# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-25-004809
**Filing Date:** 2025-11
**Character Count:** 47408
**Document Hash:** 915dfe9230aba0a2959807a5e4b4d4d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004809.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004809

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 251532911

**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 Large Cap Plus Fund (Series ID: S000069563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221921 | Class I      |  |
| C000221922 | 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 LARGE CAP PLUS FUND

- **b. EDGAR series identifier (if any):** S000069563

- **c. LEI of Series:** 549300V8UD7IZ63TCH22

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74043821.16

**Total Liabilities:** $5016942.58

**Net Assets:** $69026878.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221921 | 0.12%                | 3.13%                | -0.84%               |
| Class ID C000221922 | -4.96%               | -2.06%               | -5.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8672.61                | $-28820.49                                 |
| Month 2  | $-151193.40              | $2332683.13                                |
| Month 3  | $164020.49               | $-445987.20                                |

**Designated Index Information**

- **Index Name:** VELA LARGE CAP PLUS FUND DRP

- **Index Identifier:** VELA LARGE CAP PLUS 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Walt Disney Company                   | Walt Disney Co./The                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8919 | NS      | $1021225.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                           | AbbVie, Inc.                                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5717 | NS      | $1323714.18   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corporation              | Bloom Energy Corp.                                     | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Short            | EC               | CORP              | US        |     -1862 | NS      | $-157469.34   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.               | Berkshire Hathaway, Inc.                               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3641 | NS      | $1830476.34   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation          | Northrop Grumman Corp.                                 | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1465 | NS      | $892653.80    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | MPLX LP Call @ 55 January 2026                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -191 | NS      | $-5730.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                        | Citigroup, Inc.                                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     22032 | NS      | $2236248.00   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC                                          | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      6132 | NS      | $1512151.20   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Teradyne, Inc. Call @ 130 January 2026                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -31 | NS      | $-58125.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                  | Booking Holdings, Inc.                                 | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       293 | NS      | $1581986.11   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Axsome Therapeutics, Inc. 12/19/2025 130 Call          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $18150.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Johnson & Johnson 12/19/2025 170 Put                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $15800.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Uber Technologies, Inc. 01/16/2026 87.5 Put            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       100 | NS      | $33000.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | AbbVie, Inc. 12/19/2025 195 Put                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $6625.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | SPDR S&P 500 ETF Trust 01/16/2026 575 Put              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       240 | NS      | $112200.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings, Inc.                        | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      5729 | NS      | $1351070.07   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                 | Deckers Outdoor Corp.                                  | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      6201 | NS      | $628595.37    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                       | AstraZeneca PLC                                        | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     10510 | NS      | $806327.20    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                      | HealthEquity, Inc.                                     | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Short            | EC               | CORP              | US        |     -1845 | NS      | $-174850.65   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Booking Holdings, Inc. 10/17/2025 5000 Put             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         2 | NS      | $3740.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Starbucks Corp. Put @ 75, Expiring October 2025        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        78 | NS      | $1287.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Block Inc                             | Block, Inc.                                            | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |     -1322 | NS      | $-95540.94    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                          | Fastenal Co.                                           | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Short            | EC               | CORP              | US        |     -4838 | NS      | $-237255.52   | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                    | Suncor Energy, Inc.                                    | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     17237 | NS      | $720678.97    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot, Inc./The                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3510 | NS      | $1422216.90   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                 | US Foods Holding Corp.                                 | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Short            | EC               | CORP              | US        |     -5313 | NS      | $-407082.06   | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                       | salesforce.com, Inc.                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5037 | NS      | $1193769.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                        | ServiceNow, Inc.                                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1507 | NS      | $1386861.96   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc          | Thermo Fisher Scientific, Inc.                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3815 | NS      | $1850351.30   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     13972 | NS      | $2590688.24   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Softbank Group Corp.                  | SoftBank Group Corp.                                   | CUSIP: 83404D109<br>LEI: 5493003BZYYYCDIO0R13 | Short            | EC               | CORP              | JP        |     -5169 | NS      | $-327197.70   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                 | Lowe's Cos., Inc.                                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Short            | EC               | CORP              | US        |      -688 | NS      | $-172901.28   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                          | MetLife, Inc.                                          | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     19194 | NS      | $1581009.78   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Teradyne, Inc. 01/16/2026 105 Put                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        31 | NS      | $8060.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corp.                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6525 | NS      | $3379623.75   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Tesla, Inc. 02/20/2026 460 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         7 | NS      | $43137.50     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc.                           | Zoetis, Inc.                                           | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      7459 | NS      | $1091400.88   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | Visa, Inc.                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4021 | NS      | $1372688.98   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                         | Teradyne, Inc.                                         | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      3415 | NS      | $470040.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                       | Wix.com Ltd.                                           | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      6395 | NS      | $1135943.85   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                     | Tyson Foods, Inc.                                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     17678 | NS      | $959915.40    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                | TJX Cos., Inc./The                                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9322 | NS      | $1347401.88   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Bank of America Corp. Put @ 44 November 2025           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       275 | NS      | $9487.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                   | Abbott Laboratories                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      8587 | NS      | $1150142.78   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Alphabet, Inc. 11/21/2025 175 Put                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        80 | NS      | $5080.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | 3M Co. Put @ 120 March 2026                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $7780.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Applied Industrial Technologies Inc.  | Applied Industrial Technologies, Inc.                  | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       844 | NS      | $220326.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                       | CSX Corp.                                              | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     30987 | NS      | $1100348.37   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms, Inc.                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3115 | NS      | $2287593.70   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Meta Platforms Inc. Put @ 650, Expiring December 2025  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        32 | NS      | $49280.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.           | Capital One Financial Corp.                            | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |      -698 | NS      | $-148380.84   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Broadcom, Inc. 03/20/2026 280 Put                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $34750.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Blue Owl Capital Inc                  | Blue Owl Capital, Inc.                                 | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -14650 | NS      | $-248024.50   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Suncor Energy, Inc. 01/16/2026 46 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -151 | NS      | $-12080.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co Inc.                         | KKR & Co. LP                                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3952 | NS      | $513562.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Baker Hughes Company 12/19/2025 47 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -150 | NS      | $-59250.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | LyondellBasell Industries N.V. 01/16/2026 45 Put       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        60 | NS      | $18450.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Advanced Micro Devices, Inc. 11/21/2025 135 Put        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        19 | NS      | $5557.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Align Technology, Inc. 03/20/2026 105 Put              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        75 | NS      | $57375.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                 | Quanta Services, Inc.                                  | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Short            | EC               | CORP              | US        |      -379 | NS      | $-157065.18   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                  | PayPal Holdings, Inc.                                  | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     10322 | NS      | $692193.32    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | NIKE, Inc. 12/19/2025 65 Put                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       180 | NS      | $58950.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc                             | Adobe Systems, Inc.                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2422 | NS      | $854360.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | NVIDIA Corporation 01/16/2026 200 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        70 | NS      | $81200.00     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Visa, Inc. 10/17/2025 315 Put                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $3100.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | EPAM Sys Inc. Put @ 140, Expiring December 2025        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $36250.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                               | MPLX LP                                                | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     25430 | NS      | $1270228.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                 | Bank of America Corp.                                  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     29985 | NS      | $1546926.15   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                     | Sysco Corp.                                            | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      5356 | NS      | $441013.04    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG              | Infineon Technologies AG                               | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     42294 | NS      | $1652849.52   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust              | Energy Select Sector SPDR Fund                         | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Short            | EC               | RF                | US        |     -4132 | NS      | $-369152.88   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | 3M Company 03/20/2026 145 Put                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $36625.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Baker Hughes Company                  | Baker Hughes Co.                                       | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31596 | NS      | $1539357.12   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | MPLX LP Put @ 42 January 2026                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       191 | NS      | $3820.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nike, Inc.                            | NIKE, Inc.                                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     17953 | NS      | $1251862.69   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.           | Advanced Micro Devices, Inc.                           | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      2061 | NS      | $333449.19    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Keurig Dr Pepper, Inc. 04/17/2026 33 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       200 | NS      | $10000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Autodesk Inc                          | Autodesk, Inc.                                         | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      4460 | NS      | $1416808.20   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation      | Edwards LifeSciences Corp.                             | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |     -3164 | NS      | $-246064.28   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                       | Deere & Co.                                            | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      2451 | NS      | $1120744.26   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA             | Logitech International S.A.                            | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Short            | EC               | CORP              | CH        |     -1787 | NS      | $-195998.16   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC     | InterContinental Hotels Group PLC                      | CUSIP: 45857P806<br>LEI: 2138007ZFQYRUSLU3J98 | Short            | EC               | CORP              | GB        |     -2263 | NS      | $-274411.38   | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Centene Corporation 06/18/2026 37.5 Call               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $29000.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Meta Platforms Inc. Call @ 850, Expiring December 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -21 | NS      | $-28507.50    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | 3M Co. Call @ 175 March 2026                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -79 | NS      | $-43055.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Accenture plc 11/21/2025 200 Put                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        90 | NS      | $7425.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Alphabet, Inc. 01/16/2026 215 Put                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        80 | NS      | $51600.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | ServiceNow, Inc. Put @ 800 January 2026                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $37950.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Salesforce, Inc. 02/20/2026 220 Put                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        53 | NS      | $63070.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Etoro Group Ltd. 04/17/2026 35 Put                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        60 | NS      | $22200.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                         | Netflix, Inc.                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Short            | EC               | CORP              | US        |      -162 | NS      | $-194225.04   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | First American Treasury Obligations Fund               | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2278285 | PA      | $2278284.98   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.               | Arch Capital Group Ltd.                                | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     10737 | NS      | $974168.01    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | UnitedHealth Group, Inc. 03/20/2026 370 Call           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $58650.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | TJX Cos., Inc./The Call @ 140 January 2026             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -49 | NS      | $-48142.50    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Workday Inc                           | Workday, Inc.                                          | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      3822 | NS      | $920070.06    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                 | Align Technology, Inc.                                 | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      7929 | NS      | $992869.38    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Adobe, Inc. 12/19/2025 320 Put                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $20950.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Globus Medical, Inc. 12/19/2025 55 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        65 | NS      | $34450.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | AbbVie, Inc. Call @ 220 December 2025                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -46 | NS      | $-81880.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Wix.com Ltd. 01/16/2026 140 Put                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $9975.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 3M Company                            | 3M Co.                                                 | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      9160 | NS      | $1421448.80   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | CVS Health Corporation 03/20/2026 75 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $27700.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | NVIDIA Corporation 06/18/2026 120 Put                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       155 | NS      | $57350.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corp.                  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Short            | EC               | CORP              | US        |      -621 | NS      | $-175221.36   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                  | PPG Industries, Inc.                                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      8150 | NS      | $856646.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc             | Palantir Technologies, Inc.                            | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               | CORP              | US        |     -1210 | NS      | $-220728.20   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                            | Kirby Corp.                                            | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      9658 | NS      | $805960.10    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Citigroup, Inc. 01/16/2026 95 Put                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       195 | NS      | $72150.00     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Microsoft Corporation 11/21/2025 450 Put               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        70 | NS      | $17885.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Burlington Stores Inc.                | Burlington Stores, Inc.                                | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |      -842 | NS      | $-214289.00   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Deere & Company 01/16/2026 420 Put                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        19 | NS      | $20900.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Microsoft Corp Call @ 575, Expiring December 2025      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -35 | NS      | $-20125.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                 | Uber Technologies, Inc.                                | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     12067 | NS      | $1182203.99   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Deckers Outdoor Corp. Put @ 85 March 2026              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        60 | NS      | $34800.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Autodesk, Inc. Call @ 310 January 2026                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -40 | NS      | $-99400.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Starbucks Corp.                       | Starbucks Corp.                                        | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      8420 | NS      | $712332.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Uber Technologies, Inc. 01/16/2026 115 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -91 | NS      | $-26299.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc.                     | EPAM Systems, Inc.                                     | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      7584 | NS      | $1143591.36   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      7480 | NS      | $1050491.20   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                         | Alphabet, Inc.                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13053 | NS      | $3173184.30   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                      | Amazon.com, Inc.                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     14032 | NS      | $3081006.24   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                          | Duolingo Inc                                           | CUSIP: 26603R106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -525 | NS      | $-168966.00   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Amazon.com, Inc. 01/16/2026 200 Put                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        90 | NS      | $57600.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corporation                     | FedEx Corp.                                            | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      5004 | NS      | $1179993.24   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Baker Hughes Company 12/19/2025 40 Put                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       263 | NS      | $11835.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Ionis Pharmaceuticals, Inc. 01/16/2026 70 Call         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        75 | NS      | $40500.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Zoetis, Inc. 03/20/2026 125 Put                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        80 | NS      | $28800.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VELA Funds

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller