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          <isin value="US7595091023"/>
          <ticker value="RS"/>
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        <balance>15527.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Casey's General Stores Inc</name>
        <lei>549300CAFWSI86V66Q65</lei>
        <title>Casey's General Stores Inc</title>
        <cusip>147528103</cusip>
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          <isin value="US1475281036"/>
          <ticker value="CASY"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MSILF Government Portfolio</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>MSILF Government Portfolio</title>
        <cusip>61747C707</cusip>
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          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
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        <balance>733604.36000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Intra-Cellular Therapies Inc</name>
        <lei>5299002U2KGF193IJA20</lei>
        <title>Intra-Cellular Therapies Inc</title>
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          <isin value="US46116X1019"/>
          <ticker value="ITCI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boise Cascade Co</name>
        <lei>549300Z8B8LSRHC7XA55</lei>
        <title>Boise Cascade Co</title>
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          <isin value="US09739D1000"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal Signal Corp</name>
        <lei>549300RTXZRPTNP6G884</lei>
        <title>Federal Signal Corp</title>
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          <isin value="US3138551086"/>
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        <balance>37528.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saia Inc</name>
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        <title>Saia Inc</title>
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          <isin value="US78709Y1055"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lincoln Electric Holdings Inc</name>
        <lei>BIMGBY40SIN95O01BN93</lei>
        <title>Lincoln Electric Holdings Inc</title>
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          <isin value="US5339001068"/>
          <ticker value="LECO"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stifel Financial Corp</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp</title>
        <cusip>860630102</cusip>
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          <isin value="US8606301021"/>
          <ticker value="SF"/>
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        <balance>39780.00000000</balance>
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        <curCd>USD</curCd>
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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>First Industrial Realty Trust</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust Inc</title>
        <cusip>32054K103</cusip>
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          <isin value="US32054K1034"/>
          <ticker value="FR"/>
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        <balance>68681.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IMAX Corp</name>
        <lei>5493002KS2T1Q0X7VZ21</lei>
        <title>IMAX Corp</title>
        <cusip>45245E109</cusip>
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          <isin value="CA45245E1097"/>
          <ticker value="IMAX"/>
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        <balance>98216.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Liquidity FedFund</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BlackRock Liquidity FedFund</title>
        <cusip>09248U700</cusip>
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          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
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        <balance>733607.14000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UL Solutions Inc</name>
        <lei>549300F7CUV5ESKV9P71</lei>
        <title>UL Solutions Inc</title>
        <cusip>903731107</cusip>
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          <isin value="US9037311076"/>
          <ticker value="ULS"/>
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        <balance>24497.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hamilton Lane Inc</name>
        <lei>5493006OKN3V1NORM833</lei>
        <title>Hamilton Lane Inc</title>
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          <isin value="US4074971064"/>
          <ticker value="HLNE"/>
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        <balance>9246.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Graco Inc</name>
        <lei>4T5VJ4S81BRT6Q7GGT78</lei>
        <title>Graco Inc</title>
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          <isin value="US3841091040"/>
          <ticker value="GGG"/>
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        <balance>29017.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Semtech Corp</name>
        <lei>549300J7WUY317SW6O61</lei>
        <title>Semtech Corp</title>
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          <ticker value="SMTC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Werner Enterprises Inc</name>
        <lei>549300P6XRGOCHHJST37</lei>
        <title>Werner Enterprises Inc</title>
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          <isin value="US9507551086"/>
          <ticker value="WERN"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Kirby Corp</name>
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        <title>Kirby Corp</title>
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          <ticker value="KEX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Aramark</name>
        <lei>549300MR6PG2DWZUIL39</lei>
        <title>Aramark</title>
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          <ticker value="ARMK"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Minerals Technologies Inc</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>Minerals Technologies Inc</title>
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          <isin value="US6031581068"/>
          <ticker value="MTX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Brinker International Inc</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>Brinker International Inc</title>
        <cusip>109641100</cusip>
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          <isin value="US1096411004"/>
          <ticker value="EAT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PTC Inc</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC Inc</title>
        <cusip>69370C100</cusip>
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          <ticker value="PTC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OmniAb, Inc.</name>
        <lei>N/A</lei>
        <title>OmniAb, Inc.</title>
        <cusip>68218J202</cusip>
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          <isin value="US68218J2024"/>
          <ticker value="2200963D"/>
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        <balance>10854.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890109</cusip>
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          <ticker value="WBS"/>
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        <balance>103320.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5326146.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beacon Roofing Supply Inc</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>Beacon Roofing Supply Inc</title>
        <cusip>073685109</cusip>
        <identifiers>
          <isin value="US0736851090"/>
          <ticker value="BECN"/>
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        <balance>44582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5514793.40000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FTAI Aviation Ltd</name>
        <lei>N/A</lei>
        <title>FTAI Aviation Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3730V1059"/>
          <ticker value="FTAI"/>
          <other otherDesc="SEDOL" value="BLKFTK4"/>
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        <balance>6371.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>707372.13000000</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>Neurocrine Biosciences Inc</name>
        <lei>549300FECER0XBN49756</lei>
        <title>Neurocrine Biosciences Inc</title>
        <cusip>64125C109</cusip>
        <identifiers>
          <isin value="US64125C1099"/>
          <ticker value="NBIX"/>
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        <balance>26600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2941960.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carlisle Cos Inc</name>
        <lei>XR64VGX1ZPX6G7ZN7Z11</lei>
        <title>Carlisle Cos Inc</title>
        <cusip>142339100</cusip>
        <identifiers>
          <isin value="US1423391002"/>
          <ticker value="CSL"/>
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        <balance>10829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3687274.50000000</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>
      <invstOrSec>
        <name>Texas Roadhouse Inc</name>
        <lei>5299002Y1CNRPDGXTQ75</lei>
        <title>Texas Roadhouse Inc</title>
        <cusip>882681109</cusip>
        <identifiers>
          <isin value="US8826811098"/>
          <ticker value="TXRH"/>
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        <balance>21549.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3590709.87000000</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>Jones Lang LaSalle Inc</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle Inc</title>
        <cusip>48020Q107</cusip>
        <identifiers>
          <isin value="US48020Q1076"/>
          <ticker value="JLL"/>
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        <balance>10372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2571322.52000000</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>La-Z-Boy Inc</name>
        <lei>549300WNO1WMN9ZG2519</lei>
        <title>La-Z-Boy Inc</title>
        <cusip>505336107</cusip>
        <identifiers>
          <isin value="US5053361078"/>
          <ticker value="LZB"/>
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        <balance>41388.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1617856.92000000</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>
        <name>BJ's Wholesale Club Holdings I</name>
        <lei>549300UCIWH1C93V0J03</lei>
        <title>BJ's Wholesale Club Holdings Inc</title>
        <cusip>05550J101</cusip>
        <identifiers>
          <isin value="US05550J1016"/>
          <ticker value="BJ"/>
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        <balance>41711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4759225.10000000</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>Healthpeak Properties Inc</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>Healthpeak Properties Inc</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <ticker value="DOC"/>
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        <balance>147086.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2974078.92000000</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>Taylor Morrison Home Corp</name>
        <lei>5299009UDLLGLKOOJE30</lei>
        <title>Taylor Morrison Home Corp</title>
        <cusip>87724P106</cusip>
        <identifiers>
          <isin value="US87724P1066"/>
          <ticker value="TMHC"/>
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        <balance>24635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1479085.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <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>
        <identifiers>
          <isin value="US1844961078"/>
          <ticker value="CLH"/>
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        <balance>14265.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2811631.50000000</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>Axis Capital Holdings Ltd</name>
        <lei>635400VD2NQBYAHMEM55</lei>
        <title>Axis Capital Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0692U1099"/>
          <ticker value="AXS"/>
          <other otherDesc="SEDOL" value="2677606"/>
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        <balance>58774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5891505.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ABM Industries Inc</name>
        <lei>QF02R89VEIOROM77J447</lei>
        <title>ABM Industries Inc</title>
        <cusip>000957100</cusip>
        <identifiers>
          <isin value="US0009571003"/>
          <ticker value="ABM"/>
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        <balance>50361.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2385096.96000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tetra Tech Inc</name>
        <lei>549300UJ1LP7JGJC5P32</lei>
        <title>Tetra Tech Inc</title>
        <cusip>88162G103</cusip>
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          <isin value="US88162G1031"/>
          <ticker value="TTEK"/>
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        <balance>76356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2233413.00000000</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>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc</title>
        <cusip>84857L101</cusip>
        <identifiers>
          <isin value="US84857L1017"/>
          <ticker value="SR"/>
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        <balance>45148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3532831.00000000</valUSD>
        <pctVal>1.092273941623</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>
        <name>SPS Commerce Inc</name>
        <lei>2549006XVF9GCCETDQ72</lei>
        <title>SPS Commerce Inc</title>
        <cusip>78463M107</cusip>
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          <isin value="US78463M1071"/>
          <ticker value="SPSC"/>
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        <balance>11564.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1534889.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Quanta Services Inc</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>Quanta Services Inc</title>
        <cusip>74762E102</cusip>
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          <isin value="US74762E1029"/>
          <ticker value="PWR"/>
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        <balance>7004.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1780276.72000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kemper Corp</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp</title>
        <cusip>488401100</cusip>
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          <isin value="US4884011002"/>
          <ticker value="KMPR"/>
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        <balance>71179.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ExlService Holdings Inc</name>
        <lei>81E3DTNF6OSH489ZOV15</lei>
        <title>ExlService Holdings Inc</title>
        <cusip>302081104</cusip>
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          <isin value="US3020811044"/>
          <ticker value="EXLS"/>
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        <balance>106779.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc</title>
        <cusip>039653100</cusip>
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          <isin value="US0396531008"/>
          <ticker value="ACA"/>
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        <balance>24842.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Varonis Systems Inc</name>
        <lei>549300SHIVNRRH7STS26</lei>
        <title>Varonis Systems Inc</title>
        <cusip>922280102</cusip>
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          <isin value="US9222801022"/>
          <ticker value="VRNS"/>
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        <balance>71777.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2903379.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Workiva Inc</name>
        <lei>529900RTOQ8GRWHY1O58</lei>
        <title>Workiva Inc</title>
        <cusip>98139A105</cusip>
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          <isin value="US98139A1051"/>
          <ticker value="WK"/>
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        <balance>18747.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1423084.77000000</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>API Group Corp</name>
        <lei>213800NZT1VX6PZ7BT53</lei>
        <title>API Group Corp</title>
        <cusip>00187Y100</cusip>
        <identifiers>
          <isin value="US00187Y1001"/>
          <ticker value="APG"/>
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        <balance>34513.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1234184.88000000</valUSD>
        <pctVal>0.381582924167</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>Silicon Laboratories Inc</name>
        <lei>4PRDF8Q9TDHRVZKZSZ47</lei>
        <title>Silicon Laboratories Inc</title>
        <cusip>826919102</cusip>
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          <isin value="US8269191024"/>
          <ticker value="SLAB"/>
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        <balance>19297.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2172263.29000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Apellis Pharmaceuticals Inc</name>
        <lei>254900HS0ZFRXXSB9D42</lei>
        <title>Apellis Pharmaceuticals Inc</title>
        <cusip>03753U106</cusip>
        <identifiers>
          <isin value="US03753U1060"/>
          <ticker value="APLS"/>
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        <balance>55497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1213719.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J &amp; J Snack Foods Corp</name>
        <lei>894500IGP1Y2ZQFQMJ83</lei>
        <title>J &amp; J Snack Foods Corp</title>
        <cusip>466032109</cusip>
        <identifiers>
          <isin value="US4660321096"/>
          <ticker value="JJSF"/>
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        <balance>16382.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2157837.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASGN Inc</name>
        <lei>LZBNYYCBUKY537072438</lei>
        <title>ASGN Inc</title>
        <cusip>00191U102</cusip>
        <identifiers>
          <isin value="US00191U1025"/>
          <ticker value="ASGN"/>
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        <balance>29143.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1836591.86000000</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>OmniAb, Inc.</name>
        <lei>N/A</lei>
        <title>OmniAb, Inc.</title>
        <cusip>68218J301</cusip>
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          <isin value="US68218J3014"/>
          <ticker value="2200964D"/>
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        <balance>10854.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Old National Bancorp/IN</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp/IN</title>
        <cusip>680033107</cusip>
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          <isin value="US6800331075"/>
          <ticker value="ONB"/>
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        <balance>189391.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4013195.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>International Seaways Inc</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>International Seaways Inc</title>
        <cusip>000000000</cusip>
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          <isin value="MHY410531021"/>
          <ticker value="INSW"/>
          <other otherDesc="SEDOL" value="BYX60M4"/>
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        <balance>21122.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701250.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wendy's Co/The</name>
        <lei>529900M0JIUCMWVKHG76</lei>
        <title>Wendy's Co/The</title>
        <cusip>95058W100</cusip>
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          <isin value="US95058W1009"/>
          <ticker value="WEN"/>
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        <balance>95733.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1400573.79000000</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>Inspire Medical Systems Inc</name>
        <lei>549300XQQCQ7HCJKTW25</lei>
        <title>Inspire Medical Systems Inc</title>
        <cusip>457730109</cusip>
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          <isin value="US4577301090"/>
          <ticker value="INSP"/>
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        <balance>11772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1875044.16000000</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>Azenta Inc</name>
        <lei>35ZN6X1ANPH25YN32Y17</lei>
        <title>Azenta Inc</title>
        <cusip>114340102</cusip>
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          <isin value="US1143401024"/>
          <ticker value="AZTA"/>
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        <balance>31755.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1099993.20000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESCO International Inc</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International Inc</title>
        <cusip>95082P105</cusip>
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          <isin value="US95082P1057"/>
          <ticker value="WCC"/>
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        <balance>22902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3556680.60000000</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>
        <name>Essent Group Ltd</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG3198U1027"/>
          <ticker value="ESNT"/>
          <other otherDesc="SEDOL" value="BFWGXR8"/>
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        <balance>46466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2682017.52000000</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>Repligen Corp</name>
        <lei>54930006QJ0T5AUO1E71</lei>
        <title>Repligen Corp</title>
        <cusip>759916109</cusip>
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          <isin value="US7599161095"/>
          <ticker value="RGEN"/>
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        <balance>14775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1879971.00000000</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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      <invstOrSec>
        <name>Box Inc</name>
        <lei>549300KQUCPD8687YS68</lei>
        <title>Box Inc</title>
        <cusip>10316T104</cusip>
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          <isin value="US10316T1043"/>
          <ticker value="BOX"/>
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        <balance>52041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1605985.26000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pinnacle Financial Partners In</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>Pinnacle Financial Partners Inc</title>
        <cusip>72346Q104</cusip>
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          <ticker value="PNFP"/>
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        <balance>44078.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4674031.12000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Knight-Swift Transportation Ho</name>
        <lei>N/A</lei>
        <title>Knight-Swift Transportation Holdings Inc</title>
        <cusip>499049104</cusip>
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          <isin value="US4990491049"/>
          <ticker value="KNX"/>
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        <balance>52818.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>East West Bancorp Inc</name>
        <lei>N/A</lei>
        <title>East West Bancorp Inc</title>
        <cusip>27579R104</cusip>
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          <isin value="US27579R1041"/>
          <ticker value="EWBC"/>
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        <balance>69199.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exact Sciences Corp</name>
        <lei>549300VM3X1FYD4N9Z14</lei>
        <title>Exact Sciences Corp</title>
        <cusip>30063P105</cusip>
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      <invstOrSec>
        <name>Blueprint Medicines Corp</name>
        <lei>5299004CC60O9T5HVM83</lei>
        <title>Blueprint Medicines Corp</title>
        <cusip>09627Y109</cusip>
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          <ticker value="BPMC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>YETI Holdings Inc</name>
        <lei>549300DSQICIGNT5GO63</lei>
        <title>YETI Holdings Inc</title>
        <cusip>98585X104</cusip>
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          <isin value="US98585X1046"/>
          <ticker value="YETI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Terreno Realty Corp</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corp</title>
        <cusip>88146M101</cusip>
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          <isin value="US88146M1018"/>
          <ticker value="TRNO"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kadant Inc</name>
        <lei>549300K06LNJYBMPYP15</lei>
        <title>Kadant Inc</title>
        <cusip>48282T104</cusip>
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          <isin value="US48282T1043"/>
          <ticker value="KAI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Columbia Banking System Inc</name>
        <lei>N/A</lei>
        <title>Columbia Banking System Inc</title>
        <cusip>197236102</cusip>
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          <isin value="US1972361026"/>
          <ticker value="COLB"/>
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        <curCd>USD</curCd>
        <valUSD>4099362.86000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zurn Elkay Water Solutions Cor</name>
        <lei>549300AM3633XDFU1Q85</lei>
        <title>Zurn Elkay Water Solutions Corp</title>
        <cusip>98983L108</cusip>
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          <isin value="US98983L1089"/>
          <ticker value="ZWS"/>
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        <balance>81342.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2682659.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Toll Brothers Inc</name>
        <lei>529900JB6IS9MSZGVR44</lei>
        <title>Toll Brothers Inc</title>
        <cusip>889478103</cusip>
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          <isin value="US8894781033"/>
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        <balance>24292.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WillScot Holdings Corp</name>
        <lei>549300HJ4VIXF476Q166</lei>
        <title>WillScot Holdings Corp</title>
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          <isin value="US9713781048"/>
          <ticker value="WSC"/>
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        <balance>86546.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Expand Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp</title>
        <cusip>165167735</cusip>
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          <isin value="US1651677353"/>
          <ticker value="EXE"/>
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        <balance>76432.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>549300FQDFZGLUOCWN51</lei>
        <title>Fidelity Government Portfolio</title>
        <cusip>316175108</cusip>
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          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
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        <balance>733607.20000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Supernus Pharmaceuticals Inc</name>
        <lei>549300GRM36VBKISYJ58</lei>
        <title>Supernus Pharmaceuticals Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kite Realty Group Trust</name>
        <lei>N/A</lei>
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          <isin value="US49803T3005"/>
          <ticker value="KRG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group Inc</title>
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          <isin value="US11120U1051"/>
          <ticker value="BRX"/>
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        <balance>128336.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atkore Inc</name>
        <lei>52990002TI38AM4RPV48</lei>
        <title>Atkore Inc</title>
        <cusip>047649108</cusip>
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          <isin value="US0476491081"/>
          <ticker value="ATKR"/>
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        <balance>8052.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amicus Therapeutics Inc</name>
        <lei>549300MRD1SMUTNBPQ53</lei>
        <title>Amicus Therapeutics Inc</title>
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          <isin value="US03152W1099"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ligand Pharmaceuticals Inc</name>
        <lei>5493008K7TB0IKP37H79</lei>
        <title>Ligand Pharmaceuticals Inc</title>
        <cusip>53220K504</cusip>
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          <isin value="US53220K5048"/>
          <ticker value="LGND"/>
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        <balance>22800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2397192.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rubrik Inc</name>
        <lei>254900TRGK2WTBYMYU27</lei>
        <title>Rubrik Inc</title>
        <cusip>781154109</cusip>
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          <isin value="US7811541090"/>
          <ticker value="RBRK"/>
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        <balance>15663.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kaiser Aluminum Corp</name>
        <lei>N/A</lei>
        <title>Kaiser Aluminum Corp</title>
        <cusip>483007704</cusip>
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          <isin value="US4830077040"/>
          <ticker value="KALU"/>
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        <balance>23890.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Q2 Holdings Inc</name>
        <lei>549300M9RKR9DZXWS696</lei>
        <title>Q2 Holdings Inc</title>
        <cusip>74736L109</cusip>
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          <isin value="US74736L1098"/>
          <ticker value="QTWO"/>
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        <balance>39772.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Interpublic Group of Cos Inc/T</name>
        <lei>5493008IUOJ5VWTRC333</lei>
        <title>Interpublic Group of Cos Inc/The</title>
        <cusip>460690100</cusip>
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          <isin value="US4606901001"/>
          <ticker value="IPG"/>
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        <balance>84595.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust</title>
        <cusip>133131102</cusip>
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          <isin value="US1331311027"/>
          <ticker value="CPT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Chart Industries Inc</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>Chart Industries Inc</title>
        <cusip>16115Q308</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Insmed Inc</name>
        <lei>529900Q55QAG41CCAC11</lei>
        <title>Insmed Inc</title>
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        <name>Bio-Techne Corp</name>
        <lei>54930073RLKQ51TILZ35</lei>
        <title>Bio-Techne Corp</title>
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        <name>WSFS Financial Corp</name>
        <lei>549300SU7VQHD6QRG886</lei>
        <title>WSFS Financial Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Dick's Sporting Goods Inc</name>
        <lei>529900SSBV5I4LWSK313</lei>
        <title>Dick's Sporting Goods Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Rapid7 Inc</name>
        <lei>549300GNVG5D60KEYN14</lei>
        <title>Rapid7 Inc</title>
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          <ticker value="RPD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Ultragenyx Pharmaceutical Inc</name>
        <lei>529900EV44GVDN1DCX77</lei>
        <title>Ultragenyx Pharmaceutical Inc</title>
        <cusip>90400D108</cusip>
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          <ticker value="RARE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MACOM Technology Solutions Hol</name>
        <lei>N/A</lei>
        <title>MACOM Technology Solutions Holdings Inc</title>
        <cusip>55405Y100</cusip>
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          <ticker value="MTSI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Natera Inc</name>
        <lei>N/A</lei>
        <title>Natera Inc</title>
        <cusip>632307104</cusip>
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          <isin value="US6323071042"/>
          <ticker value="NTRA"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Energy Inc</name>
        <lei>N/A</lei>
        <title>Liberty Energy Inc</title>
        <cusip>53115L104</cusip>
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          <isin value="US53115L1044"/>
          <ticker value="LBRT"/>
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        <balance>261132.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR Inc</title>
        <cusip>48242W106</cusip>
        <identifiers>
          <isin value="US48242W1062"/>
          <ticker value="KBR"/>
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        <balance>51782.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2579261.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Axsome Therapeutics Inc</name>
        <lei>549300EXGR0XLRJEIB95</lei>
        <title>Axsome Therapeutics Inc</title>
        <cusip>05464T104</cusip>
        <identifiers>
          <isin value="US05464T1043"/>
          <ticker value="AXSM"/>
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        <balance>15810.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1843920.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gates Industrial Corp PLC</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>Gates Industrial Corp PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BD9G2S12"/>
          <ticker value="GTES"/>
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        <balance>69529.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Permian Resources Corp</name>
        <lei>529900NXUJPOKU7OJ511</lei>
        <title>Permian Resources Corp</title>
        <cusip>71424F105</cusip>
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          <isin value="US71424F1057"/>
          <ticker value="PR"/>
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        <balance>321833.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4457387.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WNS Holdings Ltd</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS Holdings Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="JE00BQC4YW14"/>
          <ticker value="WNS"/>
          <other otherDesc="SEDOL" value="BQC4YW1"/>
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        <balance>50189.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3086121.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Procore Technologies Inc</name>
        <lei>5493005PTWY0RHYRAH22</lei>
        <title>Procore Technologies Inc</title>
        <cusip>74275K108</cusip>
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          <isin value="US74275K1088"/>
          <ticker value="PCOR"/>
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        <balance>32345.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Casella Waste Systems Inc</name>
        <lei>8EU0XUFVJ48U37IIDH51</lei>
        <title>Casella Waste Systems Inc</title>
        <cusip>147448104</cusip>
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          <isin value="US1474481041"/>
          <ticker value="CWST"/>
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        <balance>25475.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Regal Rexnord Corp</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>Regal Rexnord Corp</title>
        <cusip>758750103</cusip>
        <identifiers>
          <isin value="US7587501039"/>
          <ticker value="RRX"/>
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        <balance>15508.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1765585.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reinsurance Group of America I</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc</title>
        <cusip>759351604</cusip>
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          <isin value="US7593516047"/>
          <ticker value="RGA"/>
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        <balance>23278.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4583438.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Encompass Health Corp</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp</title>
        <cusip>29261A100</cusip>
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          <isin value="US29261A1007"/>
          <ticker value="EHC"/>
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        <balance>34355.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3479474.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dynatrace Inc</name>
        <lei>6488T0Z33CE9L61EX904</lei>
        <title>Dynatrace Inc</title>
        <cusip>268150109</cusip>
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          <isin value="US2681501092"/>
          <ticker value="DT"/>
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        <balance>52800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2489520.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KB Home</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB Home</title>
        <cusip>48666K109</cusip>
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          <isin value="US48666K1097"/>
          <ticker value="KBH"/>
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        <balance>22763.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nexstar Media Group Inc</name>
        <lei>52990083ZRR5UT591988</lei>
        <title>Nexstar Media Group Inc</title>
        <cusip>65336K103</cusip>
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          <ticker value="NXST"/>
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        <balance>9463.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Malibu Boats Inc</name>
        <lei>N/A</lei>
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        <cusip>56117J100</cusip>
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          <ticker value="MBUU"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TransMedics Group Inc</name>
        <lei>549300060GVOSMWARH50</lei>
        <title>TransMedics Group Inc</title>
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          <ticker value="TMDX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Lantheus Holdings Inc</name>
        <lei>5299005HUB5IOJGO7S39</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Applied Industrial Technologie</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Steven Madden Ltd</name>
        <lei>549300Z9GZ7GYJWSGF43</lei>
        <title>Steven Madden Ltd</title>
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          <isin value="US5562691080"/>
          <ticker value="SHOO"/>
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        <assetCat>EC</assetCat>
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        <name>XPO Inc</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Black Hills Corp</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp</title>
        <cusip>092113109</cusip>
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          <ticker value="BKH"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coherent Corp</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>Coherent Corp</title>
        <cusip>19247G107</cusip>
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          <ticker value="COHR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yelp Inc</name>
        <lei>5299007OU2DOSXPQBO35</lei>
        <title>Yelp Inc</title>
        <cusip>985817105</cusip>
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          <ticker value="YELP"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Financial Square Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>733607.14000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>733607.14000000</valUSD>
        <pctVal>0.226815254511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
