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          <ccc>XXXXXXXX</ccc>
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      <seriesClassInfo>
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      <regFileNumber>811-23585</regFileNumber>
      <regCik>0001815493</regCik>
      <regLei>549300F0PMHX6GFZ7Q56</regLei>
      <regStreet1>220 Market Street</regStreet1>
      <regStreet2>Suite 208</regStreet2>
      <regCity>New Albany</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>43054</regZipOrPostalCode>
      <regPhone>614-653-8352</regPhone>
      <seriesName>VELA INTERNATIONAL FUND</seriesName>
      <seriesId>S000069562</seriesId>
      <seriesLei>549300Y1RS134O2CPA39</seriesLei>
      <repPdEnd>2025-09-30</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>404485.40</totLiabs>
      <netAssets>63034614.98</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>B&amp;M European Value Retail SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TotalEnergies SE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTD Tractors</name>
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        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Associated British Foods PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ansell Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Wienerberger AG</name>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Loomis AB</name>
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        <name>Cake Box Holdings PLC</name>
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        <name>Ginebra San Miguel Inc.</name>
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        <name>Argenx SE</name>
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        <pctVal>1.229410920088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pason System Incor</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>Pason Systems, Inc. </title>
        <cusip>702925108</cusip>
        <identifiers>
          <isin value="CA7029251088"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36211000"/>
        <valUSD>991696.71000000</valUSD>
        <pctVal>1.573257344896</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fielmann Group AG</name>
        <lei>529900BU5B7N9GE4XU15</lei>
        <title>Fielmann AG </title>
        <cusip>D2617N114</cusip>
        <identifiers>
          <isin value="DE0005772206"/>
        </identifiers>
        <balance>18000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1203130.28000000</valUSD>
        <pctVal>1.908681889120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cia Generale de Establissements Michelin SCA </title>
        <cusip>F61824870</cusip>
        <identifiers>
          <isin value="FR001400AJ45"/>
        </identifiers>
        <balance>29100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1082265.61000000</valUSD>
        <pctVal>1.716938558827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nintendo Co Ltd.</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co. Ltd. </title>
        <cusip>J51699106</cusip>
        <identifiers>
          <isin value="JP3756600007"/>
        </identifiers>
        <balance>10500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.03000000"/>
        <valUSD>1008138.31000000</valUSD>
        <pctVal>1.599340791277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>137000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36211000"/>
        <valUSD>891132.14000000</valUSD>
        <pctVal>1.413718700880</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Financiere Richemont Sa</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont SA </title>
        <cusip>H25662182</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
        </identifiers>
        <balance>3200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79340000"/>
        <valUSD>605583.36000000</valUSD>
        <pctVal>0.960715569044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambev S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev SA </title>
        <cusip>P0273U106</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.43410000"/>
        <valUSD>1271746.93000000</valUSD>
        <pctVal>2.017537396561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toray Industries Inc.</name>
        <lei>35380099TCYR5FHT0A11</lei>
        <title>Toray Industries, Inc. </title>
        <cusip>J89494116</cusip>
        <identifiers>
          <isin value="JP3621000003"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.03000000"/>
        <valUSD>787067.34000000</valUSD>
        <pctVal>1.248627187220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLSmidth &amp; Co. A/S</name>
        <lei>213800MXXDGQ3ITPXI41</lei>
        <title>FLSmidth &amp; Co A/S </title>
        <cusip>K90242130</cusip>
        <identifiers>
          <isin value="DK0010234467"/>
        </identifiers>
        <balance>23000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.33358000"/>
        <valUSD>1409691.61000000</valUSD>
        <pctVal>2.236376965969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Ltd.</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd. </title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <isin value="VGG6564A1057"/>
        </identifiers>
        <balance>71000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1206290.00000000</valUSD>
        <pctVal>1.913694563507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wix.com Limited</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>Wix.com Ltd. </title>
        <cusip>M98068105</cusip>
        <identifiers>
          <isin value="IL0011301780"/>
        </identifiers>
        <balance>8200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1299372.00000000</valUSD>
        <pctVal>2.061362634502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rexel, S.A.</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>Rexel SA </title>
        <cusip>F7782J366</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
        </identifiers>
        <balance>22400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>690821.17000000</valUSD>
        <pctVal>1.095939382225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keeper Technical Laboratory Co Ltd</name>
        <lei>N/A</lei>
        <title>KeePer Technical Laboratory Co, Ltd. </title>
        <cusip>J31847106</cusip>
        <identifiers>
          <isin value="JP3236320002"/>
        </identifiers>
        <balance>47300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.03000000"/>
        <valUSD>1162364.22000000</valUSD>
        <pctVal>1.844009391298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
        <title>Bakkafrost P/F </title>
        <cusip>K0840B107</cusip>
        <identifiers>
          <isin value="FO0000000179"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.07837000"/>
        <valUSD>630227.35000000</valUSD>
        <pctVal>0.999811532441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB </title>
        <cusip>W9112U104</cusip>
        <identifiers>
          <isin value="SE0007100599"/>
        </identifiers>
        <balance>105200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46019000"/>
        <valUSD>1408448.31000000</valUSD>
        <pctVal>2.234404557633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Criteo S.A</name>
        <lei>969500EELFB4RDMFHA76</lei>
        <title>Criteo S.A. </title>
        <cusip>226718104</cusip>
        <identifiers>
          <isin value="US2267181046"/>
        </identifiers>
        <balance>64000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1533440.00000000</valUSD>
        <pctVal>2.432695115987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimberly-Clark de Mexico S.A.B. de C.V.</name>
        <lei>549300JGHL56QT00KT54</lei>
        <title>Kimberly-Clark de Mexico SAB de CV </title>
        <cusip>P60694117</cusip>
        <identifiers>
          <isin value="MXP606941179"/>
        </identifiers>
        <balance>772000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.76780000"/>
        <valUSD>1415019.34000000</valUSD>
        <pctVal>2.244829036314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc. </title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
        </identifiers>
        <balance>33400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1250830.00000000</valUSD>
        <pctVal>1.984354152709</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Krka d.d.</name>
        <lei>549300H9RLRTRTLRUZ73</lei>
        <title>Krka dd Novo mesto </title>
        <cusip>X4571Y100</cusip>
        <identifiers>
          <isin value="SI0031102120"/>
        </identifiers>
        <balance>4400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1002571.44000000</valUSD>
        <pctVal>1.590509342078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV </title>
        <cusip>N4578E595</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
        </identifiers>
        <balance>67300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1474943.16000000</valUSD>
        <pctVal>2.339893978043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JDE Peets N.V</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE Peet's NV </title>
        <cusip>N44664105</cusip>
        <identifiers>
          <isin value="NL0014332678"/>
        </identifiers>
        <balance>54500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1556645.50000000</valUSD>
        <pctVal>2.469509015790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc. </title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>51000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1354560.00000000</valUSD>
        <pctVal>2.148914529627</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA </title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
        </identifiers>
        <balance>9100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000727.00000000</valUSD>
        <pctVal>1.587583267253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Electric Holdings Ltd.</name>
        <lei>529900EDYRQ6K25JEC80</lei>
        <title>Johnson Electric Holdings Ltd. </title>
        <cusip>G5150J157</cusip>
        <identifiers>
          <isin value="BMG5150J1577"/>
        </identifiers>
        <balance>480000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84996000"/>
        <valUSD>1324435.16000000</valUSD>
        <pctVal>2.101123581733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuchs SE</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>Fuchs Petrolub SE </title>
        <cusip>D27462387</cusip>
        <identifiers>
          <isin value="DE000A3E5D56"/>
        </identifiers>
        <balance>24100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1000892.70000000</valUSD>
        <pctVal>1.587846138693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBB Foods Inc</name>
        <lei>N/A</lei>
        <title>BBB Foods Inc </title>
        <cusip>G0896C103</cusip>
        <identifiers>
          <isin value="VGG0896C1032"/>
        </identifiers>
        <balance>34300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>952168.00000000</valUSD>
        <pctVal>1.510547816151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTech Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>VTech Holdings Ltd. </title>
        <cusip>G9400S132</cusip>
        <identifiers>
          <isin value="BMG9400S1329"/>
        </identifiers>
        <balance>174200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84996000"/>
        <valUSD>1265380.09000000</valUSD>
        <pctVal>2.007436851008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indivior PLC</name>
        <lei>213800V3NCQTY7IED471</lei>
        <title>Indivior PLC </title>
        <cusip>G4766E116</cusip>
        <identifiers>
          <isin value="GB00BN4HT335"/>
        </identifiers>
        <balance>77200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72856000"/>
        <valUSD>1147861.62000000</valUSD>
        <pctVal>1.821002032556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Informa PLC</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>Informa PLC </title>
        <cusip>G4770L106</cusip>
        <identifiers>
          <isin value="GB00BMJ6DW54"/>
        </identifiers>
        <balance>54900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72856000"/>
        <valUSD>607773.73000000</valUSD>
        <pctVal>0.964190437575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>First American Treasury Obligations Fund </title>
        <cusip>31846V328</cusip>
        <identifiers>
          <isin value="US31846V3289"/>
        </identifiers>
        <balance>5310614.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5310614.26000000</valUSD>
        <pctVal>8.424917423046</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>
      <invstOrSec>
        <name>Bapcor Ltd.</name>
        <lei>N/A</lei>
        <title>Bapcor, Ltd. </title>
        <cusip>Q1921R106</cusip>
        <identifiers>
          <isin value="AU000000BAP9"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51940000"/>
        <valUSD>954869.57000000</valUSD>
        <pctVal>1.514833667664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duerr AG</name>
        <lei>5299003APZ54EDTSRO20</lei>
        <title>Duerr AG </title>
        <cusip>D23279108</cusip>
        <identifiers>
          <isin value="DE0005565204"/>
        </identifiers>
        <balance>48000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84900000"/>
        <valUSD>1280358.28000000</valUSD>
        <pctVal>2.031198699962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arcos Dorados Holdings Inc</name>
        <lei>54930023P2MIZN13DQ85</lei>
        <title>Arcos Dorados Holdings Inc. </title>
        <cusip>G0457F107</cusip>
        <identifiers>
          <isin value="VGG0457F1071"/>
        </identifiers>
        <balance>102000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>804780.00000000</valUSD>
        <pctVal>1.276727081232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>
