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      <regCity>New Albany</regCity>
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      <regZipOrPostalCode>43054</regZipOrPostalCode>
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        <name>Money Market Obligations Trust</name>
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        <title>Biohaven Ltd. </title>
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        <invCountry>VG</invCountry>

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        <name>BOK Financial Corp</name>
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        <title>BOK Financial Corp. </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Kirby Corporation Call @ 100 March 2024</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <isLoanByFund>N</isLoanByFund>
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        <name>Houlihan Lokey Inc.</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey, Inc. </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Papa John's International Inc.</name>
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        <lei>N/A</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Tidewater Inc New</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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        <cusip>88642R109</cusip>
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        <balance>20139.00000000</balance>
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        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp. </title>
        <cusip>75281A109</cusip>
        <identifiers>
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        <balance>77146.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <identifiers>
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        <balance>-36.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-19620.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

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            <shareNo>100.00000000</shareNo>
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            <expDt>2024-06-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3492.13000000</unrealizedAppr>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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          <ticker value="SRCE  240315C00055000"/>
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        <valUSD>-51330.00000000</valUSD>
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        <name>Tetra Tech Inc</name>
        <lei>549300UJ1LP7JGJC5P32</lei>
        <title>Tetra Tech, Inc. </title>
        <cusip>88162G103</cusip>
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          <isin value="US88162G1031"/>
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        <name>Gildan Activewear Inc.</name>
        <lei>549300SB3IBI34M00Z45</lei>
        <title>Gildan Activewear, Inc. </title>
        <cusip>375916103</cusip>
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        <balance>26043.00000000</balance>
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        <invCountry>CA</invCountry>

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        <name>Fox Factory Holding Corporation</name>
        <lei>529900GE1HSV0617R721</lei>
        <title>Fox Factory Holding Corp. </title>
        <cusip>35138V102</cusip>
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        <balance>17471.00000000</balance>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Biohaven Pharmaceutical Holding Co. Ltd. Call @ 45 July 2024</title>
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          <ticker value="BHVN  240719C00045000"/>
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        <name>Huntington Ingalls Industries, Inc.</name>
        <lei>5TZLZ6WJTBVJ0QWBG121</lei>
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        <cusip>446413106</cusip>
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        <name>Wabash National Corporation</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>Wabash National Corp. </title>
        <cusip>929566107</cusip>
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        <invCountry>US</invCountry>

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        <name>Onto Innovation Inc.</name>
        <lei>254900RXZVN73CHOO062</lei>
        <title>Onto Innovation, Inc. </title>
        <cusip>683344105</cusip>
        <identifiers>
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        <balance>1606.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd. </title>
        <cusip>G0585R106</cusip>
        <identifiers>
          <isin value="BMG0585R1060"/>
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        <balance>22437.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1678960.71000000</valUSD>
        <pctVal>2.042077948240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc. </title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
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        <balance>31854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429073.38000000</valUSD>
        <pctVal>0.521871227990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>National Healthcare Corp. Call @ 75 May 2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NHC   240517C00075000"/>
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        <balance>-80.00000000</balance>
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        <name>Criteo S.A</name>
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        <name>Ollies Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>The Wendys Company</name>
        <lei>529900M0JIUCMWVKHG76</lei>
        <title>Wendy's Co./The </title>
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      <invstOrSec>
        <name>RPM International Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
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        <cusip>749685103</cusip>
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          <isin value="US7496851038"/>
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        <balance>9685.00000000</balance>
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        <valUSD>1081136.55000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nutanix Inc</name>
        <lei>549300X7J6E8TKVIXW09</lei>
        <title>Nutanix, Inc. </title>
        <cusip>67059N108</cusip>
        <identifiers>
          <isin value="US67059N1081"/>
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        <balance>26391.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1258586.79000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HUB Group Inc</name>
        <lei>N/A</lei>
        <title>Hub Group, Inc. </title>
        <cusip>443320106</cusip>
        <identifiers>
          <isin value="US4433201062"/>
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        <balance>29162.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2681154.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PROCEPT BioRobotics Corp. Call @ 45 July 2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PRCT  240719C00045000"/>
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        <balance>-145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-105850.00000000</valUSD>
        <pctVal>-0.12874270942</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MKM PARTNERS</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2024-07-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-24940.65000000</unrealizedAppr>
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      <invstOrSec>
        <name>U-Haul Holding Co.</name>
        <lei>5493003WIDMLDHYC6Y24</lei>
        <title>U-Haul Holdings Co. </title>
        <cusip>023586506</cusip>
        <identifiers>
          <isin value="US0235865062"/>
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        <balance>27255.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1919842.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Performance Food Group Company</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>Performance Food Group Co. </title>
        <cusip>71377A103</cusip>
        <identifiers>
          <isin value="US71377A1034"/>
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        <balance>33793.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2336785.95000000</valUSD>
        <pctVal>2.842174346208</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Alamos Gold, Inc. Call @ 17 June 2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AGI   240621C00017000"/>
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        <balance>-80.00000000</balance>
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        <valUSD>-3600.00000000</valUSD>
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        <invCountry>US</invCountry>

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            <shareNo>100.00000000</shareNo>
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            <expDt>2024-06-21</expDt>
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            <unrealizedAppr>2319.95000000</unrealizedAppr>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Atlanta Braves Holdings, Inc. Call @ 50 August 2024</title>
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        <identifiers>
          <ticker value="BATRK 240816C00050000"/>
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        <balance>-124.00000000</balance>
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        <valUSD>-15190.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

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            <shareNo>100.00000000</shareNo>
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            <expDt>2024-08-16</expDt>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Range Resources Corp. Call @ 37 January 2025</title>
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        <identifiers>
          <ticker value="RRC   250117C00037000"/>
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        <balance>-295.00000000</balance>
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            <expDt>2025-01-17</expDt>
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      <invstOrSec>
        <name>Atlanta Braves Holdings Inc</name>
        <lei>N/A</lei>
        <title>Atlanta Braves Holdings, Inc. </title>
        <cusip>047726302</cusip>
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          <isin value="US0477263026"/>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Houlihan Lokey, Inc. Call @ 115, Expiring June 2024</title>
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        <identifiers>
          <ticker value="HLI   240621C00115000"/>
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        <balance>-58.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-67570.00000000</valUSD>
        <pctVal>-0.08218370218</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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            <shareNo>100.00000000</shareNo>
            <exercisePrice>115.00000000</exercisePrice>
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            <expDt>2024-06-21</expDt>
            <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valvoline Inc</name>
        <lei>549300CMHPBEY6VPOT75</lei>
        <title>Valvoline, Inc. </title>
        <cusip>92047W101</cusip>
        <identifiers>
          <isin value="US92047W1018"/>
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        <balance>58751.00000000</balance>
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        <valUSD>2207862.58000000</valUSD>
        <pctVal>2.685368073541</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Encompass Health Corporation</name>
        <lei>549300FVRPM9DRQZRG64</lei>
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      <invstOrSec>
        <name>Procept Biorobotics Corp.</name>
        <lei>N/A</lei>
        <title>PROCEPT BioRobotics Corp </title>
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        <name>Malibu Boats Inc</name>
        <lei>549300MHGS3WZNRLUK77</lei>
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        <invCountry>US</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Performance Food Group Co. Call @ 70 June 2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PFGC  240621C00070000"/>
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      <invstOrSec>
        <name>Major Drilling Group Intl Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
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      <invstOrSec>
        <name>Flowers Foods, Inc.</name>
        <lei>7YNCQQNDK8FBM9BBTK25</lei>
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        <cusip>343498101</cusip>
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        <name>Applied Industrial Technologies Inc.</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies, Inc. </title>
        <cusip>03820C105</cusip>
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        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co </title>
        <cusip>384637104</cusip>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Tetra Tech, Inc. Call @ 180 March 2024</title>
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        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Denali Therapeutics Inc</name>
        <lei>549300ZTQ2HO18L3Q830</lei>
        <title>Denali Therapeutics, Inc. </title>
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        <name>Sanfilippo(John B)</name>
        <lei>5299007IBEYVXKYDUX28</lei>
        <title>John B. Sanfilippo &amp; Son, Inc. </title>
        <cusip>800422107</cusip>
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        <name>Shockwave Medical Inc.</name>
        <lei>549300LDXO56IC5Y1538</lei>
        <title>Shockwave Medical, Inc. </title>
        <cusip>82489T104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <invCountry>US</invCountry>

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        <name>Maravai LifeSciences Holdings Inc</name>
        <lei>N/A</lei>
        <title>Maravai LifeSciences Holdings, Inc. </title>
        <cusip>56600D107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>JFrog Ltd Call @ 40 June 2024</title>
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        <identifiers>
          <ticker value="FROG  240621C00040000"/>
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        <valUSD>-66825.00000000</valUSD>
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        <invCountry>US</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <identifiers>
          <ticker value="PZZA  240419C00080000"/>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>1st Source Corporation</name>
        <lei>N/A</lei>
        <title>1st Source Corp. </title>
        <cusip>336901103</cusip>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>RPM International, Inc. Call @ 110 March 2024</title>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>110.00000000</exercisePrice>
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            <expDt>2024-05-17</expDt>
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      <invstOrSec>
        <name>JFrog Ltd</name>
        <lei>N/A</lei>
        <title>JFrog Ltd </title>
        <cusip>M6191J100</cusip>
        <identifiers>
          <isin value="IL0011684185"/>
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        <balance>53847.00000000</balance>
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        <invCountry>IL</invCountry>

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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Assured Guaranty Ltd. Call @ 75 April 2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AGO   240419C00075000"/>
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        <curCd>USD</curCd>
        <valUSD>-46200.00000000</valUSD>
        <pctVal>-0.05619190529</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MKM PARTNERS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Assured Guaranty Ltd.</issuerName>
                <issueTitle>Assured Guaranty Ltd.</issueTitle>
                <identifiers>
                  <cusip value="G0585R106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>75.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2024-04-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-31483.22000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caseys Gen Stores</name>
        <lei>549300CAFWSI86V66Q65</lei>
        <title>Casey's General Stores, Inc. </title>
        <cusip>147528103</cusip>
        <identifiers>
          <isin value="US1475281036"/>
        </identifiers>
        <balance>8251.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2266879.74000000</valUSD>
        <pctVal>2.757149170195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-12-31</ncom:dateSigned>
      <ncom:nameOfApplicant>VELA Funds</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
