VELA
Small
Cap
Fund
Schedule
of
Investments
June
30,
2022
-
(Unaudited)
Common
Stocks
—
92.40%
Shares
Fair
Value
Consumer
Discretionary
—
12.59%
Graham
Holdings
Co.,
Class
B
2,026
$
1,148,418
Green
Brick
Partners,
Inc.
(a)
15,200
297,464
Hanesbrands,
Inc.
100,385
1,032,962
Liberty
Media
Corp.
-
Liberty
Braves
-
Series
C
(a)
44,051
1,057,224
Malibu
Boats,
Inc.,
Class
A
(a)
24,185
1,274,792
Papa
John's
International,
Inc.
8,643
721,863
Polaris
Industries,
Inc.
(b)
6,522
647,504
Vail
Resorts,
Inc.
3,122
680,752
Wendy's
Co.
(The)
23,497
443,623
7,304,602
Consumer
Staples
—
6.34%
Flowers
Foods,
Inc.
27,204
716,009
MGP
Ingredients,
Inc.
(b)
12,469
1,248,023
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
14,175
832,781
Performance
Food
Group
Co.
(a)(b)
19,196
882,632
3,679,445
Energy
—
12.48%
Civitas
Resources,
Inc.
(b)
23,752
1,241,992
Coterra
Energy,
Inc.
(b)
21,875
564,156
Devon
Energy
Corp.
(b)
9,545
526,025
PDC
Energy,
Inc.
(b)
27,318
1,683,062
Range
Resources
Corp.
(a)(b)
70,645
1,748,464
Texas
Pacific
Land
Corp.
992
1,476,116
7,239,815
Financials
—
19.27%
1st
Source
Corp.
20,904
949,042
Assured
Guaranty
Ltd.
18,390
1,025,978
Axis
Capital
Holdings
Ltd.
29,439
1,680,673
Bank
OZK
36,356
1,364,441
BOK
Financial
Corp.
15,535
1,174,135
Community
Trust
Bancorp,
Inc.
12,372
500,324
Cullen/Frost
Bankers,
Inc.
7,636
889,212
Houlihan
Lokey,
Inc.
7,815
616,838
Live
Oak
Bancshares,
Inc.
26,641
902,863
UMB
Financial
Corp.
14,123
1,215,990
Washington
Trust
Bancorp,
Inc.
17,705
856,391
11,175,887
Health
Care
—
8.02%
Encompass
Health
Corp.
11,689
655,168
Envista
Holdings
Corp.
(a)
41,392
1,595,247
LivaNova
PLC
(a)(b)
10,944
683,672
National
Healthcare
Corp.
17,801
1,244,290
SI-BONE,
Inc.
(a)
36,008
475,306
4,653,683
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
—
92.40%
-
continued
Shares
Fair
Value
Industrials
—
21.26%
Alaska
Air
Group,
Inc.
(a)
11,891
$
476,235
Applied
Industrial
Technologies,
Inc.
17,942
1,725,482
BWX
Technologies,
Inc.
27,776
1,530,180
Copa
Holdings,
S.A.,
Class
A
(a)
7,856
497,835
Greenbrier
Companies,
Inc.
(The)
47,641
1,714,600
Hub
Group,
Inc.,
Class
A
(a)
32,373
2,296,540
Huntington
Ingalls
Industries,
Inc.
3,556
774,568
Kirby
Corp.
(a)
45,815
2,787,384
XPO
Logistics,
Inc.
(a)
10,963
527,978
12,330,802
Materials
—
4.51%
Ashland
Global
Holdings,
Inc.
19,292
1,988,040
RPM
International,
Inc.
7,994
629,288
2,617,328
Technology
—
4.84%
Euronet
Worldwide,
Inc.
(a)
5,306
533,731
JFrog
Ltd.
(a)(b)
32,129
676,958
Nutanix,
Inc.,
Class
A
(a)(b)
19,421
284,129
Verint
Systems,
Inc.
(a)
21,356
904,426
Western
Union
Co.
(The)
24,634
405,722
2,804,966
Utilities
—
3.09%
NorthWestern
Corp.
14,169
834,979
Southwest
Gas
Holdings,
Inc.
10,984
956,487
1,791,466
TOTAL COMMON
STOCKS
(Cost $50,709,254)
53,597,994
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.20%
Energy
Select
Sector
SPDR
Fund
275
$
1,966,525
$
70.00
September
2022
118,250
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
$
91,106)
118,250
Money
Market
Funds
-
8.45%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
1.37%
(c)
4,904,283
4,904,283
TOTAL
MONEY
MARKET
FUNDS
(Cost
$4,904,283)
4,904,283
Total
Investments
—
101.05%
(Cost
$55,704,643)
58,620,527
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Liabilities
in
Excess
of
Other
Assets
—
(1.06)%
$
(612,407)
Net
Assets
—
100.00%
$
58,008,120
(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,
2022.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.55)%
Civitas
Resources,
Inc.
(155)
$
(810,495)
$
85.00
December
2022
$
(24,025)
Coterra
Energy,
Inc.
(130)
(335,270)
34.50
January
2023
(16,575)
Devon
Energy
Corp.
(65)
(358,215)
75.00
January
2023
(21,288)
JFrog
Ltd.
(232)
(488,824)
30.00
December
2022
(26,680)
LivaNova
PLC
(65)
(406,055)
100.00
October
2022
(25,025)
MGP
Ingredients,
Inc.
(94)
(940,846)
100.00
September
2022
(79,430)
Nutanix,
Inc.
(115)
(168,245)
22.50
January
2023
(8,050)
PDC
Energy,
Inc.
(60)
(369,660)
84.50
December
2022
(26,700)
PDC
Energy,
Inc.
(150)
(924,150)
95.00
December
2022
(42,374)
Performance
Food
Group
Co.
(155)
(712,690)
60.00
December
2022
(27,125)
Polaris
Industries,
Inc.
(55)
(546,040)
125.00
September
2022
(7,288)
Range
Resources
Corp.
(200)
(495,000)
45.00
January
2023
(19,500)
Total
Written
Call
Options
(Premiums
Received
$653,949)
$
(324,060)
Total
Written
Options
(Premiums
Received
$653,949)
$
(324,060)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
June
30,
2022
-
(Unaudited)
Common
Stocks
—
99.89%
Shares
Fair
Value
Communications
—
5.74%
Alphabet,
Inc.,
Class
A
(a)
(b)
380
$
828,118
Meta
Platforms,
Inc.,
Class
A
(a)
(b)(c)
1,630
262,838
T-Mobile
US,
Inc.
(a)
(b)
4,267
574,082
1,665,038
Consumer
Discretionary
—
9.23%
Aptiv
PLC
(a)
3,049
271,575
Home
Depot,
Inc.
(The)
(b)
1,539
422,102
Live
Nation
Entertainment,
Inc.
(a)
3,813
314,877
NVR,
Inc.
(a)
(b)
77
308,318
O'Reilly
Automotive,
Inc.
(a)
(b)
680
429,597
Polaris
Industries,
Inc.
1,911
189,724
Starbucks
Corp.
(b)
3,792
289,671
TJX
Cos.,
Inc.
(The)
(b)
8,052
449,703
2,675,567
Consumer
Staples
—
6.48%
Dollar
General
Corp.
(b)
2,121
520,578
Kraft
Heinz
Co.
(The)
(b)
13,433
512,336
PepsiCo,
Inc.
(b)
3,331
555,144
Tyson
Foods,
Inc.,
Class
A
(c)
3,402
292,776
1,880,834
Energy
—
9.55%
Baker
Hughes
Co.
(b)(c)
27,292
787,920
Energy
Transfer
LP
27,866
278,103
EQT
Corp.
(c)
16,105
554,012
Pioneer
Natural
Resources
Co.
(c)
2,205
491,891
Suncor
Energy,
Inc.
(c)
18,756
657,773
2,769,699
Financials
—
15.77%
American
International
Group,
Inc.
(c)
12,265
627,110
Arch
Capital
Group
Ltd.
(a)
(b)
12,759
580,407
Bank
of
America
Corp.
15,967
497,053
Berkshire
Hathaway,
Inc.,
Class
B
(a)
(b)
3,773
1,030,105
Goldman
Sachs
Group,
Inc.
(The)
(b)(c)
1,544
458,599
MetLife,
Inc.
9,260
581,435
SVB
Financial
Group
(a)
728
287,553
Wells
Fargo
&
Co.
13,070
511,951
4,574,213
Health
Care
—
18.81%
Abbott
Laboratories
(b)
3,719
404,069
AbbVie,
Inc.
(b)(c)
4,907
751,555
Alnylam
Pharmaceuticals,
Inc.
(a)(c)
2,975
433,904
AstraZeneca
PLC
-
ADR
(b)
6,682
441,480
Boston
Scientific
Corp.
(a)
(b)
11,188
416,977
Encompass
Health
Corp.
6,623
371,219
Horizon
Therapeutics
PLC
(a)
5,553
442,907
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
—
99.89%
-
continued
Shares
Fair
Value
Health
Care
—
18.81%
-
continued
Humana,
Inc.
(b)
1,557
$
728,785
Jazz
Pharmaceuticals
PLC
(a)
1,567
244,468
Lantheus
Holdings,
Inc.
(a)
2,342
154,642
Medtronic
PLC
(b)
4,381
393,195
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
2,383
671,506
5,454,707
Industrials
—
8.17%
CSX
Corp.
(b)
10,455
303,822
Deere
&
Co.
748
224,004
FedEx
Corp.
(c)
2,147
486,745
JB
Hunt
Transport
Services,
Inc.
2,676
421,390
Johnson
Controls
International
PLC
(b)
8,485
406,262
Northrop
Grumman
Corp.
(b)
1,110
531,213
2,373,436
Materials
—
2.83%
Avery
Dennison
Corp.
(b)
1,544
249,927
Linde
PLC
1,356
389,891
Teck
Resources
Ltd.,
Class
B
(c)
5,933
181,372
821,190
Technology
—
19.71%
Apple,
Inc.
7,900
1,080,088
Cognizant
Technology
Solutions
Corp.,
Class
A
2,597
175,272
Microchip
Technology,
Inc.
4,527
262,928
Microsoft
Corp.
(b)
4,609
1,183,730
Nutanix,
Inc.,
Class
A
(a)(c)
10,291
150,557
NVIDIA
Corp.
3,041
460,986
S&P
Global,
Inc.
967
325,937
salesforce.com,
Inc.
(a)(c)
3,552
586,222
Teradyne,
Inc.
(c)
3,233
289,515
Twilio,
Inc.,
Class
A
(a)
2,776
232,657
Visa,
Inc.,
Class
A
(b)
2,708
533,177
VMware,
Inc.,
Class
A
(c)
3,791
432,098
5,713,167
Utilities
—
3.60%
CenterPoint
Energy,
Inc.
(b)
17,820
527,116
Exelon
Corp.
(b)
11,425
517,781
1,044,897
TOTAL COMMON
STOCKS
(Cost $26,021,223)
28,972,748
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
1.13%
Energy
Select
Sector
SPDR
Fund
120
$
858,120
$
70.00
January
2023
$
105,000
SPDR
S&P
500
ETF
Trust
175
6,601,875
330.00
January
2023
220,501
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
$294,105)
325,501
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.69%
Alaska
Air
Group,
Inc.
100
400,500
65.00
January
2023
5,000
Alibaba
Group
Holding
Ltd.
15
170,520
105.00
October
2022
30,413
Meta
Platforms
Inc.
50
806,250
250.00
August
2022
2,225
PayPal
Holdings,
Inc.
40
279,360
110.00
January
2023
7,840
SPDR
S&P
500
ETF
Trust
70
2,640,750
380.00
September
2022
113,575
Tesla,
Inc.
5
336,710
830.00
January
2023
39,950
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
$
272,434)
199,003
Money
Market
Funds
-
5.82%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
1.37%
(d)
1,688,461
1,688,461
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,688,461)
1,688,461
Total
Investments
—
107.53%
(Cost
$28,276,223)
31,185,713
Liabilities
in
Excess
of
Other
Assets
—
(7.55)%
(2,190,394)
Net
Assets
—
100.00%
$
28,995,319
(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,
2022,
was
$XXX.
(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,
2022.
ADR
-
American
Depositary
Receipt.
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.69)%
AbbVie,
Inc.
(40)
$
(612,640)
$
170.00
January
2023
$
(20,400)
Alnylam
Pharmaceuticals,
Inc.
(5)
(72,925)
175.00
January
2023
(12,350)
American
International
Group,
Inc.
(100)
(511,300)
70.00
January
2023
(6,500)
Baker
Hughes
Co.
(55)
(158,785)
33.00
September
2022
(5,775)
Baker
Hughes
Co.
(60)
(173,220)
40.00
January
2023
(5,550)
EQT
Corp.
(100)
(344,000)
40.00
January
2023
(47,000)
EQT
Corp.
(25)
(86,000)
55.00
January
2023
(4,375)
FedEx
Corp.
(12)
(272,052)
260.00
January
2023
(14,460)
Goldman
Sachs
Group,
Inc.
(The)
(10)
(297,020)
390.00
January
2023
(3,190)
Nutanix,
Inc.
(70)
(102,410)
22.50
January
2023
(4,900)
Pioneer
Natural
Resources
Co.
(10)
(223,080)
280.00
January
2023
(9,350)
salesforce.com,
Inc.
(30)
(495,120)
220.00
January
2023
(15,000)
Suncor
Energy,
Inc.
(165)
(578,655)
50.00
January
2023
(16,913)
Teck
Resources
Ltd.
(50)
(152,850)
50.00
January
2023
(4,100)
Teradyne,
Inc.
(25)
(223,875)
120.00
January
2023
(8,250)
Twilio,
Inc.
(25)
(209,525)
120.00
September
2022
(6,800)
Tyson
Foods,
Inc.
(25)
(215,150)
95.00
January
2023
(8,125)
VMware,
Inc.
(35)
(398,930)
142.60
January
2023
(4,113)
Total
Written
Call
Options
(Premiums
Received
$318,552)
$
(197,151)
Written
Put
Options
(0.14)%
Amazon.com,
Inc.
(60)
(637,260)
91.00
January
2023
(40,650)
Total
Written
Put
Options
(Premiums
Received
$38,070)
$
(40,650)
Total
Written
Options
(Premiums
Received
$356,622)
$
(237,801)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
June
30,
2022
-
(Unaudited)
Common
Stocks
-
Short
-
(10.92%)
Shares
Fair
Value
Consumer
Discretionary
-
(2.22%)
Advance
Auto
Parts,
Inc.
(505)
$
(87,410)
MercadoLibre,
Inc.
(a)
(183)
(116,547)
PulteGroup,
Inc.
(2,726)
(108,031)
Tesla,
Inc.
(a)(b)
(364)
(245,125)
Texas
Roadhouse,
Inc.
(1,191)
(87,181)
(644,294)
Consumer
Staples
-
(0.93%)
Clorox
Co.
(The)
(610)
(85,998)
Dollar
Tree,
Inc.
(a)
(600)
(93,510)
Hormel
Foods
Corp.
(1,924)
(91,121)
(270,629)
Energy
-
(0.68%)
Schlumberger
Ltd.
(5,504)
(196,823)
Financials
-
(2.18%)
BlackRock,
Inc.
(161)
(98,055)
Capital
One
Financial
Corp.
(1,067)
(111,171)
Franklin
Resources,
Inc.
(3,129)
(72,937)
Jefferies
Financial
Group,
Inc.
(3,500)
(96,670)
KKR
&
Co.
LP
(2,460)
(113,874)
Morgan
Stanley
(1,864)
(141,776)
(634,483)
Health
Care
-
(0.80%)
Illumina,
Inc.
(a)
(405)
(74,666)
Insulet
Corp.
(a)
(430)
(93,714)
Integra
LifeSciences
Holdings
Corp.
(a)
(1,197)
(64,674)
(233,054)
Industrials
-
(1.58%)
3M
Co.
(981)
(126,951)
GFL
Environmental,
Inc.
(4,884)
(126,007)
Illinois
Tool
Works,
Inc.
(711)
(129,580)
Rockwell
Automation,
Inc.
(400)
(79,724)
(462,262)
Materials
-
(1.56%)
Albemarle
Corp.
(400)
(83,592)
Freeport-McMoRan,
Inc.
(2,410)
(70,517)
Nucor
Corp.
(989)
(103,261)
Steel
Dynamics,
Inc.
(2,970)
(196,466)
(453,836)
Technology
-
(0.97%)
Equifax,
Inc.
(637)
(116,431)
Logitech
International
S.A.
(1,500)
(78,090)
Moody's
Corp.
(322)
(87,574)
(282,095)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $3,725,132)
(3,177,476)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
-
Short
-
(10.92%)
-
continued
Shares
Fair
Value
Exchange-Traded
Funds
-
Short
-
(3.03%)
iShares
Russell
2000
ETF
(3,064)
$
(518,919)
ARK
Innovation
ETF
(8,991)
(358,561)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $876,965)
(877,480)
TOTAL
SECURITIES
SOLD
SHORT
-
(13.95%)
(Proceeds
Received
$4,602,097
)
$
(4,054,956)
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
ETF
-
Exchange
Traded
Funds.
VELA
International
Fund
Schedule
of
Investments
June
30,
2022
-
(Unaudited)
D
Common
Stocks
—
90.37%
Shares
Fair
Value
Australia
—
3.01%
Consumer
Staples
—
1.31%
Treasury
Wine
Estates
Ltd.
48,300
$
378,870
Health
Care
—
1.70%
Ansell
Ltd.
31,900
490,451
Total
Australia
869,321
Austria
—
3.40%
Communications
—
2.46%
Telekom
Austria
AG
(a)
107,000
712,520
Materials
—
0.94%
Wienerberger
AG
12,600
271,995
Total
Austria
984,515
Belgium
—
1.89%
Financials
—
1.89%
KBC
Group
NV
9,700
545,585
Total
Belgium
545,585
Canada
—
9.42%
Consumer
Staples
—
2.18%
Empire
Co.,
Ltd.,
Class
A
20,500
631,428
Energy
—
3.21%
Suncor
Energy,
Inc.
26,500
929,355
Industrials
—
1.62%
Finning
International,
Inc.
22,200
467,185
Materials
—
2.41%
OceanaGold
Corp.
(a)
363,000
696,515
Total
Canada
2,724,483
Denmark
—
2.27%
Industrials
—
2.27%
FLSmidth
&
Co.
A/S
26,500
656,544
Total
Denmark
656,544
France
—
5.51%
Consumer
Discretionary
—
1.70%
Cia
Generale
de
Establissements
Michelin
SCA
18,000
491,466
Energy
—
2.86%
TotalEnergies
SE
15,700
826,178
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
—
90.37%
-
continued
Shares
Fair
Value
France
—
5.51%
-
continued
Industrials
—
0.95%
Rexel
SA
17,800
$
274,972
Total
France
1,592,616
Germany
—
8.71%
Consumer
Discretionary
—
0.95%
Fielmann
AG
(a)
5,500
274,678
Health
Care
—
2.72%
Fresenius
SE
&
Co.
KGaA
25,900
787,453
Industrials
—
1.16%
Duerr
AG
14,500
336,127
Materials
—
3.88%
Covestro
AG
13,400
465,508
Fuchs
Petrolub
SE
26,700
654,431
1,119,939
Total
Germany
2,518,197
Hong
Kong
—
8.64%
Consumer
Staples
—
3.18%
WH
Group
Ltd.
1,190,000
921,030
Industrials
—
2.78%
Johnson
Electric
Holdings
Ltd.
620,000
804,704
Technology
—
2.68%
VTech
Holdings
Ltd.
98,400
774,892
Total
Hong
Kong
2,500,626
Iceland
—
1.28%
Industrials
—
1.28%
Marel
HF
83,041
370,546
Total
Iceland
370,546
Indonesia
—
3.29%
Materials
—
3.29%
United
Tractors
Tbk
PT
500,000
952,700
Total
Indonesia
952,700
Japan
—
11.73%
Consumer
Discretionary
—
2.15%
Honda
Motor
Co.
Ltd.
25,800
622,021
Consumer
Staples
—
1.78%
Suntory
Beverage
&
Food
Ltd.
13,600
513,539
Industrials
—
2.27%
Okuma
Corp.
9,100
341,743
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
—
90.37%
-
continued
Shares
Fair
Value
Japan
—
11.73%
-
continued
Industrials
—
2.27%
-
continued
OSG
Corp.
26,900
$
313,657
655,400
Materials
—
3.30%
Fuji
Seal
International,
Inc.
27,200
296,301
Toray
Industries,
Inc.
117,000
658,526
954,827
Technology
—
2.23%
Nintendo
Co.
Ltd.
1,500
645,037
Total
Japan
3,390,824
Mexico
—
3.92%
Consumer
Staples
—
3.92%
Gruma
SAB
de
CV
44,300
489,214
Kimberly-Clark
de
Mexico
SAB
de
CV
475,000
644,911
1,134,125
Total
Mexico
1,134,125
Netherlands
—
7.00%
Communications
—
2.00%
Koninklijke
KPN
NV
163,000
579,820
Financials
—
2.67%
ING
Groep
NV
78,200
770,188
Health
Care
—
0.50%
Koninklijke
Philips
NV
6,800
145,811
Industrials
—
1.83%
Boskalis
Westminster
15,800
529,167
Total
Netherlands
2,024,986
Sweden
—
4.32%
Financials
—
2.24%
Svenska
Handelsbanken
AB,
Class
A
75,600
648,901
Industrials
—
2.08%
Loomis
AB
24,600
600,878
Total
Sweden
1,249,779
Switzerland
—
4.86%
Consumer
Discretionary
—
2.66%
Cie
Financiere
Richemont
SA
3,200
344,213
Swatch
Group
AG
(The)
1,800
427,583
771,796
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
Common
Stocks
—
90.37%
-
continued
Shares
Fair
Value
Switzerland
—
4.86%
-
continued
Health
Care
—
2.20%
Roche
Holding
AG
1,900
$
635,190
Total
Switzerland
1,406,986
United
Kingdom
—
11.12%
Communications
—
3.07%
Informa
PLC
(a)
64,000
413,469
WPP
PLC
46,900
473,737
887,206
Consumer
Staples
—
4.55%
Associated
British
Foods
PLC
34,200
659,894
British
American
Tobacco
PLC
15,300
655,808
1,315,702
Materials
—
1.45%
DS
Smith
PLC
124,000
419,956
Technology
—
2.05%
Serco
Group
PLC
280,000
593,852
Total
United
Kingdom
3,216,716
TOTAL COMMON
STOCKS
(Cost $27,447,192)
26,138,549
Money
Market
Funds
-
8.23%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
1.37%
(b)
2,382,018
2,382,018
TOTAL
MONEY
MARKET
FUNDS
(Cost
$2,382,018)
2,382,018
Total
Investments
—
98.60%
(Cost
$29,829,210)
28,520,567
Other
Assets
in
Excess
of
Liabilities
—
1.40%
405,138
Net
Assets
—
100.00%
$
28,925,705
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2022.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
June
30,
2022
-
(Unaudited)
16
Common
Stocks
—
93.69%
Shares
Fair
Value
Communication
Services
—
3.96%
Comcast
Corp.,
Class
A
9,546
$
374,585
Omnicom
Group,
Inc.
5,922
376,698
751,283
Communications
—
1.96%
Verizon
Communications,
Inc.
7,336
372,302
Consumer
Discretionary
—
16.71%
Genuine
Parts
Co.
2,803
372,799
Hanesbrands,
Inc.
43,647
449,127
Home
Depot,
Inc.
(The)
1,373
376,572
Polaris,
Inc.
(a)
3,752
372,499
Starbucks
Corp.
4,939
377,290
TJX
Cos.,
Inc.
(The)
(a)
4,989
278,636
Vail
Resorts,
Inc.
863
188,177
VF
Corp.
10,598
468,113
Wendy's
Co.
(The)
15,129
285,636
3,168,849
Consumer
Staples
—
13.04%
Coca-Cola
Co.
(The)
(a)
6,020
378,718
Flowers
Foods,
Inc.
18,332
482,497
Kraft
Heinz
Co.
(The)
(a)
12,376
472,021
Mondelez
International,
Inc.,
Class
A
6,133
380,798
PepsiCo,
Inc.
2,287
381,152
Sysco
Corp.
(a)
4,443
376,367
2,471,553
Energy
—
4.80%
Baker
Hughes
Co.
9,346
269,819
Civitas
Resources,
Inc.
(a)
5,107
267,045
Suncor
Energy,
Inc.
(a)
10,622
372,514
909,378
Financials
—
12.39%
Ally
Financial,
Inc.
5,581
187,019
Axis
Capital
Holdings
Ltd.
3,281
187,312
Bank
OZK
10,061
377,589
Community
Trust
Bancorp,
Inc.
6,918
279,764
JPMorgan
Chase
&
Co.
1,660
186,933
Mercury
General
Corp.
8,511
377,037
Prudential
Financial,
Inc.
(a)
2,938
281,108
Washington
Trust
Bancorp,
Inc.
9,727
470,496
2,347,258
Health
Care
—
9.52%
Abbott
Laboratories
2,612
283,794
AbbVie,
Inc.
(a)
2,592
396,991
Johnson
&
Johnson
2,122
376,676
Medtronic
PLC
5,178
464,725
National
HealthCare
Corp.
4,020
280,998
1,803,184
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
17
Common
Stocks
—
93.69%
-
continued
Shares
Fair
Value
Industrials
—
11.92%
BWX
Technologies,
Inc.
5,178
$
285,256
Greenbrier
Cos.,
Inc.
(The)
13,154
473,413
Johnson
Controls
International
PLC
5,824
278,853
Norfolk
Southern
Corp.
1,656
376,392
Northrop
Grumman
Corp.
595
284,749
Stanley
Black
&
Decker,
Inc.
1,769
185,497
United
Parcel
Service,
Inc.,
Class
B
(a)
2,048
373,842
2,258,002
Information
Technology
—
3.97%
Intel
Corp.
10,039
375,559
Texas
Instruments,
Inc.
(a)
2,454
377,057
752,616
Materials
—
5.93%
Linde
PLC
(a)
982
282,354
RPM
International,
Inc.
4,756
374,392
Scotts
Miracle-Gro
Co.
(The)
5,903
466,279
1,123,025
Real
Estate
—
2.95%
Realty
Income
Corp.
4,220
288,057
Simon
Property
Group,
Inc.
2,864
271,851
559,908
Technology
—
2.98%
Cisco
Systems,
Inc.
(a)
4,390
187,190
Fidelity
National
Information
Services,
Inc.
4,115
377,222
564,412
Utilities
—
3.56%
Exelon
Corp.
8,510
385,673
NorthWestern
Corp.
4,904
288,993
674,666
TOTAL COMMON
STOCKS
(Cost $18,793,268)
17,756,436
Preferred
Stocks
—
2.60%
Shares
Fair
Value
Financials
—
2.60%
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
12,213
235,100
First
Republic
Bank,
Series
J,
4.70%
1,100
21,406
SVB
Financial
Group,
Series
A,
5.25%
10,431
235,428
TOTAL PREFERRED
STOCKS
(Cost $475,427)
491,934
Money
Market
Funds
-
5.56%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
1.37%
(b)
1,052,830
1,052,830
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,052,830)
1,052,830
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2022
-
(Unaudited)
18
Total
Investments
—
101.85%
(Cost
$20,321,525)
$
19,301,200
Liabilities
in
Excess
of
Other
Assets
—
(1.85)%
(351,119)
Net
Assets
—
100.00%
$
18,950,081
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2022.
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.22)%
AbbVie,
Inc.
(20)
$
(306,320)
$
170.00
January
2023
$
(10,200)
Cisco
Systems,
Inc.
(30)
(127,920)
50.00
October
2022
(1,230)
Civitas
Resources,
Inc.
(10)
(52,290)
85.00
October
2022
(500)
Coca-Cola
Co.
(The)
(22)
(138,402)
72.50
November
2022
(1,309)
Kraft
Heinz
Co.
(The)
(60)
(228,840)
42.50
January
2023
(8,489)
Linde
PLC
(3)
(86,259)
360.00
October
2022
(480)
Polaris,
Inc.
(23)
(228,344)
125.00
September
2022
(3,048)
Prudential
Financial,
Inc.
(20)
(191,360)
115.00
November
2022
(3,050)
Suncor
Energy,
Inc.
(60)
(210,420)
45.00
September
2022
(3,750)
Suncor
Energy,
Inc.
(25)
(211,775)
100.00
November
2022
(4,688)
Texas
Instruments,
Inc.
(8)
(122,920)
200.00
September
2022
(160)
TJX
Cos.,
Inc.
(The)
(14)
(78,190)
75.00
October
2022
(336)
United
Parcel
Service,
Inc.
(16)
(292,064)
210.00
October
2022
(5,016)
Total
Written
Options
(Premiums
Received
$57,132)
$
(42,256)