# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-26-008438
**Filing Date:** 2026-5
**Character Count:** 56735
**Document Hash:** 11cf785cfd363960f783c6aca76f249e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008438.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008438

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261043287

**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 Income Opportunities Fund (Series ID: S000075683)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000234952 | VELA Income Opportunities Fund Class A |  |
| C000234953 | VELA Income Opportunities Fund Class I |  |

## 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 INCOME OPPORTUNITIES FUND

- **b. EDGAR series identifier (if any):** S000075683

- **c. LEI of Series:** 549300Y1NTDUBRSCXL79

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $40479136.79

**Total Liabilities:** $433373.49

**Net Assets:** $40045763.30

**Cash Not Reported:** $501758.79

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 172.67994327 | **1-Year:** 508.01275678 | **5-Year:** 1412.57115940 | **10-Year:** 271.21947405 | **30-Year:** 640.04113146

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 15.01905910 | **1-Year:** 608.40716162 | **5-Year:** 1712.44963816 | **10-Year:** 409.71142081 | **30-Year:** 163.26152127

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234952 | -2.59%               | -4.05%               | -8.90%               |
| Class ID C000234953 | 2.65%                | 0.89%                | -4.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $204559.04               | $614830.90                                 |
| Month 2  | $67227.19                | $141453.28                                 |
| Month 3  | $144016.66               | $-2038937.83                               |

**Designated Index Information**

- **Index Name:** VELA INCOME OPP FUND DRP

- **Index Identifier:** VELA INCOME OPP 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        |      3668 | NS      | $376593.56    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                                                                               | Allegiant Travel Co                                   | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    308000 | PA      | $308548.24    | 0.77%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                                    | Ally Financial, Inc.                                  | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    256000 | PA      | $253760.05    | 0.63%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                          | Alphabet, Inc.                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       926 | NS      | $266280.56    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.                                                                       | American Electric Power Co., Inc.                     | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361678.10    | 0.90%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                                    | Antares Holdings LP                                   | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $396194.06    | 0.99%             | 2029-10-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                                                                                | Arch Capital Group Ltd.                               | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |     17351 | NS      | $285076.93    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                                                                             | Atkore Inc                                            | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234692.43    | 0.59%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AXIS Capital Holdings Limited                                                                          | Axis Capital Holdings Ltd.                            | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |     14944 | NS      | $289913.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                                                                               | Bank OZK                                              | CUSIP: 06417N202<br>LEI: 549300VYK2WBD7SST478 | Long             | EP               | CORP              | US        |      8700 | NS      | $137112.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                                                                               | Bank OZK                                              | CUSIP: 06417NA94<br>LEI: 549300VYK2WBD7SST478 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239825.00    | 0.60%             | 2031-10-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Bloomin Brands Inc / OSI Restaurant Partners LLC                                                       | Bloomin' Brands Inc / OSI Restaurant Partners LLC     | CUSIP: 094234AA9<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266399.01    | 0.67%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BlueLinx Holdings Inc.                                                                                 | BlueLinx Holdings Inc                                 | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    401000 | PA      | $388599.88    | 0.97%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BXP Inc                                                                                                | BXP, Inc.                                             | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      9147 | NS      | $474729.30    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                                                                                | XPO CNW Inc.                                          | CUSIP: 12612WAB0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    265000 | PA      | $271287.13    | 0.68%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                                                                        | CSX Corporation                                       | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     14236 | NS      | $584387.80    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                                                                                | Carlisle Companies, Inc.                              | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      1467 | NS      | $489420.54    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                                                                          | Centene Corp.                                         | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237472.94    | 0.59%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Corporation                                                                             | Coterra Energy Operating, Co.                         | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    368000 | PA      | $355047.64    | 0.89%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cimpress PLC                                                                                           | Cimpress PLC                                          | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $296860.29    | 0.74%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                         | Citigroup Inc                                         | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    319000 | PA      | $322059.53    | 0.80%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                                          | SM Energy Co.                                         | CUSIP: 17888HAC7<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $316655.10    | 0.79%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                                   | Cleveland-Cliffs, Inc.                                | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    450000 | PA      | $449362.49    | 1.12%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                                                                    | Comcast Corporation                                   | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     12393 | NS      | $355803.03    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Capital Trust II                                                                          | Cullen/Frost Capital Trust II                         | CUSIP: 230000AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $279922.16    | 0.70%             | 2034-03-01      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Pason System Incor                                                                                     | Pason Systems, Inc.                                   | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |     72681 | NS      | $691612.96    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                                                                           | Encompass Health Corporation                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      3981 | NS      | $385082.13    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                                                                                 | Fair Isaac Corp.                                      | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    400000 | PA      | $393799.30    | 0.98%             | 2034-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Federal Agricultural Mortgage Corporation                                                              | Federal Agricultural Mortgage Corporation             | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |      3368 | NS      | $499642.80    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc                                                             | Fidelity National Information Services, Inc.          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      9978 | NS      | $468067.98    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                                                                              | First American Treasury Obligations Fund              | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1340158 | PA      | $1340158.47   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation                                                                                | First Busey Corporation Series B, 8.25                | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     15000 | NS      | $379350.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                                                               | First Citizens BancShares, Inc./NC                    | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    450000 | PA      | $450798.30    | 1.13%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First Interstate Bancsystem Inc.                                                                       | First Interstate BancSystem, Inc.                     | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     14601 | NS      | $487673.40    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First National Bank of Nebraska Inc.                                                                   | First National of Nebraska Inc                        | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $414502.66    | 1.04%             | 2035-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Flowers Foods, Inc.                                                                                    | Flowers Foods, Inc.                                   | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     37751 | NS      | $307670.65    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                                                                                    | Flowers Foods, Inc.                                   | CUSIP: 343498AC5<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211516.10    | 0.53%             | 2031-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                                                   | Garrett Motion Holdings Inc / Garrett LX I Sarl       | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    450000 | PA      | $465924.60    | 1.16%             | 2032-05-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| The Greenbrier Companies, Inc.                                                                         | Greenbrier Companies, Inc. (The)                      | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     17306 | NS      | $911160.90    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                     | Huntington Bancshares Inc                             | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |      9318 | NS      | $229315.98    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                                                                                       | Interparfums, Inc.                                    | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5398 | NS      | $490354.32    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                                                                                     | Iron Mountain, Inc.                                   | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339908.66    | 0.85%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Johnson & Johnson                                                                                      | Johnson & Johnson                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2707 | NS      | $661699.08    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                                                | KeyCorp.                                              | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     15000 | NS      | $355950.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                                                                                  | Bath & Body Works Inc                                 | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    350000 | PA      | $353369.45    | 0.88%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings Inc                                                                               | Lamb Weston Holdings, Inc.                            | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     14462 | NS      | $611164.12    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                                                                | MPLX, L.P.                                            | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      7876 | NS      | $449483.32    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Macys Retail Holdings LLC                                                                              | Macy's Retail Holdings LLC                            | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410168.40    | 1.02%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Merchants Bancorp. (Indiana)                                                                           | Merchants Bancorp Series E, 7.625%                    | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     12437 | NS      | $296373.71    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                                                                           | MetLife, Inc.                                         | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      6871 | NS      | $485917.12    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                                        | Microsoft Corporation                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       553 | NS      | $204704.01    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc.                                                                            | Mondelez International, Inc.                          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4643 | NS      | $267622.52    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                                                                                       | Movado Group, Inc.                                    | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     22354 | NS      | $545884.68    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                                                                              | National Fuel Gas Company                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      5284 | NS      | $496484.64    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties                                                                            | NET Lease Office Properties                           | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14664 | NS      | $168929.28    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Inc.                                                                                     | Nexstar Media Inc                                     | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300130.06    | 0.75%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nike, Inc.                                                                                             | NIKE, Inc.                                            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5704 | NS      | $301285.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                                                                                       | Nintendo Company Ltd.                                 | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      6662 | NS      | $380285.38    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                                                                          | Oaktree Strategic Credit Fund                         | CUSIP: 67403AAG4<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    450000 | PA      | $440528.99    | 1.10%             | 2030-07-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Constellation Insurance Inc.                                                                           | Constellation Insurance, Inc.                         | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    450000 | PA      | $451062.36    | 1.13%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                      | PNC Financial Services Group Inc.                     | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294321.75    | 0.73%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                                                                   | PPG Industries, Inc.                                  | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      5622 | NS      | $600879.36    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                                                            | PepsiCo, Inc.                                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5178 | NS      | $804091.62    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                                                                                       | Pool Corporation                                      | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      2372 | NS      | $479926.76    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                                        | Salesforce, Inc.                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2296 | NS      | $428594.32    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saturn Oil & Gas Inc                                                                                   | Saturn Oil & Gas, Inc.                                | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | US        |    349000 | PA      | $365412.42    | 0.91%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments Inc                                                                                    | Shift4 Payments, Inc.                                 | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6000 | NS      | $321840.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons Foods Inc / Simmons Prepared Foods Inc / Simmons Pet Food Inc / Simmons Feed (Ingredients Inc) | Simmons Foods, Inc.                                   | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |    350000 | PA      | $336563.75    | 0.84%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Simon Property Group Inc                                                                               | Simon Property Group, Inc.                            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      2705 | NS      | $504563.65    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp.                                                                          | Six Flags Entertainment Corp/DE                       | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    350000 | PA      | $337311.14    | 0.84%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                                             | Sotera Health Holdings LLC                            | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    400000 | PA      | $413215.60    | 1.03%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Spirit Air 2017-1 Ptt                                                                                  | Spirit Airlines Pass Through Trust 2017-1A            | CUSIP: 84858XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172841 | PA      | $158226.25    | 0.40%             | 2030-02-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                                           | Stanley Black & Decker Inc                            | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    450000 | PA      | $439574.00    | 1.10%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                                        | Starbucks Corporation                                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      3761 | NS      | $336947.99    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                                     | State Street Corp                                     | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355513.20    | 0.89%             | 2080-09-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Stifel Financial Corporation                                                                           | Stifel Financial Corporation                          | CUSIP: 860630706<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |      2644 | NS      | $61869.60     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                                                                                       | StoneX Group, Inc.                                    | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    350000 | PA      | $363420.05    | 0.91%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Suncor Energy Inc.                                                                                     | Suncor Energy, Inc.                                   | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |      1979 | NS      | $130831.69    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                                                                                 | Texas Instruments, Inc.                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      1005 | NS      | $195110.70    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                                           | Thermo Fisher Scientific, Inc.                        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       621 | NS      | $305240.13    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                                                                                         | Trustmark Corp.                                       | CUSIP: 898402AB8<br>LEI: 5493000HPQ4D2RZ79739 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349162.14    | 0.87%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                                                                      | Tyson Foods, Inc.                                     | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      5609 | NS      | $359368.63    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                                                                                     | Under Armour, Inc.                                    | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354756.94    | 0.89%             | 2030-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Union Pacific Corporation                                                                              | Union Pacific Corporation                             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1546 | NS      | $375090.52    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                                                                                     | Vail Resorts, Inc.                                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      3725 | NS      | $477992.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                                      | Venture Global Calcasieu Pass, LLC                    | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255717.25    | 0.64%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corporation                                                                            | Wabash National Corp.                                 | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    450000 | PA      | $394576.88    | 0.99%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Walker & Dunlop Inc.                                                                                   | Walker & Dunlop, Inc.                                 | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $342372.63    | 0.85%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wesbanco Inc                                                                                           | WesBanco, Inc. Series B                               | CUSIP: 950810887<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     13000 | NS      | $325650.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| William Carter Company                                                                                 | William Carter Co/The                                 | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    450000 | PA      | $459447.30    | 1.15%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Winnebago Industries Inc.                                                                              | Winnebago Industries, Inc.                            | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |    148000 | PA      | $148110.26    | 0.37%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Worthington Enterprises Inc                                                                            | Worthington Industries, Inc.                          | CUSIP: 981811AF9<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | DBT              | CORP              | US        |    210000 | PA      | $194644.62    | 0.49%             | 2032-08-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Accenture plc 05/15/2026 335 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -10 | NS      | $-40.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Axis Capital Holdings Ltd. 06/18/2026 115 Call        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -23 | NS      | $-2576.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | AstraZeneca plc 04/17/2026 95 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -16 | NS      | $-6720.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | AstraZeneca plc 06/18/2026 97.5 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -17 | NS      | $-10582.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                                                              | Hikma Pharmaceuticals plc                             | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     27250 | NS      | $457671.85    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                                                                             | Ambev S.A.                                            | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    210257 | NS      | $619053.63    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Copa Holdings S.A. 05/15/2026 155 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -15 | NS      | $-60.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Copa Holdings S.A. 05/15/2026 165 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -15 | NS      | $-780.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | CSX Corporation 05/15/2026 45 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -36 | NS      | $-1620.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | CSX Corporation 06/18/2026 47.5 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -36 | NS      | $-1350.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                                                                                | Arch Capital Group Ltd.                               | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      4264 | NS      | $409301.36    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                                                                        | AstraZeneca plc                                       | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      1738 | NS      | $342768.36    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                                                                          | Axis Capital Holdings Ltd.                            | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      2646 | NS      | $268330.86    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                                                                          | Accenture PLC                                         | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      3511 | NS      | $696196.19    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                                                                          | Medtronic plc                                         | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      6672 | NS      | $578128.80    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Greenbrier Companies, Inc. (The) 06/18/2026 67.5 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -51 | NS      | $-2677.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Alphabet, Inc. 08/21/2026 340 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -6 | NS      | $-4995.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Garmin Ltd. 10/16/2026 270 Call                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -10 | NS      | $-10600.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Garmin Ltd                                                                                             | Garmin Ltd.                                           | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      1510 | NS      | $350335.10    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Johnson & Johnson 04/17/2026 220 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -8 | NS      | $-20140.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Johnson & Johnson 04/17/2026 230 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -7 | NS      | $-11602.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Movado Group, Inc. 06/18/2026 30 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -56 | NS      | $-2408.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | MPLX, L.P. 06/18/2026 60 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -26 | NS      | $-2080.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | NIKE, Inc. 07/17/2026 80 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -23 | NS      | $-667.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                                                                       | Copa Holdings S.A.                                    | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      7643 | NS      | $868321.23    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | PepsiCo, Inc. 07/17/2026 170 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -12 | NS      | $-4110.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | PPG Industries, Inc. 06/18/2026 140 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -22 | NS      | $-935.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Starbucks Corporation 05/15/2026 110 Call             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -15 | NS      | $-487.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Simon Property Group, Inc. 06/18/2026 200 Call        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -7 | NS      | $-2590.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Suncor Energy, Inc. 06/18/2026 60 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -19 | NS      | $-15485.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Tyson Foods, Inc. 07/17/2026 70 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -39 | NS      | $-6532.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Texas Instruments, Inc. 04/17/2026 220 Call           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -8 | NS      | $-268.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** VELA Funds

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer