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      <periodOfReport>06/30/2026</periodOfReport>
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      <reportSeriesClass>
        <rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: VELA International Fund-->
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>VELA Funds</name>
        <phoneNumber>614-653-8352</phoneNumber>
        <address>
          <com:street1>220 Market Street, Suite 208</com:street1>
          <com:city>New Albany</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>43054</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>The Corporation Trust Company</name>
        <address>
          <com:street1>1209 Orange Street</com:street1>
          <com:city>Wilmington</com:city>
          <com:stateOrCountry>DE</com:stateOrCountry>
          <com:zipCode>19801</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>FUND VOTING REPORT</reportType>
      </reportInfo>
      <fileNumber>811-23585</fileNumber>
      <reportingSecFileNumber>333-239642</reportingSecFileNumber>
      <leiNumber>549300F0PMHX6GFZ7Q56</leiNumber>
      <explanatoryInformation>
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    <seriesPage>
      <seriesCount>5</seriesCount>
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          <idOfSeries>S000097967</idOfSeries>
          <nameOfSeries>VELA Small-Mid Cap Fund</nameOfSeries>
          <leiOfSeries>529900K98ZYDW0FYVB31</leiOfSeries>
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          <idOfSeries>S000069562</idOfSeries>
          <nameOfSeries>VELA International Fund</nameOfSeries>
          <leiOfSeries>549300Y1RS134O2CPA39</leiOfSeries>
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          <nameOfSeries>VELA Large Cap Plus Fund</nameOfSeries>
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    <signaturePage>
      <reportingPerson>VELA Funds</reportingPerson>
      <txSignature>/s/ Jason Job</txSignature>
      <txPrintedSignature>/s/ Jason Job</txPrintedSignature>
      <txTitle>President</txTitle>
      <txAsOfDate>08/21/2026</txAsOfDate>
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