# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001580642-23-000487
**Filing Date:** 2023-1
**Character Count:** 3695
**Document Hash:** a95673745a0d153847fb56cb4a49dfe5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000487.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001580642-23-000487

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VELA Funds
- **CENTRAL INDEX KEY:** 0001815493
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-239642
- **FILM NUMBER:** 23564494

**BUSINESS ADDRESS:**
- **STREET 1:** 220 MARKET STREET
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054
- **BUSINESS PHONE:** 614-653-2178

**MAIL ADDRESS:**
- **STREET 1:** 220 MARKET STREET
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054

## Series and Classes Contracts Data

### VELA International Fund (Series ID: S000069562)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000221919 |
| Class A    | C000221920 |

---

## Series and Classes Contracts Data

### VELA International Fund (Series ID: S000069562)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221919 | Class I      |  |
| C000221920 | Class A      |  |

**VELA FUNDS**

**(the "Trust")**

**VELA International Fund**

**(the "Fund")**

(a series of VELA Funds)

**Supplement dated January 30, 2023 to the Summary Prospectus and Prospectus**

**each dated January 30, 2023**

**Important Notice Regarding Change in Investment Policy for the Fund**

The Board of Trustees of the Trust approved a change to the Fund. The change, described below, is disclosed in the Prospectus dated January 30, 2023 and will become effective on or about March 31, 2023 (the "Effective Date").

On the Effective Date, the following non-fundamental investment policy will be adopted and supersede the Fund's current non-fundamental investment policy "to invest, under normal market conditions, assets primarily in non-U.S. equity securities of companies of any size (including small capitalization, mid capitalization and large capitalization companies) that the Adviser believes are undervalued. Under normal market conditions, the fund will invest at least 80% of its net assets in securities issued by companies (i) that are headquartered or have their principal place of business outside the U.S., (ii) whose primary trading markets are outside the U.S. or (iii) that have at least 50% of their assets in, or expect to derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in countries outside the U.S.":

"The fund, under normal market conditions, invests its assets primarily in non-U.S. equity securities of companies of any size (including small capitalization, mid capitalization and large capitalization companies) that the Adviser believes are undervalued. Under normal market conditions, the fund will invest at least 80% of its net assets in securities issued by companies (i) that are headquartered or have their principal place of business outside the U.S., (ii) whose primary trading markets are outside the U.S. or (iii) that have at least 50% of their assets in, or derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in countries outside the U.S."

**\* \* \* \* \***

**This supplement should be read in conjunction with the Prospectus dated January 30, 2023. The Prospectus has been filed with the Securities and Exchange Commission and is incorporated herein by reference.**

**Please retain this supplement for future reference.**