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        <name>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</name>
        <lei>N/A</lei>
        <title>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
        </identifiers>
        <balance>23767271.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23767271.51000000</valUSD>
        <pctVal>0.469249016848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Display Corp.</name>
        <lei>N/A</lei>
        <title>Universal Display Corp.</title>
        <cusip>91347P105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91347P105"/>
          <other otherDesc="Primary Identifier" value="91347P105"/>
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        <balance>341919.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70459248.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MercadoLibre Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="58733R102"/>
          <other otherDesc="Primary Identifier" value="58733R102"/>
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        <balance>145145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83014231.30000000</valUSD>
        <pctVal>1.638991097717</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>Microchip Technology Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology Inc.</title>
        <cusip>595017104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="595017104"/>
          <other otherDesc="Primary Identifier" value="595017104"/>
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        <balance>964910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101045375.20000100</valUSD>
        <pctVal>1.994988905213</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>Abiomed Inc.</name>
        <lei>5493001EZN4ZTB4Z5887</lei>
        <title>Abiomed Inc.</title>
        <cusip>003654100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="003654100"/>
          <other otherDesc="Primary Identifier" value="003654100"/>
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        <balance>328904.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56107733.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gardner Denver Holdings Inc.</name>
        <lei>5299004C02FMZCUOIR50</lei>
        <title>Gardner Denver Holdings Inc.</title>
        <cusip>36555P107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="36555P107"/>
          <other otherDesc="Primary Identifier" value="36555P107"/>
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        <balance>1543577.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56618404.36000000</valUSD>
        <pctVal>1.117845208704</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>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
        <lei>N/A</lei>
        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="857492706"/>
          <other otherDesc="Primary Identifier" value="857492706"/>
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        <balance>140926471.11000100</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140926471.11000100</valUSD>
        <pctVal>2.782381140738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Seattle Genetics Inc.</name>
        <lei>N/A</lei>
        <title>Seattle Genetics Inc.</title>
        <cusip>812578102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="812578102"/>
          <other otherDesc="Primary Identifier" value="812578102"/>
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        <balance>730252.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83438593.52000000</valUSD>
        <pctVal>1.647369491275</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>IDEX Corp.</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX Corp.</title>
        <cusip>45167R104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="45167R104"/>
          <other otherDesc="Primary Identifier" value="45167R104"/>
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        <balance>526023.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90475956.00000000</valUSD>
        <pctVal>1.786311625359</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>Advanced Micro Devices Inc.</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>Advanced Micro Devices Inc.</title>
        <cusip>007903107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="007903107"/>
          <other otherDesc="Primary Identifier" value="007903107"/>
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        <balance>2063039.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94610968.54000000</valUSD>
        <pctVal>1.867951226616</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="35863842.4"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486Q101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78486Q101"/>
          <other otherDesc="Primary Identifier" value="78486Q101"/>
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        <balance>279457.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70154885.28000000</valUSD>
        <pctVal>1.385102658118</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>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank</title>
        <cusip>33616C100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="33616C100"/>
          <other otherDesc="Primary Identifier" value="33616C100"/>
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        <balance>821459.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96480359.55000000</valUSD>
        <pctVal>1.904859539511</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>Burberry Group plc</name>
        <lei>213800PE1KEFCNFR1R50</lei>
        <title>Burberry Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="3174300"/>
          <other otherDesc="Primary Identifier" value="3174300"/>
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        <balance>2163990.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>63204995.76000000</valUSD>
        <pctVal>1.247887546022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BorgWarner Inc.</name>
        <lei>549300DSFX2IE88NSX47</lei>
        <title>BorgWarner Inc.</title>
        <cusip>099724106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="099724106"/>
          <other otherDesc="Primary Identifier" value="099724106"/>
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        <balance>2003030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86891441.40000000</valUSD>
        <pctVal>1.715540777674</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>Hershey Foods Corp.</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Foods Corp.</title>
        <cusip>427866108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="427866108"/>
          <other otherDesc="Primary Identifier" value="427866108"/>
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        <balance>512162.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75277570.76000000</valUSD>
        <pctVal>1.486242375569</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>Monolithic Power Systems Inc.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>Monolithic Power Systems Inc.</title>
        <cusip>609839105</cusip>
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          <other otherDesc="Primary Identifier" value="609839105"/>
          <other otherDesc="Primary Identifier" value="609839105"/>
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        <balance>559287.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99564271.74000000</valUSD>
        <pctVal>1.965746745794</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>Maxim Integrated Products Inc.</name>
        <lei>SO0H5YEO14Y4PVKQH532</lei>
        <title>Maxim Integrated Products Inc.</title>
        <cusip>57772K101</cusip>
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          <other otherDesc="Primary Identifier" value="57772K101"/>
          <other otherDesc="Primary Identifier" value="57772K101"/>
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        <balance>1490297.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91668168.47000000</valUSD>
        <pctVal>1.809850066832</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>Scotts Miracle-Gro Co. (The)</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>Scotts Miracle-Gro Co. (The)</title>
        <cusip>810186106</cusip>
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          <other otherDesc="Primary Identifier" value="810186106"/>
          <other otherDesc="Primary Identifier" value="810186106"/>
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        <balance>606778.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64427688.04000000</valUSD>
        <pctVal>1.272027765485</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>Trex Co. Inc.</name>
        <lei>N/A</lei>
        <title>Trex Co. Inc.</title>
        <cusip>89531P105</cusip>
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          <other otherDesc="Primary Identifier" value="89531P105"/>
          <other otherDesc="Primary Identifier" value="89531P105"/>
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        <balance>794904.00000000</balance>
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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>TECHNE Corp.</name>
        <lei>54930073RLKQ51TILZ35</lei>
        <title>TECHNE Corp.</title>
        <cusip>09073M104</cusip>
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          <other otherDesc="Primary Identifier" value="09073M104"/>
          <other otherDesc="Primary Identifier" value="09073M104"/>
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        <balance>140920.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30933349.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fastenal Co.</name>
        <lei>529900PP0C7H2HHPSJ32</lei>
        <title>Fastenal Co.</title>
        <cusip>311900104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="311900104"/>
          <other otherDesc="Primary Identifier" value="311900104"/>
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        <balance>3138016.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115949691.20000100</valUSD>
        <pctVal>2.289252200301</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="43905438"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Axalta Coating Systems Ltd.</name>
        <lei>529900AGLPA40GV6H619</lei>
        <title>Axalta Coating Systems Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G0750C108"/>
          <other otherDesc="Primary Identifier" value="G0750C108"/>
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        <balance>2831610.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86080944.00000000</valUSD>
        <pctVal>1.699538725947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts Inc.</title>
        <cusip>285512109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="285512109"/>
          <other otherDesc="Primary Identifier" value="285512109"/>
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        <balance>1433126.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154075376.26000100</valUSD>
        <pctVal>3.041986489701</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>Intuitive Surgical Inc.</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc.</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46120E602"/>
          <other otherDesc="Primary Identifier" value="46120E602"/>
        </identifiers>
        <balance>154692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91446175.80000000</valUSD>
        <pctVal>1.805467155563</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>Tractor Supply Co.</name>
        <lei>549300OJ9VZHZRO6I137</lei>
        <title>Tractor Supply Co.</title>
        <cusip>892356106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="892356106"/>
          <other otherDesc="Primary Identifier" value="892356106"/>
        </identifiers>
        <balance>1295429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121044885.76000100</valUSD>
        <pctVal>2.389849150899</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>MarketAxess Holdings Inc.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MarketAxess Holdings Inc.</title>
        <cusip>57060D108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="57060D108"/>
          <other otherDesc="Primary Identifier" value="57060D108"/>
        </identifiers>
        <balance>335799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>127304758.89000100</valUSD>
        <pctVal>2.513440927540</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>TransUnion</name>
        <lei>549300ZS772LUNUMRB03</lei>
        <title>TransUnion</title>
        <cusip>89400J107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89400J107"/>
          <other otherDesc="Primary Identifier" value="89400J107"/>
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        <balance>1461335.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125104889.35000100</valUSD>
        <pctVal>2.470007813293</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>Ulta Beauty Inc.</name>
        <lei>529900CIV6HN8M28YM82</lei>
        <title>Ulta Beauty Inc.</title>
        <cusip>90384S303</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="90384S303"/>
          <other otherDesc="Primary Identifier" value="90384S303"/>
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        <balance>337969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85553472.66000000</valUSD>
        <pctVal>1.689124597947</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>Keysight Technologies Inc.</name>
        <lei>549300GLKVIO8YRCYN02</lei>
        <title>Keysight Technologies Inc.</title>
        <cusip>49338L103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="49338L103"/>
          <other otherDesc="Primary Identifier" value="49338L103"/>
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        <balance>1102053.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113103699.39000100</valUSD>
        <pctVal>2.233062373958</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>L3Harris Technologies Inc.</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies Inc.</title>
        <cusip>502431109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="502431109"/>
          <other otherDesc="Primary Identifier" value="502431109"/>
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        <balance>411628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81448832.36000000</valUSD>
        <pctVal>1.608084650872</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>Grubhub Inc.</name>
        <lei>529900CR2K1AJ5W4RR39</lei>
        <title>Grubhub Inc.</title>
        <cusip>400110102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="400110102"/>
          <other otherDesc="Primary Identifier" value="400110102"/>
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        <balance>1027174.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49961743.36000000</valUSD>
        <pctVal>0.986419452558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="23767271.51" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8455253.1"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CoStar Group Inc.</name>
        <lei>N/A</lei>
        <title>CoStar Group Inc.</title>
        <cusip>22160N109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="22160N109"/>
          <other otherDesc="Primary Identifier" value="22160N109"/>
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        <balance>292896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175239676.80000100</valUSD>
        <pctVal>3.459843761054</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>Square Inc. Class A</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Square Inc. Class A</title>
        <cusip>852234103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="852234103"/>
          <other otherDesc="Primary Identifier" value="852234103"/>
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        <balance>1427314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89292763.84000000</valUSD>
        <pctVal>1.762951276335</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>O'Reilly Automotive Inc.</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>O'Reilly Automotive Inc.</title>
        <cusip>67103H107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="67103H107"/>
          <other otherDesc="Primary Identifier" value="67103H107"/>
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        <balance>153233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67155894.58000000</valUSD>
        <pctVal>1.325892098887</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>Glaukos Corp.</name>
        <lei>5299004JA1LHE21M6T14</lei>
        <title>Glaukos Corp.</title>
        <cusip>377322102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="377322102"/>
          <other otherDesc="Primary Identifier" value="377322102"/>
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        <balance>807979.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44010616.13000000</valUSD>
        <pctVal>0.868923399187</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>Dunkin Brands Group Inc.</name>
        <lei>549300311IRV47UCTO62</lei>
        <title>Dunkin Brands Group Inc.</title>
        <cusip>265504100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="265504100"/>
          <other otherDesc="Primary Identifier" value="265504100"/>
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        <balance>1075338.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81231032.52000000</valUSD>
        <pctVal>1.603784520723</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>A. O. Smith Corp.</name>
        <lei>549300XG4US7UJNECY36</lei>
        <title>A. O. Smith Corp.</title>
        <cusip>831865209</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="831865209"/>
          <other otherDesc="Primary Identifier" value="831865209"/>
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        <balance>1687920.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80412508.80000000</valUSD>
        <pctVal>1.587624001383</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>Agilent Technologies Inc.</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies Inc.</title>
        <cusip>00846U101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="00846U101"/>
          <other otherDesc="Primary Identifier" value="00846U101"/>
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        <balance>754436.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64360935.16000000</valUSD>
        <pctVal>1.270709830303</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>Coherent Inc.</name>
        <lei>549300RYOCKUMWACR010</lei>
        <title>Coherent Inc.</title>
        <cusip>192479103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="192479103"/>
          <other otherDesc="Primary Identifier" value="192479103"/>
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        <balance>310234.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51607425.90000000</valUSD>
        <pctVal>1.018910978294</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>Cerner Corp.</name>
        <lei>549300L4UJ40IEVVI304</lei>
        <title>Cerner Corp.</title>
        <cusip>156782104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="156782104"/>
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        <balance>1382423.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101456023.97000100</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Twilio Inc. Class A</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>Twilio Inc. Class A</title>
        <cusip>90138F102</cusip>
        <identifiers>
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          <other otherDesc="Primary Identifier" value="90138F102"/>
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        <balance>553982.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54445350.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="23767271.51" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>RPM International Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International Inc.</title>
        <cusip>749685103</cusip>
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          <other otherDesc="Primary Identifier" value="749685103"/>
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        <balance>1052739.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80808245.64000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp.</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
        <title>Edwards Lifesciences Corp.</title>
        <cusip>28176E108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="28176E108"/>
          <other otherDesc="Primary Identifier" value="28176E108"/>
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        <balance>445625.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103959856.25000100</valUSD>
        <pctVal>2.052530948554</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>National Vision Holdings Inc.</name>
        <lei>549300JHURCBLI5ROA42</lei>
        <title>National Vision Holdings Inc.</title>
        <cusip>63845R107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="63845R107"/>
          <other otherDesc="Primary Identifier" value="63845R107"/>
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        <balance>1508380.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48916763.40000000</valUSD>
        <pctVal>0.965787895475</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>VeriSign Inc.</name>
        <lei>LMPL4N8ZOJRMF0KOF759</lei>
        <title>VeriSign Inc.</title>
        <cusip>92343E102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92343E102"/>
          <other otherDesc="Primary Identifier" value="92343E102"/>
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        <balance>84808.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16340805.44000000</valUSD>
        <pctVal>0.322624617806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novanta Inc.</name>
        <lei>N/A</lei>
        <title>Novanta Inc.</title>
        <cusip>67000B104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="67000B104"/>
          <other otherDesc="Primary Identifier" value="67000B104"/>
        </identifiers>
        <balance>298575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26405973.00000000</valUSD>
        <pctVal>0.521346207702</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>Twitter Inc.</name>
        <lei>549300I8RX485XMK6836</lei>
        <title>Twitter Inc.</title>
        <cusip>90184L102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="90184L102"/>
          <other otherDesc="Primary Identifier" value="90184L102"/>
        </identifiers>
        <balance>1573091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50417566.55000000</valUSD>
        <pctVal>0.995418995634</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>Zoetis Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc.</title>
        <cusip>98978V103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="98978V103"/>
          <other otherDesc="Primary Identifier" value="98978V103"/>
        </identifiers>
        <balance>533997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70674502.95000000</valUSD>
        <pctVal>1.395361727220</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>Teradyne Inc.</name>
        <lei>C3X4YJ278QNZHRJULN75</lei>
        <title>Teradyne Inc.</title>
        <cusip>880770102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="880770102"/>
          <other otherDesc="Primary Identifier" value="880770102"/>
        </identifiers>
        <balance>1845840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125867829.60000100</valUSD>
        <pctVal>2.485070920645</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>DexCom Inc.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DexCom Inc.</title>
        <cusip>252131107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="252131107"/>
          <other otherDesc="Primary Identifier" value="252131107"/>
        </identifiers>
        <balance>487323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106597033.02000100</valUSD>
        <pctVal>2.104598036106</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>Tyler Technologies Inc.</name>
        <lei>N/A</lei>
        <title>Tyler Technologies Inc.</title>
        <cusip>902252105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="902252105"/>
          <other otherDesc="Primary Identifier" value="902252105"/>
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        <balance>253485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76050569.70000000</valUSD>
        <pctVal>1.501504076622</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>Arista Networks Inc.</name>
        <lei>635400H1WKBLOQERUU95</lei>
        <title>Arista Networks Inc.</title>
        <cusip>040413106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="040413106"/>
          <other otherDesc="Primary Identifier" value="040413106"/>
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        <balance>343240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69815016.00000000</valUSD>
        <pctVal>1.378392450536</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>10x Genomics Inc. Class A</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10x Genomics Inc. Class A</title>
        <cusip>88025U109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88025U109"/>
          <other otherDesc="Primary Identifier" value="88025U109"/>
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        <balance>88491.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6747438.75000000</valUSD>
        <pctVal>0.133218026240</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>Middleby Corp.</name>
        <lei>JDFO86U9VQRBKW5KYA35</lei>
        <title>Middleby Corp.</title>
        <cusip>596278101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="596278101"/>
          <other otherDesc="Primary Identifier" value="596278101"/>
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        <balance>759540.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83184820.80000000</valUSD>
        <pctVal>1.642359130733</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>Nordstrom Inc.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>Nordstrom Inc.</title>
        <cusip>655664100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="655664100"/>
          <other otherDesc="Primary Identifier" value="655664100"/>
        </identifiers>
        <balance>884245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36192147.85000000</valUSD>
        <pctVal>0.714559506297</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>Guidewire Software Inc.</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>Guidewire Software Inc.</title>
        <cusip>40171V100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="40171V100"/>
          <other otherDesc="Primary Identifier" value="40171V100"/>
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        <balance>930617.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102153828.09000100</valUSD>
        <pctVal>2.016873639800</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>Chicago Board Options Exchange Inc.</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>Chicago Board Options Exchange Inc.</title>
        <cusip>12503M108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="12503M108"/>
          <other otherDesc="Primary Identifier" value="12503M108"/>
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        <balance>273568.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32828160.00000000</valUSD>
        <pctVal>0.648142627497</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>ServiceNow Inc.</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>ServiceNow Inc.</title>
        <cusip>81762P102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="81762P102"/>
          <other otherDesc="Primary Identifier" value="81762P102"/>
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        <balance>204840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57830428.80000000</valUSD>
        <pctVal>1.141774807717</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>lululemon athletica Inc.</name>
        <lei>549300D9GZ4BMLDW5T40</lei>
        <title>lululemon athletica Inc.</title>
        <cusip>550021109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="550021109"/>
          <other otherDesc="Primary Identifier" value="550021109"/>
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        <balance>320421.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74231933.07000000</valUSD>
        <pctVal>1.465597832598</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>Teladoc Health Inc.</title>
        <cusip>87918A105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="87918A105"/>
          <other otherDesc="Primary Identifier" value="87918A105"/>
        </identifiers>
        <balance>405066.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33912125.52000000</valUSD>
        <pctVal>0.669543895806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="23767271.51" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="28018786.5"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chipotle Mexican Grill Inc. Class A</name>
        <lei>N/A</lei>
        <title>Chipotle Mexican Grill Inc. Class A</title>
        <cusip>169656105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="169656105"/>
          <other otherDesc="Primary Identifier" value="169656105"/>
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        <balance>176175.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147477854.25000100</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>II-VI Inc.</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>II-VI Inc.</title>
        <cusip>902104108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="902104108"/>
          <other otherDesc="Primary Identifier" value="902104108"/>
        </identifiers>
        <balance>210155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7075918.85000000</valUSD>
        <pctVal>0.139703371599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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