# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001580642-26-001170
**Filing Date:** 2026-2
**Character Count:** 4832
**Document Hash:** b093d286840b87d1058500ef58494f26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001170.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001580642-26-001170

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-239642
- **FILM NUMBER:** 26664025

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

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

## Series and Classes Contracts Data

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

---

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

---

### VELA Large Cap Plus Fund (Series ID: S000069563)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000221921 |
| Class A    | C000221922 |

---

### VELA Small Cap Fund (Series ID: S000069564)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000221923 |
| Class A    | C000221924 |

---

### VELA Income Opportunities Fund (Series ID: S000075683)

---

|  |  |
|:---|:---|
| Class Name                             | Class ID   |
| VELA Income Opportunities Fund Class A | C000234952 |
| VELA Income Opportunities Fund Class I | C000234953 |

---

### VELA Short Duration Fund (Series ID: S000083352)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| VELA Short Duration Fund - Class A | C000246925 |
| VELA Short Duration Fund - Class I | C000246926 |

---

### VELA Small-Mid Cap Fund (Series ID: S000097967)

---

|  |  |
|:---|:---|
| Class Name                      | Class ID   |
| VELA Small-Mid Cap Fund Class A | C000267517 |
| VELA Small-Mid Cap Fund Class I | C000267518 |

---

## Series and Classes Contracts Data

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

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

### VELA Large Cap Plus Fund (Series ID: S000069563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221921 | Class I      |  |
| C000221922 | Class A      |  |

### VELA Small Cap Fund (Series ID: S000069564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221923 | Class I      |  |
| C000221924 | Class A      |  |

### VELA Income Opportunities Fund (Series ID: S000075683)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000234952 | VELA Income Opportunities Fund Class A |  |
| C000234953 | VELA Income Opportunities Fund Class I |  |

### 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 |  |

### VELA Small-Mid Cap Fund (Series ID: S000097967)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000267517 | VELA Small-Mid Cap Fund Class A |  |
| C000267518 | VELA Small-Mid Cap Fund Class I |  |

**VELA FUNDS**

**(the "Trust")**

**Supplement dated February 23, 2026**

**to the Statement of Additional Information ("SAI")**

**dated January 30, 2026**

**This Supplement updates and supersedes any contrary information contained in the SAI. Effective immediately, the SAI is amended as follows:**

**In the subsection entitled "Trustee Compensation" within the section entitled "Management of the Trust" on page 24 of the SAI, the second paragraph in this subsection is deleted in its entirety and replaced with the following:**

Each Independent Trustee receives for services to the Trust, a $30,000 annual retainer. In addition, the Chairperson of the Audit Committee, for serving as Chairperson of the Audit Committee receives a quarterly retainer of $2,500. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance. The Trust's officers are not compensated by the Trust.

**\* \* \* \* \***

**This supplement provides new information beyond that contained in the SAI, dated January 30, 2026, and should be read in conjunction with the SAI. The SAI has been filed with the Securities and Exchange Commission and is incorporated herein by reference.**

**Please retain this supplement for future reference.**