# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-25-004808
**Filing Date:** 2025-11
**Character Count:** 61612
**Document Hash:** f61cb1768a592e35ac87582968b4b1cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004808.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004808

**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:** 251532908

**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 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 |  |

## 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 INCOME OPPORTUNITIES FUND

- **b. EDGAR series identifier (if any):** S000075683

- **c. LEI of Series:** 549300Y1NTDUBRSCXL79

**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:** $35287397.80

**Total Liabilities:** $176137.64

**Net Assets:** $35111260.16

**Cash Not Reported:** $4934.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 181.40665562 | **1-Year:** 398.20014630 | **5-Year:** 1163.07311701 | **10-Year:** 40.14568488 | **30-Year:** 0.00000000

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

- **3-Month:** 64.63033718 | **1-Year:** 737.37130801 | **5-Year:** 1210.41621353 | **10-Year:** 169.01457481 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234952 | -4.55%               | -2.14%               | -5.04%               |
| Class ID C000234953 | 0.41%                | 3.04%                | -0.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $114693.05               | $-64849.55                                 |
| Month 2  | $346056.15               | $682361.07                                 |
| Month 3  | $6420.86                 | $-166633.48                                |

**Designated Index Information**

- **Index Name:** VELA INCOME OPP FUND DRP

- **Index Identifier:** VELA INCOME OPP 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BXP Inc                                                                                                | Boston Properties, Inc.                                             | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      4728 | NS      | $351479.52    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Simon Property Group, Inc. Call @ 185 December 2025                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -7 | NS      | $-6965.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                                           | Stanley Black & Decker Inc                                          | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401962.40    | 1.14%             | 2060-03-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                                                              | First American Treasury Obligations Fund                            | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    255767 | PA      | $255767.11    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                                                                           | MetLife, Inc.                                                       | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      5640 | NS      | $464566.80    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Starbucks Corp. Call @ 110 March 2026                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -17 | NS      | $-2507.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                                                                   | PPG Industries, Inc.                                                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      3970 | NS      | $417286.70    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corporation                                                                            | Wabash National Corp.                                               | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    350000 | PA      | $324842.46    | 0.93%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | NIKE, Inc. Call @ 77.5 October 2025                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -35 | NS      | $-4392.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                                    | Antares Holdings LP                                                 | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $409281.37    | 1.17%             | 2029-10-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Starbucks Corp. Call @ 110 January 2026                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -20 | NS      | $-1300.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Mondelez International, Inc. 03/20/2026 70 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -16 | NS      | $-2160.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                                                                      | Hillenbrand, Inc.                                                   | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188671.56    | 0.54%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                                                                                | Sensata Technologies BV                                             | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252354.50    | 0.72%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                                                   | Garrett Motion Holdings Inc / Garrett LX I Sarl                     | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419584.80    | 1.20%             | 2032-05-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Cullen/Frost Capital Trust II                                                                          | Cullen/Frost Capital Trust II                                       | CUSIP: 230000AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $270434.55    | 0.77%             | 2034-03-01      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.                                       | Tallgrass Energy Ptrs LP/Tallgrass Energy Fin Corp                  | CUSIP: 87470LAD3<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298686.27    | 0.85%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nike, Inc.                                                                                             | NIKE, Inc.                                                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      4527 | NS      | $315667.71    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Greenbrier Companies, Inc./The Call @ 70 November 2025              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -28 | NS      | $-28.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Abbott Laboratories 03/20/2026 135 Call                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -21 | NS      | $-17482.50    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                                                                          | Oaktree Strategic Credit Fund                                       | CUSIP: 67403AAF6<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306706.73    | 0.87%             | 2030-07-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| National Fuel Gas Company                                                                              | National Fuel Gas Co.                                               | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      2980 | NS      | $275262.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                                                                                       | Pool Corp.                                                          | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      1164 | NS      | $360921.48    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                                                        | Starbucks Corp.                                                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      4685 | NS      | $396351.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The Greenbrier Companies, Inc.                                                                         | Greenbrier Companies, Inc./The                                      | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     15914 | NS      | $734749.38    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin Brands Inc / OSI Restaurant Partners LLC                                                       | Bloomin' Brands Inc / OSI Restaurant Partners LLC                   | CUSIP: 094234AA9<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217898.40    | 0.62%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Accenture PLC                                                                                          | Accenture PLC                                                       | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2073 | NS      | $511201.80    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)                                                                           | Merchants Bancorp Series E, 7.625%                                  | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |      7437 | NS      | $171794.70    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                                                              | Hikma Pharmaceuticals plc                                           | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     11234 | NS      | $257887.97    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| NorthWestern Energy Group Inc                                                                          | NorthWestern Corp.                                                  | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      4233 | NS      | $248096.13    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimpress PLC                                                                                           | Cimpress PLC                                                        | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $299977.19    | 0.85%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Garmin Ltd                                                                                             | Garmin Ltd.                                                         | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | US        |      1510 | NS      | $371792.20    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Salesforce, Inc. 01/16/2026 310 Call                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -4 | NS      | $-1114.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | BXP, Inc. 01/16/2026 87.5 Call                                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -16 | NS      | $-1600.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                                           | Thermo Fisher Scientific, Inc.                                      | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       730 | NS      | $354064.60    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                                                                      | Newmark Group Inc                                                   | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $268411.00    | 0.76%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                                                        | AstraZeneca PLC                                                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      3477 | NS      | $266755.44    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Insurance Inc.                                                                           | Constellation Insurance, Inc.                                       | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302570.85    | 0.86%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Johnson & Johnson                                                                                      | Johnson & Johnson                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3500 | NS      | $648970.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation                                                                           | Antero Resources Corp                                               | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153279.60    | 0.44%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Simon Property Group Inc                                                                               | Simon Property Group, Inc.                                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1988 | NS      | $373087.96    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                                                                                    | Churchill Downs, Inc.                                               | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256570.00    | 0.73%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                                             | Fidelity National Information Services, Inc.                        | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      6034 | NS      | $397881.96    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | JPMorgan Chase & Co. Call @ 295 November 2025                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -8 | NS      | $-20840.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank OZK                                                                                               | Bank OZK                                                            | CUSIP: 06417N202<br>LEI: 549300VYK2WBD7SST478 | Long             | EP               | CORP              | US        |      8700 | NS      | $151728.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                                                                | MPLX LP                                                             | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     10476 | NS      | $523276.20    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                                                                       | Genuine Parts Co.                                                   | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3907 | NS      | $541510.20    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate Bancsystem Inc.                                                                       | FIRST INTERSTATE BANCSYSTEM, INC.                                   | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     11501 | NS      | $366536.87    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesbanco Inc                                                                                           | WesBanco, Inc. Series B                                             | CUSIP: 950810887<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $253800.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                                            | Zoetis, Inc.                                                        | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2128 | NS      | $311368.96    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                                                                          | Axis Capital Holdings Ltd.                                          | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      4912 | NS      | $470569.60    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                                                                               | Bank OZK                                                            | CUSIP: 06417NA94<br>LEI: 549300VYK2WBD7SST478 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233085.00    | 0.66%             | 2031-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Movado Group Inc                                                                                       | Movado Group, Inc.                                                  | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     22354 | NS      | $424055.38    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                                                                                       | StoneX Group, Inc.                                                  | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315512.10    | 0.90%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Fidelity National Information Services, Inc. Call @ 90 October 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -38 | NS      | $-190.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Zoetis, Inc. 01/16/2026 180 Call                                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -5 | NS      | $-405.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BlueLinx Holdings Inc.                                                                                 | BlueLinx Holdings Inc                                               | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    211000 | PA      | $208361.32    | 0.59%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                                | American Airlines, Inc.                                             | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    350000 | PA      | $365322.30    | 1.04%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Pason System Incor                                                                                     | Pason Systems, Inc.                                                 | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |     50267 | NS      | $436397.54    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc.                                                                              | Winnebago Industries, Inc.                                          | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299798.85    | 0.85%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                        | Installed Building Products Inc                                     | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349719.09    | 1.00%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                                             | Sotera Health Holdings LLC                                          | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    350000 | PA      | $367943.80    | 1.05%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Medtronic PLC                                                                                          | Medtronic PLC                                                       | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      7445 | NS      | $709061.80    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties                                                                            | NET Lease Office Properties                                         | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14664 | NS      | $434934.24    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                                                                             | Atkore Inc                                                          | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233179.43    | 0.66%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Genuine Parts Co. Call @ 145 November 2025                          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -19 | NS      | $-6270.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Suncor Energy, Inc. Call @ 45 December 2025                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -30 | NS      | $-2475.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                        | Installed Building Products, Inc.                                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1288 | NS      | $317698.08    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                                                                  | Civitas Resources Inc                                               | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310725.00    | 0.88%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                     | Huntington Bancshares Inc/OH, Series J, 6.875%                      | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |      9318 | NS      | $238168.08    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                                          | Alphabet, Inc.                                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1739 | NS      | $422750.90    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                                         | Citigroup Inc                                                       | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    319000 | PA      | $330013.79    | 0.94%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Graham Holdings Co                                                                                     | Graham Holdings Co.                                                 | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300254.97    | 0.86%             | 2026-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Simmons Foods Inc / Simmons Prepared Foods Inc / Simmons Pet Food Inc / Simmons Feed (Ingredients Inc) | Simmons Foods, Inc.                                                 | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240006.28    | 0.68%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Suncor Energy Inc.                                                                                     | Suncor Energy, Inc.                                                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     10876 | NS      | $454725.56    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Suncor Energy, Inc. Call @ 42 November 2025                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -30 | NS      | $-5175.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | AstraZeneca PLC Call @ 85 January 2026                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -17 | NS      | $-2405.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                                                                      | Greystar Real Estate Partners LLC                                   | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264388.75    | 0.75%             | 2030-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                    | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2525 | NS      | $338198.50    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                                                                    | Comcast Corp.                                                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     11376 | NS      | $357433.92    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Cruises, Ltd.                                                                                   | Viking Cruises Ltd                                                  | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | US        |    300000 | PA      | $322208.10    | 0.92%             | 2031-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                                                                                | Arch Capital Group Ltd.                                             | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | US        |     17351 | NS      | $311450.45    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                          | Ford Motor Credit Co LLC                                            | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $347568.31    | 0.99%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| First National Bank of Nebraska Inc.                                                                   | First National of Nebraska Inc                                      | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155662.85    | 0.44%             | 2035-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                                                     | State Street Corp                                                   | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361531.80    | 1.03%             | 2080-09-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Garmin Ltd. 01/16/2026 250 Call                                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -8 | NS      | $-11440.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Macys Retail Holdings LLC                                                                              | Macy's Retail Holdings LLC                                          | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    350000 | PA      | $365367.80    | 1.04%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                          | US Bancorp                                                          | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290499.60    | 0.83%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Genuine Parts Company 02/20/2026 155 Call                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -9 | NS      | $-3240.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Texas Instruments, Inc. 12/19/2025 230 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -5 | NS      | $-625.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AXIS Capital Holdings Limited                                                                          | Axis Capital Holdings, Ltd.                                         | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | US        |     14944 | NS      | $319801.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corporation                                                                            | Wabash National Corp.                                               | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     17650 | NS      | $174205.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Jpmorgan Chase & Co Call @ 305, Expiring December 2025              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -3 | NS      | $-6517.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Pool Corp. Call @ 370 November 2025                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -5 | NS      | $-585.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Thermo Fisher Scientific, Inc. 03/20/2026 580 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -2 | NS      | $-2470.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                                        | salesforce.com, Inc.                                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1442 | NS      | $341754.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                                                                               | Allegiant Travel Co                                                 | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405167.20    | 1.15%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                                                                                | Arch Capital Group Ltd.                                             | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      4689 | NS      | $425432.97    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                                                                           | Stifel Financial Corp, Series B, 6.25%                              | CUSIP: 860630706<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |      2644 | NS      | $65994.24     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                                                                                     | Iron Mountain, Inc.                                                 | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257787.75    | 0.73%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | PepsiCo, Inc. 03/20/2026 160 Call                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -12 | NS      | $-3030.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                                            | PepsiCo, Inc.                                                       | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4726 | NS      | $663719.44    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Accenture Plc Ireland Call @ 340, Expiring November 2025            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -4 | NS      | $-364.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                                    | Ally Financial, Inc.                                                | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    256000 | PA      | $249384.36    | 0.71%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Victorias Secret and Co                                                                                | Victoria's Secret & Co                                              | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    350000 | PA      | $334599.84    | 0.95%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Texas Instruments, Inc. Call @ 220 October 2025                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -5 | NS      | $-60.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                   | JPMorgan Chase & Co.                                                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1180 | NS      | $372207.40    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                                                                                 | Texas Instruments, Inc.                                             | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      1339 | NS      | $246014.47    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Installed Building Products, Inc. 03/20/2026 290 Call               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -10 | NS      | $-15900.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                                      | Sysco Corp.                                                         | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      8564 | NS      | $705159.76    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                                                                        | CSX Corp.                                                           | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     21553 | NS      | $765347.03    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Thermo Fisher Scientific, Inc. 12/19/2025 550 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -2 | NS      | $-1620.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First Busey Corporation                                                                                | First Busey Corp Series B, 8.25                                     | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     12000 | NS      | $306600.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation                                                              | Federal Agricultural Mortgage Corp.                                 | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |      2983 | NS      | $501084.34    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                                                                                | XPO CNW Inc.                                                        | CUSIP: 12612WAB0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    265000 | PA      | $284164.80    | 0.81%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                                     | Nexstar Media Inc                                                   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299852.49    | 0.85%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Wendy's International Inc.                                                                             | Wendy's International LLC                                           | CUSIP: 950590AG4<br>LEI: 549300PQTT267ME8D359 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150876.45    | 0.43%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                                   | Cleveland-Cliffs, Inc.                                              | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407959.60    | 1.16%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                                          | Six Flags Entertainment Corp/DE                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300278.70    | 0.86%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  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      | $367546.90    | 1.05%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                                                                       | Copa Holdings SA                                                    | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      6053 | NS      | $719217.46    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc                                                                            | Worthington Industries, Inc.                                        | CUSIP: 981811AF9<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | DBT              | CORP              | US        |    210000 | PA      | $190283.36    | 0.54%             | 2032-08-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                      | PNC Financial Services Group Inc.                                   | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291621.18    | 0.83%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                                           | Mondelez International, Inc.                                        | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4643 | NS      | $290048.21    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | KKR & Co. LP Call @ 150 December 2025                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -7 | NS      | $-1925.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Saturn Oil & Gas Inc                                                                                   | Saturn Oil & Gas, Inc.                                              | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | US        |    359000 | PA      | $372006.21    | 1.06%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | Alphabet, Inc. 03/20/2026 250 Call                                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -13 | NS      | $-27527.50    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                                       | KKR & Company, Inc. 12/19/2025 165 Call                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -6 | NS      | $-570.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co Inc.                                                                                          | KKR & Co. LP                                                        | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      1919 | NS      | $249374.05    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimarex Energy Corporation                                                                             | Coterra Energy Operating, Co.                                       | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    368000 | PA      | $353837.99    | 1.01%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                                     | Vail Resorts, Inc.                                                  | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      2844 | NS      | $425377.08    | 1.21%             |  |  |  | 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