VELA
Small
Cap
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
Common
Stocks
—
91.17%
Shares
Fair
Value
Communications
—
0.69%
Zynga,
Inc.,
Class
A
(a)
66,768
$
427,315
Consumer
Discretionary
—
17.23%
Brinker
International,
Inc.
(a)
16,805
614,895
Graham
Holdings
Co.,
Class
B
2,026
1,276,036
Green
Brick
Partners,
Inc.
(a)(b)
27,143
823,247
Hanesbrands,
Inc.
109,655
1,833,432
Liberty
Media
Corp.
-
Liberty
Braves
-
Series
C
(a)
32,520
913,812
Malibu
Boats,
Inc.,
Class
A
(a)
18,272
1,255,835
Nordstrom,
Inc.
(a)(b)
28,107
635,780
Polaris
Industries,
Inc.
4,076
447,993
Scotts
Miracle-
Gro
Co.
(The)
8,009
1,289,449
Shake
Shack,
Inc.,
Class
A
(a)
8,343
602,031
Wendy's
Co.
(The)
39,425
940,286
10,632,796
Consumer
Staples
—
8.41%
Duckhorn
Portfolio
Inc.
(The)
(a)
37,015
863,930
Flowers
Foods,
Inc.
27,204
747,293
MGP
Ingredients,
Inc.
12,469
1,059,741
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
8,890
455,079
Performance
Food
Group
Co.
(a)
13,707
629,014
Sanderson
Farms,
Inc.
2,770
529,292
Sprouts
Farmers
Market,
Inc.
(a)
30,568
907,258
5,191,607
Energy
—
9.47%
Civitas
Resources,
Inc.
(b)
36,097
1,767,671
Coterra
Energy,
Inc.
(b)
21,875
415,625
Devon
Energy
Corp.
(b)
23,545
1,037,157
PDC
Energy,
Inc.
(b)
22,960
1,119,989
RPC,
Inc.
(a)
58,560
265,862
Texas
Pacific
Land
Corp.
992
1,238,879
5,845,183
Financials
—
22.27%
1st
Source
Corp.
24,593
1,219,813
Assured
Guaranty
Ltd.
16,876
847,175
Axis
Capital
Holdings
Ltd.
25,623
1,395,685
Bank
OZK
36,356
1,691,645
BOK
Financial
Corp.
11,532
1,216,511
Community
Trust
Bancorp,
Inc.
12,372
539,543
Cullen/Frost
Bankers,
Inc.
7,636
962,671
Houlihan
Lokey
,
Inc.
4,105
424,950
Live
Oak
Bancshares,
Inc.
27,225
2,376,469
UMB
Financial
Corp.
12,953
1,374,443
Washington
Trust
Bancorp,
Inc.
30,114
1,697,525
13,746,430
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
91.17%
-
continued
Shares
Fair
Value
Health
Care
—
8.24%
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
26,530
$
606,741
Encompass
Health
Corp.
7,029
458,713
Envista
Holdings
Corp.
(a)
39,372
1,774,103
LivaNova
PLC
(a)
5,917
517,323
National
Healthcare
Corp.
17,801
1,209,399
SI-BONE,
Inc.
(a)
23,423
520,225
5,086,504
Industrials
—
19.52%
Allegiant
Travel
Co.
(a)
3,130
585,435
Applied
Industrial
Technologies,
Inc.
16,481
1,692,599
BWX
Technologies,
Inc.
20,878
999,639
Chase
Corp.
6,793
676,311
Copa
Holdings,
S.A.,
Class
A
(a)
7,856
649,377
Greenbrier
Companies,
Inc.
(The)
41,671
1,912,282
Hub
Group,
Inc.,
Class
A
(a)
28,702
2,417,856
Kirby
Corp.
(a)
52,360
3,111,231
12,044,730
Materials
—
2.84%
Ashland
Global
Holdings,
Inc.
16,295
1,754,320
Technology
—
0.81%
JFrog
Ltd
(a)
16,735
497,030
Utilities
—
1.69%
Southwest
Gas
Holdings,
Inc.
14,862
1,041,083
TOTAL COMMON
STOCKS
(Cost $45,791,796)
56,266,998
Money
Market
Funds
-
9.40%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(c)
5,803,362
5,803,362
TOTAL
MONEY
MARKET
FUNDS
(Cost
$5,803,362)
5,803,362
Total
Investments
—
100.57%
(Cost
$51,595,158)
62,070,360
Liabilities
in
Excess
of
Other
Assets
—
(0.57)%
(352,550)
Net
Assets
—
100.00%
$
61,717,810
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2021.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.29)%
Aurinia
Pharmaceuticals,
Inc.
(262)
$
(599,194)
$
35.00
January
2022
$
(13,100)
Civitas
Resources,
Inc.
(100)
(489,700)
55.00
January
2022
(5,000)
Coterra
Energy,
Inc.
(110)
(209,000)
24.50
April
2022
(3,575)
Devon
Energy
Corp.
(140)
(616,700)
45.00
April
2022
(55,300)
Green
Brick
Partners,
Inc.
(215)
(652,095)
30.00
March
2022
(61,813)
Nordstrom,
Inc.
(135)
(305,370)
30.00
April
2022
(9,450)
PDC
Energy,
Inc.
(50)
(243,900)
60.00
April
2022
(11,125)
PDC
Energy,
Inc.
(50)
(243,900)
55.00
April
2022
(17,250)
PDC
Energy,
Inc.
(50)
(243,900)
70.00
April
2022
(4,625)
Total
Written
Options
(Premiums
Received
$175,244)
$
(181,238)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
Common
Stocks
—
108.80%
Shares
Fair
Value
Communications
—
9.15%
Alphabet,
Inc.,
Class
A
(a)
(b)
294
$
851,730
Comcast
Corp.,
Class
A
(b)
7,675
386,283
Meta
Platforms,
Inc.,
Class
A
(a)
(b)
1,564
526,051
T-Mobile
US,
Inc.
(a)
(b)
3,568
413,817
Walt
Disney
Co.
(The)
(a)
(b)
1,843
285,462
Zynga,
Inc.,
Class
A
(a)
26,562
169,997
2,633,340
Consumer
Discretionary
—
12.10%
Aptiv
PLC
(a)
1,699
280,251
Home
Depot,
Inc.
(The)
(b)
1,352
561,092
Live
Nation
Entertainment,
Inc.
(a)(c)
3,055
365,653
NVR,
Inc.
(a)
(b)
77
454,983
O'Reilly
Automotive,
Inc.
(a)
680
480,236
Polaris
Industries,
Inc.
1,911
210,038
Starbucks
Corp.
2,792
326,580
TJX
Cos.,
Inc.
(The)
(b)
7,077
537,286
VF
Corp.
(b)
3,634
266,081
3,482,200
Consumer
Staples
—
7.09%
Dollar
General
Corp.
(b)
2,383
561,983
Kraft
Heinz
Co.
(The)
12,102
434,462
PepsiCo,
Inc.
(b)
3,331
578,628
Tyson
Foods,
Inc.,
Class
A
(b)
5,329
464,475
2,039,548
Energy
—
6.66%
Baker
Hughes
Co.
(b)
30,964
744,994
Pioneer
Natural
Resources
Co.
(b)
3,058
556,189
Suncor
Energy,
Inc.
(b)
24,641
616,764
1,917,947
Financials
—
18.92%
American
International
Group,
Inc.
(c)
13,620
774,433
Arch
Capital
Group
Ltd.
(a)
(b)
14,926
663,461
Bank
of
America
Corp.
15,067
670,331
Berkshire
Hathaway,
Inc.,
Class
B
(a)
(b)
3,773
1,128,127
Charles
Schwab
Corp.
(The)
3,421
287,706
Goldman
Sachs
Group,
Inc.
(The)
(b)
1,336
511,087
MetLife,
Inc.
9,260
578,657
SVB
Financial
Group
(a)
536
363,537
Wells
Fargo
&
Co.
9,729
466,797
5,444,136
Health
Care
—
17.04%
Abbott
Laboratories
(b)
3,719
523,412
AbbVie,
Inc.
(b)
5,957
806,577
Alnylam
Pharmaceuticals,
Inc.
(a)
2,431
412,249
AstraZeneca
PLC
-
ADR
4,681
272,668
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
108.80%
-
continued
Shares
Fair
Value
Health
Care
—
17.04%
-
continued
Boston
Scientific
Corp.
(a)
(b)
9,925
$
421,614
Horizon
Therapeutics
PLC
(a)
3,908
421,126
Humana,
Inc.
(b)
1,557
722,230
Jazz
Pharmaceuticals
PLC
(a)
1,567
199,636
Medtronic
PLC
(b)
5,781
598,045
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
2,383
523,307
4,900,864
Industrials
—
8.28%
CSX
Corp.
(b)
10,455
393,109
Deere
&
Co.
748
256,482
JB
Hunt
Transport
Services,
Inc.
1,750
357,700
Johnson
Controls
International
PLC
(b)
8,485
689,915
Northrop
Grumman
Corp.
(b)
1,772
685,888
2,383,094
Materials
—
2.79%
Avery
Dennison
Corp.
(b)
1,544
334,384
Linde
PLC
1,356
469,760
804,144
Technology
—
22.26%
Adobe
Systems,
Inc.
(a)
881
499,580
Apple,
Inc.
7,501
1,331,952
Cognizant
Technology
Solutions
Corp.,
Class
A
2,597
230,406
Microchip
Technology,
Inc.
(c)
5,482
477,262
Microsoft
Corp.
(b)
4,270
1,436,086
NVIDIA
Corp.
(b)(c)
1,525
448,518
PayPal
Holdings,
Inc.
(a)
(b)
2,186
412,236
S&P
Global,
Inc.
967
456,356
Teradyne,
Inc.
2,313
378,245
Texas
Instruments,
Inc.
1,229
231,630
Visa,
Inc.,
Class
A
(b)
2,316
501,901
6,404,172
Utilities
—
4.51%
CenterPoint
Energy,
Inc.
(b)
17,820
497,356
Exelon
Corp.
(b)
13,865
800,843
1,298,199
TOTAL COMMON
STOCKS
(Cost $23,827,856)
31,307,644
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.80%
ARK
Innovation
ETF
140
$
1,324,260
$
94.22
March
2022
100,450
Invesco
QQQ
Trust
Series
1
160
6,365,600
325.00
June
2022
114,400
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.80%
-
continued
NVIDIA
Corp.
15
$
441,165
$
250.00
March
2022
$
13,162
Wells
Fargo
&
Co.
125
599,750
42.50
January
2022
2,375
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
464,727)
230,387
Money
Market
Funds
-
9.78%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(d)
2,815,218
2,815,218
TOTAL
MONEY
MARKET
FUNDS
(Cost
$2,815,218)
2,815,218
Total
Investments
—
119.38%
(Cost
$27,107,801)
34,353,249
Liabilities
in
Excess
of
Other
Assets
—
(19.38)%
(5,575,809)
Net
Assets
—
100.00%
$
28,777,440
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
securities
sold
short.
The
fair
value
of
this
collateral
on
December
31,
2021,
was
$17,681,803.
(c)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2021.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2021
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.11)%
American
International
Group,
Inc.
(50)
$
(284,300)
$
65.00
May
2022
$
(6,225)
Live
Nation
Entertainment,
Inc.
(30)
(359,070)
135.00
January
2022
(2,550)
Microchip
Technology,
Inc.
(50)
(435,300)
105.00
April
2022
(6,500)
NVIDIA
Corp.
(15)
(441,165)
340.00
March
2022
(15,713)
Total
Written
Options
(Premiums
Received
$78,659)
$
(30,988)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
December
31,
2021
-
(Unaudited)
Common
Stocks
-
Short
-
(7.70%)
Shares
Fair
Value
Consumer
Discretionary
-
(1.94%)
GameStop
Corp.,
Class
A
(a)
(641)
$
(95,118)
Lowe's
Cos.,
Inc.
(444)
(114,765)
PulteGroup,
Inc.
(2,726)
(155,818)
QuantumScape
Corp.
(a)
(3,929)
(87,185)
Texas
Roadhouse,
Inc.
(1,191)
(106,332)
(559,218)
Consumer
Staples
-
(0.70%)
Clorox
Co.
(The)
(610)
(106,360)
Hormel
Foods
Corp.
(1,924)
(93,910)
(200,270)
Energy
-
(0.89%)
Halliburton
Co.
(11,209)
(256,350)
Financials
-
(1.39%)
Coinbase
Global,
Inc.,
Class
A
(a)
(443)
(111,800)
Franklin
Resources,
Inc.
(3,129)
(104,790)
Morgan
Stanley
(1,864)
(182,970)
(399,560)
Health
Care
-
(0.53%)
Insulet
Corp.
(a)
(265)
(70,509)
Integra
LifeSciences
Holdings
Corp.
(a)
(1,197)
(80,187)
(150,696)
Industrials
-
(0.91%)
GFL
Environmental,
Inc.
(2,302)
(87,131)
Illinois
Tool
Works,
Inc.
(711)
(175,475)
(262,606)
Materials
-
(0.60%)
Trex
Co.,
Inc.
(a)
(1,288)
(173,919)
Technology
-
(0.74%)
Logitech
International
S.A.
(1,051)
(86,686)
Square,
Inc.,
Class
A
(a)
(788)
(127,270)
(213,956)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $2,231,009)
(2,216,575)
Exchange-Traded
Funds
-
Short
-
(7.35%)
iShares
Russell
1000
ETF
(4,204)
(1,111,664)
iShares
Russell
1000
Value
ETF
(4,283)
(719,244)
iShares
US
Financials
ETF
(3,275)
(283,910)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $2,024,742)
(2,114,818)
TOTAL
SECURITIES
SOLD
SHORT
-
(15.05%)
(Proceeds
Received
$4,255,751
)
$
(4,331,393)
(a)
Non-income
producing
security.
ETF
-
Exchange
Traded
Funds.
VELA
International
Fund
Schedule
of
Investments
December
31,
2021
-
(Unaudited)
D
Common
Stocks
—
92.27%
Shares
Fair
Value
Australia
—
1.48%
Consumer
Staples
—
1.48%
Treasury
Wine
Estates
Ltd.
48,300
$
434,912
Total
Australia
434,912
Austria
—
3.46%
Communications
—
2.26%
Telekom
Austria
AG
(a)
76,500
664,979
Materials
—
1.20%
Wienerberger
AG
9,600
352,445
Total
Austria
1,017,424
Belgium
—
4.76%
Financials
—
2.84%
KBC
Group
NV
9,700
833,198
Technology
—
1.92%
Barco
NV
26,000
566,311
Total
Belgium
1,399,509
Canada
—
8.54%
Consumer
Staples
—
1.29%
Empire
Co.,
Ltd.,
Class
A
12,500
380,972
Energy
—
2.73%
Suncor
Energy,
Inc.
32,000
800,960
Industrials
—
2.03%
Finning
International,
Inc.
23,700
597,499
Materials
—
2.49%
OceanaGold
Corp.
(a)
422,000
734,186
Total
Canada
2,513,617
Denmark
—
2.67%
Industrials
—
2.67%
FLSmidth
&
Co.
A/S
21,000
784,400
Total
Denmark
784,400
France
—
7.63%
Consumer
Discretionary
—
2.50%
Michelin
(CGDE)
-
B
Registered
Shares
4,500
736,819
Energy
—
3.41%
TotalEnergies
SE
19,700
1,002,447
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
France
—
7.63%
-
continued
Industrials
—
1.72%
Rexel
SA
25,000
$
506,167
Total
France
2,245,433
Germany
—
7.73%
Health
Care
—
2.68%
Fresenius
SE
&
Co.
KGaA
19,600
787,566
Industrials
—
1.48%
Duerr
AG
9,600
436,168
Materials
—
3.57%
Covestro
AG
9,700
596,845
Fuchs
Petrolub
SE
13,000
455,294
1,052,139
Total
Germany
2,275,873
Hong
Kong
—
7.42%
Consumer
Staples
—
2.35%
WH
Group
Ltd.
1,100,000
690,616
Industrials
—
2.45%
Johnson
Electric
Holdings
Ltd.
340,000
721,114
Technology
—
2.62%
VTech
Holdings
Ltd.
98,400
770,832
Total
Hong
Kong
2,182,562
Iceland
—
0.83%
Industrials
—
0.83%
Marel
HF
36,000
243,872
Total
Iceland
243,872
Indonesia
—
2.63%
Materials
—
2.63%
United
Tractors
Tbk
PT
500,000
775,446
Total
Indonesia
775,446
Japan
—
10.99%
Consumer
Discretionary
—
2.25%
Honda
Motor
Co.
Ltd.
23,300
662,516
Consumer
Staples
—
1.67%
Suntory
Beverage
&
Food
Ltd.
13,600
492,210
Industrials
—
2.80%
Okuma
Corp.
9,100
404,758
OSG
Corp.
26,900
417,825
822,583
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
Japan
—
10.99%
-
continued
Materials
—
3.79%
Fuji
Seal
International,
Inc.
27,200
$
500,510
Toray
Industries,
Inc.
104,000
615,804
1,116,314
Technology
—
0.48%
Nintendo
Co.
Ltd.
300
140,276
Total
Japan
3,233,899
Mexico
—
4.10%
Consumer
Staples
—
4.10%
Gruma
SAB
de
CV
50,000
637,605
Kimberly-Clark
de
Mexico
SAB
de
CV
375,000
568,495
1,206,100
Total
Mexico
1,206,100
Netherlands
—
8.13%
Communications
—
2.04%
Koninklijke
KPN
NV
194,000
601,350
Financials
—
2.63%
ING
Groep
NV
55,700
774,176
Health
Care
—
1.55%
Koninklijke
Philips
NV
12,300
455,113
Industrials
—
1.91%
Boskalis
Westminster
19,300
562,581
Total
Netherlands
2,393,220
Sweden
—
2.43%
Financials
—
2.43%
Industrivarden
AB
973
30,883
Svenska
Handelsbanken
AB,
Class
A
63,300
683,413
714,296
Total
Sweden
714,296
Switzerland
—
6.51%
Consumer
Discretionary
—
3.55%
Cie
Financiere
Richemont
SA
3,950
589,556
Swatch
Group
AG
(The)
1,500
456,253
1,045,809
Health
Care
—
2.96%
Roche
Holding
AG
2,100
870,158
Total
Switzerland
1,915,967
United
Kingdom
—
12.96%
Communications
—
4.12%
Informa
PLC
(a)
87,000
608,584
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2021
-
(Unaudited)
Common
Stocks
—
92.27%
-
continued
Shares
Fair
Value
United
Kingdom
—
12.96%
-
continued
Communications
—
4.12%
-
continued
WPP
PLC
39,700
$
603,992
1,212,576
Consumer
Staples
—
4.89%
Associated
British
Foods
PLC
29,700
812,267
British
American
Tobacco
PLC
17,000
630,666
1,442,933
Materials
—
1.50%
DS
Smith
PLC
85,000
442,270
Technology
—
2.45%
Serco
Group
PLC
397,000
720,296
Total
United
Kingdom
3,818,075
TOTAL COMMON
STOCKS
(Cost $24,075,330)
27,154,605
Money
Market
Funds
-
7.58%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
0.01%
(b)
2,231,466
2,231,466
TOTAL
MONEY
MARKET
FUNDS
(Cost
$2,231,466)
2,231,466
Total
Investments
—
99.85%
(Cost
$26,306,796)
29,386,071
Other
Assets
in
Excess
of
Liabilities
—
0.15%
43,239
Net
Assets
—
100.00%
$
29,429,310
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2021.