# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-26-008437
**Filing Date:** 2026-5
**Character Count:** 30237
**Document Hash:** dc609436cecc5aa02c49596319fbb16d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008437.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008437

**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:** 261043286

**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 Small Cap Fund (Series ID: S000069564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221923 | Class I      |  |
| C000221924 | 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 SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000069564

- **c. LEI of Series:** 549300SE8BRG0OLRTP40

**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:** $167613535.85

**Total Liabilities:** $1085939.86

**Net Assets:** $166527595.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221923 | 4.05%                | 1.60%                | -5.22%               |
| Class ID C000221924 | -1.12%               | -3.59%               | -9.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3400386.82              | $1874731.82                                |
| Month 2  | $2771519.95              | $41015.66                                  |
| Month 3  | $1030861.01              | $-10763376.00                              |

**Designated Index Information**

- **Index Name:** VELA SMALL CAP FUND DRP

- **Index Identifier:** VELA SMALL CAP FUND DRP

### Schedule of Portfolio Investments

| Name                                      | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alamos Gold Inc.                          | Alamos Gold, Inc.                                         | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     40174 | NS      | $1784930.82   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                     | Align Technology, Inc.                                    | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     10484 | NS      | $1797272.12   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation              | Antero Resources Corporation                              | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     71883 | NS      | $3050714.52   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc.      | Applied Industrial Technologies, Inc.                     | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      6064 | NS      | $1608900.48   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc               | Atlanta Braves Holdings, Inc.                             | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94002 | NS      | $4013885.40   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BRP Inc.                                  | BRP, Inc.                                                 | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |     24412 | NS      | $1753025.72   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                     | BWX Technologies, Inc.                                    | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      5512 | NS      | $1127148.88   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                        | Bruker Corporation                                        | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     83088 | NS      | $3001138.56   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                | Cactus, Inc.                                              | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     69249 | NS      | $3280325.13   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                   | Carlisle Companies, Inc.                                  | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      8146 | NS      | $2717668.52   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                | Coca-Cola Consolidated, Inc.                              | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      8805 | NS      | $1688270.70   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo S.A                                | Criteo S.A.                                               | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |    376828 | NS      | $6756526.04   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group Intl Inc             | Major Drilling Group International, Inc.                  | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    193288 | NS      | $2225469.51   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation              | Encompass Health Corporation                              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     25221 | NS      | $2439627.33   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                         | EPAM Systems, Inc.                                        | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     16165 | NS      | $2188741.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                  | Etsy, Inc.                                                | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     43508 | NS      | $2174529.84   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation | Federal Agricultural Mortgage Corporation                 | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |     10875 | NS      | $1613306.25   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                 | First American Treasury Obligations Fund                  | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    718132 | PA      | $718131.75    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.                    | Gildan Activewear, Inc.                                   | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     65528 | NS      | $3646633.20   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                            | Globus Medical, Inc.                                      | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     24268 | NS      | $2090930.88   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                        | Graham Holdings Company                                   | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      1600 | NS      | $1691616.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Greenbrier Companies, Inc.            | Greenbrier Companies, Inc. (The)                          | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     67556 | NS      | $3556823.40   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.              | Jack Henry & Associates, Inc.                             | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     19140 | NS      | $3024885.60   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                       | Houlihan Lokey, Inc.                                      | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     14268 | NS      | $2049170.16   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                             | Hub Group, Inc.                                           | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136137 | NS      | $4906377.48   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated              | Ingles Markets, Inc.                                      | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     23475 | NS      | $2110167.75   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc           | Installed Building Products, Inc.                         | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      7438 | NS      | $1972185.70   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                          | Interparfums, Inc.                                        | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29527 | NS      | $2682232.68   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc             | Janus International Group, Inc.                           | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    443903 | NS      | $2286100.45   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                | Kirby Corporation                                         | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     63567 | NS      | $8446782.96   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                  | Lamb Weston Holdings, Inc.                                | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     57437 | NS      | $2427287.62   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc.                     | Limbach Holdings, Inc.                                    | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     37682 | NS      | $2941080.10   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.            | Lincoln Electric Holdings, Inc.                           | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     14451 | NS      | $3599455.08   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations, Inc                     | Mama's Creations, Inc.                                    | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108542 | NS      | $1665034.28   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Cement Co                         | Monarch Cement Company (The)                              | CUSIP: 609031307<br>LEI: 549300ZMPJCNSENB3O72 | Long             | EC               | CORP              | US        |      6002 | NS      | $1530510.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                          | Movado Group, Inc.                                        | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |    147961 | NS      | $3613207.62   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                           | Murphy USA, Inc.                                          | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     10597 | NS      | $5234600.09   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                 | National Fuel Gas Company                                 | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     25498 | NS      | $2395792.08   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties               | NET Lease Office Properties                               | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110799 | NS      | $1276404.48   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                | Performance Food Group Company                            | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     36879 | NS      | $3159055.14   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                          | Pool Corporation                                          | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     22313 | NS      | $4514589.29   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Procept Biorobotics Corp.                 | PROCEPT BioRobotics Corporation                           | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62735 | NS      | $1569002.35   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics Inc             | Proficient Auto Logistics, Inc.                           | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    391588 | NS      | $2654966.64   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                     | Range Resources Corporation                               | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     52463 | NS      | $2370278.34   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                          | SPS Commerce, Inc.                                        | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     23097 | NS      | $1285809.99   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                       | Shift4 Payments, Inc.                                     | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47813 | NS      | $2090862.49   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc.                              | SI-BONE, Inc.                                             | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    175415 | NS      | $2215491.45   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.             | Simpson Manufacturing Company, Inc.                       | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     14058 | NS      | $2412633.96   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc.        | Sun Country Airlines Holdings, Inc.                       | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |    228428 | NS      | $3773630.56   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc             | Supernus Pharmaceuticals, Inc.                            | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     45857 | NS      | $2370348.33   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                         | Tidewater, Inc.                                           | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     29310 | NS      | $2448850.50   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toro Company                          | Toro Company (The)                                        | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     24863 | NS      | $2323198.72   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                             | Valvoline, Inc.                                           | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     94782 | NS      | $3192257.76   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc               | Worthington Enterprises, Inc.                             | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |    135267 | NS      | $7052821.38   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Applied Industrial Technologies, Inc. 05/15/2026 290 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -37 | NS      | $-17112.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Antero Resources Corporation 08/21/2026 50 Call           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -91 | NS      | $-23205.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Antero Resources Corporation 08/21/2026 55 Call           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -318 | NS      | $-47700.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | BWX Technologies, Inc. 05/15/2026 220 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -54 | NS      | $-52920.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Coca-Cola Consolidated, Inc. 06/18/2026 160 Call          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -68 | NS      | $-245480.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | BRP, Inc. 05/15/2026 80 Call                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -74 | NS      | $-9176.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Assured Guaranty Ltd.                     | Assured Guaranty Ltd.                                     | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     33145 | NS      | $2700654.60   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited             | Axis Capital Holdings Ltd.                                | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     42516 | NS      | $4311547.56   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd.                         | Essent Group Ltd.                                         | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |     35263 | NS      | $2060769.72   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Greenbrier Companies, Inc. (The) 06/18/2026 67.5 Call     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -101 | NS      | $-5302.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Ingles Markets, Inc. 05/15/2026 80 Call                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -59 | NS      | $-64015.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Kirby Corporation 06/18/2026 155 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -159 | NS      | $-42930.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Limited                           | Wix.com Ltd.                                              | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     56952 | NS      | $5129666.64   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Movado Group, Inc. 06/18/2026 30 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -232 | NS      | $-9976.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Murphy USA, Inc. 10/16/2026 600 Call                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -53 | NS      | $-120045.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                          | Copa Holdings S.A.                                        | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     18702 | NS      | $2124734.22   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Performance Food Group Company 09/18/2026 110 Call        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -84 | NS      | $-14070.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Range Resources Corporation 09/18/2026 50 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -81 | NS      | $-27135.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Range Resources Corporation 09/18/2026 55 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -358 | NS      | $-69810.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Tidewater, Inc. 10/16/2026 95 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -139 | NS      | $-145255.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Toro Company (The) 09/18/2026 115 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -75 | NS      | $-14062.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Valvoline, Inc. 07/17/2026 45 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -199 | NS      | $-13930.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VELA Funds

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer