VELA Funds NPORT-P Vela Small Cap Fund (Dec 2022 report)

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)