# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-26-008436
**Filing Date:** 2026-5
**Character Count:** 57002
**Document Hash:** c18cbef1644f9dd2e7f7b86c13cf08e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008436.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008436

**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:** 261043285

**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:** 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:** $44435601.07

**Total Liabilities:** $529714.90

**Net Assets:** $43905886.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 829.91414078 | **1-Year:** 2155.68247448 | **5-Year:** 3075.18344945 | **10-Year:** 478.18205353 | **30-Year:** 632.13220053

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

- **3-Month:** 158.21315039 | **1-Year:** 265.73585858 | **5-Year:** 99.69855005 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246925 | -4.65%               | -4.59%               | -5.50%               |
| Class ID C000246926 | 0.36%                | 0.42%                | -0.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3310.65                 | $-8017.80                                  |
| Month 2  | $15233.84                | $17387.53                                  |
| Month 3  | $12474.96                | $-377561.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AS Mileage Plan IP Ltd.                                          | AS Mileage Plan IP, Ltd.                                  | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $434433.82    | 0.99%             | 2029-10-20      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| ATI Inc                                                          | ATI, Inc.                                                 | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    450000 | PA      | $450240.21    | 1.03%             | 2027-12-01      | Fixed         | 5.88%                 | 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      | $361678.10    | 0.82%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| American Express Company                                         | American Express Co                                       | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303144.95    | 0.69%             | 2029-04-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP | Global Net Lease, Inc.                                    | CUSIP: 02608AAA7<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              | CORP              | US        |    450000 | PA      | $436243.19    | 0.99%             | 2028-09-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Antares Holdings LP                                              | Antares Holdings LP                                       | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $445718.32    | 1.02%             | 2029-10-23      | Fixed         | 6.25%                 | Yes           |                  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        |    400000 | PA      | $398882.44    | 0.91%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                               | Ares Capital Corp                                         | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351829.53    | 0.80%             | 2029-07-15      | Fixed         | 5.95%                 | 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        |    375000 | PA      | $369498.86    | 0.84%             | 2051-06-30      | Fixed         | 4.13%                 | 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      | $361631.56    | 0.82%             | 2066-12-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp                                      | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150568.55    | 0.34%             | 2027-09-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Bank OZK                                                         | Bank OZK                                                  | CUSIP: 06417NA94<br>LEI: 549300VYK2WBD7SST478 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239825.00    | 0.55%             | 2031-10-01      | Fixed         | 2.75%                 | 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        |    198714 | PA      | $200066.01    | 0.46%             | 2029-02-26      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                             | Boston Properties LP                                      | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99080.66     | 0.23%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Brinks Company                                                   | Brink's Co/The                                            | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304837.50    | 0.69%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| British Airways Pass Through Certificates 2019-1Aa               | British Airways 2019-1 Class A Pass Through Trust         | CUSIP: 11043XAB9<br>LEI: 635400CJYI1FFBTMGH98 | Long             | ABS-O            | CORP              | US        |    430806 | PA      | $418507.65    | 0.95%             | 2029-06-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                  | CVS Pass-Through Trust                                    | CUSIP: 126650BP4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    446949 | PA      | $451215.50    | 1.03%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Cantor Fitzgerald LP                                             | Cantor Fitzgerald LP                                      | CUSIP: 138616AM9<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519651.63    | 1.18%             | 2028-12-12      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Carval Clo VII-C Ltd / LLC                                       | CarVal CLO VII-C Ltd                                      | CUSIP: 14686BAN7<br>LEI: 254900KRTGHP264UWC15 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250193.75    | 0.57%             | 2037-07-20      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                                    | Centene Corp.                                             | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    350000 | PA      | $326034.34    | 0.74%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Corporation                                       | Coterra Energy Operating, Co.                             | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    380000 | PA      | $366625.28    | 0.84%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                              | Citadel Finance LLC                                       | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441189.45    | 1.00%             | 2029-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                   | Citigroup, Inc.                                           | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    314000 | PA      | $316352.49    | 0.72%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                    | SM Energy Co.                                             | CUSIP: 17888HAA1<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205619.83    | 0.47%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Colonial Pipeline Company                                        | Colonial Pipeline Co.                                     | CUSIP: 195869AD4<br>LEI: 549300Y8RLCD6IQXIT35 | Long             | DBT              | CORP              | US        |    350000 | PA      | $393347.70    | 0.90%             | 2030-11-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Conagra Brands Inc                                               | Conagra Brands, Inc.                                      | CUSIP: 205887CK6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349467.16    | 0.80%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coty Inc.                                                        | Coty Inc/HFC Prestige Products Inc                        | CUSIP: 222070AG9<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339788.51    | 0.77%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Capital One, National Association                                | Discover Bank                                             | CUSIP: 25466AAN1<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256222.06    | 0.58%             | 2028-08-09      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Elm Road Generating Station                                      | Elm Road Generating Station Supercritical LLC             | CUSIP: 28932MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149173 | PA      | $148086.05    | 0.34%             | 2030-02-11      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Essent Group Ltd.                                                | Essent Group, Ltd.                                        | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517445.65    | 1.18%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | Fannie Mae REMICS                                         | CUSIP: 3136BUNE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    153142 | PA      | $154098.05    | 0.35%             | 2050-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | Fannie Mae REMICS                                         | CUSIP: 3136BWMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    270755 | PA      | $271049.92    | 0.62%             | 2051-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | Fannie Mae REMICS                                         | CUSIP: 3136BXX58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    289305 | PA      | $291188.95    | 0.66%             | 2051-05-25      | Fixed         | 5.50%                 | No            |                  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        |    263777 | PA      | $261773.33    | 0.60%             | 2052-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                        | First American Treasury Obligations Fund                  | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1939968 | PA      | $1939968.44   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First National Bank of Nebraska Inc.                             | First National of Nebraska Inc                            | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $362689.82    | 0.83%             | 2035-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Flowers Foods, Inc.                                              | Flowers Foods, Inc.                                       | CUSIP: 343498AC5<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    400000 | PA      | $338425.76    | 0.77%             | 2031-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| 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      | $250067.33    | 0.57%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                    | Ford Motor Credit Co, LLC                                 | CUSIP: 345397E58<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    450000 | PA      | $455174.34    | 1.04%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                              | Ally Financial Inc.                                       | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $444187.85    | 1.01%             | 2031-11-01      | Fixed         | 8.00%                 | 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        |    164541 | PA      | $165205.91    | 0.38%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  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      | $402401.44    | 0.92%             | 2027-05-08      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                              | Global Payments, Inc.                                     | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    286000 | PA      | $261461.57    | 0.60%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                        | Goldman Sachs Group, Inc./The                             | CUSIP: 38151FX73<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300074.60    | 0.68%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Government National Mortgage Association                  | CUSIP: 38384NTQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     41381 | PA      | $41364.74     | 0.09%             | 2049-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Government National Mortgage Association                  | CUSIP: 38385BLY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    410893 | PA      | $412819.21    | 0.94%             | 2035-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                                | Greystar Real Estate Partners LLC                         | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    424000 | PA      | $441312.77    | 1.01%             | 2030-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                         | Group 1 Automotive, Inc.                                  | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290408.04    | 0.66%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  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        |    138441 | PA      | $139660.25    | 0.32%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                               | Huntington Bancshares Inc/OH                              | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245933.28    | 0.56%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                   | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251728.16    | 0.57%             | 2027-01-08      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                   | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150334.71    | 0.34%             | 2027-03-25      | Floating      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                             | JPMorgan Chase & Co.                                      | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301678.91    | 0.69%             | 2028-02-24      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Jetblue Airways Corp 2020-1B Pass Through Trust                  | JetBlue 2020-1 Class A Pass Through Trust                 | CUSIP: 477164AA5<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |    461551 | PA      | $438226.05    | 1.00%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KeyCorp Capital I                                                | KeyCorp Capital                                           | CUSIP: 49326MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $393046.05    | 0.90%             | 2028-07-01      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Louisiana Pacific Corporation                                    | Louisiana-Pacific Corp.                                   | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383881.87    | 0.87%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| MGIC Investment Corp.                                            | MGIC Investment Corp                                      | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |    475000 | PA      | $473909.34    | 1.08%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc.                                                   | M/I Homes, Inc.                                           | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296258.10    | 0.67%             | 2028-02-01      | Fixed         | 4.95%                 | 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      | $249912.25    | 0.57%             | 2037-04-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Mattel, Inc.                                                     | Mattel Inc                                                | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349997.50    | 0.80%             | 2027-12-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Newmark Group Inc                                                | Newmark Group Inc                                         | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $367134.25    | 0.84%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                               | Nexstar Media Inc                                         | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300130.06    | 0.68%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                   | Nissan Motor Acceptance Co LLC                            | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351927.50    | 0.80%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                  | Nordstrom, Inc.                                           | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293977.92    | 0.67%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                                    | Oaktree Strategic Credit Fund                             | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    450000 | PA      | $471208.00    | 1.07%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Constellation Insurance Inc.                                     | Constellation Insurance, Inc.                             | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    438000 | PA      | $439034.03    | 1.00%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                              | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    152000 | PA      | $156779.87    | 0.36%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Carnival PLC                                                     | Carnival Corp                                             | CUSIP: 693070AD6<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362461.75    | 0.83%             | 2027-06-01      | Fixed         | 7.88%                 | 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      | $245268.13    | 0.56%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Polaris Inc.                                                     | Polaris, Inc.                                             | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261819.05    | 0.60%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Foundation Inc                                  | Prime Healthcare Foundation, Inc.                         | CUSIP: 74166AAA0<br>LEI: 984500CA2F5A8B78A337 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266910.96    | 0.61%             | 2027-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                       | Prudential Financial, Inc.                                | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    391000 | PA      | $387466.10    | 0.88%             | 2048-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                | Radian Group Inc                                          | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    400000 | PA      | $413627.76    | 0.94%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                            | Royal Caribbean Cruises Ltd                               | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    500000 | PA      | $511224.90    | 1.16%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                   | Charles Schwab Corp./ The                                 | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    174000 | PA      | $172827.61    | 0.39%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                             | Smithfield Foods, Inc.                                    | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348374.66    | 0.79%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                     | Stanley Black & Decker Inc                                | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    350000 | PA      | $341890.89    | 0.78%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Services US Corp.                           | Stellantis Financial Services US Corp.                    | CUSIP: 85855FAC7<br>LEI: 5493000KNKFDOC1BOW59 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350813.25    | 0.80%             | 2028-09-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                        | Sunoco LP / Sunoco Finance Corp                           | CUSIP: 86765KAA7<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307115.70    | 0.70%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Trustmark Corp                                                   | Trustmark Corp.                                           | CUSIP: 898402AB8<br>LEI: 5493000HPQ4D2RZ79739 | Long             | DBT              | CORP              | US        |    418000 | PA      | $416999.35    | 0.95%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                    | US Bancorp                                                | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244991.93    | 0.56%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass Through Trust Series 2016-2                 | United Airlines Pass Through Trust                        | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421550 | PA      | $404141.77    | 0.92%             | 2030-04-07      | Fixed         | 3.10%                 | No            |                  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      | $355903.10    | 0.81%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $445217.30    | 1.01%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400265.62    | 0.91%             | 2027-11-30      | Fixed         | 3.88%                 | 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      | $301013.67    | 0.69%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $298839.84    | 0.68%             | 2028-05-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250212.95    | 0.57%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CHK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $301277.34    | 0.69%             | 2028-06-30      | Fixed         | 4.00%                 | 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      | $302074.22    | 0.69%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $303773.44    | 0.69%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $305753.91    | 0.70%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CJC6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $401831.86    | 0.92%             | 2026-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $307669.92    | 0.70%             | 2028-10-31      | Fixed         | 4.88%                 | 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      | $452323.27    | 1.03%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond 4.375 11/30/28           | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354853.52    | 0.81%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $451923.82    | 1.03%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond 3.75 12/31/28            | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $349323.24    | 0.80%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $450891.76    | 1.03%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $351558.59    | 0.80%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $451444.80    | 1.03%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond 4.25 02/28/29            | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354005.86    | 0.81%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $452246.27    | 1.03%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $302525.39    | 0.69%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250220.92    | 0.57%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $453375.00    | 1.03%             | 2027-05-15      | Fixed         | 4.50%                 | 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      | $250422.53    | 0.57%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $403796.88    | 0.92%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $402765.62    | 0.92%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250552.08    | 0.57%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $399531.25    | 0.91%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $350019.30    | 0.80%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $447055.66    | 1.02%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $349544.02    | 0.80%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $450307.62    | 1.03%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $401101.56    | 0.91%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note/Bond                          | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $352488.28    | 0.80%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                     | United States Treasury Note                               | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300351.56    | 0.68%             | 2028-03-15      | Fixed         | 3.88%                 | 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      | $299601.56    | 0.68%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                | Venture Global Calcasieu Pass LLC                         | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $380357.24    | 0.87%             | 2029-08-15      | Fixed         | 3.88%                 | 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        |    454000 | PA      | $453505.91    | 1.03%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                              | Expand Energy Corp                                        | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    443000 | PA      | $443318.53    | 1.01%             | 2029-04-15      | Fixed         | 6.75%                 | 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      | $250398.00    | 0.57%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                         | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250699.19    | 0.57%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Winnebago Industries Inc.                                        | Winnebago Industries, Inc.                                | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |    165000 | PA      | $165122.93    | 0.38%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| XPO Inc                                                          | XPO Inc                                                   | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354918.90    | 0.81%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  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