# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-26-008440
**Filing Date:** 2026-5
**Character Count:** 22379
**Document Hash:** d4ef9bfd3299b351afb9d593e0dd896f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008440.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008440

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 261043291

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

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

## Series and Classes Contracts Data

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

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

## 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 INTERNATIONAL FUND

- **b. EDGAR series identifier (if any):** S000069562

- **c. LEI of Series:** 549300Y1RS134O2CPA39

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74664867.64

**Total Liabilities:** $67540.77

**Net Assets:** $74597326.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221919 | 2.94%                | 3.79%                | -7.24%               |
| Class ID C000221920 | -2.20%               | -1.42%               | -11.94%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1313252.91              | $678680.30                                 |
| Month 2  | $760459.08               | $2027846.74                                |
| Month 3  | $334746.94               | $-6223821.90                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alamos Gold Inc.                               | Alamos Gold, Inc.                            | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     42000 | NS      | $1866060.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated British Foods PLC                   | Associated British Foods plc                 | CUSIP: G05600138<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |     67000 | NS      | $1677112.67   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                | Serco Group plc                              | CUSIP: G80400107<br>LEI: 549300PT2CIHYN5GWJ21 | Long             | EC               | CORP              | GB        |    325000 | NS      | $1231420.24   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Criteo S.A                                     | Criteo S.A.                                  | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |    101900 | NS      | $1827067.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.        | Kimberly-Clark de Mexico S.A.B. de C.V.      | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    613000 | NS      | $1451608.89   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group Intl Inc                  | Major Drilling Group International, Inc.     | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |     37300 | NS      | $429462.84    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason System Incor                             | Pason Systems, Inc.                          | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    148800 | NS      | $1415941.01   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                      | First American Treasury Obligations Fund     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7662923 | PA      | $7662922.82   | 10.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Fielmann Group AG                              | Fielmann Group A.G.                          | CUSIP: D2617N114<br>LEI: 529900BU5B7N9GE4XU15 | Long             | EC               | CORP              | DE        |     26600 | NS      | $1354155.40   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Interparfums SA                                | Interparfums S.A.                            | CUSIP: F5262B119<br>LEI: 969500SARWF33OPQED48 | Long             | EC               | CORP              | FR        |     49200 | NS      | $1308313.30   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                   | KBC Group N.V.                               | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      8800 | NS      | $1077004.97   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Telekom Austria AG                             | Telekom Austria A.G.                         | CUSIP: A8502A102<br>LEI: 529900KCNFQU5OJH7L33 | Long             | EC               | CORP              | AT        |    131000 | NS      | $1386290.55   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Remy Cointreau SA                              | Remy Cointreau S.A.                          | CUSIP: F7725A100<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |     26900 | NS      | $1163181.37   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Duerr AG                                       | Duerr A.G.                                   | CUSIP: D23279108<br>LEI: 5299003APZ54EDTSRO20 | Long             | EC               | CORP              | DE        |     63500 | NS      | $1412155.59   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| FLSmidth & Co. A/S                             | FLSmidth & Company A/S                       | CUSIP: K90242130<br>LEI: 213800MXXDGQ3ITPXI41 | Long             | EC               | CORP              | DK        |     13500 | NS      | $1023009.96   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Wienerberger AG                                | Wienerberger A.G.                            | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     46000 | NS      | $1223277.22   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies A.G.                   | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     44500 | NS      | $2018709.43   | 2.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Ansell Ltd.                                    | Ansell Ltd.                                  | CUSIP: Q04020105<br>LEI: 549300NEGJ5G23VCJM45 | Long             | EC               | CORP              | AU        |     54700 | NS      | $1073469.82   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                            | Honda Motor Company Ltd.                     | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     73500 | NS      | $594847.67    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                               | Nintendo Company Ltd.                        | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     17500 | NS      | $998948.38    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                          | Toray Industries, Inc.                       | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |    115000 | NS      | $819060.57    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd.                            | VTech Holdings Ltd.                          | CUSIP: G9400S132<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    174200 | NS      | $1319053.45   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecan Group AG                                 | Tecan Group A.G.                             | CUSIP: H84774167<br>LEI: 529900CSN9R3BLETSL26 | Long             | EC               | CORP              | CH        |      8000 | NS      | $1361743.56   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                             | Suncor Energy, Inc.                          | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |     19500 | NS      | $1289145.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                      | Hikma Pharmaceuticals plc                    | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     93200 | NS      | $1565321.72   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies S.E.                           | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     18000 | NS      | $1651866.01   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Jet2 PLC                                       | JET2 plc                                     | CUSIP: G5112P101<br>LEI: I72RQ3PNLDPW8R7JIJ56 | Long             | EC               | CORP              | GB        |     73700 | NS      | $1098586.61   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                                    | Rexel S.A.                                   | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     22400 | NS      | $887586.18    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Foraco International SA                        | Foraco International S.A.                    | CUSIP: F4269M103<br>LEI: 9695007X7FEAWKE0E728 | Long             | EC               | CORP              | FR        |    605000 | NS      | $1134880.48   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coats Group PLC                                | Coats Group plc                              | CUSIP: G22429115<br>LEI: 2138003SPYWGAITNFY17 | Long             | EC               | CORP              | GB        |   1185000 | NS      | $1271153.02   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                     | Edenred                                      | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     63000 | NS      | $1254839.78   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Greggs PLC                                     | Gregg PLC                                    | CUSIP: G41076111<br>LEI: 213800I71QMUFJ64IW20 | Long             | EC               | CORP              | GB        |     65200 | NS      | $1325166.40   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                 | Bakkafrost P/F                               | CUSIP: K0840B107<br>LEI: 2138007LH7OP4V112978 | Long             | EC               | CORP              | FO        |     28600 | NS      | $1341739.63   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Cake Box Holdings PLC                          | Cake Box Holdings plc                        | CUSIP: G1R596108<br>LEI: 213800HZ61RLHNSM2698 | Long             | EC               | CORP              | GB        |    320135 | NS      | $813383.32    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                     | Ambev S.A.                                   | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    665000 | NS      | $1957940.36   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Croda International PLC                        | Croda International plc                      | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     40400 | NS      | $1517079.89   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                  | WH Group Ltd.                                | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |   1189500 | NS      | $1563566.62   | 2.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Loomis AB                                      | Loomis A.B.                                  | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     21000 | NS      | $959127.19    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                      | Argenx S.E.                                  | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      1100 | NS      | $798279.94    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuchs SE                                       | FUCHS S.E.                                   | CUSIP: D27462387<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EC               | CORP              | DE        |     30700 | NS      | $1062947.23   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group N.V                      | Universal Music Group N.V.                   | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     30500 | NS      | $592005.52    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Electric Holdings Ltd.                 | Johnson Electric Holdings Ltd.               | CUSIP: G5150J157<br>LEI: 529900EDYRQ6K25JEC80 | Long             | EC               | CORP              | HK        |    250000 | NS      | $758579.92    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin | Cie Generale des Etablissements Michelin SCA | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     40600 | NS      | $1390853.74   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Fevertree Drinks PLC                           | Fevertree Drinks plc                         | CUSIP: G33929103<br>LEI: 2138007AJRLHRVQZLD07 | Long             | EC               | CORP              | GB        |    104000 | NS      | $1060362.42   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | Roche Holding A.G.                           | CUSIP: H69293266<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      2500 | NS      | $997764.55    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Keeper Technical Laboratory Co Ltd             | KeePer Technical Laboratory Company Ltd.     | CUSIP: J31847106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57300 | NS      | $1097038.07   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken A.B.                   | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    106200 | NS      | $1399879.34   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sabre Insurance Group PLC                      | Sabre Insurance Group plc                    | CUSIP: G7739M107<br>LEI: 2138006RXRQ8P8VKGV98 | Long             | EC               | CORP              | GB        |    630000 | NS      | $1313293.26   | 1.76%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ING Groep N.V.                                 | ING Groep N.V.                               | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     49200 | NS      | $1277015.80   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                     | Arcos Dorados Holdings, Inc.                 | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | UY        |    167400 | NS      | $1381050.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                                  | BBB Foods, Inc.                              | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     39100 | NS      | $1382967.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd.                               | Nomad Foods Ltd.                             | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | GB        |    187000 | NS      | $1797070.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant S.A                                    | Globant S.A.                                 | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     34100 | NS      | $1572351.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                                | Wix.com Ltd.                                 | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     16300 | NS      | $1468141.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                               | Copa Holdings S.A.                           | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     11500 | NS      | $1306515.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** VELA Funds

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer