0001752724-24-048914.txt : 20240229 0001752724-24-048914.hdr.sgml : 20240229 20240229132120 ACCESSION NUMBER: 0001752724-24-048914 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: 24701884 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 S000069564 VELA Small Cap Fund C000221923 Class I C000221924 Class A NPORT-P 1 primary_doc.xml NPORT-P false 0001815493 XXXXXXXX S000069564 C000221924 C000221923 VELA Funds 811-23585 0001815493 549300F0PMHX6GFZ7Q56 220 Market Street Suite 208 New Albany 43054 614-653-8352 VELA SMALL CAP FUND S000069564 549300SE8BRG0OLRTP40 2024-09-30 2023-12-31 N 84181430.47 1963182.56 82218247.91 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 13524.57 N VELA SMALL CAP FUND DRP VELA SMALL CAP FUND DRP Envista Holdings Corporation 549300BX623VURJZ5269 Envista Holdings Corp. 29415F104 59112.00000000 NS USD 1422234.72000000 1.729828543119 Long EC CORP US N 1 N N N Civitas Resources Inc IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888H103 33986.00000000 NS USD 2323962.68000000 2.826577723407 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Ollie's Bargain Outlet Holdings, Inc. Call @ 80 June 2024 N/A -75.00000000 NS USD -49875.00000000 -0.06066171594 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Ollie's Bargain Outlet Holdings, Inc. Ollie's Bargain Outlet Holdings, Inc. 100.00000000 80.00000000 USD 2024-06-21 XXXX 34347.14000000 N N N Ashland Inc. 529900E4L9R04SB8HB11 Ashland, Inc. 044186104 19493.00000000 NS USD 1643454.83000000 1.998893033817 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Nutanix, Inc. Call @ 50 January 2025 N/A -75.00000000 NS USD -51000.00000000 -0.06203002532 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Nutanix, Inc. Nutanix, Inc. 100.00000000 50.00000000 USD 2025-01-17 XXXX -17616.27000000 N N N SI-BONE Inc. 549300J8JGYVJJHV9C31 SI-BONE, Inc. 825704109 58934.00000000 NS USD 1237024.66000000 1.504562176214 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Trustmark Corp. Call @ 30 May 2024 N/A -110.00000000 NS USD -17875.00000000 -0.02174091573 Short DE CORP US N 2 STONEX GROUP INC N/A Call Written Trustmark Corp. Trustmark Corp. 100.00000000 30.00000000 USD 2024-05-17 XXXX -5787.27000000 N N N BWX Technologies Inc 549300NP85N265KWMS58 BWX Technologies, Inc. 05605H100 29831.00000000 NS USD 2288932.63000000 2.783971549120 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Applied Industrial Technologies, Inc. Call @ 180 May 2024 N/A -90.00000000 NS USD -80100.00000000 -0.09742362800 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Applied Industrial Technologies, Inc. Applied Industrial Technologies, Inc. 100.00000000 180.00000000 USD 2024-05-17 XXXX -35718.35000000 N N N Money Market Obligations Trust 25490005VWJDWX717014 Federated Hermes Treasury Oligations Fund 60934N500 3457195.76000000 PA USD 3457195.76000000 4.204900794996 Long STIV RF US N 1 N N N Biohaven Ltd N/A Biohaven Ltd. G1110E107 8827.00000000 NS USD 377795.60000000 0.459503345794 Long EC CORP VG N 1 N N N BOK Financial Corp GRI2NT5QHYW751NMR949 BOK Financial Corp. 05561Q201 8599.00000000 NS USD 736504.35000000 0.895791832983 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Kirby Corporation Call @ 100 March 2024 N/A -175.00000000 NS USD -4025.00000000 -0.00489550690 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Kirby Corporation Kirby Corporation 100.00000000 100.00000000 USD 2024-03-15 XXXX 23422.60000000 N N N Houlihan Lokey Inc. 549300S3CNGTQ1QZVY46 Houlihan Lokey, Inc. 441593100 11521.00000000 NS USD 1381483.11000000 1.680263378407 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Caseys General Stores, Inc. Call @ 300, Expiring May 2024 N/A -35.00000000 NS USD -25550.00000000 -0.03107582641 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Caseys General Stores, Inc. Caseys General Stores, Inc. 100.00000000 300.00000000 USD 2024-05-17 XXXX 16796.16000000 N N N Trustmark Corp 5493000HPQ4D2RZ79739 Trustmark Corp. 898402102 22819.00000000 NS USD 636193.72000000 0.773786520841 Long EC CORP US N 1 N N N Papa John's International Inc. HZYLD3DK5XOX0WBVNB56 Papa John's International, Inc. 698813102 22336.00000000 NS USD 1702673.28000000 2.070918954468 Long EC CORP US N 1 N N N AXIS Capital Holdings Limited N/A Axis Capital Holdings Ltd. G0692U109 38391.00000000 NS USD 2125709.67000000 2.585447542407 Long EC CORP BM N 1 N N N Core & Main Inc N/A Core & Main, Inc. 21874C102 20967.00000000 NS USD 847276.47000000 1.030521193941 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 BWX Technologies, Inc. Call @ 85 May 2024 N/A -120.00000000 NS USD -20100.00000000 -0.02444712762 Short DE CORP US N 2 MKM PARTNERS N/A Call Written BWX Technologies, Inc. BWX Technologies, Inc. 100.00000000 85.00000000 USD 2024-05-17 XXXX 32456.10000000 N N N Tidewater Inc New 2549000JA5GRUPLMUH98 Tidewater, Inc. 88642R109 20139.00000000 NS USD 1452223.29000000 1.766302891287 Long EC CORP US N 1 N N N Range Resources Corp. H3Y3WLYCX0BTO1TRW162 Range Resources Corp. 75281A109 77146.00000000 NS USD 2348324.24000000 2.856208079951 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 John B. Sanfilippo & Son, Inc. Call @ 115 June 2024 N/A -36.00000000 NS USD -19620.00000000 -0.02386331562 Short DE CORP US N 2 MKM PARTNERS N/A Call Written John B. Sanfilippo & Son, Inc. John B. Sanfilippo & Son, Inc. 100.00000000 115.00000000 USD 2024-06-21 XXXX -3492.13000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 1st Source Corp. Call @ 55, Expiring March 2024 N/A -174.00000000 NS USD -51330.00000000 -0.06243139607 Short DE CORP US N 2 MKM PARTNERS N/A Call Written 1st Source Corp. 1st Source Corp. 100.00000000 55.00000000 USD 2024-03-15 XXXX -38321.31000000 N N N Tetra Tech Inc 549300UJ1LP7JGJC5P32 Tetra Tech, Inc. 88162G103 5643.00000000 NS USD 941985.99000000 1.145714015982 Long EC CORP US N 1 N N N Gildan Activewear Inc. 549300SB3IBI34M00Z45 Gildan Activewear, Inc. 375916103 26043.00000000 NS USD 860981.58000000 1.047190376694 Long EC CORP CA N 1 N N N Fox Factory Holding Corporation 529900GE1HSV0617R721 Fox Factory Holding Corp. 35138V102 17471.00000000 NS USD 1178943.08000000 1.433919002130 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Biohaven Pharmaceutical Holding Co. Ltd. Call @ 45 July 2024 N/A -70.00000000 NS USD -54250.00000000 -0.06598291909 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Biohaven Pharmaceutical Holding Co. Ltd. Biohaven Pharmaceutical Holding Co. Ltd. 100.00000000 45.00000000 USD 2024-07-19 XXXX -33310.37000000 N N N Huntington Ingalls Industries, Inc. 5TZLZ6WJTBVJ0QWBG121 Huntington Ingalls Industries, Inc. 446413106 5074.00000000 NS USD 1317413.36000000 1.602336942818 Long EC CORP US N 1 N N N Wabash National Corporation 5299004ZAWHQZI5XO485 Wabash National Corp. 929566107 48562.00000000 NS USD 1244158.44000000 1.513238814529 Long EC CORP US N 1 N N N Onto Innovation Inc. 254900RXZVN73CHOO062 Onto Innovation, Inc. 683344105 1606.00000000 NS USD 245557.40000000 0.298665328247 Long EC CORP US N 1 N N N Assured Guaranty Ltd. 549300BBOQUJEPH87M14 Assured Guaranty Ltd. G0585R106 22437.00000000 NS USD 1678960.71000000 2.042077948240 Long EC CORP BM N 1 N N N Alamos Gold Inc. 549300TDOX73YGYXE959 Alamos Gold, Inc. 011532108 31854.00000000 NS USD 429073.38000000 0.521871227990 Long EC CORP CA N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 National Healthcare Corp. Call @ 75 May 2024 N/A -80.00000000 NS USD -154000.00000000 -0.18730635098 Short DE CORP US N 2 STONEX GROUP INC N/A Call Written National Healthcare Corp. National Healthcare Corp. 100.00000000 75.00000000 USD 2024-05-17 XXXX -140483.16000000 N N N National Healthcare Corporation N/A National Healthcare Corp. 635906100 8500.00000000 NS USD 785570.00000000 0.955469156749 Long EC CORP US N 1 N N N Criteo S.A 969500EELFB4RDMFHA76 Criteo S.A. 226718104 63055.00000000 NS USD 1596552.60000000 1.941847023726 Long EC CORP FR N 1 N N N Ollies Bargain Outlet Holdings Inc. 529900YO5DSQCPEFDZ05 Ollie's Bargain Outlet Holdings, Inc. 681116109 12100.00000000 NS USD 918269.00000000 1.116867633819 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Valvoline, Inc. Call @ 40, Expiring May 2024 N/A -270.00000000 NS USD -42525.00000000 -0.05172209464 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Valvoline, Inc. Valvoline, Inc. 100.00000000 40.00000000 USD 2024-05-17 XXXX -17673.50000000 N N N The Wendys Company 529900M0JIUCMWVKHG76 Wendy's Co./The 95058W100 100865.00000000 NS USD 1964850.20000000 2.389798189509 Long EC CORP US N 1 N N N RPM International Inc. 549300TJCKW4BRXPJ474 RPM International, Inc. 749685103 9685.00000000 NS USD 1081136.55000000 1.314959364231 Long EC CORP US N 1 N N N Nutanix Inc 549300X7J6E8TKVIXW09 Nutanix, Inc. 67059N108 26391.00000000 NS USD 1258586.79000000 1.530787656017 Long EC CORP US N 1 N N N HUB Group Inc N/A Hub Group, Inc. 443320106 29162.00000000 NS USD 2681154.28000000 3.261020938970 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 PROCEPT BioRobotics Corp. Call @ 45 July 2024 N/A -145.00000000 NS USD -105850.00000000 -0.12874270942 Short DE CORP US N 2 MKM PARTNERS N/A Call Written PROCEPT BioRobotics Corp. PROCEPT BioRobotics Corp. 100.00000000 45.00000000 USD 2024-07-19 XXXX -24940.65000000 N N N U-Haul Holding Co. 5493003WIDMLDHYC6Y24 U-Haul Holdings Co. 023586506 27255.00000000 NS USD 1919842.20000000 2.335056084023 Long EC CORP US N 1 N N N Performance Food Group Company 549300EUK8GR9IT1YK57 Performance Food Group Co. 71377A103 33793.00000000 NS USD 2336785.95000000 2.842174346208 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Alamos Gold, Inc. Call @ 17 June 2024 N/A -80.00000000 NS USD -3600.00000000 -0.00437859002 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Alamos Gold, Inc. Alamos Gold, Inc. 100.00000000 17.00000000 USD 2024-06-21 XXXX 2319.95000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Atlanta Braves Holdings, Inc. Call @ 50 August 2024 N/A -124.00000000 NS USD -15190.00000000 -0.01847521734 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Atlanta Braves Holdings, Inc. Atlanta Braves Holdings, Inc. 100.00000000 50.00000000 USD 2024-08-16 XXXX -1665.43000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Range Resources Corp. Call @ 37 January 2025 N/A -295.00000000 NS USD -87762.50000000 -0.10674333524 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Range Resources Corp. Range Resources Corp. 100.00000000 37.00000000 USD 2025-01-17 XXXX 80967.57000000 N N N Atlanta Braves Holdings Inc N/A Atlanta Braves Holdings, Inc. 047726302 49705.00000000 NS USD 1967323.90000000 2.392806888993 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Houlihan Lokey, Inc. Call @ 115, Expiring June 2024 N/A -58.00000000 NS USD -67570.00000000 -0.08218370218 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Houlihan Lokey, Inc. Houlihan Lokey, Inc. 100.00000000 115.00000000 USD 2024-06-21 XXXX -47387.84000000 N N N Valvoline Inc 549300CMHPBEY6VPOT75 Valvoline, Inc. 92047W101 58751.00000000 NS USD 2207862.58000000 2.685368073541 Long EC CORP US N 1 N N N Copa Holdings SA 529900BB9UQJV6QQHA59 Copa Holdings SA P31076105 10589.00000000 NS USD 1125716.59000000 1.369180952666 Long EC CORP PA N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Shockwave Medical, Inc. Call @ 240 June 2024 N/A -16.00000000 NS USD -16160.00000000 -0.01965500410 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Shockwave Medical, Inc. Shockwave Medical, Inc. 100.00000000 240.00000000 USD 2024-06-21 XXXX -3392.10000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Envista Holdings Corp. Call @ 30 September 2024 N/A -106.00000000 NS USD -12190.00000000 -0.01482639232 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Envista Holdings Corp. Envista Holdings Corp. 100.00000000 30.00000000 USD 2024-09-20 XXXX 847.89000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Greenbrier Companies, Inc./The Call @ 55 June 2024 N/A -247.00000000 NS USD -40755.00000000 -0.04956928788 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Greenbrier Companies, Inc./The Greenbrier Companies, Inc./The 100.00000000 55.00000000 USD 2024-06-21 XXXX -17137.19000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 SI-BONE, Inc. Call @ 25 July 2024 N/A -130.00000000 NS USD -20800.00000000 -0.02529852013 Short DE CORP US N 2 STONEX GROUP INC N/A Call Written SI-BONE, Inc. SI-BONE, Inc. 100.00000000 25.00000000 USD 2024-07-19 XXXX -6632.74000000 N N N Encompass Health Corporation 549300FVRPM9DRQZRG64 Encompass Health Corp. 29261A100 30897.00000000 NS USD 2061447.84000000 2.507287484715 Long EC CORP US N 1 N N N Procept Biorobotics Corp. N/A PROCEPT BioRobotics Corp 74276L105 19551.00000000 NS USD 819382.41000000 0.996594345937 Long EC CORP US N 1 N N N Malibu Boats Inc 549300MHGS3WZNRLUK77 Malibu Boats, Inc. 56117J100 7400.00000000 NS USD 405668.00000000 0.493403849281 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Performance Food Group Co. Call @ 70 June 2024 N/A -190.00000000 NS USD -100700.00000000 -0.12247889314 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Performance Food Group Co. Performance Food Group Co. 100.00000000 70.00000000 USD 2024-06-21 XXXX -25177.51000000 N N N Major Drilling Group Intl Inc 549300O1MNHCX2FUBC21 Major Drilling Group International, Inc. 560909103 247178.00000000 NS 1718159.19000000 2.089754079752 Long EC CORP CA N 1 N N N Flowers Foods, Inc. 7YNCQQNDK8FBM9BBTK25 Flowers Foods, Inc. 343498101 55300.00000000 NS USD 1244803.00000000 1.514022776747 Long EC CORP US N 1 N N N Applied Industrial Technologies Inc. 549300NU173IJRC6PO38 Applied Industrial Technologies, Inc. 03820C105 16526.00000000 NS USD 2853874.94000000 3.471096760811 Long EC CORP US N 1 N N N Graham Holdings Co 529900BOSCEEEMAFQJ29 Graham Holdings Co 384637104 3303.00000000 NS USD 2300605.56000000 2.798169042130 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Tetra Tech, Inc. Call @ 180 March 2024 N/A -28.00000000 NS USD -9800.00000000 -0.01191949506 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Tetra Tech, Inc. Tetra Tech, Inc. 100.00000000 180.00000000 USD 2024-03-15 XXXX 2183.09000000 N N N Vail Resorts, Inc. 529900PSZHRNU9HKH870 Vail Resorts, Inc. 91879Q109 10281.00000000 NS USD 2194685.07000000 2.669340597481 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Tidewater, Inc. Call @ 90 December 2024 N/A -75.00000000 NS USD -64500.00000000 -0.07844973791 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Tidewater, Inc. Tidewater, Inc. 100.00000000 90.00000000 USD 2024-12-20 XXXX -2329.64000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Lantheus Holdings, Inc. Call @ 90 January 2025 N/A -40.00000000 NS USD -22200.00000000 -0.02700130514 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Lantheus Holdings, Inc. Lantheus Holdings, Inc. 100.00000000 90.00000000 USD 2025-01-17 XXXX 14719.71000000 N N N Rocket Pharmaceuticals Inc 549300R7VV82YUIN4Y93 Rocket Pharmaceuticals, Inc. 77313F106 19830.00000000 NS USD 594305.10000000 0.722838439284 Long EC CORP US N 1 N N N Lantheus Holdings Inc 5299005HUB5IOJGO7S39 Lantheus Holdings, Inc. 516544103 11993.00000000 NS USD 743566.00000000 0.904380741382 Long EC CORP US N 1 N N N The Greenbrier Companies, Inc. 5493001GAGGFR30BP390 Greenbrier Companies, Inc./The 393657101 68824.00000000 NS USD 3040644.32000000 3.698259689659 Long EC CORP US N 1 N N N Kirby Corp I7NO6FZO5GUCG585T325 Kirby Corp. 497266106 54847.00000000 NS USD 4304392.56000000 5.235325088308 Long EC CORP US N 1 N N N Lazydays Holdings Inc. 5493006PPWVM3TDVJH23 Lazydays Holdings, Inc. 52110H100 184897.00000000 NS USD 1303523.85000000 1.585443478954 Long EC CORP US N 1 N N N Denali Therapeutics Inc 549300ZTQ2HO18L3Q830 Denali Therapeutics, Inc. 24823R105 16462.00000000 NS USD 353274.52000000 0.429678969061 Long EC CORP US N 1 N N N Sanfilippo(John B) 5299007IBEYVXKYDUX28 John B. Sanfilippo & Son, Inc. 800422107 7936.00000000 NS USD 817725.44000000 0.994579014740 Long EC CORP US N 1 N N N Shockwave Medical Inc. 549300LDXO56IC5Y1538 Shockwave Medical, Inc. 82489T104 3270.00000000 NS USD 623131.20000000 0.757898904245 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Nutanix, Inc. Call @ 55 December 2025 N/A -97.00000000 NS USD -74205.00000000 -0.09025368684 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Nutanix, Inc. Nutanix, Inc. 100.00000000 55.00000000 USD 2025-12-19 XXXX -10284.45000000 N N N Maravai LifeSciences Holdings Inc N/A Maravai LifeSciences Holdings, Inc. 56600D107 70945.00000000 NS USD 464689.75000000 0.565190528638 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 JFrog Ltd Call @ 40 June 2024 N/A -270.00000000 NS USD -66825.00000000 -0.08127757730 Short DE CORP US N 2 MKM PARTNERS N/A Call Written JFrog Ltd JFrog Ltd 100.00000000 40.00000000 USD 2024-06-21 XXXX 6879.21000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Pappa Johns International, Inc. Call @ 80, Expiring April 2024 N/A -90.00000000 NS USD -39600.00000000 -0.04816449025 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Pappa Johns International, Inc. Pappa Johns International, Inc. 100.00000000 80.00000000 USD 2024-04-19 XXXX -20240.15000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Huntington Ingalls Industries, Inc. Call @ 270 June 2024 N/A -25.00000000 NS USD -30750.00000000 -0.03740045644 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Huntington Ingalls Industries, Inc. Huntington Ingalls Industries, Inc. 100.00000000 270.00000000 USD 2024-06-21 XXXX -14417.34000000 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Gildan Activewear, Inc. Call @ 35, Expiring June 2024 N/A -170.00000000 NS USD -32725.00000000 -0.03980259958 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Gildan Activewear, Inc. Gildan Activewear, Inc. 100.00000000 35.00000000 USD 2024-06-21 XXXX 10284.65000000 N N N 1st Source Corporation N/A 1st Source Corp. 336901103 34808.00000000 NS USD 1912699.60000000 2.326368718163 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 RPM International, Inc. Call @ 110 March 2024 N/A -50.00000000 NS USD -37250.00000000 -0.04530624398 Short DE CORP US N 2 MKM PARTNERS N/A Call Written RPM International, Inc. RPM International, Inc. 100.00000000 110.00000000 USD 2024-05-17 XXXX -18951.60000000 N N N JFrog Ltd N/A JFrog Ltd M6191J100 53847.00000000 NS USD 1863644.67000000 2.266704432865 Long EC CORP IL N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Assured Guaranty Ltd. Call @ 75 April 2024 N/A -110.00000000 NS USD -46200.00000000 -0.05619190529 Short DE CORP US N 2 MKM PARTNERS N/A Call Written Assured Guaranty Ltd. Assured Guaranty Ltd. 100.00000000 75.00000000 USD 2024-04-19 XXXX -31483.22000000 N N N Caseys Gen Stores 549300CAFWSI86V66Q65 Casey's General Stores, Inc. 147528103 8251.00000000 NS USD 2266879.74000000 2.757149170195 Long EC CORP US N 1 N N N 2023-12-31 VELA Funds Gregory Knoth Gregory Knoth SVP, Mutual Fund Controller XXXX NPORT-EX 2 ultimus_5855.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)
17
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)
18
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)
19
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)
20
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.