0001752724-22-052638.txt : 20220301 0001752724-22-052638.hdr.sgml : 20220301 20220301092544 ACCESSION NUMBER: 0001752724-22-052638 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220301 PERIOD START: 20220930 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: 22694425 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 2022-09-30 2021-12-31 N 33508811.98 4731372.30 28777439.68 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 0 N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 NVIDIA Corp. Call @ 340 March 2022 N/A -15.00000000 NS USD -15712.50000000 -0.05460006232 Short DE CORP US N 2 MKM PARTNERS N/A Call Written NVIDIA CORPORATION COM NVIDIA CORPORATION COM 100.00000000 340.00000000 USD 2022-03-21 XXXX 23657.35000000 N N N Walt Disney Company 549300GZKULIZ0WOW665 Walt Disney Co./The 254687106 1843.00000000 NS USD 285462.27000000 0.991965488154 Long EC CORP US N 1 N N N AbbVie Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 5957.00000000 NS USD 806577.80000000 2.802812929047 Long EC CORP US N 1 N N N Berkshire Hathaway Inc. 5493000C01ZX7D35SD85 Berkshire Hathaway, Inc. 084670702 3773.00000000 NS USD 1128127.00000000 3.920178488929 Long EC CORP US N 1 N N N Exelon Corporation 3SOUA6IRML7435B56G12 Exelon Corp. 30161N101 13865.00000000 NS USD 800842.40000000 2.782882733506 Long EC CORP US N 1 N N N Linde Plc 8945002PAZHZLBGKGF02 Linde Public Limited Company G5494J103 1356.00000000 NS USD 469759.08000000 1.632386637670 Long EC CORP IE N 1 N N N Northrop Grumman Corporation RIMU48P07456QXSO0R61 Northrop Grumman Corp. 666807102 1772.00000000 NS USD 685888.04000000 2.383422735402 Long EC CORP US N 1 N N N Humana Inc. 529900YLDW34GJAO4J06 Humana, Inc. 444859102 1557.00000000 NS USD 722230.02000000 2.509709091674 Long EC CORP US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 iShares Russell 1000 Value ETF 464287598 -4283.00000000 NS USD -719244.19000000 -2.49933349873 Short EC RF US N 1 N N N NVR Inc 529900RWXR4JI3JYTV70 NVR, Inc. 62944T105 77.00000000 NS USD 454982.99000000 1.581040547940 Long EC CORP US N 1 N N N Live Nation Entertainment, Inc. 5493007B9BM9ZXJINO78 Live Nation Entertainment, Inc. 538034109 3055.00000000 NS USD 365652.95000000 1.270623634576 Long EC CORP US N 1 N N N The Kraft Heinz Company N/A Kraft Heinz Co./The 500754106 12102.00000000 NS USD 434461.80000000 1.509730555710 Long EC CORP US N 1 N N N The Charles Schwab Corporation 549300VSGCJ7E698NM85 Charles Schwab Corp./The 808513105 3421.00000000 NS USD 287706.10000000 0.999762672424 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Wells Fargo & Co. Put @ 42.50 Expiring January 2022 N/A 125.00000000 NS USD 2375.00000000 0.008252992713 Long DE CORP US N 2 MKM PARTNERS N/A Put Purchased WELLS FARGO CO NEW COM WELLS FARGO CO NEW COM 100.00000000 43.00000000 USD 2022-01-24 XXXX -25362.50000000 N N N Apple Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 7501.00000000 NS USD 1331952.57000000 4.628460991704 Long EC CORP US N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353108 4681.00000000 NS USD 272668.25000000 0.947506981274 Long EC CORP GB N 1 N N N Pioneer Natural Resources Company FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co. 723787107 3058.00000000 NS USD 556189.04000000 1.932725934567 Long EC CORP US N 1 N N N Aptiv PLC N/A Aptiv PLC G6095L109 1699.00000000 NS USD 280250.05000000 0.973853313972 Long EC CORP JE N 1 N N N Polaris Incorporation 549300QJSN8UVWN1EI78 Polaris Industries, Inc. 731068102 1911.00000000 NS USD 210038.01000000 0.729870385745 Long EC CORP US N 1 N N N Money Market Obligations Trust 25490005VWJDWX717014 Federated Hermes Treasury Oligations Fund 60934N500 2815217.58000000 PA USD 2815217.58000000 9.782724284386 Long STIV RF US N 1 N N N Trex Company, Inc. 549300ER482WJT9UUX16 Trex Co., Inc. 89531P105 -1288.00000000 NS USD -173918.64000000 -0.60435758682 Short EC CORP US N 1 N N N Illinois Tool Works Inc. 76NA4I14SZCFAYMNSV04 Illinois Tool Works, Inc. 452308109 -711.00000000 NS USD -175474.80000000 -0.60976515614 Short EC CORP US N 1 N N N Block Inc 549300OHIIUWSTIZME52 Block, Inc. 852234103 -788.00000000 NS USD -127269.88000000 -0.44225574413 Short EC CORP US N 1 N N N Suncor Energy Inc. 549300W70ZOQDVLCHY06 Suncor Energy, Inc. 867224107 24641.00000000 NS USD 616764.23000000 2.143221345812 Long EC CORP CA N 1 N N N The Home Depot, Inc. QEKMOTMBBKA8I816DO57 Home Depot, Inc./The 437076102 1352.00000000 NS USD 561093.52000000 1.949768729391 Long EC CORP US N 1 N N N S&P Global Inc Y6X4K52KMJMZE7I7MY94 S&P Global, Inc. 78409V104 967.00000000 NS USD 456356.31000000 1.585812758447 Long EC CORP US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 iShares US Financials ETF 464287788 -3275.00000000 NS USD -283909.75000000 -0.98657056762 Short EC RF US N 1 N N N Coinbase Global Inc 5493004G3J2SC154DU06 Coinbase Global, Inc. 19260Q107 -443.00000000 NS USD -111799.91000000 -0.38849846005 Short EC CORP US N 1 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 13620.00000000 NS USD 774433.20000000 2.691112234484 Long EC CORP US N 1 N N N Lowes Companies, Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661107 -444.00000000 NS USD -114765.12000000 -0.39880239964 Short EC CORP US N 1 N N N MetLife Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156R108 9260.00000000 NS USD 578657.40000000 2.010802234092 Long EC CORP US N 1 N N N Microchip Technology Incorporated 5493007PTFULNYZJ1R12 Microchip Technology, Inc. 595017104 5482.00000000 NS USD 477262.92000000 1.658462063710 Long EC CORP US N 1 N N N Goldman Sachs Group, Inc. 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc./The 38141G104 1336.00000000 NS USD 511086.80000000 1.775998162738 Long EC CORP US N 1 N N N Hormel Foods Corp MSD54751OJP1FS2ND863 Hormel Foods Corp. 440452100 -1924.00000000 NS USD -93910.44000000 -0.32633354823 Short EC CORP US N 1 N N N T-Mobile US, Inc. 549300QHIJYOHPACPG31 T-Mobile US, Inc. 872590104 3568.00000000 NS USD 413816.64000000 1.437989774634 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Microchip Technology, Inc. Call @ 105 April 2022 N/A -50.00000000 NS USD -6500.00000000 -0.02258713795 Short DE CORP US N 1 MKM PARTNERS N/A Call Written MICROCHIP TECHNOLOGY INC. COM MICROCHIP TECHNOLOGY INC. COM 100.00000000 105.00000000 USD 2022-04-18 XXXX 6399.93000000 N N N Microsoft Corporation INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 4270.00000000 NS USD 1436086.40000000 4.990320250755 Long EC CORP US N 1 N N N Visa Inc 549300JZ4OKEHW3DPJ59 Visa, Inc. 92826C839 2316.00000000 NS USD 501900.36000000 1.744075795418 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 -1864.00000000 NS USD -182970.24000000 -0.63581139265 Short EC CORP US N 1 N N N Teradyne Inc. C3X4YJ278QNZHRJULN75 Teradyne, Inc. 880770102 2313.00000000 NS USD 378244.89000000 1.314379924711 Long EC CORP US N 1 N N N Tyson Foods, Inc. WD6L6041MNRW1JE49D58 Tyson Foods, Inc. 902494103 5329.00000000 NS USD 464475.64000000 1.614026977955 Long EC CORP US N 1 N N N The TJX Companies Inc. V167QI9I69W364E2DY52 TJX Cos., Inc./The 872540109 7077.00000000 NS USD 537285.84000000 1.867038367466 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories 002824100 3719.00000000 NS USD 523412.06000000 1.818827754728 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 American International Group, Inc. Call @ 65 May 2022 N/A -50.00000000 NS USD -6225.00000000 -0.02163152827 Short DE CORP US N 2 MKM PARTNERS N/A Call Written AMERICAN INTL GROUP INC COM NEW AMERICAN INTL GROUP INC COM NEW 100.00000000 65.00000000 USD 2022-05-23 XXXX 5674.94000000 N N N CSX Corporation 549300JVQR4N1MMP3Q88 CSX Corp. 126408103 10455.00000000 NS USD 393108.00000000 1.366028404094 Long EC CORP US N 1 N N N Meta Platforms Inc BQ4BKCS1HXDV9HN80Z93 Facebook, Inc. 30303M102 1564.00000000 NS USD 526051.40000000 1.827999314218 Long EC CORP US N 1 N N N Horizon Therapeutics Plc 529900P0GSQ79OOZEV53 Horizon Therapeutics PLC G46188101 3908.00000000 NS USD 421126.08000000 1.463389671502 Long EC CORP IE N 1 N N N Gamestop Corp 549300505KLOET039L77 GameStop Corp. 36467W109 -641.00000000 NS USD -95117.99000000 -0.33052971722 Short EC CORP US N 1 N N N Texas Instruments Incorporated WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 1229.00000000 NS USD 231629.63000000 0.804900062603 Long EC CORP US N 1 N N N Wells Fargo & Company PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746101 9729.00000000 NS USD 466797.42000000 1.622095034133 Long EC CORP US N 1 N N N Paypal Holdings Incorporation 5493005X2GO78EFZ3E94 PayPal Holdings, Inc. 70450Y103 2186.00000000 NS USD 412235.88000000 1.432496721681 Long EC CORP US N 1 N N N Adobe Inc FU4LY2G4933NH2E1CP29 Adobe Systems, Inc. 00724F101 881.00000000 NS USD 499579.86000000 1.736012187168 Long EC CORP US N 1 N N N Franklin Resources RIFQSET379FOGTEFKS80 Franklin Resources, Inc. 354613101 -3129.00000000 NS USD -104790.21000000 -0.36414014299 Short EC CORP US N 1 N N N Bank of America Corporation 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 15067.00000000 NS USD 670330.83000000 2.329362297181 Long EC CORP US N 1 N N N V.F. Corporation CWAJJ9DJ5Z7P057HV541 VF Corp. 918204108 3634.00000000 NS USD 266081.48000000 0.924618322403 Long EC CORP US N 1 N N N Cognizant Technolo 5493006IEVQEFQO40L83 Cognizant Technology Solutions Corp. 192446102 2597.00000000 NS USD 230405.84000000 0.800647460517 Long EC CORP US N 1 N N N Texas Roadhouse 5299002Y1CNRPDGXTQ75 Texas Roadhouse, Inc. 882681109 -1191.00000000 NS USD -106332.48000000 -0.36949944533 Short EC CORP US N 1 N N N Baker Hughes Company N/A Baker Hughes Co. 05722G100 30964.00000000 NS USD 744993.84000000 2.588812098241 Long EC CORP US N 1 N N N GFL Environmental Inc. 5493008HF9XC5H29ZX61 GFL Environmental, Inc. 36168Q104 -2302.00000000 NS USD -87130.70000000 -0.30277432936 Short EC CORP CA N 1 N N N Comcast Corporation 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030N101 7675.00000000 NS USD 386282.75000000 1.342311040507 Long EC CORP US N 1 N N N Dollar General Corporation OPX52SQVOZI8IVSWYU66 Dollar General Corp. 256677105 2383.00000000 NS USD 561982.89000000 1.952859240603 Long EC CORP US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 iShares Russell 1000 ETF 464287622 -4204.00000000 NS USD -1111663.72000000 -3.86296950792 Short EC RF US N 1 N N N Avery Dennison Corporation 549300PW7VPFCYKLIV37 Avery Dennison Corp. 053611109 1544.00000000 NS USD 334384.08000000 1.161966052985 Long EC CORP US N 1 N N N Boston Scientific Corporation Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp. 101137107 9925.00000000 NS USD 421614.00000000 1.465085166325 Long EC CORP US N 1 N N N Integra LifeSciences Holdings Corporation WB7IJCYY8YFTENS4O147 Integra LifeSciences Holdings Corp. 457985208 -1197.00000000 NS USD -80187.03000000 -0.27864546287 Short EC CORP US N 1 N N N Nvidia Corp 549300S4KLFTLO7GSQ80 NVIDIA Corp. 67066G104 1525.00000000 NS USD 448517.75000000 1.558574199051 Long EC CORP US N 1 N N N Deere & Company PWFTNG3EI0Y73OXWDH08 Deere & Co. 244199105 748.00000000 NS USD 256481.72000000 0.891259691105 Long EC CORP US N 1 N N N Alnylam Pharmaceuticals Inc. 529900S3ZI14OWRJII50 Alnylam Pharmaceuticals, Inc. 02043Q107 2431.00000000 NS USD 412248.98000000 1.432542243452 Long EC CORP US N 1 N N N Logitech International SA 549300SN6PRK6IJJC215 Logitech International S.A. H50430232 -1051.00000000 NS USD -86686.48000000 -0.30123068960 Short EC CORP CH N 1 N N N Zynga Inc 549300XNQ0U2EL088Z74 Zynga, Inc. 98986T108 26562.00000000 NS USD 169996.80000000 0.590729411269 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 160.00000000 NS USD 114400.00000000 0.397533627981 Long DE CORP US N 2 WEEDEN & CO. N/A Put Purchased INVESCO QQQ TR UNIT SER 1 INVESCO QQQ TR UNIT SER 1 100.00000000 325.00000000 USD 2022-06-18 XXXX -209080.00000000 N N N Arch Capital Group Ltd. 549300AYR4P8AFKDCE43 Arch Capital Group Ltd. G0450A105 14926.00000000 NS USD 663460.70000000 2.305488978093 Long EC CORP BM N 1 N N N Centerpoint Energy Inc 21TPXMRRHFKOBHDC8J74 CenterPoint Energy, Inc. 15189T107 17820.00000000 NS USD 497356.20000000 1.728285092525 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 357700.00000000 1.242987576301 Long EC CORP US N 1 N N N Pulte Group Inc N/A PulteGroup, Inc. 745867101 -2726.00000000 NS USD -155818.16000000 -0.54145942701 Short EC CORP US N 1 N N N Insulet Corporation 549300TZTYD2PYN92D43 Insulet Corp. 45784P101 -265.00000000 NS USD -70508.55000000 -0.24501328396 Short EC CORP US N 1 N N N Medtronic Plc 549300GX3ZBSQWUXY261 Medtronic PLC G5960L103 5781.00000000 NS USD 598044.45000000 2.078171152993 Long EC CORP IE N 1 N N N The Clorox Company 54930044KVSC06Z79I06 Clorox Co./The 189054109 -610.00000000 NS USD -106359.60000000 -0.36959368582 Short EC CORP US N 1 N N N QuantumScape Corporation N/A QuantumScape Corp. 74767V109 -3929.00000000 NS USD -87184.51000000 -0.30296131611 Short EC CORP US N 1 N N N Jazz Pharmaceuticals plc 635400GAUMJCLEZRRV50 Jazz Pharmaceuticals PLC G50871105 1567.00000000 NS USD 199635.80000000 0.693723285392 Long EC CORP IE N 1 N N N Johnson Controls International Plc 549300XQ6S1GYKGBL205 Johnson Controls International PLC G51502105 8485.00000000 NS USD 689915.35000000 2.397417413333 Long EC CORP IE N 1 N N N Halliburton Company ENYF8GB5SMQZ25S06U51 Halliburton Co. 406216101 -11209.00000000 NS USD -256349.83000000 -0.89080138070 Short EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 NVIDIA Corp. Put @ 250 March 2022 N/A 15.00000000 NS USD 13162.50000000 0.045738954355 Long DE CORP US N 2 MKM PARTNERS N/A Put Purchased NVIDIA CORPORATION COM NVIDIA CORPORATION COM 100.00000000 250.00000000 USD 2022-03-21 XXXX 252.45000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 ARK Innovation ETF Put @ 94.22 March 2022 N/A 140.00000000 NS USD 100450.00000000 0.349058154988 Long DE CORP US N 2 MKM PARTNERS N/A Put Purchased AMERICAN INTL GROUP INC COM NEW AMERICAN INTL GROUP INC COM NEW 100.00000000 94.00000000 USD 2022-03-21 XXXX -149.80000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Live Nation Entertainment, Inc. Call @ $135 Expiring January 2022 N/A -30.00000000 NS USD -2550.00000000 -0.00886110796 Short DE CORP US N 1 MKM PARTNERS N/A Call Written LIVE NATION ENTERTAINMENT INC COM LIVE NATION ENTERTAINMENT INC COM 100.00000000 135.00000000 USD 2022-01-24 XXXX 11938.88000000 N N N Starbucks Corporation OQSJ1DU9TAOC51A47K68 Starbucks Corp. 855244109 2792.00000000 NS USD 326580.24000000 1.134848143655 Long EC CORP US N 1 N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group 78486Q101 536.00000000 NS USD 363536.64000000 1.263269575203 Long EC CORP US N 1 N N N Pepsico Inc FJSUNZKFNQ5YPJ5OT455 PepsiCo, Inc. 713448108 3331.00000000 NS USD 578628.01000000 2.010700105479 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. 02079K305 294.00000000 NS USD 851729.76000000 2.959713475107 Long EC CORP US N 1 N N N OReilly Automotive, Inc. 549300K2RLMQL149Q332 O'Reilly Automotive, Inc. 67103H107 680.00000000 NS USD 480236.40000000 1.668794741089 Long EC CORP US N 1 N N N Vertex Pharmaceuticals Incorporated 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals, Inc. 92532F100 2383.00000000 NS USD 523306.80000000 1.818461982091 Long EC CORP US N 1 N N N 2021-12-31 VELA Funds Gregory Knoth Gregory Knoth SVP, Mutual Fund Controller XXXX NPORT-EX 2 ultimus_5860.htm
VELA
Small
Cap
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
Common
Stocks
—
91.17%
Shares
Fair
Value
Communications
—
0.69%
Zynga,
Inc.,
Class
A
(a)
66,768‌
$
427,315‌
Consumer
Discretionary
—
17.23%
Brinker
International,
Inc.
(a)
16,805‌
614,895‌
Graham
Holdings
Co.,
Class
B
2,026‌
1,276,036‌
Green
Brick
Partners,
Inc.
(a)(b)
27,143‌
823,247‌
Hanesbrands,
Inc.
109,655‌
1,833,432‌
Liberty
Media
Corp.
-
Liberty
Braves
-
Series
C
(a)
32,520‌
913,812‌
Malibu
Boats,
Inc.,
Class
A
(a)
18,272‌
1,255,835‌
Nordstrom,
Inc.
(a)(b)
28,107‌
635,780‌
Polaris
Industries,
Inc.
4,076‌
447,993‌
Scotts
Miracle-
Gro
Co.
(The)
8,009‌
1,289,449‌
Shake
Shack,
Inc.,
Class
A
(a)
8,343‌
602,031‌
Wendy's
Co.
(The)
39,425‌
940,286‌
10,632,796‌
Consumer
Staples
—
8.41%
Duckhorn
Portfolio
Inc.
(The)
(a)
37,015‌
863,930‌
Flowers
Foods,
Inc.
27,204‌
747,293‌
MGP
Ingredients,
Inc.
12,469‌
1,059,741‌
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
8,890‌
455,079‌
Performance
Food
Group
Co.
(a)
13,707‌
629,014‌
Sanderson
Farms,
Inc.
2,770‌
529,292‌
Sprouts
Farmers
Market,
Inc.
(a)
30,568‌
907,258‌
5,191,607‌
Energy
—
9.47%
Civitas
Resources,
Inc.
(b)
36,097‌
1,767,671‌
Coterra
Energy,
Inc.
(b)
21,875‌
415,625‌
Devon
Energy
Corp.
(b)
23,545‌
1,037,157‌
PDC
Energy,
Inc.
(b)
22,960‌
1,119,989‌
RPC,
Inc.
(a)
58,560‌
265,862‌
Texas
Pacific
Land
Corp.
992‌
1,238,879‌
5,845,183‌
Financials
—
22.27%
1st
Source
Corp.
24,593‌
1,219,813‌
Assured
Guaranty
Ltd.
16,876‌
847,175‌
Axis
Capital
Holdings
Ltd.
25,623‌
1,395,685‌
Bank
OZK
36,356‌
1,691,645‌
BOK
Financial
Corp.
11,532‌
1,216,511‌
Community
Trust
Bancorp,
Inc.
12,372‌
539,543‌
Cullen/Frost
Bankers,
Inc.
7,636‌
962,671‌
Houlihan
Lokey
,
Inc.
4,105‌
424,950‌
Live
Oak
Bancshares,
Inc.
27,225‌
2,376,469‌
UMB
Financial
Corp.
12,953‌
1,374,443‌
Washington
Trust
Bancorp,
Inc.
30,114‌
1,697,525‌
13,746,430‌
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
91.17%
-
continued
Shares
Fair
Value
Health
Care
—
8.24%
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
26,530‌
$
606,741‌
Encompass
Health
Corp.
7,029‌
458,713‌
Envista
Holdings
Corp.
(a)
39,372‌
1,774,103‌
LivaNova
PLC
(a)
5,917‌
517,323‌
National
Healthcare
Corp.
17,801‌
1,209,399‌
SI-BONE,
Inc.
(a)
23,423‌
520,225‌
5,086,504‌
Industrials
—
19.52%
Allegiant
Travel
Co.
(a)
3,130‌
585,435‌
Applied
Industrial
Technologies,
Inc.
16,481‌
1,692,599‌
BWX
Technologies,
Inc.
20,878‌
999,639‌
Chase
Corp.
6,793‌
676,311‌
Copa
Holdings,
S.A.,
Class
A
(a)
7,856‌
649,377‌
Greenbrier
Companies,
Inc.
(The)
41,671‌
1,912,282‌
Hub
Group,
Inc.,
Class
A
(a)
28,702‌
2,417,856‌
Kirby
Corp.
(a)
52,360‌
3,111,231‌
12,044,730‌
Materials
—
2.84%
Ashland
Global
Holdings,
Inc.
16,295‌
1,754,320‌
Technology
—
0.81%
JFrog
Ltd
(a)
16,735‌
497,030‌
Utilities
—
1.69%
Southwest
Gas
Holdings,
Inc.
14,862‌
1,041,083‌
TOTAL  COMMON
STOCKS
  (Cost $45,791,796)
56,266,998‌
Money
Market
Funds
-
9.40%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(c)
5,803,362‌
5,803,362‌
TOTAL
MONEY
MARKET
FUNDS
    (Cost
$5,803,362)
5,803,362‌
Total
Investments
—
100.57%
    (Cost
$51,595,158)
62,070,360‌
Liabilities
in
Excess
of
Other
Assets 
—
 (0.57)%
(352,550‌)
Net
Assets
—
100.00%
$
61,717,810‌
(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
December
31,
2021.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.29)%
Aurinia
Pharmaceuticals,
Inc.
(262‌)
$
(599,194‌)
$
35.00‌
January
2022
$
(13,100‌)
Civitas
Resources,
Inc.
(100‌)
(489,700‌)
55.00‌
January
2022
(5,000‌)
Coterra
Energy,
Inc.
(110‌)
(209,000‌)
24.50‌
April
2022
(3,575‌)
Devon
Energy
Corp.
(140‌)
(616,700‌)
45.00‌
April
2022
(55,300‌)
Green
Brick
Partners,
Inc.
(215‌)
(652,095‌)
30.00‌
March
2022
(61,813‌)
Nordstrom,
Inc.
(135‌)
(305,370‌)
30.00‌
April
2022
(9,450‌)
PDC
Energy,
Inc.
(50‌)
(243,900‌)
60.00‌
April
2022
(11,125‌)
PDC
Energy,
Inc.
(50‌)
(243,900‌)
55.00‌
April
2022
(17,250‌)
PDC
Energy,
Inc.
(50‌)
(243,900‌)
70.00‌
April
2022
(4,625‌)
Total
Written
Options
(Premiums
Received
$175,244)
$
(181,238‌)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
Common
Stocks
—
108.80%
Shares
Fair
Value
Communications
—
9.15%
Alphabet,
Inc.,
Class
A
(a)
(b)
294‌
$
851,730‌
Comcast
Corp.,
Class
A
(b)
7,675‌
386,283‌
Meta
Platforms,
Inc.,
Class
A
(a)
(b)
1,564‌
526,051‌
T-Mobile
US,
Inc.
(a)
(b)
3,568‌
413,817‌
Walt
Disney
Co.
(The)
(a)
(b)
1,843‌
285,462‌
Zynga,
Inc.,
Class
A
(a)
26,562‌
169,997‌
2,633,340‌
Consumer
Discretionary
—
12.10%
Aptiv
PLC
(a)
1,699‌
280,251‌
Home
Depot,
Inc.
(The)
(b)
1,352‌
561,092‌
Live
Nation
Entertainment,
Inc.
(a)(c)
3,055‌
365,653‌
NVR,
Inc.
(a)
(b)
77‌
454,983‌
O'Reilly
Automotive,
Inc.
(a)
680‌
480,236‌
Polaris
Industries,
Inc.
1,911‌
210,038‌
Starbucks
Corp.
2,792‌
326,580‌
TJX
Cos.,
Inc.
(The)
(b)
7,077‌
537,286‌
VF
Corp.
(b)
3,634‌
266,081‌
3,482,200‌
Consumer
Staples
—
7.09%
Dollar
General
Corp.
(b)
2,383‌
561,983‌
Kraft
Heinz
Co.
(The)
12,102‌
434,462‌
PepsiCo,
Inc.
(b)
3,331‌
578,628‌
Tyson
Foods,
Inc.,
Class
A
(b)
5,329‌
464,475‌
2,039,548‌
Energy
—
6.66%
Baker
Hughes
Co.
(b)
30,964‌
744,994‌
Pioneer
Natural
Resources
Co.
(b)
3,058‌
556,189‌
Suncor
Energy,
Inc.
(b)
24,641‌
616,764‌
1,917,947‌
Financials
—
18.92%
American
International
Group,
Inc.
(c)
13,620‌
774,433‌
Arch
Capital
Group
Ltd.
(a)
(b)
14,926‌
663,461‌
Bank
of
America
Corp.
15,067‌
670,331‌
Berkshire
Hathaway,
Inc.,
Class
B
(a)
(b)
3,773‌
1,128,127‌
Charles
Schwab
Corp.
(The)
3,421‌
287,706‌
Goldman
Sachs
Group,
Inc.
(The)
(b)
1,336‌
511,087‌
MetLife,
Inc.
9,260‌
578,657‌
SVB
Financial
Group
(a)
536‌
363,537‌
Wells
Fargo
&
Co.
9,729‌
466,797‌
5,444,136‌
Health
Care
—
17.04%
Abbott
Laboratories
(b)
3,719‌
523,412‌
AbbVie,
Inc.
(b)
5,957‌
806,577‌
Alnylam
Pharmaceuticals,
Inc.
(a)
2,431‌
412,249‌
AstraZeneca
PLC
-
ADR
4,681‌
272,668‌
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
108.80%
-
continued
Shares
Fair
Value
Health
Care
—
17.04%
-
continued
Boston
Scientific
Corp.
(a)
(b)
9,925‌
$
421,614‌
Horizon
Therapeutics
PLC
(a)
3,908‌
421,126‌
Humana,
Inc.
(b)
1,557‌
722,230‌
Jazz
Pharmaceuticals
PLC
(a)
1,567‌
199,636‌
Medtronic
PLC
(b)
5,781‌
598,045‌
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
2,383‌
523,307‌
4,900,864‌
Industrials
—
8.28%
CSX
Corp.
(b)
10,455‌
393,109‌
Deere
&
Co.
748‌
256,482‌
JB
Hunt
Transport
Services,
Inc.
1,750‌
357,700‌
Johnson
Controls
International
PLC
(b)
8,485‌
689,915‌
Northrop
Grumman
Corp.
(b)
1,772‌
685,888‌
2,383,094‌
Materials
—
2.79%
Avery
Dennison
Corp.
(b)
1,544‌
334,384‌
Linde
PLC
1,356‌
469,760‌
804,144‌
Technology
—
22.26%
Adobe
Systems,
Inc.
(a)
881‌
499,580‌
Apple,
Inc.
7,501‌
1,331,952‌
Cognizant
Technology
Solutions
Corp.,
Class
A
2,597‌
230,406‌
Microchip
Technology,
Inc.
(c)
5,482‌
477,262‌
Microsoft
Corp.
(b)
4,270‌
1,436,086‌
NVIDIA
Corp.
(b)(c)
1,525‌
448,518‌
PayPal
Holdings,
Inc.
(a)
(b)
2,186‌
412,236‌
S&P
Global,
Inc.
967‌
456,356‌
Teradyne,
Inc.
2,313‌
378,245‌
Texas
Instruments,
Inc.
1,229‌
231,630‌
Visa,
Inc.,
Class
A
(b)
2,316‌
501,901‌
6,404,172‌
Utilities
—
4.51%
CenterPoint
Energy,
Inc.
(b)
17,820‌
497,356‌
Exelon
Corp.
(b)
13,865‌
800,843‌
1,298,199‌
TOTAL  COMMON
STOCKS
  (Cost $23,827,856)
31,307,644‌
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.80%
ARK
Innovation
ETF
140‌
$
1,324,260
$
94.22
March
2022
100,450‌
Invesco
QQQ
Trust
Series
1
160‌
6,365,600
325.00
June
2022
114,400‌
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.80%
-
continued
NVIDIA
Corp.
15‌
$
441,165
$
250.00
March
2022
$
13,162‌
Wells
Fargo
&
Co.
125‌
599,750
42.50
January
2022
2,375‌
TOTAL
PUT
OPTIONS
PURCHASED
    (Cost
464,727)
230,387‌
Money
Market
Funds
-
9.78%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(d)
2,815,218‌
2,815,218‌
TOTAL
MONEY
MARKET
FUNDS
    (Cost
$2,815,218)
2,815,218‌
Total
Investments
—
119.38%
    (Cost
$27,107,801)
34,353,249‌
Liabilities
in
Excess
of
Other
Assets 
—
 (19.38)%
(5,575,809‌)
Net
Assets
—
100.00%
$
28,777,440‌
(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
December
31,
2021,
was
$17,681,803.
(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
December
31,
2021.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.11)%
American
International
Group,
Inc.
(50‌)
$
(284,300‌)
$
65.00‌
May
2022
$
(6,225‌)
Live
Nation
Entertainment,
Inc.
(30‌)
(359,070‌)
135.00‌
January
2022
(2,550‌)
Microchip
Technology,
Inc.
(50‌)
(435,300‌)
105.00‌
April
2022
(6,500‌)
NVIDIA
Corp.
(15‌)
(441,165‌)
340.00‌
March
2022
(15,713‌)
Total
Written
Options
(Premiums
Received
$78,659)
$
(30,988‌)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
December
31,
2021
-
(Unaudited)
Common
Stocks
-
Short
-
(7.70%)
Shares
Fair
Value
Consumer
Discretionary
-
(1.94%)
GameStop
Corp.,
Class
A
(a)
(641‌)
$
(95,118‌)
Lowe's
Cos.,
Inc.
(444‌)
(114,765‌)
PulteGroup,
Inc.
(2,726‌)
(155,818‌)
QuantumScape
Corp.
(a)
(3,929‌)
(87,185‌)
Texas
Roadhouse,
Inc.
(1,191‌)
(106,332‌)
(559,218‌)
Consumer
Staples
-
(0.70%)
Clorox
Co.
(The)
(610‌)
(106,360‌)
Hormel
Foods
Corp.
(1,924‌)
(93,910‌)
(200,270‌)
Energy
-
(0.89%)
Halliburton
Co.
(11,209‌)
(256,350‌)
Financials
-
(1.39%)
Coinbase
Global,
Inc.,
Class
A
(a)
(443‌)
(111,800‌)
Franklin
Resources,
Inc.
(3,129‌)
(104,790‌)
Morgan
Stanley
(1,864‌)
(182,970‌)
(399,560‌)
Health
Care
-
(0.53%)
Insulet
Corp.
(a)
(265‌)
(70,509‌)
Integra
LifeSciences
Holdings
Corp.
(a)
(1,197‌)
(80,187‌)
(150,696‌)
Industrials
-
(0.91%)
GFL
Environmental,
Inc.
(2,302‌)
(87,131‌)
Illinois
Tool
Works,
Inc.
(711‌)
(175,475‌)
(262,606‌)
Materials
-
(0.60%)
Trex
Co.,
Inc.
(a)
(1,288‌)
(173,919‌)
Technology
-
(0.74%)
Logitech
International
S.A.
(1,051‌)
(86,686‌)
Square,
Inc.,
Class
A
(a)
(788‌)
(127,270‌)
(213,956‌)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $2,231,009)
(2,216,575‌)
Exchange-Traded
Funds
-
Short
-
(7.35%)
iShares
Russell
1000
ETF
(4,204‌)
(1,111,664‌)
iShares
Russell
1000
Value
ETF
(4,283‌)
(719,244‌)
iShares
US
Financials
ETF
(3,275‌)
(283,910‌)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $2,024,742)
(2,114,818‌)
TOTAL
SECURITIES
SOLD
SHORT
-
(15.05%)
(Proceeds
Received
$4,255,751
)
$
(4,331,393‌)
(a)
Non-income
producing
security.
ETF
-
Exchange
Traded
Funds.
VELA
International
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
D
Common
Stocks
—
92.27%
Shares
Fair
Value
Australia
—
1.48%
Consumer
Staples
—
1.48%
Treasury
Wine
Estates
Ltd.
48,300‌
$
434,912‌
Total
Australia
434,912‌
Austria
—
3.46%
Communications
—
2.26%
Telekom
Austria
AG
(a)
76,500‌
664,979‌
Materials
—
1.20%
Wienerberger
AG
9,600‌
352,445‌
Total
Austria
1,017,424‌
Belgium
—
4.76%
Financials
—
2.84%
KBC
Group
NV
9,700‌
833,198‌
Technology
—
1.92%
Barco
NV
26,000‌
566,311‌
Total
Belgium
1,399,509‌
Canada
—
8.54%
Consumer
Staples
—
1.29%
Empire
Co.,
Ltd.,
Class
A
12,500‌
380,972‌
Energy
—
2.73%
Suncor
Energy,
Inc.
32,000‌
800,960‌
Industrials
—
2.03%
Finning
International,
Inc.
23,700‌
597,499‌
Materials
—
2.49%
OceanaGold
Corp.
(a)
422,000‌
734,186‌
Total
Canada
2,513,617‌
Denmark
—
2.67%
Industrials
—
2.67%
FLSmidth
&
Co.
A/S
21,000‌
784,400‌
Total
Denmark
784,400‌
France
—
7.63%
Consumer
Discretionary
—
2.50%
Michelin
(CGDE)
-
B
Registered
Shares
4,500‌
736,819‌
Energy
—
3.41%
TotalEnergies
SE
19,700‌
1,002,447‌
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
France
—
7.63%
-
continued
Industrials
—
1.72%
Rexel
SA
25,000‌
$
506,167‌
Total
France
2,245,433‌
Germany
—
7.73%
Health
Care
—
2.68%
Fresenius
SE
&
Co.
KGaA
19,600‌
787,566‌
Industrials
—
1.48%
Duerr
AG
9,600‌
436,168‌
Materials
—
3.57%
Covestro
AG
9,700‌
596,845‌
Fuchs
Petrolub
SE
13,000‌
455,294‌
1,052,139‌
Total
Germany
2,275,873‌
Hong
Kong
—
7.42%
Consumer
Staples
—
2.35%
WH
Group
Ltd.
1,100,000‌
690,616‌
Industrials
—
2.45%
Johnson
Electric
Holdings
Ltd.
340,000‌
721,114‌
Technology
—
2.62%
VTech
Holdings
Ltd.
98,400‌
770,832‌
Total
Hong
Kong
2,182,562‌
Iceland
—
0.83%
Industrials
—
0.83%
Marel
HF
36,000‌
243,872‌
Total
Iceland
243,872‌
Indonesia
—
2.63%
Materials
—
2.63%
United
Tractors
Tbk
PT
500,000‌
775,446‌
Total
Indonesia
775,446‌
Japan
—
10.99%
Consumer
Discretionary
—
2.25%
Honda
Motor
Co.
Ltd.
23,300‌
662,516‌
Consumer
Staples
—
1.67%
Suntory
Beverage
&
Food
Ltd.
13,600‌
492,210‌
Industrials
—
2.80%
Okuma
Corp.
9,100‌
404,758‌
OSG
Corp.
26,900‌
417,825‌
822,583‌
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
Japan
—
10.99%
-
continued
Materials
—
3.79%
Fuji
Seal
International,
Inc.
27,200‌
$
500,510‌
Toray
Industries,
Inc.
104,000‌
615,804‌
1,116,314‌
Technology
—
0.48%
Nintendo
Co.
Ltd.
300‌
140,276‌
Total
Japan
3,233,899‌
Mexico
—
4.10%
Consumer
Staples
—
4.10%
Gruma
SAB
de
CV
50,000‌
637,605‌
Kimberly-Clark
de
Mexico
SAB
de
CV
375,000‌
568,495‌
1,206,100‌
Total
Mexico
1,206,100‌
Netherlands
—
8.13%
Communications
—
2.04%
Koninklijke
KPN
NV
194,000‌
601,350‌
Financials
—
2.63%
ING
Groep
NV
55,700‌
774,176‌
Health
Care
—
1.55%
Koninklijke
Philips
NV
12,300‌
455,113‌
Industrials
—
1.91%
Boskalis
Westminster
19,300‌
562,581‌
Total
Netherlands
2,393,220‌
Sweden
—
2.43%
Financials
—
2.43%
Industrivarden
AB
973‌
30,883‌
Svenska
Handelsbanken
AB,
Class
A
63,300‌
683,413‌
714,296‌
Total
Sweden
714,296‌
Switzerland
—
6.51%
Consumer
Discretionary
—
3.55%
Cie
Financiere
Richemont
SA
3,950‌
589,556‌
Swatch
Group
AG
(The)
1,500‌
456,253‌
1,045,809‌
Health
Care
—
2.96%
Roche
Holding
AG
2,100‌
870,158‌
Total
Switzerland
1,915,967‌
United
Kingdom
—
12.96%
Communications
—
4.12%
Informa
PLC
(a)
87,000‌
608,584‌
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
United
Kingdom
—
12.96%
-
continued
Communications
—
4.12%
-
continued
WPP
PLC
39,700‌
$
603,992‌
1,212,576‌
Consumer
Staples
—
4.89%
Associated
British
Foods
PLC
29,700‌
812,267‌
British
American
Tobacco
PLC
17,000‌
630,666‌
1,442,933‌
Materials
—
1.50%
DS
Smith
PLC
85,000‌
442,270‌
Technology
—
2.45%
Serco
Group
PLC
397,000‌
720,296‌
Total
United
Kingdom
3,818,075‌
TOTAL  COMMON
STOCKS
  (Cost $24,075,330)
27,154,605‌
Money
Market
Funds
-
7.58%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(b)
2,231,466‌
2,231,466‌
TOTAL
MONEY
MARKET
FUNDS
    (Cost
$2,231,466)
2,231,466‌
Total
Investments
—
99.85%
    (Cost
$26,306,796)
29,386,071‌
Other
Assets
in
Excess
of
Liabilities 
—
 0.15%
43,239‌
Net
Assets
—
100.00%
$
29,429,310‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2021.