0001752724-24-048912.txt : 20240229
0001752724-24-048912.hdr.sgml : 20240229
20240229132120
ACCESSION NUMBER: 0001752724-24-048912
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20231231
FILED AS OF DATE: 20240229
DATE AS OF CHANGE: 20240229
PERIOD START: 20240930
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: VELA Funds
CENTRAL INDEX KEY: 0001815493
ORGANIZATION NAME:
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-23585
FILM NUMBER: 24701883
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
S000069562
VELA International Fund
C000221919
Class I
C000221920
Class A
NPORT-P
1
primary_doc.xml
NPORT-P
false
0001815493
XXXXXXXX
S000069562
C000221919
C000221920
VELA Funds
811-23585
0001815493
549300F0PMHX6GFZ7Q56
220 Market Street
Suite 208
New Albany
43054
614-653-8352
VELA INTERNATIONAL FUND
S000069562
549300Y1RS134O2CPA39
2024-09-30
2023-12-31
N
43652822.41
41688.82
43611133.59
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
0.00
N
Empire Ltd
549300TX0ZUSTEF7C719
Empire Co., Ltd.
291843407
37300.00000000
NS
986712.91000000
2.262525251639
Long
EC
CORP
CA
N
1
N
N
N
B&M European Value Retail SA
213800UK7ZRLY2K1X530
B&M European Value Retail SA
L1175H106
131000.00000000
NS
934207.70000000
2.142131201593
Long
EC
CORP
LU
N
2
N
N
N
TotalEnergies SE
529900S21EQ1BO4ESM68
TotalEnergies SE
F92124100
17000.00000000
NS
1156032.04000000
2.650772738145
Long
EC
CORP
FR
N
2
N
N
N
UTD Tractors
529900N9ELYOWQV4FW14
United Tractors Tbk PT
Y7146Y140
700000.00000000
NS
1028624.33000000
2.358627821212
Long
EC
CORP
ID
N
2
N
N
N
OSG Corporation
353800IWJAOVAFO6X450
OSG Corp.
J63137103
26900.00000000
NS
384787.89000000
0.882315726111
Long
EC
CORP
JP
N
2
N
N
N
The Swatch Group Ltd.
529900NTES2LEON1JZ55
Swatch Group AG/The
H83949141
2700.00000000
NS
734617.15000000
1.684471577616
Long
EC
CORP
CH
N
2
N
N
N
Associated British Foods PLC
GBQKSY6W7G0OHCQ8OQ72
Associated British Foods PLC
G05600138
28100.00000000
NS
847013.45000000
1.942195444775
Long
EC
CORP
GB
N
2
N
N
N
Ansell Ltd.
549300NEGJ5G23VCJM45
Ansell Ltd.
Q04020105
49400.00000000
NS
847663.90000000
1.943686921713
Long
EC
CORP
AU
N
2
N
N
N
Bayer AG
549300J4U55H3WP1XT59
Bayer AG
D0712D163
15400.00000000
NS
571424.46000000
1.310271971767
Long
EC
CORP
DE
N
2
N
N
N
Wienerberger AG
529900VXIFBHO0SW2I31
Wienerberger AG
A95384110
9800.00000000
NS
326538.18000000
0.748749580943
Long
EC
CORP
AT
N
2
N
N
N
Infineon Technologies AG
TSI2PJM6EPETEQ4X1U25
Infineon Technologies AG
D35415104
29100.00000000
NS
1215343.22000000
2.786772826007
Long
EC
CORP
DE
N
2
N
N
N
Serco Group PLC
549300PT2CIHYN5GWJ21
Serco Group PLC
G80400107
536500.00000000
NS
1105562.88000000
2.535047335374
Long
EC
CORP
GB
N
2
N
N
N
Roche Holdings AG
549300U41AUUVOAAOB37
Roche Holding AG
H69293217
3400.00000000
NS
988322.87000000
2.266216877762
Long
EP
CORP
CH
N
2
N
N
N
Loomis AB
213800NS2XXVRYS7WP40
Loomis AB
W5S50Y116
31000.00000000
NS
825400.72000000
1.892637618090
Long
EC
CORP
SE
N
2
N
N
N
Finning International Inc.
549300QLDCP11KB6XW55
Finning International, Inc.
318071404
15900.00000000
NS
459850.41000000
1.054433517649
Long
EC
CORP
CA
N
1
N
N
N
Telekom Austria Aktiengesellschaft
529900KCNFQU5OJH7L33
Telekom Austria AG
A8502A102
129400.00000000
NS
1092240.72000000
2.504499723094
Long
EC
CORP
AT
N
2
N
N
N
Honda Motor Co Ltd.
549300P7ZYCQJ36CCS16
Honda Motor Co. Ltd.
J22302111
73500.00000000
NS
758249.18000000
1.738659643953
Long
EC
CORP
JP
N
2
N
N
N
WH Group Ltd.
254900A4AYEDRWYSE928
WH Group Ltd.
G96007102
1940000.00000000
NS
1252844.51000000
2.872763000793
Long
EC
CORP
KY
Y
2
N
N
N
Koninklijke KPN N.V.
549300YO0JZHAL7FVP81
Koninklijke KPN NV
N4297B146
113400.00000000
NS
390694.05000000
0.895858506392
Long
EC
CORP
NL
N
2
N
N
N
KBC Group NV
213800X3Q9LSAKRUWY91
KBC Group NV
B5337G162
12900.00000000
NS
837236.64000000
1.919777293273
Long
EC
CORP
BE
N
2
N
N
N
Parkland Corporation
549300Q72GWZCL8MQC95
Parkland Corp
70137W108
24500.00000000
NS
789749.96000000
1.810890694620
Long
EC
CORP
CA
N
1
N
N
N
Marel Hf
5299008YTLEN09WTHW26
Marel HF
X5187X105
277000.00000000
NS
949636.31000000
2.177508887817
Long
EC
CORP
IS
Y
2
N
N
N
Fielmann Group AG
529900BU5B7N9GE4XU15
Fielmann AG
D2617N114
13300.00000000
NS
713237.62000000
1.635448476770
Long
EC
CORP
DE
N
2
N
N
N
OceanaGold Corp.
549300CBMSE8I9N3E232
OceanaGold Corp.
675222103
495000.00000000
NS
948927.15000000
2.175882789292
Long
EC
CORP
CA
N
1
N
N
N
Compagnie Generale des Etablissements Michelin
549300SOSI58J6VIW052
Cia Generale de Establissements Michelin SCA
F61824870
28400.00000000
NS
1020357.01000000
2.339670918881
Long
EC
CORP
FR
N
2
N
N
N
Nintendo Co Ltd.
353800FEEXU6I9M0ZF27
Nintendo Co. Ltd.
J51699106
21700.00000000
NS
1129255.59000000
2.589374540493
Long
EC
CORP
JP
N
2
N
N
N
Major Drilling Group Intl Inc
549300O1MNHCX2FUBC21
Major Drilling Group International, Inc.
560909103
149000.00000000
NS
1035714.02000000
2.374884426846
Long
EC
CORP
CA
N
1
N
N
N
Compagnie Financiere Richemont Sa
549300YIPGJ6UX2QPS51
Cie Financiere Richemont SA
H25662182
4200.00000000
NS
580100.62000000
1.330166341131
Long
EC
CORP
CH
N
2
N
N
N
British American Tobacco PLC
213800FKA5MF17RJKT63
British American Tobacco PLC
G1510J102
25100.00000000
NS
734498.35000000
1.684199170113
Long
EC
CORP
GB
N
2
N
N
N
Money Market Obligations Trust
25490005VWJDWX717014
Federated Hermes Treasury Oligations Fund
60934N500
3245215.44000000
PA
USD
3245215.44000000
7.441254498241
Long
STIV
RF
US
N
1
N
N
N
Toray Industries Inc.
35380099TCYR5FHT0A11
Toray Industries, Inc.
J89494116
144000.00000000
NS
746002.48000000
1.710578053332
Long
EC
CORP
JP
N
2
N
N
N
WPP PLC
549300LSGBXPYHXGDT93
WPP PLC
G9788D103
91500.00000000
NS
874108.27000000
2.004323662433
Long
EC
CORP
JE
N
2
N
N
N
FLSmidth & Co. A/S
213800MXXDGQ3ITPXI41
FLSmidth & Co A/S
K90242130
18900.00000000
NS
804353.95000000
1.844377533411
Long
EC
CORP
DK
N
2
N
N
N
Rexel, S.A.
969500N6AVPA51648T62
Rexel SA
F7782J366
14600.00000000
NS
400731.88000000
0.918875174783
Long
EC
CORP
FR
N
2
N
N
N
Svenska Handelsbanken AB
NHBDILHZTYCNBV5UYZ31
Svenska Handelsbanken AB
W9112U104
99400.00000000
NS
1080434.58000000
2.477428333226
Long
EC
CORP
SE
N
2
N
N
N
Criteo S.A
969500EELFB4RDMFHA76
Criteo S.A.
226718104
33300.00000000
NS
USD
843156.00000000
1.933350341054
Long
EC
CORP
FR
N
1
N
N
N
Kimberly-Clark de Mexico S.A.B. de C.V.
549300JGHL56QT00KT54
Kimberly-Clark de Mexico SAB de CV
P60694117
313300.00000000
NS
702056.81000000
1.609810963870
Long
EC
CORP
MX
N
1
N
N
N
Suncor Energy Inc.
549300W70ZOQDVLCHY06
Suncor Energy, Inc.
867224107
30500.00000000
NS
USD
977220.00000000
2.240758080693
Long
EC
CORP
CA
N
1
N
N
N
DS Smith PLC
39RSBE4RCI4M15BLWH36
DS Smith PLC
G2848Q123
150000.00000000
NS
587035.36000000
1.346067647584
Long
EC
CORP
GB
N
2
N
N
N
Henkel AG & Co. KGaA
549300VZCL1HTH4O4Y49
Henkel AG & Co. KGaA
D3207M110
7000.00000000
NS
563118.05000000
1.291225436362
Long
EP
CORP
DE
N
2
N
N
N
Krka d.d.
549300H9RLRTRTLRUZ73
Krka dd Novo mesto
X4571Y100
3500.00000000
NS
424774.61000000
0.974004973118
Long
EC
CORP
SI
N
2
N
N
N
ING Groep N.V.
549300NYKK9MWM7GGW15
ING Groep NV
N4578E595
66200.00000000
NS
992680.77000000
2.276209509554
Long
EC
CORP
NL
N
2
N
N
N
Alamos Gold Inc.
549300TDOX73YGYXE959
Alamos Gold, Inc.
011532108
55000.00000000
NS
USD
740850.00000000
1.698763455600
Long
EC
CORP
CA
N
1
N
N
N
Johnson Electric Holdings Ltd.
529900EDYRQ6K25JEC80
Johnson Electric Holdings Ltd.
G5150J157
851440.00000000
NS
1352400.59000000
3.101044340452
Long
EC
CORP
HK
N
2
N
N
N
Fuchs SE
529900SNF9E1P5ZO4P98
Fuchs Petrolub SE
D27462387
20400.00000000
NS
731126.00000000
1.676466397029
Long
EC
CORP
DE
N
2
N
N
N
VTech Holdings Ltd.
N/A
VTech Holdings Ltd.
G9400S132
174200.00000000
NS
1051888.99000000
2.411973510913
Long
EC
CORP
BM
N
2
N
N
N
Informa PLC
5493006VM2LKUPSEDU20
Informa PLC
G4770L106
31600.00000000
NS
314346.10000000
0.720793233570
Long
EC
CORP
GB
N
2
N
N
N
Duerr AG
5299003APZ54EDTSRO20
Duerr AG
D23279108
15600.00000000
NS
367860.43000000
0.843501188156
Long
EC
CORP
DE
N
2
N
N
N
Covestro AG
3912005AWHKLQ1CPLV11
Covestro AG
D15349109
10000.00000000
NS
582743.28000000
1.336225940555
Long
EC
CORP
DE
Y
2
N
N
N
Gruma S.A.B.de C.V.
5493000XJLJ6C4T0PG82
Gruma SAB de CV
P4948K121
23800.00000000
NS
435557.30000000
0.998729599865
Long
EC
CORP
MX
N
1
N
N
N
Suntory Beverage & Food Ltd
549300FONLMVK7YYYH41
Suntory Beverage & Food Ltd.
J78186103
23700.00000000
NS
779336.37000000
1.787012411387
Long
EC
CORP
JP
N
2
N
N
N
2023-12-31
VELA Funds
Gregory Knoth
Gregory Knoth
SVP, Mutual Fund Controller
XXXX
NPORT-EX
2
ultimus_5865.htm
VELA
Small
Cap
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
—
97.97%
Shares
Fair
Value
Communications
—
1.95%
Criteo
S.A.
-
ADR
(a)
63,055
$
1,596,553
Consumer
Discretionary
—
16.97%
Atlanta
Braves
Holdings,
Inc.,
Class
C,
Class
C
(a)(b)
49,705
1,967,324
Fox
Factory
Holding
Corp.
(a)
17,471
1,178,943
Gildan
Activewear,
Inc.
(b)
26,043
860,982
Graham
Holdings
Co.,
Class
B
3,303
2,300,605
Lazy
days
Holdings,
Inc.
(a)
184,897
1,303,524
Malibu
Boats,
Inc.,
Class
A
(a)
7,400
405,668
Papa
John's
International,
Inc.
(b)
22,336
1,702,673
Vail
Resorts,
Inc.
10,281
2,194,685
Wendy's
Co.
(The)
100,865
1,964,850
13,879,254
Consumer
Staples
—
9.27%
Caseys
General
Stores,
Inc.
(b)
8,251
2,266,880
Flowers
Foods,
Inc.
55,300
1,244,803
John
B.
Sanfilippo
&
Son,
Inc.
(b)
7,936
817,725
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
12,100
918,269
Performance
Food
Group
Co.
(a)(b)
33,793
2,336,786
7,584,463
Energy
—
7.49%
Civitas
Resources,
Inc.
33,986
2,323,963
Range
Resources
Corp.
(b)
77,146
2,348,324
Tidewater,
Inc.
(a)(b)
20,139
1,452,223
6,124,510
Financials
—
10.35%
1st
Source
Corp.
(b)
34,808
1,912,700
Assured
Guaranty
Ltd.
(b)
22,437
1,678,961
Axis
Capital
Holdings
Ltd.
38,391
2,125,709
BOK
Financial
Corp.
8,599
736,504
Houlihan
Lokey,
Inc.
(b)
11,521
1,381,483
Trustmark
Corp.
(b)
22,819
636,194
8,471,551
Health
Care
—
11.59%
Biohaven
Ltd.
(a)(b)
8,827
377,796
Denali
Therapeutics,
Inc.
(a)
16,462
353,274
Encompass
Health
Corp.
30,897
2,061,448
Envista
Holdings
Corp.
(a)(b)
59,112
1,422,235
Lantheus
Holdings,
Inc.
(a)(b)
11,993
743,566
Maravai
LifeSciences
Holdings,
Inc.
(a)
70,945
464,690
National
Healthcare
Corp.
(b)
8,500
785,570
PROCEPT
BioRobotics
Corp.
(a)(b)
19,551
819,382
Rocket
Pharmaceuticals,
Inc.
(a)
19,830
594,305
Shockwave
Medical,
Inc.
(a)(b)
3,270
623,131
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
97.97%
-
continued
Shares
Fair
Value
Health
Care
—
11.59%
-
continued
SI-BONE,
Inc.
(a)(b)
58,934
$
1,237,025
9,482,422
Industrials
—
27.58%
Applied
Industrial
Technologies,
Inc.
(b)
16,526
2,853,875
BWX
Technologies,
Inc.
(b)
29,831
2,288,933
Copa
Holdings,
S.A.,
Class
A
10,589
1,125,717
Core
&
Main,
Inc.
(a)
20,967
847,277
Greenbrier
Companies,
Inc.
(The)
(b)
68,824
3,040,644
Hub
Group,
Inc.,
Class
A
(a)
29,162
2,681,154
Huntington
Ingalls
Industries,
Inc.
(b)
5,074
1,317,413
Kirby
Corp.
(a)(b)
54,847
4,304,392
Tetra
Tech,
Inc.
(b)
5,643
941,986
U-Haul
Holding
Co.
27,255
1,919,842
Wabash
National
Corp.
48,562
1,244,159
22,565,392
Materials
—
8.65%
Alamos
Gold,
Inc.,
Class
A
(b)
31,854
429,073
Ashland
Global
Holdings,
Inc.
19,493
1,643,455
Major
Drilling
Group
International,
Inc.
(a)
247,178
1,718,159
RPM
International,
Inc.
(b)
9,685
1,081,136
Valvoline,
Inc.
(a)(b)
58,751
2,207,863
7,079,686
Technology
—
4.12%
JFrog
Ltd.
(a)(b)
53,847
1,863,645
Nutanix,
Inc.,
Class
A
(a)(b)
26,391
1,258,587
Onto
Innovation,
Inc.
(a)
1,606
245,557
3,367,789
TOTAL COMMON
STOCKS
(Cost $66,501,531)
80,151,620
Money
Market
Funds
-
4.23%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22%
(c)
3,457,196
3,457,196
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,457,196)
3,457,196
Total
Investments
—
102.20%
(Cost
$69,958,727)
83,608,816
Liabilities
in
Excess
of
Other
Assets
—
(2.20)%
(1,802,708)
Net
Assets
—
100.00%
$
81,806,108
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2023.
ADR
-
American
Depositary
Receipt.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(1.79)%
1st
Source
Corp.
(174)
$
(956,130)
$
55.00
March
2024
$
(51,330)
Alamos
Gold,
Inc.,
Class
A
(80)
(107,760)
17.00
June
2024
(3,600)
Applied
Industrial
Technologies,
Inc.
(90)
(1,554,210)
180.00
May
2024
(80,100)
Assured
Guaranty
Ltd.
(110)
(823,130)
75.00
April
2024
(46,200)
Atlanta
Braves
Holdings,
Inc.,
Class
C
(124)
(490,792)
50.00
August
2024
(15,190)
Biohaven
Ltd.
(70)
(299,600)
45.00
July
2024
(54,250)
BWX
Technologies,
Inc.
(120)
(920,760)
85.00
May
2024
(20,100)
Caseys
General
Stores,
Inc.
(35)
(961,590)
300.00
May
2024
(25,550)
Envista
Holdings
Corp.
(106)
(255,036)
30.00
September
2024
(12,190)
Gildan
Activewear
,
Inc.
(170)
(562,020)
35.00
June
2024
(32,725)
Greenbrier
Companies,
Inc.
(The)
(247)
(1,091,246)
55.00
June
2024
(40,755)
Houlihan
Lokey
,
Inc.
(58)
(695,478)
115.00
June
2024
(67,570)
Huntington
Ingalls
Industries,
Inc.
(25)
(649,100)
270.00
June
2024
(30,750)
JFrog
Ltd.
(270)
(934,470)
40.00
June
2024
(66,825)
John
B.
Sanfilippo
&
Son,
Inc.
(36)
(370,944)
115.00
June
2024
(19,620)
Kirby
Corp.
(175)
(1,373,400)
100.00
March
2024
(4,025)
Lantheus
Holdings,
Inc.
(40)
(248,000)
90.00
January
2025
(22,200)
National
Healthcare
Corp.
(80)
(739,360)
75.00
May
2024
(154,000)
Nutanix
,
Inc.
(75)
(357,675)
50.00
January
2025
(51,000)
Nutanix
,
Inc.
(97)
(462,593)
55.00
December
2025
(74,205)
Ollie's
Bargain
Outlet
Holdings,
Inc.
(75)
(569,175)
80.00
June
2024
(49,875)
Papa
John's
International,
Inc.
(90)
(686,070)
80.00
April
2024
(39,600)
Performance
Food
Group
Co.
(190)
(1,313,850)
70.00
June
2024
(100,700)
PROCEPT
BioRobotics
Corp.
(145)
(607,695)
45.00
July
2024
(105,850)
Range
Resources
Corp.
(295)
(897,980)
37.00
January
2025
(87,763)
RPM
International,
Inc.
(50)
(558,150)
110.00
May
2024
(37,250)
Shockwave
Medical,
Inc.
(16)
(304,896)
240.00
June
2024
(16,160)
SI-BONE,
Inc.
(130)
(272,870)
25.00
July
2024
(20,800)
Tetra
Tech,
Inc.
(28)
(467,404)
180.00
March
2024
(9,800)
Tidewater,
Inc.
(75)
(540,825)
90.00
December
2024
(64,500)
Trustmark
Corp.
(110)
(306,680)
30.00
May
2024
(17,875)
Valvoline,
Inc.
(270)
(1,014,660)
40.00
May
2024
(42,525)
Total
Written
Call
Options
(Premiums
Received
$1,173,664)
$
(1,464,883)
Total
Written
Options
(Premiums
Received
$1,173,664)
$
(1,464,883)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
—
98.92%
Shares
Fair
Value
Communications
—
8.65%
Alphabet,
Inc.,
Class
A
(a)
17,385
$
2,428,510
Meta
Platforms,
Inc.,
Class
A
(a)(b)(c)
3,981
1,409,115
T-Mobile
US,
Inc.
5,878
942,420
Uber
Technologies,
Inc.
(a)
7,542
464,361
5,244,406
Consumer
Discretionary
—
9.48%
Booking
Holdings,
Inc.
(a)
228
808,766
Home
Depot,
Inc.
(The)
2,863
992,173
NVR,
Inc.
(a)
165
1,155,074
O'Reilly
Automotive,
Inc.
(a)
703
667,906
Starbucks
Corp.
7,039
675,814
TJX
Companies,
Inc.
(The)
11,224
1,052,924
Ulta
Beauty,
Inc.
(a)
808
395,912
5,748,569
Consumer
Staples
—
3.46%
Caseys
General
Stores,
Inc.
1,224
336,282
Kraft
Heinz
Co.
(The)
23,856
882,195
PepsiCo,
Inc.
5,177
879,261
2,097,738
Energy
—
8.49%
Baker
Hughes
Co.,
Class
A
(b)(c)
26,751
914,349
Energy
Transfer
LP
(b)(c)
97,118
1,340,228
Enterprise
Products
Partners
LP
(b)(c)
62,117
1,636,783
MPLX
LP
8,040
295,229
Suncor
Energy,
Inc.
(b)(c)
30,019
961,809
5,148,398
Financials
—
13.53%
Arch
Capital
Group
Ltd.
(a)
6,907
512,983
Bank
of
America
Corp.
30,192
1,016,565
Berkshire
Hathaway,
Inc.,
Class
B
(a)
5,084
1,813,259
Charles
Schwab
Corp.
(The)
(b)(c)
13,811
950,197
Citigroup,
Inc.
(b)(c)
17,924
922,011
Goldman
Sachs
Group,
Inc.
(The)
(b)
2,317
893,829
MetLife,
Inc.
(b)
16,001
1,058,146
Wells
Fargo
&
Co.
(b)(c)
21,082
1,037,656
8,204,646
Health
Care
—
16.88%
AbbVie,
Inc.
(b)(c)
6,292
975,071
Align
Technology,
Inc.
(a)
1,151
315,374
Alnylam
Pharmaceuticals,
Inc.
(a)
1,818
347,983
AstraZeneca
PLC
-
ADR
(b)
13,988
942,092
Boston
Scientific
Corp.
(a)(b)
16,184
935,597
Denali
Therapeutics,
Inc.
(a)
8,896
190,908
Elevance
Health,
Inc.
(b)
1,018
480,048
Encompass
Health
Corp.
11,200
747,264
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
98.92%
-
continued
Shares
Fair
Value
Health
Care
—
16.88%
-
continued
Humana,
Inc.
(b)
2,704
$
1,237,918
Johnson
&
Johnson
6,059
949,688
Lantheus
Holdings,
Inc.
(a)(b)(c)
8,822
546,964
Medtronic,
PLC
10,262
845,384
Roivant
Sciences
Ltd.
(a)(b)(c)
32,386
363,695
Sarepta
Therapeutics,
Inc.
(a)(b)
2,788
268,847
Vertex
Pharmaceuticals,
Inc.
(a)(b)(c)
2,672
1,087,210
10,234,043
Industrials
—
8.91%
CSX
Corp.
32,514
1,127,260
Deere
&
Co.
1,767
706,570
FedEx
Corp.
(b)(c)
3,662
926,376
JB
Hunt
Transport
Services,
Inc.
3,882
775,391
Johnson
Controls
International
PLC
17,575
1,013,023
Kirby
Corp.
(a)
5,606
439,959
Northrop
Grumman
Corp.
885
414,304
5,402,883
Materials
—
1.74%
Linde
PLC
1,722
707,242
LyondellBasell
Industries
N.V.,
Class
A
3,636
345,711
1,052,953
Technology
—
26.20%
Accenture
PLC,
Class
A
(b)
3,681
1,291,700
Adobe,
Inc.
(a)(b)(c)
2,262
1,349,509
Apple,
Inc.
9,328
1,795,920
Autodesk,
Inc.
(a)
3,439
837,328
Microchip
Technology,
Inc.
(b)(c)
14,896
1,343,321
Microsoft
Corp.
(b)(c)
7,804
2,934,616
Nutanix,
Inc.,
Class
A
(a)(b)(c)
28,427
1,355,684
PayPal
Holdings,
Inc.
(a)(b)(c)
11,755
721,875
Salesforce,
Inc.
(a)(b)(c)
5,163
1,358,592
ServiceNow,
Inc.
(a)(b)(c)
1,964
1,387,546
Visa,
Inc.,
Class
A
(b)
4,096
1,066,393
Workday,
Inc.,
Class
A
(a)
1,614
445,561
15,888,045
Utilities
—
1.58%
CenterPoint
Energy,
Inc.
(b)
33,600
959,952
TOTAL COMMON
STOCKS
(Cost $46,585,382)
59,981,633
Exchange-Traded
Funds
—
2.32%
Shares
Fair
Value
iShares
Russell
2000
Value
ETF
3,894
604,855
SPDR®
S&P®
Regional
Banking
ETF
(b)(c)
15,214
797,670
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Exchange-Traded
Funds
—
2.32%
-
continued
Shares
Fair
Value
TOTAL EXCHANGE-TRADED
FUNDS
(Cost $1,267,014)
$
1,402,525
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.37%
Adobe,
Inc.
18
$
1,073,880
$
430.00
January
2025
26,595
Adobe,
Inc.
15
894,900
450.00
January
2024
195
Charles
Schwab
Corp.
(The)
110
756,800
47.50
January
2025
18,095
Citigroup,
Inc.
125
643,000
37.50
January
2025
16,000
Energy
Select
Sector
SPDR
Fund
100
838,400
80.00
March
2024
17,750
Energy
Transfer
LP
1,105
1,524,900
10.00
January
2025
29,835
Enterprise
Products
Partners
LP
450
1,185,750
22.00
January
2024
450
FedEx
Corp.
25
632,425
220.00
January
2025
29,688
Light
&
Wonder,
Inc.
50
410,550
70.00
April
2024
11,250
Nutanix,
Inc.
200
953,800
30.00
January
2025
23,000
SPDR®
S&P®
Regional
Banking
ETF
130
681,590
40.00
January
2025
26,780
Wells
Fargo
&
Co.
100
492,200
40.00
January
2025
18,350
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
316,195)
217,988
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.37%
Alibaba
Group
Holding
Ltd.
160
1,240,160
100.00
June
2024
38,160
General
Motors
Co.
540
1,939,680
40.00
September
2024
129,870
NVIDIA
Corp.
30
1,485,660
540.00
March
2024
60,975
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
290,079)
229,005
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Money
Market
Funds
-
2.88%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22%
(d)
1,749,160
1,749,160
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,749,160)
1,749,160
Total
Investments
—
104.86%
(Cost
$50,207,830)
$
63,580,311
Liabilities
in
Excess
of
Other
Assets
—
(4.86)%
(2,944,794)
Net
Assets
—
100.00%
$
60,635,517
(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,
2023
was
$27,518,640.
(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,
2023.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(1.41)%
AbbVie,
Inc.
(43)
$
(666,371)
$
165.00
January
2025
$
(38,593)
Adobe,
Inc.
(18)
(1,073,880)
860.00
January
2025
(24,885)
Baker
Hughes
Co.,
Class
A
(215)
(734,870)
45.00
January
2025
(26,338)
Charles
Schwab
Corp.
(The)
(111)
(763,680)
90.00
January
2025
(28,638)
Citigroup,
Inc.
(126)
(648,144)
65.00
January
2025
(21,105)
Energy
Transfer
LP
(677)
(934,260)
15.00
January
2025
(35,542)
Enterprise
Products
Partners
LP
(382)
(1,006,570)
30.00
June
2024
(1,337)
FedEx
Corp.
(28)
(708,316)
350.00
January
2025
(12,110)
Lantheus
Holdings,
Inc.
(79)
(489,800)
90.00
January
2025
(43,845)
Meta
Platforms,
Inc.
(29)
(1,026,484)
500.00
December
2025
(106,938)
Microchip
Technology,
Inc.
(75)
(676,350)
105.00
June
2024
(22,313)
Microsoft
Corp.
(55)
(2,068,220)
430.00
December
2024
(121,274)
Nutanix,
Inc.
(214)
(1,020,566)
65.00
January
2025
(54,035)
PayPal
Holdings,
Inc.
(58)
(356,178)
80.00
June
2024
(11,861)
Roivant
Sciences
Ltd.
(209)
(234,707)
15.00
January
2025
(28,215)
Salesforce,
Inc.
(26)
(684,164)
330.00
June
2025
(52,455)
ServiceNow,
Inc.
(8)
(565,192)
770.00
September
2024
(47,640)
SPDR®
S&P®
Regional
Banking
ETF
(134)
(702,562)
65.00
January
2025
(29,748)
Suncor
Energy,
Inc.
(221)
(1,616,173)
37.00
July
2024
(23,758)
Vertex
Pharmaceuticals,
Inc.
(23)
(935,847)
440.00
January
2025
(86,480)
Wells
Fargo
&
Co.
(169)
(831,818)
60.00
January
2025
(32,448)
Total
Written
Call
Options
(Premiums
Received
$861,525)
$
(849,558)
Total
Written
Options
(Premiums
Received
$861,525)
$
(849,558)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
December
31,
2023
(Unaudited)
Common
Stocks
-
Short
-
(7.05%)
Shares
Fair
Value
Communications
-
(0.49%)
Airbnb,
Inc.,
Class
A
(a)
(1,356)
$
(184,606)
Lyft,
Inc.
(a)
(7,799)
(116,907)
(301,513)
Consumer
Discretionary
-
(1.64%)
Caesars
Entertainment,
Inc.
(a)
(3,421)
(160,376)
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
(1,652)
(184,297)
Marriott
International,
Inc.,
Class
A
(578)
(130,345)
PulteGroup,
Inc.
(2,321)
(239,574)
Rivian
Automotive,
Inc.
(a)
(5,004)
(117,394)
Texas
Roadhouse,
Inc.
(1,368)
(167,211)
(999,197)
Consumer
Staples
-
(0.67%)
Coty,
Inc.,
Class
A
(a)
(12,177)
(151,238)
Five
Below,
Inc.
(a)
(729)
(155,394)
Hormel
Foods
Corp.
(2,991)
(96,041)
(402,673)
Energy
-
(0.32%)
Schlumberger
Ltd.
(3,765)
(195,931)
Financials
-
(0.82%)
Capital
One
Financial
Corp.
(1,381)
(181,077)
Cincinnati
Financial
Corp.
(1,730)
(178,986)
Coinbase
Global,
Inc.,
Class
A
(a)
(767)
(133,397)
(493,460)
Health
Care
-
(0.95%)
Globus
Medical,
Inc.,
Class
A
(a)
(2,382)
(126,937)
Integra
LifeSciences
Holdings
Corp.
(a)
(3,255)
(141,755)
Intuitive
Surgical,
Inc.
(a)
(400)
(134,944)
Novo
Nordisk
A/S
-
ADR
(1,727)
(178,658)
(582,294)
Industrials
-
(0.64%)
GFL
Environmental,
Inc.
(6,027)
(207,992)
Watsco
,
Inc.
(429)
(183,814)
(391,806)
Materials
-
(0.46%)
Steel
Dynamics,
Inc.
(2,381)
(281,196)
Technology
-
(1.06%)
EPAM
Systems,
Inc.
(a)
(747)
(222,113)
Equifax,
Inc.
(766)
(189,424)
Logitech
International
S.A.
(2,436)
(231,566)
(643,103)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $3,812,133)
(4,291,173)
TOTAL
SECURITIES
SOLD
SHORT
-
(7.05%)
(Proceeds
Received
$3,812,133)
$
(4,291,173)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
(continued)
December
31,
2023
(Unaudited)
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt.
VELA
International
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
—
90.52%
Shares
Fair
Value
Australia
—
1.95%
Health
Care
—
1.95%
Ansell
Ltd.
49,400
$
847,664
Total
Australia
847,664
Austria
—
3.26%
Communications
—
2.51%
Telekom
Austria
AG
(a)
129,400
1,092,241
Materials
—
0.75%
Wienerberger
AG
9,800
326,538
Total
Austria
1,418,779
Belgium
—
1.92%
Financials
—
1.92%
KBC
Group
NV
12,900
837,237
Total
Belgium
837,237
Canada
—
13.63%
Consumer
Staples
—
2.26%
Empire
Co.,
Ltd.,
Class
A
37,300
986,713
Energy
—
4.06%
Parkland
Corp.
24,500
789,750
Suncor
Energy,
Inc.
30,500
977,220
1,766,970
Industrials
—
1.06%
Finning
International,
Inc.
15,900
459,850
Materials
—
6.25%
Alamos
Gold,
Inc.,
Class
A
55,000
740,850
Major
Drilling
Group
International,
Inc.
(a)
149,000
1,035,714
OceanaGold
Corp.
495,000
948,927
2,725,491
Total
Canada
5,939,024
Denmark
—
1.85%
Industrials
—
1.85%
FLSmidth
&
Co.
A/S
18,900
804,354
Total
Denmark
804,354
France
—
7.85%
Communications
—
1.94%
Criteo
S.A.
-
ADR
(a)
33,300
843,156
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
90.52%
-
continued
Shares
Fair
Value
France
—
7.85%
-
continued
Consumer
Discretionary
—
2.34%
Cia
Generale
de
Establissements
Michelin
SCA
28,400
$
1,020,357
Energy
—
2.65%
TotalEnergies
SE
17,000
1,156,032
Industrials
—
0.92%
Rexel
SA
14,600
400,732
Total
France
3,420,277
Germany
—
9.60%
Consumer
Discretionary
—
1.64%
Fielmann
AG
13,300
713,238
Health
Care
—
1.31%
Bayer
AG
15,400
571,424
Industrials
—
0.84%
Duerr
AG
15,600
367,860
Materials
—
3.02%
Covestro
AG
(a)
10,000
582,743
Fuchs
Petrolub
SE
20,400
731,127
1,313,870
Technology
—
2.79%
Infineon
Technologies
AG
29,100
1,215,343
Total
Germany
4,181,735
Hong
Kong
—
8.39%
Consumer
Staples
—
2.88%
WH
Group
Ltd.
1,940,000
1,252,845
Industrials
—
3.10%
Johnson
Electric
Holdings
Ltd.
851,440
1,352,400
Technology
—
2.41%
VTech
Holdings
Ltd.
174,200
1,051,889
Total
Hong
Kong
3,657,134
Iceland
—
2.18%
Industrials
—
2.18%
Marel
HF
277,000
949,636
Total
Iceland
949,636
Indonesia
—
2.36%
Materials
—
2.36%
United
Tractors
Tbk
PT
700,000
1,028,624
Total
Indonesia
1,028,624
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
90.52%
-
continued
Shares
Fair
Value
Japan
—
8.72%
Consumer
Discretionary
—
1.74%
Honda
Motor
Co.
Ltd.
73,500
$
758,249
Consumer
Staples
—
1.79%
Suntory
Beverage
&
Food
Ltd.
23,700
779,336
Industrials
—
0.88%
OSG
Corp.
26,900
384,788
Materials
—
1.71%
Toray
Industries,
Inc.
144,000
746,002
Technology
—
2.60%
Nintendo
Co.
Ltd.
21,700
1,129,257
Total
Japan
3,797,632
Luxembourg
—
2.14%
Consumer
Staples
—
2.14%
B&M
European
Value
Retail
SA
131,000
934,208
Total
Luxembourg
934,208
Mexico
—
2.61%
Consumer
Staples
—
2.61%
Gruma
SAB
de
CV
23,800
435,557
Kimberly-Clark
de
Mexico
SAB
de
CV
313,300
702,057
1,137,614
Total
Mexico
1,137,614
Netherlands
—
3.18%
Communications
—
0.90%
Koninklijke
KPN
NV
113,400
390,694
Financials
—
2.28%
ING
Groep
NV
66,200
992,681
Total
Netherlands
1,383,375
Slovenia
—
0.98%
Health
Care
—
0.98%
Krka
dd
Novo
mesto
3,500
424,775
Total
Slovenia
424,775
Sweden
—
4.37%
Financials
—
2.48%
Svenska
Handelsbanken
AB,
Class
A
99,400
1,080,434
Industrials
—
1.89%
Loomis
AB
31,000
825,401
Total
Sweden
1,905,835
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
90.52%
-
continued
Shares
Fair
Value
Switzerland
—
5.29%
Consumer
Discretionary
—
3.02%
Cie
Financiere
Richemont
SA
4,200
$
580,101
Swatch
Group
AG
(The)
2,700
734,617
1,314,718
Health
Care
—
2.27%
Roche
Holding
AG
3,400
988,323
Total
Switzerland
2,303,041
United
Kingdom
—
10.24%
Communications
—
2.73%
Informa
PLC
31,600
314,346
WPP
PLC
91,500
874,108
1,188,454
Consumer
Discretionary
—
1.94%
Associated
British
Foods
PLC
28,100
847,013
Consumer
Staples
—
1.69%
British
American
Tobacco
PLC
25,100
734,498
Materials
—
1.35%
DS
Smith
PLC
150,000
587,035
Technology
—
2.53%
Serco
Group
PLC
536,500
1,105,564
Total
United
Kingdom
4,462,564
TOTAL COMMON
STOCKS
(Cost $34,037,812)
39,433,508
Preferred
Stocks
—
1.29%
Shares
Fair
Value
Germany
—
1.29%
Consumer
Staples
—
1.29%
Henkel
AG
&
Co.
KGaA
7,000
563,118
TOTAL PREFERRED
STOCKS
(Cost $440,093)
563,118
Money
Market
Funds
-
7.45%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22%
(b)
3,245,215
3,245,215
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,245,215)
3,245,215
Total
Investments
—
99.26%
(Cost
$37,723,120)
43,241,841
Other
Assets
in
Excess
of
Liabilities
—
0.74%
324,226
Net
Assets
—
100.00%
$
43,566,067
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2023.
ADR
-
American
Depositary
Receipt.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
—
69.36%
Shares
Fair
Value
Communications
—
2.58%
Comcast
Corp.,
Class
A
(a)
9,755
$
427,757
Omnicom
Group,
Inc.
3,447
298,200
725,957
Consumer
Discretionary
—
9.85%
Genuine
Parts
Co.
2,461
340,848
Home
Depot,
Inc.
(The)
(a)
1,265
438,386
Polaris
Industries,
Inc.
4,635
439,259
Starbucks
Corp.
(a)
4,623
443,854
TJX
Companies,
Inc.
(The)
(a)
2,244
210,510
Vail
Resorts,
Inc.
1,772
378,269
Wendy's
Co.
(The)
26,877
523,564
2,774,690
Consumer
Staples
—
10.27%
Coca-Cola
Co.
(The)
(a)
3,594
211,794
Flowers
Foods,
Inc.
26,735
601,805
Kraft
Heinz
Co.
(The)
(a)
22,736
840,777
Mondelez
International,
Inc.,
Class
A
(a)
4,297
311,232
PepsiCo,
Inc.
(a)
1,247
211,791
Sysco
Corp.
(a)
9,795
716,308
2,893,707
Energy
—
5.60%
Baker
Hughes
Co.,
Class
A
(a)
11,517
393,651
Civitas
Resources,
Inc.
(a)
9,313
636,823
Suncor
Energy,
Inc.
17,023
545,417
1,575,891
Financials
—
7.28%
Axis
Capital
Holdings
Ltd.
(a)
7,216
399,550
Cullen/Frost
Bankers,
Inc.
(a)
4,307
467,266
JPMorgan
Chase
&
Co.
(a)
3,525
599,603
Mercury
General
Corp.
(a)
7,397
275,982
Trustmark
Corp.
(a)
11,076
308,799
2,051,200
Health
Care
—
10.24%
Abbott
Laboratories
(a)
4,092
450,407
AbbVie,
Inc.
(a)
4,134
640,646
Bayer
AG
7,106
263,827
Johnson
&
Johnson
3,614
566,458
Medtronic,
PLC
(a)
8,371
689,603
National
Healthcare
Corp.
(a)
2,952
272,824
2,883,765
Industrials
—
12.54%
Copa
Holdings,
S.A.,
Class
A
2,824
300,219
FedEx
Corp.
(a)
1,336
337,968
Greenbrier
Companies,
Inc.
(The)
(a)
23,478
1,037,258
Huntington
Ingalls
Industries,
Inc.
(a)
1,742
452,293
Johnson
Controls
International
PLC
6,508
375,121
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Common
Stocks
—
69.36%
-
continued
Shares
Fair
Value
Industrials
—
12.54%
-
continued
Norfolk
Southern
Corp.
(a)
2,684
$
634,444
Northrop
Grumman
Corp.
(a)
844
395,110
3,532,413
Materials
—
1.16%
Avery
Dennison
Corp.
(a)
1,612
325,882
Real
Estate
—
3.55%
Realty
Income
Corp.
7,037
404,064
Simon
Property
Group,
Inc.
(a)
4,183
596,663
1,000,727
Technology
—
4.80%
Fidelity
National
Information
Services,
Inc.
(a)
10,101
606,767
Nintendo
Co.
Ltd.
3,700
193,129
Texas
Instruments,
Inc.
(a)
3,247
553,484
1,353,380
Utilities
—
1.49%
NorthWestern
Energy
Corp.,
Inc.
(a)
8,237
419,181
TOTAL COMMON
STOCKS
(Cost $18,758,054)
19,536,793
Preferred
Stocks
—
2.28%
Shares
Fair
Value
Energy
—
0.50%
Energy
Transfer
LP,
Series
E,
7.60%
5,700
141,360
Financials
—
1.78%
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
17,351
345,458
Stifel
Financial
Corp.,
Series
B,
6.25%
6,300
155,547
501,005
TOTAL PREFERRED
STOCKS
(Cost $609,044)
642,365
U.S.
Government
&
Agencies
—
0.89%
Principal
Amount
Fair
Value
United
States
Treasury
Note,
4.75%,
7/31/2025
(b)
$
250,000
251,206
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $249,425)
251,206
Corporate
Bonds
—
24.56%
Communications
—
1.50%
Genuine
Parts
Co,
6.88%,
11/1/2033
250,000
278,274
Nexstar
Media,
Inc.,
5.63%,
7/15/2027
150,000
145,153
423,427
Consumer
Discretionary
—
8.66%
Acushnet
Co.,
7.38%,
10/15/2028
250,000
260,979
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Corporate
Bonds
—
24.56%
-
continued
Principal
Amount
Fair
Value
Consumer
Discretionary
—
8.66%
-
continued
Carnival
Corp.,
10.50%,
6/1/2030
$
250,000
$
273,636
Darden
Restaurants,
Inc.,
6.30%,
10/10/2033
250,000
269,411
Graham
Holdings
Co.,
5.75%,
6/1/2026
300,000
297,995
Nordstrom,
Inc.,
4.25%,
8/1/2031
300,000
249,995
Papa
John's
International,
Inc.,
3.88%,
9/15/2029
300,000
265,772
Scotts
Miracle-Gro
Co.
(The),
4.50%,
10/15/2029
150,000
133,687
Taylor
Morrison
Communities,
Inc.,
5.88%,
6/15/2027
250,000
251,536
Vail
Resorts,
Inc.,
6.25%,
5/15/2025
125,000
124,496
Viking
Cruises
Ltd.,
9.13%,
7/15/2031
150,000
159,960
Wendy's
International
LLC,
7.00%,
12/15/2025
150,000
150,302
2,437,769
Consumer
Staples
—
1.30%
Performance
Food
Group,
Inc.,
6.88%,
5/1/2025
150,000
150,725
Simmons
Foods,
Inc.,
4.63%,
3/1/2029
250,000
216,735
367,460
Energy
—
1.07%
EQT
Corp.,
6.13%,
2/1/2025
150,000
150,761
PDC
Energy,
Inc.,
5.75%,
5/15/2026
150,000
149,834
300,595
Financials
—
0.94%
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/2028
250,000
263,842
Health
Care
—
0.82%
Encompass
Health
Corp.,
4.63%,
4/1/2031
250,000
230,351
Industrials
—
5.62%
Allegiant
Travel
Co.,
7.25%,
8/15/2027
150,000
146,941
Cimpress
PLC,
7.00%,
6/15/2026
(Ireland)
200,000
195,638
Con-way,
Inc.,
6.70%,
5/1/2034
265,000
271,343
Installed
Building
Products,
Inc.,
5.75%,
2/1/2028
250,000
243,879
Korn
Ferry,
4.63%,
12/15/2027
250,000
241,740
Wabash
National
Corp.,
4.50%,
10/15/2028
250,000
225,891
WESCO
Distribution
Inc,
7.25%,
6/15/2028
250,000
257,081
1,582,513
Materials
—
3.74%
Advanced
Drainage
Systems,
Inc.,
6.38%,
6/15/2030
250,000
252,034
Ashland
LLC,
6.88%,
5/15/2043
240,000
236,097
Ball
Corp.,
6.88%,
3/15/2028
250,000
260,066
Valvoline,
Inc.,
3.63%,
6/15/2031
150,000
128,286
Worthington
Industries,
Inc.,
4.30%,
8/1/2032
210,000
176,393
1,052,876
Real
Estate
—
0.91%
Iron
Mountain,
Inc.,
7.00%,
2/15/2029
250,000
257,124
TOTAL
CORPORATE
BONDS
(Cost $6,683,419)
6,915,957
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2023
(Unaudited)
Money
Market
Funds
-
3.54%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22%
(c)
996,416
996,416
TOTAL
MONEY
MARKET
FUNDS
(Cost
$996,416)
996,416
Total
Investments
—
100.63%
(Cost
$27,296,358)
$
28,342,737
Liabilities
in
Excess
of
Other
Assets
—
(0.63)%
(177,472)
Net
Assets
—
100.00%
$
28,165,265
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
(b)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2023.
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(1.26)%
Abbott
Laboratories
(13)
$
(143,091)
$
110.00
February
2024
$
(4,290)
Abbott
Laboratories
(13)
(143,091)
110.00
May
2024
(7,703)
AbbVie,
Inc.
(35)
(542,395)
155.00
February
2024
(14,875)
Avery
Dennison
Corp.
(7)
(141,512)
195.00
April
2024
(10,850)
Avery
Dennison
Corp.
(6)
(121,296)
200.00
April
2024
(7,380)
Axis
Capital
Holdings
Ltd.
(36)
(199,332)
65.00
March
2024
(504)
Baker
Hughes
Co.,
Class
A
(64)
(218,752)
35.00
January
2024
(3,200)
Civitas
Resources,
Inc.
(23)
(157,274)
90.00
April
2024
(1,380)
Coca-Cola
Co.
(The)
(30)
(176,790)
60.00
February
2024
(2,865)
Comcast
Corp.
(36)
(157,860)
45.00
January
2024
(1,188)
Comcast
Corp.
(31)
(135,935)
47.50
June
2024
(4,960)
Cullen/Frost
Bankers,
Inc.
(28)
(303,772)
110.00
April
2024
(18,060)
FedEx
Corp.
(6)
(151,782)
300.00
March
2024
(435)
Fidelity
National
Information
Services,
Inc.
(34)
(204,238)
72.50
June
2024
(4,420)
Greenbrier
Companies,
Inc.
(The)
(77)
(340,186)
55.00
June
2024
(12,705)
Home
Depot,
Inc.
(The)
(7)
(242,585)
340.00
June
2024
(18,287)
Huntington
Ingalls
Industries,
Inc.
(12)
(311,568)
270.00
June
2024
(14,760)
JPMorgan
Chase
&
Co.
(10)
(170,100)
160.00
March
2024
(13,050)
JPMorgan
Chase
&
Co.
(10)
(170,100)
165.00
June
2024
(13,225)
Kraft
Heinz
Co.
(The)
(75)
(277,350)
40.00
June
2024
(6,225)
Medtronic,
PLC
(28)
(230,664)
90.00
June
2024
(5,362)
Mercury
General
Corp.
(30)
(111,930)
40.00
March
2024
(2,925)
Mondelez
International,
Inc.
(30)
(217,290)
75.00
March
2024
(4,500)
National
Healthcare
Corp.
(25)
(231,050)
75.00
May
2024
(48,124)
Norfolk
Southern
Corp.
(13)
(307,294)
240.00
June
2024
(19,435)
Northrop
Grumman
Corp.
(6)
(280,884)
485.00
February
2024
(5,220)
Northwestern
Corp
(45)
(229,005)
55.00
March
2024
(2,880)
PepsiCo,
Inc.
(6)
(101,904)
185.00
April
2024
(843)
Simon
Property
Group,
Inc.
(12)
(171,168)
130.00
June
2024
(21,420)
Simon
Property
Group,
Inc.
(13)
(185,432)
125.00
June
2024
(28,665)
Starbucks
Corp.
(29)
(278,429)
110.00
April
2024
(2,378)
Sysco
Corp.
(24)
(175,512)
80.00
May
2024
(2,580)
Texas
Instruments,
Inc.
(20)
(340,920)
170.00
June
2024
(26,100)
TJX
Companies,
Inc.
(The)
(17)
(159,477)
85.00
January
2024
(15,598)
Trustmark
Corp.
(55)
(153,340)
30.00
May
2024
(8,938)
Total
Written
Call
Options
(Premiums
Received
$188,162)
$
(355,330)
Total
Written
Options
(Premiums
Received
$188,162)
$
(355,330)
VELA
Short
Duration
Fund
Schedule
of
Investments
December
31,
2023
-
(Unaudited)
U.S.
Government
&
Agencies
—
23.68%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
5.32%,
1/16/2024
(a)
$
500,000
$
498,979
United
States
Treasury
Bill,
5.27%,
3/14/2024
(a)
500,000
494,816
United
States
Treasury
Bill,
5.31%,
6/13/2024
(a)
500,000
488,576
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $1,482,008)
1,482,371
Corporate
Bonds
—
22.99%
Principal
Amount
Fair
Value
Communications
—
3.19%
Charter
Communications
Operating
LLC,
4.91%,
7/23/2025
100,000
99,106
Verizon
Communications,
Inc.,
6.74%,
5/15/2025
100,000
100,608
199,714
Consumer
Discretionary
—
2.39%
Meritage
Homes
Corp,
6.00%,
6/1/2025
150,000
149,771
Energy
—
4.77%
Civitas
Resources,
Inc.,
5.00%,
10/15/2026
100,000
97,065
Devon
Energy
Corp.,
5.85%,
12/15/2025
100,000
101,178
EQT
Corp.,
6.13%,
2/1/2025
100,000
100,507
298,750
Financials
—
6.25%
Huntington
National
Bank
(The),
4.60%,
2/27/2025
100,000
97,169
KeyBank
NA/Cleveland
OH,
4.70%,
1/26/2026
100,000
97,735
Mercury
General
Corp.,
4.40%,
3/15/2027
100,000
95,612
Radian
Group,
Inc.,
6.63%,
3/15/2025
100,000
100,476
390,992
Industrials
—
1.63%
Delta
Air
Lines,
Inc.,
7.00%,
5/1/2025
100,000
101,849
Materials
—
3.16%
Berry
Global,
Inc.,
4.88%,
7/15/2026
100,000
98,331
Sherwin-Williams
Co.
(The),
4.05%,
8/8/2024
100,000
99,143
197,474
Technology
—
1.60%
Hewlett
Packard
Enterprise
Co.,
5.90%,
10/1/2024
100,000
100,312
TOTAL
CORPORATE
BONDS
(Cost $1,440,385)
1,438,862
VELA
Short
Duration
Fund
Schedule
of
Investments
(continued)
December
31,
2023
-
(Unaudited)
Money
Market
Funds
-
59.33%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22%
(b)
3,713,715
3,713,715
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,713,715)
3,713,715
Total
Investments
—
106.00%
(Cost
$6,636,108)
6,634,948
Liabilities
in
Excess
of
Other
Assets
—
(6.00)%
(375,791)
Net
Assets
—
100.00%
$
6,259,157
(a)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2023.