VELA SMALL CAP FUND | |||||
SCHEDULE OF INVESTMENTS | |||||
June 30, 2021 (Unaudited) | |||||
Shares | Fair Value | ||||
Common Stocks — 90.99% | |||||
Consumer Discretionary — 14.40% | |||||
Graham Holdings Co., Class B | 1,008 | $ 638,971 | |||
Green Brick Partners, Inc.(a) | 27,143 | 617,232 | |||
Hanesbrands, Inc. | 30,666 | 572,534 | |||
Liberty Media Corp. - Liberty Braves - Series C(a) | 11,943 | 331,658 | |||
Malibu Boats, Inc., Class A(a) | 4,610 | 338,051 | |||
Nordstrom, Inc.(b) | 15,776 | 576,928 | |||
Polaris Industries, Inc. | 3,202 | 438,546 | |||
Shake Shack, Inc., Class A(a) | 1,663 | 177,974 | |||
Wendy's Company (The) | 5,679 | 133,002 | |||
3,824,896 | |||||
Consumer Staples — 9.16% | |||||
Flowers Foods, Inc. | 16,781 | 406,100 | |||
Inter Parfums, Inc. | 4,210 | 303,120 | |||
John B. Sanfilippo & Son, Inc. | 3,063 | 271,290 | |||
MGP Ingredients, Inc. | 2,113 | 142,923 | |||
Sanderson Farms, Inc. | 2,982 | 560,526 | |||
Sprouts Farmers Market, Inc.(a) | 7,470 | 185,630 | |||
US Foods Holding Corp.(a)(b) | 14,688 | 563,432 | |||
2,433,021 | |||||
Energy — 17.66% | |||||
Bonanza Creek Energy, Inc.(b) | 31,579 | 1,486,423 | |||
Cimarex Energy Co. | 5,449 | 394,780 | |||
Devon Energy Corp. | 23,545 | 687,279 | |||
PDC Energy, Inc. | 5,381 | 246,396 | |||
RPC, Inc.(a) | 58,560 | 289,872 | |||
Texas Pacific Land Corp. | 992 | 1,586,942 | |||
4,691,692 | |||||
Financials — 20.60% | |||||
1st Source Corp. | 6,435 | 298,970 | |||
Assured Guaranty Ltd. | 14,507 | 688,792 | |||
Axis Capital Holdings Ltd. | 6,764 | 331,504 | |||
Bank OZK | 15,212 | 641,338 | |||
BankUnited, Inc. | 7,896 | 337,080 | |||
BOK Financial Corp. | 4,596 | 398,014 | |||
Cullen/Frost Bankers, Inc. | 4,399 | 492,688 | |||
Enstar Group, Ltd.(a) | 993 | 237,248 | |||
Live Oak Bancshares, Inc.(b) | 12,361 | 729,299 | |||
UMB Financial Corp. | 4,384 | 407,975 | |||
Washington Trust Bancorp, Inc. | 17,673 | 907,508 | |||
5,470,416 | |||||
Health Care — 5.59% | |||||
Aurinia Pharmaceuticals, Inc.(a) | 26,530 | 343,829 | |||
Envista Holdings Corp.(a) | 9,784 | 422,767 | |||
Jazz Pharmaceuticals PLC(a) | 1,248 | 221,695 | |||
Livanova PLC(a) | 5,917 | 497,678 | |||
1,485,969 | |||||
Industrials — 16.35% | |||||
Allegiant Travel Co. | 745 | 144,530 | |||
Applied Industrial Technologies, Inc. | 3,308 | 301,226 | |||
BWX Technologies, Inc. | 5,871 | 341,223 | |||
Chase Corp. | 3,822 | 392,175 | |||
Copa Holdings, S.A., Class A | 3,949 | 297,478 | |||
Greenbrier Companies, Inc. (The) | 12,144 | 529,236 | |||
Hub Group, Inc., Class A(a) | 18,991 | 1,253,026 | |||
Kirby Corp.(a) | 17,897 | 1,085,274 | |||
4,344,168 | |||||
Materials — 5.36% | |||||
Ashland Global Holdings, Inc. | 12,127 | 1,061,113 | |||
Greif, Inc., Class A | 6,000 | 363,300 | |||
1,424,413 | |||||
Technology — 0.90% | |||||
NETGEAR, Inc.(a) | 6,265 | 240,075 | |||
Utilities — 0.97% | |||||
Southwest Gas Holdings, Inc. | 3,878 | 256,685 | |||
TOTAL COMMON STOCK (Cost $16,506,402) | 24,171,335 | ||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Fair Value |
Put Options Purchased — 0.70% | |||||
Energy Select Sector SPDR Fund | 800 | $ 4,309,600 | $ 50.00 | October 2021 | 139,200 |
iShares Russell 2000 ETF | 125 | 2,867,125 | 210.00 | October 2021 | 48,750 |
TOTAL PUT OPTIONS PURCHASED (Cost $225,347) | 187,950 | ||||
Money Market Funds - 8.82% | Shares | ||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(c) | 2,343,419 | 2,343,419 | |||
TOTAL MONEY MARKET FUNDS (Cost $2,343,419) | 2,343,419 | ||||
Total Investments — 100.51% | |||||
(Cost $19,075,168) | 26,702,704 | ||||
Liabilities in Excess of Other Assets — (0.51)% | (135,218 ) | ||||
Net Assets — 100.00% | $ 26,567,486 | ||||
(a) | Non-income producing security. |
(b) | All or a portion of the security is held as collateral for written options. |
(c) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
ETF | - Exchange Traded Funds. | |
VELA SMALL CAP FUND | ||
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS | ||
June 30, 2021 (Unaudited) |
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Fair Value |
Written Call Options (0.42)% | |||||
Bonanza Creek Energy, Inc. | (205) | $ (964,935) | $60.00 | October 2021 | $ (36,387) |
Live Oak Bancshares, Inc. | (100) | (590,000) | 80.00 | December 2021 | (13,250) |
Nordstrom, Inc. | (125) | (457,125) | 40.00 | October 2021 | (34,188) |
US Foods Holding Corp. | (117) | (448,812) | 40.00 | October 2021 | (28,665) |
TOTAL WRITTEN CALL OPTIONS (Premiums Received $82,721) | $ (112,490) | ||||
VELA LARGE CAP PLUS FUND | |||||
SCHEDULE OF INVESTMENTS | |||||
June 30, 2021 (Unaudited) | |||||
Shares | Fair Value | ||||
Common Stocks — 113.14% | |||||
Communications — 11.54% | |||||
Alphabet, Inc., Class A(a)(b) | 294 | $ 717,886 | |||
Comcast Corp., Class A(b) | 7,675 | 437,629 | |||
Facebook, Inc., Class A(a)(b) | 1,541 | 535,821 | |||
T-Mobile US, Inc.(a)(b) | 2,986 | 432,462 | |||
Walt Disney Co. (The)(b) | 1,843 | 323,944 | |||
Zynga, Inc., Class A(a)(c) | 39,802 | 423,095 | |||
2,870,837 | |||||
Consumer Discretionary — 13.71% | |||||
Aptiv PLC | 1,699 | 267,304 | |||
BorgWarner, Inc.(b) | 5,078 | 246,486 | |||
Home Depot, Inc. (The) | 1,352 | 431,139 | |||
Live Nation Entertainment, Inc.(a) | 3,055 | 267,587 | |||
NVR, Inc.(a)(b) | 77 | 382,944 | |||
O'Reilly Automotive, Inc.(a) | 680 | 385,023 | |||
Polaris Industries, Inc. | 1,911 | 261,731 | |||
Starbucks Corp. | 2,792 | 312,174 | |||
TJX Cos., Inc. (The)(b) | 7,077 | 477,131 | |||
VF Corp.(b) | 4,605 | 377,794 | |||
3,409,313 | |||||
Consumer Staples — 8.65% | |||||
Dollar General Corp.(b) | 2,383 | 515,658 | |||
Kraft Heinz Co. (The) | 8,934 | 364,329 | |||
PepsiCo, Inc.(b) | 3,331 | 493,554 | |||
Sysco Corp.(b) | 4,959 | 385,562 | |||
Tyson Foods, Inc., Class A | 5,329 | 393,067 | |||
2,152,170 | |||||
Energy — 5.43% | |||||
Baker Hughes Co.(c) | 19,510 | 446,194 | |||
Pioneer Natural Resources Co.(b) | 2,450 | 398,174 | |||
Suncor Energy, Inc.(b) | 21,113 | 506,078 | |||
1,350,446 | |||||
Financials — 19.91% | |||||
American International Group, Inc.(b) | 13,620 | 648,312 | |||
Arch Capital Group Ltd.(a)(b) | 14,926 | 581,218 | |||
Bank of America Corp. | 15,067 | 621,213 | |||
Berkshire Hathaway, Inc., Class B(a)(b) | 3,773 | 1,048,592 | |||
Charles Schwab Corp. (The) | 3,421 | 249,083 | |||
Goldman Sachs Group, Inc. (The)(b) | 1,336 | 507,052 | |||
MetLife, Inc.(c) | 9,260 | 554,211 | |||
SVB Financial Group(a) | 536 | 298,246 | |||
Wells Fargo & Co. | 9,729 | 440,626 | |||
4,948,553 | |||||
Health Care — 17.79% | |||||
Abbott Laboratories(b) | 3,719 | 431,144 | |||
AbbVie, Inc.(b) | 4,899 | 551,822 | |||
Alexion Pharmaceuticals, Inc.(a)(b) | 2,204 | 404,897 | |||
Alnylam Pharmaceuticals, Inc.(a) | 2,784 | 471,944 | |||
Boston Scientific Corp.(a)(b) | 9,925 | 424,393 | |||
Horizon Therapeutics PLC(a) | 4,595 | 430,276 | |||
Humana, Inc.(b) | 1,490 | 659,653 | |||
Medtronic PLC(b) | 4,857 | 602,899 | |||
Vertex Pharmaceuticals, Inc.(a) | 2,219 | 447,417 | |||
4,424,445 | |||||
Industrials — 8.49% | |||||
CSX Corp.(b) | 10,455 | 335,396 | |||
Deere & Co. | 748 | 263,827 | |||
JB Hunt Transport Services, Inc. | 1,750 | 285,163 | |||
Johnson Controls International PLC(b) | 8,485 | 582,326 | |||
Northrop Grumman Corp.(b) | 1,772 | 643,998 | |||
2,110,710 | |||||
Materials — 2.88% | |||||
Avery Dennison Corp.(b) | 1,544 | 324,611 | |||
Linde Public Limited Co. | 1,356 | 392,020 | |||
716,631 | |||||
Technology — 20.51% | |||||
Adobe Systems, Inc.(a) | 627 | 367,196 | |||
Apple, Inc.(b) | 7,214 | 988,029 | |||
Microchip Technology, Inc. | 2,741 | 410,437 | |||
Microsoft Corp.(b) | 4,270 | 1,156,744 | |||
PayPal Holdings, Inc.(a)(c) | 2,399 | 699,260 | |||
S&P Global, Inc. | 967 | 396,905 | |||
Texas Instruments, Inc. | 1,229 | 236,337 | |||
Visa, Inc., Class A(b) | 2,068 | 483,540 | |||
VMware, Inc., Class A(a) | 2,257 | 361,052 | |||
5,099,500 | |||||
Utilities — 4.23% | |||||
CenterPoint Energy, Inc. | 17,820 | 436,946 | |||
Exelon Corp.(b) | 13,865 | 614,359 | |||
1,051,305 | |||||
TOTAL COMMON STOCKS (Cost $22,895,320) | 28,133,910 | ||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Fair Value |
Call Options Purchased — 0.26% | |||||
Ford Motor Co.(b) | 100 | $ 148,600 | $ 17.00 | March 2022 | 13,950 |
SPDR S&P Regional Banking ETF(b) | 275 | 1,802,075 | 75.00 | January 2022 | 48,812 |
TOTAL CALL OPTIONS PURCHASED (Cost $143,348) | 62,762 | ||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Fair Value |
Put Options Purchased — 0.80% | |||||
ARK Innovation ETF(b) | 65 | 850,070 | 110.00 | January 2022 | 44,200 |
Invesco QQQ Trust, Series 1(b) | 80 | 2,835,440 | 325.00 | June 2022 | 154,320 |
TOTAL PUT OPTIONS PURCHASED (Cost $324,215) | 198,520 | ||||
Money Market Funds - 6.42% | Shares | ||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(d) | 1,596,131 | 1,596,131 | |||
TOTAL MONEY MARKET FUNDS (Cost $1,596,131) | 1,596,131 | ||||
Total Investments — 120.62% | |||||
(Cost $24,959,014) | 29,991,323 | ||||
Liabilities in Excess of Other Assets — (20.62)% | (5,126,881 ) | ||||
Net Assets — 100.00% | $ 24,864,442 | ||||
(a) | Non-income producing security. |
(b) | All or a portion of the security is held as collateral for securities sold short. The fair value of this collateral on June 30, 2021, was $16,756,587. |
(c) | All or a portion of the security is held as collateral for written options. |
(d) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
ETF | - Exchange Traded Funds. |
VELA LARGE CAP PLUS FUND |
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS |
June 30, 2021 (Unaudited) |
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Fair Value |
Written Call Options (0.22)% | |||||
Baker Hughes Co. | (180) | $ (411,660) | $26.00 | October 2021 | $ (13,950) |
MetLife, Inc. | (90) | (538,650) | 70.00 | January 2022 | (10,710) |
PayPal Holdings, Inc. | (22) | (641,256) | 320.00 | October 2021 | (18,810) |
Zynga, Inc. | (300) | (318,900) | 12.00 | September 2021 | (10,050) |
TOTAL WRITTEN CALL OPTIONS (Premiums Received $69,132) | $ (53,520) | ||||
VELA LARGE CAP PLUS FUND | |||||
SCHEDULE OF SECURITIES SOLD SHORT | |||||
June 30, 2021 (Unaudited) | |||||
Shares | Fair Value | ||||
Common Stocks - Short - (11.18%) | |||||
Communications - (0.52%) | |||||
Shopify, Inc., Class A(a) | (89 ) | $ (130,027) | |||
Consumer Discretionary - (2.56%) | |||||
Advance Auto Parts, Inc. | (553 ) | (113,442) | |||
GameStop Corp., Class A(a) | (608 ) | (130,197) | |||
PulteGroup, Inc. | (2,726 ) | (148,758) | |||
Tesla, Inc.(a) | (190 ) | (129,143) | |||
Texas Roadhouse, Inc. | (1,191 ) | (114,574) | |||
(636,114) | |||||
Consumer Staples - (1.51%) | |||||
Clorox Co. (The) | (1,134 ) | (204,018) | |||
Kroger Co. (The) | (4,492 ) | (172,089) | |||
(376,107) | |||||
Financials - (0.81%) | |||||
Citigroup, Inc. | (2,852 ) | (201,779) | |||
Health Care - (1.39%) | |||||
Baxter International, Inc. | (1,642 ) | (132,181) | |||
BioNTech SE - ADR(a) | (465 ) | (104,104) | |||
Illumina, Inc.(a) | (233 ) | (110,258) | |||
(346,543) | |||||
Industrials - (1.76%) | |||||
Amphenol Corp., Class A | (2,751 ) | (188,196) | |||
Caterpillar, Inc. | (409 ) | (89,011) | |||
Illinois Tool Works, Inc. | (711 ) | (158,951) | |||
(436,158) | |||||
Real Estate - (0.26%) | |||||
Weyerhaeuser Co. | (1,876 ) | (64,572) | |||
Technology - (2.37%) | |||||
Applied Materials, Inc. | (883 ) | (125,739) | |||
Cerner Corp. | (2,170 ) | (169,607) | |||
Moody's Corp. | (517 ) | (187,345) | |||
Oracle Corp. | (1,365 ) | (106,252) | |||
(588,943) | |||||
TOTAL COMMON STOCKS - SHORT | |||||
(Proceeds Received $2,657,840) | (2,780,243) | ||||
| |||||
Exchange-Traded Funds - Short - (12.18%) | |||||
Communication Services Select Sector SPDR Fund | (1,568) | (126,961) | |||
Invesco QQQ Trust, Series 1 | (1,589) | (563,189) | |||
iShares Russell 1000 Value ETF | (4,680) | (742,342) | |||
SPDR S&P 500 ETF Trust | (2,567) | (1,098,829) | |||
ARK Innovation ETF | (1,502) | (196,432) | |||
iShares Russell Mid-Cap ETF | (3,792) | (300,478) | |||
TOTAL EXCHANGE-TRADED FUNDS - SHORT | |||||
(Proceeds Received $2,962,008) | (3,028,231) | ||||
TOTAL SECURITIES SOLD SHORT - (23.36)% (Proceeds Received $5,619,848) | $ (5,808,474) | ||||
(a) | Non-income producing security. |
ADR | - American Depositary Receipt. | |
ETF | - Exchange Traded Funds. | |
VELA INTERNATIONAL FUND | |||||
SCHEDULE OF INVESTMENTS | |||||
June 30, 2021 (Unaudited) | |||||
Shares | Fair Value | ||||
Common Stocks — 90.94% | |||||
Australia — 1.43% | |||||
Consumer Staples — 1.43% | |||||
Treasury Wine Estates Ltd. | 48,300 | $ 422,873 | |||
Total Australia | 422,873 | ||||
Austria — 4.13% | |||||
Communications — 2.21% | |||||
Telekom Austria AG | 76,500 | 653,265 | |||
Materials — 1.92% | |||||
Wienerberger AG | 14,700 | 566,728 | |||
Total Austria | 1,219,993 | ||||
Belgium — 4.92% | |||||
Financials — 2.51% | |||||
KBC Group NV | 9,700 | 740,738 | |||
Technology — 2.41% | |||||
Barco NV | 26,000 | 711,985 | |||
Total Belgium | 1,452,723 | ||||
Canada — 6.43% | |||||
Energy — 2.11% | |||||
Suncor Energy, Inc. | 26,000 | 623,220 | |||
Industrials — 1.92% | |||||
Finning International, Inc. | 21,700 | 567,990 | |||
Materials — 2.40% | |||||
OceanaGold Corp.(a) | 373,000 | 707,037 | |||
Total Canada | 1,898,247 | ||||
Denmark — 2.61% | |||||
Industrials — 2.61% | |||||
FLSmidth & Co. A/S | 18,500 | 770,869 | |||
Total Denmark | 770,869 | ||||
France — 6.85% | |||||
Consumer Discretionary — 2.16% | |||||
Michelin (CGDE) - B Registered Shares | 4,000 | 638,494 | |||
Energy — 2.64% | |||||
TOTAL SE | 17,200 | 779,327 | |||
Industrials — 2.05% | |||||
Rexel SA | 28,900 | 605,219 | |||
Total France | 2,023,040 | ||||
Germany — 6.06% | |||||
Health Care — 2.67% | |||||
Fresenius SE & Co. KGaA | 15,100 | 788,205 | |||
Industrials — 1.46% | |||||
Duerr AG | 11,300 | 429,849 | |||
Materials — 1.93% | |||||
Fuchs Petrolub SE | 14,700 | 571,099 | |||
Total Germany | 1,789,153 | ||||
Hong Kong — 8.09% | |||||
Consumer Staples — 2.47% | |||||
WH Group Ltd. | 814,000 | 730,646 | |||
Industrials — 2.56% | |||||
Johnson Electric Holdings Ltd. | 294,000 | 757,548 | |||
Technology — 3.06% | |||||
VTech Holdings Ltd. | 85,600 | 900,811 | |||
Total Hong Kong | 2,389,005 | ||||
Iceland — 0.59% | |||||
Industrials — 0.59% | |||||
Marel HF | 25,000 | 173,703 | |||
Total Iceland | 173,703 | ||||
Indonesia — 2.36% | |||||
Industrials — 2.36% | |||||
United Tractors Tbk PT | 500,000 | 697,068 | |||
Total Indonesia | 697,068 | ||||
Japan — 13.11% | |||||
Consumer Discretionary — 2.54% | |||||
Honda Motor Co. Ltd. | 23,300 | 749,471 | |||
Consumer Staples — 1.74% | |||||
Suntory Beverage & Food Ltd. | 13,600 | 512,662 | |||
Industrials — 4.71% | |||||
Ebara Corp. | 9,800 | 482,771 | |||
Okuma Corp. | 9,100 | 445,868 | |||
OSG Corp. | 26,900 | 466,961 | |||
1,395,600 | |||||
Materials — 4.12% | |||||
Fuji Seal International, Inc. | 27,200 | 571,216 | |||
Toray Industries, Inc. | 96,900 | 645,991 | |||
1,217,207 | |||||
Total Japan | 3,874,940 | ||||
Mexico — 2.89% | |||||
Consumer Staples — 2.89% | |||||
Gruma SAB de CV(a) | 30,000 | 337,189 | |||
Kimberly-Clark de Mexico SAB de CV(a) | 290,000 | 515,125 | |||
852,314 | |||||
Total Mexico | 852,314 | ||||
Netherlands — 7.38% | |||||
Communications — 1.48% | |||||
Koninklijke KPN NV | 140,000 | 437,948 | |||
Financials — 2.50% | |||||
ING Groep NV | 55,700 | 739,511 | |||
Health Care — 1.48% | |||||
Koninklijke Philips NV | 8,800 | 436,858 | |||
Industrials — 1.92% | |||||
Boskalis Westminster | 17,600 | 565,764 | |||
Total Netherlands | 2,180,081 | ||||
Sweden — 2.42% | |||||
Financials — 2.42% | |||||
Svenska Handelsbanken AB, Class A | 63,300 | 714,559 | |||
Total Sweden | 714,559 | ||||
Switzerland — 9.20% | |||||
Consumer Discretionary — 4.16% | |||||
Cie Financiere Richemont SA | 5,900 | 715,233 | |||
Swatch Group AG (The) | 1,500 | 515,111 | |||
1,230,344 | |||||
Health Care — 3.06% | |||||
Roche Holding AG | 2,400 | 904,392 | |||
Industrials — 1.98% | |||||
Adecco Group AG | 8,600 | 585,147 | |||
Total Switzerland | 2,719,883 | ||||
United Kingdom — 12.47% | |||||
Communications — 4.09% | |||||
Informa PLC(a) | 71,000 | 493,419 | |||
WPP PLC | 52,800 | 713,723 | |||
1,207,142 | |||||
Consumer Staples — 4.20% | |||||
Associated British Foods PLC | 17,100 | 524,901 | |||
British American Tobacco PLC | 18,500 | 718,252 | |||
1,243,153 | |||||
Materials — 1.67% | |||||
DS Smith PLC | 85,000 | 492,105 | |||
Technology — 2.51% | |||||
Serco Group PLC | 397,000 | 745,330 | |||
Total United Kingdom | 3,687,730 | ||||
TOTAL COMMON STOCKS (Cost $22,286,975) | 26,866,181 | ||||
Warrant — 0.03% | |||||
Cie Financiere Richemont SA(a) | 11,800 | 7,907 | |||
TOTAL WARRANT (Cost $–) | 7,907 | ||||
Money Market Funds - 8.38% | |||||
Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%(b) | 2,474,172 | 2,474,172 | |||
TOTAL MONEY MARKET FUNDS (Cost $2,474,172) | 2,474,172 | ||||
Total Investments — 99.35% | |||||
(Cost $24,761,147) | 29,348,260 | ||||
Other Assets in Excess of Liabilities — 0.65% | 190,675 | ||||
Net Assets — 100.00% | $ 29,538,935 | ||||
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2021. |