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          <other otherDesc="Primary Identifier" value="16359R103"/>
          <other otherDesc="Primary Identifier" value="16359R103"/>
        </identifiers>
        <balance>69193.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30393717.18000000</valUSD>
        <pctVal>4.088422944916</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>Knight Transportation Inc.</name>
        <lei>N/A</lei>
        <title>Knight Transportation Inc.</title>
        <cusip>499049104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="499049104"/>
          <other otherDesc="Primary Identifier" value="499049104"/>
        </identifiers>
        <balance>217971.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7812080.64000000</valUSD>
        <pctVal>1.050845131806</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>Ryman Hospitality Properties Inc.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties Inc.</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78377T107"/>
          <other otherDesc="Primary Identifier" value="78377T107"/>
        </identifiers>
        <balance>129903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11257393.98000000</valUSD>
        <pctVal>1.514292824902</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>Varonis Systems Inc.</name>
        <lei>549300SHIVNRRH7STS26</lei>
        <title>Varonis Systems Inc.</title>
        <cusip>922280102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="922280102"/>
          <other otherDesc="Primary Identifier" value="922280102"/>
        </identifiers>
        <balance>145567.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11312011.57000000</valUSD>
        <pctVal>1.521639731726</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>Scorpio Tankers Inc.</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="Y7542C130"/>
          <other otherDesc="Primary Identifier" value="Y7542C130"/>
        </identifiers>
        <balance>211254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8310732.36000000</valUSD>
        <pctVal>1.117921466086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assurant Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc.</title>
        <cusip>04621X108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="04621X108"/>
          <other otherDesc="Primary Identifier" value="04621X108"/>
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        <balance>56321.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7382556.68000000</valUSD>
        <pctVal>0.993067545634</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>Red Rock Resorts Inc. Class A</name>
        <lei>N/A</lei>
        <title>Red Rock Resorts Inc. Class A</title>
        <cusip>75700L108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="75700L108"/>
          <other otherDesc="Primary Identifier" value="75700L108"/>
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        <balance>193344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4630588.80000000</valUSD>
        <pctVal>0.622885492625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>Brink's Co. (The)</title>
        <cusip>109696104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="109696104"/>
          <other otherDesc="Primary Identifier" value="109696104"/>
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        <balance>109459.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9925742.12000000</valUSD>
        <pctVal>1.335165145756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TopBuild Corp.</name>
        <lei>5493007YSKHOL4RWII46</lei>
        <title>TopBuild Corp.</title>
        <cusip>89055F103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89055F103"/>
          <other otherDesc="Primary Identifier" value="89055F103"/>
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        <balance>55230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5693108.40000000</valUSD>
        <pctVal>0.765810738864</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>Cogent Communications Group Inc.</name>
        <lei>N/A</lei>
        <title>Cogent Communications Group Inc.</title>
        <cusip>19239V302</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="19239V302"/>
          <other otherDesc="Primary Identifier" value="19239V302"/>
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        <balance>290206.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19098456.86000000</valUSD>
        <pctVal>2.569036514240</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>Encompass Health Corp.</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
        <cusip>29261A100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29261A100"/>
          <other otherDesc="Primary Identifier" value="29261A100"/>
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        <balance>352612.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24425433.24000000</valUSD>
        <pctVal>3.285596858933</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>ALLETE Inc.</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE Inc.</title>
        <cusip>018522300</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="018522300"/>
          <other otherDesc="Primary Identifier" value="018522300"/>
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        <balance>115002.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9334712.34000000</valUSD>
        <pctVal>1.255662540025</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>Brooks Automation Inc.</name>
        <lei>35ZN6X1ANPH25YN32Y17</lei>
        <title>Brooks Automation Inc.</title>
        <cusip>114340102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="114340102"/>
          <other otherDesc="Primary Identifier" value="114340102"/>
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        <balance>218631.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9173756.76000000</valUSD>
        <pctVal>1.234011536217</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>Nomad Foods Ltd.</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BQFJGK5"/>
          <other otherDesc="Primary Identifier" value="BQFJGK5"/>
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        <balance>1471939.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32927275.43000000</valUSD>
        <pctVal>4.429225539749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integer Holdings Corp.</name>
        <lei>549300SUD2ED5XG6X569</lei>
        <title>Integer Holdings Corp.</title>
        <cusip>45826H109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="45826H109"/>
          <other otherDesc="Primary Identifier" value="45826H109"/>
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        <balance>74322.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5977718.46000000</valUSD>
        <pctVal>0.804095174189</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>PBF Energy Inc. Class A</name>
        <lei>2549003PBEDCSZMZIY02</lei>
        <title>PBF Energy Inc. Class A</title>
        <cusip>69318G106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="69318G106"/>
          <other otherDesc="Primary Identifier" value="69318G106"/>
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        <balance>212365.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6661890.05000000</valUSD>
        <pctVal>0.896126787507</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>Encore Capital Group Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>Encore Capital Group Inc.</title>
        <cusip>292554102</cusip>
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          <other otherDesc="Primary Identifier" value="292554102"/>
          <other otherDesc="Primary Identifier" value="292554102"/>
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        <balance>366865.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12972346.40000000</valUSD>
        <pctVal>1.744980331200</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>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
        <cusip>29275Y102</cusip>
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          <other otherDesc="Primary Identifier" value="29275Y102"/>
          <other otherDesc="Primary Identifier" value="29275Y102"/>
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        <balance>102227.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7649646.41000000</valUSD>
        <pctVal>1.028995226806</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>Clean Harbors Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors Inc.</title>
        <cusip>184496107</cusip>
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          <other otherDesc="Primary Identifier" value="184496107"/>
          <other otherDesc="Primary Identifier" value="184496107"/>
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        <balance>90730.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7780097.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>YETI Holdings Inc.</name>
        <lei>549300DSQICIGNT5GO63</lei>
        <title>YETI Holdings Inc.</title>
        <cusip>98585X104</cusip>
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          <other otherDesc="Primary Identifier" value="98585X104"/>
          <other otherDesc="Primary Identifier" value="98585X104"/>
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        <balance>271280.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9435118.40000000</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="19017944.99" isCashCollateral="Y"/>
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      <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>115771.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12292564.78000000</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>Skechers USA Inc.</name>
        <lei>529900D2R54KZPA4XR56</lei>
        <title>Skechers USA Inc.</title>
        <cusip>830566105</cusip>
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          <other otherDesc="Primary Identifier" value="830566105"/>
          <other otherDesc="Primary Identifier" value="830566105"/>
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        <balance>239945.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10363224.55000000</valUSD>
        <pctVal>1.394013268683</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>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp.</title>
        <cusip>947890109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="947890109"/>
          <other otherDesc="Primary Identifier" value="947890109"/>
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        <balance>442258.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23598886.88000000</valUSD>
        <pctVal>3.174413646849</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>Morningstar Inc.</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>Morningstar Inc.</title>
        <cusip>617700109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="617700109"/>
          <other otherDesc="Primary Identifier" value="617700109"/>
        </identifiers>
        <balance>90896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13753473.76000000</valUSD>
        <pctVal>1.850053988450</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>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>19017944.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19017944.99000000</valUSD>
        <pctVal>2.558206428051</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>Argo Group International Holdings Ltd.</name>
        <lei>549300M4T8Y5TTWI6O03</lei>
        <title>Argo Group International Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2499543"/>
          <other otherDesc="Primary Identifier" value="2499543"/>
        </identifiers>
        <balance>180774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11885890.50000000</valUSD>
        <pctVal>1.598835284054</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>Constellium N.V. Class A</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>Constellium N.V. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="F21107101"/>
          <other otherDesc="Primary Identifier" value="F21107101"/>
        </identifiers>
        <balance>715013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9581174.20000000</valUSD>
        <pctVal>1.288815455066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NuVasive Inc.</name>
        <lei>549300C5ZB4NZ6TWM881</lei>
        <title>NuVasive Inc.</title>
        <cusip>670704105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="670704105"/>
          <other otherDesc="Primary Identifier" value="670704105"/>
        </identifiers>
        <balance>124759.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9648861.06000000</valUSD>
        <pctVal>1.297920379938</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>Agree Realty Corp.</name>
        <lei>N/A</lei>
        <title>Agree Realty Corp.</title>
        <cusip>008492100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="008492100"/>
          <other otherDesc="Primary Identifier" value="008492100"/>
        </identifiers>
        <balance>187206.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13136245.02000000</valUSD>
        <pctVal>1.767027219202</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>TreeHouse Foods Inc.</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>TreeHouse Foods Inc.</title>
        <cusip>89469A104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89469A104"/>
          <other otherDesc="Primary Identifier" value="89469A104"/>
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        <balance>172691.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8375513.50000000</valUSD>
        <pctVal>1.126635526877</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>Vonage Holdings Corp.</name>
        <lei>529900W7N0N4WLN1JY21</lei>
        <title>Vonage Holdings Corp.</title>
        <cusip>92886T201</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92886T201"/>
          <other otherDesc="Primary Identifier" value="92886T201"/>
        </identifiers>
        <balance>572333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4240987.53000000</valUSD>
        <pctVal>0.570478122964</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>Kemper Corp.</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="488401100"/>
          <other otherDesc="Primary Identifier" value="488401100"/>
        </identifiers>
        <balance>140339.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10876272.50000000</valUSD>
        <pctVal>1.463026117562</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>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"/>
        </identifiers>
        <balance>333836.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12245104.48000000</valUSD>
        <pctVal>1.647155095325</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>Envista Holdings Corp.</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp.</title>
        <cusip>29415F104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29415F104"/>
          <other otherDesc="Primary Identifier" value="29415F104"/>
        </identifiers>
        <balance>395119.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11711327.16000000</valUSD>
        <pctVal>1.575353827003</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>Visteon Corp.</name>
        <lei>N/A</lei>
        <title>Visteon Corp.</title>
        <cusip>92839U206</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92839U206"/>
          <other otherDesc="Primary Identifier" value="92839U206"/>
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        <balance>300350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26007306.50000000</valUSD>
        <pctVal>3.498383169138</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>First Horizon National Corp.</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon National Corp.</title>
        <cusip>320517105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="320517105"/>
          <other otherDesc="Primary Identifier" value="320517105"/>
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        <balance>626891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10381314.96000000</valUSD>
        <pctVal>1.396446707373</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>Tandem Diabetes Care Inc.</name>
        <lei>549300JEPFOD0K4D3I05</lei>
        <title>Tandem Diabetes Care Inc.</title>
        <cusip>875372203</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="875372203"/>
          <other otherDesc="Primary Identifier" value="875372203"/>
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        <balance>182522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10880136.42000000</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>Polaris Inc.</name>
        <lei>549300QJSN8UVWN1EI78</lei>
        <title>Polaris Inc.</title>
        <cusip>731068102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="731068102"/>
          <other otherDesc="Primary Identifier" value="731068102"/>
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        <balance>133283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13554881.10000000</valUSD>
        <pctVal>1.823340217869</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>Old Republic International Corp.</name>
        <lei>N/A</lei>
        <title>Old Republic International Corp.</title>
        <cusip>680223104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="680223104"/>
          <other otherDesc="Primary Identifier" value="680223104"/>
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        <balance>163305.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3653132.85000000</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>ONE Gas Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas Inc.</title>
        <cusip>68235P108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="68235P108"/>
          <other otherDesc="Primary Identifier" value="68235P108"/>
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        <balance>155382.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14539093.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ICF International Inc.</name>
        <lei>5493003KYFDDC5B3WY64</lei>
        <title>ICF International Inc.</title>
        <cusip>44925C103</cusip>
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          <other otherDesc="Primary Identifier" value="44925C103"/>
          <other otherDesc="Primary Identifier" value="44925C103"/>
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        <balance>172774.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15829553.88000000</valUSD>
        <pctVal>2.129318730825</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>Enphase Energy Inc.</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>Enphase Energy Inc.</title>
        <cusip>29355A107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29355A107"/>
          <other otherDesc="Primary Identifier" value="29355A107"/>
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        <balance>315221.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8236724.73000000</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="19017944.99" isCashCollateral="Y"/>
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          <loanByFundCondition isLoanByFund="Y" loanVal="6714398.83"/>
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      <invstOrSec>
        <name>Cardtronics plc Class A</name>
        <lei>549300Y550MRJSMQQY02</lei>
        <title>Cardtronics plc Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G1991C105"/>
          <other otherDesc="Primary Identifier" value="G1991C105"/>
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        <balance>654330.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29215834.50000000</valUSD>
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        <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>EVERTEC Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC Inc.</title>
        <cusip>30040P103</cusip>
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          <other otherDesc="Primary Identifier" value="30040P103"/>
          <other otherDesc="Primary Identifier" value="30040P103"/>
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        <balance>254048.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8647793.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Crane Co.</name>
        <lei>549300X1RO9ID7AUCA83</lei>
        <title>Crane Co.</title>
        <cusip>224399105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="224399105"/>
          <other otherDesc="Primary Identifier" value="224399105"/>
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        <balance>169623.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14652034.74000000</valUSD>
        <pctVal>1.970924275762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBC Bearings Inc.</name>
        <lei>N/A</lei>
        <title>RBC Bearings Inc.</title>
        <cusip>75524B104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="75524B104"/>
          <other otherDesc="Primary Identifier" value="75524B104"/>
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        <balance>66171.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trex Co. Inc.</name>
        <lei>N/A</lei>
        <title>Trex Co. Inc.</title>
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          <other otherDesc="Primary Identifier" value="89531P105"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Intersect ENT Inc.</name>
        <lei>549300SWZUVLSFMOXR50</lei>
        <title>Intersect ENT Inc.</title>
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          <other otherDesc="Primary Identifier" value="46071F103"/>
          <other otherDesc="Primary Identifier" value="46071F103"/>
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        <curCd>USD</curCd>
        <valUSD>5750306.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OneSpaWorld Holdings Ltd.</name>
        <lei>5493007W8PZ8W6UC2X76</lei>
        <title>OneSpaWorld Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="P73684113"/>
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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>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="19017944.99" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TCF Financial Corp.</name>
        <lei>549300UK6KFVK4A0D603</lei>
        <title>TCF Financial Corp.</title>
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          <other otherDesc="Primary Identifier" value="872307103"/>
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        <curCd>USD</curCd>
        <valUSD>12046881.60000000</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>Huntsman Corp.</name>
        <lei>N/A</lei>
        <title>Huntsman Corp.</title>
        <cusip>447011107</cusip>
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          <other otherDesc="Primary Identifier" value="447011107"/>
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        <balance>565604.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13664992.64000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Grand Canyon Education Inc.</name>
        <lei>529900XFER799IYOSW74</lei>
        <title>Grand Canyon Education Inc.</title>
        <cusip>38526M106</cusip>
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        <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>Sanderson Farms Inc.</name>
        <lei>529900KZGVFTWHUO2759</lei>
        <title>Sanderson Farms Inc.</title>
        <cusip>800013104</cusip>
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          <other otherDesc="Primary Identifier" value="800013104"/>
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        <curCd>USD</curCd>
        <valUSD>6963861.96000000</valUSD>
        <pctVal>0.936746658984</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>10619672.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10619672.15000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Essential Properties Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust Inc.</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29670E107"/>
          <other otherDesc="Primary Identifier" value="29670E107"/>
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        <balance>191332.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4746946.92000000</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>STAG Industrial Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial Inc.</title>
        <cusip>85254J102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="85254J102"/>
          <other otherDesc="Primary Identifier" value="85254J102"/>
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        <balance>501414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15829639.98000000</valUSD>
        <pctVal>2.129330312600</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>Switch Inc. Class A</name>
        <lei>549300EZ98N5Y55J4X37</lei>
        <title>Switch Inc. Class A</title>
        <cusip>87105L104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="87105L104"/>
          <other otherDesc="Primary Identifier" value="87105L104"/>
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        <balance>1234296.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18292266.72000000</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>Compass Minerals International Inc.</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>Compass Minerals International Inc.</title>
        <cusip>20451N101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="20451N101"/>
          <other otherDesc="Primary Identifier" value="20451N101"/>
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        <balance>181068.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11037905.28000000</valUSD>
        <pctVal>1.484768215197</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>
