VELA
Small
Cap
Fund
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
Common
Stocks
—
92.03%
Shares
Fair
Value
Consumer
Discretionary
—
14.15%
Gildan
Activewear,
Inc.
25,642
$
702,591
Graham
Holdings
Co.,
Class
B
2,678
1,618,074
Green
Brick
Partners,
Inc.
(a)(b)
29,104
705,190
Lazydays
Holdings,
Inc.
(a)
60,051
717,009
Liberty
Media
Corp.
-
Liberty
Braves
-
Series
C
(a)
49,705
1,601,992
Papa
John's
International,
Inc.
10,889
896,274
Polaris
Industries,
Inc.
4,815
486,315
Vail
Resorts,
Inc.
(b)
5,441
1,296,862
Wendy's
Co.
(The)
56,958
1,288,960
9,313,267
Consumer
Staples
—
5.93%
Flowers
Foods,
Inc.
(b)
27,204
781,843
MGP
Ingredients,
Inc.
5,918
629,557
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
25,955
1,215,732
Performance
Food
Group
Co.
(a)(b)
21,868
1,276,873
3,904,005
Energy
—
12.46%
Civitas
Resources,
Inc.
29,582
1,713,685
Coterra
Energy,
Inc.
21,875
537,469
Devon
Energy
Corp.
9,545
587,113
PDC
Energy,
Inc.
(b)
30,613
1,943,313
Range
Resources
Corp.
87,224
2,182,345
Texas
Pacific
Land
Corp.
527
1,235,409
8,199,334
Financials
—
19.75%
1st
Source
Corp.
20,904
1,109,793
Assured
Guaranty
Ltd.
(b)
20,789
1,294,323
Axis
Capital
Holdings
Ltd.
32,507
1,760,904
Bank
OZK
37,931
1,519,516
BOK
Financial
Corp.
15,535
1,612,378
Community
Trust
Bancorp,
Inc.
12,372
568,246
Hingham
Institution
for
Savings
1,031
284,515
Houlihan
Lokey,
Inc.
5,589
487,137
Live
Oak
Bancshares,
Inc.
57,806
1,745,741
MBIA,
Inc.
(a)
46,822
601,663
UMB
Financial
Corp.
14,123
1,179,553
Washington
Trust
Bancorp,
Inc.
17,705
835,322
12,999,091
Health
Care
—
7.38%
Denali
Therapeutics,
Inc.
(a)
8,121
225,845
Encompass
Health
Corp.
15,125
904,626
Envista
Holdings
Corp.
(a)
41,392
1,393,669
LivaNova
PLC
(a)
10,944
607,830
National
Healthcare
Corp.
19,590
1,165,605
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
—
92.03%
-
continued
Shares
Fair
Value
Health
Care
—
7.38%
-
continued
SI-BONE,
Inc.
(a)
41,370
$
562,632
4,860,207
Industrials
—
22.05%
Applied
Industrial
Technologies,
Inc.
(b)
17,942
2,261,230
BWX
Technologies,
Inc.
(b)
34,563
2,007,419
ChargePoint
Holdings,
Inc.
(a)
22,098
210,594
Copa
Holdings,
S.A.,
Class
A
(a)
10,589
880,687
Greenbrier
Cos.,
Inc.
(The)
56,965
1,910,036
Hub
Group,
Inc.,
Class
A
(a)
26,660
2,119,203
Huntington
Ingalls
Industries,
Inc.
4,571
1,054,438
Kirby
Corp.
(a)
48,456
3,118,144
XPO
Logistics,
Inc.
(a)(b)
28,691
955,123
14,516,874
Materials
—
5.40%
Ashland
Global
Holdings,
Inc.
(b)
19,292
2,074,469
RPM
International,
Inc.
(b)
7,994
779,015
Valvoline,
Inc.
21,468
700,930
3,554,414
Technology
—
3.67%
JFrog
Ltd.
(a)
39,019
832,275
Nutanix,
Inc.,
Class
A
(a)(b)
19,421
505,917
Verint
Systems,
Inc.
(a)
29,751
1,079,367
2,417,559
Utilities
—
1.24%
Southwest
Gas
Holdings,
Inc.
13,186
815,950
TOTAL COMMON
STOCKS
(Cost $53,747,173)
60,580,701
Money
Market
Funds
-
8.34%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.14%
(c)
5,488,893
5,488,893
TOTAL
MONEY
MARKET
FUNDS
(Cost
$5,488,893)
5,488,893
Total
Investments
—
100.37%
(Cost
$59,236,066)
66,069,594
Liabilities
in
Excess
of
Other
Assets
—
(0.37)%
(240,313)
Net
Assets
—
100.00%
$
65,829,281
(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,
2022.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.36)%
Applied
Industrial
Technologies,
Inc.
(94)
$
(1,184,682)
$
130.00
February
2023
$
(39,480)
Ashland
Global
Holdings,
Inc.
(75)
(806,475)
120.00
April
2023
(15,938)
Assured
Guaranty
Ltd.
(70)
(435,820)
70.00
April
2023
(9,100)
BWX
Technologies,
Inc.
(100)
(580,800)
65.00
May
2023
(22,500)
Flowers
Foods,
Inc.
(218)
(626,532)
30.00
April
2023
(18,530)
Green
Brick
Partners,
Inc.
(200)
(484,600)
30.00
May
2023
(23,000)
MGM
Growth
Properties
LLC
(32)
(340,416)
120.00
June
2023
(21,120)
Nutanix,
Inc.
(97)
(252,685)
32.50
January
2024
(26,190)
PDC
Energy,
Inc.
(35)
(222,180)
89.35
April
2023
(4,725)
Performance
Food
Group
Co.
(110)
(642,290)
65.00
June
2023
(39,050)
RPM
International,
Inc.
(60)
(584,700)
110.00
May
2023
(13,350)
Vail
Resorts,
Inc.
(2)
(47,670)
290.00
April
2023
(475)
XPO
Logistics,
Inc.
(60)
(199,740)
50.00
May
2023
(1,800)
Total
Written
Call
Options
(Premiums
Received
$373,734)
$
(235,258)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
Common
Stocks
—
101.55%
Shares
Fair
Value
Communications
—
4.44%
Activision
Blizzard,
Inc.
3,469
$
265,552
Alphabet,
Inc.,
Class
A
(a)(b)
7,600
670,548
T-Mobile
US,
Inc.
(a)(b)
4,267
597,380
1,533,480
Consumer
Discretionary
—
10.90%
Aptiv
PLC
(a)
2,640
245,863
Home
Depot,
Inc.
(The)
1,941
613,084
Live
Nation
Entertainment,
Inc.
(a)(b)
5,381
375,271
NVR,
Inc.
(a)
162
747,238
O'Reilly
Automotive,
Inc.
(a)
425
358,713
Starbucks
Corp.
4,543
450,665
TJX
Cos.,
Inc.
(The)
10,351
823,940
VF
Corp.
5,316
146,775
3,761,549
Consumer
Staples
—
5.07%
Dollar
General
Corp.
2,442
601,343
Kraft
Heinz
Co.
(The)
13,433
546,857
PepsiCo,
Inc.
3,331
601,778
1,749,978
Energy
—
9.55%
Baker
Hughes
Co.
(b)(c)
27,316
806,641
Energy
Transfer,
L.P.
(b)(c)
52,854
627,377
EQT
Corp.
(b)(c)
16,105
544,832
Pioneer
Natural
Resources
Co.
(b)(c)
2,854
651,825
Suncor
Energy,
Inc.
(b)(c)
21,006
666,521
3,297,196
Financials
—
15.31%
Arch
Capital
Group
Ltd.
(a)
11,788
740,051
Bank
of
America
Corp.
(b)
23,735
786,102
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,773
1,165,480
Citigroup,
Inc.
(c)
5,773
261,113
Goldman
Sachs
Group,
Inc.
(The)
(b)
1,720
590,614
MetLife,
Inc.
10,765
779,063
SVB
Financial
Group
(a)(b)(c)
1,561
359,249
Wells
Fargo
&
Co.
(b)(c)
14,621
603,701
5,285,373
Health
Care
—
20.59%
AbbVie,
Inc.
(b)(c)
4,907
793,019
Alnylam
Pharmaceuticals,
Inc.
(a)(b)(c)
3,325
790,186
AstraZeneca
PLC
-
ADR
7,970
540,366
BioMarin
Pharmaceutical,
Inc.
(a)(b)
3,492
361,387
Boston
Scientific
Corp.
(a)
15,604
721,997
Denali
Therapeutics,
Inc.
(a)
4,621
128,510
Encompass
Health
Corp.
8,009
479,018
Horizon
Therapeutics
PLC
(a)
3,392
386,010
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
—
101.55%
-
continued
Shares
Fair
Value
Health
Care
—
20.59%
-
continued
Humana,
Inc.
1,518
$
777,505
Jazz
Pharmaceuticals
PLC
(a)
1,728
275,288
Johnson
&
Johnson
3,132
553,268
Lantheus
Holdings,
Inc.
(a)(b)(c)
4,888
249,093
Medtronic
PLC
3,841
298,523
Sarepta
Therapeutics,
Inc.
(a)
1,142
147,980
Vertex
Pharmaceuticals,
Inc.
(a)(b)(c)
2,083
601,529
7,103,679
Industrials
—
8.77%
CSX
Corp.
16,536
512,286
Deere
&
Co.
748
320,712
FedEx
Corp.
(b)(c)
2,684
464,869
JB
Hunt
Transport
Services,
Inc.
2,676
466,587
Johnson
Controls
International
PLC
10,249
655,936
Northrop
Grumman
Corp.
1,110
605,627
3,026,017
Materials
—
2.09%
Avery
Dennison
Corp.
1,544
279,464
Linde
PLC
1,356
442,300
721,764
Technology
—
21.85%
Accenture
PLC,
A
3,036
810,127
Adobe,
Inc.
(a)(b)(c)
1,644
553,255
Apple,
Inc.
(b)
8,605
1,118,048
EPAM
Systems,
Inc.
(a)
515
168,786
Microchip
Technology,
Inc.
(b)(c)
8,165
573,591
Microsoft
Corp.
5,304
1,272,003
Nutanix,
Inc.,
Class
A
(a)(b)(c)
17,816
464,107
PayPal
Holdings,
Inc.
(a)(c)
5,913
421,124
Salesforce.com,
Inc.
(a)(b)(c)
4,757
630,731
Teradyne,
Inc.
(b)(c)
4,037
352,632
Visa,
Inc.,
Class
A
3,420
710,539
VMware,
Inc.,
Class
A
(b)
3,791
465,383
7,540,326
Utilities
—
2.98%
CenterPoint
Energy,
Inc.
17,820
534,422
Exelon
Corp.
11,425
493,903
1,028,325
TOTAL COMMON
STOCKS
(Cost $29,698,147)
35,047,687
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.07%
Energy
Transfer,
L.P.
476
$
565,012
$
11.00
April
2023
24,990
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
22,949)
$
24,990
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.25%
Amazon.com,
Inc.
180
$
1,512,000
$
135.00
January
2023
270
Citigroup,
Inc.
375
1,696,125
50.00
June
2023
76,875
PayPal
Holdings,
Inc.
70
498,540
110.00
January
2023
210
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
200
1,489,800
85.00
January
2023
5,500
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
283,170)
82,855
Money
Market
Funds
-
3.36%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.14%
(d)
1,160,344
1,160,344
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,160,344)
1,160,344
Total
Investments
—
105.23%
(Cost
$31,164,610)
36,315,876
Liabilities
in
Excess
of
Other
Assets
—
(5.23)%
(1,803,860)
Net
Assets
—
100.00%
$
34,512,016
(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,
2022
was
$14,697,892.
(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,
2022.
ADR
-
American
Depositary
Receipt.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(1.15)%
AbbVie,
Inc.
(37)
$
(597,957)
$
200.00
January
2024
$
(16,650)
Adobe,
Inc.
(15)
(504,795)
360.00
March
2023
(22,913)
Alnylam
Pharmaceuticals,
Inc.
(25)
(594,125)
270.00
January
2024
(89,500)
Baker
Hughes
Co.
(192)
(566,976)
45.00
January
2024
(21,600)
Energy
Transfer,
L.P.
(476)
(565,012)
13.00
April
2023
(16,422)
EQT
Corp.
(145)
(490,535)
50.00
January
2024
(43,863)
FedEx
Corp.
(20)
(346,400)
185.00
January
2023
(2,760)
Lantheus
Holdings,
Inc.
(28)
(142,688)
80.00
April
2023
(3,710)
Microchip
Technology,
Inc.
(49)
(344,225)
100.00
January
2024
(15,803)
Nutanix,
Inc.
(152)
(395,960)
32.50
January
2024
(41,039)
Pioneer
Natural
Resources
Co.
(21)
(479,619)
270.00
January
2024
(36,225)
Salesforce.com,
Inc.
(40)
(530,360)
185.00
January
2024
(28,999)
Suncor
Energy,
Inc.
(150)
(1,146,750)
40.00
June
2023
(13,500)
SVB
Financial
Group
(12)
(276,168)
290.00
May
2023
(19,620)
Teradyne,
Inc.
(30)
(262,050)
120.00
January
2024
(18,000)
Vertex
Pharmaceuticals,
Inc.
(5)
(144,390)
320.00
January
2023
(813)
Wells
Fargo
&
Co.
(100)
(412,900)
52.50
April
2023
(2,000)
Total
Written
Call
Options
(Premiums
Received
$472,218)
$
(393,417)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
December
31,
2022
-
(Unaudited)
Common
Stocks
-
Short
-
(10.26%)
Shares
Fair
Value
Consumer
Discretionary
-
(2.10%)
Axon
Enterprise,
Inc.
(a)
(575)
$
(95,410)
BorgWarner,
Inc.
(2,319)
(93,340)
Burlington
Stores,
Inc.
(a)
(550)
(111,518)
Etsy,
Inc.
(a)
(769)
(92,111)
PulteGroup,
Inc.
(2,580)
(117,467)
Skechers
U.S.A.,
Inc.,
Class
A
(a)
(2,544)
(106,721)
Texas
Roadhouse,
Inc.
(1,191)
(108,321)
(724,888)
Consumer
Staples
-
(0.50%)
Clorox
Co.
(The)
(610)
(85,601)
Hormel
Foods
Corp.
(1,924)
(87,638)
(173,239)
Energy
-
(0.49%)
Schlumberger
Ltd.
(3,159)
(168,879)
Financials
-
(1.22%)
Capital
One
Financial
Corp.
(1,197)
(111,273)
Cincinnati
Financial
Corp.
(1,315)
(134,643)
Franklin
Resources,
Inc.
(3,129)
(82,543)
KKR
&
Co.
LP
(2,036)
(94,511)
(422,970)
Health
Care
-
(1.43%)
Avantor,
Inc.
(a)
(5,309)
(111,967)
Cardinal
Health,
Inc.
(1,778)
(136,675)
Insulet
Corp.
(a)
(430)
(126,588)
Integra
LifeSciences
Holdings
Corp.
(a)
(2,084)
(116,850)
(492,080)
Industrials
-
(1.42%)
GFL
Environmental,
Inc.
(4,884)
(142,759)
Illinois
Tool
Works,
Inc.
(711)
(156,633)
Rockwell
Automation,
Inc.
(400)
(103,028)
Watsco,
Inc.
(354)
(88,288)
(490,708)
Materials
-
(1.10%)
Albemarle
Corp.
(400)
(86,744)
Nucor
Corp.
(989)
(130,360)
Steel
Dynamics,
Inc.
(1,680)
(164,136)
(381,240)
Technology
-
(1.70%)
Block,
Inc.,
Class
A
(a)
(2,476)
(155,592)
Equifax,
Inc.
(566)
(110,008)
International
Business
Machines
Corp.
(968)
(136,382)
Moody's
Corp.
(322)
(89,716)
Snowflake,
Inc.,
Class
A
(a)
(654)
(93,875)
(585,573)
Utilities
-
(0.30%)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
-
Short
-
(10.26%)
-
continued
Shares
Fair
Value
Atmos
Energy
Corp.
(936)
$
(104,898)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $3,640,192)
(3,544,475)
TOTAL
SECURITIES
SOLD
SHORT
-
(10.26%)
(Proceeds
Received
$3,640,192
)
$
(3,544,475)
(a)
Non-income
producing
security.
VELA
International
Fund
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
D
Common
Stocks
—
91.17%
Shares
Fair
Value
Australia
—
3.59%
Consumer
Staples
—
1.37%
Treasury
Wine
Estates
Ltd.
48,300
$
446,171
Health
Care
—
2.22%
Ansell
Ltd.
37,400
718,304
Total
Australia
1,164,475
Austria
—
3.23%
Communications
—
2.04%
Telekom
Austria
AG
(a)
107,000
661,348
Materials
—
1.19%
Wienerberger
AG
16,000
385,781
Total
Austria
1,047,129
Belgium
—
2.52%
Financials
—
2.52%
KBC
Group
NV
12,700
817,945
Total
Belgium
817,945
Canada
—
10.03%
Consumer
Staples
—
1.87%
Empire
Co.,
Ltd.,
Class
A
23,000
605,768
Energy
—
2.59%
Suncor
Energy,
Inc.
26,500
840,845
Industrials
—
2.05%
Finning
International,
Inc.
26,700
663,778
Materials
—
3.52%
Alamos
Gold,
Inc.,
Class
A
20,000
202,200
OceanaGold
Corp.
(a)
495,000
943,240
1,145,440
Total
Canada
3,255,831
Denmark
—
3.46%
Industrials
—
3.46%
FLSmidth
&
Co.
A/S
31,000
1,123,909
Total
Denmark
1,123,909
France
—
6.07%
Consumer
Discretionary
—
2.32%
Cia
Generale
de
Establissements
Michelin
SCA
27,000
752,378
Energy
—
2.67%
TotalEnergies
SE
13,800
866,536
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
—
91.17%
-
continued
Shares
Fair
Value
France
—
6.07%
-
continued
Industrials
—
1.08%
Rexel
SA
17,800
$
352,165
Total
France
1,971,079
Germany
—
10.64%
Consumer
Discretionary
—
2.13%
Fielmann
AG
17,500
692,524
Consumer
Staples
—
1.50%
Henkel
AG
&
Co.
KGaA
7,000
485,338
Industrials
—
1.36%
Duerr
AG
13,200
442,370
Materials
—
3.64%
Covestro
AG
12,300
479,306
Fuchs
Petrolub
SE
23,600
700,420
1,179,726
Technology
—
2.01%
Infineon
Technologies
AG
21,500
653,627
Total
Germany
3,453,585
Hong
Kong
—
6.78%
Consumer
Staples
—
2.58%
WH
Group
Ltd.
1,435,000
836,934
Industrials
—
2.12%
Johnson
Electric
Holdings
Ltd.
547,025
688,626
Technology
—
2.08%
VTech
Holdings
Ltd.
105,200
676,524
Total
Hong
Kong
2,202,084
Iceland
—
1.20%
Industrials
—
1.20%
Marel
HF
113,285
390,282
Total
Iceland
390,282
Indonesia
—
2.12%
Materials
—
2.12%
United
Tractors
Tbk
PT
410,000
689,332
Total
Indonesia
689,332
Japan
—
11.00%
Consumer
Discretionary
—
1.81%
Honda
Motor
Co.
Ltd.
25,800
588,378
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
—
91.17%
-
continued
Shares
Fair
Value
Japan
—
11.00%
-
continued
Consumer
Staples
—
1.79%
Suntory
Beverage
&
Food
Ltd.
17,100
$
582,199
Industrials
—
2.14%
Okuma
Corp.
9,100
322,287
OSG
Corp.
26,900
368,268
690,555
Materials
—
3.32%
Fuji
Seal
International,
Inc.
33,500
427,571
Toray
Industries,
Inc.
117,000
650,576
1,078,147
Technology
—
1.94%
Nintendo
Co.
Ltd.
15,000
630,598
Total
Japan
3,569,877
Mexico
—
4.67%
Consumer
Staples
—
4.67%
Gruma
SAB
de
CV
60,000
801,494
Kimberly-Clark
de
Mexico
SAB
de
CV
420,000
712,730
1,514,224
Total
Mexico
1,514,224
Netherlands
—
4.78%
Communications
—
1.55%
Koninklijke
KPN
NV
163,000
504,682
Financials
—
3.23%
ING
Groep
NV
85,800
1,045,464
Total
Netherlands
1,550,146
Sweden
—
4.62%
Financials
—
2.54%
Svenska
Handelsbanken
AB,
Class
A
81,800
823,665
Industrials
—
2.08%
Loomis
AB
24,600
674,373
Total
Sweden
1,498,038
Switzerland
—
5.20%
Consumer
Discretionary
—
3.36%
Cie
Financiere
Richemont
SA
3,800
492,740
Swatch
Group
AG
(The)
2,100
596,902
1,089,642
Health
Care
—
1.84%
Roche
Holding
AG
1,900
597,090
Total
Switzerland
1,686,732
VELA
International
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
Common
Stocks
—
91.17%
-
continued
Shares
Fair
Value
United
Kingdom
—
11.26%
Communications
—
3.52%
Informa
PLC
78,000
$
581,822
WPP
PLC
56,900
562,133
1,143,955
Consumer
Staples
—
4.13%
Associated
British
Foods
PLC
39,000
739,343
British
American
Tobacco
PLC
15,300
605,199
1,344,542
Materials
—
1.99%
DS
Smith
PLC
167,200
644,915
Technology
—
1.62%
Serco
Group
PLC
280,000
525,568
Total
United
Kingdom
3,658,980
TOTAL COMMON
STOCKS
(Cost $28,371,329)
29,593,648
U.S.
Government
&
Agencies
—
3.13%
Principal
Amount
United
States
Treasury
Bill,
4.61%,
6/1/2023
$
1,035,000
1,015,734
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $1,015,443)
1,015,734
Shares
Money
Market
Funds
-
5.33%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.14%
(b)
1,728,595
1,728,595
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,728,595)
1,728,595
Total
Investments
—
99.63%
(Cost
$31,115,367)
32,337,977
Other
Assets
in
Excess
of
Liabilities
—
0.37%
120,028
Net
Assets
—
100.00%
$
32,458,005
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2022.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
14
Common
Stocks
—
88.33%
Shares
Fair
Value
Communications
—
4.10%
Comcast
Corp.,
Class
A
11,176
$
390,825
Omnicom
Group,
Inc.
(a)
5,147
419,841
Verizon
Communications,
Inc.
6,338
249,717
1,060,383
Consumer
Discretionary
—
15.28%
Genuine
Parts
Co.
1,759
305,204
Home
Depot,
Inc.
(The)
(a)
1,619
511,377
Polaris
Industries,
Inc.
(a)
4,635
468,135
Scotts
Miracle-Gro
Co.
(The)
(a)
10,394
505,044
Starbucks
Corp.
(a)
5,383
533,995
TJX
Cos.,
Inc.
(The)
(a)
5,492
437,163
Vail
Resorts,
Inc.
(a)
1,547
368,727
VF
Corp.
15,058
415,751
Wendy's
Co.
(The)
17,788
402,542
3,947,938
Consumer
Staples
—
11.83%
Coca-Cola
Co.
(The)
(a)
4,546
289,171
Flowers
Foods,
Inc.
(a)
22,586
649,122
Kraft
Heinz
Co.
(The)
(a)
19,303
785,825
Mondelez
International,
Inc.,
Class
A
(a)
8,027
534,999
PepsiCo,
Inc.
(a)
1,673
302,244
Sysco
Corp.
(a)
6,502
497,078
3,058,439
Energy
—
5.87%
Baker
Hughes
Co.
(a)
16,040
473,661
Civitas
Resources,
Inc.
(a)
9,313
539,502
Suncor
Energy,
Inc.
(a)
15,926
505,332
1,518,495
Financials
—
11.72%
Ally
Financial,
Inc.
7,945
194,255
Axis
Capital
Holdings
Ltd.
4,624
250,482
Bank
OZK
(a)
12,800
512,769
Community
Trust
Bancorp,
Inc.
8,238
378,371
JPMorgan
Chase
&
Co.
(a)
3,174
425,633
Mercury
General
Corp.
7,702
263,408
Prudential
Financial,
Inc.
(a)
3,889
386,800
Washington
Trust
Bancorp,
Inc.
(a)
13,141
619,993
3,031,711
Health
Care
—
9.94%
Abbott
Laboratories
4,586
503,497
AbbVie,
Inc.
(a)
3,312
535,252
Johnson
&
Johnson
2,802
494,973
Medtronic
PLC
8,371
650,595
National
Healthcare
Corp.
6,478
385,441
2,569,758
Industrials
—
13.82%
BWX
Technologies,
Inc.
6,622
384,606
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
15
Common
Stocks
—
88.33%
-
continued
Shares
Fair
Value
Industrials
—
13.82%
-
continued
Fastenal
Co.
5,003
$
236,742
FedEx
Corp.
1,479
256,163
Greenbrier
Cos.,
Inc.
(The)
(a)
22,142
742,421
Huntington
Ingalls
Industries,
Inc.
1,136
262,052
Johnson
Controls
International
PLC
(a)
9,074
580,736
Norfolk
Southern
Corp.
(a)
2,108
519,453
Northrop
Grumman
Corp.
(a)
751
409,754
Stanley
Black
&
Decker,
Inc.
(a)
2,434
182,842
3,574,769
Materials
—
2.64%
Linde
PLC
(a)
1,243
405,442
RPM
International,
Inc.
(a)
2,852
277,927
683,369
Real
Estate
—
3.73%
Realty
Income
Corp.
5,832
369,924
Simon
Property
Group,
Inc.
(a)
5,056
593,979
963,903
Technology
—
5.34%
Cisco
Systems,
Inc.
(a)
5,521
263,020
Fidelity
National
Information
Services,
Inc.
7,789
528,484
Intel
Corp.
4,353
115,050
Texas
Instruments,
Inc.
(a)
2,866
473,520
1,380,074
Utilities
—
4.06%
Exelon
Corp.
(a)
11,877
513,443
NorthWestern
Corp.
9,036
536,196
1,049,639
TOTAL COMMON
STOCKS
(Cost $23,126,545)
22,838,478
Preferred
Stocks
—
3.00%
Shares
Fair
Value
Financials
—
3.00%
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
15,451
266,839
First
Republic
Bank,
Series
J,
4.70%
14,815
274,818
SVB
Financial
Group,
Series
A,
5.25%
13,685
234,698
776,355
TOTAL PREFERRED
STOCKS
(Cost $880,552)
776,355
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
16
U.S.
Government
&
Agencies
—
0.97%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
4.61%,
6/1/2023
$
256,000
$
251,235
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $251,128)
251,235
Corporate
Bonds
—
4.50%
Consumer
Discretionary
—
1.43%
Graham
Holdings
Co.,
5.75%,
6/1/2026
125,000
123,011
Scotts
Miracle-Gro
Co.
(The),
4.50%,
10/15/2029
150,000
121,770
Vail
Resorts,
Inc.,
6.25%,
5/15/2025
125,000
125,215
369,996
Consumer
Staples
—
0.79%
Simmons
Foods,
Inc.,
4.63%,
3/1/2029
250,000
203,816
Industrials
—
1.80%
Allegiant
Travel
Co.,
7.25%,
8/15/2027
150,000
142,887
Con-way,
Inc.,
6.70%,
5/1/2034
365,000
324,836
467,723
Materials
—
0.48%
Valvoline,
Inc.,
3.63%,
6/15/2031
150,000
123,275
TOTAL
CORPORATE
BONDS
(Cost $1,186,627)
1,164,810
Money
Market
Funds
-
3.62%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.14%
(b)
935,897
935,897
TOTAL
MONEY
MARKET
FUNDS
(Cost
$935,897)
935,897
Total
Investments
—
100.42%
(Cost
$26,380,749)
25,966,775
Liabilities
in
Excess
of
Other
Assets
—
(0.41)%
(106,808)
Net
Assets
—
100.00%
$
25,859,967
(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
December
31,
2022.
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
December
31,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.65)%
AbbVie,
Inc.
(20)
$
(323,220)
$
170.00
January
2023
$
(910)
Baker
Hughes
Co.
(40)
(118,120)
30.00
April
2023
(10,500)
Bank
OZK
(30)
(120,180)
50.00
May
2023
(1,425)
Cisco
Systems,
Inc.
(23)
(109,572)
50.00
March
2023
(2,944)
Cisco
Systems,
Inc.
(23)
(109,572)
55.00
June
2023
(2,105)
Civitas
Resources,
Inc.
(20)
(115,860)
80.00
January
2023
(40)
Civitas
Resources,
Inc.
(20)
(115,860)
90.00
April
2023
(780)
Coca-Cola
Co.
(The)
(22)
(139,942)
62.50
February
2023
(6,006)
Exelon
Corp.
(60)
(259,380)
45.00
April
2023
(9,600)
Flowers
Foods,
Inc.
(75)
(215,550)
30.00
April
2023
(6,375)
Greenbrier
Cos.,
Inc.
(The)
(74)
(248,122)
50.00
June
2023
(4,810)
Home
Depot,
Inc.
(The)
(8)
(252,688)
375.00
May
2023
(4,260)
Johnson
Controls
International
PLC
(30)
(192,000)
65.00
January
2023
(3,675)
JPMorgan
Chase
&
Co.
(10)
(134,100)
140.00
March
2023
(4,225)
Kraft
Heinz
Co.
(The)
(60)
(244,260)
42.50
January
2023
(960)
Linde
PLC
(4)
(130,472)
320.00
January
2023
(4,680)
Linde
PLC
(4)
(130,472)
330.00
January
2023
(2,380)
Mondelez
International,
Inc.
(40)
(266,600)
65.00
March
2023
(15,399)
Norfolk
Southern
Corp.
(9)
(221,778)
290.00
January
2023
(63)
Northrop
Grumman
Corp.
(2)
(109,122)
575.00
February
2023
(2,440)
Northrop
Grumman
Corp.
(2)
(109,122)
600.00
May
2023
(3,500)
Omnicom
Group,
Inc.
(17)
(138,669)
80.00
April
2023
(10,455)
PepsiCo,
Inc.
(8)
(144,528)
190.00
January
2023
(276)
Polaris
Industries,
Inc.
(20)
(202,000)
125.00
January
2023
(60)
Prudential
Financial,
Inc.
(38)
(377,948)
115.00
March
2023
(2,375)
RPM
International,
Inc.
(15)
(146,175)
110.00
February
2023
(1,013)
Scotts
Miracle-Gro
Co.
(The)
(36)
(174,924)
85.00
March
2023
(252)
Simon
Property
Group,
Inc.
(17)
(199,716)
130.00
April
2023
(5,381)
Stanley
Black
&
Decker,
Inc.
(13)
(97,656)
100.00
May
2023
(1,138)
Starbucks
Corp.
(41)
(406,720)
100.00
March
2023
(22,652)
Suncor
Energy,
Inc.
(30)
(95,190)
40.00
January
2023
(30)
Suncor
Energy,
Inc.
(40)
(126,920)
38.00
March
2023
(1,800)
Sysco
Corp.
(25)
(191,125)
100.00
May
2023
(575)
Texas
Instruments,
Inc.
(8)
(132,176)
200.00
February
2023
(240)
Texas
Instruments,
Inc.
(8)
(132,176)
185.00
April
2023
(3,220)
TJX
Cos.,
Inc.
(The)
(29)
(230,840)
77.50
January
2023
(9,787)
Vail
Resorts,
Inc.
(7)
(166,845)
290.00
April
2023
(1,663)
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
(continued)
December
31,
2022
-
(Unaudited)
Description
(Continued)
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.65)%
(Continued)
Washington
Trust
Bancorp,
Inc.
(65)
$
(306,670)
$
50.00
June
2023
$
(19,500)
Total
Written
Call
Options
(Premiums
Received
$211,812)
$
(167,494)
Total
Written
Options
(Premiums
Received
$211,812)
$
(167,494)