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        <curCd>USD</curCd>
        <valUSD>29189711.60000000</valUSD>
        <pctVal>1.134759632818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Veracyte Inc.</name>
        <lei>529900ESWZRHXOW27Z37</lei>
        <title>Veracyte Inc.</title>
        <cusip>92337F107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92337F107"/>
          <other otherDesc="Primary Identifier" value="92337F107"/>
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        <balance>510837.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14262569.04000000</valUSD>
        <pctVal>0.554462059394</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"/>
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        <balance>578846.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44982122.66000000</valUSD>
        <pctVal>1.748694803584</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>1494734.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33437199.58000000</valUSD>
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        <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>
      <invstOrSec>
        <name>Globant S.A.</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="L44385109"/>
          <other otherDesc="Primary Identifier" value="L44385109"/>
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        <balance>389500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41306475.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>InterXion Holding N.V.</name>
        <lei>724500JX3LUPNMOBTY38</lei>
        <title>InterXion Holding N.V.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="N47279109"/>
          <other otherDesc="Primary Identifier" value="N47279109"/>
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        <balance>577125.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48368846.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Bean Technologies Corp.</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>John Bean Technologies Corp.</title>
        <cusip>477839104</cusip>
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          <other otherDesc="Primary Identifier" value="477839104"/>
          <other otherDesc="Primary Identifier" value="477839104"/>
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        <balance>410880.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46289740.80000000</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>Omnicell Inc.</name>
        <lei>5493008RH0GTKHHPZI77</lei>
        <title>Omnicell Inc.</title>
        <cusip>68213N109</cusip>
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          <other otherDesc="Primary Identifier" value="68213N109"/>
          <other otherDesc="Primary Identifier" value="68213N109"/>
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        <balance>401659.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32823573.48000000</valUSD>
        <pctVal>1.276027207817</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>J&amp;J Snack Foods Corp.</name>
        <lei>N/A</lei>
        <title>J&amp;J Snack Foods Corp.</title>
        <cusip>466032109</cusip>
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          <other otherDesc="Primary Identifier" value="466032109"/>
          <other otherDesc="Primary Identifier" value="466032109"/>
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        <balance>176785.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32576171.95000000</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>Insulet Corp.</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>Insulet Corp.</title>
        <cusip>45784P101</cusip>
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          <other otherDesc="Primary Identifier" value="45784P101"/>
          <other otherDesc="Primary Identifier" value="45784P101"/>
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        <balance>306333.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52444209.60000000</valUSD>
        <pctVal>2.038785886090</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>Viavi Solutions Inc.</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions Inc.</title>
        <cusip>925550105</cusip>
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          <other otherDesc="Primary Identifier" value="925550105"/>
          <other otherDesc="Primary Identifier" value="925550105"/>
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        <balance>1994957.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29924355.00000000</valUSD>
        <pctVal>1.163319136463</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>Gray Television Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Television Inc.</title>
        <cusip>389375106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="389375106"/>
          <other otherDesc="Primary Identifier" value="389375106"/>
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        <balance>341681.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7325640.64000000</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>PlayAGS Inc.</name>
        <lei>N/A</lei>
        <title>PlayAGS Inc.</title>
        <cusip>72814N104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="72814N104"/>
          <other otherDesc="Primary Identifier" value="72814N104"/>
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        <balance>1008870.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12237593.10000000</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>Fox Factory Holding Corp.</name>
        <lei>529900GE1HSV0617R721</lei>
        <title>Fox Factory Holding Corp.</title>
        <cusip>35138V102</cusip>
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          <other otherDesc="Primary Identifier" value="35138V102"/>
          <other otherDesc="Primary Identifier" value="35138V102"/>
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        <balance>344802.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23987875.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Hilton Grand Vacations Inc.</name>
        <lei>549300O9K6MFD8D07574</lei>
        <title>Hilton Grand Vacations Inc.</title>
        <cusip>43283X105</cusip>
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          <other otherDesc="Primary Identifier" value="43283X105"/>
          <other otherDesc="Primary Identifier" value="43283X105"/>
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        <balance>872352.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30000185.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Timken Co. (The)</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>Timken Co. (The)</title>
        <cusip>887389104</cusip>
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        <balance>727632.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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>Tactile Systems Technology Inc.</name>
        <lei>54930069VDTITHOTKJ98</lei>
        <title>Tactile Systems Technology Inc.</title>
        <cusip>87357P100</cusip>
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        <balance>694005.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HealthEquity Inc.</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity Inc.</title>
        <cusip>42226A107</cusip>
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        <balance>433023.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Five9 Inc.</name>
        <lei>254900MXP6EWY0SFFR59</lei>
        <title>Five9 Inc.</title>
        <cusip>338307101</cusip>
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        <balance>864459.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PetIQ Inc.</name>
        <lei>549300GROACFGKVYOX14</lei>
        <title>PetIQ Inc.</title>
        <cusip>71639T106</cusip>
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        <balance>1342155.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GMS Inc.</name>
        <lei>52990057RENOQO4U0D72</lei>
        <title>GMS Inc.</title>
        <cusip>36251C103</cusip>
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        <curCd>USD</curCd>
        <valUSD>13819248.96000000</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>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"/>
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        <valUSD>13922412.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iRhythm Technologies Inc.</name>
        <lei>549300FJI72RJGDQS384</lei>
        <title>iRhythm Technologies Inc.</title>
        <cusip>450056106</cusip>
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          <other otherDesc="Primary Identifier" value="450056106"/>
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        <balance>198368.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13506877.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Malibu Boats Inc. Class A</name>
        <lei>N/A</lei>
        <title>Malibu Boats Inc. Class A</title>
        <cusip>56117J100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="56117J100"/>
          <other otherDesc="Primary Identifier" value="56117J100"/>
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        <balance>464237.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19010505.15000000</valUSD>
        <pctVal>0.739039636270</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>PGT Innovations Inc.</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations Inc.</title>
        <cusip>69336V101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="69336V101"/>
          <other otherDesc="Primary Identifier" value="69336V101"/>
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        <balance>1312424.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19568241.84000000</valUSD>
        <pctVal>0.760721833416</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>AMN Healthcare Services Inc.</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN Healthcare Services Inc.</title>
        <cusip>001744101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="001744101"/>
          <other otherDesc="Primary Identifier" value="001744101"/>
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        <balance>604636.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37674869.16000000</valUSD>
        <pctVal>1.464622921950</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>Pool Corp.</name>
        <lei>5493005VZK1KMN6CO617</lei>
        <title>Pool Corp.</title>
        <cusip>73278L105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="73278L105"/>
          <other otherDesc="Primary Identifier" value="73278L105"/>
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        <balance>124789.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26502687.82000000</valUSD>
        <pctVal>1.030300700172</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>Ollie's Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings Inc.</title>
        <cusip>681116109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="681116109"/>
          <other otherDesc="Primary Identifier" value="681116109"/>
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        <balance>213000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13911030.00000000</valUSD>
        <pctVal>0.540795863667</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>eHealth Inc.</name>
        <lei>5299003O8Y5OKXUZQ421</lei>
        <title>eHealth Inc.</title>
        <cusip>28238P109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="28238P109"/>
          <other otherDesc="Primary Identifier" value="28238P109"/>
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        <balance>327760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31491180.80000000</valUSD>
        <pctVal>1.224230004438</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>Grand Canyon Education Inc.</name>
        <lei>529900XFER799IYOSW74</lei>
        <title>Grand Canyon Education Inc.</title>
        <cusip>38526M106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="38526M106"/>
          <other otherDesc="Primary Identifier" value="38526M106"/>
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        <balance>484100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46371939.00000000</valUSD>
        <pctVal>1.802724370620</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>Smartsheet Inc. Class A</name>
        <lei>549300N9WF42OK9VL589</lei>
        <title>Smartsheet Inc. Class A</title>
        <cusip>83200N103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="83200N103"/>
          <other otherDesc="Primary Identifier" value="83200N103"/>
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        <balance>547820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24608074.40000000</valUSD>
        <pctVal>0.956646980729</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>LPL Investment Holdings Inc.</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL Investment Holdings Inc.</title>
        <cusip>50212V100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="50212V100"/>
          <other otherDesc="Primary Identifier" value="50212V100"/>
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        <balance>488600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45073350.00000000</valUSD>
        <pctVal>1.752241296412</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>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485205</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="576485205"/>
          <other otherDesc="Primary Identifier" value="576485205"/>
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        <balance>1069100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19211727.00000000</valUSD>
        <pctVal>0.746862201828</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>SeaWorld Entertainment Inc.</name>
        <lei>529900G0H4NV3IIK3269</lei>
        <title>SeaWorld Entertainment Inc.</title>
        <cusip>81282V100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="81282V100"/>
          <other otherDesc="Primary Identifier" value="81282V100"/>
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        <balance>1177100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37325841.00000000</valUSD>
        <pctVal>1.451054337508</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>Seacoast Banking Corp. of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>Seacoast Banking Corp. of Florida</title>
        <cusip>811707801</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="811707801"/>
          <other otherDesc="Primary Identifier" value="811707801"/>
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        <balance>975523.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29821738.11000000</valUSD>
        <pctVal>1.159329871135</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>Penumbra Inc.</name>
        <lei>549300RGE06P3ECANU72</lei>
        <title>Penumbra Inc.</title>
        <cusip>70975L107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="70975L107"/>
          <other otherDesc="Primary Identifier" value="70975L107"/>
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        <balance>195842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32170965.34000000</valUSD>
        <pctVal>1.250656851869</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>Proofpoint Inc.</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>Proofpoint Inc.</title>
        <cusip>743424103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="743424103"/>
          <other otherDesc="Primary Identifier" value="743424103"/>
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        <balance>441432.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50667564.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Knight Transportation Inc.</name>
        <lei>N/A</lei>
        <title>Knight Transportation Inc.</title>
        <cusip>499049104</cusip>
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          <other otherDesc="Primary Identifier" value="499049104"/>
          <other otherDesc="Primary Identifier" value="499049104"/>
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        <balance>954170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34197452.80000000</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>LHC Group Inc.</name>
        <lei>5299009NPLWAMRQYZX73</lei>
        <title>LHC Group Inc.</title>
        <cusip>50187A107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="50187A107"/>
          <other otherDesc="Primary Identifier" value="50187A107"/>
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        <balance>283400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39041184.00000000</valUSD>
        <pctVal>1.517738860449</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>Dril-Quip Inc.</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Dril-Quip Inc.</title>
        <cusip>262037104</cusip>
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          <other otherDesc="Primary Identifier" value="262037104"/>
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        <balance>240761.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11294098.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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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>
        <name>Vericel Corp.</name>
        <lei>54930076YM3PLTDR4B91</lei>
        <title>Vericel Corp.</title>
        <cusip>92346J108</cusip>
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          <other otherDesc="Primary Identifier" value="92346J108"/>
          <other otherDesc="Primary Identifier" value="92346J108"/>
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        <balance>1987652.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34585144.80000000</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>Installed Building Products Inc.</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products Inc.</title>
        <cusip>45780R101</cusip>
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          <other otherDesc="Primary Identifier" value="45780R101"/>
          <other otherDesc="Primary Identifier" value="45780R101"/>
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        <balance>630389.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43414890.43000000</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>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>Brink's Co. (The)</title>
        <cusip>109696104</cusip>
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        <balance>512950.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46514306.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>8x8 Inc.</name>
        <lei>254900XWSOC5U1BRW939</lei>
        <title>8x8 Inc.</title>
        <cusip>282914100</cusip>
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          <other otherDesc="Primary Identifier" value="282914100"/>
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        <balance>1473413.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26963457.90000000</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>Hamilton Lane Inc. Class A</name>
        <lei>5493006OKN3V1NORM833</lei>
        <title>Hamilton Lane Inc. Class A</title>
        <cusip>407497106</cusip>
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        <balance>316907.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18887657.20000000</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>
        <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>806863.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21083330.19000000</valUSD>
        <pctVal>0.819621391017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Community Healthcare Trust Inc.</name>
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        <name>Coherent Inc.</name>
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        <name>Mercury Computer Systems Inc.</name>
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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>Paycom Software Inc.</name>
        <lei>254900LSB0HNJUDC6Q18</lei>
        <title>Paycom Software Inc.</title>
        <cusip>70432V102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="70432V102"/>
          <other otherDesc="Primary Identifier" value="70432V102"/>
        </identifiers>
        <balance>94545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25031734.20000000</valUSD>
        <pctVal>0.973116894707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mimecast Ltd.</name>
        <lei>54930026L1IYAM743848</lei>
        <title>Mimecast Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G14838109"/>
          <other otherDesc="Primary Identifier" value="G14838109"/>
        </identifiers>
        <balance>1014272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43999119.36000000</valUSD>
        <pctVal>1.710480227193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV BIOTECH SWAP 7/2/20</name>
        <lei>N/A</lei>
        <title>RECV BIOTECH SWAP 7/2/20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="TRRBGB3"/>
          <other otherDesc="Primary Identifier" value="TRRBGB3"/>
        </identifiers>
        <balance>108899.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>630239.80000000</valUSD>
        <pctVal>0.024500779378</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>Biotech Custom Index</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="0" floatingRtSpread="0" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="0.1" floatingRtSpread="0.1" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2020-07-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11623084.3</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>630239.8</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
        <cusip>29275Y102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29275Y102"/>
          <other otherDesc="Primary Identifier" value="29275Y102"/>
        </identifiers>
        <balance>442648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33123349.84000000</valUSD>
        <pctVal>1.287681112346</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>Essent Group Ltd.</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G3198U102"/>
          <other otherDesc="Primary Identifier" value="G3198U102"/>
        </identifiers>
        <balance>538463.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27994691.37000000</valUSD>
        <pctVal>1.088302828585</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>HubSpot Inc.</name>
        <lei>529900BLNVEW0MVKJB37</lei>
        <title>HubSpot Inc.</title>
        <cusip>443573100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="443573100"/>
          <other otherDesc="Primary Identifier" value="443573100"/>
        </identifiers>
        <balance>184331.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29216463.50000000</valUSD>
        <pctVal>1.135799621723</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>Monolithic Power Systems Inc.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>Monolithic Power Systems Inc.</title>
        <cusip>609839105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="609839105"/>
          <other otherDesc="Primary Identifier" value="609839105"/>
        </identifiers>
        <balance>271526.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48337058.52000000</valUSD>
        <pctVal>1.879119037876</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>1037901.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86893071.72000000</valUSD>
        <pctVal>3.377996724004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="34536427.26" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="33552164.25"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Woodward Inc.</name>
        <lei>YPYKXXTR8TFDH54ZMB45</lei>
        <title>Woodward Inc.</title>
        <cusip>980745103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="980745103"/>
          <other otherDesc="Primary Identifier" value="980745103"/>
        </identifiers>
        <balance>396100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46914084.00000000</valUSD>
        <pctVal>1.823800435693</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>
