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        <name>SEMrush Holdings Inc.</name>
        <lei>254900WQEX0OLGK16D27</lei>
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        <name>Onto Innovation Inc.</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Assured Guaranty Ltd.</name>
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        <name>Alamos Gold Inc.</name>
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        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
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          <ticker value="AIT   251121C00280000"/>
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        <valUSD>-15390.00000000</valUSD>
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        <name>Criteo S.A</name>
        <lei>969500EELFB4RDMFHA76</lei>
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        <invCountry>FR</invCountry>

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      <invstOrSec>
        <name>Ollies Bargain Outlet Holdings Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
        <cusip>681116109</cusip>
        <identifiers>
          <isin value="US6811161099"/>
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        <balance>7819.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030387.82000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>SI-BONE, Inc. Call @ 25 October 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIBN  251017C00025000"/>
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        <balance>-294.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-10290.00000000</valUSD>
        <pctVal>-0.00767167066</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <expDt>2025-10-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>9986.98000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Wix.com Limited</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>Wix.com Ltd. </title>
        <cusip>M98068105</cusip>
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          <isin value="IL0011301780"/>
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        <balance>18240.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2890310.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</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>Shift4 Payments, Inc. Call @ 125 October 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FOUR  251017C00125000"/>
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        <balance>-16.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4040.00000000</valUSD>
        <pctVal>-0.00301200675</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MKM PARTNERS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>Shift4 Payments, Inc.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>125.00000000</exercisePrice>
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            <expDt>2025-10-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1032.46000000</unrealizedAppr>
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      <invstOrSec>
        <name>Janus International Group Inc</name>
        <lei>N/A</lei>
        <title>Janus International Group, Inc. </title>
        <cusip>47103N106</cusip>
        <identifiers>
          <isin value="US47103N1063"/>
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        <balance>268241.00000000</balance>
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        <assetCat>EC</assetCat>
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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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      <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>159592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5335160.56000000</valUSD>
        <pctVal>3.977608820528</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Indivior PLC Call @ 15 October 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INDV  251017C00015000"/>
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        <balance>-308.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-80850.00000000</valUSD>
        <pctVal>-0.06027741237</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MKM PARTNERS</counterpartyName>
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                <issuerName>Indivior PLC</issuerName>
                <issueTitle>Indivior PLC</issueTitle>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2025-10-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-65767.30000000</unrealizedAppr>
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      <invstOrSec>
        <name>Mama's Creations, Inc</name>
        <lei>N/A</lei>
        <title>Mama's Creations, Inc. </title>
        <cusip>56146T103</cusip>
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          <isin value="US56146T1034"/>
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        <valUSD>2644662.20000000</valUSD>
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        <invCountry>US</invCountry>

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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sun Country Airlines Holdings Inc.</name>
        <lei>549300MOHOJN9GH0NJ48</lei>
        <title>Sun Country Airlines Holdings Inc. </title>
        <cusip>866683105</cusip>
        <identifiers>
          <isin value="US8666831057"/>
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        <balance>197539.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2321083.25000000</valUSD>
        <pctVal>1.730474857232</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Performance Food Group Co.</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>Performance Food Group Co. </title>
        <cusip>71377A103</cusip>
        <identifiers>
          <isin value="US71377A1034"/>
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        <balance>51675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4520012.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>
        <title>Range Resources Corp. Call @ 55, Expiring January 2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RRC   260116C00055000"/>
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        <balance>-79.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7900.00000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
            <exercisePrice>55.00000000</exercisePrice>
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            <expDt>2026-01-16</expDt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lincoln Electric Holdings Inc.</name>
        <lei>BIMGBY40SIN95O01BN93</lei>
        <title>Lincoln Electric Holdings, Inc. </title>
        <cusip>533900106</cusip>
        <identifiers>
          <isin value="US5339001068"/>
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        <balance>16422.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3404609.04000000</valUSD>
        <pctVal>2.538293420723</pctVal>
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        <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>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BWX Technologies, Inc. Call @ 135 November 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BWXT  251121C00135000"/>
        </identifiers>
        <balance>-27.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-50085.00000000</valUSD>
        <pctVal>-0.03734068272</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Teradyne Inc.</name>
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        <name>Atlanta Braves Holdings Inc</name>
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        <name>Movado Group Inc</name>
        <lei>549300WCGCGPWGHVXM59</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Valvoline Inc</name>
        <lei>549300CMHPBEY6VPOT75</lei>
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        <name>Bruker Corporation</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
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        <balance>73713.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA </title>
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          <isin value="PAP310761054"/>
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        <assetCat>EC</assetCat>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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          <ticker value="POOL  251121C00370000"/>
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        <valUSD>-9437.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Encompass Health Corporation</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp. </title>
        <cusip>29261A100</cusip>
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          <isin value="US29261A1007"/>
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        <balance>23517.00000000</balance>
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        <valUSD>2883889.71000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Align Technology Inc.</name>
        <lei>549300N5YSE0U3LCP840</lei>
        <title>Align Technology, Inc. </title>
        <cusip>016255101</cusip>
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          <isin value="US0162551016"/>
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        <balance>10143.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1920374.19000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Federal Agricultural Mortgage Corporation</name>
        <lei>549300MS654K78GYF580</lei>
        <title>Federal Agricultural Mortgage Corp. </title>
        <cusip>313148306</cusip>
        <identifiers>
          <isin value="US3131483063"/>
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        <balance>11788.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2290172.64000000</valUSD>
        <pctVal>1.707429568604</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>USGA</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>Performance Food Group Co. Call @ 95 September 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PFGC  250919C00095000"/>
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        <balance>-258.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-41280.00000000</valUSD>
        <pctVal>-0.03077614820</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>8040.25000000</unrealizedAppr>
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      <invstOrSec>
        <name>Halozyme Therapeutics Inc</name>
        <lei>529900242I3SV9AGM753</lei>
        <title>Halozyme Therapeutics, Inc. </title>
        <cusip>40637H109</cusip>
        <identifiers>
          <isin value="US40637H1095"/>
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        <balance>7435.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386768.70000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Major Drilling Group Intl Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International, Inc. </title>
        <cusip>560909103</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
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        <balance>396795.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36211000"/>
        <valUSD>2580998.38000000</valUSD>
        <pctVal>1.924253601480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Indivior PLC Call @ 17.5 November 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INDV  251121C00017500"/>
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        <balance>-177.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-34072.50000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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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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          <isin value="US03820C1053"/>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Shift4 Payments, Inc. Call @ 115 October 2025</title>
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          <ticker value="FOUR  251017C00115000"/>
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        <valUSD>-17100.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co </title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
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        <balance>3225.00000000</balance>
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        <valUSD>3051398.25000000</valUSD>
        <pctVal>2.274958449262</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>JFrog Ltd Call @ 55, Expiring December 2025</title>
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        <identifiers>
          <ticker value="FROG  251219C00055000"/>
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        <valUSD>-13320.00000000</valUSD>
        <pctVal>-0.00993067573</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>55.00000000</exercisePrice>
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            <expDt>2025-12-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1926.13000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>National Fuel Gas Company</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Cactus Inc</name>
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        <name>Maravai LifeSciences Holdings Inc</name>
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        <name>Pool Corporation</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>BRP Inc.</name>
        <lei>529900EPQGESIRCPY551</lei>
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        <name>Ingles Markets, Incorporated</name>
        <lei>549300XH5RYBMYP8TF26</lei>
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        <name>1st Source Corporation</name>
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        <title>1st Source Corp. </title>
        <cusip>336901103</cusip>
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        <name>JFrog Ltd</name>
        <lei>N/A</lei>
        <title>JFrog Ltd </title>
        <cusip>M6191J100</cusip>
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        <name>Murphy USA Inc.</name>
        <lei>549300Y081F8XIKQIO72</lei>
        <title>Murphy USA, Inc. </title>
        <cusip>626755102</cusip>
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        <invCountry>US</invCountry>

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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Assured Guaranty Ltd. Call @ 100 October 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AGO   251017C00100000"/>
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        <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"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>100.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>14602.31000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Seaboard Corp Del</name>
        <lei>87Q3KOXT29OW9W9YPT70</lei>
        <title>Seaboard Corp. </title>
        <cusip>811543107</cusip>
        <identifiers>
          <isin value="US8115431079"/>
        </identifiers>
        <balance>667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1908420.40000000</valUSD>
        <pctVal>1.422815626811</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>Encompass Health Corp. Call @ 120 December 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EHC   251219C00120000"/>
        </identifiers>
        <balance>-113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-119215.00000000</valUSD>
        <pctVal>-0.08888029333</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>Encompass Health Corp.</issuerName>
                <issueTitle>Encompass Health Corp.</issueTitle>
                <identifiers>
                  <cusip value="29261A100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>120.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-55266.02000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Axis Capital Holdings Ltd. Call @ 95 October 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AXS   251017C00095000"/>
        </identifiers>
        <balance>-140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-170100.00000000</valUSD>
        <pctVal>-0.12681741303</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>Axis Capital Holdings Ltd.</issuerName>
                <issueTitle>Axis Capital Holdings Ltd.</issueTitle>
                <identifiers>
                  <cusip value="G0692U109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>95.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-10-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-76586.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Alamos Gold, Inc. Call @ 27 August 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AGI   250815C00027000"/>
        </identifiers>
        <balance>-247.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-33962.50000000</valUSD>
        <pctVal>-0.02532061369</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>Alamos Gold, Inc.</issuerName>
                <issueTitle>Alamos Gold, Inc.</issueTitle>
                <identifiers>
                  <cusip value="011532108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>27.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-9270.96000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambac Financial Group, Inc.</name>
        <lei>5493000UC0RBBNDHI717</lei>
        <title>Ambac Financial Group, Inc. </title>
        <cusip>023139884</cusip>
        <identifiers>
          <isin value="US0231398845"/>
        </identifiers>
        <balance>114550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>813305.00000000</valUSD>
        <pctVal>0.606356473324</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>2025-06-30</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>
