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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NISSAN MOTOR CO LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ALLEGIANT TRAVEL COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GARRETT MOTION HOLDINGS INC / GARRETT LX I SARL</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CULLEN / FROST CAPITAL TRUST II</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>EQUIFAX INC</name>
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        <title>Equifax, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WALKER &amp; DUNLOP INC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL FUEL GAS COMPANY</name>
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        <title>National Fuel Gas Company </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>POOL CORP</name>
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        <title>Pool Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MICROSOFT CORP</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GREENBRIER COMPANIES INC (THE)</name>
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        <title>Greenbrier Companies, Inc. (The) </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KEYCORP</name>
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        <title>KeyCorp. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AMBEV SA</name>
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        <title>Ambev S.A. </title>
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        <fairValLevel>1</fairValLevel>
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        <name>BLOOMIN' BRANDS INC / OSI RESTAURANT PARTNERS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ACCENTURE PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WALT DISNEY COMPANY (THE)</name>
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        <title>Walt Disney Company (The) </title>
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        <fairValLevel>1</fairValLevel>
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        <name>MERCHANTS BANCORP (INDIANA)</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HIKMA PHARMACEUTICALS PLC</name>
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        <title>Hikma Pharmaceuticals plc </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CIMPRESS PLC</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>Cimpress PLC </title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <title>Interparfums, Inc. </title>
        <cusip>458334109</cusip>
        <identifiers>
          <isin value="US4583341098"/>
        </identifiers>
        <balance>5398.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>603820.28000000</valUSD>
        <pctVal>1.444561420855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Union Pacific Corporation 09/18/2026 300 Call</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UNP   260918C00300000"/>
        </identifiers>
        <balance>-8.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3520.00000000</valUSD>
        <pctVal>-0.00842114180</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Union Pacific Corporation</issuerName>
                <issueTitle>Union Pacific Corporation</issueTitle>
                <identifiers>
                  <cusip value="907818108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>300.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>339.74000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VAIL RESORTS INC</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>Vail Resorts, Inc. </title>
        <cusip>91879Q109</cusip>
        <identifiers>
          <isin value="US91879Q1094"/>
        </identifiers>
        <balance>3036.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>413351.40000000</valUSD>
        <pctVal>0.988889418713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRIT AIRLINES PASS THROUGH TRUST SERIES 2017-1</name>
        <lei>N/A</lei>
        <title>Spirit Airlines Pass Through Trust 2017-1A </title>
        <cusip>84858XAA2</cusip>
        <identifiers>
          <isin value="US84858XAA28"/>
        </identifiers>
        <balance>172841.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156220.29000000</valUSD>
        <pctVal>0.373736708692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>VELA Funds</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
