# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-25-004812
**Filing Date:** 2025-11
**Character Count:** 62602
**Document Hash:** 3421eab0badf3096cf391a313c297a58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004812.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004812

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532914

**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 |  |

## 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:** 2025-09-30

**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:** $37319080.91

**Total Liabilities:** $208254.35

**Net Assets:** $37110826.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 954.14306490 | **1-Year:** 1737.33496362 | **5-Year:** 1608.01578532 | **10-Year:** 118.52973421 | **30-Year:** 14.55784819

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

- **3-Month:** 141.33929955 | **1-Year:** 258.15448732 | **5-Year:** 120.05005021 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246926 | 0.27%                | 0.67%                | 0.46%                |
| Class ID C000246925 | -4.75%               | -4.38%               | -4.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $123.79                  | $-46580.25                                 |
| Month 2  | $23066.86                | $102131.68                                 |
| Month 3  | $4064.88                 | $21091.47                                  |

### 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      | $250759.55    | 0.68%             | 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      | $243017.65    | 0.65%             | 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        |    300000 | PA      | $301570.31    | 0.81%             | 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      | $250853.25    | 0.68%             | 2037-04-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                                | Venture Global Calcasieu Pass LLC                                     | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239909.58    | 0.65%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                  | Installed Building Products Inc                                       | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299759.22    | 0.81%             | 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        |    400000 | PA      | $390564.09    | 1.05%             | 2028-07-01      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                                                | Radian Group Inc                                                      | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    350000 | PA      | $365859.84    | 0.99%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ATI Inc                                                                                          | ATI, Inc.                                                             | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250501.25    | 0.68%             | 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        |    300000 | PA      | $302542.97    | 0.82%             | 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        |    218820 | PA      | $221459.73    | 0.60%             | 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      | $427585.82    | 1.15%             | 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      | $360689.70    | 0.97%             | 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      | $199533.20    | 0.54%             | 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      | $345242.19    | 0.93%             | 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      | $208755.60    | 0.56%             | 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      | $98439.34     | 0.27%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Foundation Inc                                                                  | Prime Healthcare Foundation, Inc.                                     | CUSIP: 74166AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $270204.16    | 0.73%             | 2027-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Newmark Group Inc                                                                                | Newmark Group Inc                                                     | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $375775.40    | 1.01%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                              | Antares Holdings LP                                                   | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $409281.37    | 1.10%             | 2029-10-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200573.65    | 0.54%             | 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      | $453656.25    | 1.22%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                                     | Antero Midstream Partners LP                                          | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    325000 | PA      | $324144.70    | 0.87%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $308525.39    | 0.83%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust 2019-3                                        | GM Financial Consumer Automobile Receivables Trust 2024-1             | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251651.00    | 0.68%             | 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        |    250000 | PA      | $250594.69    | 0.68%             | 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      | $374210.55    | 1.01%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                                          | Hyundai Capital America                                               | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252559.33    | 0.68%             | 2027-01-08      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Elm Road Generating Station                                                                      | Elm Road Generating Station Supercritical LLC                         | CUSIP: 28932MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165752 | PA      | $165312.09    | 0.45%             | 2030-02-11      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $304166.02    | 0.82%             | 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: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    142983 | PA      | $140289.16    | 0.38%             | 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      | $150005.89    | 0.40%             | 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        |    350000 | PA      | $357652.40    | 0.96%             | 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        |    300000 | PA      | $301986.33    | 0.81%             | 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        |    200000 | PA      | $200135.82    | 0.54%             | 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      | $200266.75    | 0.54%             | 2027-03-09      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354655.27    | 0.96%             | 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      | $143565.91    | 0.39%             | 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        |    300000 | PA      | $300052.53    | 0.81%             | 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        |    250000 | PA      | $251682.38    | 0.68%             | 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        |    325000 | PA      | $320046.55    | 0.86%             | 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      | $250671.72    | 0.68%             | 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        |    350000 | PA      | $350827.15    | 0.95%             | 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      | $403064.37    | 1.09%             | 2026-03-06      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                                          | Hyundai Capital America                                               | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150659.26    | 0.41%             | 2027-03-25      | Floating      | 5.17%                 | 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      | $264388.75    | 0.71%             | 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      | $296533.41    | 0.80%             | 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      | $103775.23    | 0.28%             | 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        |    250000 | PA      | $251221.56    | 0.68%             | 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      | $194577.64    | 0.52%             | 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      | $251237.40    | 0.68%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| American Express Company                                                                         | American Express Co                                                   | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304345.81    | 0.82%             | 2029-04-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354484.38    | 0.96%             | 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      | $267487.44    | 0.72%             | N/A             | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | Huntington Bancshares Inc/OH                                          | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246680.03    | 0.66%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                                                                  | Amer Sports Co                                                        | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    400000 | PA      | $417119.20    | 1.12%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | Energy Transfer LP                                                    | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350161.27    | 0.94%             | 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      | $366895.55    | 0.99%             | 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        |    300000 | PA      | $309462.30    | 0.83%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| EQT Corporation                                                                                  | EQT Corp.                                                             | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407790.17    | 1.10%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | Royal Caribbean Cruises Ltd                                           | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    450000 | PA      | $464769.95    | 1.25%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Brinks Company                                                                                   | Brink's Co/The                                                        | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154531.05    | 0.42%             | 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      | $350816.48    | 0.95%             | 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      | $434523.63    | 1.17%             | 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        |    400000 | PA      | $402189.88    | 1.08%             | 2027-05-08      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200242.66    | 0.54%             | 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        |    250000 | PA      | $251482.12    | 0.68%             | 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        |    300000 | PA      | $301675.78    | 0.81%             | 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        |    400000 | PA      | $402406.25    | 1.08%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Constellation Insurance Inc.                                                                     | Constellation Insurance, Inc.                                         | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    338000 | PA      | $340896.49    | 0.92%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                    | US Bancorp                                                            | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242083.00    | 0.65%             | 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      | $364092.56    | 0.98%             | 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      | $352925.78    | 0.95%             | 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        |    400000 | PA      | $401593.75    | 1.08%             | 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      | $454482.42    | 1.22%             | 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        |    350000 | PA      | $353290.86    | 0.95%             | 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      | $160031.86    | 0.43%             | 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        |    200000 | PA      | $200000.45    | 0.54%             | 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        |    300000 | PA      | $301007.81    | 0.81%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $304066.41    | 0.82%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299405.63    | 0.81%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                                    | Centene Corp.                                                         | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232619.70    | 0.63%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                               | Nexstar Media Inc                                                     | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299852.49    | 0.81%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $306210.94    | 0.83%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  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        |    194564 | PA      | $193809.63    | 0.52%             | 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        |    200000 | PA      | $200644.17    | 0.54%             | 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      | $149824.74    | 0.40%             | 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        |    826669 | PA      | $826668.51    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $355653.32    | 0.96%             | 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      | $399427.80    | 1.08%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                              | Expand Energy Corp                                                    | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    343000 | PA      | $346595.98    | 0.93%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note                                           | CUSIP: 91282CHK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $303035.16    | 0.82%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Corporation                                                                       | Coterra Energy Operating, Co.                                         | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    350000 | PA      | $336530.70    | 0.91%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Essent Group Ltd.                                                                                | Essent Group, Ltd.                                                    | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419277.40    | 1.13%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                                     | Stanley Black & Decker Inc                                            | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301471.80    | 0.81%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                                 | American Electric Power Co., Inc.                                     | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    350000 | PA      | $367546.90    | 0.99%             | 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        |    300000 | PA      | $298716.80    | 0.80%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $302736.33    | 0.82%             | 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        |    212503 | PA      | $214700.29    | 0.58%             | 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      | $347785.33    | 0.94%             | 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      | $259019.17    | 0.70%             | 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      | $302902.18    | 0.82%             | 2028-02-24      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | Morgan Stanley                                                        | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150097.94    | 0.40%             | 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      | $151340.16    | 0.41%             | 2027-09-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | Citigroup, Inc.                                                       | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198365.84    | 0.53%             | 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        |    108769 | PA      | $108953.07    | 0.29%             | 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      | $360418.54    | 0.97%             | 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        |    383379 | PA      | $391468.87    | 1.05%             | 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      | $328779.41    | 0.89%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | United States Treasury Note/Bond                                      | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300134.77    | 0.81%             | 2028-05-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                                       | Prudential Financial, Inc.                                            | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305976.44    | 0.82%             | 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      | $253051.58    | 0.68%             | 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        |    300000 | PA      | $304110.75    | 0.82%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Coty Inc.                                                                                        | Coty Inc/HFC Prestige Products Inc                                    | CUSIP: 222070AG9<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343055.83    | 0.92%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Polaris Inc.                                                                                     | Polaris, Inc.                                                         | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265514.24    | 0.72%             | 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      | $250209.38    | 0.67%             | 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      | $198287.70    | 0.53%             | 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      | $207555.84    | 0.56%             | 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        |    356000 | PA      | $355952.78    | 0.96%             | 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        |    439000 | PA      | $411576.46    | 1.11%             | 2066-12-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B3CT8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    107143 | PA      | $107184.36    | 0.29%             | 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      | $357300.43    | 0.96%             | 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        |    200000 | PA      | $200168.83    | 0.54%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae REMICS                                                     | CUSIP: 3136BWMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    292001 | PA      | $292783.80    | 0.79%             | 2051-09-25      | Fixed         | 5.00%                 | 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      | $300359.19    | 0.81%             | 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        |    325606 | PA      | $323808.70    | 0.87%             | 2052-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** VELA Funds

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller