VELA
Small
Cap
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
—
93.02%
Shares
Fair
Value
Communications
—
1.27%
Criteo
S.A.
-
ADR
(a)
27,649
$
932,877
Consumer
Discretionary
—
15.65%
Fox
Factory
Holding
Corp.
(a)
3,355
364,051
Gildan
Activewear,
Inc.
49,824
1,606,326
Graham
Holdings
Co.,
Class
B
2,960
1,691,581
Lazydays
Holdings,
Inc.
(a)
114,305
1,321,366
Liberty
Media
Corp.
-
Liberty
Braves
-
Series
C
(a)(b)
57,227
2,267,333
Papa
John's
International,
Inc.
15,408
1,137,573
Vail
Resorts,
Inc.
(b)
6,982
1,757,788
Wendy's
Co.
(The)
(b)
63,884
1,389,477
11,535,495
Consumer
Staples
—
9.60%
Casey's
General
Stores,
Inc.
(b)
8,251
2,012,254
Duckhorn
Portfolio
Inc.
(The)
(a)
60,205
780,859
Flowers
Foods,
Inc.
27,204
676,836
MGP
Ingredients,
Inc.
8,988
955,244
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
14,235
824,634
Performance
Food
Group
Co.
(a)(b)
30,314
1,826,115
7,075,942
Energy
—
7.11%
Civitas
Resources,
Inc.
(b)
30,330
2,103,992
Devon
Energy
Corp.
9,545
461,405
Range
Resources
Corp.
(b)
84,603
2,487,329
Tidewater,
Inc.
(a)
3,426
189,937
5,242,663
Financials
—
13.10%
1st
Source
Corp.
20,904
876,505
Assured
Guaranty
Ltd.
22,437
1,251,985
Axis
Capital
Holdings
Ltd.
33,447
1,800,451
BOK
Financial
Corp.
19,743
1,594,840
Cullen/Frost
Bankers,
Inc.
(b)
18,533
1,992,853
Hingham
Institution
for
Savings
2,112
450,236
Houlihan
Lokey,
Inc.
11,521
1,132,630
MBIA,
Inc.
(a)
64,748
559,423
9,658,923
Health
Care
—
8.47%
Biohaven
Ltd.
(a)
8,827
211,142
Denali
Therapeutics,
Inc.
(a)
10,575
312,068
Encompass
Health
Corp.
(b)
19,168
1,297,865
Envista
Holdings
Corp.
(a)(b)
41,392
1,400,705
Lantheus
Holdings,
Inc.
(a)(b)
8,314
697,711
Maravai
LifeSciences
Holdings,
Inc.
(a)
16,439
204,337
National
Healthcare
Corp.
22,984
1,420,871
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
93.02%
-
continued
Shares
Fair
Value
Health
Care
—
8.47%
-
continued
SI-BONE,
Inc.
(a)(b)
25,967
$
700,590
6,245,289
Industrials
—
25.34%
Applied
Industrial
Technologies,
Inc.
17,942
2,598,540
BWX
Technologies,
Inc.
(b)
35,702
2,555,192
ChargePoint
Holdings,
Inc.
(a)
35,163
309,083
Copa
Holdings,
S.A.,
Class
A
10,589
1,170,932
Greenbrier
Companies,
Inc.
(The)
76,050
3,277,755
Hub
Group,
Inc.,
Class
A
(a)
25,864
2,077,396
Huntington
Ingalls
Industries,
Inc.
5,074
1,154,842
Kirby
Corp.
(a)
50,150
3,859,044
Tetra
Tech,
Inc.
2,241
366,941
XPO,
Inc.
(a)(b)
22,092
1,303,428
18,673,153
Materials
—
7.32%
Ashland
Global
Holdings,
Inc.
24,337
2,115,128
Major
Drilling
Group
International,
Inc.
(a)
153,381
1,058,255
RPM
International,
Inc.
7,994
717,302
Valvoline,
Inc.
(b)
40,194
1,507,677
5,398,362
Technology
—
4.37%
JFrog
Ltd.
(a)(b)
45,105
1,249,409
Nutanix,
Inc.,
Class
A
(a)(b)
19,421
544,759
Verint
Systems,
Inc.
(a)(b)
40,730
1,427,993
3,222,161
Utilities
—
0.79%
Southwest
Gas
Holdings,
Inc.
9,195
585,262
TOTAL COMMON
STOCKS
(Cost $59,101,071)
68,570,127
Money
Market
Funds
-
6.88%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.95%
(c)
5,070,691
5,070,691
TOTAL
MONEY
MARKET
FUNDS
(Cost
$5,070,691)
5,070,691
Total
Investments
—
99.90%
(Cost
$64,171,762)
73,640,818
Other
Assets
in
Excess
of
Liabilities
—
0.11%
77,706
Net
Assets
—
100.00%
$
73,718,524
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2023.
ADR
-
American
Depositary
Receipt.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.77)%
BWX
Technologies,
Inc.
(100)
$
(715,700)
$
75.00
November
2023
$
(28,250)
Casey's
General
Stores,
Inc.
(35)
(853,580)
270.00
February
2024
(23,100)
Civitas
Resources,
Inc.
(80)
(554,960)
85.00
October
2023
(12,600)
Cullen/Frost
Bankers,
Inc.
(60)
(645,180)
135.00
December
2023
(7,560)
Encompass
Health
Corp.
(28)
(189,588)
70.00
December
2023
(10,010)
Envista
Holdings
Corp.
(125)
(423,000)
45.00
January
2024
(9,125)
JFrog
Ltd.
(265)
(734,050)
35.00
January
2024
(35,113)
Lantheus
Holdings,
Inc.
(42)
(352,464)
115.00
January
2025
(46,200)
Liberty
Media
Corp.
-
Liberty
Braves
(145)
(574,490)
40.00
November
2023
(43,138)
Nutanix,
Inc.
(97)
(272,085)
32.50
January
2024
(16,005)
Ollie's
Bargain
Outlet
Holdings,
Inc.
(140)
(811,020)
70.00
October
2023
(19,600)
Performance
Food
Group
Co.
(125)
(753,000)
65.00
January
2024
(39,375)
Range
Resources
Corp.
(375)
(1,102,500)
35.00
January
2024
(67,500)
SI-BONE,
Inc.
(150)
(404,700)
25.00
October
2023
(81,749)
SI-BONE,
Inc.
(100)
(269,800)
30.00
January
2024
(34,000)
Vail
Resorts,
Inc.
(25)
(629,400)
280.00
October
2023
(8,125)
Valvoline,
Inc.
(174)
(652,674)
40.00
September
2023
(7,395)
Verint
Systems,
Inc.
(120)
(420,720)
45.00
September
2023
(3,300)
Wendy's
Co.
(The)
(160)
(348,000)
26.00
January
2024
(3,200)
XPO
Logistics,
Inc.
(85)
(501,500)
65.00
June
2024
(70,975)
Total
Written
Call
Options
(Premiums
Received
$606,096)
$
(566,320)
Total
Written
Options
(Premiums
Received
$606,096)
$
(566,320)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
—
100.64%
Shares
Fair
Value
Communications
—
7.30%
Activision
Blizzard,
Inc.
(a)(b)
6,152
$
518,614
Alphabet,
Inc.,
Class
A
(a)
12,741
1,525,097
Meta
Platforms,
Inc.,
Class
A
(a)(b)(c)
3,375
968,558
T-Mobile
US,
Inc.
(a)
5,878
816,454
3,828,723
Consumer
Discretionary
—
9.53%
Aptiv
PLC
(a)
3,379
344,962
Booking
Holdings,
Inc.
(a)
191
515,763
Home
Depot,
Inc.
(The)
2,863
889,362
NVR,
Inc.
(a)
165
1,047,852
O'Reilly
Automotive,
Inc.
(a)
653
623,811
Starbucks
Corp.
6,335
627,545
TJX
Companies,
Inc.
(The)
11,224
951,683
5,000,978
Consumer
Staples
—
3.89%
Dollar
General
Corp.
2,973
504,756
Kraft
Heinz
Co.
(The)
18,017
639,603
PepsiCo,
Inc.
4,839
896,280
2,040,639
Energy
—
8.72%
Baker
Hughes
Co.
(b)(c)
26,751
845,599
Energy
Transfer,
L.P.
(b)(c)
81,827
1,039,203
Enterprise
Products
Partners
LP
(b)(c)
32,700
861,645
EQT
Corp.
(b)(c)
24,730
1,017,145
Suncor
Energy,
Inc.
(b)(c)
27,660
810,991
4,574,583
Financials
—
12.83%
Arch
Capital
Group
Ltd.
(a)
12,849
961,749
Bank
of
America
Corp.
13,137
376,901
Berkshire
Hathaway,
Inc.,
Class
B
(a)
4,841
1,650,781
Charles
Schwab
Corp.
(The)
(b)(c)
13,811
782,807
Citigroup,
Inc.
(b)(c)
13,135
604,735
Goldman
Sachs
Group,
Inc.
(The)
(b)(c)
1,968
634,759
MetLife,
Inc.
(b)
16,001
904,537
Wells
Fargo
&
Co.
(b)(c)
19,088
814,675
6,730,944
Health
Care
—
17.73%
AbbVie,
Inc.
(b)(c)
5,283
711,779
Alnylam
Pharmaceuticals,
Inc.
(a)(b)(c)
3,417
649,025
AstraZeneca
PLC
-
ADR
(b)
11,296
808,455
BioMarin
Pharmaceutical,
Inc.
(a)(b)(c)
5,584
484,021
Boston
Scientific
Corp.
(a)(b)
18,260
987,683
Denali
Therapeutics,
Inc.
(a)
8,896
262,521
Encompass
Health
Corp.
11,200
758,352
Humana,
Inc.
(b)
2,338
1,045,390
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
100.64%
-
continued
Shares
Fair
Value
Health
Care
—
17.73%
-
continued
Johnson
&
Johnson
4,675
$
773,806
Lantheus
Holdings,
Inc.
(a)(b)(c)
6,542
549,004
Medtronic
PLC
8,196
722,068
Roivant
Sciences
Ltd.
(a)
22,200
223,776
Sarepta
Therapeutics,
Inc.
(a)(b)(c)
2,788
319,282
Vertex
Pharmaceuticals,
Inc.
(a)(b)(c)
2,841
999,776
9,294,938
Industrials
—
9.25%
CSX
Corp.
32,514
1,108,728
Deere
&
Co.
1,278
517,833
FedEx
Corp.
(b)(c)
3,662
907,810
JB
Hunt
Transport
Services,
Inc.
3,882
702,758
Johnson
Controls
International
PLC
12,157
828,378
Northrop
Grumman
Corp.
1,725
786,255
4,851,762
Materials
—
2.73%
Avery
Dennison
Corp.
3,024
519,523
Linde
PLC
1,722
656,219
LyondellBasell
Industries
N.V.,
Class
A
2,820
258,961
1,434,703
Technology
—
25.79%
Accenture
PLC,
Class
A
(b)(c)
3,528
1,088,671
Adobe,
Inc.
(a)(b)(c)
2,466
1,205,849
Apple,
Inc.
(b)
12,175
2,361,585
Microchip
Technology,
Inc.
(b)(c)
12,010
1,075,976
Microsoft
Corp.
(b)
6,612
2,251,651
Nutanix,
Inc.,
Class
A
(a)(b)(c)
25,478
714,658
PayPal
Holdings,
Inc.
(a)
9,247
617,052
Salesforce,
Inc.
(a)(b)(c)
5,040
1,064,750
SentinelOne,
Inc.
(a)
10,276
155,168
ServiceNow,
Inc.
(a)(b)(c)
1,964
1,103,709
Teradyne,
Inc.
(b)(c)
4,712
524,587
Visa,
Inc.,
Class
A
(b)
4,096
972,718
VMware,
Inc.,
Class
A
(a)
2,717
390,406
13,526,780
Utilities
—
2.87%
CenterPoint
Energy,
Inc.
(b)
26,705
778,451
Exelon
Corp.
(b)
17,895
729,042
1,507,493
TOTAL COMMON
STOCKS
(Cost $42,871,368)
52,791,543
Exchange-Traded
Funds
—
1.14%
Shares
Fair
Value
SPDR®
S&P®
Regional
Banking
ETF
(b)(c)
14,609
596,485
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Exchange-Traded
Funds
—
1.14%
-
continued
Shares
Fair
Value
TOTAL EXCHANGE-TRADED
FUNDS
(Cost $646,758)
$
596,485
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.21%
Baker
Hughes
Co.
150
$
474,150
$
25.00
January
2024
10,125
Energy
Transfer,
L.P.
655
831,850
10.00
January
2025
54,693
Enterprise
Products
Partners,
L.P.
290
764,150
22.00
January
2024
6,380
SPDR
S&P
500
ETF
Trust
60
2,659,680
400.00
January
2024
38,550
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
162,987)
109,748
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.64%
Adobe
Systems,
Inc.
10
488,990
600.00
October
2023
5,625
Amazon.com,
Inc.
100
1,303,600
130.00
March
2024
167,250
NVIDIA
Corp.
10
423,020
435.00
March
2024
66,700
SPDR
S&P
Regional
Banking
ETF
175
714,525
50.00
January
2024
16,538
Tesla,
Inc.
20
523,540
270.00
January
2024
78,250
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
328,120)
334,363
Money
Market
Funds
-
2.13%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.95%
(d)
1,115,369
1,115,369
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,115,369)
1,115,369
Total
Investments
—
104.76%
(Cost
$45,124,602)
54,947,508
Liabilities
in
Excess
of
Other
Assets
—
(4.74)%
(2,488,872)
Net
Assets
—
100.00%
$
52,458,636
(a)
Non-income
producing
security.
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
(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,
2023
was
$27,093,079.
(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,
2023.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(2.03)%
AbbVie,
Inc.
(43)
$
(579,339)
$
165.00
January
2025
$
(20,425)
Accenture
PLC
(26)
(802,308)
340.00
January
2024
(27,170)
Adobe
Systems,
Inc.
(18)
(880,182)
520.00
June
2024
(106,920)
Alnylam
Pharmaceuticals,
Inc.
(27)
(512,838)
270.00
March
2024
(18,225)
Baker
Hughes
Co.
(241)
(761,801)
35.00
October
2023
(21,690)
BioMarin
Pharmaceutical,
Inc.
(31)
(268,708)
125.00
January
2024
(2,713)
Charles
Schwab
Corp.
(The)
(111)
(629,148)
75.00
December
2025
(69,930)
Citigroup,
Inc.
(93)
(428,172)
60.00
January
2025
(18,228)
Energy
Transfer,
L.P.
(737)
(935,990)
15.00
January
2025
(45,326)
Enterprise
Products
Partners,
L.P.
(262)
(690,370)
30.00
June
2024
(8,122)
EQT
Corp.
(196)
(806,148)
40.00
January
2024
(114,170)
FedEx
Corp.
(30)
(743,700)
280.00
June
2024
(49,350)
Goldman
Sachs
Group,
Inc.
(The)
(14)
(451,556)
400.00
June
2024
(8,750)
Lantheus
Holdings,
Inc.
(46)
(386,032)
115.00
January
2024
(17,480)
Meta
Platforms,
Inc.
(27)
(774,846)
360.00
January
2025
(100,103)
Microchip
Technology,
Inc.
(85)
(761,515)
100.00
January
2025
(104,550)
Nutanix,
Inc.
(217)
(608,685)
32.50
January
2024
(35,805)
Salesforce,
Inc.
(45)
(950,670)
260.00
June
2024
(55,800)
Sarepta
Therapeutics,
Inc.
(25)
(286,300)
150.00
January
2024
(35,000)
ServiceNow,
Inc.
(15)
(842,955)
700.00
June
2024
(59,100)
Suncor
Energy,
Inc.
(221)
(1,639,820)
37.00
July
2024
(28,951)
Teradyne,
Inc.
(24)
(267,192)
135.00
January
2025
(32,520)
Vertex
Pharmaceuticals,
Inc.
(20)
(703,820)
360.00
January
2024
(54,500)
Wells
Fargo
&
Co.
(143)
(610,324)
47.50
March
2024
(30,602)
Total
Written
Call
Options
(Premiums
Received
$943,235)
$
(1,065,430)
Total
Written
Options
(Premiums
Received
$943,235)
$
(1,065,430)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
June
30,
2023
(Unaudited)
Common
Stocks
-
Short
-
(8.11%)
Shares
Fair
Value
Communications
-
(0.20%)
Roblox
Corp.,
Class
A
(a)
(2,553)
$
(102,886)
Consumer
Discretionary
-
(1.62%)
Burlington
Stores,
Inc.
(a)
(600)
(94,434)
Caesars
Entertainment,
Inc.
(a)
(3,421)
(174,368)
Etsy,
Inc.
(a)
(1,149)
(97,217)
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
(1,652)
(171,742)
Skechers
U.S.A.,
Inc.,
Class
A
(a)
(3,028)
(159,454)
Texas
Roadhouse,
Inc.
(1,368)
(153,599)
(850,814)
Consumer
Staples
-
(0.73%)
Clorox
Co.
(The)
(935)
(148,702)
Dollar
Tree,
Inc.
(a)
(796)
(114,226)
Hormel
Foods
Corp.
(2,991)
(120,298)
(383,226)
Financials
-
(0.94%)
Cincinnati
Financial
Corp.
(1,730)
(168,364)
Coinbase
Global,
Inc.,
Class
A
(a)
(2,710)
(193,901)
Synchrony
Financial
(3,900)
(132,288)
(494,553)
Health
Care
-
(1.34%)
Avantor,
Inc.
(a)
(4,807)
(98,736)
Cardinal
Health,
Inc.
(1,669)
(157,837)
Insulet
Corp.
(a)
(610)
(175,887)
Integra
LifeSciences
Holdings
Corp.
(a)
(3,255)
(133,878)
Regeneron
Pharmaceuticals,
Inc.
(a)
(185)
(132,930)
(699,268)
Industrials
-
(1.36%)
3M
Co.
(1,150)
(115,104)
GFL
Environmental,
Inc.
(6,027)
(233,848)
Illinois
Tool
Works,
Inc.
(790)
(197,626)
Watsco,
Inc.
(429)
(163,651)
(710,229)
Materials
-
(0.49%)
Steel
Dynamics,
Inc.
(2,381)
(259,362)
Real
Estate
-
(0.31%)
Welltower,
Inc.
(1,990)
(160,971)
Technology
-
(1.12%)
Atlassian
Corp.
PLC,
Class
A
(a)
(926)
(155,392)
Block,
Inc.,
Class
A
(a)
(2,059)
(137,068)
Equifax,
Inc.
(629)
(148,004)
Logitech
International
S.A.
(2,436)
(144,698)
(585,162)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $4,094,506)
(4,246,471)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
-
Short
-
(8.11%)
-
continued
Shares
Fair
Value
TOTAL
SECURITIES
SOLD
SHORT
-
(8.11%)
(Proceeds
Received
$4,094,506
)
$
(4,246,471)
(a)
Non-income
producing
security.
VELA
International
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
D
Common
Stocks
—
91.25%
Shares
Fair
Value
Australia
—
2.10%
Health
Care
—
2.10%
Ansell
Ltd.
49,400
$
882,677
Total
Australia
882,677
Austria
—
3.46%
Communications
—
2.54%
Telekom
Austria
AG
(a)
144,000
1,065,692
Materials
—
0.92%
Wienerberger
AG
12,600
385,703
Total
Austria
1,451,395
Belgium
—
2.36%
Financials
—
2.36%
KBC
Group
NV
14,200
991,196
Total
Belgium
991,196
Canada
—
12.62%
Consumer
Staples
—
2.06%
Empire
Co.,
Ltd.,
Class
A
30,400
863,536
Energy
—
4.02%
Parkland
Corp
31,900
794,653
Suncor
Energy,
Inc.
30,500
894,260
1,688,913
Industrials
—
1.61%
Finning
International,
Inc.
22,000
676,742
Materials
—
4.93%
Alamos
Gold,
Inc.,
Class
A
39,500
470,840
Major
Drilling
Group
International,
Inc.
(a)
91,000
627,856
OceanaGold
Corp.
495,000
975,256
2,073,952
Total
Canada
5,303,143
Denmark
—
2.71%
Industrials
—
2.71%
FLSmidth
&
Co.
A/S
23,500
1,138,527
Total
Denmark
1,138,527
France
—
6.27%
Communications
—
1.08%
Criteo
S.A.
-
ADR
(a)
13,500
455,490
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
91.25%
-
continued
Shares
Fair
Value
France
—
6.27%
-
continued
Consumer
Discretionary
—
2.25%
Cia
Generale
de
Establissements
Michelin
SCA
32,000
$
946,625
Energy
—
1.89%
TotalEnergies
SE
13,800
792,203
Industrials
—
1.05%
Rexel
SA
17,800
439,919
Total
France
2,634,237
Germany
—
11.30%
Consumer
Discretionary
—
1.69%
Fielmann
AG
13,300
708,755
Consumer
Staples
—
1.33%
Henkel
AG
&
Co.
KGaA
7,000
559,847
Health
Care
—
1.74%
Bayer
AG
13,200
730,705
Industrials
—
1.20%
Duerr
AG
15,600
505,229
Materials
—
3.05%
Covestro
AG
(a)
10,000
520,340
Fuchs
Petrolub
SE
23,600
756,529
1,276,869
Technology
—
2.29%
Infineon
Technologies
AG
23,400
963,688
Total
Germany
4,745,093
Hong
Kong
—
7.33%
Consumer
Staples
—
2.09%
WH
Group
Ltd.
1,650,000
878,745
Industrials
—
2.52%
Johnson
Electric
Holdings
Ltd.
824,611
1,057,547
Technology
—
2.72%
VTech
Holdings
Ltd.
174,200
1,144,038
Total
Hong
Kong
3,080,330
Iceland
—
2.24%
Industrials
—
2.24%
Marel
HF
299,300
938,873
Total
Iceland
938,873
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
91.25%
-
continued
Shares
Fair
Value
Indonesia
—
2.18%
Materials
—
2.18%
United
Tractors
Tbk
PT
590,000
$
914,024
Total
Indonesia
914,024
Japan
—
9.73%
Consumer
Discretionary
—
2.50%
Honda
Motor
Co.
Ltd.
34,600
1,048,298
Consumer
Staples
—
1.33%
Suntory
Beverage
&
Food
Ltd.
15,400
558,346
Industrials
—
0.92%
OSG
Corp.
26,900
386,211
Materials
—
2.33%
Fuji
Seal
International,
Inc.
16,700
176,852
Toray
Industries,
Inc.
144,000
802,960
979,812
Technology
—
2.65%
Nintendo
Co.
Ltd.
24,400
1,112,495
Total
Japan
4,085,162
Luxembourg
—
1.99%
Consumer
Staples
—
1.99%
B&M
European
Value
Retail
SA
118,300
837,809
Total
Luxembourg
837,809
Mexico
—
3.65%
Consumer
Staples
—
3.65%
Gruma
SAB
de
CV
51,000
818,794
Kimberly-Clark
de
Mexico
SAB
de
CV
320,000
713,853
1,532,647
Total
Mexico
1,532,647
Netherlands
—
3.96%
Communications
—
0.96%
Koninklijke
KPN
NV
113,400
404,845
Financials
—
3.00%
ING
Groep
NV
93,200
1,256,515
Total
Netherlands
1,661,360
Sweden
—
4.08%
Financials
—
2.19%
Svenska
Handelsbanken
AB,
Class
A
109,600
917,569
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
91.25%
-
continued
Shares
Fair
Value
Sweden
—
4.08%
-
continued
Industrials
—
1.89%
Loomis
AB
27,200
$
794,286
Total
Sweden
1,711,855
Switzerland
—
5.05%
Consumer
Discretionary
—
2.80%
Cie
Financiere
Richemont
SA
3,300
560,589
Swatch
Group
AG
(The)
2,100
614,051
1,174,640
Health
Care
—
2.25%
Roche
Holding
AG
3,100
947,000
Total
Switzerland
2,121,640
United
Kingdom
—
10.22%
Communications
—
3.11%
Informa
PLC
49,600
457,949
WPP
PLC
81,000
848,995
1,306,944
Consumer
Staples
—
3.61%
Associated
British
Foods
PLC
32,800
830,560
British
American
Tobacco
PLC
20,600
684,419
1,514,979
Materials
—
1.24%
DS
Smith
PLC
150,000
519,038
Technology
—
2.26%
Serco
Group
PLC
481,000
951,557
Total
United
Kingdom
4,292,518
TOTAL COMMON
STOCKS
(Cost $34,092,412)
38,322,486
U.S.
Government
&
Agencies
—
2.42%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
5.27%,
11/16/2023
$
1,035,000
1,014,734
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $1,014,771)
1,014,734
Money
Market
Funds
-
6.19%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.95%
(b)
2,599,632
2,599,632
TOTAL
MONEY
MARKET
FUNDS
(Cost
$2,599,632)
2,599,632
Total
Investments
—
99.86%
(Cost
$37,706,815)
41,936,852
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
Common
Stocks
—
91.25%
-
continued
Shares
Fair
Value
Money
Market
Funds
-
6.19%
-
continued
Other
Assets
in
Excess
of
Liabilities
—
0.14%
$
60,745
Net
Assets
—
100.00%
$
41,997,597
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2023.
ADR
-
American
Depositary
Receipt.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
17
Common
Stocks
—
82.37%
Shares
Fair
Value
Communications
—
3.70%
Comcast
Corp.,
Class
A
(a)
11,176
$
464,363
Omnicom
Group,
Inc.
(a)
3,447
327,982
Verizon
Communications,
Inc.
6,338
235,710
1,028,055
Consumer
Discretionary
—
14.00%
Genuine
Parts
Co.
(a)
2,461
416,475
Home
Depot,
Inc.
(The)
(a)
1,894
588,352
Polaris
Industries,
Inc.
(a)
4,635
560,511
Scotts
Miracle-Gro
Co.
(The)
8,201
514,121
Starbucks
Corp.
(a)
5,383
533,240
TJX
Companies,
Inc.
(The)
(a)
3,399
288,201
Vail
Resorts,
Inc.
(a)
1,772
446,119
Wendy's
Co.
(The)
(a)
25,035
544,511
3,891,530
Consumer
Staples
—
9.80%
Coca-Cola
Co.
(The)
(a)
4,546
273,760
Flowers
Foods,
Inc.
(a)
23,563
586,247
Kraft
Heinz
Co.
(The)
(a)
20,491
727,432
Mondelez
International,
Inc.,
Class
A
4,027
293,729
PepsiCo,
Inc.
873
161,697
Sysco
Corp.
9,197
682,417
2,725,282
Energy
—
5.94%
Baker
Hughes
Co.
(a)
16,040
507,024
Civitas
Resources,
Inc.
(a)
9,313
646,044
Suncor
Energy,
Inc.
(a)
17,023
499,114
1,652,182
Financials
—
6.38%
Axis
Capital
Holdings
Ltd.
7,216
388,437
Cullen/Frost
Bankers,
Inc.
(a)
4,852
521,736
JPMorgan
Chase
&
Co.
(a)
4,055
589,759
Mercury
General
Corp.
9,025
273,187
1,773,119
Health
Care
—
11.02%
Abbott
Laboratories
(a)
5,317
579,659
AbbVie,
Inc.
(a)
3,312
446,226
Bayer
AG
3,650
201,817
Johnson
&
Johnson
3,614
598,189
Medtronic
PLC
(a)
8,371
737,486
National
Healthcare
Corp.
8,106
501,113
3,064,490
Industrials
—
15.54%
BWX
Technologies,
Inc.
(a)
6,622
473,937
Copa
Holdings,
S.A.,
Class
A
1,803
199,376
Fastenal
Co.
(a)
5,003
295,127
FedEx
Corp.
1,479
366,644
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
18
Common
Stocks
—
82.37%
-
continued
Shares
Fair
Value
Industrials
—
15.54%
-
continued
Greenbrier
Companies,
Inc.
(The)
24,978
$
1,076,551
Huntington
Ingalls
Industries,
Inc.
2,074
472,043
Johnson
Controls
International
PLC
6,508
443,455
Norfolk
Southern
Corp.
(a)
2,684
608,623
Northrop
Grumman
Corp.
(a)
844
384,695
4,320,451
Materials
—
3.67%
Avery
Dennison
Corp.
2,383
409,399
Linde
PLC
843
321,250
RPM
International,
Inc.
(a)
3,231
289,918
1,020,567
Real
Estate
—
3.46%
Realty
Income
Corp.
6,331
378,530
Simon
Property
Group,
Inc.
5,056
583,867
962,397
Technology
—
5.12%
Cisco
Systems,
Inc.
(a)
3,621
187,351
Fidelity
National
Information
Services,
Inc.
10,101
552,525
Nintendo
Co.
Ltd.
3,700
167,770
Texas
Instruments,
Inc.
(a)
2,866
515,937
1,423,583
Utilities
—
3.74%
Exelon
Corp.
12,945
527,380
NorthWestern
Corp.
(a)
9,036
512,883
1,040,263
TOTAL COMMON
STOCKS
(Cost $22,143,296)
22,901,919
Preferred
Stocks
—
1.19%
Shares
Fair
Value
Financials
—
1.19%
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
17,351
330,710
TOTAL PREFERRED
STOCKS
(Cost $329,907)
330,710
U.S.
Government
&
Agencies
—
3.54%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
4.97%,
8/17/2023
(b)
$
250,000
248,387
United
States
Treasury
Bill,
4.69%,
9/21/2023
(b)
250,000
247,133
United
States
Treasury
Bill,
5.36%,
12/7/2023
(b)
500,000
488,653
984,173
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $984,389)
984,173
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2023
(Unaudited)
19
Corporate
Bonds
—
8.79%
Principal
Amount
Fair
Value
Consumer
Discretionary
—
3.10%
Graham
Holdings
Co.,
5.75%,
6/1/2026
$
125,000
$
122,736
Nordstrom
Inc.,
4.25%,
8/1/2031
300,000
233,553
Papa
John's
International
Inc.,
3.88%,
9/15/2029
300,000
254,275
Scotts
Miracle-Gro
Co.
(The),
4.50%,
10/15/2029
150,000
128,425
Vail
Resorts,
Inc.,
6.25%,
5/15/2025
125,000
125,262
864,251
Consumer
Staples
—
0.72%
Simmons
Foods,
Inc.,
4.63%,
3/1/2029
250,000
200,819
Energy
—
0.54%
PDC
Energy
Inc.,
5.75%,
5/15/2026
150,000
149,534
Health
Care
—
0.80%
Encompass
Health
Corp.,
4.63%,
4/1/2031
250,000
221,947
Industrials
—
2.69%
Allegiant
Travel
Co.,
7.25%,
8/15/2027
150,000
149,598
Con-way,
Inc.,
6.70%,
5/1/2034
365,000
361,156
Installed
Building
Products,
Inc.,
5.75%,
2/1/2028
250,000
235,910
746,664
Materials
—
0.94%
Ashland
LLC,
6.88%,
5/15/2043
140,000
138,999
Valvoline,
Inc.,
3.63%,
6/15/2031
150,000
122,088
261,087
TOTAL
CORPORATE
BONDS
(Cost $2,413,884)
2,444,302
Money
Market
Funds
-
4.37%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.96%
(c)
1,216,107
1,216,107
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,216,107)
1,216,107
Total
Investments
—
100.26%
(Cost
$27,087,583)
27,877,211
Liabilities
in
Excess
of
Other
Assets
—
(0.27)%
(73,758)
Net
Assets
—
100.00%
$
27,803,453
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
(b)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2023.
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.46)%
Abbott
Laboratories
(17)
$
(185,334)
$
115.00
August
2023
$
(1,292)
Abbott
Laboratories
(14)
(152,628)
120.00
November
2023
(1,715)
AbbVie,
Inc.
(25)
(336,825)
160.00
August
2023
(188)
Baker
Hughes
Co.
(40)
(126,440)
35.00
October
2023
(3,600)
Baker
Hughes
Co.
(64)
(202,304)
35.00
January
2024
(11,040)
Cisco
Systems,
Inc.
(27)
(139,698)
55.00
October
2023
(2,133)
Civitas
Resources,
Inc.
(30)
(208,110)
90.00
October
2023
(3,825)
Coca-Cola
Co.
(The)
(20)
(120,440)
65.00
July
2023
(30)
Comcast
Corp.
(36)
(149,580)
45.00
January
2024
(5,130)
Cullen/Frost
Bankers,
Inc.
(32)
(344,096)
130.00
January
2024
(9,600)
Fastenal
Co.
(25)
(147,475)
55.00
August
2023
(11,625)
Flowers
Foods,
Inc.
(75)
(186,600)
30.00
October
2023
(375)
Genuine
Parts
Co.
(8)
(135,384)
185.00
August
2023
(420)
Home
Depot,
Inc.
(The)
(6)
(186,384)
345.00
February
2024
(5,415)
JPMorgan
Chase
&
Co.
(10)
(145,440)
155.00
December
2023
(4,175)
Kraft
Heinz
Co.
(The)
(63)
(223,650)
42.50
October
2023
(284)
Linde
PLC
(6)
(228,648)
360.00
July
2023
(13,740)
Medtronic
PLC
(27)
(237,870)
95.00
February
2024
(10,543)
Norfolk
Southern
Corp.
(10)
(226,760)
250.00
December
2023
(4,850)
Northrop
Grumman
Corp.
(2)
(91,160)
530.00
August
2023
(200)
NorthWestern
Corp.
(30)
(170,280)
60.00
September
2023
(2,250)
Omnicom
Group,
Inc.
(17)
(161,755)
105.00
January
2024
(4,888)
Polaris
Industries,
Inc.
(20)
(241,860)
135.00
December
2023
(9,000)
RPM
International,
Inc.
(10)
(89,730)
110.00
August
2023
(1,270)
Starbucks
Corp.
(17)
(168,402)
110.00
September
2023
(1,250)
Suncor
Energy,
Inc.
(40)
(117,280)
38.00
September
2023
(200)
Suncor
Energy,
Inc.
(45)
(333,900)
37.00
October
2023
(630)
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
(continued)
June
30,
2023
(Unaudited)
Description
(Continued)
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.46)%
(Continued)
Texas
Instruments,
Inc.
(8)
$
(144,016)
$
185.00
July
2023
$
(1,296)
Texas
Instruments,
Inc.
(8)
(144,016)
200.00
January
2024
(4,200)
TJX
Companies,
Inc.
(The)
(17)
(144,143)
85.00
January
2024
(10,029)
Vail
Resorts,
Inc.
(6)
(151,056)
280.00
October
2023
(1,950)
Wendy's
Co.
(The)
(79)
(171,825)
26.00
January
2024
(1,580)
Total
Written
Call
Options
(Premiums
Received
$186,447)
$
(128,723)
Total
Written
Options
(Premiums
Received
$186,447)
$
(128,723)