VELA Funds NPORT-P Vela Short Duration Fund (Dec 2023 report)

VELA

Small

Cap

Fund

Schedule

of

Investments

December

31,

2023

(Unaudited)

Common

Stocks

—

97.97%

Shares

Fair

Value

Communications

—

1.95%

Criteo

S.A.

-

ADR

(a)

63,055‌

$

1,596,553‌

Consumer

Discretionary

—

16.97%

Atlanta

Braves

Holdings,

Inc.,

Class

C,

Class

C

(a)(b)

49,705‌

1,967,324‌

Fox

Factory

Holding

Corp.

(a)

17,471‌

1,178,943‌

Gildan

Activewear,

Inc.

(b)

26,043‌

860,982‌

Graham

Holdings

Co.,

Class

B

3,303‌

2,300,605‌

Lazy

days

Holdings,

Inc.

(a)

184,897‌

1,303,524‌

Malibu

Boats,

Inc.,

Class

A

(a)

7,400‌

405,668‌

Papa

John's

International,

Inc.

(b)

22,336‌

1,702,673‌

Vail

Resorts,

Inc.

10,281‌

2,194,685‌

Wendy's

Co.

(The)

100,865‌

1,964,850‌

13,879,254‌

Consumer

Staples

—

9.27%

Caseys

General

Stores,

Inc.

(b)

8,251‌

2,266,880‌

Flowers

Foods,

Inc.

55,300‌

1,244,803‌

John

B.

Sanfilippo

&

Son,

Inc.

(b)

7,936‌

817,725‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

12,100‌

918,269‌

Performance

Food

Group

Co.

(a)(b)

33,793‌

2,336,786‌

7,584,463‌

Energy

—

7.49%

Civitas

Resources,

Inc.

33,986‌

2,323,963‌

Range

Resources

Corp.

(b)

77,146‌

2,348,324‌

Tidewater,

Inc.

(a)(b)

20,139‌

1,452,223‌

6,124,510‌

Financials

—

10.35%

1st

Source

Corp.

(b)

34,808‌

1,912,700‌

Assured

Guaranty

Ltd.

(b)

22,437‌

1,678,961‌

Axis

Capital

Holdings

Ltd.

38,391‌

2,125,709‌

BOK

Financial

Corp.

8,599‌

736,504‌

Houlihan

Lokey,

Inc.

(b)

11,521‌

1,381,483‌

Trustmark

Corp.

(b)

22,819‌

636,194‌

8,471,551‌

Health

Care

—

11.59%

Biohaven

Ltd.

(a)(b)

8,827‌

377,796‌

Denali

Therapeutics,

Inc.

(a)

16,462‌

353,274‌

Encompass

Health

Corp.

30,897‌

2,061,448‌

Envista

Holdings

Corp.

(a)(b)

59,112‌

1,422,235‌

Lantheus

Holdings,

Inc.

(a)(b)

11,993‌

743,566‌

Maravai

LifeSciences

Holdings,

Inc.

(a)

70,945‌

464,690‌

National

Healthcare

Corp.

(b)

8,500‌

785,570‌

PROCEPT

BioRobotics

Corp.

(a)(b)

19,551‌

819,382‌

Rocket

Pharmaceuticals,

Inc.

(a)

19,830‌

594,305‌

Shockwave

Medical,

Inc.

(a)(b)

3,270‌

623,131‌

VELA

Small

Cap

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Common

Stocks

—

97.97%

-

continued

Shares

Fair

Value

Health

Care

—

11.59%

-

continued

SI-BONE,

Inc.

(a)(b)

58,934‌

$

1,237,025‌

9,482,422‌

Industrials

—

27.58%

Applied

Industrial

Technologies,

Inc.

(b)

16,526‌

2,853,875‌

BWX

Technologies,

Inc.

(b)

29,831‌

2,288,933‌

Copa

Holdings,

S.A.,

Class

A

10,589‌

1,125,717‌

Core

&

Main,

Inc.

(a)

20,967‌

847,277‌

Greenbrier

Companies,

Inc.

(The)

(b)

68,824‌

3,040,644‌

Hub

Group,

Inc.,

Class

A

(a)

29,162‌

2,681,154‌

Huntington

Ingalls

Industries,

Inc.

(b)

5,074‌

1,317,413‌

Kirby

Corp.

(a)(b)

54,847‌

4,304,392‌

Tetra

Tech,

Inc.

(b)

5,643‌

941,986‌

U-Haul

Holding

Co.

27,255‌

1,919,842‌

Wabash

National

Corp.

48,562‌

1,244,159‌

22,565,392‌

Materials

—

8.65%

Alamos

Gold,

Inc.,

Class

A

(b)

31,854‌

429,073‌

Ashland

Global

Holdings,

Inc.

19,493‌

1,643,455‌

Major

Drilling

Group

International,

Inc.

(a)

247,178‌

1,718,159‌

RPM

International,

Inc.

(b)

9,685‌

1,081,136‌

Valvoline,

Inc.

(a)(b)

58,751‌

2,207,863‌

7,079,686‌

Technology

—

4.12%

JFrog

Ltd.

(a)(b)

53,847‌

1,863,645‌

Nutanix,

Inc.,

Class

A

(a)(b)

26,391‌

1,258,587‌

Onto

Innovation,

Inc.

(a)

1,606‌

245,557‌

3,367,789‌

TOTAL  COMMON

STOCKS

  (Cost $66,501,531)

80,151,620‌

Money

Market

Funds

-

4.23%

Shares

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.22%

(c)

3,457,196‌

3,457,196‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$3,457,196)

3,457,196‌

Total

Investments

—

102.20%

    (Cost

$69,958,727)

83,608,816‌

Liabilities

in

Excess

of

Other

Assets 

—

 (2.20)%

(1,802,708‌)

Net

Assets

—

100.00%

$

81,806,108‌

(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)

December

31,

2023

(Unaudited)

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2023.

ADR

-

American

Depositary

Receipt.

VELA

Small

Cap

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2023

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.79)%

1st

Source

Corp.

(174‌)

$

(956,130‌)

$

55.00‌

March

2024

$

(51,330‌)

Alamos

Gold,

Inc.,

Class

A

(80‌)

(107,760‌)

17.00‌

June

2024

(3,600‌)

Applied

Industrial

Technologies,

Inc.

(90‌)

(1,554,210‌)

180.00‌

May

2024

(80,100‌)

Assured

Guaranty

Ltd.

(110‌)

(823,130‌)

75.00‌

April

2024

(46,200‌)

Atlanta

Braves

Holdings,

Inc.,

Class

C

(124‌)

(490,792‌)

50.00‌

August

2024

(15,190‌)

Biohaven

Ltd.

(70‌)

(299,600‌)

45.00‌

July

2024

(54,250‌)

BWX

Technologies,

Inc.

(120‌)

(920,760‌)

85.00‌

May

2024

(20,100‌)

Caseys

General

Stores,

Inc.

(35‌)

(961,590‌)

300.00‌

May

2024

(25,550‌)

Envista

Holdings

Corp.

(106‌)

(255,036‌)

30.00‌

September

2024

(12,190‌)

Gildan

Activewear

,

Inc.

(170‌)

(562,020‌)

35.00‌

June

2024

(32,725‌)

Greenbrier

Companies,

Inc.

(The)

(247‌)

(1,091,246‌)

55.00‌

June

2024

(40,755‌)

Houlihan

Lokey

,

Inc.

(58‌)

(695,478‌)

115.00‌

June

2024

(67,570‌)

Huntington

Ingalls

Industries,

Inc.

(25‌)

(649,100‌)

270.00‌

June

2024

(30,750‌)

JFrog

Ltd.

(270‌)

(934,470‌)

40.00‌

June

2024

(66,825‌)

John

B.

Sanfilippo

&

Son,

Inc.

(36‌)

(370,944‌)

115.00‌

June

2024

(19,620‌)

Kirby

Corp.

(175‌)

(1,373,400‌)

100.00‌

March

2024

(4,025‌)

Lantheus

Holdings,

Inc.

(40‌)

(248,000‌)

90.00‌

January

2025

(22,200‌)

National

Healthcare

Corp.

(80‌)

(739,360‌)

75.00‌

May

2024

(154,000‌)

Nutanix

,

Inc.

(75‌)

(357,675‌)

50.00‌

January

2025

(51,000‌)

Nutanix

,

Inc.

(97‌)

(462,593‌)

55.00‌

December

2025

(74,205‌)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(75‌)

(569,175‌)

80.00‌

June

2024

(49,875‌)

Papa

John's

International,

Inc.

(90‌)

(686,070‌)

80.00‌

April

2024

(39,600‌)

Performance

Food

Group

Co.

(190‌)

(1,313,850‌)

70.00‌

June

2024

(100,700‌)

PROCEPT

BioRobotics

Corp.

(145‌)

(607,695‌)

45.00‌

July

2024

(105,850‌)

Range

Resources

Corp.

(295‌)

(897,980‌)

37.00‌

January

2025

(87,763‌)

RPM

International,

Inc.

(50‌)

(558,150‌)

110.00‌

May

2024

(37,250‌)

Shockwave

Medical,

Inc.

(16‌)

(304,896‌)

240.00‌

June

2024

(16,160‌)

SI-BONE,

Inc.

(130‌)

(272,870‌)

25.00‌

July

2024

(20,800‌)

Tetra

Tech,

Inc.

(28‌)

(467,404‌)

180.00‌

March

2024

(9,800‌)

Tidewater,

Inc.

(75‌)

(540,825‌)

90.00‌

December

2024

(64,500‌)

Trustmark

Corp.

(110‌)

(306,680‌)

30.00‌

May

2024

(17,875‌)

Valvoline,

Inc.

(270‌)

(1,014,660‌)

40.00‌

May

2024

(42,525‌)

Total

Written

Call

Options

(Premiums

Received

$1,173,664)

$

(1,464,883‌)

Total

Written

Options

(Premiums

Received

$1,173,664)

$

(1,464,883‌)

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

December

31,

2023

(Unaudited)

Common

Stocks

—

98.92%

Shares

Fair

Value

Communications

—

8.65%

Alphabet,

Inc.,

Class

A

(a)

17,385‌

$

2,428,510‌

Meta

Platforms,

Inc.,

Class

A

(a)(b)(c)

3,981‌

1,409,115‌

T-Mobile

US,

Inc.

5,878‌

942,420‌

Uber

Technologies,

Inc.

(a)

7,542‌

464,361‌

5,244,406‌

Consumer

Discretionary

—

9.48%

Booking

Holdings,

Inc.

(a)

228‌

808,766‌

Home

Depot,

Inc.

(The)

2,863‌

992,173‌

NVR,

Inc.

(a)

165‌

1,155,074‌

O'Reilly

Automotive,

Inc.

(a)

703‌

667,906‌

Starbucks

Corp.

7,039‌

675,814‌

TJX

Companies,

Inc.

(The)

11,224‌

1,052,924‌

Ulta

Beauty,

Inc.

(a)

808‌

395,912‌

5,748,569‌

Consumer

Staples

—

3.46%

Caseys

General

Stores,

Inc.

1,224‌

336,282‌

Kraft

Heinz

Co.

(The)

23,856‌

882,195‌

PepsiCo,

Inc.

5,177‌

879,261‌

2,097,738‌

Energy

—

8.49%

Baker

Hughes

Co.,

Class

A

(b)(c)

26,751‌

914,349‌

Energy

Transfer

LP

(b)(c)

97,118‌

1,340,228‌

Enterprise

Products

Partners

LP

(b)(c)

62,117‌

1,636,783‌

MPLX

LP

8,040‌

295,229‌

Suncor

Energy,

Inc.

(b)(c)

30,019‌

961,809‌

5,148,398‌

Financials

—

13.53%

Arch

Capital

Group

Ltd.

(a)

6,907‌

512,983‌

Bank

of

America

Corp.

30,192‌

1,016,565‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

5,084‌

1,813,259‌

Charles

Schwab

Corp.

(The)

(b)(c)

13,811‌

950,197‌

Citigroup,

Inc.

(b)(c)

17,924‌

922,011‌

Goldman

Sachs

Group,

Inc.

(The)

(b)

2,317‌

893,829‌

MetLife,

Inc.

(b)

16,001‌

1,058,146‌

Wells

Fargo

&

Co.

(b)(c)

21,082‌

1,037,656‌

8,204,646‌

Health

Care

—

16.88%

AbbVie,

Inc.

(b)(c)

6,292‌

975,071‌

Align

Technology,

Inc.

(a)

1,151‌

315,374‌

Alnylam

Pharmaceuticals,

Inc.

(a)

1,818‌

347,983‌

AstraZeneca

PLC

-

ADR

(b)

13,988‌

942,092‌

Boston

Scientific

Corp.

(a)(b)

16,184‌

935,597‌

Denali

Therapeutics,

Inc.

(a)

8,896‌

190,908‌

Elevance

Health,

Inc.

(b)

1,018‌

480,048‌

Encompass

Health

Corp.

11,200‌

747,264‌

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Common

Stocks

—

98.92%

-

continued

Shares

Fair

Value

Health

Care

—

16.88%

-

continued

Humana,

Inc.

(b)

2,704‌

$

1,237,918‌

Johnson

&

Johnson

6,059‌

949,688‌

Lantheus

Holdings,

Inc.

(a)(b)(c)

8,822‌

546,964‌

Medtronic,

PLC

10,262‌

845,384‌

Roivant

Sciences

Ltd.

(a)(b)(c)

32,386‌

363,695‌

Sarepta

Therapeutics,

Inc.

(a)(b)

2,788‌

268,847‌

Vertex

Pharmaceuticals,

Inc.

(a)(b)(c)

2,672‌

1,087,210‌

10,234,043‌

Industrials

—

8.91%

CSX

Corp.

32,514‌

1,127,260‌

Deere

&

Co.

1,767‌

706,570‌

FedEx

Corp.

(b)(c)

3,662‌

926,376‌

JB

Hunt

Transport

Services,

Inc.

3,882‌

775,391‌

Johnson

Controls

International

PLC

17,575‌

1,013,023‌

Kirby

Corp.

(a)

5,606‌

439,959‌

Northrop

Grumman

Corp.

885‌

414,304‌

5,402,883‌

Materials

—

1.74%

Linde

PLC

1,722‌

707,242‌

LyondellBasell

Industries

N.V.,

Class

A

3,636‌

345,711‌

1,052,953‌

Technology

—

26.20%

Accenture

PLC,

Class

A

(b)

3,681‌

1,291,700‌

Adobe,

Inc.

(a)(b)(c)

2,262‌

1,349,509‌

Apple,

Inc.

9,328‌

1,795,920‌

Autodesk,

Inc.

(a)

3,439‌

837,328‌

Microchip

Technology,

Inc.

(b)(c)

14,896‌

1,343,321‌

Microsoft

Corp.

(b)(c)

7,804‌

2,934,616‌

Nutanix,

Inc.,

Class

A

(a)(b)(c)

28,427‌

1,355,684‌

PayPal

Holdings,

Inc.

(a)(b)(c)

11,755‌

721,875‌

Salesforce,

Inc.

(a)(b)(c)

5,163‌

1,358,592‌

ServiceNow,

Inc.

(a)(b)(c)

1,964‌

1,387,546‌

Visa,

Inc.,

Class

A

(b)

4,096‌

1,066,393‌

Workday,

Inc.,

Class

A

(a)

1,614‌

445,561‌

15,888,045‌

Utilities

—

1.58%

CenterPoint

Energy,

Inc.

(b)

33,600‌

959,952‌

TOTAL  COMMON

STOCKS

  (Cost $46,585,382)

59,981,633‌

Exchange-Traded

Funds

—

2.32%

Shares

Fair

Value

iShares

Russell

2000

Value

ETF

3,894‌

604,855‌

SPDR®

S&P®

Regional

Banking

ETF

(b)(c)

15,214‌

797,670‌

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Exchange-Traded

Funds

—

2.32%

-

continued

Shares

Fair

Value

TOTAL  EXCHANGE-TRADED

FUNDS

  (Cost $1,267,014)

$

1,402,525‌

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

PUT

OPTIONS

PURCHASED

—

0.37%

Adobe,

Inc.

18‌

$

1,073,880

$

430.00

January

2025

26,595‌

Adobe,

Inc.

15‌

894,900

450.00

January

2024

195‌

Charles

Schwab

Corp.

(The)

110‌

756,800

47.50

January

2025

18,095‌

Citigroup,

Inc.

125‌

643,000

37.50

January

2025

16,000‌

Energy

Select

Sector

SPDR

Fund

100‌

838,400

80.00

March

2024

17,750‌

Energy

Transfer

LP

1,105‌

1,524,900

10.00

January

2025

29,835‌

Enterprise

Products

Partners

LP

450‌

1,185,750

22.00

January

2024

450‌

FedEx

Corp.

25‌

632,425

220.00

January

2025

29,688‌

Light

&

Wonder,

Inc.

50‌

410,550

70.00

April

2024

11,250‌

Nutanix,

Inc.

200‌

953,800

30.00

January

2025

23,000‌

SPDR®

S&P®

Regional

Banking

ETF

130‌

681,590

40.00

January

2025

26,780‌

Wells

Fargo

&

Co.

100‌

492,200

40.00

January

2025

18,350‌

TOTAL

PUT

OPTIONS

PURCHASED

    (Cost

316,195)

217,988‌

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

CALL

OPTIONS

PURCHASED

—

0.37%

Alibaba

Group

Holding

Ltd.

160‌

1,240,160

100.00

June

2024

38,160‌

General

Motors

Co.

540‌

1,939,680

40.00

September

2024

129,870‌

NVIDIA

Corp.

30‌

1,485,660

540.00

March

2024

60,975‌

TOTAL

CALL

OPTIONS

PURCHASED

    (Cost

290,079)

229,005‌

VELA

Large

Cap

Plus

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Money

Market

Funds

-

2.88%

Shares

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.22%

(d)

1,749,160‌

1,749,160‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$1,749,160)

1,749,160‌

Total

Investments

—

104.86%

    (Cost

$50,207,830)

$

63,580,311‌

Liabilities

in

Excess

of

Other

Assets 

—

 (4.86)%

(2,944,794‌)

Net

Assets

—

100.00%

$

60,635,517‌

(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,

2023

was

$27,518,640.

(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,

2023.

ADR

-

American

Depositary

Receipt.

ETF

-

Exchange

Traded

Funds.

VELA

Large

Cap

Plus

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2023

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.41)%

AbbVie,

Inc.

(43‌)

$

(666,371‌)

$

165.00‌

January

2025

$

(38,593‌)

Adobe,

Inc.

(18‌)

(1,073,880‌)

860.00‌

January

2025

(24,885‌)

Baker

Hughes

Co.,

Class

A

(215‌)

(734,870‌)

45.00‌

January

2025

(26,338‌)

Charles

Schwab

Corp.

(The)

(111‌)

(763,680‌)

90.00‌

January

2025

(28,638‌)

Citigroup,

Inc.

(126‌)

(648,144‌)

65.00‌

January

2025

(21,105‌)

Energy

Transfer

LP

(677‌)

(934,260‌)

15.00‌

January

2025

(35,542‌)

Enterprise

Products

Partners

LP

(382‌)

(1,006,570‌)

30.00‌

June

2024

(1,337‌)

FedEx

Corp.

(28‌)

(708,316‌)

350.00‌

January

2025

(12,110‌)

Lantheus

Holdings,

Inc.

(79‌)

(489,800‌)

90.00‌

January

2025

(43,845‌)

Meta

Platforms,

Inc.

(29‌)

(1,026,484‌)

500.00‌

December

2025

(106,938‌)

Microchip

Technology,

Inc.

(75‌)

(676,350‌)

105.00‌

June

2024

(22,313‌)

Microsoft

Corp.

(55���)

(2,068,220‌)

430.00‌

December

2024

(121,274‌)

Nutanix,

Inc.

(214‌)

(1,020,566‌)

65.00‌

January

2025

(54,035‌)

PayPal

Holdings,

Inc.

(58‌)

(356,178‌)

80.00‌

June

2024

(11,861‌)

Roivant

Sciences

Ltd.

(209‌)

(234,707‌)

15.00‌

January

2025

(28,215‌)

Salesforce,

Inc.

(26‌)

(684,164‌)

330.00‌

June

2025

(52,455‌)

ServiceNow,

Inc.

(8‌)

(565,192‌)

770.00‌

September

2024

(47,640‌)

SPDR®

S&P®

Regional

Banking

ETF

(134‌)

(702,562‌)

65.00‌

January

2025

(29,748‌)

Suncor

Energy,

Inc.

(221‌)

(1,616,173‌)

37.00‌

July

2024

(23,758‌)

Vertex

Pharmaceuticals,

Inc.

(23‌)

(935,847‌)

440.00‌

January

2025

(86,480‌)

Wells

Fargo

&

Co.

(169‌)

(831,818‌)

60.00‌

January

2025

(32,448‌)

Total

Written

Call

Options

(Premiums

Received

$861,525)

$

(849,558‌)

Total

Written

Options

(Premiums

Received

$861,525)

$

(849,558‌)

VELA

Large

Cap

Plus

Fund

Schedule

of

Securities

Sold

Short

December

31,

2023

(Unaudited)

Common

Stocks

-

Short

-

(7.05%)

Shares

Fair

Value

Communications

-

(0.49%)

Airbnb,

Inc.,

Class

A

(a)

(1,356‌)

$

(184,606‌)

Lyft,

Inc.

(a)

(7,799‌)

(116,907‌)

(301,513‌)

Consumer

Discretionary

-

(1.64%)

Caesars

Entertainment,

Inc.

(a)

(3,421‌)

(160,376‌)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)

(1,652‌)

(184,297‌)

Marriott

International,

Inc.,

Class

A

(578‌)

(130,345‌)

PulteGroup,

Inc.

(2,321‌)

(239,574‌)

Rivian

Automotive,

Inc.

(a)

(5,004‌)

(117,394‌)

Texas

Roadhouse,

Inc.

(1,368‌)

(167,211‌)

(999,197‌)

Consumer

Staples

-

(0.67%)

Coty,

Inc.,

Class

A

(a)

(12,177‌)

(151,238‌)

Five

Below,

Inc.

(a)

(729‌)

(155,394‌)

Hormel

Foods

Corp.

(2,991‌)

(96,041‌)

(402,673‌)

Energy

-

(0.32%)

Schlumberger

Ltd.

(3,765‌)

(195,931‌)

Financials

-

(0.82%)

Capital

One

Financial

Corp.

(1,381‌)

(181,077‌)

Cincinnati

Financial

Corp.

(1,730‌)

(178,986‌)

Coinbase

Global,

Inc.,

Class

A

(a)

(767‌)

(133,397‌)

(493,460‌)

Health

Care

-

(0.95%)

Globus

Medical,

Inc.,

Class

A

(a)

(2,382‌)

(126,937‌)

Integra

LifeSciences

Holdings

Corp.

(a)

(3,255‌)

(141,755‌)

Intuitive

Surgical,

Inc.

(a)

(400‌)

(134,944‌)

Novo

Nordisk

A/S

-

ADR

(1,727‌)

(178,658‌)

(582,294‌)

Industrials

-

(0.64%)

GFL

Environmental,

Inc.

(6,027‌)

(207,992‌)

Watsco

,

Inc.

(429‌)

(183,814‌)

(391,806‌)

Materials

-

(0.46%)

Steel

Dynamics,

Inc.

(2,381‌)

(281,196‌)

Technology

-

(1.06%)

EPAM

Systems,

Inc.

(a)

(747‌)

(222,113‌)

Equifax,

Inc.

(766‌)

(189,424‌)

Logitech

International

S.A.

(2,436‌)

(231,566‌)

(643,103‌)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $3,812,133)

(4,291,173‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(7.05%)

(Proceeds

Received

$3,812,133)

$

(4,291,173‌)

VELA

Large

Cap

Plus

Fund

Schedule

of

Securities

Sold

Short

(continued)

December

31,

2023

(Unaudited)

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt.

VELA

International

Fund

Schedule

of

Investments

December

31,

2023

(Unaudited)

Common

Stocks

—

90.52%

Shares

Fair

Value

Australia

—

1.95%

Health

Care

—

1.95%

Ansell

Ltd.

49,400‌

$

847,664‌

Total

Australia

847,664‌

Austria

—

3.26%

Communications

—

2.51%

Telekom

Austria

AG

(a)

129,400‌

1,092,241‌

Materials

—

0.75%

Wienerberger

AG

9,800‌

326,538‌

Total

Austria

1,418,779‌

Belgium

—

1.92%

Financials

—

1.92%

KBC

Group

NV

12,900‌

837,237‌

Total

Belgium

837,237‌

Canada

—

13.63%

Consumer

Staples

—

2.26%

Empire

Co.,

Ltd.,

Class

A

37,300‌

986,713‌

Energy

—

4.06%

Parkland

Corp.

24,500‌

789,750‌

Suncor

Energy,

Inc.

30,500‌

977,220‌

1,766,970‌

Industrials

—

1.06%

Finning

International,

Inc.

15,900‌

459,850‌

Materials

—

6.25%

Alamos

Gold,

Inc.,

Class

A

55,000‌

740,850‌

Major

Drilling

Group

International,

Inc.

(a)

149,000‌

1,035,714‌

OceanaGold

Corp.

495,000‌

948,927‌

2,725,491‌

Total

Canada

5,939,024‌

Denmark

—

1.85%

Industrials

—

1.85%

FLSmidth

&

Co.

A/S

18,900‌

804,354‌

Total

Denmark

804,354‌

France

—

7.85%

Communications

—

1.94%

Criteo

S.A.

-

ADR

(a)

33,300‌

843,156‌

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Common

Stocks

—

90.52%

-

continued

Shares

Fair

Value

France

—

7.85%

-

continued

Consumer

Discretionary

—

2.34%

Cia

Generale

de

Establissements

Michelin

SCA

28,400‌

$

1,020,357‌

Energy

—

2.65%

TotalEnergies

SE

17,000‌

1,156,032‌

Industrials

—

0.92%

Rexel

SA

14,600‌

400,732‌

Total

France

3,420,277‌

Germany

—

9.60%

Consumer

Discretionary

—

1.64%

Fielmann

AG

13,300‌

713,238‌

Health

Care

—

1.31%

Bayer

AG

15,400‌

571,424‌

Industrials

—

0.84%

Duerr

AG

15,600‌

367,860‌

Materials

—

3.02%

Covestro

AG

(a)

10,000‌

582,743‌

Fuchs

Petrolub

SE

20,400‌

731,127‌

1,313,870‌

Technology

—

2.79%

Infineon

Technologies

AG

29,100‌

1,215,343‌

Total

Germany

4,181,735‌

Hong

Kong

—

8.39%

Consumer

Staples

—

2.88%

WH

Group

Ltd.

1,940,000‌

1,252,845‌

Industrials

—

3.10%

Johnson

Electric

Holdings

Ltd.

851,440‌

1,352,400‌

Technology

—

2.41%

VTech

Holdings

Ltd.

174,200‌

1,051,889‌

Total

Hong

Kong

3,657,134‌

Iceland

—

2.18%

Industrials

—

2.18%

Marel

HF

277,000‌

949,636‌

Total

Iceland

949,636‌

Indonesia

—

2.36%

Materials

—

2.36%

United

Tractors

Tbk

PT

700,000‌

1,028,624‌

Total

Indonesia

1,028,624‌

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Common

Stocks

—

90.52%

-

continued

Shares

Fair

Value

Japan

—

8.72%

Consumer

Discretionary

—

1.74%

Honda

Motor

Co.

Ltd.

73,500‌

$

758,249‌

Consumer

Staples

—

1.79%

Suntory

Beverage

&

Food

Ltd.

23,700‌

779,336‌

Industrials

—

0.88%

OSG

Corp.

26,900‌

384,788‌

Materials

—

1.71%

Toray

Industries,

Inc.

144,000‌

746,002‌

Technology

—

2.60%

Nintendo

Co.

Ltd.

21,700‌

1,129,257‌

Total

Japan

3,797,632‌

Luxembourg

—

2.14%

Consumer

Staples

—

2.14%

B&M

European

Value

Retail

SA

131,000‌

934,208‌

Total

Luxembourg

934,208‌

Mexico

—

2.61%

Consumer

Staples

—

2.61%

Gruma

SAB

de

CV

23,800‌

435,557‌

Kimberly-Clark

de

Mexico

SAB

de

CV

313,300‌

702,057‌

1,137,614‌

Total

Mexico

1,137,614‌

Netherlands

—

3.18%

Communications

—

0.90%

Koninklijke

KPN

NV

113,400‌

390,694‌

Financials

—

2.28%

ING

Groep

NV

66,200‌

992,681‌

Total

Netherlands

1,383,375‌

Slovenia

—

0.98%

Health

Care

—

0.98%

Krka

dd

Novo

mesto

3,500‌

424,775‌

Total

Slovenia

424,775‌

Sweden

—

4.37%

Financials

—

2.48%

Svenska

Handelsbanken

AB,

Class

A

99,400‌

1,080,434‌

Industrials

—

1.89%

Loomis

AB

31,000‌

825,401‌

Total

Sweden

1,905,835‌

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Common

Stocks

—

90.52%

-

continued

Shares

Fair

Value

Switzerland

—

5.29%

Consumer

Discretionary

—

3.02%

Cie

Financiere

Richemont

SA

4,200‌

$

580,101‌

Swatch

Group

AG

(The)

2,700‌

734,617‌

1,314,718‌

Health

Care

—

2.27%

Roche

Holding

AG

3,400‌

988,323‌

Total

Switzerland

2,303,041‌

United

Kingdom

—

10.24%

Communications

—

2.73%

Informa

PLC

31,600‌

314,346‌

WPP

PLC

91,500‌

874,108‌

1,188,454‌

Consumer

Discretionary

—

1.94%

Associated

British

Foods

PLC

28,100‌

847,013‌

Consumer

Staples

—

1.69%

British

American

Tobacco

PLC

25,100‌

734,498‌

Materials

—

1.35%

DS

Smith

PLC

150,000‌

587,035‌

Technology

—

2.53%

Serco

Group

PLC

536,500‌

1,105,564‌

Total

United

Kingdom

4,462,564‌

TOTAL  COMMON

STOCKS

  (Cost $34,037,812)

39,433,508‌

Preferred

Stocks

—

1.29%

Shares

Fair

Value

Germany

—

1.29%

Consumer

Staples

—

1.29%

Henkel

AG

&

Co.

KGaA

7,000‌

563,118‌

TOTAL  PREFERRED

STOCKS

  (Cost $440,093)

563,118‌

Money

Market

Funds

-

7.45%

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.22%

(b)

3,245,215‌

3,245,215‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$3,245,215)

3,245,215‌

Total

Investments

—

99.26%

    (Cost

$37,723,120)

43,241,841‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.74%

324,226‌

Net

Assets

—

100.00%

$

43,566,067‌

VELA

International

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2023.

ADR

-

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

of

Investments

December

31,

2023

(Unaudited)

17

Common

Stocks

—

69.36%

Shares

Fair

Value

Communications

—

2.58%

Comcast

Corp.,

Class

A

(a)

9,755‌

$

427,757‌

Omnicom

Group,

Inc.

3,447‌

298,200‌

725,957‌

Consumer

Discretionary

—

9.85%

Genuine

Parts

Co.

2,461‌

340,848‌

Home

Depot,

Inc.

(The)

(a)

1,265‌

438,386‌

Polaris

Industries,

Inc.

4,635‌

439,259‌

Starbucks

Corp.

(a)

4,623‌

443,854‌

TJX

Companies,

Inc.

(The)

(a)

2,244‌

210,510‌

Vail

Resorts,

Inc.

1,772‌

378,269‌

Wendy's

Co.

(The)

26,877‌

523,564‌

2,774,690‌

Consumer

Staples

—

10.27%

Coca-Cola

Co.

(The)

(a)

3,594‌

211,794‌

Flowers

Foods,

Inc.

26,735‌

601,805‌

Kraft

Heinz

Co.

(The)

(a)

22,736‌

840,777‌

Mondelez

International,

Inc.,

Class

A

(a)

4,297‌

311,232‌

PepsiCo,

Inc.

(a)

1,247‌

211,791‌

Sysco

Corp.

(a)

9,795‌

716,308‌

2,893,707‌

Energy

—

5.60%

Baker

Hughes

Co.,

Class

A

(a)

11,517‌

393,651‌

Civitas

Resources,

Inc.

(a)

9,313‌

636,823‌

Suncor

Energy,

Inc.

17,023‌

545,417‌

1,575,891‌

Financials

—

7.28%

Axis

Capital

Holdings

Ltd.

(a)

7,216‌

399,550‌

Cullen/Frost

Bankers,

Inc.

(a)

4,307‌

467,266‌

JPMorgan

Chase

&

Co.

(a)

3,525‌

599,603‌

Mercury

General

Corp.

(a)

7,397‌

275,982‌

Trustmark

Corp.

(a)

11,076‌

308,799‌

2,051,200‌

Health

Care

—

10.24%

Abbott

Laboratories

(a)

4,092‌

450,407‌

AbbVie,

Inc.

(a)

4,134‌

640,646‌

Bayer

AG

7,106‌

263,827‌

Johnson

&

Johnson

3,614‌

566,458‌

Medtronic,

PLC

(a)

8,371‌

689,603‌

National

Healthcare

Corp.

(a)

2,952‌

272,824‌

2,883,765‌

Industrials

—

12.54%

Copa

Holdings,

S.A.,

Class

A

2,824‌

300,219‌

FedEx

Corp.

(a)

1,336‌

337,968‌

Greenbrier

Companies,

Inc.

(The)

(a)

23,478‌

1,037,258‌

Huntington

Ingalls

Industries,

Inc.

(a)

1,742‌

452,293‌

Johnson

Controls

International

PLC

6,508‌

375,121‌

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

18

Common

Stocks

—

69.36%

-

continued

Shares

Fair

Value

Industrials

—

12.54%

-

continued

Norfolk

Southern

Corp.

(a)

2,684‌

$

634,444‌

Northrop

Grumman

Corp.

(a)

844‌

395,110‌

3,532,413‌

Materials

—

1.16%

Avery

Dennison

Corp.

(a)

1,612‌

325,882‌

Real

Estate

—

3.55%

Realty

Income

Corp.

7,037‌

404,064‌

Simon

Property

Group,

Inc.

(a)

4,183‌

596,663‌

1,000,727‌

Technology

—

4.80%

Fidelity

National

Information

Services,

Inc.

(a)

10,101‌

606,767‌

Nintendo

Co.

Ltd.

3,700‌

193,129‌

Texas

Instruments,

Inc.

(a)

3,247‌

553,484‌

1,353,380‌

Utilities

—

1.49%

NorthWestern

Energy

Corp.,

Inc.

(a)

8,237‌

419,181‌

TOTAL  COMMON

STOCKS

  (Cost $18,758,054)

19,536,793‌

Preferred

Stocks

—

2.28%

Shares

Fair

Value

Energy

—

0.50%

Energy

Transfer

LP,

Series

E,

7.60%

5,700‌

141,360‌

Financials

—

1.78%

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

17,351‌

345,458‌

Stifel

Financial

Corp.,

Series

B,

6.25%

6,300‌

155,547‌

501,005‌

TOTAL  PREFERRED

STOCKS

  (Cost $609,044)

642,365‌

U.S.

Government

&

Agencies

—

0.89%

Principal

Amount

Fair

Value

United

States

Treasury

Note,

4.75%,

7/31/2025

(b)

$

250,000‌

251,206‌

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

    (Cost $249,425)

251,206‌

Corporate

Bonds

—

24.56%

Communications

—

1.50%

Genuine

Parts

Co,

6.88%,

11/1/2033

250,000‌

278,274‌

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

150,000‌

145,153‌

423,427‌

Consumer

Discretionary

—

8.66%

Acushnet

Co.,

7.38%,

10/15/2028

250,000‌

260,979‌

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

19

Corporate

Bonds

—

24.56%

-

continued

Principal

Amount

Fair

Value

Consumer

Discretionary

—

8.66%

-

continued

Carnival

Corp.,

10.50%,

6/1/2030

$

250,000‌

$

273,636‌

Darden

Restaurants,

Inc.,

6.30%,

10/10/2033

250,000‌

269,411‌

Graham

Holdings

Co.,

5.75%,

6/1/2026

300,000‌

297,995‌

Nordstrom,

Inc.,

4.25%,

8/1/2031

300,000‌

249,995‌

Papa

John's

International,

Inc.,

3.88%,

9/15/2029

300,000‌

265,772‌

Scotts

Miracle-Gro

Co.

(The),

4.50%,

10/15/2029

150,000‌

133,687‌

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027

250,000‌

251,536‌

Vail

Resorts,

Inc.,

6.25%,

5/15/2025

125,000‌

124,496‌

Viking

Cruises

Ltd.,

9.13%,

7/15/2031

150,000‌

159,960‌

Wendy's

International

LLC,

7.00%,

12/15/2025

150,000‌

150,302‌

2,437,769‌

Consumer

Staples

—

1.30%

Performance

Food

Group,

Inc.,

6.88%,

5/1/2025

150,000‌

150,725‌

Simmons

Foods,

Inc.,

4.63%,

3/1/2029

250,000‌

216,735‌

367,460‌

Energy

—

1.07%

EQT

Corp.,

6.13%,

2/1/2025

150,000‌

150,761‌

PDC

Energy,

Inc.,

5.75%,

5/15/2026

150,000‌

149,834‌

300,595‌

Financials

—

0.94%

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/2028

250,000‌

263,842‌

Health

Care

—

0.82%

Encompass

Health

Corp.,

4.63%,

4/1/2031

250,000‌

230,351‌

Industrials

—

5.62%

Allegiant

Travel

Co.,

7.25%,

8/15/2027

150,000‌

146,941‌

Cimpress

PLC,

7.00%,

6/15/2026

(Ireland)

200,000‌

195,638‌

Con-way,

Inc.,

6.70%,

5/1/2034

265,000‌

271,343‌

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

250,000‌

243,879‌

Korn

Ferry,

4.63%,

12/15/2027

250,000‌

241,740‌

Wabash

National

Corp.,

4.50%,

10/15/2028

250,000‌

225,891‌

WESCO

Distribution

Inc,

7.25%,

6/15/2028

250,000‌

257,081‌

1,582,513‌

Materials

—

3.74%

Advanced

Drainage

Systems,

Inc.,

6.38%,

6/15/2030

250,000‌

252,034‌

Ashland

LLC,

6.88%,

5/15/2043

240,000‌

236,097‌

Ball

Corp.,

6.88%,

3/15/2028

250,000‌

260,066‌

Valvoline,

Inc.,

3.63%,

6/15/2031

150,000‌

128,286‌

Worthington

Industries,

Inc.,

4.30%,

8/1/2032

210,000‌

176,393‌

1,052,876‌

Real

Estate

—

0.91%

Iron

Mountain,

Inc.,

7.00%,

2/15/2029

250,000‌

257,124‌

TOTAL

CORPORATE

BONDS

    (Cost $6,683,419)

6,915,957‌

VELA

Income

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

20

Money

Market

Funds

-

3.54%

Shares

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.22%

(c)

996,416‌

996,416‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$996,416)

996,416‌

Total

Investments

—

100.63%

    (Cost

$27,296,358)

$

28,342,737‌

Liabilities

in

Excess

of

Other

Assets 

—

 (0.63)%

(177,472‌)

Net

Assets

—

100.00%

$

28,165,265‌

(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

December

31,

2023.

VELA

Income

Opportunities

Fund

Schedule

of

Open

Written

Option

Contracts

December

31,

2023

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.26)%

Abbott

Laboratories

(13‌)

$

(143,091‌)

$

110.00‌

February

2024

$

(4,290‌)

Abbott

Laboratories

(13‌)

(143,091‌)

110.00‌

May

2024

(7,703‌)

AbbVie,

Inc.

(35‌)

(542,395‌)

155.00‌

February

2024

(14,875‌)

Avery

Dennison

Corp.

(7‌)

(141,512‌)

195.00‌

April

2024

(10,850‌)

Avery

Dennison

Corp.

(6‌)

(121,296‌)

200.00‌

April

2024

(7,380‌)

Axis

Capital

Holdings

Ltd.

(36‌)

(199,332‌)

65.00‌

March

2024

(504‌)

Baker

Hughes

Co.,

Class

A

(64‌)

(218,752‌)

35.00‌

January

2024

(3,200‌)

Civitas

Resources,

Inc.

(23‌)

(157,274‌)

90.00‌

April

2024

(1,380‌)

Coca-Cola

Co.

(The)

(30‌)

(176,790‌)

60.00‌

February

2024

(2,865‌)

Comcast

Corp.

(36‌)

(157,860‌)

45.00‌

January

2024

(1,188‌)

Comcast

Corp.

(31‌)

(135,935‌)

47.50‌

June

2024

(4,960‌)

Cullen/Frost

Bankers,

Inc.

(28‌)

(303,772‌)

110.00‌

April

2024

(18,060‌)

FedEx

Corp.

(6‌)

(151,782‌)

300.00‌

March

2024

(435‌)

Fidelity

National

Information

Services,

Inc.

(34‌)

(204,238‌)

72.50‌

June

2024

(4,420‌)

Greenbrier

Companies,

Inc.

(The)

(77‌)

(340,186‌)

55.00‌

June

2024

(12,705‌)

Home

Depot,

Inc.

(The)

(7‌)

(242,585‌)

340.00‌

June

2024

(18,287‌)

Huntington

Ingalls

Industries,

Inc.

(12‌)

(311,568‌)

270.00‌

June

2024

(14,760‌)

JPMorgan

Chase

&

Co.

(10‌)

(170,100‌)

160.00‌

March

2024

(13,050‌)

JPMorgan

Chase

&

Co.

(10‌)

(170,100‌)

165.00‌

June

2024

(13,225‌)

Kraft

Heinz

Co.

(The)

(75‌)

(277,350‌)

40.00‌

June

2024

(6,225‌)

Medtronic,

PLC

(28‌)

(230,664‌)

90.00‌

June

2024

(5,362‌)

Mercury

General

Corp.

(30‌)

(111,930‌)

40.00‌

March

2024

(2,925‌)

Mondelez

International,

Inc.

(30‌)

(217,290‌)

75.00‌

March

2024

(4,500‌)

National

Healthcare

Corp.

(25‌)

(231,050‌)

75.00‌

May

2024

(48,124‌)

Norfolk

Southern

Corp.

(13‌)

(307,294‌)

240.00‌

June

2024

(19,435‌)

Northrop

Grumman

Corp.

(6‌)

(280,884‌)

485.00‌

February

2024

(5,220‌)

Northwestern

Corp

(45‌)

(229,005‌)

55.00‌

March

2024

(2,880‌)

PepsiCo,

Inc.

(6‌)

(101,904‌)

185.00‌

April

2024

(843‌)

Simon

Property

Group,

Inc.

(12‌)

(171,168‌)

130.00‌

June

2024

(21,420‌)

Simon

Property

Group,

Inc.

(13‌)

(185,432‌)

125.00‌

June

2024

(28,665‌)

Starbucks

Corp.

(29‌)

(278,429‌)

110.00‌

April

2024

(2,378‌)

Sysco

Corp.

(24‌)

(175,512‌)

80.00‌

May

2024

(2,580‌)

Texas

Instruments,

Inc.

(20‌)

(340,920‌)

170.00‌

June

2024

(26,100‌)

TJX

Companies,

Inc.

(The)

(17‌)

(159,477‌)

85.00‌

January

2024

(15,598‌)

Trustmark

Corp.

(55‌)

(153,340‌)

30.00‌

May

2024

(8,938‌)

Total

Written

Call

Options

(Premiums

Received

$188,162)

$

(355,330‌)

Total

Written

Options

(Premiums

Received

$188,162)

$

(355,330‌)

VELA

Short

Duration

Fund

Schedule

of

Investments

December

31,

2023

-

(Unaudited)

U.S.

Government

&

Agencies

—

23.68%

Principal

Amount

Fair

Value

United

States

Treasury

Bill,

5.32%,

1/16/2024

(a)

$

500,000‌

$

498,979‌

United

States

Treasury

Bill,

5.27%,

3/14/2024

(a)

500,000‌

494,816‌

United

States

Treasury

Bill,

5.31%,

6/13/2024

(a)

500,000‌

488,576‌

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

    (Cost $1,482,008)

1,482,371‌

Corporate

Bonds

—

22.99%

Principal

Amount

Fair

Value

Communications

—

3.19%

Charter

Communications

Operating

LLC,

4.91%,

7/23/2025

100,000‌

99,106‌

Verizon

Communications,

Inc.,

6.74%,

5/15/2025

100,000‌

100,608‌

199,714‌

Consumer

Discretionary

—

2.39%

Meritage

Homes

Corp,

6.00%,

6/1/2025

150,000‌

149,771‌

Energy

—

4.77%

Civitas

Resources,

Inc.,

5.00%,

10/15/2026

100,000‌

97,065‌

Devon

Energy

Corp.,

5.85%,

12/15/2025

100,000‌

101,178‌

EQT

Corp.,

6.13%,

2/1/2025

100,000‌

100,507‌

298,750‌

Financials

—

6.25%

Huntington

National

Bank

(The),

4.60%,

2/27/2025

100,000‌

97,169‌

KeyBank

NA/Cleveland

OH,

4.70%,

1/26/2026

100,000‌

97,735‌

Mercury

General

Corp.,

4.40%,

3/15/2027

100,000‌

95,612‌

Radian

Group,

Inc.,

6.63%,

3/15/2025

100,000‌

100,476‌

390,992‌

Industrials

—

1.63%

Delta

Air

Lines,

Inc.,

7.00%,

5/1/2025

100,000‌

101,849‌

Materials

—

3.16%

Berry

Global,

Inc.,

4.88%,

7/15/2026

100,000‌

98,331‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

100,000‌

99,143‌

197,474‌

Technology

—

1.60%

Hewlett

Packard

Enterprise

Co.,

5.90%,

10/1/2024

100,000‌

100,312‌

TOTAL

CORPORATE

BONDS

    (Cost $1,440,385)

1,438,862‌

VELA

Short

Duration

Fund

Schedule

of

Investments

(continued)

December

31,

2023

-

(Unaudited)

Money

Market

Funds

-

59.33%

Shares

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.22%

(b)

3,713,715‌

3,713,715‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$3,713,715)

3,713,715‌

Total

Investments

—

106.00%

    (Cost

$6,636,108)

6,634,948‌

Liabilities

in

Excess

of

Other

Assets 

—

 (6.00)%

(375,791‌)

Net

Assets

—

100.00%

$

6,259,157‌

(a)

The

rate

shown

represents

effective

yield

at

time

of

purchase.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2023.