# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-25-004810
**Filing Date:** 2025-11
**Character Count:** 38110
**Document Hash:** ff5b3adf8fb410c1df411d5dccccdcbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004810.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004810

**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:** 251532912

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VELA Funds

- **b. Investment Company Act file number:** 811-23585

- **c. CIK number of Registrant:** 0001815493

- **d. LEI of Registrant:** 549300F0PMHX6GFZ7Q56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 220 Market Street

  - **City:** New Albany

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43054

  - **Telephone number:** 614-653-8352

**Item A.2. Information about the Series.**

- **a. Name of Series:** VELA SMALL CAP FUND

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

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

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

- **a. Date of fiscal year-end:** 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:** $145305487.81

**Total Liabilities:** $2296671.07

**Net Assets:** $143008816.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221924 | -5.93%               | 0.15%                | -6.31%               |
| Class ID C000221923 | -0.95%               | 5.43%                | -1.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1118463.41              | $-2192524.51                               |
| Month 2  | $-2960350.08             | $10728151.66                               |
| Month 3  | $-1721816.70             | $-61370.85                                 |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                      | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE OPTIONS CLEARING CORPORATION          | 1st Source Corp. Call @ 75, Expiring December 2025                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -78 | NS      | $-1248.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Tidewater, Inc. 04/17/2026 80 Call                                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -28 | NS      | $-4690.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Ollie's Bargain Outlet Holdings, Inc. Call @ 135 October 2025              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -27 | NS      | $-4927.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Worthington Enterprises, Inc. Call @ 65 December 2025                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -100 | NS      | $-9500.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SI-BONE Inc.                              | SI-BONE, Inc.                                                              | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    133467 | NS      | $1964634.24   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                     | BWX Technologies, Inc.                                                     | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     13351 | NS      | $2461523.87   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Cement Co                         | Monarch Cement Co/The                                                      | CUSIP: 609031307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6002 | NS      | $1403447.66   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                        | BOK Financial Corp.                                                        | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     20850 | NS      | $2323524.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                | Coca-Cola Bottling Company Consolidated                                    | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     28480 | NS      | $3336716.80   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation              | Antero Resources Corp.                                                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     90689 | NS      | $3043522.84   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Atlanta Braves Hldgs Call @ 55, Expiring February 2026                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -222 | NS      | $-6438.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Indivior PLC                              | Indivior PLC                                                               | CUSIP: G4766E116<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     98253 | NS      | $2368879.83   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited             | Axis Capital Holdings Ltd.                                                 | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     42516 | NS      | $4073032.80   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                         | Tidewater, Inc.                                                            | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     27667 | NS      | $1475481.11   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Valvoline, Inc. 01/16/2026 45 Call                                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -594 | NS      | $-23760.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Range Resources Corp.                     | Range Resources Corp.                                                      | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     88141 | NS      | $3317627.24   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Alamos Gold, Inc. 03/20/2026 37 Call                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -103 | NS      | $-33990.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Shift4 Payments Inc                       | Shift4 Payments, Inc.                                                      | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27006 | NS      | $2090264.40   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Coca-Cola Consolidated, Inc. 12/19/2025 140 Call                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -57 | NS      | $-5985.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tetra Tech Inc                            | Tetra Tech, Inc.                                                           | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     76190 | NS      | $2543222.20   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | BWX Technologies, Inc. 02/20/2026 190 Call                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -123 | NS      | $-196185.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Tidewater, Inc. 01/16/2026 75 Call                                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -83 | NS      | $-7055.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Coca-Cola Bottling Company Consolidated Call @ 135, Expiring December 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -85 | NS      | $-15300.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Performance Food Group Co. Call @ 100 March 2026                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -129 | NS      | $-143190.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Installed Building Products Inc           | Installed Building Products, Inc.                                          | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     10059 | NS      | $2481152.94   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Performance Food Group Company 03/20/2026 105 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -129 | NS      | $-110295.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Alamos Gold, Inc. 03/20/2026 39 Call                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -103 | NS      | $-26780.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Tetra Tech, Inc. Call @ 42 December 2025                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -175 | NS      | $-3850.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Assured Guaranty Ltd.                     | Assured Guaranty Ltd.                                                      | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     33145 | NS      | $2805724.25   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                          | Alamos Gold, Inc.                                                          | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    102735 | NS      | $3581342.10   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Janus International Group, Inc. 02/20/2026 12.5 Call                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1341 | NS      | $-36877.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Indivior plc 05/15/2026 30 Call                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -154 | NS      | $-44660.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc.                 | First American Treasury Obligations Fund                                   | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1379520 | PA      | $1379520.19   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Applied Industrial Technologies, Inc. Call @ 280 November 2025             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -59 | NS      | $-24042.50    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Teradyne, Inc. Call @ 135 January 2026                                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -117 | NS      | $-188370.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Criteo S.A                                | Criteo S.A.                                                                | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |    188234 | NS      | $4254088.40   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.       | Ollie's Bargain Outlet Holdings, Inc.                                      | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      7819 | NS      | $1003959.60   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                           | Wix.com Ltd.                                                               | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     25127 | NS      | $4463309.01   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Lincoln Electric Holdings, Inc. 05/15/2026 260 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -56 | NS      | $-59920.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Supernus Pharmaceuticals, Inc             | Supernus Pharmaceuticals, Inc.                                             | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     39195 | NS      | $1873129.05   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc             | Janus International Group, Inc.                                            | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268241 | NS      | $2647538.67   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                             | Hub Group, Inc.                                                            | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    159592 | NS      | $5496348.48   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Antero Resources Corporation 03/20/2026 45 Call                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -136 | NS      | $-12240.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Alamos Gold, Inc. 03/20/2026 34 Call                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -514 | NS      | $-236440.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Mama's Creations, Inc                     | Mama's Creations, Inc.                                                     | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295032 | NS      | $3100786.32   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc.        | Sun Country Airlines Holdings Inc.                                         | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |    197539 | NS      | $2332935.59   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                | Performance Food Group Co.                                                 | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     41390 | NS      | $4306215.60   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics Inc             | Proficient Auto Logistics, Inc.                                            | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189405 | NS      | $1305000.45   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Ollie's Bargain Outlet Holdings, Inc. 01/16/2026 145 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -13 | NS      | $-5720.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc.            | Lincoln Electric Holdings, Inc.                                            | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     13974 | NS      | $3295488.42   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | BRP Inc. Call @ 65, Expiring December 2025                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -42 | NS      | $-13650.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Teradyne Inc.                             | Teradyne, Inc.                                                             | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     23319 | NS      | $3209627.16   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc               | Atlanta Braves Holdings, Inc.                                              | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73095 | NS      | $3040021.05   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                          | Movado Group, Inc.                                                         | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |    165760 | NS      | $3144467.20   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                             | Valvoline, Inc.                                                            | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    126316 | NS      | $4536007.56   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Mama's Creations, Inc. 02/20/2026 15 Call                                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1180 | NS      | $-41300.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bruker Corporation                        | Bruker Corp.                                                               | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     47038 | NS      | $1528264.62   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                          | Copa Holdings SA                                                           | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     19417 | NS      | $2307127.94   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Pool Corp. Call @ 370 November 2025                                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -25 | NS      | $-2925.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | BOK Financial Corp. Call @ 120 December 2025                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -104 | NS      | $-21320.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Encompass Health Corporation              | Encompass Health Corp.                                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     13158 | NS      | $1671329.16   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Range Resources Corporation 03/20/2026 46 Call                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -220 | NS      | $-28050.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal Agricultural Mortgage Corporation | Federal Agricultural Mortgage Corp.                                        | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |     11788 | NS      | $1980148.24   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Supernus Pharmaceuticals, Inc. 12/19/2025 55 Call                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -98 | NS      | $-18375.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Major Drilling Group Intl Inc             | Major Drilling Group International, Inc.                                   | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    396795 | NS      | $3319338.68   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Indivior plc 11/21/2025 25 Call                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -622 | NS      | $-124400.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Installed Building Products, Inc. 03/20/2026 270 Call                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -34 | NS      | $-74120.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Applied Industrial Technologies Inc.      | Applied Industrial Technologies, Inc.                                      | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     17248 | NS      | $4502590.40   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                        | Graham Holdings Co                                                         | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      3225 | NS      | $3796824.75   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | JFrog Ltd Call @ 55, Expiring December 2025                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -148 | NS      | $-27380.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| The Greenbrier Companies, Inc.            | Greenbrier Companies, Inc./The                                             | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     60843 | NS      | $2809121.31   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmarket Corporation                     | NewMarket Corp.                                                            | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      1977 | NS      | $1637371.17   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                | Kirby Corp.                                                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     77341 | NS      | $6454106.45   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties               | NET Lease Office Properties                                                | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54289 | NS      | $1610211.74   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc               | Worthington Enterprises, Inc.                                              | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     36931 | NS      | $2049301.19   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                            | Globus Medical, Inc.                                                       | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     24268 | NS      | $1389828.36   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                 | National Fuel Gas Co.                                                      | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     18691 | NS      | $1726487.67   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Encompass Health Corp. Call @ 115 December 2025                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -110 | NS      | $-163350.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Cactus Inc                                | Cactus, Inc.                                                               | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     46232 | NS      | $1824777.04   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                          | Pool Corp.                                                                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      9277 | NS      | $2876519.39   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Pool Corporation 01/16/2026 390 Call                                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -21 | NS      | $-3927.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Applied Industrial Technologies, Inc. 02/20/2026 300 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -26 | NS      | $-13910.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Indivior plc 05/15/2026 25 Call                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -154 | NS      | $-72380.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc.                         | EPAM Systems, Inc.                                                         | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      6656 | NS      | $1003658.24   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BRP Inc.                                  | BRP, Inc.                                                                  | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |     21029 | NS      | $1278142.62   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated              | Ingles Markets, Inc.                                                       | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     23475 | NS      | $1632921.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corporation                    | 1st Source Corp.                                                           | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31049 | NS      | $1911376.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                 | JFrog Ltd                                                                  | CUSIP: M6191J100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     29577 | NS      | $1399879.41   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                           | Murphy USA, Inc.                                                           | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      6357 | NS      | $2468168.82   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Assured Guaranty Ltd. Call @ 100 October 2025                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -166 | NS      | $-166.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Seaboard Corp Del                         | Seaboard Corp.                                                             | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       667 | NS      | $2432549.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | Axis Capital Holdings Ltd. Call @ 95 October 2025                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -140 | NS      | $-36400.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION          | 1st Source Corp. Call @ 70, Expiring December 2025                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -78 | NS      | $-4446.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ambac Financial Group, Inc.               | Ambac Financial Group, Inc.                                                | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |    169999 | NS      | $1417791.66   | 0.99%             |  |  |  | No            |                  1 | 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