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        <lei>529900YQO0LF5VAEKN05</lei>
        <title>Willdan Group Inc. COM</title>
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          <isin value="US96924N1000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LEGENCE CORP</name>
        <lei>N/A</lei>
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          <isin value="US52476L1098"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Adaptive Biotechnologies Corp</name>
        <lei>549300ZTF7OT1FW66Q96</lei>
        <title>Adaptive Biotechnologies Corp COM</title>
        <cusip>00650F109</cusip>
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          <isin value="US00650F1093"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Seacoast Banking Corporation Of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
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          <isin value="US8117078019"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Boot Barn Holdings Inc</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings Inc COM</title>
        <cusip>099406100</cusip>
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          <isin value="US0994061002"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guardant Health Inc</name>
        <lei>254900M8C3E5VC8BR186</lei>
        <title>Guardant Health Inc COM</title>
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          <isin value="US40131M1099"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC</name>
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        <title>MACOM Technology Solutions Holdings Inc. COM</title>
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          <isin value="US55405Y1001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BEL Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>BEL Fuse Inc CL B</title>
        <cusip>077347300</cusip>
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          <isin value="US0773473006"/>
          <ticker value="BELFB"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aaon Inc</name>
        <lei>549300ZHF0E5VM7PUD37</lei>
        <title>Aaon Inc COM PAR $0.004</title>
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          <isin value="US0003602069"/>
          <ticker value="AAON"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tarsus Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Tarsus Pharmaceuticals Inc COM</title>
        <cusip>87650L103</cusip>
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          <isin value="US87650L1035"/>
          <ticker value="TARS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OneSpaWorld Holdings Ltd.</name>
        <lei>5493007W8PZ8W6UC2X76</lei>
        <title>OneSpaWorld Holdings Ltd. COM USD0.0001</title>
        <cusip>000000000</cusip>
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          <isin value="BSP736841136"/>
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          <other otherDesc="SEDOL" value="BJY21L2"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BS</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KalVista Pharmaceuticals Inc.</name>
        <lei>529900Q7IDA3WUGRZA51</lei>
        <title>KalVista Pharmaceuticals Inc. COM</title>
        <cusip>483497103</cusip>
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          <isin value="US4834971032"/>
          <ticker value="KALV"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chefs Warehouse Inc.</name>
        <lei>549300JYEDC8C547E980</lei>
        <title>Chefs Warehouse Inc. COM</title>
        <cusip>163086101</cusip>
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          <isin value="US1630861011"/>
          <ticker value="CHEF"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Paymentus Holdings Inc</name>
        <lei>N/A</lei>
        <title>Paymentus Holdings Inc COM CL A</title>
        <cusip>70439P108</cusip>
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          <isin value="US70439P1084"/>
          <ticker value="PAY"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vericel Corporation</name>
        <lei>54930076YM3PLTDR4B91</lei>
        <title>Vericel Corporation COM</title>
        <cusip>92346J108</cusip>
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          <isin value="US92346J1088"/>
          <ticker value="VCEL"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Trust</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
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          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ollies Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollies Bargain Outlet Holdings Inc. COM</title>
        <cusip>681116109</cusip>
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          <isin value="US6811161099"/>
          <ticker value="OLLI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Bloom Energy Corporation</name>
        <lei>549300XB5J9BFW5JXV97</lei>
        <title>Bloom Energy Corporation COM CL A</title>
        <cusip>093712107</cusip>
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          <ticker value="BE"/>
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      <invstOrSec>
        <name>Agilysys Inc</name>
        <lei>5299001XWB5V3B5IPN93</lei>
        <title>Agilysys Inc COM</title>
        <cusip>00847J105</cusip>
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          <isin value="US00847J1051"/>
          <ticker value="AGYS"/>
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      <invstOrSec>
        <name>Mirum Pharmaceuticals Inc.</name>
        <lei>254900YZKR40F7F27K81</lei>
        <title>Mirum Pharmaceuticals Inc. COM</title>
        <cusip>604749101</cusip>
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          <isin value="US6047491013"/>
          <ticker value="MIRM"/>
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        <invCountry>US</invCountry>
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        <name>Standex International Corp</name>
        <lei>RCX52GR0JW2LRRMH9Z54</lei>
        <title>Standex International Corp COM</title>
        <cusip>854231107</cusip>
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          <isin value="US8542311076"/>
          <ticker value="SXI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphatec Holdings Inc.</name>
        <lei>549300EZE8CQ8K65FS24</lei>
        <title>Alphatec Holdings Inc. COM NEW</title>
        <cusip>02081G201</cusip>
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          <isin value="US02081G2012"/>
          <ticker value="ATEC"/>
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        <valUSD>9556350.08000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>Fidelity Colchester Street Trust MNY MRKT FDS I</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
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        <balance>4184955.83000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4184955.83000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>
      <invstOrSec>
        <name>Construction Partners Inc.</name>
        <lei>549300MHLFL4E8JLZU44</lei>
        <title>Construction Partners Inc. COM CL A</title>
        <cusip>21044C107</cusip>
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      <invstOrSec>
        <name>SAILPOINT INC</name>
        <lei>N/A</lei>
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          <ticker value="SAIL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Catalyst Pharmaceuticals Inc.</name>
        <lei>5299004O0R5XXLA5H544</lei>
        <title>Catalyst Pharmaceuticals Inc. COM</title>
        <cusip>14888U101</cusip>
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          <isin value="US14888U1016"/>
          <ticker value="CPRX"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Flowserve Corporation</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CAVA GROUP INC</name>
        <lei>N/A</lei>
        <title>CAVA Group Inc. COM</title>
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          <isin value="US1489291021"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ATI Inc</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI Inc COM</title>
        <cusip>01741R102</cusip>
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          <isin value="US01741R1023"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds FEDFUND INSTL</title>
        <cusip>09248U700</cusip>
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          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPX TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>SPX Technologies, Inc. COM</title>
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          <isin value="US78473E1038"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APA Corp.</name>
        <lei>549300VCIWLRHYVSHC79</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVEPOINT INC</name>
        <lei>N/A</lei>
        <title>AvePoint Inc. COM CL A</title>
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      <invstOrSec>
        <name>Travere Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Travere Therapeutics Inc COM</title>
        <cusip>89422G107</cusip>
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          <isin value="US89422G1076"/>
          <ticker value="TVTX"/>
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      <invstOrSec>
        <name>Encompass Health Corporation</name>
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        <title>Encompass Health Corporation COM</title>
        <cusip>29261A100</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Shake Shack Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GeneDx Holdings Corp</name>
        <lei>N/A</lei>
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        <name>Morgan Stanley Institutional Liquidity Funds</name>
        <lei>5493000A332Y142SOW84</lei>
        <title>Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL</title>
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          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
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        <name>Leonardo DRS Inc</name>
        <lei>549300HMMEWVG3PPQU18</lei>
        <title>Leonardo DRS Inc COM</title>
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        <name>DigitalOcean Holdings Inc</name>
        <lei>549300EPISPY3RE3DL21</lei>
        <title>DigitalOcean Holdings Inc COM</title>
        <cusip>25402D102</cusip>
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        <assetCat>EC</assetCat>
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        <name>Fabrinet</name>
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        <title>Fabrinet SHS</title>
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          <ticker value="FN"/>
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        <name>Artivion Inc</name>
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        <title>Artivion Inc COM</title>
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        <name>INTERDIGITAL INC</name>
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        <title>InterDigital, Inc. COM</title>
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        <name>Synaptics Incorporated</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
        <title>Synaptics Incorporated COM</title>
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        <name>Mirion Technologies Inc</name>
        <lei>549300BNTOWVWFNVTJ65</lei>
        <title>Mirion Technologies Inc COM CL A</title>
        <cusip>60471A101</cusip>
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          <ticker value="MIR"/>
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        <name>Skywest Inc</name>
        <lei>529900UYS2KGS6Z42P09</lei>
        <title>Skywest Inc COM</title>
        <cusip>830879102</cusip>
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          <ticker value="SKYW"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Axos Financial Inc</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc COM</title>
        <cusip>05465C100</cusip>
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          <ticker value="AX"/>
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        <balance>95068.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Patrick Industries Inc.</name>
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        <name>Xometry Inc</name>
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      <invstOrSec>
        <name>Rambus Inc.</name>
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      <invstOrSec>
        <name>Descartes Systems Group Inc.</name>
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        <name>Huron Consulting Group Inc.</name>
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      <invstOrSec>
        <name>Phathom Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Phathom Pharmaceuticals Inc COM</title>
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      <invstOrSec>
        <name>ATMUS FILTRATION TECHNOLOGIES INC</name>
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        <title>Atmus Filtration Technologies Inc. COM</title>
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          <isin value="US04956D1072"/>
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      <invstOrSec>
        <name>YORK SPACE SYSTEMS INC</name>
        <lei>N/A</lei>
        <title>York Space Systems Inc. COM</title>
        <cusip>987084100</cusip>
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          <isin value="US9870841007"/>
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        <name>Axsome Therapeutics Inc.</name>
        <lei>549300EXGR0XLRJEIB95</lei>
        <title>Axsome Therapeutics Inc. COM</title>
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        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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        <name>Phreesia Inc</name>
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        <title>Phreesia Inc COM</title>
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        <name>AeroVironment, Inc.</name>
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        <name>MAGNOLIA OIL &amp; GAS CORP</name>
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        <name>TransMedics Group Inc.</name>
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        <name>KNIFE RIVER CORP</name>
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        <name>Pricesmart Inc</name>
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        <name>Lumentum Holdings Inc.</name>
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        <name>FTAI Aviation Ltd</name>
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        <name>OSI System Inc.</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
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        <name>Advanced Energy Industries, Inc.</name>
        <lei>549300756XI3QLFT2U27</lei>
        <title>Advanced Energy Industries, Inc. COM</title>
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        <name>American Superconductor Corp.</name>
        <lei>549300S9YT8Z8LOK4452</lei>
        <title>American Superconductor Corp. SHS NEW</title>
        <cusip>030111207</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Houlihan Lokey Inc.</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey Inc. CL A</title>
        <cusip>441593100</cusip>
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          <ticker value="HLI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Dorman Products Inc.</name>
        <lei>2549000O0BBUX740XR59</lei>
        <title>Dorman Products Inc. COM</title>
        <cusip>258278100</cusip>
        <identifiers>
          <isin value="US2582781009"/>
          <ticker value="DORM"/>
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        <balance>75239.00000000</balance>
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        <valUSD>7851942.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Modine Manufacturing Co.</name>
        <lei>Z35SZFYJR8GZZRSIUU09</lei>
        <title>Modine Manufacturing Co. COM</title>
        <cusip>607828100</cusip>
        <identifiers>
          <isin value="US6078281002"/>
          <ticker value="MOD"/>
        </identifiers>
        <balance>59324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12856104.04000000</valUSD>
        <pctVal>1.305532792718</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>ANI Pharmaceuticals Inc.</name>
        <lei>5493000T6CXTND40YH31</lei>
        <title>ANI Pharmaceuticals Inc. COM</title>
        <cusip>00182C103</cusip>
        <identifiers>
          <isin value="US00182C1036"/>
          <ticker value="ANIP"/>
        </identifiers>
        <balance>196758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15130690.20000000</valUSD>
        <pctVal>1.536516208261</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>Rubrik Inc.</name>
        <lei>254900TRGK2WTBYMYU27</lei>
        <title>Rubrik Inc. CL A</title>
        <cusip>781154109</cusip>
        <identifiers>
          <isin value="US7811541090"/>
          <ticker value="RBRK"/>
        </identifiers>
        <balance>125314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6136626.58000000</valUSD>
        <pctVal>0.623172246578</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>Federal Signal Corp.</name>
        <lei>549300RTXZRPTNP6G884</lei>
        <title>Federal Signal Corp. COM</title>
        <cusip>313855108</cusip>
        <identifiers>
          <isin value="US3138551086"/>
          <ticker value="FSS"/>
        </identifiers>
        <balance>41325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4468885.50000000</valUSD>
        <pctVal>0.453813733071</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>KULICKE AND SOFFA INDUSTRIES INC</name>
        <lei>529900H6BEIRBF429744</lei>
        <title>Kulicke and Soffa Industries, Inc. COM</title>
        <cusip>501242101</cusip>
        <identifiers>
          <isin value="US5012421013"/>
          <ticker value="KLIC"/>
        </identifiers>
        <balance>85732.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5634307.04000000</valUSD>
        <pctVal>0.572161875952</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>Q2 Holdings Inc COM</title>
        <cusip>74736L109</cusip>
        <identifiers>
          <isin value="US74736L1098"/>
          <ticker value="QTWO"/>
        </identifiers>
        <balance>157862.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7466872.60000000</valUSD>
        <pctVal>0.758258256779</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>Loar Holdings Inc</name>
        <lei>N/A</lei>
        <title>Loar Holdings Inc COM SHS</title>
        <cusip>53947R105</cusip>
        <identifiers>
          <isin value="US53947R1059"/>
          <ticker value="LOAR"/>
        </identifiers>
        <balance>92377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5292278.33000000</valUSD>
        <pctVal>0.537428982101</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>WisdomTree, Inc.</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree, Inc. COM</title>
        <cusip>97717P104</cusip>
        <identifiers>
          <isin value="US97717P1049"/>
          <ticker value="WT"/>
        </identifiers>
        <balance>1114925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16233308.00000000</valUSD>
        <pctVal>1.648486653682</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>Group 1 Automotive, Inc.</name>
        <lei>549300US8QAZJLWYAF63</lei>
        <title>Group 1 Automotive, Inc. COM</title>
        <cusip>398905109</cusip>
        <identifiers>
          <isin value="US3989051095"/>
          <ticker value="GPI"/>
        </identifiers>
        <balance>26058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8615556.54000000</valUSD>
        <pctVal>0.874906702333</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>AAR Corp.</name>
        <lei>MP76T5YQX3YK5VVAQ802</lei>
        <title>AAR Corp. COM</title>
        <cusip>000361105</cusip>
        <identifiers>
          <isin value="US0003611052"/>
          <ticker value="AIR"/>
        </identifiers>
        <balance>180880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19799124.80000000</valUSD>
        <pctVal>2.010594081464</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>MKS Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS Inc. COM</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <isin value="US55306N1046"/>
          <ticker value="MKSI"/>
        </identifiers>
        <balance>78351.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18005843.31000000</valUSD>
        <pctVal>1.828486983973</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>Mercury Systems Inc</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>Mercury Systems Inc COM</title>
        <cusip>589378108</cusip>
        <identifiers>
          <isin value="US5893781089"/>
          <ticker value="MRCY"/>
        </identifiers>
        <balance>82614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6023386.74000000</valUSD>
        <pctVal>0.611672781102</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>Everus Construction Group Inc.</name>
        <lei>2549006JMMHR0KILT425</lei>
        <title>Everus Construction Group Inc. COM</title>
        <cusip>300426103</cusip>
        <identifiers>
          <isin value="US3004261034"/>
          <ticker value="ECG"/>
        </identifiers>
        <balance>202840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23947290.40000000</valUSD>
        <pctVal>2.431838822762</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>Kratos Defense &amp; Security Solutions, Inc.</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>Kratos Defense &amp; Security Solutions, Inc. COM NEW</title>
        <cusip>50077B207</cusip>
        <identifiers>
          <isin value="US50077B2079"/>
          <ticker value="KTOS"/>
        </identifiers>
        <balance>54159.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3818751.09000000</valUSD>
        <pctVal>0.387792814970</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>SERVICETITAN INC</name>
        <lei>N/A</lei>
        <title>ServiceTitan Inc. SHS CL A</title>
        <cusip>81764X103</cusip>
        <identifiers>
          <isin value="US81764X1037"/>
          <ticker value="TTAN"/>
        </identifiers>
        <balance>63448.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4026410.08000000</valUSD>
        <pctVal>0.408880511546</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>IMAX Corporation</name>
        <lei>894500GS1ESLAPZCEI74</lei>
        <title>IMAX Corporation COM</title>
        <cusip>45245E109</cusip>
        <identifiers>
          <isin value="CA45245E1097"/>
          <ticker value="IMAX"/>
        </identifiers>
        <balance>648961.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24667007.61000000</valUSD>
        <pctVal>2.504925849455</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>
    </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>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
