0001752724-21-192308.txt : 20210830 0001752724-21-192308.hdr.sgml : 20210830 20210830164628 ACCESSION NUMBER: 0001752724-21-192308 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210830 PERIOD START: 20210930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VELA Funds CENTRAL INDEX KEY: 0001815493 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23585 FILM NUMBER: 211224100 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 0001815493 S000069563 VELA Large Cap Plus Fund C000221921 Class I C000221922 Class A NPORT-P 1 primary_doc.xml NPORT-P false 0001815493 XXXXXXXX S000069563 C000221921 C000221922 VELA Funds 811-23585 0001815493 549300F0PMHX6GFZ7Q56 220 Market Street Suite 208 New Albany 43054 614-653-8352 VELA LARGE CAP PLUS FUND S000069563 549300V8UD7IZ63TCH22 2021-09-30 2021-06-30 N 30793642.17 6073798.18 24719843.99 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 608212.27 N Walt Disney Company 549300GZKULIZ0WOW665 Walt Disney Co./The 254687106 1843.00000000 NS USD 323944.11000000 1.310461789852 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Baker Hughes Co. Call @ 26 Expiring October 2021 N/A -180.00000000 NS USD -13950.00000000 -0.05643239498 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Baker Hughes Co. Baker Hughes Co. 100.00000000 26.00000000 USD 2021-10-18 XXXX 4589.90000000 N N N AbbVie Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 4899.00000000 NS USD 551823.36000000 2.232309233922 Long EC CORP US N 1 N N N Berkshire Hathaway Inc. 5493000C01ZX7D35SD85 Berkshire Hathaway, Inc. 084670702 3773.00000000 NS USD 1048592.16000000 4.241904440918 Long EC CORP US N 1 N N N Caterpillar Inc WRJR7GS4GTRECRRTVX92 Caterpillar, Inc. 149123101 -409.00000000 NS USD -89010.67000000 -0.36007779837 Short EC CORP US N 1 N N N Exelon Corporation 3SOUA6IRML7435B56G12 Exelon Corp. 30161N101 13865.00000000 NS USD 614358.15000000 2.485283281919 Long EC CORP US N 1 N N N Linde Plc 8945002PAZHZLBGKGF02 Linde Public Limited Company G5494J103 1356.00000000 NS USD 392019.60000000 1.585849814256 Long EC CORP IE N 1 N N N Northrop Grumman Corporation RIMU48P07456QXSO0R61 Northrop Grumman Corp. 666807102 1772.00000000 NS USD 643997.96000000 2.605186182649 Long EC CORP US N 1 N N N Humana Inc. 529900YLDW34GJAO4J06 Humana, Inc. 444859102 1490.00000000 NS USD 659652.80000000 2.668515223101 Long EC CORP US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 iShares Russell 1000 Value ETF 464287598 -4680.00000000 NS USD -742341.60000000 -3.00301895230 Short EC RF US N 1 N N N NVR Inc 529900RWXR4JI3JYTV70 NVR, Inc. 62944T105 77.00000000 NS USD 382944.10000000 1.549136394853 Long EC CORP US N 1 N N N Baxter International, Inc. J5OIVXX3P24RJRW5CK77 Baxter International, Inc. 071813109 -1642.00000000 NS USD -132181.00000000 -0.53471615781 Short EC CORP US N 1 N N N N/A N/A ARK Innovation ETF Put @ 110 Expiring January 2022 N/A 65.00000000 NS USD 44200.00000000 0.178803717442 Long DE CORP US N 2 WEEDEN & CO. N/A Put Purchased ARK Innovation ETF ARK Innovation ETF 100.00000000 110.00000000 USD 2022-01-24 XXXX -42855.00000000 N N N Oracle Corporation 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389X105 -1365.00000000 NS USD -106251.60000000 -0.42982310099 Short EC CORP US N 1 N N N Live Nation Entertainment, Inc. 5493007B9BM9ZXJINO78 Live Nation Entertainment, Inc. 538034109 3055.00000000 NS USD 267587.45000000 1.082480334860 Long EC CORP US N 1 N N N The Kraft Heinz Company N/A Kraft Heinz Co./The 500754106 8934.00000000 NS USD 364328.52000000 1.473830175252 Long EC CORP US N 1 N N N The Charles Schwab Corporation 549300VSGCJ7E698NM85 Charles Schwab Corp./The 808513105 3421.00000000 NS USD 249083.01000000 1.007623713566 Long EC CORP US N 1 N N N Select Sector Spdr 5493008JJKIPMEX3CO91 Communication Services Select Sector SPDR Fund 81369Y852 -1568.00000000 NS USD -126960.96000000 -0.51359935787 Short EC RF US N 1 N N N Apple Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 7214.00000000 NS USD 988029.44000000 3.996908072719 Long EC CORP US N 1 N N N Pioneer Natural Resources Company FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co. 723787107 2450.00000000 NS USD 398174.00000000 1.610746411510 Long EC CORP US N 1 N N N Aptiv Plc N/A Aptiv PLC G6095L109 1699.00000000 NS USD 267303.67000000 1.081332350269 Long EC CORP JE N 1 N N N Polaris Incorporation 549300QJSN8UVWN1EI78 Polaris Industries, Inc. 731068102 1911.00000000 NS USD 261730.56000000 1.058787264619 Long EC CORP US N 1 N N N Tesla Inc 54930043XZGB27CTOV49 Tesla, Inc. 88160R101 -190.00000000 NS USD -129143.00000000 -0.52242643623 Short EC CORP US N 1 N N N Money Market Obligations Trust 25490005VWJDWX717014 Federated Hermes Treasury Oligations Fund 60934N500 1596130.51000000 PA USD 1596130.51000000 6.456879382595 Long STIV RF US N 1 N N N VMware Inc 549300BUDHS3LRWBE814 VMware, Inc. 928563402 2257.00000000 NS USD 361052.29000000 1.460576734003 Long EC CORP US N 1 N N N Illinois Tool Works Inc. 76NA4I14SZCFAYMNSV04 Illinois Tool Works, Inc. 452308109 -711.00000000 NS USD -158951.16000000 -0.64301036877 Short EC CORP US N 1 N N N Suncor Energy Inc. 549300W70ZOQDVLCHY06 Suncor Energy, Inc. 867224107 21113.00000000 NS USD 506078.61000000 2.047256488369 Long EC CORP CA N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Zynga, Inc. Call @ 12 Expiring September 2021 N/A -300.00000000 NS USD -10050.00000000 -0.04065559638 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Zynga, Inc. Zynga, Inc. 100.00000000 12.00000000 USD 2021-09-20 XXXX 1352.94000000 N N N The Home Depot, Inc. QEKMOTMBBKA8I816DO57 Home Depot, Inc./The 437076102 1352.00000000 NS USD 431139.28000000 1.744101945685 Long EC CORP US N 1 N N N S&P Global Inc Y6X4K52KMJMZE7I7MY94 S&P Global, Inc. 78409V104 967.00000000 NS USD 396905.15000000 1.605613490767 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Ford Motor Co. Call @ 17 Expiring March 2022 N/A 100.00000000 NS USD 13950.00000000 0.056432394984 Long DE CORP US N 2 MKM PARTNERS N/A Call Purchased Ford Motor Co. Ford Motor Co. 100.00000000 17.00000000 USD 2022-03-21 XXXX -3733.00000000 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 13620.00000000 NS USD 648312.00000000 2.622637910911 Long EC CORP US N 1 N N N Spdr S&P 500 Etf Trust 549300NZAMSJ8FXPQQ63 SPDR S&P 500 ETF Trust 78462F103 -2567.00000000 NS USD -1098830.02000000 -4.44513331251 Short EC RF US N 1 N N N MetLife Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156R108 9260.00000000 NS USD 554211.00000000 2.241968032744 Long EC CORP US N 1 N N N Microchip Technology Incorporated 5493007PTFULNYZJ1R12 Microchip Technology, Inc. 595017104 2741.00000000 NS USD 410437.34000000 1.660355705181 Long EC CORP US N 1 N N N Goldman Sachs Group, Inc. 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc./The 38141G104 1336.00000000 NS USD 507052.08000000 2.051194498659 Long EC CORP US N 1 N N N T-Mobile US, Inc. 549300QHIJYOHPACPG31 T-Mobile US, Inc. 872590104 2986.00000000 NS USD 432462.38000000 1.749454325743 Long EC CORP US N 1 N N N Applied Materials Inc. 41BNNE1AFPNAZELZ6K07 Applied Materials, Inc. 038222105 -883.00000000 NS USD -125739.20000000 -0.50865693185 Short EC CORP US N 1 N N N Microsoft Corporation INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 4270.00000000 NS USD 1156743.00000000 4.679410600115 Long EC CORP US N 1 N N N Visa Inc 549300JZ4OKEHW3DPJ59 Visa, Inc. 92826C839 2068.00000000 NS USD 483539.76000000 1.956079335272 Long EC CORP US N 1 N N N Invesco Qqq Trust 549300VY6FEJBCIMET58 Invesco QQQ Trust Series 1 46090E103 -1589.00000000 NS USD -563189.27000000 -2.27828812442 Short EC RF US N 1 N N N Tyson Foods, Inc. WD6L6041MNRW1JE49D58 Tyson Foods, Inc. 902494103 5329.00000000 NS USD 393067.04000000 1.590087057826 Long EC CORP US N 1 N N N The TJX Companies Inc. V167QI9I69W364E2DY52 TJX Cos., Inc./The 872540109 7077.00000000 NS USD 477131.34000000 1.930155142536 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories 002824100 3719.00000000 NS USD 431143.67000000 1.744119704697 Long EC CORP US N 1 N N N CSX Corporation 549300JVQR4N1MMP3Q88 CSX Corp. 126408103 10455.00000000 NS USD 335396.40000000 1.356790116214 Long EC CORP US N 1 N N N Facebook, Inc. BQ4BKCS1HXDV9HN80Z93 Facebook, Inc. 30303M102 1541.00000000 NS USD 535821.11000000 2.167574804342 Long EC CORP US N 1 N N N Ark Etf Tr 2549000Z0EWMH3U0CQ16 ARK Innovation ETF 00214Q104 -1502.00000000 NS USD -196431.56000000 -0.79463106676 Short EC RF US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 SPDR S&P Regional Banking ETF Call @ 75 Expiring January 2022 N/A 275.00000000 NS USD 48812.50000000 0.197462815783 Long DE CORP US N 2 WEEDEN & CO. N/A Call Purchased SPDR S&P Regional Banking ETF SPDR S&P Regional Banking ETF 100.00000000 75.00000000 USD 2022-01-24 XXXX -76852.49000000 N N N Horizon Therapeutics Plc 529900P0GSQ79OOZEV53 Horizon Therapeutics PLC G46188101 4595.00000000 NS USD 430275.80000000 1.740608881569 Long EC CORP IE N 1 N N N Gamestop Corp 549300505KLOET039L77 GameStop Corp. 36467W109 -608.00000000 NS USD -130197.12000000 -0.52669070263 Short EC CORP US N 1 N N N Texas Instruments Incorporated WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 1229.00000000 NS USD 236336.70000000 0.956060645429 Long EC CORP US N 1 N N N Wells Fargo & Company PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746101 9729.00000000 NS USD 440626.41000000 1.782480545501 Long EC CORP US N 1 N N N Paypal Holdings Incorporation 5493005X2GO78EFZ3E94 PayPal Holdings, Inc. 70450Y103 2399.00000000 NS USD 699260.52000000 2.828741638834 Long EC CORP US N 1 N N N Adobe Inc FU4LY2G4933NH2E1CP29 Adobe Systems, Inc. 00724F101 627.00000000 NS USD 367196.28000000 1.485431219341 Long EC CORP US N 1 N N N Bank of America Corporation 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 15067.00000000 NS USD 621212.41000000 2.513011045908 Long EC CORP US N 1 N N N Sysco Corporation 5RGWIFLMGH3YS7KWI652 Sysco Corp. 871829107 4959.00000000 NS USD 385562.25000000 1.559727683378 Long EC CORP US N 1 N N N V.F. Corporation CWAJJ9DJ5Z7P057HV541 VF Corp. 918204108 4605.00000000 NS USD 377794.20000000 1.528303334571 Long EC CORP US N 1 N N N Shopify Inc 549300HGQ43STJLLP808 Shopify, Inc. 82509L107 -89.00000000 NS USD -130027.22000000 -0.52600340055 Short EC CORP CA N 1 N N N Texas Roadhouse 5299002Y1CNRPDGXTQ75 Texas Roadhouse, Inc. 882681109 -1191.00000000 NS USD -114574.20000000 -0.46349078920 Short EC CORP US N 1 N N N Advance Auto Parts 529900UCNQ5H9FSL0Y70 Advance Auto Parts, Inc. 00751Y106 -553.00000000 NS USD -113442.42000000 -0.45891236225 Short EC CORP US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 iShares Russell Mid-Cap ETF 464287499 -3792.00000000 NS USD -300478.08000000 -1.21553388492 Short EC RF US N 1 N N N Baker Hughes Company N/A Baker Hughes Co. 05722G100 19510.00000000 NS USD 446193.70000000 1.805002087312 Long EC CORP US N 1 N N N Moodys Corp 549300GCEDD8YCF5WU84 Moody's Corp. 615369105 -517.00000000 NS USD -187345.29000000 -0.75787407912 Short EC CORP US N 1 N N N Comcast Corporation 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030N101 7675.00000000 NS USD 437628.50000000 1.770353001325 Long EC CORP US N 1 N N N Dollar General Corporation OPX52SQVOZI8IVSWYU66 Dollar General Corp. 256677105 2383.00000000 NS USD 515657.37000000 2.086005762045 Long EC CORP US N 1 N N N Avery Dennison Corporation 549300PW7VPFCYKLIV37 Avery Dennison Corp. 053611109 1544.00000000 NS USD 324610.56000000 1.313157802012 Long EC CORP US N 1 N N N Biontech Se 894500UZJ5LG1F8J1U58 BioNTech SE 09075V102 -465.00000000 NS USD -104104.20000000 -0.42113615297 Short EC CORP DE N 1 N N N Boston Scientific Corporation Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp. 101137107 9925.00000000 NS USD 424393.00000000 1.716810996750 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 PayPal Holdings, Inc. Call @ 320 Expiring October 2021 N/A -22.00000000 NS USD -18810.00000000 -0.07609271323 Short DE CORP US N 2 MKM PARTNERS LLC N/A Call Written PayPal Holdings, Inc. PayPal Holdings, Inc. 100.00000000 320.00000000 USD 2021-10-18 XXXX -3454.08000000 N N N Deere & Company PWFTNG3EI0Y73OXWDH08 Deere & Co. 244199105 748.00000000 NS USD 263827.08000000 1.067268386106 Long EC CORP US N 1 N N N Alnylam Pharmaceut 529900S3ZI14OWRJII50 Alnylam Pharmaceuticals, Inc. 02043Q107 2784.00000000 NS USD 471943.68000000 1.909169330481 Long EC CORP US N 1 N N N The Kroger Co. 6CPEOKI6OYJ13Q6O7870 Kroger Co./The 501044101 -4492.00000000 NS USD -172088.52000000 -0.69615536436 Short EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 MetLife, Inc. Call @ 70 Expiring January 2022 N/A -90.00000000 NS USD -10710.00000000 -0.04332551614 Short DE CORP US N 2 MKM PARTNERS N/A Call Written MetLife, Inc. MetLife, Inc. 100.00000000 70.00000000 USD 2022-01-24 XXXX 13122.78000000 N N N Cerner Corp 549300L4UJ40IEVVI304 Cerner Corp. 156782104 -2170.00000000 NS USD -169607.20000000 -0.68611759875 Short EC CORP US N 1 N N N Amphenol Corporation 549300D3L3G0R4U4VT04 Amphenol Corp. 032095101 -2751.00000000 NS USD -188195.91000000 -0.76131512025 Short EC CORP US N 1 N N N Citigroup Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967424 -2852.00000000 NS USD -201779.00000000 -0.81626324212 Short EC CORP US N 1 N N N Zynga Inc 549300XNQ0U2EL088Z74 Zynga, Inc. 98986T108 39802.00000000 NS USD 423095.26000000 1.711561206337 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Invesco QQQ Trust Series 1 Put @ 325 Expiring June 2022 N/A 80.00000000 NS USD 154320.00000000 0.624275784517 Long DE CORP US N 2 WEEDEN & CO. N/A Put Purchased Invesco QQQ Trust Series 1 Invesco QQQ Trust Series 1 100.00000000 325.00000000 USD 2022-06-18 XXXX -82840.00000000 N N N Arch Capital Group Ltd. 549300AYR4P8AFKDCE43 Arch Capital Group Ltd. G0450A105 14926.00000000 NS USD 581218.44000000 2.351222120314 Long EC CORP BM N 1 N N N Centerpoint Energy Inc 21TPXMRRHFKOBHDC8J74 CenterPoint Energy, Inc. 15189T107 17820.00000000 NS USD 436946.40000000 1.767593679704 Long EC CORP US N 1 N N N J. B. Hunt Transport Services, Inc. 549300XCD1MPI1C5GK90 JB Hunt Transport Services, Inc. 445658107 1750.00000000 NS USD 285162.50000000 1.153577264141 Long EC CORP US N 1 N N N Pulte Group Inc N/A PulteGroup, Inc. 745867101 -2726.00000000 NS USD -148757.82000000 -0.60177491435 Short EC CORP US N 1 N N N Medtronic Plc 549300GX3ZBSQWUXY261 Medtronic PLC G5960L103 4857.00000000 NS USD 602899.41000000 2.438928863159 Long EC CORP IE N 1 N N N The Clorox Company 54930044KVSC06Z79I06 Clorox Co./The 189054109 -1134.00000000 NS USD -204017.94000000 -0.82532049992 Short EC CORP US N 1 N N N Illumina Inc SQ95QG8SR5Q56LSNF682 Illumina, Inc. 452327109 -233.00000000 NS USD -110257.93000000 -0.44603003985 Short EC CORP US N 1 N N N Johnson Controls International Plc 549300XQ6S1GYKGBL205 Johnson Controls International PLC G51502105 8485.00000000 NS USD 582325.55000000 2.355700748902 Long EC CORP IE N 1 N N N Weyerhaeuser Company 08IRJODWFYBI7QWRGS31 Weyerhaeuser Co. 962166104 -1876.00000000 NS USD -64571.92000000 -0.26121491715 Short EC CORP US N 1 N N N Starbucks Corporation OQSJ1DU9TAOC51A47K68 Starbucks Corp. 855244109 2792.00000000 NS USD 312173.52000000 1.262845834003 Long EC CORP US N 1 N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group 78486Q101 536.00000000 NS USD 298246.48000000 1.206506319864 Long EC CORP US N 1 N N N Pepsico Inc FJSUNZKFNQ5YPJ5OT455 PepsiCo, Inc. 713448108 3331.00000000 NS USD 493554.27000000 1.996591362792 Long EC CORP US N 1 N N N Alexion Pharmaceuticals, Inc. M1YXUUZR0EIMU8T0EM75 Alexion Pharmaceuticals, Inc. 015351109 2204.00000000 NS USD 404896.84000000 1.637942537840 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. 02079K305 294.00000000 NS USD 717886.26000000 2.904088959017 Long EC CORP US N 1 N N N OReilly Automotive, Inc. 549300K2RLMQL149Q332 O'Reilly Automotive, Inc. 67103H107 680.00000000 NS USD 385022.80000000 1.557545428505 Long EC CORP US N 1 N N N Vertex Pharmaceuticals Incorporated 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals, Inc. 92532F100 2219.00000000 NS USD 447416.97000000 1.809950621779 Long EC CORP US N 1 N N N BorgWarner Inc. 549300DSFX2IE88NSX47 BorgWarner, Inc. 099724106 5078.00000000 NS USD 246486.12000000 0.997118428820 Long EC CORP US N 1 N N N 2021-06-30 VELA Funds Gregory Knoth Gregory Knoth SVP, Mutual Fund Controller XXXX NPORT-EX 2 velanport.htm VELA NPORT-EX FILE

 

 

 

VELA SMALL CAP FUND
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
    Shares Fair Value
Common Stocks — 90.99%      
Consumer Discretionary — 14.40%      
Graham Holdings Co., Class B       1,008   $   638,971  
Green Brick Partners, Inc.(a)       27,143   617,232  
Hanesbrands, Inc.       30,666   572,534  
Liberty Media Corp. - Liberty Braves - Series C(a)       11,943   331,658  
Malibu Boats, Inc., Class A(a)       4,610   338,051  
Nordstrom, Inc.(b)       15,776   576,928  
Polaris Industries, Inc.       3,202   438,546  
Shake Shack, Inc., Class A(a)       1,663   177,974  
Wendy's Company (The)       5,679   133,002  
          3,824,896  
Consumer Staples — 9.16%      
Flowers Foods, Inc.       16,781   406,100  
Inter Parfums, Inc.       4,210   303,120  
John B. Sanfilippo & Son, Inc.       3,063   271,290  
MGP Ingredients, Inc.       2,113   142,923  
Sanderson Farms, Inc.       2,982   560,526  
Sprouts Farmers Market, Inc.(a)       7,470   185,630  
US Foods Holding Corp.(a)(b)       14,688   563,432  
          2,433,021  
Energy — 17.66%      
Bonanza Creek Energy, Inc.(b)       31,579   1,486,423  
Cimarex Energy Co.       5,449   394,780  
Devon Energy Corp.       23,545   687,279  
PDC Energy, Inc.       5,381   246,396  
RPC, Inc.(a)       58,560   289,872  
Texas Pacific Land Corp.       992   1,586,942  
          4,691,692  
Financials — 20.60%      
1st Source Corp.       6,435   298,970  
Assured Guaranty Ltd.       14,507   688,792  
Axis Capital Holdings Ltd.       6,764   331,504  
Bank OZK       15,212   641,338  
BankUnited, Inc.       7,896   337,080  
BOK Financial Corp.       4,596   398,014  
Cullen/Frost Bankers, Inc.       4,399   492,688  
Enstar Group, Ltd.(a)       993   237,248  
Live Oak Bancshares, Inc.(b)       12,361   729,299  
UMB Financial Corp.       4,384   407,975  
Washington Trust Bancorp, Inc.       17,673   907,508  
          5,470,416  
Health Care — 5.59%      
Aurinia Pharmaceuticals, Inc.(a)       26,530   343,829  
Envista Holdings Corp.(a)       9,784   422,767  
Jazz Pharmaceuticals PLC(a)       1,248   221,695  
Livanova PLC(a)       5,917   497,678  
          1,485,969  
Industrials — 16.35%      
Allegiant Travel Co.       745   144,530  
Applied Industrial Technologies, Inc.       3,308   301,226  
BWX Technologies, Inc.       5,871   341,223  
Chase Corp.       3,822   392,175  
Copa Holdings, S.A., Class A       3,949   297,478  
Greenbrier Companies, Inc. (The)       12,144   529,236  
Hub Group, Inc., Class A(a)       18,991   1,253,026  
Kirby Corp.(a)       17,897   1,085,274  
          4,344,168  
Materials — 5.36%      
Ashland Global Holdings, Inc.       12,127   1,061,113  
Greif, Inc., Class A       6,000   363,300  
          1,424,413  
Technology — 0.90%      
NETGEAR, Inc.(a)       6,265   240,075  
           
Utilities — 0.97%      
Southwest Gas Holdings, Inc.       3,878   256,685  
TOTAL  COMMON STOCK (Cost $16,506,402)       24,171,335  
         
Description Number of Contracts Notional Amount Exercise Price Expiration Date Fair Value
Put Options Purchased — 0.70%      
Energy Select Sector SPDR Fund 800   $   4,309,600   $ 50.00 October 2021 139,200  
iShares Russell 2000 ETF 125   2,867,125   210.00 October 2021 48,750  
TOTAL PUT OPTIONS PURCHASED  (Cost $225,347)   187,950  
     
Money Market Funds - 8.82%   Shares  
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(c)   2,343,419   2,343,419  
TOTAL MONEY MARKET FUNDS (Cost $2,343,419)     2,343,419  
       
Total Investments — 100.51%    
    (Cost $19,075,168)   26,702,704  
Liabilities in Excess of Other Assets — (0.51)%       (135,218 )
Net Assets — 100.00%   $   26,567,486  
 

 

 

 

(a) Non-income producing security.
(b) All or a portion of the security is held as collateral for written options.
(c) Rate disclosed is the seven day effective yield as of June 30, 2021.

 

ETF - Exchange Traded Funds.  

 

VELA SMALL CAP FUND

SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
June 30, 2021 (Unaudited)

 

 

 

     
Description Number of Contracts Notional Amount Exercise Price Expiration Date Fair Value
Written Call Options (0.42)%
Bonanza Creek Energy, Inc. (205)   $   (964,935)   $60.00 October 2021 $   (36,387)  
Live Oak Bancshares, Inc. (100)   (590,000)   80.00 December 2021 (13,250)  
Nordstrom, Inc. (125)   (457,125)   40.00 October 2021 (34,188)  
US Foods Holding Corp. (117)   (448,812)   40.00 October 2021 (28,665)  
TOTAL WRITTEN CALL OPTIONS (Premiums Received $82,721)         $   (112,490)  
       
 

 

 

 

 

VELA LARGE CAP PLUS FUND
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
    Shares Fair Value
Common Stocks — 113.14%      
Communications — 11.54%      
Alphabet, Inc., Class A(a)(b)       294   $   717,886  
Comcast Corp., Class A(b)       7,675   437,629  
Facebook, Inc., Class A(a)(b)       1,541   535,821  
T-Mobile US, Inc.(a)(b)       2,986   432,462  
Walt Disney Co. (The)(b)       1,843   323,944  
Zynga, Inc., Class A(a)(c)       39,802   423,095  
          2,870,837  
Consumer Discretionary — 13.71%      
Aptiv PLC       1,699   267,304  
BorgWarner, Inc.(b)       5,078   246,486  
Home Depot, Inc. (The)       1,352   431,139  
Live Nation Entertainment, Inc.(a)       3,055   267,587  
NVR, Inc.(a)(b)       77   382,944  
O'Reilly Automotive, Inc.(a)       680   385,023  
Polaris Industries, Inc.       1,911   261,731  
Starbucks Corp.       2,792   312,174  
TJX Cos., Inc. (The)(b)       7,077   477,131  
VF Corp.(b)       4,605   377,794  
          3,409,313  
Consumer Staples — 8.65%      
Dollar General Corp.(b)       2,383   515,658  
Kraft Heinz Co. (The)       8,934   364,329  
PepsiCo, Inc.(b)       3,331   493,554  
Sysco Corp.(b)       4,959   385,562  
Tyson Foods, Inc., Class A       5,329   393,067  
          2,152,170  
Energy — 5.43%      
Baker Hughes Co.(c)       19,510   446,194  
Pioneer Natural Resources Co.(b)       2,450   398,174  
Suncor Energy, Inc.(b)       21,113   506,078  
          1,350,446  
Financials — 19.91%      
American International Group, Inc.(b)       13,620   648,312  
Arch Capital Group Ltd.(a)(b)       14,926   581,218  
Bank of America Corp.       15,067   621,213  
Berkshire Hathaway, Inc., Class B(a)(b)       3,773   1,048,592  
Charles Schwab Corp. (The)       3,421   249,083  
Goldman Sachs Group, Inc. (The)(b)       1,336   507,052  
MetLife, Inc.(c)       9,260   554,211  
SVB Financial Group(a)       536   298,246  
Wells Fargo & Co.       9,729   440,626  
          4,948,553  
Health Care — 17.79%      
Abbott Laboratories(b)       3,719   431,144  
AbbVie, Inc.(b)       4,899   551,822  
Alexion Pharmaceuticals, Inc.(a)(b)       2,204   404,897  
Alnylam Pharmaceuticals, Inc.(a)       2,784   471,944  
Boston Scientific Corp.(a)(b)       9,925   424,393  
Horizon Therapeutics PLC(a)       4,595   430,276  
Humana, Inc.(b)       1,490   659,653  
Medtronic PLC(b)       4,857   602,899  
Vertex Pharmaceuticals, Inc.(a)       2,219   447,417  
          4,424,445  
Industrials — 8.49%      
CSX Corp.(b)       10,455   335,396  
Deere & Co.       748   263,827  
JB Hunt Transport Services, Inc.       1,750   285,163  
Johnson Controls International PLC(b)       8,485   582,326  
Northrop Grumman Corp.(b)       1,772   643,998  
          2,110,710  
Materials — 2.88%      
Avery Dennison Corp.(b)       1,544   324,611  
Linde Public Limited Co.       1,356   392,020  
          716,631  
Technology — 20.51%      
Adobe Systems, Inc.(a)       627   367,196  
Apple, Inc.(b)       7,214   988,029  
Microchip Technology, Inc.       2,741   410,437  
Microsoft Corp.(b)       4,270   1,156,744  
PayPal Holdings, Inc.(a)(c)       2,399   699,260  
S&P Global, Inc.       967   396,905  
Texas Instruments, Inc.       1,229   236,337  
Visa, Inc., Class A(b)       2,068   483,540  
VMware, Inc., Class A(a)       2,257   361,052  
          5,099,500  
Utilities — 4.23%      
CenterPoint Energy, Inc.       17,820   436,946  
Exelon Corp.(b)       13,865   614,359  
          1,051,305  
TOTAL  COMMON STOCKS (Cost $22,895,320)       28,133,910  
         
Description Number of Contracts Notional Amount Exercise Price Expiration Date Fair Value
Call Options Purchased — 0.26%      
Ford Motor Co.(b) 100   $   148,600   $ 17.00 March 2022 13,950  
SPDR S&P Regional Banking ETF(b) 275   1,802,075   75.00 January 2022 48,812  
TOTAL CALL OPTIONS PURCHASED (Cost $143,348)   62,762  
     
Description Number of Contracts Notional Amount Exercise Price Expiration Date Fair Value
Put Options Purchased — 0.80%      
ARK Innovation ETF(b) 65   850,070   110.00 January 2022 44,200  
Invesco QQQ Trust, Series 1(b) 80   2,835,440   325.00 June 2022 154,320  
TOTAL PUT OPTIONS PURCHASED (Cost $324,215)   198,520  
     
Money Market Funds - 6.42%   Shares  
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(d)   1,596,131   1,596,131  
TOTAL MONEY MARKET FUNDS (Cost $1,596,131)     1,596,131  
       
Total Investments — 120.62%    
    (Cost $24,959,014)   29,991,323  
Liabilities in Excess of Other Assets — (20.62)%       (5,126,881 )
Net Assets — 100.00%   $   24,864,442  
 

 

 

 

(a) Non-income producing security.
(b) All or a portion of the security is held as collateral for securities sold short. The fair value of this collateral on June 30, 2021, was $16,756,587.
(c) All or a portion of the security is held as collateral for written options.
(d) Rate disclosed is the seven day effective yield as of June 30, 2021.
   
ETF - Exchange Traded Funds.

 

 

 

VELA LARGE CAP PLUS FUND
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
June 30, 2021 (Unaudited)

 

 

 

     
Description Number of Contracts Notional Amount Exercise Price Expiration Date Fair Value
Written Call Options (0.22)%
Baker Hughes Co. (180)   $   (411,660)   $26.00 October 2021 $   (13,950)  
MetLife, Inc. (90)   (538,650)   70.00 January 2022 (10,710)  
PayPal Holdings, Inc. (22)   (641,256)   320.00 October 2021 (18,810)  
Zynga, Inc. (300)   (318,900)   12.00 September 2021 (10,050)  
TOTAL WRITTEN CALL OPTIONS (Premiums Received $69,132)         $   (53,520)  
       
 

 

 

 

 

 

 

 

 

 

VELA LARGE CAP PLUS FUND      
SCHEDULE OF SECURITIES SOLD SHORT      
June 30, 2021 (Unaudited)      
        Shares Fair Value
Common Stocks - Short - (11.18%)          
Communications - (0.52%)      
Shopify, Inc., Class A(a)           (89 ) $     (130,027)  
         
Consumer Discretionary - (2.56%)      
Advance Auto Parts, Inc.           (553 ) (113,442)  
GameStop Corp., Class A(a)           (608 ) (130,197)  
PulteGroup, Inc.           (2,726 ) (148,758)  
Tesla, Inc.(a)           (190 ) (129,143)  
Texas Roadhouse, Inc.           (1,191 ) (114,574)  
          (636,114)  
Consumer Staples - (1.51%)      
Clorox Co. (The)           (1,134 ) (204,018)  
Kroger Co. (The)           (4,492 ) (172,089)  
          (376,107)  
Financials - (0.81%)      
Citigroup, Inc.           (2,852 ) (201,779)  
         
Health Care - (1.39%)      
Baxter International, Inc.           (1,642 ) (132,181)  
BioNTech SE - ADR(a)           (465 ) (104,104)  
Illumina, Inc.(a)           (233 ) (110,258)  
          (346,543)  
Industrials - (1.76%)      
Amphenol Corp., Class A           (2,751 ) (188,196)  
Caterpillar, Inc.           (409 ) (89,011)  
Illinois Tool Works, Inc.           (711 ) (158,951)  
          (436,158)  
Real Estate - (0.26%)      
Weyerhaeuser Co.           (1,876 ) (64,572)  
         
Technology - (2.37%)      
Applied Materials, Inc.           (883 ) (125,739)  
Cerner Corp.           (2,170 ) (169,607)  
Moody's Corp.           (517 ) (187,345)  
Oracle Corp.           (1,365 ) (106,252)  
          (588,943)  
TOTAL COMMON STOCKS - SHORT        
      (Proceeds Received $2,657,840)         (2,780,243)  

 

 

          
Exchange-Traded Funds - Short - (12.18%)          
Communication Services Select Sector SPDR Fund       (1,568)   (126,961)  
Invesco QQQ Trust, Series 1       (1,589)   (563,189)  
iShares Russell 1000 Value ETF       (4,680)   (742,342)  
SPDR S&P 500 ETF Trust       (2,567)   (1,098,829)  
ARK Innovation ETF       (1,502)   (196,432)  
iShares Russell Mid-Cap ETF       (3,792)   (300,478)  
TOTAL EXCHANGE-TRADED FUNDS - SHORT          
     (Proceeds Received $2,962,008)       (3,028,231)  
           

TOTAL SECURITIES SOLD SHORT - (23.36)%

(Proceeds Received $5,619,848)

         $ (5,808,474)  
 

 

 

 

(a) Non-income producing security.

 

 

 

ADR - American Depositary Receipt.  
ETF - Exchange Traded Funds.
   

 

 

 

 

VELA INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
    Shares Fair Value
Common Stocks — 90.94%      
Australia — 1.43%          
Consumer Staples — 1.43%      
Treasury Wine Estates Ltd.       48,300   $   422,873  
Total Australia     422,873  
       
Austria — 4.13%          
Communications — 2.21%      
Telekom Austria AG       76,500   653,265  
         
Materials — 1.92%      
Wienerberger AG       14,700   566,728  
Total Austria     1,219,993  
       
Belgium — 4.92%          
Financials — 2.51%      
KBC Group NV       9,700   740,738  
         
Technology — 2.41%      
Barco NV       26,000   711,985  
Total Belgium     1,452,723  
       
Canada — 6.43%          
Energy — 2.11%      
Suncor Energy, Inc.       26,000   623,220  
         
Industrials — 1.92%      
Finning International, Inc.       21,700   567,990  
         
Materials — 2.40%      
OceanaGold Corp.(a)       373,000   707,037  
Total Canada     1,898,247  
       
Denmark — 2.61%          
Industrials — 2.61%      
FLSmidth & Co. A/S       18,500   770,869  
Total Denmark     770,869  
       
France — 6.85%          
Consumer Discretionary — 2.16%      
Michelin (CGDE) - B Registered Shares       4,000   638,494  
         
Energy — 2.64%      
TOTAL SE       17,200   779,327  
         
Industrials — 2.05%      
Rexel SA       28,900   605,219  
Total France     2,023,040  
       
Germany — 6.06%          
Health Care — 2.67%      
Fresenius SE & Co. KGaA       15,100   788,205  
         
Industrials — 1.46%      
Duerr AG       11,300   429,849  
         
Materials — 1.93%      
Fuchs Petrolub SE       14,700   571,099  
Total Germany     1,789,153  
       
Hong Kong — 8.09%          
Consumer Staples — 2.47%      
WH Group Ltd.       814,000   730,646  
         
Industrials — 2.56%      
Johnson Electric Holdings Ltd.       294,000   757,548  
         
Technology — 3.06%      
VTech Holdings Ltd.       85,600   900,811  
Total Hong Kong     2,389,005  
       
Iceland — 0.59%          
Industrials — 0.59%      
Marel HF       25,000   173,703  
Total Iceland     173,703  
       
Indonesia — 2.36%          
Industrials — 2.36%      
United Tractors Tbk PT       500,000   697,068  
Total Indonesia     697,068  
       
Japan — 13.11%          
Consumer Discretionary — 2.54%      
Honda Motor Co. Ltd.       23,300   749,471  
         
Consumer Staples — 1.74%      
Suntory Beverage & Food Ltd.       13,600   512,662  
         
Industrials — 4.71%      
Ebara Corp.       9,800   482,771  
Okuma Corp.       9,100   445,868  
OSG Corp.       26,900   466,961  
          1,395,600  
Materials — 4.12%      
Fuji Seal International, Inc.       27,200   571,216  
Toray Industries, Inc.       96,900   645,991  
          1,217,207  
Total Japan     3,874,940  
       
Mexico — 2.89%          
Consumer Staples — 2.89%      
Gruma SAB de CV(a)       30,000   337,189  
Kimberly-Clark de Mexico SAB de CV(a)       290,000   515,125  
          852,314  
Total Mexico     852,314  
       
Netherlands — 7.38%          
Communications — 1.48%      
Koninklijke KPN NV       140,000   437,948  
         
Financials — 2.50%      
ING Groep NV       55,700   739,511  
         
Health Care — 1.48%      
Koninklijke Philips NV       8,800   436,858  
         
Industrials — 1.92%      
Boskalis Westminster       17,600   565,764  
Total Netherlands     2,180,081  
       
Sweden — 2.42%          
Financials — 2.42%      
Svenska Handelsbanken AB, Class A       63,300   714,559  
Total Sweden     714,559  
       
Switzerland — 9.20%          
Consumer Discretionary — 4.16%      
Cie Financiere Richemont SA       5,900   715,233  
Swatch Group AG (The)       1,500   515,111  
          1,230,344  
Health Care — 3.06%      
Roche Holding AG       2,400   904,392  
         
Industrials — 1.98%      
Adecco Group AG       8,600   585,147  
Total Switzerland     2,719,883  
       
United Kingdom — 12.47%          
Communications — 4.09%      
Informa PLC(a)       71,000   493,419  
WPP PLC       52,800   713,723  
          1,207,142  
Consumer Staples — 4.20%      
Associated British Foods PLC       17,100   524,901  
British American Tobacco PLC       18,500   718,252  
          1,243,153  
Materials — 1.67%      
DS Smith PLC       85,000   492,105  
         
Technology — 2.51%      
Serco Group PLC       397,000   745,330  
Total United Kingdom     3,687,730  
       
TOTAL  COMMON STOCKS (Cost $22,286,975)       26,866,181  
         
Warrant — 0.03%      
Cie Financiere Richemont SA(a)       11,800   7,907  
TOTAL  WARRANT (Cost $–)       7,907  
         
Money Market Funds - 8.38%      
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(b)   2,474,172   2,474,172  
TOTAL MONEY MARKET FUNDS (Cost $2,474,172)     2,474,172  
       
Total Investments — 99.35%    
    (Cost $24,761,147)   29,348,260  
Other Assets in Excess of Liabilities — 0.65%   190,675  
Net Assets — 100.00%   $ 29,538,935  
 
 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of June 30, 2021.