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      <regFileNumber>811-06243</regFileNumber>
      <regCik>0000872625</regCik>
      <regLei>549300NDWC0J6DXVSX36</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Small Cap Growth Fund</seriesName>
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      <repPdEnd>2020-04-30</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <invstOrSec>
        <name>EMERGENT BIOSOLUTIONS INC COM USD.001</name>
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        <title>EMERGENT BIOSOLUTIONS INC COM USD.001</title>
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          <ticker value="EBS"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>US Ecology Inc COM USD 0.01</name>
        <lei>N/A</lei>
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          <ticker value="ECOL"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hostess Brands Inc COM USD 0.0001 CL A</name>
        <lei>N/A</lei>
        <title>Hostess Brands Inc COM USD 0.0001 CL A</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Livongo Health Inc COM USD 1</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEOGEN CORP COM USD.16</name>
        <lei>549300HJT9FC36N4UW43</lei>
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          <ticker value="NEOG"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COLLEGIUM PHARMACEUTICAL INC COM USD.001</name>
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          <ticker value="COLL"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL BLOOD THERAPEUTICS INC COM USD.001</name>
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          <ticker value="GBT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BOOT BARN HOLDINGS INC COM USD.0001</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>BOOT BARN HOLDINGS INC COM USD.0001</title>
        <cusip>099406100</cusip>
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          <ticker value="BOOT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Pluralsight Inc COM USD 0.0001 CL A</name>
        <lei>254900B3VHPCKNREOX50</lei>
        <title>Pluralsight Inc COM USD 0.0001 CL A</title>
        <cusip>72941B106</cusip>
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          <ticker value="PS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CORESITE REALTY CORP REIT USD NPV</name>
        <lei>549300H0YYORITFM2B74</lei>
        <title>CORESITE REALTY CORP REIT USD NPV</title>
        <cusip>21870Q105</cusip>
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          <ticker value="COR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>M/I HOMES INC COM USD.01</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC COM USD.01</title>
        <cusip>55305B101</cusip>
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          <ticker value="MHO"/>
          <other otherDesc="Internal Identifier" value="43300"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NOMAD FOODS LTD ORD USD NPV</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>NOMAD FOODS LTD ORD USD NPV</title>
        <cusip>G6564A105</cusip>
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          <ticker value="NOMD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ARGENX SE UNSPONSORED ADR</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
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        <cusip>04016X101</cusip>
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          <ticker value="ARGX"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRA GROUP INC COM USD.01</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GROUP INC COM USD.01</title>
        <cusip>69354N106</cusip>
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          <ticker value="PRAA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LITHIA MOTORS INC COM USD NPV</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
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        <cusip>536797103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Deciphera Pharmaceuticals Inc COM USD 0.01</name>
        <lei>529900QR4WAPYY0CBF25</lei>
        <title>Deciphera Pharmaceuticals Inc COM USD 0.01</title>
        <cusip>24344T101</cusip>
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          <ticker value="DCPH"/>
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        <name>FIVE BELOW INC COM USD.01</name>
        <lei>529900AAXP5Z6BGI7418</lei>
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        <name>OPTORO INC PRF USD NPV SER E</name>
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        <name>PAYLOCITY HOLDING CORP COM USD.001</name>
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        <cusip>70438V106</cusip>
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        <name>Evercore Inc COM USD.01</name>
        <lei>529900P6KLPT95DW3W58</lei>
        <title>Evercore Inc COM USD.01</title>
        <cusip>29977A105</cusip>
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        <name>BWX TECHNOLOGIES INC COM USD.01</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX TECHNOLOGIES INC COM USD.01</title>
        <cusip>05605H100</cusip>
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        <name>WESTERN ALLIANCE BANCORP COM USD.0001</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP COM USD.0001</title>
        <cusip>957638109</cusip>
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          <ticker value="WAL"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INSMED INC COM USD.01</name>
        <lei>529900Q55QAG41CCAC11</lei>
        <title>INSMED INC COM USD.01</title>
        <cusip>457669307</cusip>
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          <other otherDesc="Internal Identifier" value="236275"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arcosa Inc COM USD 0.01</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc COM USD 0.01</title>
        <cusip>039653100</cusip>
        <identifiers>
          <ticker value="ACA"/>
          <other otherDesc="Internal Identifier" value="940909"/>
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        <balance>751708.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28016157.16000000</valUSD>
        <pctVal>1.179749155644</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>Sweetgreen Inc PRF USD NPV SERIES I</name>
        <lei>N/A</lei>
        <title>Sweetgreen Inc PRF USD NPV SERIES I</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1009099"/>
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        <balance>41641.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>669442.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MANTECH INTERNATIONAL CORP COM USD NPV CL A</name>
        <lei>5299007N03CAU4SWNR02</lei>
        <title>MANTECH INTERNATIONAL CORP COM USD NPV CL A</title>
        <cusip>564563104</cusip>
        <identifiers>
          <ticker value="MANT"/>
          <other otherDesc="Internal Identifier" value="243703"/>
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        <balance>334500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24940320.00000000</valUSD>
        <pctVal>1.050226884917</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>Peloton Interactive Inc COM USD 0.000025 CL A</name>
        <lei>5493002YS021166W0339</lei>
        <title>Peloton Interactive Inc COM USD 0.000025 CL A</title>
        <cusip>70614W100</cusip>
        <identifiers>
          <ticker value="PTON"/>
          <other otherDesc="Internal Identifier" value="1012124"/>
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        <balance>815769.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25696723.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Grocery Outlet Holding Corp COM USD 0.001</name>
        <lei>N/A</lei>
        <title>Grocery Outlet Holding Corp COM USD 0.001</title>
        <cusip>39874R101</cusip>
        <identifiers>
          <ticker value="GO"/>
          <other otherDesc="Internal Identifier" value="992035"/>
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        <balance>805500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26798985.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMULE INC PRF USD.001 SER G 144A *PHYSICAL CERTIFICATES*</name>
        <lei>N/A</lei>
        <title>SMULE INC PRF USD.001 SER G 144A *PHYSICAL CERTIFICATES*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="635852"/>
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        <balance>1542673.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9464136.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BEACON ROOFING SUPPLY INC COM USD.01</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>BEACON ROOFING SUPPLY INC COM USD.01</title>
        <cusip>073685109</cusip>
        <identifiers>
          <ticker value="BECN"/>
          <other otherDesc="Internal Identifier" value="323955"/>
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        <balance>878200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19320400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IOVANCE BIOTHERAPEUTICS INC COM USD.001</name>
        <lei>549300220Z2GHH33XL82</lei>
        <title>IOVANCE BIOTHERAPEUTICS INC COM USD.001</title>
        <cusip>462260100</cusip>
        <identifiers>
          <ticker value="IOVA"/>
          <other otherDesc="Internal Identifier" value="594092"/>
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        <balance>1067700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34326555.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SMULE INC PRF USD NPV SER H 144A *PHYSICAL CERTIFICATES*</name>
        <lei>N/A</lei>
        <title>SMULE INC PRF USD NPV SER H 144A *PHYSICAL CERTIFICATES*</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="806683"/>
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        <balance>352675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2548305.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Inspire Medical Systems Inc COM USD 0.0010</name>
        <lei>549300XQQCQ7HCJKTW25</lei>
        <title>Inspire Medical Systems Inc COM USD 0.0010</title>
        <cusip>457730109</cusip>
        <identifiers>
          <ticker value="INSP"/>
          <other otherDesc="Internal Identifier" value="872004"/>
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        <balance>323744.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23199495.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RH COM USD.0001</name>
        <lei>5493008MTS3OGGMHGK69</lei>
        <title>RH COM USD.0001</title>
        <cusip>74967X103</cusip>
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          <ticker value="RH"/>
          <other otherDesc="Internal Identifier" value="534546"/>
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        <balance>96800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13917904.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MONOLITHIC POWER SYSTEMS INC COM USD1</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>MONOLITHIC POWER SYSTEMS INC COM USD1</title>
        <cusip>609839105</cusip>
        <identifiers>
          <ticker value="MPWR"/>
          <other otherDesc="Internal Identifier" value="322260"/>
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        <curCd>USD</curCd>
        <valUSD>31365879.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVAR SOLUTIONS INC COM USD.0100</name>
        <lei>549300VSXHFQVR770L55</lei>
        <title>UNIVAR SOLUTIONS INC COM USD.0100</title>
        <cusip>91336L107</cusip>
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          <ticker value="UNVR"/>
          <other otherDesc="Internal Identifier" value="606499"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEALTHCARE SERVICES GROUP INC COM USD0.01</name>
        <lei>529900GVZ1D2FBYMS719</lei>
        <title>HEALTHCARE SERVICES GROUP INC COM USD0.01</title>
        <cusip>421906108</cusip>
        <identifiers>
          <ticker value="HCSG"/>
          <other otherDesc="Internal Identifier" value="634"/>
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        <balance>822800.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DRAFTKINGS INC COM USD 1 CL A *180 DAYS LOCK UP*</name>
        <lei>5493008P45UYYL683Z97</lei>
        <title>DRAFTKINGS INC COM USD 1 CL A *180 DAYS LOCK UP*</title>
        <cusip>000000000</cusip>
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          <isin value="US26142R1041"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cloudflare Inc COM USD 0.001 CL A</name>
        <lei>N/A</lei>
        <title>Cloudflare Inc COM USD 0.001 CL A</title>
        <cusip>18915M107</cusip>
        <identifiers>
          <ticker value="NET"/>
          <other otherDesc="Internal Identifier" value="1008148"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BellRing Brands Inc COM USD.01 CL A</name>
        <lei>N/A</lei>
        <title>BellRing Brands Inc COM USD.01 CL A</title>
        <cusip>079823100</cusip>
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          <ticker value="BRBR"/>
          <other otherDesc="Internal Identifier" value="1015186"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>USA TECHNOLOGIES INC COM NPV USD</name>
        <lei>529900O54DBQQVWO9Q85</lei>
        <title>USA TECHNOLOGIES INC COM NPV USD</title>
        <cusip>90328S500</cusip>
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          <ticker value="USAT"/>
          <other otherDesc="Internal Identifier" value="341675"/>
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        <balance>1344300.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEVRO CORP COM USD.001</name>
        <lei>254900SH91I4BOYKUE38</lei>
        <title>NEVRO CORP COM USD.001</title>
        <cusip>64157F103</cusip>
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          <ticker value="NVRO"/>
          <other otherDesc="Internal Identifier" value="591027"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AXON ENTERPRISE INC COM USD.00001</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON ENTERPRISE INC COM USD.00001</title>
        <cusip>05464C101</cusip>
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          <ticker value="AAXN"/>
          <other otherDesc="Internal Identifier" value="220019"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REATA PHARMACEUTICALS INC COM USD.001</name>
        <lei>5299005F094GH9QDDD80</lei>
        <title>REATA PHARMACEUTICALS INC COM USD.001</title>
        <cusip>75615P103</cusip>
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          <ticker value="RETA"/>
          <other otherDesc="Internal Identifier" value="634806"/>
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        <balance>136974.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PTC THERAPEUTICS INC COM USD.001</name>
        <lei>549300UJLWOIWFDGB318</lei>
        <title>PTC THERAPEUTICS INC COM USD.001</title>
        <cusip>69366J200</cusip>
        <identifiers>
          <ticker value="PTCT"/>
          <other otherDesc="Internal Identifier" value="552507"/>
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        <balance>753100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38347852.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wheels Up Partners LLC PFD USD CLASS D</name>
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        <name>TRI POINTE GROUP INC COM USD.01</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASCENDIS PHARMA A/S SPONSORED ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>STEVEN MADDEN LTD COM USD.0001</name>
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          <ticker value="SHOO"/>
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        <name>PINNACLE FINANCIAL PARTNERS INC COM USD1</name>
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        <name>VIAVI SOLUTIONS INC COM USD.001</name>
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        <name>SPIRIT AIRLINES INC COM USD NPV</name>
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        <name>LATTICE SEMICONDUCTOR CORP COM USD NPV</name>
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        <lei>549300U1SB749EDAGH21</lei>
        <title>PagerDuty Inc COM USD 1</title>
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        <name>ALLEGIANT TRAVEL CO COM USD.001</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>ALLEGIANT TRAVEL CO COM USD.001</title>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRANITE CONSTRUCTION INC COM USD.01</name>
        <lei>549300OM4BWMCIXVCZ39</lei>
        <title>GRANITE CONSTRUCTION INC COM USD.01</title>
        <cusip>387328107</cusip>
        <identifiers>
          <ticker value="GVA"/>
          <other otherDesc="Internal Identifier" value="29831"/>
        </identifiers>
        <balance>1049543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17254486.92000000</valUSD>
        <pctVal>0.726579532613</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>Rent the Runway Inc. PRF 1</name>
        <lei>N/A</lei>
        <title>Rent the Runway Inc. PRF 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="970770"/>
        </identifiers>
        <balance>596471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11535214.11000000</valUSD>
        <pctVal>0.485743245539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN EAGLE OUTFITTERS INC COM USD.01</name>
        <lei>5299001Z9HXK01DHW793</lei>
        <title>AMERICAN EAGLE OUTFITTERS INC COM USD.01</title>
        <cusip>02553E106</cusip>
        <identifiers>
          <ticker value="AEO"/>
          <other otherDesc="Internal Identifier" value="203628"/>
        </identifiers>
        <balance>2233100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17753145.00000000</valUSD>
        <pctVal>0.747577824616</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>Onto Innovation Inc COM USD NPV</name>
        <lei>549300V1USTYXJ7TNR79</lei>
        <title>Onto Innovation Inc COM USD NPV</title>
        <cusip>683344105</cusip>
        <identifiers>
          <ticker value="ONTO"/>
          <other otherDesc="Internal Identifier" value="184067"/>
        </identifiers>
        <balance>901300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29256198.00000000</valUSD>
        <pctVal>1.231966778696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phreesia Inc COM USD 0.0010</name>
        <lei>5493000HHF8NU4QOCG53</lei>
        <title>Phreesia Inc COM USD 0.0010</title>
        <cusip>71944F106</cusip>
        <identifiers>
          <ticker value="PHR"/>
          <other otherDesc="Internal Identifier" value="998030"/>
        </identifiers>
        <balance>525982.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13354682.98000000</valUSD>
        <pctVal>0.562360350835</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>WIX.COM LTD ORD USD.01</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>WIX.COM LTD ORD USD.01</title>
        <cusip>M98068105</cusip>
        <identifiers>
          <ticker value="WIX"/>
          <other otherDesc="Internal Identifier" value="572693"/>
        </identifiers>
        <balance>215500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28189555.00000000</valUSD>
        <pctVal>1.187050869229</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>Bill.com Holdings Inc COM USD 0.000010</name>
        <lei>549300IBF9VZZIGOZW63</lei>
        <title>Bill.com Holdings Inc COM USD 0.000010</title>
        <cusip>090043100</cusip>
        <identifiers>
          <ticker value="BILL"/>
          <other otherDesc="Internal Identifier" value="1027999"/>
        </identifiers>
        <balance>397108.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23385690.12000000</valUSD>
        <pctVal>0.984762043404</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>PROTERRA INC PFD USD SERIES 5 *PHYS CERTS 144A EXP 09/16/17*</name>
        <lei>549300KN6Y54A0I8GX14</lei>
        <title>PROTERRA INC PFD USD SERIES 5 *PHYS CERTS 144A EXP 09/16/17*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="645784"/>
        </identifiers>
        <balance>1787047.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14926165.32000000</valUSD>
        <pctVal>0.628534842687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avalara Inc COM USD 0.0001</name>
        <lei>N/A</lei>
        <title>Avalara Inc COM USD 0.0001</title>
        <cusip>05338G106</cusip>
        <identifiers>
          <ticker value="AVLR"/>
          <other otherDesc="Internal Identifier" value="877580"/>
        </identifiers>
        <balance>268846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24026767.02000000</valUSD>
        <pctVal>1.011757534869</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>PROTERRA INC PFD USD SERIES 6 *PHYSICAL CERTIFICATE* 144A</name>
        <lei>549300KN6Y54A0I8GX14</lei>
        <title>PROTERRA INC PFD USD SERIES 6 *PHYSICAL CERTIFICATE* 144A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="808848"/>
        </identifiers>
        <balance>1310834.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10948634.81000000</valUSD>
        <pctVal>0.461042626181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
