VELA Funds NPORT-P Vela International Fund (Dec 2021 report)

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.