.8</valUSD>
                <pctVal>0.900562496084</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"/>
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                <balance>3612</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>144227.16</valUSD>
                <pctVal>0.676555005567</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"/>
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                <balance>7290</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>215929.8</valUSD>
                <pctVal>1.012904830415</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"/>
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                <balance>5435</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>382515.3</valUSD>
                <pctVal>1.794340545295</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"/>
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                <balance>2585</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>263670</valUSD>
                <pctVal>1.236849275253</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PTC THERAPEUTICS INC</name>
                <lei>549300UJLWOIWFDGB318</lei>
                <title>COMMON STOCK</title>
                <cusip>69366J200</cusip>
                <identifiers>
                    <isin value="US69366J2006"/>
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                <balance>4360</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>194499.6</valUSD>
                <pctVal>0.912377931873</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ACCELERON PHARMA INC</name>
                <lei>529900TQRID2UY164805</lei>
                <title>COMMON STOCK</title>
                <cusip>00434H108</cusip>
                <identifiers>
                    <isin value="US00434H1086"/>
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                <balance>4040</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>363074.8</valUSD>
                <pctVal>1.70314712801</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"/>
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                <balance>4938</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>120042.78</valUSD>
                <pctVal>0.563108527486</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"/>
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                <balance>3340</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>214929</valUSD>
                <pctVal>1.008210178939</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"/>
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                <balance>5285</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>189097.3</valUSD>
                <pctVal>0.887036289518</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>MIRATI THERAPEUTICS INC</name>
                <lei>529900GYRW59IDQV6N54</lei>
                <title>COMMON STOCK</title>
                <cusip>60468T105</cusip>
                <identifiers>
                    <isin value="US60468T1051"/>
                </identifiers>
                <balance>1660</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>127604.2</valUSD>
                <pctVal>0.598578383165</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>3895</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>344006.4</valUSD>
                <pctVal>1.613699194153</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"/>
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                <balance>1655</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>97744.3</valUSD>
                <pctVal>0.458508615372</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"/>
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                <balance>3335</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>254994.1</valUSD>
                <pctVal>1.196151506727</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"/>
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                <balance>2080</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>105227.2</valUSD>
                <pctVal>0.49361014168</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"/>
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                <balance>5548</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>71735.64</valUSD>
                <pctVal>0.336504624507</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"/>
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                <balance>2290</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>94554.1</valUSD>
                <pctVal>0.443543710157</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="4129"/>
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            </invstOrSec>
            <invstOrSec>
                <name>WINGSTOP INC</name>
                <lei>549300SSH3F8HPIM3Q47</lei>
                <title>COMMON STOCK</title>
                <cusip>974155103</cusip>
                <identifiers>
                    <isin value="US9741551033"/>
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                <balance>4570</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>364229</valUSD>
                <pctVal>1.708561363356</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>TOPBUILD CORP</name>
                <lei>5493007YSKHOL4RWII46</lei>
                <title>COMMON STOCK</title>
                <cusip>89055F103</cusip>
                <identifiers>
                    <isin value="US89055F1030"/>
                </identifiers>
                <balance>2220</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>159040.8</valUSD>
                <pctVal>0.746044291029</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>495</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>813784.95</valUSD>
                <pctVal>3.817382810403</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>2180</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>337921.8</valUSD>
                <pctVal>1.585156951576</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>PLANET FITNESS INC</name>
                <lei>549300LLE5HUPF6H8G33</lei>
                <title>COMMON STOCK</title>
                <cusip>72703H101</cusip>
                <identifiers>
                    <isin value="US72703H1014"/>
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                <balance>8505</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>414193.5</valUSD>
                <pctVal>1.942939774299</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>GLOBAL BLOOD THERAPEUTICS INC</name>
                <lei>549300U4G0QKK99GRT15</lei>
                <title>COMMON STOCK</title>
                <cusip>37890U108</cusip>
                <identifiers>
                    <isin value="US37890U1088"/>
                </identifiers>
                <balance>1965</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>100391.85</valUSD>
                <pctVal>0.470928004376</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"/>
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                <balance>5300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>343705</valUSD>
                <pctVal>1.612285357267</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"/>
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                <balance>2660</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>93898</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SITEONE LANDSCAPE SUPPLY INC</name>
                <lei>5299008LX7SBD4HIAU03</lei>
                <title>COMMON STOCK</title>
                <cusip>82982L103</cusip>
                <identifiers>
                    <isin value="US82982L1035"/>
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                <balance>3175</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>233743.5</valUSD>
                <pctVal>1.096467093602</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>INGEVITY CORP</name>
                <lei>5493009UTFC4B5IMGF87</lei>
                <title>COMMON STOCK</title>
                <cusip>45688C107</cusip>
                <identifiers>
                    <isin value="US45688C1071"/>
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                <balance>4685</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <pctVal>0.773585495811</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>TACTILE SYSTEMS TECHNOLOGY INC</name>
                <lei>54930069VDTITHOTKJ98</lei>
                <title>COMMON STOCK</title>
                <cusip>87357P100</cusip>
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                    <isin value="US87357P1003"/>
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                <balance>4120</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>KINSALE CAPITAL GROUP INC</name>
                <lei>529900QTUQHNZ6HOA508</lei>
                <title>COMMON STOCK</title>
                <cusip>49714P108</cusip>
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                    <isin value="US49714P1084"/>
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                <balance>4155</balance>
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                <curCd>USD</curCd>
                <valUSD>434322.15</valUSD>
                <pctVal>2.037361233563</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>EVERBRIDGE INC</name>
                <lei>549300WCY0UMR64ATW81</lei>
                <title>COMMON STOCK</title>
                <cusip>29978A104</cusip>
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                    <isin value="US29978A1043"/>
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                <balance>6660</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>708357.6</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MEDPACE HOLDINGS INC</name>
                <lei>549300H8TYEUVTW14A54</lei>
                <title>COMMON STOCK</title>
                <cusip>58506Q109</cusip>
                <identifiers>
                    <isin value="US58506Q1094"/>
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                <balance>5385</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>395151.3</valUSD>
                <pctVal>1.853614741988</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>TABULA RASA HEALTHCARE INC</name>
                <lei>549300K6KY242XRMEF28</lei>
                <title>COMMON STOCK</title>
                <cusip>873379101</cusip>
                <identifiers>
                    <isin value="US8733791011"/>
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                <balance>2715</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>141967.35</valUSD>
                <pctVal>0.665954465647</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="130725"/>
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            </invstOrSec>
            <invstOrSec>
                <name>HAMILTON LANE INC</name>
                <lei>5493006OKN3V1NORM833</lei>
                <title>COMMON STOCK</title>
                <cusip>407497106</cusip>
                <identifiers>
                    <isin value="US4074971064"/>
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                <balance>10295</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>569416.45</valUSD>
                <pctVal>2.671074917508</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>BIOHAVEN PHARMACEUTICAL HOLDING CO LTD</name>
                <lei>5299007STZTNN32O9920</lei>
                <title>COMMON STOCK</title>
                <cusip>G11196105</cusip>
                <identifiers>
                    <isin value="VGG111961055"/>
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                <balance>3025</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>102940.75</valUSD>
                <pctVal>0.482884636217</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>EVOQUA WATER TECHNOLOGIES CORP</name>
                <lei>529900YQAOMEZRGRRP43</lei>
                <title>COMMON STOCK</title>
                <cusip>30057T105</cusip>
                <identifiers>
                    <isin value="US30057T1051"/>
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                <balance>1850</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>20738.5</valUSD>
                <pctVal>0.097282203872</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>EVO PAYMENTS INC</name>
                <lei>549300Z5UL344C8KEC55</lei>
                <title>COMMON STOCK</title>
                <cusip>26927E104</cusip>
                <identifiers>
                    <isin value="US26927E1047"/>
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                <balance>11995</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>183523.5</valUSD>
                <pctVal>0.860890158026</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>BJ'S WHOLESALE CLUB HOLDINGS INC</name>
                <lei>549300UCIWH1C93V0J03</lei>
                <title>COMMON STOCK</title>
                <cusip>05550J101</cusip>
                <identifiers>
                    <isin value="US05550J1016"/>
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                <balance>4980</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>126840.6</valUSD>
                <pctVal>0.594996412874</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>Y-MABS THERAPEUTICS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>984241109</cusip>
                <identifiers>
                    <isin value="US9842411095"/>
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                <balance>4095</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>106879.5</valUSD>
                <pctVal>0.501360913696</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>VERRA MOBILITY CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>92511U102</cusip>
                <identifiers>
                    <isin value="US92511U1025"/>
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                <balance>32579</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>232614.06</valUSD>
                <pctVal>1.09116900491</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PALOMAR HOLDINGS INC</name>
                <lei>549300DOI1MUW11BLX74</lei>
                <title>COMMON STOCK</title>
                <cusip>69753M105</cusip>
                <identifiers>
                    <isin value="US69753M1053"/>
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                <balance>8316</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>483658.56</valUSD>
                <pctVal>2.268793337906</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PHREESIA INC</name>
                <lei>5493000HHF8NU4QOCG53</lei>
                <title>COMMON STOCK</title>
                <cusip>71944F106</cusip>
                <identifiers>
                    <isin value="US71944F1066"/>
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                <balance>7360</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>154780.8</valUSD>
                <pctVal>0.726061062324</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PING IDENTITY HOLDING CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>72341T103</cusip>
                <identifiers>
                    <isin value="US72341T1034"/>
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                <balance>9655</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>193293.1</valUSD>
                <pctVal>0.906718362523</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
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            </invstOrSec>
            <invstOrSec>
                <name>CASTLE BIOSCIENCES INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>14843C105</cusip>
                <identifiers>
                    <isin value="US14843C1053"/>
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                <balance>2622</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>78161.82</valUSD>
                <pctVal>0.366649184281</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>1LIFE HEALTHCARE INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>68269G107</cusip>
                <identifiers>
                    <isin value="US68269G1076"/>
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                <balance>3910</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>70966.5</valUSD>
                <pctVal>0.332896666637</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ALBANY INTERNATIONAL CORP</name>
                <lei>L73WCPNCZIRSQGZTW097</lei>
                <title>COMMON STOCK</title>
                <cusip>012348108</cusip>
                <identifiers>
                    <isin value="US0123481089"/>
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                <balance>2645</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>125187.85</valUSD>
                <pctVal>0.587243529954</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CONMED CORP</name>
                <lei>Z6C0YCECH9DCU5ZIQW84</lei>
                <title>COMMON STOCK</title>
                <cusip>207410101</cusip>
                <identifiers>
                    <isin value="US2074101013"/>
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                <balance>3855</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>220775.85</valUSD>
                <pctVal>1.035637160336</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>LIGAND PHARMACEUTICALS INC</name>
                <lei>5493008K7TB0IKP37H79</lei>
                <title>COMMON STOCK</title>
                <cusip>53220K504</cusip>
                <identifiers>
                    <isin value="US53220K5048"/>
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                <balance>1175</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>85446</valUSD>
                <pctVal>0.400818535189</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"/>
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                <balance>1990</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>198323.4</valUSD>
                <pctVal>0.93031499054</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"/>
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                <balance>1165</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>132973.1</valUSD>
                <pctVal>0.623763349502</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"/>
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                <balance>5165</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>157532.5</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>US PHYSICAL THERAPY INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>90337L108</cusip>
                <identifiers>
                    <isin value="US90337L1089"/>
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                <balance>1830</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>126270</valUSD>
                <pctVal>0.592319786044</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MERCURY SYSTEMS INC</name>
                <lei>549300P3B84SGK7HH679</lei>
                <title>COMMON STOCK</title>
                <cusip>589378108</cusip>
                <identifiers>
                    <isin value="US5893781089"/>
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                <balance>9020</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>643486.8</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>IMMUNOMEDICS INC</name>
                <lei>5493007ZU7DDO8PSIM59</lei>
                <title>COMMON STOCK</title>
                <cusip>452907108</cusip>
                <identifiers>
                    <isin value="US4529071080"/>
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                <balance>6240</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>84115.2</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ENTEGRIS INC</name>
                <lei>IYX6OWO7BT5DKO3BYG52</lei>
                <title>COMMON STOCK</title>
                <cusip>29362U104</cusip>
                <identifiers>
                    <isin value="US29362U1043"/>
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                <balance>8800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>393976</valUSD>
                <pctVal>1.848101528679</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>INSMED INC</name>
                <lei>529900Q55QAG41CCAC11</lei>
                <title>COMMON STOCK</title>
                <cusip>457669307</cusip>
                <identifiers>
                    <isin value="US4576693075"/>
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                <balance>6335</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>101550.05</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>BRINK'S CO/THE</name>
                <lei>XFP140TFNOQMIVFTVQ13</lei>
                <title>COMMON STOCK</title>
                <cusip>109696104</cusip>
                <identifiers>
                    <isin value="US1096961040"/>
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                <balance>5720</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>297726</valUSD>
                <pctVal>1.39660252332</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NOVANTA INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>67000B104</cusip>
                <identifiers>
                    <isin value="CA67000B1040"/>
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                <balance>7055</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>563553.4</valUSD>
                <pctVal>2.643571943551</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"/>
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                <balance>5820</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>371898</valUSD>
                <pctVal>1.744535865923</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"/>
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                <balance>6500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>59605</valUSD>
                <pctVal>0.27960102041</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"/>
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                <balance>2985</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>547866.9</valUSD>
                <pctVal>2.5699881602</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"/>
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                <balance>30035</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>70882.6</valUSD>
                <pctVal>0.332503100231</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CASELLA WASTE SYSTEMS INC</name>
                <lei>8EU0XUFVJ48U37IIDH51</lei>
                <title>COMMON STOCK</title>
                <cusip>147448104</cusip>
                <identifiers>
                    <isin value="US1474481041"/>
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                <balance>6439</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>251507.34</valUSD>
                <pctVal>1.179795468577</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CHURCHILL DOWNS INC</name>
                <lei>529900FODTBQC8MIS994</lei>
                <title>COMMON STOCK</title>
                <cusip>171484108</cusip>
                <identifiers>
                    <isin value="US1714841087"/>
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                <balance>2990</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>307820.5</valUSD>
                <pctVal>1.443954800823</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MESA LABORATORIES INC</name>
                <lei>549300ZCG738WLX8ZW79</lei>
                <title>COMMON STOCK</title>
                <cusip>59064R109</cusip>
                <identifiers>
                    <isin value="US59064R1095"/>
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                <balance>575</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>130001.75</valUSD>
                <pctVal>0.60982504748</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>QUIDEL CORP</name>
                <lei>549300X2FQ6S98OQLQ46</lei>
                <title>COMMON STOCK</title>
                <cusip>74838J101</cusip>
                <identifiers>
                    <isin value="US74838J1016"/>
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                <balance>7195</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>703742.95</valUSD>
                <pctVal>3.301186929387</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>REPLIGEN CORP</name>
                <lei>54930006QJ0T5AUO1E71</lei>
                <title>COMMON STOCK</title>
                <cusip>759916109</cusip>
                <identifiers>
                    <isin value="US7599161095"/>
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                <balance>4170</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>402571.8</valUSD>
                <pctVal>1.888423556215</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>TREX CO INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>89531P105</cusip>
                <identifiers>
                    <isin value="US89531P1057"/>
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                <balance>6755</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>541345.7</valUSD>
                <pctVal>2.539397871226</pctVal>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>J2 GLOBAL INC</name>
                <lei>5493008OJYGLHD7MXA18</lei>
                <title>COMMON STOCK</title>
                <cusip>48123V102</cusip>
                <identifiers>
                    <isin value="US48123V1026"/>
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                <balance>5031</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>376570.35</valUSD>
                <pctVal>1.76645338673</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>SCS TRANSPORTATION INC</name>
                <lei>549300WNPG4N9GBOYB29</lei>
                <title>COMMON STOCK</title>
                <cusip>78709Y105</cusip>
                <identifiers>
                    <isin value="US78709Y1055"/>
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                <balance>3580</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>263273.2</valUSD>
                <pctVal>1.234987926626</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ACADIA PHARMACEUTICALS INC</name>
                <lei>529900O3044NO0PEA039</lei>
                <title>COMMON STOCK</title>
                <cusip>004225108</cusip>
                <identifiers>
                    <isin value="US0042251084"/>
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                <balance>3370</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>142382.5</valUSD>
                <pctVal>0.667901892265</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>RBC BEARINGS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>75524B104</cusip>
                <identifiers>
                    <isin value="US75524B1044"/>
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                <balance>2581</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>291110.99</valUSD>
                <pctVal>1.365572181134</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"/>
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                <balance>5505</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>149680.95</valUSD>
                <pctVal>0.702138182298</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="133231"/>
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            </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>2295</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>258439.95</valUSD>
                <pctVal>1.212315640209</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>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNIQURE NV</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N90064101</cusip>
                <identifiers>
                    <isin value="NL0010696654"/>
                </identifiers>
                <balance>985</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>46738.25</valUSD>
                <pctVal>0.219244398828</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </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>5625</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".710580544"/>
                <valUSD>269079.09</valUSD>
                <pctVal>1.26222276881</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>3150</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>212121</valUSD>
                <pctVal>0.995038135229</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>4995</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>163086.75</valUSD>
                <pctVal>0.765023432855</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>4396</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>94514</valUSD>
                <pctVal>0.443355605117</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="83850"/>
                </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>10264</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>153960</valUSD>
                <pctVal>0.722210772624</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>384519</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>384519</valUSD>
                <pctVal>1.803739699135</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>1169950</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1169950</valUSD>
                <pctVal>5.488117000727</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <cashCollateralCondition cashCollateralVal="1169950" 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>1929</valUSD>
                <pctVal>0.009048743702</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>VG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>1800.4</unrealizedAppr>
                    </optionSwaptionWarrantDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2020-05-28</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>
