# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001752724-25-212370
**Filing Date:** 2025-8
**Character Count:** 110226
**Document Hash:** f4f646e0c49c6662ebcd7015006a91f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212370.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212370

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**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:** 251277403

**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 Short Duration Fund (Series ID: S000083352)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246925 | VELA Short Duration Fund - Class A |  |
| C000246926 | VELA Short Duration Fund - Class I |  |

## Nport-Ex

VELA

Small

Cap

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Common

Stocks

—

99.70%

Shares

Fair

Value

Communications

—

2.91%

Criteo

S.A.

-

ADR

(a) 163,611

$

3,920,120

Consumer

Discretionary

—

12.81%

Atlanta

Braves

Holdings,

Inc.,

Class

C

(a) 73,095

3,418,653

BRP,

Inc.

(a) 21,029

1,019,276

Graham

Holdings

Co.,

Class

B

3,225

3,051,398

Movado

Group,

Inc.

165,760

2,527,840

Pool

Corp.

(b) 9,277

2,704,060

Valvoline,

Inc.

(a) 118,974

4,505,545

17,226,772

Consumer

Staples

—

10.52%

Coca-Cola

Consolidated,

Inc.

(b) 28,480

3,179,792

Ingles

Markets,

Inc.,

Class

A

13,660

865,771

Mama's

Creations,

Inc.

(a)(b) 318,634

2,644,662

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b) 7,819

1,030,388

Performance

Food

Group

Co.

(a)(b) 51,675

4,520,012

Seaboard

Corp.

667

1,908,420

14,149,045

Energy

—

6.73%

Antero

Resources

Corp.

(a)(b) 66,782

2,689,979

Cactus,

Inc.,

Class

A

52,521

2,296,218

Murphy

USA,

Inc.

2,098

853,466

Range

Resources

Corp.

(b) 78,935

3,210,287

9,049,950

Financials

—

10.87%

1st

Source

Corp.

31,049

1,927,211

Ambac

Financial

Group,

Inc.

(a) 114,550

813,305

Assured

Guaranty

Ltd.

(b) 33,145

2,886,929

Axis

Capital

Holdings

Ltd.

(b) 36,916

3,832,619

BOK

Financial

Corp.

20,850

2,035,586

Cullen/Frost

Bankers,

Inc.

6,526

838,852

Federal

Agricultural

Mortgage

Corp.,

Class

C

11,788

2,290,173

14,624,675

Health

Care

—

9.26%

Align

Technology,

Inc.

(a)(b) 10,143

1,920,374

Bruker

Corp.

73,713

3,036,976

Encompass

Health

Corp.

(b) 23,517

2,883,890

Halozyme

Therapeutics,

Inc.

(a)(b) 7,435

386,769

Indivior

PLC

(a)(b) 98,253

1,448,249

Maravai

LifeSciences

Holdings,

Inc.

(a) 234,843

565,971

SI-BONE,

Inc.

(a)(b) 117,584

2,212,931

12,455,160

Industrials

—

27.44%

Applied

Industrial

Technologies,

Inc.

(b) 17,248

4,009,297

VELA

Small

Cap

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

99.70%

-

continued

Shares

Fair

Value

Industrials

—

27.44%

-

continued

BWX

Technologies,

Inc.

(b) 13,351

$

1,923,345

Copa

Holdings,

S.A.,

Class

A

19,417

2,135,288

Greenbrier

Companies,

Inc.

(The)

60,843

2,801,820

Hub

Group,

Inc.,

Class

A

159,592

5,335,161

Janus

International

Group,

Inc.

(a)(b) 268,241

2,183,482

Kirby

Corp.

(a) 65,167

7,390,589

Lincoln

Electric

Holdings,

Inc.

(b) 16,422

3,404,609

Sun

Country

Airlines

Holdings,

Inc.

(a) 197,539

2,321,083

Tetra

Tech,

Inc.

(b) 90,235

3,244,851

Wabash

National

Corp.

203,726

2,165,607

36,915,132

Materials

—

9.60%

Alamos

Gold,

Inc.,

Class

A

(b) 96,884

2,573,239

Ashland,

Inc.

27,335

1,374,404

Installed

Building

Products,

Inc.

(b) 10,059

1,813,839

Major

Drilling

Group

International,

Inc.

(a) 396,795

2,580,998

Monarch

Cement

Co.

(The)

5,417

1,294,663

NewMarket

Corp.

1,977

1,365,830

Worthington

Enterprises,

Inc.

(b) 29,934

1,905,000

12,907,973

Real

Estate

—

1.02%

NET

Lease

Office

Properties

(a) 42,096

1,370,225

Technology

—

7.36%

JFrog

Ltd.

(a)(b) 29,577

1,297,839

Onto

Innovation,

Inc.

(a) 6,709

677,139

SEMrush

Holdings,

Inc.

(a) 150,632

1,363,220

Shift4

Payments,

Inc.,

Class

A

(a)(b) 15,888

1,574,659

Teradyne,

Inc.

23,319

2,096,845

Wix.com

Ltd.

(a) 18,240

2,890,310

9,900,012

Utilities

—

1.18%

National

Fuel

Gas

Co.

18,691

1,583,315

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $115,426,936)

134,102,379

VELA

Small

Cap

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Money

Market

Funds

—

0.67%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.24%

(c) 904,097

904,097

TOTAL

MONEY

MARKET

FUNDS

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

$904,097)

904,097

Total

Investments

—

100.37%

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

$116,331,033)

$

135,006,476

Liabilities

in

Excess

of

Other

Assets

—

(0.37)%

(499,690)

Net

Assets

—

100.00%

$

134,506,786

(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

$25,429,712.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. ADR

-

American

Depositary

Receipt.

VELA

Small

Cap

Fund

Schedule

of

Open

Written

Option

Contracts

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.06)%

Alamos

Gold,

Inc.,

Class

A

(247) $

(656,032)

$

27.00 August

2025

$

(33,963)

Align

Technology,

Inc.

(39) (738,387)

240.00 October

2025

(13,650)

Antero

Resources

Corp

(356) (1,433,968)

50.00 November

2025

(45,390)

Antero

Resources

Corp

(67) (269,876)

55.00 January

2026

(7,035)

Applied

Industrial

Technologies,

Inc.

(38) (883,310)

280.00 November

2025

(15,390)

Assured

Guaranty

Ltd.

(166) (1,445,860)

100.00 October

2025

(21,580)

Axis

Capital

Holdings

Ltd.

(140) (1,453,480)

95.00 October

2025

(170,100)

BWX

Technologies,

Inc.

(64) (921,984)

125.00 November

2025

(161,600)

BWX

Technologies,

Inc.

(27) (388,962)

135.00 November

2025

(50,085)

BWX

Technologies,

Inc.

(32) (460,992)

145.00 November

2025

(43,200)

Coca-Cola

Consolidated,

Inc.

(57) (636,405)

135.00 December

2025

(15,960)

Encompass

Health

Corp.

(110) (1,348,930)

115.00 December

2025

(151,799)

Encompass

Health

Corp.

(113) (1,385,719)

120.00 December

2025

(119,215)

Halozyme

Therapeutics,

Inc.

(60) (312,120)

60.00 September

2025

(9,750)

Indivior

PLC

(308) (453,992)

15.00 October

2025

(80,850)

Indivior

PLC

(177) (260,898)

17.50 November

2025

(34,073)

Installed

Building

Products,

Inc.

(34) (613,088)

240.00 September

2025

(4,386)

Janus

International

Group,

Inc.

(504) (410,256)

12.50 August

2025

(9,576)

JFrog

Ltd.

(74) (324,712)

55.00 December

2025

(13,320)

Lincoln

Electric

Holdings,

Inc.

(37) (767,084)

230.00 December

2025

(27,195)

Mama's

Creations,

Inc.

(1,036)

(859,880)

10.00 August

2025

(12,432)

Mama's

Creations,

Inc.

(1,252)

(1,039,160)

10.00 November

2025

(62,600)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(13) (171,314)

130.00 September

2025

(14,885)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(27) (355,806)

135.00 October

2025

(29,025)

VELA

Small

Cap

Fund

Schedule

of

Open

Written

Option

Contracts

(continued)

June

30,

2025

(Unaudited)

Description

(Continued)

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.06)%

(Continued)

Performance

Food

Group

Co.

(258) $

(2,256,726)

$

95.00 September

2025

$

(41,280)

Pool

Corp.

(25) (728,700)

370.00 November

2025

(9,438)

Range

Resources

Corp.

(418) (1,700,006)

50.00 December

2025

(67,925)

Range

Resources

Corp.

(79) (321,293)

55.00 January

2026

(7,900)

Shift4

Payments,

Inc.,

Class

A

(36) (356,796)

115.00 October

2025

(17,100)

Shift4

Payments,

Inc.,

Class

A

(16) (158,576)

125.00 October

2025

(4,040)

SI-BONE,

Inc.

(294) (553,308)

25.00 October

2025

(10,290)

Tetra

Tech,

Inc.

(175) (629,300)

42.00 December

2025

(22,050)

Worthington

Enterprises,

Inc.

(78) (496,392)

60.00 September

2025

(46,800)

Worthington

Enterprises,

Inc.

(100) (636,400)

65.00 December

2025

(58,000)

Total

Written

Call

Options

(Premiums

Received

$931,707)

$

(1,431,882)

Total

Written

Options

(Premiums

Received

$931,707)

$

(1,431,882)

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Common

Stocks

—

99.85%

Shares

Fair

Value

Communications

—

10.39%

Alphabet,

Inc.,

Class

A

(a) 16,471

$

2,902,685

Electronic

Arts,

Inc.

3,607

576,038

Meta

Platforms,

Inc.,

Class

A

(a) 3,425

2,527,958

Walt

Disney

Co.

(The)

8,919

1,106,045

7,112,726

Consumer

Discretionary

—

14.88%

Amazon.com,

Inc.

(a)(b) 13,889

3,047,108

Booking

Holdings,

Inc.

(a) 308

1,783,086

Deckers

Outdoor

Corp.

(a) (b) 5,207

536,686

Home

Depot,

Inc.

(The)

(a) 3,510

1,286,906

NIKE,

Inc.,

Class

B

(a) 19,133

1,359,208

Starbucks

Corp.

(a) 11,148

1,021,491

TJX

Companies,

Inc.

(The)

(a) 9,322

1,151,174

10,185,659

Consumer

Staples

—

1.84%

Sysco

Corp.

3,608

273,270

Tyson

Foods,

Inc.,

Class

A

17,678

988,907

1,262,177

Energy

—

4.90%

Baker

Hughes

Co.,

Class

A

(a) 33,717

1,292,710

MPLX

LP

(a) 25,430

1,309,899

Suncor

Energy,

Inc.

(a) 20,180

755,741

3,358,350

Financials

—

15.37%

Arch

Capital

Group

Ltd.

(b)

10,737

977,604

Bank

of

America

Corp.

(a) 29,985

1,418,890

Berkshire

Hathaway,

Inc.,

Class

B

(b) 3,956

1,921,706

Citigroup,

Inc.

(a) 22,032

1,875,364

KKR

&

Co.,

Inc.

4,432

589,589

MetLife,

Inc.

(a) 19,194

1,543,582

PayPal

Holdings,

Inc.

(a)(b) 10,322

767,131

Visa,

Inc.,

Class

A

(a) 4,021

1,427,656

10,521,522

Health

Care

—

15.43%

Abbott

Laboratories

(a) 9,263

1,259,861

AbbVie,

Inc.

5,717

1,061,189

Align

Technology,

Inc.

(b) 7,468

1,413,916

AstraZeneca

PLC

-

ADR

(a) 11,487

802,712

Elevance

Health,

Inc.

(a) 2,674

1,040,079

Halozyme

Therapeutics,

Inc.

(b) 4,960

258,019

Johnson

&

Johnson

13,972

2,134,223

Thermo

Fisher

Scientific,

Inc.

3,530

1,431,274

Zoetis,

Inc.,

Class

A

(a) 7,459

1,163,231

10,564,504

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

99.85%

-

continued

Shares

Fair

Value

Industrials

—

11.62%

3M

Co.

(a) 9,720

$

1,479,773

CSX

Corp.

20,755

677,235

Deere

&

Co.

(a) 2,451

1,246,309

FedEx

Corp.

(a) 4,515

1,026,305

JB

Hunt

Transport

Services,

Inc.

2,398

344,353

Kirby

Corp.

(b) 8,513

965,459

Lincoln

Electric

Holdings,

Inc.

7,147

1,481,716

Northrop

Grumman

Corp.

1,465

732,471

7,953,621

Materials

—

2.01%

LyondellBasell

Industries

N.V.,

Class

A

(a) 18,028

1,043,100

PPG

Industries,

Inc.

2,936

333,970

1,377,070

Technology

—

23.41%

Accenture

PLC,

Class

A

(a) 3,786

1,131,597

Adobe,

Inc.

(b) 2,151

832,179

Advanced

Micro

Devices,

Inc.

(b) 2,061

292,456

Autodesk,

Inc.

(a)(b) 4,930

1,526,180

EPAM

Systems,

Inc.

(b) 5,818

1,028,739

Infineon

Technologies

AG

-

ADR

(b) 41,688

1,775,075

Microchip

Technology,

Inc.

8,641

608,067

Microsoft

Corp.

(a) 6,956

3,459,984

Salesforce.com,

Inc.

(a) 4,672

1,274,008

ServiceNow

,

Inc.

(a)(b) 1,507

1,549,316

Teradyne,

Inc.

3,415

307,077

Uber

Technologies,

Inc.

(a)(b) 12,067

1,125,851

Wix.com

Ltd.

(b) 2,595

411,204

Workday,

Inc.,

Class

A

(a)(b) 2,930

703,200

16,024,933

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,309,941)

68,360,562

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

CALL

OPTIONS

—

0.05%

Adobe

Systems,

Inc.

$

580,320

$

410.00 July

2025

2,482

Unitedhealth

Group

Inc.

311,970

320.00 November

2025

31,775

TOTAL

PURCHASED

CALL

OPTIONS

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

43,400)

34,257

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

PUT

OPTIONS

—

0.88%

3M

Co.

608,960

120.00 March

2026

14,400

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

PUT

OPTIONS

—

0.88%

-

continued

AbbVie,

Inc.

$

928,100

$

150.00 September

2025

$

4,675

Accenture

PLC,

Class

A

896,670

250.00 November

2025

11,850

Align

Technology,

Inc.

719,454

130.00 October

2025

6,156

Alphabet,

Inc.,

Class

A

881,150

140.00 September

2025

6,475

ARK

Innovation

ETF

–

66.00 October

2025

98,450

Autodesk,

Inc.

928,710

270.00 September

2025

10,650

Baker

Hughes

Co.,

Class

A

509,922

33.00 November

2025

12,967

Bank

of

America

Corp.

1,301,300

34.00 November

2025

10,450

Booking

Holdings,

Inc.

(a) 2

1,157,848

4,500.00

October

2025

7,580

Citigroup,

Inc.

1,744,960

67.50 December

2025

27,060

Deckers

Outdoor

Corp.

401,973

85.00 March

2026

28,080

Elevance

Health,

Inc.

311,168

380.00 September

2025

15,120

EPAM

Systems,

Inc.

530,460

140.00 December

2025

20,250

Johnson

&

Johnson

1,527,500

130.00 September

2025

5,550

Lyondellbasell

Industries

N.V.,

Class

A

983,620

50.00 September

2025

21,250

Meta

Platforms

Inc.,

Class

A

1,623,798

650.00 December

2025

66,165

Microsoft

Corp.

2,487,050

425.00 October

2025

22,375

MPLX

LP

983,841

42.00 January

2026

9,550

NIKE,

Inc.,

Class

B

1,420,800

55.00 October

2025

13,600

Salesforce.com,

Inc.

899,877

220.00 October

2025

10,890

ServiceNow

,

Inc.

1,747,736

800.00 January

2026

40,035

SPDR

S&P

500

ETF

Trust

4,633,875

585.00 October

2025

77,738

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PURCHASED

PUT

OPTIONS

—

0.88%

-

continued

Starbucks

Corp.

$

714,714

$

75.00 October

2025

$

10,140

Uber

Technologies,

Inc.

933,000

75.00 November

2025

23,550

Workday,

Inc.,

Class

A

168,000

230.00 January

2026

11,655

Zoetis,

Inc.,

Class

A

935,700

140.00 October

2025

18,300

TOTAL

PURCHASED

PUT

OPTIONS

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

998,725)

604,961

TOTAL OPTIONS

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

1,042,125)

639,218

Money

Market

Funds

—

1.52%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.19%

(c) 1,043,962

1,043,962

TOTAL

MONEY

MARKET

FUNDS

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

$1,043,962)

1,043,962

Total

Investments

—

102.30%

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

$53,396,028)

70,043,742

Liabilities

in

Excess

of

Other

Assets

—

(2.30)%

(1,577,416)

Net

Assets

—

100.00%

$

68,466,326

(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

June

30,

2025

was

$40,208,819.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. ADR

-

American

Depositary

Receipt.

ETF

-

Exchange

Traded

Funds.

VELA

Large

Cap

Plus

Fund

Schedule

of

Open

Written

Option

Contracts

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.08)%

3M

Co.

(79) $

(1,202,696)

$

175.00 March

2026

$

(55,497)

Abbott

Laboratories

(56) (761,656)

150.00 January

2026

(20,160)

AbbVie,

Inc.

(46) (853,852)

220.00 December

2025

(11,431)

Alphabet,

Inc.,

Class

A

(122) (2,150,006)

225.00 November

2025

(30,561)

Autodesk,

Inc.

(40) (1,238,280)

310.00 January

2026

(112,601)

Baker

Hughes

Co.,

Class

A

(169) (647,946)

47.00 November

2025

(8,873)

Booking

Holdings,

Inc.

(3) (1,736,772)

6,000.00

October

2025

(80,429)

Citigroup,

Inc.

(114) (970,368)

85.00 December

2025

(76,380)

Deere

&

Co.

(12) (610,188)

530.00 December

2025

(38,100)

Electronic

Arts,

Inc.

(29) (463,130)

160.00 September

2025

(23,345)

Halozyme

Therapeutics,

Inc.

(40) (208,080)

60.00 September

2025

(6,500)

Meta

Platforms

Inc.,

Class

A

(21) (1,549,989)

850.00 December

2025

(69,458)

Microsoft

Corp.

(35) (1,740,935)

575.00 December

2025

(26,250)

MPLX

LP

(191) (983,841)

55.00 January

2026

(22,442)

NIKE,

Inc.,

Class

B

(96) (681,984)

77.50 August

2025

(8,256)

PayPal

Holdings,

Inc.

(77) (572,264)

90.00 December

2025

(18,326)

ServiceNow,

Inc.

(11) (1,130,888)

1,200.00

January

2026

(51,755)

Starbucks

Corp.

(78) (714,714)

110.00 October

2025

(9,126)

Suncor

Energy,

Inc.

(151) (1,143,674)

40.00 November

2025

(22,272)

Uber

Technologies,

Inc.

(91) (849,030)

115.00 November

2025

(28,893)

Zoetis,

Inc.,

Class

A

(60) (935,700)

190.00 January

2026

(15,600)

Total

Written

Call

Options

(Premiums

Received

$583,068)

$

(736,255)

Total

Written

Options

(Premiums

Received

$583,068)

$

(736,255)

VELA

Large

Cap

Plus

Fund

Schedule

of

Securities

Sold

Short

June

30,

2025

(Unaudited)

Common

Stocks

-

Short

-

(4.36%)

Shares

Fair

Value

Communications

-

(0.52%)

Roblox

Corp.,

Class

A

(a) (1,614)

$

(169,793)

Take-Two

Interactive

Software,

Inc.

(a) (773) (187,723)

(357,516)

Consumer

Discretionary

-

(1.14%)

Burlington

Stores,

Inc.

(a) (842) (195,883)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a) (2,757)

(209,422)

GameStop

Corp.,

Class

A

(a) (4,572)

(111,511)

InterContinental

Hotels

Group

PLC

-

ADR

(2,263)

(261,014)

(777,830)

Consumer

Staples

-

(0.39%)

US

Foods

Holding

Corp.

(a) (3,511)

(270,382)

Financials

-

(0.92%)

Blue

Owl

Capital,

Inc.

(14,650)

(281,427)

Capital

One

Financial

Corp.

(698) (148,506)

Robinhood

Markets,

Inc.,

Class

A

(a) (2,122)

(198,683)

(628,616)

Health

Care

-

(0.93%)

Edwards

LifeSciences

Corp.

(a) (3,164)

(247,456)

GSK

PLC

-

ADR

(5,601)

(215,079)

Henry

Schein,

Inc.

(a) (2,439)

(178,169)

(640,704)

Technology

-

(0.46%)

Duolingo,

Inc.

(a) (259) (106,195)

Palantir

Technologies,

Inc.,

Class

A

(a) (1,487)

(202,708)

(308,903)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $2,659,666)

(2,983,951)

Exchange-Traded

Funds

-

Short

-

(2.02%)

Industrial

Select

Sector

SPDR®

Fund

(9,374)

(1,382,852)

TOTAL

EXCHANGE-TRADED

FUNDS

-

SHORT

(Proceeds

Received $1,208,532)

(1,382,852)

TOTAL

SECURITIES

SOLD

SHORT

-

(6.38%)

(Proceeds

Received

$3,868,198)

$

(4,366,803)

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt.

VELA

International

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Common

Stocks

—

90.59%

Shares

Fair

Value

Argentina

—

1.28%

Consumer

Discretionary

—

1.28%

Arcos

Dorados

Holdings,

Inc.,

Class

A

102,000

$

804,780

Total

Argentina

804,780

Australia

—

2.56%

Consumer

Discretionary

—

1.51%

Bapcor,

Ltd.

290,000

954,870

Health

Care

—

1.05%

Ansell

Ltd.

33,100

659,932

Total

Australia

1,614,802

Austria

—

3.60%

Communications

—

1.99%

Telekom

Austria

AG

110,000

1,252,140

Materials

—

1.61%

Wienerberger

AG

27,200

1,016,438

Total

Austria

2,268,578

Belgium

—

1.92%

Financials

—

1.92%

KBC

Group

N.V.

11,700

1,207,457

Total

Belgium

1,207,457

Brazil

—

2.02%

Consumer

Staples

—

2.02%

Ambev

SA

520,000

1,271,747

Total

Brazil

1,271,747

Canada

—

9.40%

Energy

—

3.55%

Pason

Systems,

Inc.

110,000

991,697

Suncor

Energy,

Inc.

33,400

1,250,830

2,242,527

Materials

—

5.85%

Alamos

Gold,

Inc.,

Class

A

51,000

1,354,560

Major

Drilling

Group

International,

Inc.

(a) 137,000

891,132

OceanaGold

Corp.

102,000

1,439,267

3,684,959

Total

Canada

5,927,486

VELA

International

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

90.59%

-

continued

Shares

Fair

Value

Denmark

—

2.24%

Industrials

—

2.24%

FLSmidth

&

Co.

A/S

23,000

$

1,409,692

Total

Denmark

1,409,692

Faroe

Islands

—

1.00%

Consumer

Staples

—

1.00%

Bakkafrost

P/F

14,000

630,227

Total

Faroe

Islands

630,227

France

—

9.76%

Communications

—

2.42%

Criteo

S.A.

-

ADR

(a) 64,000

1,533,441

Consumer

Discretionary

—

1.72%

Cia

Generale

de

Establissements

Michelin

SCA

29,100

1,082,266

Consumer

Staples

—

0.69%

Remy

Cointreau

8,500

434,434

Energy

—

2.19%

TotalEnergies

SE

22,600

1,381,262

Industrials

—

1.10%

Rexel

SA

22,400

690,821

Materials

—

1.64%

Foraco

International

SA

(a) 747,000

1,031,018

Total

France

6,153,242

Germany

—

8.54%

Consumer

Discretionary

—

1.91%

Fielmann

AG

18,000

1,203,130

Industrials

—

2.03%

Duerr

AG

48,000

1,280,358

Materials

—

1.59%

Fuchs

Petrolub

SE

24,100

1,000,893

Technology

—

3.01%

Infineon

Technologies

AG

44,500

1,898,755

Total

Germany

5,383,136

Hong

Kong

—

6.17%

Consumer

Staples

—

2.06%

WH

Group

Ltd.

(b) 1,350,000

1,301,118

Industrials

—

2.10%

Johnson

Electric

Holdings

Ltd.

480,000

1,324,435

VELA

International

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

90.59%

-

continued

Shares

Fair

Value

Hong

Kong

—

6.17%

-

continued

Technology

—

2.01%

VTech

Holdings

Ltd.

174,200

$

1,265,380

Total

Hong

Kong

3,890,933

Indonesia

—

1.47%

Materials

—

1.47%

United

Tractors

Tbk

PT

700,000

924,928

Total

Indonesia

924,928

Israel

—

2.06%

Technology

—

2.06%

Wix.com

Ltd.

(a) 8,200

1,299,372

Total

Israel

1,299,372

Japan

—

5.82%

Consumer

Discretionary

—

2.97%

Honda

Motor

Co.

Ltd.

73,500

708,627

KeePer

Technical

Laboratory

Co.,

Ltd.

(a) 47,300

1,162,365

1,870,992

Materials

—

1.25%

Toray

Industries,

Inc.

115,000

787,067

Technology

—

1.60%

Nintendo

Co.

Ltd.

10,500

1,008,138

Total

Japan

3,666,197

Luxembourg

—

2.27%

Consumer

Staples

—

2.27%

B&M

European

Value

Retail

SA

385,000

1,433,816

Total

Luxembourg

1,433,816

Mexico

—

3.76%

Consumer

Staples

—

3.76%

BBB

Foods

Inc.

(a) 34,300

952,168

Kimberly-Clark

de

Mexico

SAB

de

CV

772,000

1,415,019

2,367,187

Total

Mexico

2,367,187

Netherlands

—

6.04%

Consumer

Staples

—

2.47%

JDE

Peet's

NV

-

ADR

(a) 54,500

1,556,646

Financials

—

2.34%

ING

Groep

NV

67,300

1,474,943

VELA

International

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

90.59%

-

continued

Shares

Fair

Value

Netherlands

—

6.04%

-

continued

Health

Care

—

1.23%

Argenx

SE

(a) 1,400

$

774,954

Total

Netherlands

3,806,543

Panama

—

1.59%

Industrials

—

1.59%

Copa

Holdings,

S.A.,

Class

A

9,100

1,000,727

Total

Panama

1,000,727

Philippines

—

0.41%

Consumer

Staples

—

0.41%

Ginebra

San

Miguel,

Inc.

50,700

261,128

Total

Philippines

261,128

Slovenia

—

1.59%

Health

Care

—

1.59%

Krka

d.d.

Novo

Mesto

4,400

1,002,571

Total

Slovenia

1,002,571

Sweden

—

3.64%

Financials

—

2.24%

Svenska

Handelsbanken

AB,

Class

A

105,200

1,408,449

Industrials

—

1.40%

Loomis

AB

21,000

882,949

Total

Sweden

2,291,398

Switzerland

—

2.88%

Consumer

Discretionary

—

0.96%

Cie

Financiere

Richemont

SA

3,200

605,583

Health

Care

—

1.92%

Roche

Holding

AG

3,700

1,207,830

Total

Switzerland

1,813,413

United

Kingdom

—

10.57%

Communications

—

0.96%

Informa

PLC

54,900

607,774

Consumer

Discretionary

—

2.23%

Associated

British

Foods

PLC

50,000

1,412,636

Consumer

Staples

—

2.40%

Cake

Box

Holdings

PLC

121,000

307,109

Nomad

Foods

Ltd.

71,000

1,206,290

1,513,399

VELA

International

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

90.59%

-

continued

Shares

Fair

Value

United

Kingdom

—

10.57%

-

continued

Health

Care

—

1.82%

Indivior

PLC

(a) 77,200

$

1,147,862

Technology

—

3.16%

Serco

Group

PLC

717,000

1,989,147

Total

United

Kingdom

6,670,818

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $44,013,305)

57,100,178

Money

Market

Funds

-

8.42%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.19%

(c) 5,310,614

5,310,614

TOTAL

MONEY

MARKET

FUNDS

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

$5,310,614)

5,310,614

Total

Investments

—

99.01%

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

$49,323,919)

62,410,792

Other

Assets

in

Excess

of

Liabilities

—

0.99%

623,844

Net

Assets

—

100.00%

$

63,034,636

(a) Non-income

producing

security.

(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

$1,301,118

as

of

June

30,

2025,

representing

2.06%

of

net

assets.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. ADR

-

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Common

Stocks

—

51.68%

Shares

Fair

Value

Communications

—

2.55%

Alphabet,

Inc.,

Class

A

(a) 2,624

$

462,428

Comcast

Corp.,

Class

A

11,376

406,009

868,437

Consumer

Discretionary

—

7.09%

Genuine

Parts

Co.

(a) 4,231

513,263

Movado

Group,

Inc.

22,354

340,899

NIKE,

Inc.,

Class

B

(a) 5,408

384,184

Pool

Corp.

(a) 1,038

302,556

Starbucks

Corp.

(a) 4,685

429,286

Vail

Resorts,

Inc.

2,844

446,878

2,417,066

Consumer

Staples

—

5.10%

Mondelez

International,

Inc.,

Class

A

(a) 4,643

313,124

PepsiCo,

Inc.

(a) 5,020

662,841

Sysco

Corp.

10,066

762,399

1,738,364

Energy

—

4.11%

MPLX

LP

(a) 11,255

579,745

Pason

Systems,

Inc.

40,966

369,326

Suncor

Energy,

Inc.

(a) 12,072

452,096

1,401,167

Financials

—

6.84%

Arch

Capital

Group

Ltd.

4,689

426,933

Axis

Capital

Holdings

Ltd.

(a) 4,912

509,964

Federal

Agricultural

Mortgage

Corp.,

Class

C

2,699

524,362

JPMorgan

Chase

&

Co.

(a) 1,525

442,113

KKR

&

Co.,

Inc.

(a) 1,919

255,284

MetLife,

Inc.

2,124

170,812

2,329,468

Health

Care

—

7.80%

Abbott

Laboratories

(a) 2,525

343,425

AstraZeneca

PLC

-

ADR

(a) 3,477

242,973

Bruker

Corp.

4,096

168,755

Johnson

&

Johnson

4,981

760,848

Medtronic

PLC

(a) 7,352

640,874

Thermo

Fisher

Scientific,

Inc.

169,483

Zoetis,

Inc.,

Class

A

(a) 2,128

331,861

2,658,219

Industrials

—

10.01%

BWX

Technologies,

Inc.

(a) 3,191

459,695

Copa

Holdings,

S.A.,

Class

A

6,518

716,784

CSX

Corp.

16,825

549,000

Greenbrier

Companies,

Inc.

(The)

(a) 16,411

755,726

Installed

Building

Products,

Inc.

(a) 1,908

344,051

United

Parcel

Service,

Inc.,

Class

B

3,301

333,203

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

51.68%

-

continued

Shares

Fair

Value

Industrials

—

10.01%

-

continued

Wabash

National

Corp.

23,717

$

252,112

3,410,571

Materials

—

0.50%

PPG

Industries,

Inc.

1,495

170,056

Real

Estate

—

2.17%

BXP,

Inc.

4,728

318,998

Simon

Property

Group,

Inc.

(a) 2,614

420,227

739,225

Technology

—

5.51%

Accenture

PLC,

Class

A

1,158

346,115

Fidelity

National

Information

Services,

Inc.

(a) 7,319

595,840

Garmin

Ltd.

(a) 2,070

432,050

Nintendo

Co.

Ltd.

1,887

181,177

Texas

Instruments,

Inc.

(a) 1,544

320,565

1,875,747

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,997,792)

17,608,320

Preferred

Stocks

—

5.65%

Shares

Fair

Value

Financials

—

5.65%

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

17,351

290,976

Axis

Capital

Holdings

Ltd.,

Series

E,

5.50%

14,944

296,489

Bank

OZK,

Series

A,

4.63%

8,700

140,505

Enstar

Group

Ltd.,

Series

D,

7.00%

18,916

380,401

First

Busey

Corp.,

8.25%

12,000

300,480

Huntington

Bancshares

Inc.,

Series

J,

6.88%

9,318

230,248

Morgan

Stanley,

Series

I,

6.38%

5,492

136,202

Stifel

Financial

Corp.,

Series

B,

6.25%

6,300

148,617

1,923,918

TOTAL PREFERRED

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,036,671)

1,923,918

Corporate

Bonds

—

40.78%

Principal

Amount

Fair

Value

Communications

—

0.88%

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

(b) $

300,000

299,492

Consumer

Discretionary

—

10.75%

Allegiant

Travel

Co.,

7.25%,

8/15/2027

(b) 400,000

400,359

Cedar

Fair

LP

/

Canada's

Wonderland

Co.,

6.50%,

10/1/2028

200,000

202,910

Churchill

Downs,

Inc.,

6.75%,

5/1/2031

(b) 250,000

257,276

Ford

Motor

Credit

Co.,

LLC,

5.11%,

5/3/2029

350,000

342,318

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Corporate

Bonds

—

40.78%-

continued

Principal

Amount

Fair

Value

Consumer

Discretionary

—

10.75%

-

continued

Garrett

Motion

Holdings,

Inc.,

7.75%,

5/31/2032

(b) $

400,000

$

416,833

Graham

Holdings

Co.,

5.75%,

6/1/2026

(b) 300,000

300,323

Macy's

Retail

Holdings

LLC,

5.88%,

4/1/2029

(b) 350,000

346,999

Papa

John's

International,

Inc.,

3.88%,

9/15/2029

(b) 300,000

292,355

Victoria's

Secret

&

Co.,

4.63%,

7/15/2029

(b) 350,000

327,002

Viking

Cruises

Ltd.,

9.13%,

7/15/2031

(b) 300,000

323,296

Wendy's

International

LLC,

7.00%,

12/15/2025

150,000

151,211

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028

(b) 300,000

300,566

3,661,448

Consumer

Staples

—

0.69%

Simmons

Foods,

Inc.,

4.63%,

3/1/2029

(b) 250,000

236,279

Energy

—

3.59%

Antero

Resources

Corp.,

7.63%,

2/1/2029

(b) 150,000

154,080

Civitas

Resources

Inc.,

8.63%,

11/1/2030

(b) 300,000

304,810

Saturn

Oil

&

Gas,

Inc.,

9.63%,

6/15/2029

(b) 319,000

317,032

Tallgrass

Energy

Partners,

LP,

5.50%,

1/15/2028

(b) 300,000

298,416

TechnipFMC

PLC,

6.50%,

2/1/2026

(b) 150,000

150,570

1,224,908

Financials

—

11.30%

Antares

Holdings

LP,

6.25%,

10/23/2029

(b) 400,000

404,242

Bank

OZK,

2.75%,

10/1/2031

(TSFR3M

+

209bps)

(c) 250,000

225,000

Citigroup,

Inc.,

7.13%,

Perpetual

(c)(d) 319,000

329,596

Cullen/Frost

Capital

Trust

II,

6.14%,

3/1/2034

(TSFR3M

+

81bps)

(c) 300,000

270,247

First

National

of

Nebraska,

Inc.,

7.25%,

6/15/2035

(b)(c) 150,000

151,009

Iron

Mountain,

Inc.,

7.00%,

2/15/2029

(b) 250,000

258,969

M&T

Bank

Corp.,

7.53%,

Perpetual

(H15T5Y

+

317bps)

(c)(d) 200,000

203,372

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/2028

300,000

323,671

Ohio

National

Financial

Services,

Inc.,

6.80%,

1/24/2030

(b) 300,000

298,363

PNC

Financial

Services

Group,

Inc.,

3.40%,

Perpetual

(H15T5Y

+

260bps)

(c)(d) 300,000

289,675

SBL

Holdings,

Inc.,

5.00%,

2/18/2031

(b) 150,000

136,208

State

Street

Corp,

6.45%,

Perpetual

(H15T5Y

+

214bps)

(c)(d) 350,000

356,544

StoneX

Group,

Inc.,

7.88%,

3/1/2031

(b) 300,000

314,664

US

Bancorp,

3.70%,

Perpetual

(H15T5Y

+

254bps)

(c)(d) 300,000

289,239

3,850,799

Health

Care

—

1.07%

Sotera

Health

Holdings

LLC,

7.38%,

6/1/2031

(b) 350,000

364,593

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Corporate

Bonds

—

40.78%-

continued

Principal

Amount

Fair

Value

Industrials

—

8.71%

American

Airlines,

Inc.,

8.50%,

5/15/2029

(b) $

350,000

$

367,108

Atkore,

Inc.,

4.25%,

6/1/2031

(b) 250,000

231,502

Cimpress

PLC,

7.38%,

9/15/2032

(b) 300,000

286,812

Con-way,

Inc.,

6.70%,

5/1/2034

265,000

280,460

Hillenbrand,

Inc.,

6.25%,

2/15/2029

300,000

306,039

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

(b) 350,000

350,348

Sensata

Technologies

BV,

5.88%,

9/1/2030

(b) 250,000

250,507

Stanley

Black

&

Decker,

Inc.,

6.71%,

3/15/2060

(H15T5Y

+

266bps)

(c) 400,000

390,990

Wabash

National

Corp.,

4.50%,

10/15/2028

(b) 350,000

317,373

Worthington

Industries,

Inc.,

4.30%,

8/1/2032

210,000

188,146

2,969,285

Materials

—

1.16%

Cleveland-Cliffs,

Inc.,

6.88%,

11/1/2029

(b) 400,000

394,056

Real

Estate

—

1.56%

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/2030

(b) 250,000

265,527

Newmark

Group,

Inc.,

7.50%,

1/12/2029

250,000

264,619

530,146

Utilities

—

1.07%

American

Electric

Power

Company,

Inc.,

7.05%,

12/15/2054

(H15T5Y

+

275bps)

(c) 350,000

364,518

TOTAL

CORPORATE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,607,908)

13,895,524

U.S.

Government

&

Agencies

—

0.88%

Principal

Amount

Fair

Value

United

States

Treasury

Note,

4.38%,

7/31/2026

150,000

150,621

United

States

Treasury

Note,

3.75%,

8/15/2027

150,000

150,076

300,697

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $300,369)

300,697

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Money

Market

Funds

—

0.76%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.25%

(e) 257,339

257,339

TOTAL

MONEY

MARKET

FUNDS

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

$257,339)

257,339

Total

Investments

—

99.75%

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

$32,200,079)

$

33,985,798

Other

Assets

in

Excess

of

Liabilities

—

0.25%

86,323

Net

Assets

—

100.00%

$

34,072,121

(a) Securities,

or

a

portion

thereof,

have

been

pledged

as

collateral

on

written

option

contracts.

The

total

collateral

pledged

is

$4,925,443.

(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

$9,116,969

as

of

June

30,

2025,

representing

26.76%

of

net

assets.

(c) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

June

30,

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.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. ADR

-

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

of

Open

Written

Option

Contracts

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(0.49)%

Abbott

Laboratories

(21) $

(285,621)

$

130.00 August

2025

$

(17,588)

Alphabet,

Inc.,

Class

A

(7) (123,361)

220.00 December

2025

(2,590)

AstraZeneca

PLC

(17) (118,796)

85.00 January

2026

(1,564)

Axis

Capital

Holdings

Ltd.

(16) (166,112)

110.00 September

2025

(5,240)

BWX

Technologies,

Inc.

(16) (230,496)

120.00 November

2025

(46,399)

BWX

Technologies,

Inc.

(12) (172,872)

135.00 November

2025

(22,260)

Fidelity

National

Information

Services,

Inc.

(38) (309,358)

90.00 October

2025

(5,415)

Garmin

Ltd.

(8) (166,976)

230.00 September

2025

(3,720)

Genuine

Parts

Co.

(9) (109,179)

145.00 August

2025

(108) Genuine

Parts

Co.

(19) (230,489)

145.00 November

2025

(2,518)

Greenbrier

Companies,

Inc.

(The)

(28) (128,940)

70.00 November

2025

(1,372)

Installed

Building

Products,

Inc.

(5) (90,160)

230.00 December

2025

(3,500)

JPMorgan

Chase

&

Co.

(8) (231,928)

295.00 November

2025

(12,499)

KKR

&

Co.

LP

(7) (93,121)

150.00 December

2025

(4,795)

Medtronic

PLC

(59) (514,303)

97.50 August

2025

(649) Mondelez

International,

Inc.,

Class

A

(42) (283,248)

70.00 September

2025

(7,350)

MPLX

LP

(39) (200,889)

55.00 September

2025

(1,658)

NIKE,

Inc.,

Class

B

(35) (248,640)

77.50 October

2025

(10,219)

PepsiCo,

Inc.

(13) (171,652)

175.00 September

2025

(319) Pool

Corp.

(3) (87,444)

370.00 November

2025

(1,133)

Simon

Property

Group,

Inc.

(7) (112,532)

185.00 December

2025

(1,505)

Starbucks

Corp.

(17) (155,771)

110.00 July

2025

(51) Starbucks

Corp.

(20) (183,260)

110.00 January

2026

(5,560)

Suncor

Energy,

Inc.

(30) (227,220)

42.00 November

2025

(2,775)

Suncor

Energy,

Inc.

(30) (227,220)

45.00 December

2025

(1,830)

Texas

Instruments,

Inc.

(5) (103,810)

220.00 July

2025

(375) Texas

Instruments,

Inc.

(5) (103,810)

220.00 October

2025

(4,138)

Zoetis,

Inc.,

Class

A

(5) (77,975)

200.00 July

2025

(10) Total

Written

Options

(Premiums

Received

$151,542)

$

(167,140)

VELA

Short

Duration

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Asset

Backed

Securities

—

0.71%

Principal

Amount

Fair

Value

Ford

Credit

Auto

Owner

Trust

2024-C,

4.07%,

7/15/2029

$

250,000

$

249,761

TOTAL

ASSET

BACKED

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $247,871)

249,761

Collateralized

Mortgage

Obligations

—

2.73%

Principal

Amount

Fair

Value

Madison

Park

Funding

XXXVII

Ltd,

Series

2024-19-37A,

5.79%,

4/15/2037

(a)(b) 250,000

251,750

Freddie

Mac

REMICS,

Series

5547,

5.00%,

2/25/2052

343,125

340,771

Fannie

Mae

REMIC

Pass

Through

Certificates,

Series

2024-97,

5.50%,

12/25/2050

226,729

227,993

Government

National

Mortgage

Association

REMIC

Pass

Through

Certificates,

Series

2024-076,

6.00%,

12/20/2049

138,757

139,446

TOTAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $958,207)

959,960

Corporate

Bonds

—

60.91%

Principal

Amount

Fair

Value

Communications

—

1.86%

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

(a) 300,000

299,492

XPO,

Inc.,

6.25%,

6/1/2028

(a) 350,000

355,812

655,304

Consumer

Discretionary

—

12.42%

Carnival

Corp.,

7.88%,

6/1/2027

350,000

370,272

Ford

Motor

Credit

Co.

LLC,

7.34%,

3/6/2026

(O/N

SOFR

+

295bps)

(b) 400,000

403,793

General

Motors

Financial

Co.,

Inc.,

5.74%,

5/8/2027

(O/N

SOFR

+

135bps)

(b) 350,000

349,657

Group

Automotive,

Inc.,

4.00%,

8/15/2028

(a) 200,000

193,179

Harley-Davidson

Financial

Services,

Inc.,

5.95%,

6/11/2029

(a) 350,000

356,110

Hyundai

Capital

America,

5.89%,

1/8/2027

(O/N

SOFR

+

150bps)

(a)(b) 250,000

251,553

Hyundai

Capital

America,

5.28%,

3/25/2027

(O/N

SOFR

+

99bps)

(a)(b) 150,000

149,797

Mattel,

Inc.,

5.88%,

12/15/2027

(a) 350,000

351,486

Nissan

Motor

Acceptance

Co.

LLC,

6.95%,

9/15/2026

(a) 250,000

253,054

Nordstrom,

Inc.,

4.00%,

3/15/2027

300,000

294,947

Polaris,

Inc.,

6.95%,

3/15/2029

250,000

263,038

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029

(a) 300,000

298,864

Volkswagen

Group

of

America

Finance

LLC,

4.90%,

8/14/2026

(a) 250,000

250,606

William

Carter

Co.

(The),

5.63%,

3/15/2027

(a) 250,000

249,089

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028

(a) 329,000

329,620

4,365,065

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Corporate

Bonds

—

60.91%-

continued

Principal

Amount

Fair

Value

Consumer

Staples

—

1.84%

Albertsons

Companies,

Inc.

/

Safeway,

Inc.,

5.88%,

2/15/2028

(a) $

300,000

$

299,939

Smithfield

Foods,

Inc.,

4.25%,

2/1/2027

(a) 350,000

346,743

646,682

Energy

—

6.28%

Antero

Resources

Corp.,

7.63%,

2/1/2029

(a) 250,000

256,800

Civitas

Resources,

Inc.,

8.38%,

7/1/2028

(a) 200,000

205,025

Energy

Transfer

LP,

5.63%,

5/1/2027

(a) 350,000

350,754

EQT

Corp.,

7.50%,

6/1/2027

(a) 400,000

407,358

Expand

Energy

Corp.,

6.75%,

4/15/2029

(a) 343,000

347,211

Sunoco

LP

/

Sunoco

Finance

Corp.,

7.00%,

9/15/2028

(a) 250,000

258,063

TechnipFMC

PLC,

6.50%,

2/1/2026

(a) 380,000

381,444

2,206,655

Financials

—

23.97%

American

Express

Co.,

5.65%,

4/25/2029

(O/N

SOFR

+

126bps)

(b) 300,000

302,849

Antares

Holdings

LP,

3.75%,

2027-07-15

(Canada)

(a) 400,000

384,643

Ares

Capital

Corp.,

7.00%,

1/15/2027

350,000

361,221

Ares

Finance

Co.

III

LLC,

4.13%,

6/30/2051

(H15T5Y

+

324bps)

(a)(b) 300,000

293,772

Assured

Guaranty

US

Holdings

Inc.,

6.96%,

12/15/2066

(TSFR3M

+

264bps)

(b) 104,000

98,770

Bank

of

America

Corp.,

5.74%,

9/15/2027

(O/N

SOFR

+

135bps)

(b) 150,000

151,411

BMW

Vehicle

Owner

Trust

2024-A,

5.18%,

11/26/2027

250,000

253,227

Cantor

Fitzgerald

LP,

7.20%,

12/12/2028

(a) 400,000

424,947

Charles

Schwab

Corp.

(The),

4.00%,

Perpetual

(H15T5Y

+

317bps)

(b)(c) 145,000

143,002

Citigroup

Inc.,

3.88%,

Perpetual

(b)(c) 200,000

198,260

Discover

Bank,

6.00%,

8/9/2028

(O/N

USIS

+

173bps)

(b) 250,000

256,322

Essent

Group,

Ltd.,

6.25%,

7/1/2029

400,000

414,403

First

National

of

Nebraska,

Inc.,

7.25%,

6/15/2035

(a)(b) 100,000

100,673

GM

Financial

Consumer

Automobile

Receivables

2024-1,

4.85%,

12/18/2028

250,000

251,315

Goldman

Sachs

Group,

Inc.

(The),

5.20%,

3/9/2027

(O/N

SOFR

+

81bps)

(b) 200,000

200,328

Honda

Auto

Receivables

2023-4

Owner

Trust,

5.67%,

2/21/2027

250,000

252,720

HSBC

Holdings

PLC,

5.97%,

2026-09-12

(United

Kingdom)

(TSFR3M

+

164bps)

(b) 150,000

150,418

Huntington

Bancshares,

Inc.,

4.45%,

Perpetual

(b)(c) 250,000

246,662

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Corporate

Bonds

—

60.91%-

continued

Principal

Amount

Fair

Value

Financials

—

23.97%

-

continued

Hyundai

Auto

Receivables

Trust

2022-A,

2.35%,

4/17/2028

$

250,000

$

247,863

JPMorgan

Chase

&

Co.,

5.57%,

2/24/2028

(O/N

SOFR

+

118bps)

(b) 300,000

302,652

KeyCorp

Capital,

5.30%,

7/1/2028

(TSFR3M

+

100bps)

(b) 350,000

339,611

M&T

Bank

Corp.,

7.53%,

Perpetual

(H15T5Y

+

317bps)

(b)(c) 264,000

268,452

MGIC

Investment

Corp.,

5.25%,

8/15/2028

400,000

400,015

Morgan

Stanley,

6.14%,

10/16/2026

(SOFRRATE

+

177bps)

(b) 150,000

150,652

Morgan

Stanley,

4.01%,

7/31/2025

(b) 250,000

249,594

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/2028

400,000

431,562

PNC

Financial

Services

Group,

Inc.,

3.40%,

Perpetual

(H15T5Y

+

260bps)

(b)(c) 250,000

241,396

Prudential

Financial,

Inc.,

5.70%,

9/15/2048

(US0003M

+

267bps)

(b) 300,000

304,201

Radian

Group,

Inc.,

6.20%,

5/15/2029

350,000

363,825

Santander

Holdings

USA,

Inc.,

5.81%,

9/9/2026

(SOFRRATE

+

233bps)

(b) 200,000

200,373

US

Bancorp,

3.70%,

Perpetual

(H15T5Y

+

254bps)

(b)(c) 250,000

241,032

Wells

Fargo

&

Co.,

3.90%,

Perpetual

(H15T5Y

+

345bps)

(b)(c) 200,000

198,268

8,424,439

Health

Care

—

2.15%

Bayer

US

Finance

II

LLC,

5.50%,

8/15/2025

(a) 100,000

100,016

Bayer

US

Finance

LLC,

6.25%,

1/21/2029

(a) 300,000

314,987

CVS

Pass

Through

Trust,

6.04%,

12/10/2028

335,741

340,512

755,515

Industrials

—

5.90%

American

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

AA,

3.58%,

1/15/2028

148,917

144,390

American

Airlines,

Inc.,

8.50%,

5/15/2029

(a) 200,000

209,776

Brink's

Co.

(The),

6.50%,

6/15/2029

(a) 150,000

154,664

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

(a) 300,000

300,298

LKQ

Corp.,

5.75%,

6/15/2028

232,000

239,086

Stanley

Black

&

Decker,

Inc.,

6.71%,

3/15/2060

(H15T5Y

+

266bps)

(b) 300,000

293,243

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a) 375,000

372,759

United

Rentals

North

America,

Inc.,

6.00%,

12/15/2029

(a) 350,000

358,698

2,072,914

Materials

—

0.85%

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/2027

(a) 200,000

198,266

ATI,

Inc.,

5.88%,

12/1/2027

100,000

100,508

298,774

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Corporate

Bonds

—

60.91%-

continued

Principal

Amount

Fair

Value

Real

Estate

—

3.72%

Boston

Properties

LP,

2.75%,

10/1/2026

$

100,000

$

97,814

Boston

Properties

LP,

6.75%,

12/1/2027

250,000

262,589

CubeSmart

LP,

4.00%,

11/15/2025

150,000

149,581

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/2030

(a) 250,000

265,527

Newmark

Group,

Inc.,

7.50%,

1/12/2029

350,000

370,467

Realty

Income

Corp.,

5.05%,

1/13/2026

160,000

160,000

1,305,978

Technology

—

0.60%

Concentrix

Corp.,

6.60%,

8/2/2028

200,000

209,783

Utilities

—

1.32%

American

Electric

Power

Company,

Inc.,

5.70%,

8/15/2025

150,000

150,123

American

Electric

Power

Company,

Inc.,

7.05%,

12/15/2054

(H15T5Y

+

275bps)

(b) 300,000

312,444

462,567

TOTAL

CORPORATE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,217,708)

21,403,676

U.S.

Government

&

Agencies

—

32.69%

Principal

Amount

Fair

Value

Federal

Farm

Credit

Banks,

5.10%,

9/16/2032

150,000

149,854

Federal

Home

Loan

Banks,

5.05%,

10/24/2031

150,000

149,816

Federal

Home

Loan

Banks,

5.32%,

1/14/2033

250,000

250,262

Federal

Home

Loan

Banks,

5.00%,

9/26/2033

150,000

149,263

699,195

United

States

Treasury

Bill,

0.00%,

7/10/2025

250,000

249,739

United

States

Treasury

Note,

4.88%,

11/30/2025

400,000

400,877

United

States

Treasury

Note,

4.25%,

12/31/2025

500,000

500,019

United

States

Treasury

Note,

4.25%,

1/31/2026

400,000

399,995

United

States

Treasury

Note,

4.63%,

2/28/2026

400,000

401,117

United

States

Treasury

Note,

4.50%,

3/31/2026

400,000

401,098

United

States

Treasury

Note,

4.88%,

4/30/2026

400,000

402,544

United

States

Treasury

Note,

4.13%,

6/15/2026

400,000

400,516

United

States

Treasury

Note,

4.38%,

7/31/2026

400,000

401,656

United

States

Treasury

Note,

3.75%,

8/31/2026

400,000

399,094

United

States

Treasury

Note,

4.63%,

10/15/2026

400,000

403,625

United

States

Treasury

Note,

4.38%,

12/15/2026

450,000

453,393

United

States

Treasury

Note,

4.00%,

1/15/2027

350,000

350,875

United

States

Treasury

Note,

4.13%,

2/15/2027

350,000

351,716

United

States

Treasury

Note,

4.25%,

3/15/2027

350,000

352,693

United

States

Treasury

Note,

2.75%,

4/30/2027

350,000

343,820

United

States

Treasury

Note,

4.63%,

6/15/2027

300,000

305,004

United

States

Treasury

Note,

4.38%,

7/15/2027

300,000

303,750

United

States

Treasury

Note,

3.75%,

8/15/2027

300,000

300,152

United

States

Treasury

Note,

3.88%,

10/15/2027

250,000

250,879

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

U.S.

Government

&

Agencies

—

32.69%-

continued

Principal

Amount

Fair

Value

United

States

Treasury

Note,

3.88%,

11/30/2027

$

250,000

$

250,967

United

States

Treasury

Note,

3.88%,

3/15/2028

200,000

200,969

United

States

Treasury

Note/Bond,

4.25%,

10/15/2025

400,000

399,943

United

States

Treasury

Note/Bond,

4.88%,

5/31/2026

400,000

402,915

United

States

Treasury

Note/Bond,

3.50%,

9/30/2026

400,000

398,000

United

States

Treasury

Note/Bond,

4.63%,

11/15/2026

450,000

454,412

United

States

Treasury

Note/Bond,

4.50%,

5/15/2027

300,000

303,984

United

States

Treasury

Note/Bond,

3.38%,

9/15/2027

250,000

248,281

United

States

Treasury

Note/Bond,

4.00%,

12/15/2027

200,000

201,430

United

States

Treasury

Note/Bond,

4.25%,

1/15/2028

200,000

202,586

United

States

Treasury

Note/Bond,

4.00%,

2/29/2028

200,000

201,523

United

States

Treasury

Note/Bond,

3.75%,

4/15/2028

150,000

150,199

10,787,771

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,460,840)

11,486,966

Money

Market

Funds

—

2.13%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.25%

(d) 749,079

749,079

TOTAL

MONEY

MARKET

FUNDS

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

$749,079)

749,079

Total

Investments

—

99.17%

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

$34,633,705)

34,849,442

Other

Assets

in

Excess

of

Liabilities

—

0.83%

292,182

Net

Assets

—

100.00%

$

35,141,624

(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

$9,922,775

as

of

June

30,

2025,

representing

28.24 %

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

June

30,

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

June

30,

2025.

## 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 SHORT DURATION FUND

- **b. EDGAR series identifier (if any):** S000083352

- **c. LEI of Series:** 529900ZHE1W34UDO2Y57

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $35253861.88

**Total Liabilities:** $149622.20

**Net Assets:** $35104239.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1009.84133277 | **1-Year:** 1404.49363493 | **5-Year:** 1408.67463809 | **10-Year:** 34.95303864 | **30-Year:** 0.00000000

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

- **3-Month:** 94.16130340 | **1-Year:** 329.58580915 | **5-Year:** 173.84971095 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246926 | 0.16%                | 0.57%                | 0.67%                |
| Class ID C000246925 | -4.78%               | -4.58%               | -4.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15506.40               | $-17261.37                                 |
| Month 2  | $8060.72                 | $32721.18                                  |
| Month 3  | $2721.18                 | $115652.22                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FORD CREDIT AUTO OWNER TRUST 2024-C                                                              | Ford Credit Auto Owner Trust 2024-C                                   | CUSIP: 34532UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249761.08    | 0.71%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                | PNC Financial Services Group Inc.                                     | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241395.50    | 0.69%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250878.91    | 0.71%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXXXVII LLC                                                                 | Madison Park Funding XXXVII Ltd                                       | CUSIP: 55817EAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251750.00    | 0.72%             | 2037-04-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                  | Installed Building Products Inc                                       | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300298.11    | 0.86%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp Capital I                                                                                | KeyCorp Capital                                                       | CUSIP: 49326MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $339611.10    | 0.97%             | 2028-07-01      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                                                | Radian Group Inc                                                      | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    350000 | PA      | $363824.70    | 1.04%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ATI Inc                                                                                          | ATI, Inc.                                                             | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100508.00    | 0.29%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201429.69    | 0.57%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVABLES 2023-4 OWNE                                                               | Honda Auto Receivables 2023-4 Owner Trust                             | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252720.35    | 0.72%             | 2027-02-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Cantor Fitzgerald LP                                                                             | Cantor Fitzgerald LP                                                  | CUSIP: 138616AM9<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424947.01    | 1.21%             | 2028-12-12      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                             | United Rentals North America Inc                                      | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358698.20    | 1.02%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                                     | Advanced Drainage Systems Inc                                         | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198266.52    | 0.56%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $343820.31    | 0.98%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                          | American Airlines, Inc.                                               | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209776.20    | 0.60%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Boston Properties LP                                                                             | Boston Properties LP                                                  | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97814.31     | 0.28%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Newmark Group Inc                                                                                | Newmark Group Inc                                                     | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $370467.30    | 1.06%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $401117.19    | 1.14%             | 2026-02-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $453392.58    | 1.29%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                              | Antares Holdings LP                                                   | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    400000 | PA      | $384642.66    | 1.10%             | 2027-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-1                                        | GM Financial Consumer Automobile Receivables Trust 2024-1             | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251314.75    | 0.72%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400516.39    | 1.14%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                           | United Airlines, Inc.                                                 | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    375000 | PA      | $372759.38    | 1.06%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                                             | Bayer US Finance LLC                                                  | CUSIP: 07274EAJ2<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314986.84    | 0.90%             | 2029-01-21      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                                          | Hyundai Capital America                                               | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251552.78    | 0.72%             | 2027-01-08      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $202585.94    | 0.58%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                          | American Airlines 2016-1 Class AA PassThroughTrust                    | CUSIP: 02376UAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148917 | PA      | $144389.61    | 0.41%             | 2028-01-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B2U29<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $149262.61    | 0.43%             | 2033-09-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corporation                                                                     | Antero Resources Corp                                                 | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256799.50    | 0.73%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200968.75    | 0.57%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $500019.47    | 1.42%             | 2025-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | Goldman Sachs Group, Inc./The                                         | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200328.39    | 0.57%             | 2027-03-09      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $303984.38    | 0.87%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                                   | Charles Schwab Corp./ The                                             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143001.90    | 0.41%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $399093.75    | 1.14%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $402914.73    | 1.15%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ares Finance Co III LLC                                                                          | Ares Finance Co III LLC 4.125 06/30/51                                | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $293771.75    | 0.84%             | 2051-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B4GZ8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $250262.29    | 0.71%             | 2033-01-14      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300152.34    | 0.86%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                    | Ford Motor Credit Co LLC                                              | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403792.79    | 1.15%             | 2026-03-06      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                                          | Hyundai Capital America                                               | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149796.52    | 0.43%             | 2027-03-25      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                                                                | Greystar Real Estate Partners LLC                                     | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265527.00    | 0.76%             | 2030-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                  | Nordstrom, Inc.                                                       | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294947.28    | 0.84%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First National Bank of Nebraska Inc.                                                             | First National of Nebraska Inc                                        | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100672.86    | 0.29%             | 2035-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $401656.25    | 1.14%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                                         | Group 1 Automotive, Inc.                                              | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193179.26    | 0.55%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                                          | Volkswagen Group of America Finance LLC                               | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250605.99    | 0.71%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| LKQ Corporation                                                                                  | LKQ Corp                                                              | CUSIP: 501889AD1<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    232000 | PA      | $239085.80    | 0.68%             | 2028-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                         | American Express Co                                                   | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302849.37    | 0.86%             | 2029-04-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC Holdings PLC                                                     | CUSIP: 404280BW8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $150417.80    | 0.43%             | 2026-09-12      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $303750.00    | 0.87%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                             | M&T Bank Corp                                                         | CUSIP: 55261FAL8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    264000 | PA      | $268451.83    | 0.76%             | N/A             | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | Huntington Bancshares Inc/OH                                          | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246661.80    | 0.70%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | Energy Transfer LP                                                    | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350754.43    | 1.00%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Carnival PLC                                                                                     | Carnival Corp                                                         | CUSIP: 693070AD6<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | US        |    350000 | PA      | $370271.65    | 1.05%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | Sunoco LP / Sunoco Finance Corp                                       | CUSIP: 86765KAA7<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258063.00    | 0.74%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                                        | Federal Farm Credit Banks Funding Corp                                | CUSIP: 3133ERSQ5<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $149853.55    | 0.43%             | 2032-09-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Brinks Company                                                                                   | Brink's Co/The                                                        | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154664.25    | 0.44%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mattel, Inc.                                                                                     | Mattel Inc                                                            | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351486.10    | 1.00%             | 2027-12-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                                                                    | Oaktree Strategic Credit Fund                                         | CUSIP: 67403AAA7<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    400000 | PA      | $431561.95    | 1.23%             | 2028-11-14      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company  Inc                                                            | General Motors Financial Co, Inc.                                     | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349656.95    | 1.00%             | 2027-05-08      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400876.99    | 1.14%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $402544.32    | 1.15%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250966.80    | 0.71%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $351715.82    | 1.00%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                    | US Bancorp                                                            | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241032.18    | 0.69%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Financial Services Inc.                                                          | Harley-Davidson Financial Services, Inc.                              | CUSIP: 41283LBB0<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |    350000 | PA      | $356109.66    | 1.01%             | 2029-06-11      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $352693.36    | 1.00%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $350875.00    | 1.00%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $454412.11    | 1.29%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJC6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $403625.00    | 1.15%             | 2026-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                                        | Realty Income Corp                                                    | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160000.22    | 0.46%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $399942.92    | 1.14%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $150199.22    | 0.43%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $398000.00    | 1.13%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                                  | EQT Corp.                                                             | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407357.76    | 1.16%             | 2027-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                                 | American Electric Power Co Inc                                        | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150122.74    | 0.43%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nexstar Escrow Inc                                                                               | Nexstar Media Inc                                                     | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299491.68    | 0.85%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI AUTO RECEIVABLES TRUST 2022                                                              | Hyundai Auto Receivables Trust 2022-A                                 | CUSIP: 448977AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247863.48    | 0.71%             | 2028-04-17      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $401097.66    | 1.14%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                                                     | CubeSmart LP                                                          | CUSIP: 22966RAC0<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149580.37    | 0.43%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                                                        | First American Treasury Obligations Fund                              | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    749079 | PA      | $749078.96    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $305003.91    | 0.87%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGIC Investment Corp.                                                                            | MGIC Investment Corp                                                  | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400014.69    | 1.14%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | Morgan Stanley                                                        | CUSIP: 61760QGU2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249594.34    | 0.71%             | 2025-07-31      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                              | Expand Energy Corp                                                    | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    343000 | PA      | $347211.35    | 0.99%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Essent Group Ltd.                                                                                | Essent Group, Ltd.                                                    | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414403.06    | 1.18%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                                      | Santander Holdings USA, Inc.                                          | CUSIP: 80282KBE5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200372.82    | 0.57%             | 2026-09-09      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                                     | Stanley Black & Decker Inc                                            | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293242.57    | 0.84%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                                          | Bayer US Finance II LLC                                               | CUSIP: 07274NAY9<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100016.03    | 0.28%             | 2025-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                                 | American Electric Power Co., Inc.                                     | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312444.30    | 0.89%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $248281.25    | 0.71%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                             | Boston Properties LP                                                  | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262588.44    | 0.75%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201523.44    | 0.57%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae REMICS                                                     | CUSIP: 3136BUNE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    226729 | PA      | $227992.68    | 0.65%             | 2050-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                                             | Smithfield Foods, Inc.                                                | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    350000 | PA      | $346743.16    | 0.99%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Capital One, National Association                                                                | Discover Bank                                                         | CUSIP: 25466AAN1<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256322.47    | 0.73%             | 2028-08-09      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPMorgan Chase & Co.                                                  | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302652.23    | 0.86%             | 2028-02-24      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                                     | United States Treasury Bill                                           | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $249738.54    | 0.71%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | Morgan Stanley                                                        | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150651.99    | 0.43%             | 2026-10-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | Bank of America Corp                                                  | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151410.64    | 0.43%             | 2027-09-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Concentrix Corp.                                                                                 | Concentrix Corp                                                       | CUSIP: 20602DAB7<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209782.58    | 0.60%             | 2028-08-02      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | Citigroup, Inc.                                                       | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198259.94    | 0.56%             | N/A             | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                         | Government National Mortgage Association                              | CUSIP: 38384NTQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    138757 | PA      | $139445.83    | 0.40%             | 2049-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                               | Ares Capital Corp                                                     | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361221.01    | 1.03%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS Pass-Through Trust                                                | CUSIP: 126650BP4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    335741 | PA      | $340512.00    | 0.97%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Winnebago Industries Inc.                                                                        | Winnebago Industries, Inc.                                            | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |    329000 | PA      | $329620.17    | 0.94%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                                       | Prudential Financial, Inc.                                            | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304200.64    | 0.87%             | 2048-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BMW VEHICLE OWNER TRUST 2024-A                                                                   | BMW Vehicle Owner Trust 2024-A                                        | CUSIP: 096919AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $253227.50    | 0.72%             | 2027-11-26      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | Nissan Motor Acceptance Co LLC                                        | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253054.51    | 0.72%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| TechnipFMC PLC                                                                                   | TechnipFMC PLC                                                        | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | US        |    380000 | PA      | $381444.38    | 1.09%             | 2026-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Polaris Inc.                                                                                     | Polaris, Inc.                                                         | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263037.77    | 0.75%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| William Carter Company                                                                           | William Carter Co/The                                                 | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249089.48    | 0.71%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | Wells Fargo & Co.                                                     | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198268.34    | 0.56%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                                            | Civitas Resources Inc                                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205024.46    | 0.58%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Viking Ocean Cruises Ship Vii Limited                                                            | Viking Ocean Cruises Ship VII Ltd                                     | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $298864.08    | 0.85%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Assured Guaranty US Holdings Inc.                                                                | Assured Guaranty US Holdings Inc.                                     | CUSIP: 04622DAA9<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    104000 | PA      | $98770.46     | 0.28%             | 2066-12-15      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B3CT8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $149815.49    | 0.43%             | 2031-10-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| XPO Inc                                                                                          | XPO Inc                                                               | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355812.33    | 1.01%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $399995.48    | 1.14%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299938.65    | 0.85%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                           | Freddie Mac REMICS                                                    | CUSIP: 3137HLV58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    343125 | PA      | $340771.23    | 0.97%             | 2052-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** VELA Funds

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller