# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-26-003284
**Filing Date:** 2026-2
**Character Count:** 96319
**Document Hash:** 596861100b1e1aa4d5ca1a1958dfa868
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003284.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003284

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VELA Funds
- **CENTRAL INDEX KEY:** 0001815493

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 26695113

**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 Large Cap Plus Fund (Series ID: S000069563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221921 | Class I      |  |
| C000221922 | Class A      |  |

## Nport-Ex

VELA

Small

Cap

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

99.85%

Shares

Fair

Value

Communications

—

3.94%

Criteo

S.A.

-

ADR

(a) 293,292

$

6,044,748

Consumer

Discretionary

—

15.65%

Atlanta

Braves

Holdings,

Inc.,

Class

C

(a)(b) 78,498

3,096,746

BRP,

Inc.

(b) 21,029

1,488,012

Etsy,

Inc.

(a) 17,271

957,504

Gildan

Activewear,

Inc.

45,310

2,830,063

Graham

Holdings

Co.,

Class

B

1,976

2,170,834

Movado

Group,

Inc.

154,624

3,188,347

Murphy

USA,

Inc.

(b) 8,783

3,544,116

Pool

Corp.

(b) 16,817

3,846,889

Valvoline,

Inc.

(a) 99,371

2,887,721

24,010,232

Consumer

Staples

—

8.84%

Coca-Cola

Consolidated,

Inc.

(b) 25,573

3,920,341

Ingles

Markets,

Inc.,

Class

A

(b) 23,475

1,609,211

Mama's

Creations,

Inc.

(a)(b) 214,542

2,894,172

Performance

Food

Group

Co.

(a)(b) 29,538

2,656,057

Seaboard

Corp.

556

2,471,320

13,551,101

Energy

—

6.36%

Antero

Resources

Corp.

(a)(b) 90,689

3,125,143

Cactus,

Inc.,

Class

A

66,169

3,022,600

Range

Resources

Corp.

(b) 60,359

2,128,258

Tidewater,

Inc.

(a)(b) 29,310

1,480,448

9,756,449

Financials

—

7.07%

Assured

Guaranty

Ltd.

33,145

2,978,741

Axis

Capital

Holdings

Ltd.

(b) 42,516

4,553,039

BOK

Financial

Corp.

16,793

1,989,299

Octave

Specialty

Group,

Inc.

(a) 169,999

1,322,592

10,843,671

Health

Care

—

9.53%

Align

Technology,

Inc.

(a) 10,484

1,637,077

Bruker

Corp.

(b) 71,019

3,345,705

Encompass

Health

Corp.

14,566

1,546,035

Globus

Medical,

Inc.,

Class

A

(a) 24,268

2,118,839

PROCEPT

BioRobotics

Corp.

(a) 33,730

1,061,146

SI-BONE,

Inc.

(a) 133,467

2,631,969

Supernus

Pharmaceuticals,

Inc.

(a) 45,857

2,279,093

14,619,864

Industrials

—

24.43%

Applied

Industrial

Technologies,

Inc.

(b) 12,437

3,193,449

BWX

Technologies,

Inc.

(b) 5,512

952,694

Copa

Holdings,

S.A.,

Class

A

19,417

2,341,884

VELA

Small

Cap

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

99.85%

-

continued

Shares

Fair

Value

Industrials

—

24.43%

-

continued

Greenbrier

Companies,

Inc.

(The)

67,556

$

3,157,568

Hub

Group,

Inc.,

Class

A

159,592

6,800,215

Janus

International

Group,

Inc.

(a)(b) 359,354

2,350,175

Kirby

Corp.

(a) 68,016

7,494,003

Lincoln

Electric

Holdings,

Inc.

15,636

3,747,011

Proficient

Auto

Logistics,

Inc.

(a) 227,684

2,194,874

Sun

Country

Airlines

Holdings,

Inc.

(a) 228,428

3,287,079

Toro

Co.

(The)

24,863

1,957,215

37,476,167

Materials

—

11.88%

Alamos

Gold,

Inc.,

Class

A

(b) 66,816

2,577,761

Carlisle

Companies,

Inc.

7,163

2,291,157

Installed

Building

Products,

Inc.

(b) 10,059

2,609,204

Major

Drilling

Group

International,

Inc.

(a) 284,193

2,670,968

Monarch

Cement

Co.

(The)

6,002

1,410,470

NewMarket

Corp.

1,977

1,358,713

Simpson

Manufacturing

Co.,

Inc.

14,058

2,269,945

Worthington

Enterprises,

Inc.

58,937

3,039,381

18,227,599

Real

Estate

—

1.28%

NET

Lease

Office

Properties

76,139

1,963,625

Technology

—

9.89%

EPAM

Systems,

Inc.

(a) 8,918

1,827,120

Jack

Henry

&

Associates,

Inc.

12,751

2,326,802

Shift4

Payments,

Inc.,

Class

A

(a) 47,766

3,007,825

SPS

Commerce,

Inc.

(a) 18,071

1,610,668

Teradyne,

Inc.

(b) 11,719

2,268,330

Wix.com

Ltd.

(a) 39,788

4,133,575

15,174,320

Utilities

—

0.98%

National

Fuel

Gas

Co.

18,691

1,496,401

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $126,777,898)

153,164,177

Money

Market

Funds

—

1.29 %

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 1,985,209

1,985,209

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,985,209)

1,985,209

Total

Investments

—

101.14%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$128,763,107)

155,149,386

Liabilities

in

Excess

of

Other

Assets

—

(1.14)%

(1,745,256)

Net

Assets

—

100.00%

$

153,404,130

(a) Non-income

producing

security.

VELA

Small

Cap

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

(b) Securities,

or

a

portion

thereof,

have

been

pledged

as

collateral

on

written

option

contracts.

The

total

collateral

pledged

is

$22,883,853.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. ADR

-

American

Depositary

Receipt.

VELA

Small

Cap

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.03)%

Alamos

Gold,

Inc.,

Class

A

(514) $

(1,983,012)

$

34.00 March

2026

$

(336,670)

Alamos

Gold,

Inc.,

Class

A

(103) (397,374)

37.00 March

2026

(46,350)

Antero

Resources

Corp.

(318) (1,095,828)

45.00 May

2026

(21,465)

Applied

Industrial

Technologies,

Inc.

(37) (950,049)

290.00 May

2026

(19,425)

Atlanta

Braves

Holdings,

Inc.,

Class

C

(222) (875,790)

55.00 February

2026

(666) Axis

Capital

Holdings

Ltd.

(140) (1,499,260)

110.00 March

2026

(49,000)

Axis

Capital

Holdings

Ltd.

(73) (781,757)

115.00 March

2026

(13,943)

BRP,

Inc.

(74) (523,624)

80.00 May

2026

(21,830)

Bruker

Corp.

(178) (838,558)

70.00 June

2026

(25,988)

BWX

Technologies,

Inc.

(45) (777,780)

190.00 February

2026

(18,900)

Coca-Cola

Consolidated,

Inc.

(142) (2,176,860)

160.00 June

2026

(162,590)

Ingles

Markets,

Inc.,

Class

A

(59) (404,445)

80.00 May

2026

(9,263)

Installed

Building

Products,

Inc.

(34) (881,926)

270.00 March

2026

(57,290)

Janus

International

Group,

Inc.

(1,341)

(877,014)

12.50 February

2026

(1,341)

Mama's

Creations,

Inc.

(1,180)

(1,591,820)

15.00 February

2026

(50,150)

Murphy

USA,

Inc.

(17) (685,984)

480.00 April

2026

(11,730)

Performance

Food

Group

Co.

(129) (1,159,968)

100.00 March

2026

(15,480)

Performance

Food

Group

Co.

(129) (1,159,968)

105.00 March

2026

(7,740)

Pool

Corp.

(21) (480,375)

390.00 January

2026

(21) Range

Resources

Corp.

(220) (775,720)

46.00 March

2026

(8,800)

Teradyne,

Inc.

(117) (2,264,652)

135.00 January

2026

(693,225)

Tidewater,

Inc.

(139) (702,089)

80.00 April

2026

(7,645)

Total

Written

Call

Options

(Premiums

Received

$921,945)

$

(1,579,512)

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

99.64%

Shares

Fair

Value

Communications

—

9.62%

Alphabet,

Inc.,

Class

A

(a) 11,247

$

3,520,311

Meta

Platforms,

Inc.,

Class

A

(a) 2,894

1,910,301

Walt

Disney

Co.

(The)

10,094

1,148,394

6,579,006

Consumer

Discretionary

—

14.44%

Amazon.com,

Inc.

(a)(b) 14,032

3,238,866

Booking

Holdings,

Inc.

1,365,609

Deckers

Outdoor

Corp.

(a)(b) 8,468

877,877

Home

Depot,

Inc.

(The)

(a) 3,921

1,349,216

NIKE,

Inc.,

Class

B

(a) 17,953

1,143,786

Starbucks

Corp.

5,974

503,071

TJX

Companies,

Inc.

(The)

9,085

1,395,547

9,873,972

Consumer

Staples

—

3.66%

PepsiCo,

Inc.

7,480

1,073,530

Sysco

Corp.

5,356

394,684

Tyson

Foods,

Inc.,

Class

A

17,678

1,036,284

2,504,498

Energy

—

5.21%

Baker

Hughes

Co.,

Class

A

(a) 31,596

1,438,882

MPLX

LP

(a) 25,430

1,357,199

Suncor

Energy,

Inc.

(a) 17,237

764,633

3,560,714

Financials

—

11.73%

Arch

Capital

Group

Ltd.

(b) 10,737

1,029,893

Bank

of

America

Corp.

(a) 24,795

1,363,725

Berkshire

Hathaway,

Inc.,

Class

B

(b) 3,641

1,830,148

Citigroup,

Inc.

(a) 16,504

1,925,852

KKR

&

Co.,

Inc.

3,952

503,801

MetLife,

Inc.

17,333

1,368,267

8,021,686

Health

Care

—

14.98%

Abbott

Laboratories

8,587

1,075,865

AbbVie,

Inc.

3,117

712,203

Align

Technology,

Inc.

(b) 7,556

1,179,870

AstraZeneca

PLC

-

ADR

10,510

966,184

Bruker

Corp.

8,976

422,859

Johnson

&

Johnson

11,610

2,402,690

Roivant

Sciences

Ltd.

(b) 7,938

172,255

Thermo

Fisher

Scientific,

Inc.

3,684

2,134,694

Zoetis,

Inc.,

Class

A

(a) 9,394

1,181,953

10,248,573

Industrials

—

11.04%

3M

Co.

6,425

1,028,642

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

99.64%

-

continued

Shares

Fair

Value

Industrials

—

11.04%

-

continued

Applied

Industrial

Technologies,

Inc.

844

$

216,714

CSX

Corp.

30,987

1,123,279

Deere

&

Co.

1,817

845,941

FedEx

Corp.

(a) 4,636

1,339,155

Kirby

Corp.

(b) 9,709

1,069,737

Lincoln

Electric

Holdings,

Inc.

5,729

1,372,897

Northrop

Grumman

Corp.

979

558,236

7,554,601

Materials

—

2.55%

Carlisle

Companies,

Inc.

2,852

912,241

PPG

Industries,

Inc.

8,150

835,049

1,747,290

Technology

—

26.41%

Accenture

PLC,

Class

A

(a) 6,697

1,796,805

Adobe,

Inc.

(b) 2,831

990,822

Advanced

Micro

Devices,

Inc.

(b) 2,061

441,384

Autodesk,

Inc.

(a)(b) 4,460

1,320,204

Corpay,

Inc.

(b) 1,529

460,122

EPAM

Systems,

Inc.

(b) 6,175

1,265,134

Infineon

Technologies

A.G.

-

ADR

42,294

1,860,090

Microsoft

Corp.

(a) 6,525

3,155,620

Salesforce.com,

Inc.

(a) 5,037

1,334,352

ServiceNow,

Inc.

(a)(b) 7,535

1,154,287

Uber

Technologies,

Inc.

(a)(b) 12,067

985,995

Visa,

Inc.,

Class

A

(a) 4,021

1,410,205

Wix.com

Ltd.

(b) 10,328

1,072,976

Workday,

Inc.,

Class

A

(a)(b) 3,822

820,889

18,068,885

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,765,555)

68,159,225

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

CALL

OPTIONS

—

0.45%

American

International

Group,

Inc.

$

855,500

$

95.00 May

2026

21,250

Axsome

Therapeutics,

Inc.

730,560

170.00 June

2026

112,400

Centene

Corp.

514,375

45.00 June

2026

48,750

Ionis

Pharmaceuticals,

Inc.

395,550

90.00 July

2026

40,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,215,560

350.00 April

2026

42,800

UnitedHealth

Group,

Inc.

2,640,880

410.00 April

2026

39,600

TOTAL

PURCHASED

CALL

OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

331,524)

304,800

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

PUT

OPTIONS

—

1.35%

3M

Co.

$

1,280,800

$

145.00 March

2026

$

21,840

Accenture

PLC,

Class

A

804,900

240.00 March

2026

14,250

Align

Technology,

Inc.

1,171,125

130.00 June

2026

48,000

Alphabet,

Inc.,

Class

A

2,191,000

280.00 April

2026

60,725

Amazon.com,

Inc.

2,308,200

200.00 March

2026

34,250

Arch

Capital

Group

Ltd.

479,600

80.00 March

2026

2,500

ARK

Innovation

ETF

700

5,384,400

62.00 June

2026

176,050

Baker

Hughes

Co.,

Class

A

910,800

40.00 June

2026

32,000

Bank

of

America

Corp.

1,375,000

50.00 March

2026

21,875

Booking

Holdings,

Inc.

1,071,066

4,500.00

March

2026

7,580

Citigroup,

Inc.

2,158,765

85.00 March

2026

7,955

Deckers

Outdoor

Corp.

518,350

80.00 June

2026

20,250

Deere

&

Co.

884,583

420.00 January

2026

1,178

EPAM

Systems,

Inc.

1,024,400

155.00 April

2026

17,000

FedEx

Corp.

1,155,440

260.00 January

2026

600

FedEx

Corp.

577,720

190.00 March

2026

Intel

Corp.

1,107,000

30.00 March

2026

23,250

Meta

Platforms,

Inc.,

Class

A

1,452,198

550.00 March

2026

14,025

MetLife,

Inc.

789,400

65.00 March

2026

5,750

Microsoft

Corp.

1,934,480

465.00 March

2026

56,500

MPLX

LP

1,019,367

42.00 January

2026

NIKE,

Inc.,

Class

B

955,650

42.50 March

2026

900

Salesforce.com,

Inc.

794,730

220.00 February

2026

2,130

ServiceNow,

Inc.

919,140

160.00 March

2026

78,900

SPDR

Gold

Shares

3,566,790

340.00 March

2026

11,475

SPDR

S&P

500

ETF

Trust

6,819,200

640.00 June

2026

144,450

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

PUT

OPTIONS

—

1.35%

-

continued

Starbucks

Corp.

$

656,838

$

75.00 March

2026

$

14,391

TJX

Companies,

Inc.

(The)

1,075,270

140.00 April

2026

12,040

Uber

Technologies,

Inc.

817,100

75.00 May

2026

38,500

Wix.com

Ltd.

415,560

85.00 July

2026

30,400

Workday,

Inc.,

Class

A

644,340

190.00 March

2026

13,650

Zoetis,

Inc.,

Class

A

566,190

110.00 March

2026

8,550

TOTAL

PURCHASED

PUT

OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

1,456,651)

921,435

TOTAL OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

1,788,175)

1,226,235

Money

Market

Funds

—

3.21%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 2,197,666

2,197,666

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$2,197,666)

2,197,666

Total

Investments

—

104.65%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$52,751,396)

71,583,126

Liabilities

in

Excess

of

Other

Assets

—

(4.65)%

(3,177,991)

Net

Assets

—

100.00%

$

68,405,135

(a) All

or

a

portion

of

the

security

is

held

as

collateral

for

written

options

and

securities

sold

short.

The

fair

value

of

this

collateral

on

December

31,

2025

was

$27,692,325.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. ADR

-

American

Depositary

Receipt.

ETF

-

Exchange

Traded

Funds.

SPDR

-

Standard

&

Poor's

Depositary

Receipt.

VELA

Large

Cap

Plus

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(0.14)%

Baker

Hughes

Co.,

Class

A

(150) $

(683,100)

$

50.00 June

2026

$

(34,875)

MPLX

LP

(191) (1,019,367)

55.00 January

2026

(3,343)

Suncor

Energy,

Inc.

(151) (669,836)

47.00 December

2026

(48,320)

Thermo

Fisher

Scientific,

Inc.

(20) (1,158,900)

650.00 March

2026

(12,800)

Total

Written

Call

Options

(Premiums

Received

$130,218)

$

(99,338)

VELA

Large

Cap

Plus

Fund

Schedule

of

Securities

Sold

Short

December

31,

2025

(Unaudited)

Common

Stocks

-

Short

-

(5.67%)

Shares

Fair

Value

Communications

-

(0.49%)

SoftBank

Corp.

-

ADR

(5,861)

$

(332,319)

Consumer

Discretionary

-

(1.40%)

Burlington

Stores,

Inc.

(a) (842) (243,212)

InterContinental

Hotels

Group

PLC

-

ADR

(2,263)

(318,698)

Lowe's

Companies,

Inc.

(688) (165,918)

SharkNinja

,

Inc.

(a) (2,035)

(227,717)

(955,545)

Consumer

Staples

-

(0.59%)

US

Foods

Holding

Corp.

(a) (5,313)

(400,175)

Financials

-

(0.25%)

Capital

One

Financial

Corp.

(698) (169,167)

Health

Care

-

(0.46%)

Alnylam

Pharmaceuticals,

Inc.

(a) (364) (144,745)

HealthEquity,

Inc.

(a) (1,845)

(169,020)

(313,765)

Industrials

-

(1.41%)

Fastenal

Co.

(4,838)

(194,149)

GE

Vernova

,

Inc.

(478) (312,406)

Quanta

Services,

Inc.

(593) (250,282)

Vertiv

Holdings

Co.,

Class

A

(1,273)

(206,239)

(963,076)

Technology

-

(1.07%)

Cognizant

Technology

Solutions

Corp.,

Class

A

(3,067)

(254,561)

International

Business

Machines

Corp.

(1,019)

(301,838)

Logitech

International

S.A.

(1,787)

(179,093)

(735,492)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $3,517,481)

(3,869,539)

Exchange-Traded

Funds

-

Short

-

(0.55%)

SPDR®

S&P®

Regional

Banking

ETF

(5,842)

(378,620)

TOTAL

EXCHANGE-TRADED

FUNDS

-

SHORT

(Proceeds

Received $341,554)

(378,620)

TOTAL

SECURITIES

SOLD

SHORT

-

(6.22%)

(Proceeds

Received

$3,859,035)

$

(4,248,159)

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt.

ETF

-

Exchange

Traded

Funds.

SPDR

-

Standard

&

Poor's

Depositary

Receipt.

VELA

International

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

98.21%

Shares

Fair

Value

Argentina

—

1.75%

Consumer

Discretionary

—

1.75%

Arcos

Dorados

Holdings,

Inc.,

Class

A

151,000

$

1,108,340

Total

Argentina

1,108,340

Australia

—

1.22%

Health

Care

—

1.22%

Ansell

Ltd.

33,100

772,370

Total

Australia

772,370

Austria

—

3.99%

Communications

—

1.99%

Telekom

Austria

AG

119,000

1,256,635

Materials

—

2.00%

Wienerberger

AG

35,600

1,269,908

Total

Austria

2,526,543

Belgium

—

1.95%

Financials

—

1.95%

KBC

Group

N.V.

9,500

1,236,834

Total

Belgium

1,236,834

Brazil

—

2.66%

Consumer

Staples

—

2.66%

Ambev

SA

665,000

1,682,530

Total

Brazil

1,682,530

Canada

—

8.90%

Energy

—

3.87%

Pason

Systems,

Inc.

131,500

1,148,710

Suncor

Energy,

Inc.

29,200

1,295,312

2,444,022

Materials

—

5.03%

Alamos

Gold,

Inc.,

Class

A

43,000

1,658,940

Major

Drilling

Group

International,

Inc.

(a) 84,500

794,167

OceanaGold

Corp.

25,900

734,032

3,187,139

Total

Canada

5,631,161

Denmark

—

1.89%

Industrials

—

1.89%

FLSmidth

&

Co.

A/S

17,200

1,196,248

Total

Denmark

1,196,248

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

98.21%

-

continued

Shares

Fair

Value

Faroe

Islands

—

1.90%

Consumer

Staples

—

1.90%

Bakkafrost

P/F

23,500

$

1,201,143

Total

Faroe

Islands

1,201,143

France

—

11.74%

Communications

—

2.71%

Criteo

S.A.

-

ADR

(a) 82,800

1,706,507

Consumer

Discretionary

—

1.98%

Cia

Generale

de

Establissements

Michelin

SCA

37,800

1,252,513

Consumer

Staples

—

1.13%

Remy

Cointreau

16,698

715,078

Energy

—

2.33%

TotalEnergies

SE

22,600

1,472,989

Industrials

—

1.92%

Edenred

15,300

338,110

Rexel

SA

22,400

878,286

1,216,396

Materials

—

1.67%

Foraco

International

SA

(a) 605,000

1,057,870

Total

France

7,421,353

Germany

—

8.67%

Consumer

Discretionary

—

1.60%

Fielmann

AG

19,900

1,015,386

Industrials

—

2.42%

Duerr

AG

58,500

1,533,872

Materials

—

1.58%

Fuchs

Petrolub

SE

28,500

999,214

Technology

—

3.07%

Infineon

Technologies

AG

44,500

1,940,936

Total

Germany

5,489,408

Hong

Kong

—

5.78%

Consumer

Staples

—

2.09%

WH

Group

Ltd.

(b) 1,189,500

1,325,116

Industrials

—

1.51%

Johnson

Electric

Holdings

Ltd.

250,000

956,242

Technology

—

2.18%

VTech

Holdings

Ltd.

174,200

1,373,981

Total

Hong

Kong

3,655,339

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

98.21%

-

continued

Shares

Fair

Value

Indonesia

—

1.95%

Materials

—

1.95%

United

Tractors

Tbk

PT

700,000

$

1,234,357

Total

Indonesia

1,234,357

Israel

—

2.59%

Technology

—

2.59%

Wix.com

Ltd.

(a) 15,800

1,641,462

Total

Israel

1,641,462

Japan

—

4.88%

Consumer

Discretionary

—

3.18%

Honda

Motor

Co.

Ltd.

73,500

721,429

KeePer

Technical

Laboratory

Co.,

Ltd.

57,300

1,287,822

2,009,251

Materials

—

1.18%

Toray

Industries,

Inc.

115,000

749,828

Technology

—

0.52%

Nintendo

Co.

Ltd.

4,900

330,845

Total

Japan

3,089,924

Mexico

—

4.34%

Consumer

Staples

—

4.34%

BBB

Foods

Inc.

(a) 43,100

1,439,109

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

613,000

1,307,369

2,746,478

Total

Mexico

2,746,478

Netherlands

—

3.38%

Financials

—

2.18%

ING

Groep

NV

49,200

1,382,468

Health

Care

—

1.20%

Argenx

SE

(a) 900

758,939

Total

Netherlands

2,141,407

Panama

—

1.92%

Industrials

—

1.92%

Copa

Holdings,

S.A.,

Class

A

10,100

1,218,161

Total

Panama

1,218,161

Sweden

—

3.81%

Financials

—

2.41%

Svenska

Handelsbanken

AB,

Class

A

105,200

1,524,063

Industrials

—

1.40%

Loomis

AB

21,000

887,038

Total

Sweden

2,411,101

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

98.21%

-

continued

Shares

Fair

Value

Switzerland

—

3.38%

Health

Care

—

3.38%

Roche

Holding

AG

2,500

$

1,032,321

Tecan

Group

AG

6,900

1,107,694

2,140,015

Total

Switzerland

2,140,015

United

Kingdom

—

19.77%

Consumer

Discretionary

—

4.48%

Associated

British

Foods

PLC

57,100

1,631,048

Coats

Group

PLC

1,060,000

1,204,762

2,835,810

Consumer

Staples

—

7.08%

Cake

Box

Holdings

PLC

239,000

651,671

Fevertree

Drinks

PLC

75,000

824,898

Greggs

PLC

65,200

1,469,750

Nomad

Foods

Ltd.

122,400

1,531,224

4,477,543

Health

Care

—

2.07%

Hikma

Pharmaceuticals

PLC

62,700

1,307,169

Materials

—

1.70%

Croda

International

PLC

29,700

1,077,507

Technology

—

4.44%

Allfunds

Group

PLC

138,000

1,302,719

Serco

Group

PLC

400,000

1,503,689

2,806,408

Total

United

Kingdom

12,504,437

United

States

—

1.74%

Technology

—

1.74%

Globant

S.A.

(a) 16,800

1,098,216

Total

United

States

1,098,216

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,930,706)

62,146,827

Money

Market

Funds

-

9.28%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 5,875,155

$

5,875,155

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$5,875,155)

5,875,155

Total

Investments

—

107.49%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$54,805,861)

68,021,982

Liabilities

in

Excess

of

Other

Assets

—

(7.49)%

(4,739,486)

Net

Assets

—

100.00%

$

63,282,496

(a) Non-income

producing

security.

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

(b) Security

was

purchased

in

a

transaction

exempt

from

registration

in

compliance

with

Rule

144A

of

the

Securities

Act

of

1933. This

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers. The

total

value

of

such

securities

is

$1,325,116

as

of

December

31,

2025,

representing

2.09%

of

net

assets.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. ADR

-

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

52.97%

Shares

Fair

Value

Communications

—

2.30%

Alphabet,

Inc.,

Class

A

(a) 1,409

$

441,017

Comcast

Corp.,

Class

A

12,393

370,427

811,444

Consumer

Discretionary

—

7.08%

Genuine

Parts

Co.

(a) 3,907

480,405

Movado

Group,

Inc.

22,354

460,940

NIKE,

Inc.,

Class

B

(a) 4,527

288,415

Pool

Corp.

1,906

435,997

Starbucks

Corp.

(a) 4,685

394,524

Vail

Resorts,

Inc.

3,283

435,982

2,496,263

Consumer

Staples

—

6.42%

Ambev

SA

169,550

428,982

Mondelez

International,

Inc.,

Class

A

(a) 4,643

249,933

PepsiCo,

Inc.

(a) 4,726

678,275

Sysco

Corp.

8,564

631,081

Tyson

Foods,

Inc.,

Class

A

4,661

273,228

2,261,499

Energy

—

3.74%

MPLX

LP

(a) 9,916

529,217

Pason

Systems,

Inc.

50,267

439,104

Suncor

Energy,

Inc.

(a) 7,876

349,379

1,317,700

Financials

—

6.27%

Arch

Capital

Group

Ltd.

(b) 3,779

362,482

Axis

Capital

Holdings

Ltd.

(a) 3,452

369,675

Federal

Agricultural

Mortgage

Corp.,

Class

C

2,218

389,414

First

Interstate

BancSystem,

Inc.,

Class

A

11,501

397,935

KKR

&

Co.,

Inc.

(a) 1,919

244,634

MetLife,

Inc.

5,640

445,221

2,209,361

Health

Care

—

7.08%

Abbott

Laboratories

(a) 2,525

316,357

AstraZeneca

PLC

-

ADR

(a) 3,477

319,641

Hikma

Pharmaceuticals

PLC

16,628

346,660

Johnson

&

Johnson

(a) 2,943

609,054

Medtronic

PLC

(a) 5,832

560,222

Thermo

Fisher

Scientific,

Inc.

(a) 591

342,455

2,494,389

Industrials

—

6.87%

Copa

Holdings,

S.A.,

Class

A

6,053

730,052

CSX

Corp.

14,236

516,055

Greenbrier

Companies,

Inc.

(The)

17,450

815,613

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

52.97%

-

continued

Shares

Fair

Value

Industrials

—

6.87%

-

continued

Union

Pacific

Corp.

(a) 1,546

$

357,621

2,419,341

Materials

—

2.47%

Carlisle

Companies,

Inc.

1,067

341,291

PPG

Industries,

Inc.

5,179

530,640

871,931

Real

Estate

—

3.02%

BXP,

Inc.

(a) 4,728

319,045

NET

Lease

Office

Properties

14,664

378,185

Simon

Property

Group,

Inc.

(a) 1,988

367,999

1,065,229

Technology

—

5.96%

Accenture

PLC,

Class

A

(a) 2,073

556,186

Fidelity

National

Information

Services,

Inc.

6,034

401,020

Garmin

Ltd.

(a) 1,510

306,303

Nintendo

Co.

Ltd.

2,464

166,368

Salesforce,

Inc.

(a) 1,656

438,691

Texas

Instruments,

Inc.

(a) 1,339

232,303

2,100,871

Utilities

—

1.76%

National

Fuel

Gas

Co.

4,322

346,019

NorthWestern

Energy

Group,

Inc.

4,233

273,198

619,217

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,190,865)

18,667,245

Preferred

Stocks

—

5.70%

Shares

Fair

Value

Financials

—

5.02%

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

17,351

289,762

Axis

Capital

Holdings

Ltd.,

Series

E,

5.50%

14,944

297,983

Bank

OZK,

Series

A,

4.63%

8,700

143,724

First

Busey

Corp.,

Series

B,

8.25%

12,000

309,000

Huntington

Bancshares

Inc.,

Series

J,

6.88%

9,318

236,584

Merchants

Bancorp,

Series

E,

7.63%

7,437

169,043

Stifel

Financial

Corp.,

Series

B,

6.25%

2,644

62,768

WesBanco,

Inc.,

Series

B,

7.38%

10,000

257,900

1,766,764

Technology

—

0.68%

Shift4

Payments,

Inc.,

Series

A,

6.00%

3,000

240,030

TOTAL PREFERRED

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,077,961)

2,006,794

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Corporate

Bonds

—

40.00%

Principal

Amount

Fair

Value

Communications

—

0.86%

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

(c) $

300,000

$

301,817

Consumer

Discretionary

—

10.80%

Allegiant

Travel

Co.,

7.25%,

8/15/2027

(c) 308,000

312,501

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/2030

(c) 350,000

358,209

Bloomin'

Brands,

Inc.

/

OSI

Restaurant

Partners

LLC,

5.13%,

4/15/2029

(c) 250,000

228,120

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/2029

(c) 211,000

207,791

Churchill

Downs,

Inc.,

6.75%,

5/1/2031

(c) 250,000

259,566

Ford

Motor

Credit

Co.,

LLC,

5.11%,

5/3/2029

350,000

350,906

Garrett

Motion

Holdings,

Inc.,

7.75%,

5/31/2032

(c) 400,000

425,428

Macy's

Retail

Holdings

LLC,

7.38%,

8/1/2033

(c) 350,000

371,429

Six

Flags

Entertainment

Corp.,

7.25%,

5/15/2031

(c) 300,000

288,086

Victoria's

Secret

&

Co.,

4.63%,

7/15/2029

(c) 350,000

339,749

William

Carter

Co.

(The),

7.38%,

2/15/2031

(c) 350,000

362,310

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028

(c) 300,000

300,825

3,804,920

Consumer

Staples

—

0.68%

Simmons

Foods,

Inc.,

4.63%,

3/1/2029

(c) 250,000

241,188

Energy

—

4.04%

Antero

Resources

Corp.,

7.63%,

2/1/2029

(c) 150,000

152,826

Civitas

Resources,

Inc.,

8.63%,

11/1/2030

(c) 300,000

314,607

Coterra

Energy,

Inc.,

4.38%,

3/15/2029

368,000

357,024

Saturn

Oil

&

Gas,

Inc.,

9.63%,

6/15/2029

(c) 349,000

344,444

Venture

Global

Calcasieu

Pass,

LLC,

6.25%,

1/15/2030

(c) 250,000

253,319

1,422,220

Financials

—

13.22%

Ally

Financial,

Inc.,

Series

B,

4.70%,

8/15/2169

(H15T5Y

+

387bps)

(d)(e) 256,000

254,439

Antares

Holdings

LP,

6.25%,

10/23/2029

(c) 400,000

408,784

Bank

OZK,

2.75%,

10/1/2031

(TSFR3M

+

209bps)

(d) 250,000

235,625

Citigroup,

Inc.,

7.13%,

12/31/2049

(d)(e) 319,000

329,056

Cullen/Frost

Capital

Trust

II,

5.60%,

3/1/2034

(TSFR3M

+

81bps)

(d) 300,000

270,415

First

National

of

Nebraska,

Inc.,

7.25%,

6/15/2035

(c)(d) 400,000

417,926

Iron

Mountain,

Inc.,

7.00%,

2/15/2029

(c) 250,000

256,969

Oaktree

Strategic

Credit

Fund,

6.19%,

7/15/2030

(c) 300,000

302,355

Ohio

National

Financial

Services,

Inc.,

6.80%,

1/24/2030

(c) 400,000

403,494

PNC

Financial

Services

Group,

Inc.,

3.40%,

12/31/2049

(H15T5Y

+

260bps)

(d)(e) 300,000

294,331

State

Street

Corp.,

6.45%,

9/5/2080

(H15T5Y

+

214bps)

(d)(e) 350,000

362,875

StoneX

Group,

Inc.,

7.88%,

3/1/2031

(c) 300,000

319,874

Trustmark

Corp.,

6.00%,

12/1/2035

(d) 250,000

253,532

US

Bancorp,

3.70%,

1/15/2077

(H15T5Y

+

254bps)

(d)(e) 300,000

293,239

Walker

&

Dunlop,

Inc.,

6.63%,

4/1/2033

(c) 250,000

257,612

4,660,526

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Corporate

Bonds

—

40.00%-

continued

Principal

Amount

Fair

Value

Health

Care

—

1.05%

Sotera

Health

Holdings

LLC,

7.38%,

6/1/2031

(c) $

350,000

$

369,672

Industrials

—

6.14%

American

Airlines,

Inc.,

8.50%,

5/15/2029

(c) 350,000

366,331

Atkore,

Inc.,

4.25%,

6/1/2031

(c) 250,000

240,215

Cimpress

PLC,

7.38%,

9/15/2032

(c) 300,000

306,376

Con-way,

Inc.,

6.70%,

5/1/2034

265,000

284,133

Stanley

Black

&

Decker,

Inc.,

6.71%,

3/15/2060

(H15T5Y

+

266bps)

(d) 400,000

400,882

Wabash

National

Corp.,

4.50%,

10/15/2028

(c) 400,000

374,579

Worthington

Industries,

Inc.,

4.30%,

8/1/2032

210,000

189,961

2,162,477

Materials

—

2.17%

Cleveland-Cliffs,

Inc.,

6.88%,

11/1/2029

(c) 400,000

414,555

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

(c) 350,000

351,570

766,125

Utilities

—

1.04%

American

Electric

Power

Company,

Inc.,

7.05%,

12/15/2054

(H15T5Y

+

275bps)

(d) 350,000

367,960

TOTAL

CORPORATE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,704,023)

14,096,905

Money

Market

Funds

—

1.05%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(f) 368,317

368,317

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$368,317)

368,317

Total

Investments

—

99.72%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$33,341,166)

35,139,261

Other

Assets

in

Excess

of

Liabilities

—

0.28%

99,671

Net

Assets

—

100.00%

$

35,238,932

(a) Securities,

or

a

portion

thereof,

have

been

pledged

as

collateral

on

written

option

contracts.

The

total

collateral

pledged

is

$4,403,596.

(b) Non-income

producing

security.

(c) Security

was

purchased

in

a

transaction

exempt

from

registration

in

compliance

with

Rule

144A

of

the

Securities

Act

of

1933. This

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers. The

total

value

of

such

securities

is

$9,852,527

as

of

December

31,

2025,

representing

27.97%

of

net

assets.

(d) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

December

31,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(e) Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(f) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

ADR

-

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(0.34)%

Abbott

Laboratories

(21) $

(263,109)

$

135.00 March

2026

$

(3,539)

Accenture

PLC,

Class

A

(10) (268,300)

335.00 May

2026

(2,450)

Alphabet,

Inc.,

Class

A

(7) (219,100)

250.00 March

2026

(47,338)

Alphabet,

Inc.,

Class

A

(6) (187,800)

310.00 May

2026

(18,644)

AstraZeneca

PLC

(16) (147,088)

95.00 April

2026

(5,480)

AstraZeneca

PLC

(17) (156,281)

97.50 June

2026

(6,884)

Axis

Capital

Holdings

Ltd.

(23) (246,307)

115.00 June

2026

(8,739)

BXP,

Inc.

(16) (107,968)

87.50 January

2026

(16) Garmin

Ltd.

(8) (162,280)

250.00 January

2026

(8) Genuine

Parts

Co.

(9) (110,664)

155.00 February

2026

(135) Johnson

&

Johnson

(8) (165,560)

220.00 April

2026

(3,540)

Johnson

&

Johnson

(7) (144,865)

230.00 April

2026

(1,407)

KKR

&

Co.,

Inc.

(5) (63,740)

165.00 May

2026

(575) Medtronic

PLC

(19) (182,514)

110.00 February

2026

(228) Mondelez

International,

Inc.,

Class

A

(16) (86,128)

70.00 March

2026

(48) MPLX

LP

(33) (176,121)

55.00 March

2026

(2,393)

NIKE,

Inc.,

Class

B

(23) (146,533)

82.50 February

2026

(265) PepsiCo,

Inc.

(24) (344,448)

160.00 March

2026

(2,268)

Salesforce,

Inc.

(7) (185,437)

310.00 January

2026

(28) Simon

Property

Group,

Inc.

(7) (129,577)

200.00 June

2026

(3,465)

Starbucks

Corp.

(20) (168,420)

110.00 January

2026

(20) Starbucks

Corp.

(17) (143,157)

110.00 March

2026

(493) Suncor

Energy,

Inc.

(20) (88,720)

48.00 March

2026

(1,300)

Texas

Instruments,

Inc.

(3) (52,047)

220.00 February

2026

(144) Texas

Instruments,

Inc.

(3) (52,047)

220.00 April

2026

(524) Thermo

Fisher

Scientific,

Inc.

(2) (115,890)

580.00 March

2026

(6,180)

Thermo

Fisher

Scientific,

Inc.

(3) (173,835)

640.00 March

2026

(2,475)

Union

Pacific

Corp.

(5) (115,660)

260.00 March

2026

(638) Total

Written

Call

Options

(Premiums

Received

$132,986)

$

(119,224)

VELA

Short

Duration

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Asset

Backed

Securities

—

3.58%

Principal

Amount

Fair

Value

BMW

Vehicle

Owner

Trust

2024-A,

5.18%,

2/26/2029

$

246,403

$

248,713

CarVal

CLO

VII-C

Ltd.,

Series

1A,

5.32%,

7/20/2037

(a)(b) 250,000

250,819

Ford

Credit

Auto

Owner

Trust

2024-C,

4.07%,

7/15/2029

250,000

250,882

GM

Financial

Consumer

Automobile

Receivables

2024-1,

4.85%,

12/18/2028

207,244

208,551

Honda

Auto

Receivables

2023-4

Owner

Trust,

Series

4,

5.67%,

6/21/2028

177,173

179,137

Hyundai

Auto

Receivables

Trust

2022-A,

Series

A,

2.35%,

4/17/2028

87,186

87,040

Madison

Park

Funding

XXXVII

Ltd.,

Series

2019-37A,

5.44%,

4/15/2037

(a)(b) 250,000

250,524

TOTAL

ASSET

BACKED

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,470,338)

1,475,666

Collateralized

Mortgage

Obligations

—

2.84%

Principal

Amount

Fair

Value

Fannie

Mae

REMIC

Pass

Through

Certificates,

Series

2024-97,

5.50%,

12/25/2050

181,424

182,943

Fannie

Mae

REMICS,

Series

2025-58,

5.00%,

9/25/2051

281,769

283,636

Fannie

Mae

REMICS,

Series

94,

5.50%,

5/25/2051

339,116

343,212

Freddie

Mac

REMICS,

Series

5547,

5.00%,

2/25/2052

292,046

291,057

Government

National

Mortgage

Association

REMIC

Pass

Through

Certificates,

Series

2024-76,

6.00%,

12/20/2049

69,513

69,662

TOTAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,163,649)

1,170,510

Corporate

Bonds

—

60.27%

Principal

Amount

Fair

Value

Communications

—

1.60%

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

(a) 300,000

301,817

XPO,

Inc.,

6.25%,

6/1/2028

(a) 350,000

357,508

659,325

Consumer

Discretionary

—

13.01%

Amer

Sports,

Inc.,

6.75%,

2/16/2031

(a) 400,000

419,707

Carnival

Corp.,

7.88%,

6/1/2027

350,000

368,114

Ford

Motor

Credit

Co.

LLC,

6.66%,

3/6/2026

(O/N

SOFR

+

295bps)

(b) 400,000

401,442

Ford

Motor

Credit

Co.

LLC,

5.80%,

3/8/2029

200,000

204,538

General

Motors

Financial

Co.,

Inc.,

5.06%,

5/8/2027

(O/N

SOFR

+

135bps)

(b) 400,000

402,306

Group

Automotive,

Inc.,

4.00%,

8/15/2028

(a) 200,000

196,203

Hyundai

Capital

America,

5.21%,

1/8/2027

(O/N

SOFR

+

150bps)

(a)(b) 250,000

252,000

Hyundai

Capital

America,

5.17%,

3/25/2027

(O/N

SOFR

+

99bps)

(a)(b) 150,000

150,645

Mattel,

Inc.,

5.88%,

12/15/2027

(a) 350,000

350,078

Nissan

Motor

Acceptance

Co.

LLC,

6.95%,

9/15/2026

(a) 350,000

355,002

Nordstrom,

Inc.,

4.00%,

3/15/2027

300,000

297,742

Polaris,

Inc.,

6.95%,

3/15/2029

250,000

265,549

Royal

Caribbean

Group,

6.25%,

3/15/2032

(a) 450,000

466,092

Stellantis

Financial

Services

US

Corp.,

5.40%,

9/15/2028

(O/N

SOFR

+

169bps)

(a)(b) 300,000

302,128

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029

(a) 356,000

357,777

Volkswagen

Group

of

America

Finance

LLC,

4.90%,

8/14/2026

(a) 250,000

251,078

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Corporate

Bonds

—

60.27%-

continued

Principal

Amount

Fair

Value

Consumer

Discretionary

—

13.01%

-

continued

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028

(a) $

329,000

$

329,905

5,370,306

Consumer

Staples

—

2.41%

Albertsons

Companies,

Inc.

/

Safeway,

Inc.,

5.88%,

2/15/2028

(a) 300,000

302,173

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.,

4.75%,

1/15/2029

(a) 350,000

345,266

Smithfield

Foods,

Inc.,

4.25%,

2/1/2027

(a) 350,000

348,948

996,387

Energy

—

6.56%

Antero

Midstream

Corp.,

5.38%,

6/15/2029

(a) 350,000

350,231

Antero

Resources

Corp.,

7.63%,

2/1/2029

(a) 350,000

356,594

Civitas

Resources,

Inc.,

8.38%,

7/1/2028

(a) 200,000

206,319

Coterra

Energy,

Inc.,

4.38%,

3/15/2029

370,000

358,964

Energy

Transfer

LP,

5.63%,

5/1/2027

(a) 350,000

350,029

Expand

Energy

Corp.,

6.75%,

4/15/2029

(a) 443,000

445,664

Sunoco

LP

/

Sunoco

Finance

Corp.,

7.00%,

9/15/2028

(a) 300,000

310,584

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

8/15/2029

(a) 350,000

328,320

2,706,705

Financials

—

19.96%

American

Express

Co.,

4.97%,

4/25/2029

(O/N

SOFR

+

126bps)

(b) 300,000

303,884

Antares

Holdings

LP,

6.25%,

10/23/2029

(a) 450,000

459,882

Ares

Capital

Corp.,

5.95%,

7/15/2029

350,000

359,608

Ares

Finance

Co.

III

LLC,

4.13%,

6/30/2051

(H15T5Y

+

324bps)

(a)(b) 375,000

370,404

Assured

Guaranty

US

Holdings,

Inc.,

6.37%,

12/15/2066

(TSFR3M

+

264bps)

(b) 439,000

378,130

Bank

of

America

Corp.,

5.06%,

9/15/2027

(O/N

SOFR

+

135bps)

(b) 150,000

150,924

Bank

OZK,

2.75%,

10/1/2031

(TSFR3M

+

209bps)

(b) 250,000

235,625

Cantor

Fitzgerald

LP,

7.20%,

12/12/2028

(a) 400,000

425,251

Charles

Schwab

Corp.

(The),

4.00%,

12/31/2049

(H15T5Y

+

317bps)

(b)(c) 145,000

144,203

Citigroup

Inc.,

3.88%,

5/18/2172

(b)(c) 200,000

200,064

Discover

Bank,

6.00%,

8/9/2028

(O/N

USIS

+

173bps)

(b) 250,000

259,905

Essent

Group,

Ltd.,

6.25%,

7/1/2029

400,000

418,004

First

National

of

Nebraska,

Inc.,

7.25%,

6/15/2035

(a)(b) 350,000

365,686

Goldman

Sachs

Group,

Inc.

(The),

4.52%,

3/9/2027

(O/N

SOFR

+

81bps)

(b) 200,000

200,256

Huntington

Bancshares,

Inc.,

4.45%,

3/15/2168

(b)(c) 250,000

246,027

JPMorgan

Chase

&

Co.,

4.89%,

2/24/2028

(O/N

SOFR

+

118bps)

(b) 300,000

302,765

KeyCorp

Capital,

4.99%,

7/1/2028

(TSFR3M

+

100bps)

(b) 400,000

394,276

M&T

Bank

Corp.,

7.30%,

2/1/2172

(H15T5Y

+

317bps)

(b)(c) 264,000

265,180

MGIC

Investment

Corp.,

5.25%,

8/15/2028

459,000

459,013

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/2028

450,000

485,334

Ohio

National

Financial

Services,

Inc.,

6.80%,

1/24/2030

(a) 388,000

391,389

PNC

Financial

Services

Group,

Inc.,

3.40%,

12/31/2049

(H15T5Y

+

260bps)

(b)(c) 250,000

245,276

Prudential

Financial,

Inc.,

5.70%,

9/15/2048

(US0003M

+

267bps)

(b) 360,000

364,895

Radian

Group,

Inc.,

6.20%,

5/15/2029

350,000

367,363

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Corporate

Bonds

—

60.27%-

continued

Principal

Amount

Fair

Value

Financials

—

19.96%

-

continued

US

Bancorp,

3.70%,

1/15/2077

(H15T5Y

+

254bps)

(b)(c) $

250,000

$

244,365

Wells

Fargo

&

Co.,

3.90%,

3/15/2069

(H15T5Y

+

345bps)

(b)(c) 200,000

199,500

8,237,209

Health

Care

—

2.59%

Centene

Corp.,

2.45%,

7/15/2028

350,000

328,037

CVS

Pass

Through

Trust,

6.04%,

12/10/2028

463,796

468,886

Prime

Healthcare

Foundation,

Inc.,

7.00%,

12/1/2027

260,000

269,717

1,066,640

Industrials

—

7.17%

American

Airlines

Pass

Through

Trust,

Series

2016-1,

3.58%,

1/15/2028

142,983

141,607

American

Airlines,

Inc.,

8.50%,

5/15/2029

(a) 300,000

313,998

AS

Mileage

Plan

IP,

Ltd.,

5.02%,

10/20/2029

(a) 300,000

302,827

Brink's

Co.

(The),

6.50%,

6/15/2029

(a) 250,000

259,008

British

Airways

Pass

Through

Trust

2019-1

Class

A,

3.35%,

6/15/2029

(a) 463,945

451,701

Stanley

Black

&

Decker,

Inc.,

6.71%,

3/15/2060

(H15T5Y

+

266bps)

(b) 350,000

350,772

United

Airlines

Pass

Through

Trust,

Series

2016-2,

3.10%,

4/7/2030

421,549

403,490

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a) 375,000

374,757

United

Rentals

North

America,

Inc.,

6.00%,

12/15/2029

(a) 350,000

359,824

2,957,984

Materials

—

2.41%

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/2027

(a) 200,000

200,450

ATI,

Inc.,

5.88%,

12/1/2027

250,000

251,258

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

(a) 300,000

301,346

Louisiana-Pacific

Corp.,

3.63%,

3/15/2029

(a) 250,000

242,522

995,576

Real

Estate

—

2.89%

Boston

Properties

LP,

2.75%,

10/1/2026

100,000

98,991

Global

Net

Lease,

Inc.,

4.50%,

9/30/2028

(a) 300,000

295,031

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/2030

(a) 250,000

263,742

Newmark

Group,

Inc.,

7.50%,

1/12/2029

350,000

375,796

Realty

Income

Corp.,

5.05%,

1/13/2026

160,000

160,025

1,193,585

Technology

—

0.38%

Concentrix

Corp.,

6.60%,

8/2/2028

150,000

154,831

Utilities

—

1.29%

American

Electric

Power

Company,

Inc.,

7.05%,

12/15/2054

(H15T5Y

+

275bps)

(b) 350,000

367,960

Elm

Road

Generating

Station

Supercritical

LLC,

5.21%,

2/11/2030

(a) 165,752

165,632

533,592

TOTAL

CORPORATE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,644,344)

24,872,140

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

U.S.

Government

&

Agencies

—

30.63%

Principal

Amount

Fair

Value

Federal

Home

Loan

Banks,

5.32%,

1/14/2033

$

250,000

$

250,121

Federal

Home

Loan

Banks,

5.00%,

9/26/2033

135,000

135,061

U.S.

Treasury

Notes,

4.13%,

2/15/2027

450,000

453,041

U.S.

Treasury

Notes,

3.88%,

11/30/2027

300,000

302,209

United

States

Treasury

Note,

4.25%,

1/31/2026

200,000

200,080

United

States

Treasury

Note,

4.63%,

2/28/2026

200,000

200,267

United

States

Treasury

Note,

4.50%,

3/31/2026

200,000

200,434

United

States

Treasury

Note,

4.88%,

4/30/2026

250,000

251,036

United

States

Treasury

Note,

4.13%,

6/15/2026

250,000

250,723

United

States

Treasury

Note,

4.38%,

7/31/2026

250,000

251,180

United

States

Treasury

Note,

3.75%,

8/31/2026

350,000

350,400

United

States

Treasury

Note,

4.63%,

10/15/2026

400,000

403,256

United

States

Treasury

Note,

4.38%,

12/15/2026

450,000

453,579

United

States

Treasury

Note,

4.00%,

1/15/2027

450,000

452,214

United

States

Treasury

Note,

4.25%,

3/15/2027

450,000

453,902

United

States

Treasury

Note,

2.75%,

4/30/2027

450,000

445,711

United

States

Treasury

Note,

4.63%,

6/15/2027

400,000

406,477

United

States

Treasury

Note,

4.38%,

7/15/2027

350,000

354,724

United

States

Treasury

Note,

3.75%,

8/15/2027

350,000

351,524

United

States

Treasury

Note,

3.88%,

10/15/2027

350,000

352,427

United

States

Treasury

Note,

3.88%,

3/15/2028

300,000

302,514

United

States

Treasury

Note,

4.00%,

6/30/2028

300,000

303,615

United

States

Treasury

Note,

4.88%,

10/31/2028

300,000

310,775

United

States

Treasury

Note,

3.75%,

12/31/2028

300,000

301,863

United

States

Treasury

Note,

4.00%,

1/31/2029

300,000

303,937

United

States

Treasury

Note/Bond,

4.88%,

5/31/2026

250,000

251,322

United

States

Treasury

Note/Bond,

3.50%,

9/30/2026

350,000

349,771

United

States

Treasury

Note/Bond,

4.63%,

11/15/2026

450,000

454,064

United

States

Treasury

Note/Bond,

4.50%,

5/15/2027

450,000

456,047

United

States

Treasury

Note/Bond,

3.38%,

9/15/2027

350,000

349,433

United

States

Treasury

Note/Bond,

4.00%,

12/15/2027

300,000

302,988

United

States

Treasury

Note/Bond,

4.25%,

1/15/2028

300,000

304,512

United

States

Treasury

Note/Bond,

4.00%,

2/29/2028

300,000

303,229

United

States

Treasury

Note/Bond,

3.75%,

4/15/2028

300,000

301,658

United

States

Treasury

Note/Bond,

3.63%,

5/31/2028

300,000

300,885

United

States

Treasury

Note/Bond,

4.13%,

7/31/2028

300,000

304,582

United

States

Treasury

Note/Bond,

4.38%,

8/31/2028

300,000

306,469

United

States

Treasury

Note/Bond,

4.63%,

9/30/2028

300,000

308,613

United

States

Treasury

Note/Bond,

4.38%,

11/30/2028

300,000

306,961

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,593,090)

12,641,604

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Money

Market

Funds

—

1.86%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(d) 766,299

$

766,299

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$766,299)

766,299

Total

Investments

—

99.18%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$40,637,720)

40,926,219

Other

Assets

in

Excess

of

Liabilities

—

0.82%

340,036

Net

Assets

—

100.00%

$

41,266,255

(a) Security

was

purchased

in

a

transaction

exempt

from

registration

in

compliance

with

Rule

144A

of

the

Securities

Act

of

1933. This

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers. The

total

value

of

such

securities

is

$13,478,861

as

of

December

31,

2025,

representing

32.67%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

December

31,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(c) Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. VELA

Small

Mid

Cap

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

98.07%

Shares

Fair

Value

Communications

—

3.86%

Criteo

S.A.

-

ADR

(a) 9,428

$

194,311

Consumer

Discretionary

—

16.17%

Atlanta

Braves

Holdings,

Inc.,

Class

C

(a) 2,865

113,024

BRP,

Inc.

665

47,055

Deckers

Outdoor

Corp.

(a) 617

63,964

Domino's

Pizza,

Inc.

48,768

Etsy,

Inc.

(a) 955

52,945

Genuine

Parts

Co.

47,832

Gildan

Activewear,

Inc.

1,276

79,699

Masco

Corp.

995

63,143

Pool

Corp.

550

125,813

Vail

Resorts,

Inc.

567

75,298

Valvoline,

Inc.

(a) 3,307

96,101

813,642

Consumer

Staples

—

5.36%

Coca-Cola

Consolidated,

Inc.

(b) 463

70,978

Seaboard

Corp.

48,893

Sysco

Corp.

2,034

149,885

269,756

Energy

—

6.48%

Antero

Resources

Corp.

(a) 2,216

76,363

Murphy

USA,

Inc.

128,723

Range

Resources

Corp.

1,444

50,916

Tidewater,

Inc.

(a) 1,389

70,158

326,160

Financials

—

8.07%

Arch

Capital

Group

Ltd.

(a) 1,350

129,492

Assured

Guaranty

Ltd.

558

50,147

Brown

&

Brown,

Inc.

1,251

99,705

Federal

Agricultural

Mortgage

Corp.,

Class

C

76,198

Houlihan

Lokey,

Inc.

50,515

406,057

Health

Care

—

7.81%

Align

Technology,

Inc.

(a) 392

61,211

Bruker

Corp.

(b) 1,682

79,239

Encompass

Health

Corp.

716

75,996

VELA

Small

Mid

Cap

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

98.07%

-

continued

Shares

Fair

Value

Health

Care

—

7.81%

-

continued

Globus

Medical,

Inc.,

Class

A

(a) 593

$

51,775

PROCEPT

BioRobotics

Corp.

(a) 1,416

44,547

Supernus

Pharmaceuticals,

Inc.

(a) 1,616

80,315

393,083

Industrials

—

20.98%

Applied

Industrial

Technologies,

Inc.

101,681

Cactus,

Inc.,

Class

A

2,260

103,237

Copa

Holdings,

S.A.,

Class

A

650

78,397

Greenbrier

Companies,

Inc.

(The)

2,184

102,080

Hub

Group,

Inc.,

Class

A

4,778

203,591

Kirby

Corp.

(a) 2,102

231,598

Lincoln

Electric

Holdings,

Inc.

636

152,411

Toro

Co.

(The)

1,052

82,813

1,055,808

Materials

—

14.66%

Alamos

Gold,

Inc.,

Class

A

(b) 1,363

52,584

Avery

Dennison

Corp.

76,390

Carlisle

Companies,

Inc.

124,106

Crown

Holdings,

Inc.

507

52,206

Installed

Building

Products,

Inc.

(b) 191

49,543

NewMarket

Corp.

47,421

PPG

Industries,

Inc.

991

101,538

RPM

International,

Inc.

604

62,816

Simpson

Manufacturing

Co.,

Inc.

73,953

Worthington

Enterprises,

Inc.

1,891

97,519

738,076

Technology

—

13.45%

Corpay

,

Inc.

(a) 287

86,367

EPAM

Systems,

Inc.

(a) 240

49,171

Fidelity

National

Information

Services,

Inc.

1,541

102,415

Jack

Henry

&

Associates,

Inc.

62,591

Shift4

Payments,

Inc.,

Class

A

(a) 1,555

97,918

SPS

Commerce,

Inc.

(a) 594

52,943

Wix.com

Ltd.

(a) 1,446

150,225

Zebra

Technologies

Corp.,

Class

A

(a) 310

75,274

676,904

VELA

Small

Mid

Cap

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

98.07%

-

continued

Shares

Fair

Value

Utilities

—

1.23%

National

Fuel

Gas

Co.

777

$

62,207

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,032,666)

4,936,004

Money

Market

Funds

—

2.60 %

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 130,775

130,775

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$130,775)

130,775

Total

Investments

—

100.67%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$5,163,441)

5,066,779

Liabilities

in

Excess

of

Other

Assets

—

(0.67)%

(33,824)

Net

Assets

—

100.00%

$

5,032,955

(a) Non-income

producing

security.

(b) Securities,

or

a

portion

thereof,

have

been

pledged

as

collateral

on

written

option

contracts.

The

total

collateral

pledged

is

$90,875.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. VELA

Small

Mid

Cap

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(0.06)%

Alamos

Gold,

Inc.,

Class

A

(4) $

(15,432)

$

55.00 June

2026

$

(670) Bruker

Corp.

(4) (18,844)

70.00 June

2026

(584) Coca-Cola

Consolidated,

Inc.

(2) (30,660)

185.00 June

2026

(830) Installed

Building

Products,

Inc.

(1) (25,939)

340.00 June

2026

(880) Total

Written

Call

Options

(Premiums

Received

$3,798)

$

(2,964)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VELA Funds

- **b. Investment Company Act file number:** 811-23585

- **c. CIK number of Registrant:** 0001815493

- **d. LEI of Registrant:** 549300F0PMHX6GFZ7Q56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 220 Market Street

  - **City:** New Albany

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43054

  - **Telephone number:** 614-653-8352

**Item A.2. Information about the Series.**

- **a. Name of Series:** VELA LARGE CAP PLUS FUND

- **b. EDGAR series identifier (if any):** S000069563

- **c. LEI of Series:** 549300V8UD7IZ63TCH22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $72959853.45

**Total Liabilities:** $4459100.78

**Net Assets:** $68500752.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221921 | 0.68%                | 1.92%                | 0.66%                |
| Class ID C000221922 | -4.41%               | -3.14%               | -4.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-133830.89              | $684813.04                                 |
| Month 2  | $973005.32               | $76381.55                                  |
| Month 3  | $827245.12               | $-166539.86                                |

**Designated Index Information**

- **Index Name:** VELA LARGE CAP PLUS FUND DRP

- **Index Identifier:** VELA LARGE CAP PLUS FUND DRP

### Schedule of Portfolio Investments

| Name                                  | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories                   | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      8587 | NS      | $1075865.23   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                           | AbbVie, Inc.                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3117 | NS      | $712203.33    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                             | Adobe, Inc.                                                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2831 | NS      | $990821.69    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.           | Advanced Micro Devices, Inc.                                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      2061 | NS      | $441383.76    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                 | Align Technology, Inc.                                              | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      7556 | NS      | $1179869.40   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.          | Alnylam Pharmaceuticals, Inc.                                       | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Short            | EC               | CORP              | US        |      -364 | NS      | $-144744.60   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                         | Alphabet, Inc.                                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     11247 | NS      | $3520311.00   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                      | Amazon.com, Inc.                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     14032 | NS      | $3238866.24   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc.  | Applied Industrial Technologies, Inc.                               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       844 | NS      | $216713.88    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                       | AstraZeneca plc                                                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     10510 | NS      | $966184.30    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                          | Autodesk, Inc.                                                      | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      4460 | NS      | $1320204.60   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                  | Baker Hughes Company                                                | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31596 | NS      | $1438881.84   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                 | Bank of America Corporation                                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     24795 | NS      | $1363725.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.               | Berkshire Hathaway, Inc.                                            | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3641 | NS      | $1830148.65   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                  | Booking Holdings, Inc.                                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       255 | NS      | $1365609.15   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                    | Bruker Corporation                                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      8976 | NS      | $422859.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                | Burlington Stores, Inc.                                             | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |      -842 | NS      | $-243211.70   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                       | CSX Corporation                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     30987 | NS      | $1123278.75   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.           | Capital One Financial Corporation                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |      -698 | NS      | $-169167.28   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.               | Carlisle Companies, Inc.                                            | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2852 | NS      | $912240.72    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                        | Citigroup, Inc.                                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     16504 | NS      | $1925851.76   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.  | Cognizant Technology Solutions Corp.                                | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Short            | EC               | CORP              | US        |     -3067 | NS      | $-254561.00   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                            | Corpay, Inc.                                                        | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1529 | NS      | $460121.97    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                 | Deckers Outdoor Corporation                                         | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      8468 | NS      | $877877.56    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                       | Deere & Company                                                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1817 | NS      | $845940.69    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                   | Walt Disney Company (The)                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10094 | NS      | $1148394.38   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                     | EPAM Systems, Inc.                                                  | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      6175 | NS      | $1265134.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms, Inc.                                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2894 | NS      | $1910300.46   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                          | Fastenal Company                                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Short            | EC               | CORP              | US        |     -4838 | NS      | $-194148.94   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                     | FedEx Corporation                                                   | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      4636 | NS      | $1339154.96   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | First American Treasury Obligations Fund                            | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2197666 | PA      | $2197666.17   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                       | GE Vernova LLC                                                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Short            | EC               | CORP              | US        |      -478 | NS      | $-312406.46   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                      | HealthEquity, Inc.                                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Short            | EC               | CORP              | US        |     -1845 | NS      | $-169020.45   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot, Inc. (The)                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3921 | NS      | $1349216.10   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG              | Infineon Technologies A.G.                                          | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     42294 | NS      | $1860090.12   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC     | InterContinental Hotels Group plc                                   | CUSIP: 45857P806<br>LEI: 2138007ZFQYRUSLU3J98 | Short            | EC               | CORP              | GB        |     -2263 | NS      | $-318698.29   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corporation                         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Short            | EC               | CORP              | US        |     -1019 | NS      | $-301837.99   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11610 | NS      | $2402689.50   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                         | KKR & Company, Inc.                                                 | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3952 | NS      | $503800.96    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                            | Kirby Corporation                                                   | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      9709 | NS      | $1069737.62   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings, Inc.                                     | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      5729 | NS      | $1372897.56   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                 | Lowe's Companies, Inc.                                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Short            | EC               | CORP              | US        |      -688 | NS      | $-165918.08   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                               | MPLX, L.P.                                                          | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     25430 | NS      | $1357199.10   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                          | MetLife, Inc.                                                       | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     17333 | NS      | $1368267.02   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corporation                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6525 | NS      | $3155620.50   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | NIKE, Inc.                                                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     17953 | NS      | $1143785.63   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation          | Northrop Grumman Corporation                                        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       979 | NS      | $558235.59    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                  | PPG Industries, Inc.                                                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      8150 | NS      | $835049.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                                                       | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      7480 | NS      | $1073529.60   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                 | Quanta Services, Inc.                                               | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Short            | EC               | CORP              | US        |      -593 | NS      | $-250281.58   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                     | SPDR S&P Regional Banking ETF                                       | CUSIP: 78464A698<br>LEI: 5493004JVD6CQEEJSS37 | Short            | EC               | RF                | US        |     -5842 | NS      | $-378620.02   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                       | Salesforce, Inc.                                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5037 | NS      | $1334351.67   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                        | ServiceNow, Inc.                                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      7535 | NS      | $1154286.65   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Softbank Group Corp.                  | SoftBank Group Corporation                                          | CUSIP: 83404D109<br>LEI: 5493003BZYYYCDIO0R13 | Short            | EC               | CORP              | JP        |     -5861 | NS      | $-332318.70   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                       | Starbucks Corporation                                               | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      5974 | NS      | $503070.54    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                    | Suncor Energy, Inc.                                                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     17237 | NS      | $764633.32    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                     | Sysco Corporation                                                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      5356 | NS      | $394683.64    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                | TJX Companies, Inc. (The)                                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9085 | NS      | $1395546.85   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc          | Thermo Fisher Scientific, Inc.                                      | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3684 | NS      | $2134693.80   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                            | 3M Company                                                          | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      6425 | NS      | $1028642.50   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                     | Tyson Foods, Inc.                                                   | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     17678 | NS      | $1036284.36   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                 | Uber Technologies, Inc.                                             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     12067 | NS      | $985994.57    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                 | US Foods Holding Corporation                                        | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Short            | EC               | CORP              | US        |     -5313 | NS      | $-400175.16   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                    | Vertiv Holdings Co.                                                 | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Short            | EC               | CORP              | US        |     -1273 | NS      | $-206238.73   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | Visa, Inc.                                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4021 | NS      | $1410204.91   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                           | Workday, Inc.                                                       | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      3822 | NS      | $820889.16    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                           | Zoetis, Inc.                                                        | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      9394 | NS      | $1181953.08   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Arch Capital Group Ltd. 03/20/2026 80 Put                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $2500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Accenture plc 03/20/2026 240 Put                                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $14250.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | American International Group, Inc. 05/15/2026 95 Call               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $21250.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Align Technology, Inc. 06/18/2026 130 Put                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        75 | NS      | $48000.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Amazon.com, Inc. 03/20/2026 200 Put                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $34250.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | ARK Innovation ETF 06/18/2026 62 Put                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       700 | NS      | $176050.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Axsome Therapeutics, Inc. 06/18/2026 170 Call                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $112400.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Bank of America Corporation 03/20/2026 50 Put                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       250 | NS      | $21875.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Booking Holdings, Inc. 03/20/2026 4500 Put                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         2 | NS      | $7580.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Baker Hughes Company 06/18/2026 50 Call                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -150 | NS      | $-34875.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Baker Hughes Company 06/18/2026 40 Put                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       200 | NS      | $32000.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Citigroup, Inc. 03/20/2026 85 Put                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       185 | NS      | $7955.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Centene Corporation 06/18/2026 45 Call                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       125 | NS      | $48750.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Salesforce, Inc. 02/20/2026 220 Put                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $2130.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Deere & Company 01/16/2026 420 Put                                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        19 | NS      | $1178.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Deckers Outdoor Corporation 06/18/2026 80 Put                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $20250.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | EPAM Systems, Inc. 04/17/2026 155 Put                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $17000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | FedEx Corporation 01/16/2026 260 Put                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $600.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | FedEx Corporation 03/20/2026 190 Put                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $280.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd.               | Arch Capital Group Ltd.                                             | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     10737 | NS      | $1029893.04   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC                                                       | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      6697 | NS      | $1796805.10   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                  | Roivant Sciences Ltd.                                               | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |      7938 | NS      | $172254.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sharkninja Inc.                       | SharkNinja Inc                                                      | CUSIP: G8068L108<br>LEI: N/A                  | Short            | EC               | CORP              | KY        |     -2035 | NS      | $-227716.50   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | SPDR Gold Shares 03/20/2026 340 Put                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        90 | NS      | $11475.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Alphabet, Inc. 04/17/2026 280 Put                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        70 | NS      | $60725.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA             | Logitech International S.A.                                         | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Short            | EC               | CORP              | CH        |     -1787 | NS      | $-179093.14   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Intel Corporation 03/20/2026 30 Put                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       300 | NS      | $23250.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Ionis Pharmaceuticals, Inc. 07/17/2026 90 Call                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $40000.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Limited                       | Wix.com Ltd.                                                        | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     10328 | NS      | $1072975.92   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | MetLife, Inc. 03/20/2026 65 Put                                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $5750.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Meta Platforms, Inc. 03/20/2026 550 Put                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        22 | NS      | $14025.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | 3M Company 03/20/2026 145 Put                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        80 | NS      | $21840.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | MPLX LP Call @ 55 January 2026                                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -191 | NS      | $-3342.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | MPLX LP Put @ 42 January 2026                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       191 | NS      | $191.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Microsoft Corporation 03/20/2026 465 Put                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $56500.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | NIKE, Inc. 03/20/2026 42.5 Put                                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       150 | NS      | $900.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | ServiceNow, Inc. 03/20/2026 160 Put                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        60 | NS      | $78900.00     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Starbucks Corporation 03/20/2026 75 Put                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        78 | NS      | $14391.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | SPDR S&P 500 ETF Trust 06/18/2026 640 Put                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $144450.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Suncor Energy, Inc. 12/18/2026 47 Call                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -151 | NS      | $-48320.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | TJX Companies, Inc. (The) 04/17/2026 140 Put                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        70 | NS      | $12040.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Thermo Fisher Scientific, Inc. 03/20/2026 650 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -20 | NS      | $-12800.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Taiwan Semiconductor Manufacturing Company Ltd. 04/17/2026 350 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $42800.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Uber Technologies, Inc. 05/15/2026 75 Put                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $38500.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | UnitedHealth Group, Inc. 04/17/2026 410 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        80 | NS      | $39600.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Workday, Inc. 03/20/2026 190 Put                                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $13650.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Wix.com Ltd. 07/17/2026 85 Put                                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $30400.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Zoetis, Inc. 03/20/2026 110 Put                                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        45 | NS      | $8550.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** VELA Funds

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer