VELA Funds NPORTP Vela Large Cap Plus Fund (Jun 2024 report)

VELA

Small

Cap

Fund

Schedule

Investments

June

30,

2024

(Unaudited)

Common

Stocks

—

98.20%

Fair

Value

Communications

—

2.46%

Criteo

S.A.

ADR

(a)(b)

63,055‌

2,378,435‌

Consumer

Discretionary

—

10.88%

Atlanta

Braves

Holdings,

Inc.,

Class

(a)(b)

61,504‌

2,425,718‌

Graham

Holdings

Co.,

Class

4,611‌

3,225,625‌

Vail

Resorts,

Inc.

7,062‌

1,272,078‌

Valvoline,

Inc.

(a)(b)

40,728‌

1,759,449‌

Wendy's

Co.

(The)

107,304‌

1,819,876‌

10,502,746‌

Consumer

Staples

—

16.46%

Casey's

General

Stores,

Inc.

(b)

7,150‌

2,728,154‌

Coca-Cola

Consolidated,

Inc.

2,425‌

2,631,125‌

Flowers

Foods,

Inc.

59,002‌

1,309,844‌

John

Sanfilippo

Son,

Inc.

9,541‌

927,099‌

Mama's

Creations,

Inc.

(a)(b)

370,025‌

2,493,969‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

9,528‌

935,364‌

Performance

Food

Group

Co.

(a)(b)

36,854‌

2,436,418‌

Seaboard

Corp.

768‌

2,427,448‌

15,889,421‌

Energy

—

8.94%

Antero

Resources

Corp.

(a)(b)

29,894‌

975,441‌

Civitas

Resources,

Inc.

43,566‌

3,006,054‌

Range

Resources

Corp.

(b)

78,183‌

2,621,476‌

Tidewater,

Inc.

(a)(b)

21,338‌

2,031,591‌

8,634,562‌

Financials

—

11.83%

1st

Source

Corp.

36,028‌

1,931,821‌

Assured

Guaranty

Ltd.

(b)

22,345‌

1,723,917‌

Axis

Capital

Holdings

Ltd.

(b)

37,038‌

2,616,735‌

BOK

Financial

Corp.

(b)

17,685‌

1,620,653‌

Enstar

Group,

Ltd.

(a)

4,773‌

1,459,106‌

Houlihan

Lokey,

Inc.

(b)

10,287‌

1,387,305‌

Trustmark

Corp.

(b)

22,819‌

685,483‌

11,425,020‌

Health

Care

—

9.31%

AMN

Healthcare

Services,

Inc.

(a)(b)

11,647‌

596,676‌

Biohaven

Ltd.

(a)

8,827‌

306,385‌

Encompass

Health

Corp.

(b)

27,488‌

2,358,195‌

Envista

Holdings

Corp.

(a)

66,609‌

1,107,708‌

Lantheus

Holdings,

Inc.

(a)(b)

11,993‌

962,918‌

Maravai

LifeSciences

Holdings,

Inc.

(a)(b)

91,569‌

655,634‌

PROCEPT

BioRobotics

Corp.

(a)(b)

19,551‌

1,194,370‌

Rocket

Pharmaceuticals,

Inc.

(a)

19,830‌

426,940‌

SI-BONE,

Inc.

(a)

107,118‌

1,385,036‌

8,993,862‌

VELA

Small

Cap

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

98.20%

continued

Fair

Value

Industrials

—

26.99%

Applied

Industrial

Technologies,

Inc.

(b)

17,783‌

3,449,902‌

BWX

Technologies,

Inc.

(b)

26,105‌

2,479,975‌

Copa

Holdings,

S.A.,

Class

13,284‌

1,264,371‌

Core

Main,

Inc.

(a)

24,151‌

1,181,950‌

Greenbrier

Companies,

Inc.

(The)

(b)

52,344‌

2,593,645‌

Hub

Group,

Inc.,

Class

90,711‌

3,905,109‌

Huntington

Ingalls

Industries,

Inc.

5,675‌

1,397,923‌

Kirby

Corp.

(a)(b)

45,652‌

5,465,914‌

Lincoln

Electric

Holdings,

Inc.

7,652‌

1,443,473‌

Tetra

Tech,

Inc.

(b)

6,951‌

1,421,340‌

Wabash

National

Corp.

66,955‌

1,462,297‌

26,065,899‌

Materials

—

6.82%

Alamos

Gold,

Inc.,

Class

(b)

111,956‌

1,755,470‌

Ashland

Global

Holdings,

Inc.

(b)

24,281‌

2,294,311‌

Foraco

International

501,773‌

865,499‌

Major

Drilling

Group

International,

Inc.

(a)

251,362‌

1,668,141‌

6,583,421‌

Technology

—

4.51%

JFrog

Ltd.

(a)

70,931‌

2,663,459‌

Onto

Innovation,

Inc.

(a)(b)

1,606‌

352,614‌

Wix.com

Ltd.

(a)(b)

8,416‌

1,338,733‌

4,354,806‌

TOTAL COMMON

STOCKS

(Cost $75,106,964)

94,828,172‌

Money

Market

Funds

3.10%

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.17%

(c)

2,993,466‌

TOTAL

MONEY

MARKET

FUNDS

(Cost

$2,993,466)

2,993,466‌

Total

Investments

—

101.30%

(Cost

$78,100,430)

97,821,638‌

Liabilities

Excess

Other

Assets

—

(1.30)%

(1,255,908‌)

Net

Assets

—

100.00%

96,565,730‌

(a)

Non-income

producing

security.

(b)

All

portion

the

security

held

collateral

for

written

options.

June

30,

2024,

the

fair

value

collateral

held

$25,004,865.

(c)

Rate

disclosed

the

seven

day

effective

yield

June

30,

2024.

ADR

American

Depositary

Receipt.

VELA

Small

Cap

Fund

Schedule

Open

Written

Option

Contracts

June

30,

2024

(Unaudited)

Description

Number

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.82)%

Alamos

Gold,

Inc.

(168‌)

(263,424‌)

20.00‌

January

2025

(8,820‌)

AMN

Healthcare

Services,

Inc.

(58‌)

(297,134‌)

75.00‌

January

2025

(14,355‌)

Antero

Resources

Corp.

(149‌)

(486,187‌)

36.00‌

November

2024

(30,620‌)

Antero

Resources

Corp.

(30‌)

(97,890‌)

40.00‌

November

2024

(3,195‌)

Applied

Industrial

Technologies,

Inc.

(90‌)

(1,746,000‌)

200.00‌

November

2024

(97,650‌)

Ashland

Global

Holdings,

Inc.

(48‌)

(453,552‌)

90.00‌

July

2024

(26,160‌)

Assured

Guaranty

Ltd.

(110‌)

(848,650‌)

80.00‌

November

2024

(46,200‌)

Atlanta

Braves

Holdings,

Inc.,

Class

(124‌)

(489,056‌)

50.00‌

August

2024

(1,984‌)

Axis

Capital

Holdings

Ltd.

(202‌)

(1,427,130‌)

75.00‌

December

2024

(73,225‌)

BOK

Financial

Corp.

(52‌)

(476,528‌)

100.00‌

September

2024

(8,970‌)

BWX

Technologies,

Inc.

(150‌)

(1,425,000‌)

95.00‌

December

2024

(118,500‌)

Casey's

General

Stores,

Inc.

(35‌)

(1,335,460‌)

320.00‌

October

2024

(239,575‌)

Criteo

S.A.

(126‌)

(475,272‌)

45.00‌

October

2024

(25,200‌)

Encompass

Health

Corp.

(254‌)

(2,179,066‌)

90.00‌

December

2024

(111,125‌)

Greenbrier

Companies,

Inc.

(The)

(308‌)

(1,526,140‌)

60.00‌

September

2024

(22,330‌)

Houlihan

Lokey,

Inc.

(58‌)

(782,188‌)

125.00‌

September

2024

(80,910‌)

Kirby

Corp.

(110‌)

(1,317,030‌)

110.00‌

December

2024

(179,850‌)

Kirby

Corp.

(50‌)

(598,650‌)

120.00‌

December

2024

(55,250‌)

Lantheus

Holdings,

Inc.

(36‌)

(289,044‌)

90.00‌

January

2025

(29,880‌)

Lantheus

Holdings,

Inc.

(60‌)

(481,740‌)

110.00‌

January

2025

(23,700‌)

Mama's

Creations,

Inc.

(692‌)

(466,408‌)

10.00‌

January

2025

(22,490‌)

Maravai

LifeSciences

Holdings,

Inc.

(212‌)

(151,792‌)

17.50‌

January

2025

(4,028‌)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(61‌)

(598,837‌)

90.00‌

January

2025

(94,245‌)

Onto

Innovation,

Inc.

(13‌)

(285,428‌)

230.00‌

December

2024

(31,850‌)

Performance

Food

Group

Co.

(160‌)

(1,057,760‌)

75.00‌

December

2024

(26,000‌)

VELA

Small

Cap

Fund

Schedule

Open

Written

Option

Contracts

(continued)

June

30,

2024

(Unaudited)

Description

(Continued)

Number

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(1.82)%

(Continued)

PROCEPT

BioRobotics

Corp.

(40‌)

(244,360‌)

70.00‌

October

2024

(22,400‌)

PROCEPT

BioRobotics

Corp.

(45‌)

(274,905‌)

55.00‌

January

2025

(69,750‌)

Range

Resources

Corp.

(425‌)

(1,425,025‌)

40.00‌

December

2024

(48,875‌)

Tetra

Tech,

Inc.

(31‌)

(633,888‌)

190.00‌

September

2024

(63,550‌)

Tidewater,

Inc.

(81‌)

(771,201‌)

105.00‌

January

2025

(78,975‌)

Tidewater,

Inc.

(45‌)

(428,445‌)

120.00‌

January

2025

(24,075‌)

Trustmark

Corp.

(57‌)

(171,228‌)

30.00‌

August

2024

(11,856‌)

Valvoline,

Inc.

(270‌)

(1,166,400‌)

45.00‌

October

2024

(49,950‌)

Wix.com

Ltd.

(21‌)

(334,047‌)

200.00‌

November

2024

(13,545‌)

Total

Written

Call

Options

(Premiums

Received

$1,838,970)

(1,759,088‌)

Total

Written

Options

(Premiums

Received

$1,838,970)

(1,759,088‌)

VELA

Large

Cap

Plus

Fund

Schedule

Investments

June

30,

2024

(Unaudited)

Common

Stocks

—

100.38%

Fair

Value

Communications

—

10.43%

Alphabet,

Inc.,

Class

(a)(b)

17,385‌

3,166,678‌

Meta

Platforms,

Inc.,

Class

(20‌)

(1,008,440‌)

670.00‌

June

2025

(58,200‌)

MetLife,

Inc.

(132‌)

(926,508‌)

82.50‌

January

2025

(12,210‌)

Microchip

Technology,

Inc.

(119‌)

(1,088,850‌)

110.00‌

January

2025

(38,675‌)

Microsoft

Corp.

(70‌)

(3,128,650‌)

510.00‌

June

2025

(176,574‌)

PayPal

Holdings,

Inc.

(94‌)

(545,482‌)

95.00‌

June

2025

(15,886‌)

Roivant

Sciences

Ltd.

(209‌)

(220,913‌)

15.00‌

January

2025

(5,852‌)

Salesforce.com,

Inc.

(45‌)

(1,156,950‌)

310.00‌

June

2025

(82,125‌)

ServiceNow,

Inc.

(16‌)

(1,258,672‌)

900.00‌

June

2025

(117,680‌)

Smartsheet,

Inc.,

Class

(99‌)

(436,392‌)

50.00‌

January

2025

(30,690‌)

Starbucks

Corp.

(79‌)

(615,015‌)

95.00‌

March

2025

(18,763‌)

Suncor

Energy,

Inc.

(271‌)

(1,032,510‌)

45.00‌

January

2025

(24,255‌)

Uber

Technologies,

Inc.

(78‌)

(566,904‌)

90.00‌

June

2025

(50,115‌)

Workday,

Inc.,

Class

(15‌)

(335,340‌)

280.00‌

March

2025

(13,125‌)

Zoetis,

Inc.,

Class

(57‌)

(988,152‌)

210.00‌

January

2025

(21,660‌)

Total

Written

Call

Options

(Premiums

Received

$1,351,560)

(1,812,280‌)

Total

Written

Options

(Premiums

Received

$1,351,560)

(1,812,280‌)

VELA

Large

Cap

Plus

Fund

Schedule

Securities

Sold

Short

June

30,

2024

(Unaudited)

Common

Stocks

Short

(5.13%)

Fair

Value

Communications

(0.35%)

Airbnb,

Inc.,

Class

(a)

(819‌)

(124,185‌)

Shopify,

Inc.,

Class

(a)

(1,618‌)

(106,869‌)

(231,054‌)

Consumer

Discretionary

(1.18%)

Abercrombie

Fitch

Co.,

Class

(a)

(979‌)

(174,105‌)

CarMax,

Inc.

(a)

(1,828‌)

(134,066‌)

Floor

Decor

Holdings,

Inc.,

Class

(a)

(1,652‌)

(164,225‌)

Marriott

International,

Inc.,

Class

(578‌)

(139,743‌)

Scientific

Games

Corp.

(a)

(1,704‌)

(178,716‌)

(790,855‌)

Consumer

Staples

(0.33%)

Coty,

Inc.,

Class

(a)

(12,177‌)

(122,014‌)

Hormel

Foods

Corp.

(3,241‌)

(98,818‌)

(220,832‌)

Financials

(0.53%)

Capital

One

Financial

Corp.

(1,381‌)

(191,199‌)

Robinhood

Markets,

Inc.,

Class

(a)

(7,509‌)

(170,529‌)

(361,728‌)

Health

Care

(0.78%)

BioMarin

Pharmaceutical,

Inc.

(a)

(1,306‌)

(107,523‌)

Henry

Schein,

Inc.

(a)

(2,413‌)

(154,673‌)

Insulet

Corp.

(a)

(504‌)

(101,707‌)

Moderna,

Inc.

(a)

(1,369‌)

(162,569‌)

(526,472‌)

Industrials

(0.73%)

GFL

Environmental,

Inc.

(4,743‌)

(184,645‌)

Old

Dominion

Freight

Line,

Inc.

(616‌)

(108,786‌)

Rockwell

Automation,

Inc.

(703‌)

(193,522‌)

(486,953‌)

Materials

(0.25%)

Ball

Corp.

(2,780‌)

(166,856‌)

Technology

(0.98%)

Applied

Materials,

Inc.

(403‌)

(95,104‌)

International

Business

Machines

Corp.

(793‌)

(137,149‌)

Logitech

International

S.A.

(2,436‌)

(236,000‌)

Marvell

Technology,

Inc.

(1,379‌)

(96,392‌)

Toast,

Inc.,

Class

(a)

(3,936‌)

(101,431‌)

(666,076‌)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $3,244,409)

(3,450,826‌)

TOTAL

SECURITIES

SOLD

SHORT

(5.13%)

(Proceeds

Received

$3,244,409)

(3,450,826‌)

(a)

Non-income

producing

security.

VELA

International

Fund

Schedule

Investments

June

30,

2024

(Unaudited)

Common

Stocks

—

91.52%

Fair

Value

Australia

—

3.65%

Consumer

Discretionary

—

1.80%

Bapcor,

Ltd.

248,000‌

846,202‌

Health

Care

—

1.85%

Ansell

Ltd.

49,400‌

871,579‌

Total

Australia

1,717,781‌

Austria

—

3.67%

Communications

—

2.47%

Telekom

Austria

116,400‌

1,164,344‌

Materials

—

1.20%

Wienerberger

17,000‌

563,699‌

Total

Austria

1,728,043‌

Belgium

—

1.93%

Financials

—

1.93%

KBC

Group

12,900‌

909,210‌

Total

Belgium

909,210‌

Canada

—

14.25%

Consumer

Staples

—

2.30%

Empire

Co.,

Ltd.,

Class

42,300‌

1,081,143‌

Energy

—

4.49%

Parkland

Corp.

33,900‌

950,194‌

Suncor

Energy,

Inc.

30,500‌

1,162,050‌

2,112,244‌

Industrials

—

0.99%

Finning

International,

Inc.

15,900‌

466,119‌

Materials

—

6.47%

Alamos

Gold,

Inc.,

Class

78,000‌

1,223,041‌

Major

Drilling

Group

International,

Inc.

(a)

119,000‌

789,733‌

OceanaGold

Corp.

450,000‌

1,032,736‌

3,045,510‌

Total

Canada

6,705,016‌

Denmark

—

1.77%

Industrials

—

1.77%

FLSmidth

Co.

A/S

16,800‌

834,864‌

Total

Denmark

834,864‌

France

—

9.01%

Communications

—

2.48%

Criteo

S.A.

ADR

(a)

30,800‌

1,161,777‌

VELA

International

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

91.52%

continued

Fair

Value

France

—

9.01%

continued

Consumer

Discretionary

—

2.06%

Cia

Generale

Establissements

Michelin

SCA

25,100‌

970,403‌

Energy

—

2.42%

TotalEnergies

17,000‌

1,138,519‌

Industrials

—

1.23%

Rexel

22,400‌

579,611‌

Materials

—

0.82%

Foraco

International

225,000‌

388,098‌

Total

France

4,238,408‌

Germany

—

9.27%

Consumer

Discretionary

—

1.30%

Fielmann

13,300‌

612,455‌

Consumer

Staples

—

1.00%

Henkel

Co.

KGaA

5,300‌

472,022‌

Industrials

—

1.81%

Duerr

40,300‌

853,063‌

Materials

—

2.80%

Covestro

(a)(b)

10,000‌

586,326‌

Fuchs

Petrolub

20,400‌

727,878‌

1,314,204‌

Technology

—

2.36%

Infineon

Technologies

30,200‌

1,108,646‌

Total

Germany

4,360,390‌

Hong

Kong

—

8.21%

Consumer

Staples

—

2.71%

Group

Ltd.

(b)

1,940,000‌

1,276,925‌

Industrials

—

2.73%

Johnson

Electric

Holdings

Ltd.

851,440‌

1,285,064‌

Technology

—

2.77%

VTech

Holdings

Ltd.

174,200‌

1,302,374‌

Total

Hong

Kong

3,864,363‌

Iceland

—

1.03%

Industrials

—

1.03%

Marel

(b)

137,000‌

485,904‌

Total

Iceland

485,904‌

VELA

International

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

91.52%

continued

Fair

Value

Indonesia

—

2.00%

Materials

—

2.00%

United

Tractors

Tbk

700,000‌

939,143‌

Total

Indonesia

939,143‌

Japan

—

6.04%

Consumer

Discretionary

—

1.68%

Honda

Motor

Co.

Ltd.

73,500‌

790,242‌

Industrials

—

0.70%

OSG

Corp.

26,900‌

329,482‌

Materials

—

1.45%

Toray

Industries,

Inc.

144,000‌

683,057‌

Technology

—

2.21%

Nintendo

Co.

Ltd.

19,500‌

1,041,486‌

Total

Japan

2,844,267‌

Luxembourg

—

2.28%

Consumer

Staples

—

2.28%

B&M

European

Value

Retail

195,000‌

1,074,261‌

Total

Luxembourg

1,074,261‌

Mexico

—

2.84%

Consumer

Staples

—

2.84%

BBB

Foods

Inc.

(a)

15,000‌

357,900‌

Gruma

SAB

23,800‌

435,933‌

Kimberly-Clark

Mexico

SAB

313,300‌

540,276‌

1,334,109‌

Total

Mexico

1,334,109‌

Netherlands

—

3.17%

Communications

—

0.92%

Koninklijke

KPN

113,400‌

434,749‌

Financials

—

1.97%

ING

Groep

53,900‌

926,393‌

Health

Care

—

0.28%

Argenx

(a)

300‌

130,202‌

Total

Netherlands

1,491,344‌

Panama

—

1.70%

Industrials

—

1.70%

Copa

Holdings,

S.A.,

Class

8,400‌

799,512‌

Total

Panama

799,512‌

VELA

International

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

91.52%

continued

Fair

Value

Slovenia

—

1.10%

Health

Care

—

1.10%

Krka

d.d.

Novo

Mesto

3,500‌

517,802‌

Total

Slovenia

517,802‌

Sweden

—

4.74%

Financials

—

2.40%

Svenska

Handelsbanken

AB,

Class

118,000‌

1,127,848‌

Industrials

—

2.34%

Loomis

42,400‌

1,100,999‌

Total

Sweden

2,228,847‌

Switzerland

—

5.94%

Consumer

Discretionary

—

3.53%

Cie

Financiere

Richemont

4,200‌

656,476‌

Swatch

Group

(The)

4,900‌

1,004,033‌

1,660,509‌

Health

Care

—

2.41%

Roche

Holding

4,100‌

1,136,093‌

Total

Switzerland

2,796,602‌

United

Kingdom

—

8.92%

Communications

—

2.73%

Informa

PLC

31,600‌

341,028‌

WPP

PLC

103,400‌

946,809‌

1,287,837‌

Consumer

Discretionary

—

1.47%

Associated

British

Foods

PLC

22,100‌

690,053‌

Consumer

Staples

—

1.64%

British

American

Tobacco

PLC

25,100‌

771,071‌

Health

Care

—

0.50%

Indivior

PLC

(a)

15,000‌

234,393‌

Technology

—

2.58%

Serco

Group

PLC

536,500‌

1,215,198‌

Total

United

Kingdom

4,198,552‌

TOTAL COMMON

STOCKS

(Cost $36,995,106)

43,068,418‌

Money

Market

Funds

8.10%

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.17%

(c)

3,811,099‌

TOTAL

MONEY

MARKET

FUNDS

(Cost

$3,811,099)

3,811,099‌

VELA

International

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

91.52%

continued

Fair

Value

Money

Market

Funds

8.10%

continued

Total

Investments

—

99.62%

(Cost

$40,806,205)

46,879,517‌

Other

Assets

Excess

Liabilities

—

0.38%

178,725‌

Net

Assets

—

100.00%

47,058,242‌

(a)

Non-income

producing

security.

(b)

144A

Security

was

purchased

transaction

exempt

from

registration

compliance

with

Rule

144A

the

Securities

Act

1933. This

security

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers. The

total

value

such

securities

$2,349,156

June

30,

2024,

representing

4.99%

net

assets.

(c)

Rate

disclosed

the

seven

day

effective

yield

June

30,

2024.

ADR

American

Depositary

Receipt.

VELA

Income

Opportunities

Fund

Schedule

Investments

June

30,

2024

(Unaudited)

Common

Stocks

—

56.73%

Fair

Value

Communications

—

2.46%

Comcast

Corp.,

Class

(a)

9,755‌

382,006‌

Omnicom

Group,

Inc.

(a)

3,447‌

309,196‌

691,202‌

Consumer

Discretionary

—

6.30%

Genuine

Parts

Co.

(a)

2,986‌

413,023‌

Home

Depot,

Inc.

(The)

248‌

85,372‌

Starbucks

Corp.

(a)

5,877‌

457,525‌

Vail

Resorts,

Inc.

1,772‌

319,190‌

Wendy's

Co.

(The)

(a)

29,115‌

493,790‌

1,768,900‌

Consumer

Staples

—

9.73%

Coca-Cola

Co.

(The)

(a)

3,594‌

228,758‌

Flowers

Foods,

Inc.

(a)

26,735‌

593,517‌

Hershey

Co.

(The)

782‌

143,755‌

Kraft

Heinz

Co.

(The)

15,329‌

493,901‌

Mondelez

International,

Inc.,

Class

(a)

4,297‌

281,196‌

PepsiCo,

Inc.

(a)

1,768‌

291,596‌

Sysco

Corp.

9,795‌

699,265‌

2,731,988‌

Energy

—

6.95%

Baker

Hughes

Co.,

Class

(a)

14,481‌

509,297‌

Civitas

Resources,

Inc.

9,313‌

642,597‌

MPLX

3,543‌

150,896‌

Suncor

Energy,

Inc.

(a)

17,023‌

648,576‌

1,951,366‌

Financials

—

5.40%

Axis

Capital

Holdings

Ltd.

(a)

7,821‌

552,554‌

Cullen/Frost

Bankers,

Inc.

2,514‌

255,498‌

JPMorgan

Chase

Co.

1,525‌

308,447‌

Mercury

General

Corp.

(a)

4,397‌

233,656‌

Trustmark

Corp.

5,576‌

167,503‌

1,517,658‌

Health

Care

—

7.04%

Abbott

Laboratories

(a)

4,220‌

438,500‌

Johnson

3,877‌

566,662‌

Medtronic

PLC

8,575‌

674,939‌

Zoetis,

Inc.,

Class

(a)

1,709‌

296,272‌

1,976,373‌

Industrials

—

12.59%

Citigroup,

Inc.

2,415‌

153,256‌

Copa

Holdings,

S.A.,

Class

4,535‌

431,641‌

FedEx

Corp.

(a)

1,336‌

400,586‌

Greenbrier

Companies,

Inc.

(The)

(a)

20,680‌

1,024,694‌

Huntington

Ingalls

Industries,

Inc.

1,742‌

429,107‌

Johnson

Controls

International

PLC

(a)

4,824‌

320,651‌

Norfolk

Southern

Corp.

1,891‌

405,979‌

VELA

Income

Opportunities

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Common

Stocks

—

56.73%

continued

Fair

Value

Industrials

—

12.59%

continued

Northrop

Grumman

Corp.

(a)

844‌

367,942‌

3,533,856‌

Real

Estate

—

0.91%

Simon

Property

Group,

Inc.

1,683‌

255,479‌

Technology

—

3.88%

Fidelity

National

Information

Services,

Inc.

(a)

6,701‌

504,988‌

Garmin

Ltd.

889‌

144,836‌

Nintendo

Co.

Ltd.

3,700‌

197,615‌

Texas

Instruments,

Inc.

(a)

1,247‌

242,579‌

1,090,018‌

Utilities

—

1.47%

NorthWestern

Energy

Group,

Inc.

(a)

8,237‌

412,509‌

TOTAL COMMON

STOCKS

(Cost $15,017,231)

15,929,349‌

Preferred

Stocks

—

4.59%

Fair

Value

Financials

—

3.70%

Arch

Capital

Group

Ltd.,

Series

4.55%

17,351‌

334,007‌

Bank

OZK,

Series

4.63%

8,700‌

135,720‌

Enstar

Group

Ltd.,

Series

7.00%

5,600‌

140,280‌

Huntington

Bancshares

Inc.,

Series

6.88%

5,699‌

142,019‌

Morgan

Stanley,

Series

6.38%

5,492‌

137,575‌

Stifel

Financial

Corp.,

Series

6.25%

6,300‌

149,940‌

1,039,541‌

Health

Care

—

0.89%

Sotera

Health

Holdings

LLC,

7.38%

144A

(b)

250,000‌

250,735‌

TOTAL PREFERRED

STOCKS

(Cost $1,284,186)

1,290,276‌

Corporate

Bonds

—

34.86%

Principal

Amount

Fair

Value

Communications

—

1.42%

Nexstar

Media,

Inc.,

5.63%,

7/15/2027

(b)

150,000‌

142,624‌

Uber

Technologies,

Inc.,

7.50%,

9/15/2027

(b)

250,000‌

255,105‌

397,729‌

Consumer

Discretionary

—

11.15%

Acushnet

Co.,

7.38%,

10/15/2028

(b)

250,000‌

259,246‌

Allegiant

Travel

Co.,

7.25%,

8/15/2027

(b)

150,000‌

142,911‌

Carnival

Corp.,

10.50%,

6/1/2030

(b)

250,000‌

271,747‌

Cedar

Fair

Canada's

Wonderland

Co.,

6.50%,

10/1/2028

200,000‌

201,207‌

VELA

Income

Opportunities

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Corporate

Bonds

—

34.86%

continued

Principal

Amount

Fair

Value

Consumer

Discretionary

—

11.15%

continued

Churchill

Downs,

Inc.,

6.75%,

5/1/2031

(b)

150,000‌

151,040‌

Darden

Restaurants,

Inc.,

6.30%,

10/10/2033

250,000‌

258,487‌

Genuine

Parts

Co.,

6.88%,

11/1/2033

250,000‌

275,161‌

Graham

Holdings

Co.,

5.75%,

6/1/2026

(b)

300,000‌

298,121‌

Papa

John's

International,

Inc.,

3.88%,

9/15/2029

(b)

300,000‌

265,693‌

Scotts

Miracle-Gro

Co.

(The),

4.50%,

10/15/2029

250,000‌

228,954‌

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027

(b)

250,000‌

249,113‌

Valvoline,

Inc.,

3.63%,

6/15/2031

(b)

250,000‌

215,699‌

Viking

Cruises

Ltd.,

9.13%,

7/15/2031

(b)

150,000‌

162,636‌

Wendy's

International

Inc.,

7.00%,

12/15/2025

150,000‌

150,646‌

3,130,661‌

Consumer

Staples

—

1.48%

Performance

Food

Group

Inc.,

5.50%,

10/15/2027

(b)

200,000‌

195,785‌

Simmons

Foods,

Inc.,

4.63%,

3/1/2029

(b)

250,000‌

220,051‌

415,836‌

Energy

—

1.10%

Antero

Resources

Corp.,

7.63%,

2/1/2029

(b)

150,000‌

154,561‌

CNX

Resources

Corp.,

7.38%,

1/15/2031

(b)

150,000‌

153,547‌

308,108‌

Financials

—

4.89%

Bank

OZK,

2.75%,

10/1/2031

150,000‌

118,970‌

Citigroup,

Inc.,

7.13%,

12/31/2049

150,000‌

150,012‌

Cullen/Frost

Capital

Trust

II,

7.16%,

3/1/2034

200,000‌

176,825‌

Iron

Mountain,

Inc.,

7.00%,

2/15/2029

(b)

250,000‌

254,668‌

Newmark

Group,

Inc.,

7.50%,

1/12/2029

(b)

250,000‌

257,208‌

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/2028

(b)

250,000‌

264,373‌

Radian

Group

Inc.,

6.20%,

5/15/2029

150,000‌

151,486‌

1,373,542‌

Health

Care

—

1.37%

Bayer

Finance

LLC,

6.38%,

11/21/2030

(b)

150,000‌

153,887‌

Encompass

Health

Corp.,

4.63%,

4/1/2031

250,000‌

229,881‌

383,768‌

Industrials

—

10.04%

AMN

Healthcare,

Inc.,

4.00%,

4/15/2029

(b)

150,000‌

135,015‌

Atkore,

Inc.,

4.25%,

6/1/2031

(b)

200,000‌

176,320‌

Brink's

Co.

(The),

6.50%,

6/15/2029

(b)

250,000‌

252,858‌

BWX

Technologies,

Inc.,

4.13%,

6/30/2028

(b)

150,000‌

140,138‌

Cimpress

PLC,

7.00%,

6/15/2026

200,000‌

200,049‌

Con-way,

Inc.,

6.70%,

5/1/2034

265,000‌

273,845‌

Hillenbrand,

Inc.,

6.25%,

2/15/2029

250,000‌

251,565‌

Installed

Building

Products,

Inc.,

5.75%,

2/1/2028

(b)

250,000‌

244,716‌

Korn

Ferry,

4.63%,

12/15/2027

(b)

250,000‌

238,625‌

Sensata

Technologies

BV,

5.88%,

9/1/2030

(b)

250,000‌

245,028‌

Wabash

National

Corp.,

4.50%,

10/15/2028

(b)

250,000‌

225,273‌

WESCO

Distribution,

Inc.,

7.25%,

6/15/2028

(b)

250,000‌

255,000‌

VELA

Income

Opportunities

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Corporate

Bonds

—

34.86%

continued

Principal

Amount

Fair

Value

Industrials

—

10.04%

continued

Worthington

Industries,

Inc.,

4.30%,

8/1/2032

210,000‌

182,448‌

2,820,880‌

Materials

—

2.69%

Advanced

Drainage

Systems,

Inc.,

6.38%,

6/15/2030

(b)

250,000‌

251,243‌

Ashland

LLC,

6.88%,

5/15/2043

240,000‌

246,421‌

Ball

Corp.,

6.88%,

3/15/2028

250,000‌

256,596‌

754,260‌

Technology

—

0.72%

Gen

Digital,

Inc.,

6.75%,

9/30/2027

(b)

200,000‌

202,723‌

TOTAL

CORPORATE

BONDS

(Cost $9,594,215)

9,787,507‌

U.S.

Government

Agencies

—

0.89%

United

States

Treasury

Note,

4.75%,

7/31/2025

250,000‌

249,160‌

TOTAL

U.S.

GOVERNMENT

AGENCIES

(Cost $249,599)

249,160‌

Money

Market

Funds

2.59%

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.17%

(c)

727,077‌

TOTAL

MONEY

MARKET

FUNDS

(Cost

$727,077)

727,077‌

Total

Investments

—

99.66%

(Cost

$26,872,308)

27,983,369‌

Other

Assets

Excess

Liabilities

—

0.34%

95,841‌

Net

Assets

—

100.00%

28,079,210‌

(a)

All

portion

the

security

held

collateral

for

written

options.

June

30,

2024,

the

fair

value

collateral

held

$3,978,571.

(b)

144A

Security

was

purchased

transaction

exempt

from

registration

compliance

with

Rule

144A

the

Securities

Act

1933. This

security

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers. The

total

value

such

securities

$6,685,689

June

30,

2024,

representing

23.82%

net

assets.

(c)

Rate

disclosed

the

seven

day

effective

yield

June

30,

2024.

VELA

Income

Opportunities

Fund

Schedule

Open

Written

Option

Contracts

June

30,

2024

(Unaudited)

Description

Number

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(0.29)%

Abbott

Laboratories

(11‌)

(114,301‌)

115.00‌

January

2025

(3,047‌)

Abbott

Laboratories

(10‌)

(103,910‌)

120.00‌

January

2025

(1,620‌)

Axis

Capital

Holdings

Ltd.

(20‌)

(141,300‌)

70.00‌

September

2024

(8,200‌)

Axis

Capital

Holdings

Ltd.

(19‌)

(134,235‌)

80.00‌

December

2024

(4,465‌)

Baker

Hughes

Co.

(57‌)

(200,469‌)

37.00‌

July

2024

(1,140‌)

Coca-Cola

Co.

(The)

(24‌)

(152,760‌)

62.50‌

August

2024

(5,183‌)

Comcast

Corp.

(17‌)

(66,572‌)

47.50‌

July

2024

(17‌)

FedEx

Corp.

(3‌)

(89,952‌)

300.00‌

October

2024

(5,408‌)

FedEx

Corp.

(6‌)

(179,904‌)

320.00‌

October

2024

(5,610‌)

Fidelity

National

Information

Services,

Inc.

(22‌)

(165,792‌)

90.00‌

January

2025

(3,740‌)

Flowers

Foods,

Inc.

(88‌)

(195,360‌)

25.00‌

October

2024

(1,760‌)

Genuine

Parts

Co.

(10‌)

(138,320‌)

160.00‌

August

2024

(1,250‌)

Greenbrier

Companies,

Inc.

(The)

(52‌)

(257,660‌)

65.00‌

December

2024

(9,619‌)

Johnson

Controls

International

PLC

(33‌)

(219,351‌)

65.00‌

July

2024

(6,188‌)

Mercury

General

Corp.

(35‌)

(185,990‌)

60.00‌

September

2024

(3,080‌)

Mondelez

International,

Inc.

(21‌)

(137,424‌)

75.00‌

September

2024

(368‌)

Northrop

Grumman

Corp.

(6‌)

(261,570‌)

500.00‌

August

2024

(345‌)

NorthWestern

Energy

Group,

Inc.

(66‌)

(330,528‌)

55.00‌

September

2024

(2,310‌)

Omnicom

Group,

Inc.

(11‌)

(98,670‌)

100.00‌

July

2024

(99‌)

PepsiCo,

Inc.

(9‌)

(148,437‌)

180.00‌

September

2024

(716‌)

Starbucks

Corp.

(15‌)

(116,775‌)

92.50‌

January

2025

(3,218‌)

Starbucks

Corp.

(15‌)

(116,775‌)

97.50‌

January

2025

(1,950‌)

Suncor

Energy,

Inc.

(42‌)

(160,020‌)

40.00‌

September

2024

(4,536‌)

Texas

Instruments,

Inc.

(10‌)

(194,530‌)

230.00‌

January

2025

(4,150‌)

Wendy's

Co.

(The)

(73‌)

(123,808‌)

23.00‌

November

2024

(438‌)

Zoetis,

Inc.,

Class

(8‌)

(138,688‌)

210.00‌

January

2025

(3,040‌)

Total

Written

Call

Options

(Premiums

Received

$105,321)

(81,497‌)

Total

Written

Options

(Premiums

Received

$105,321)

(81,497‌)

VELA

Short

Duration

Fund

Schedule

Investments

June

30,

2024

(Unaudited)

Corporate

Bonds

—

76.49%

Principal

Amount

Fair

Value

Communications

—

5.69%

AT&T

Inc.,

5.54%,

2/20/2026

150,000‌

149,998‌

Expedia

Group,

Inc.,

6.25%,

5/1/2025

(a)

100,000‌

100,237‌

Verizon

Communications,

Inc.,

6.68%,

5/15/2025

200,000‌

202,015‌

XPO,

Inc.,

6.25%,

6/1/2028

(a)

200,000‌

201,385‌

653,635‌

Consumer

Discretionary

—

13.38%

Bath

Body

Works,

Inc.,

6.69%,

1/15/2027

100,000‌

101,457‌

Brinker

International,

Inc.,

5.00%,

10/1/2024

(a)

150,000‌

149,636‌

Ford

Motor

Credit

Co.

LLC,

8.28%,

3/6/2026

100,000‌

103,584‌

General

Motors

Co.,

6.13%,

10/1/2025

100,000‌

100,548‌

General

Motors

Financial

Co.,

Inc.,

6.61%,

4/7/2025

100,000‌

100,528‌

Graham

Holdings

Co.,

5.75%,

6/1/2026

(a)

150,000‌

149,060‌

Hyatt

Hotels

Corp.,

5.38%,

4/23/2025

150,000‌

149,433‌

Hyundai

Capital

America,

6.84%,

1/8/2027

(a)

150,000‌

152,309‌

Mercedes-Benz

Finance

North

America

LLC,

6.27%,

3/30/2025

(a)

100,000‌

100,563‌

Nissan

Motor

Acceptance

Co.

LLC,

2.75%,

3/9/2028

(a)

150,000‌

133,860‌

Taylor

Morrison

Communities,

Inc.,

5.88%,

6/15/2027

(a)

150,000‌

149,468‌

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029

(a)

150,000‌

146,799‌

1,537,245‌

Consumer

Staples

—

4.74%

Albertsons

Companies,

Inc.

Safeway,

Inc.,

5.88%,

2/15/2028

(a)

150,000‌

148,368‌

Conagra

Brands,

Inc.,

4.85%,

11/1/2028

100,000‌

98,324‌

Constellation

Brands,

Inc.,

4.75%,

11/15/2024

150,000‌

149,462‌

Hexcel

Corp.,

4.95%,

8/15/2025

150,000‌

148,437‌

544,591‌

Energy

—

6.90%

Antero

Resources

Corp.,

7.63%,

2/1/2029

(a)

100,000‌

103,041‌

Chesapeake

Energy

Corp.,

5.50%,

2/1/2026

(a)

150,000‌

148,775‌

Civitas

Resources,

Inc.,

5.00%,

10/15/2026

(a)

200,000‌

194,854‌

Devon

Energy

Corp.,

5.85%,

12/15/2025

100,000‌

100,285‌

Hess

Midstream

Operations

LP,

5.13%,

6/15/2028

(a)

150,000‌

145,350‌

Sunoco

Finance

Corp.,

6.00%,

4/15/2027

100,000‌

99,933‌

792,238‌

Financials

—

17.30%

Ares

Capital

Corp.,

7.00%,

1/15/2027

100,000‌

101,725‌

BNP

Paribas

SA,

4.63%,

3/13/2027

(a)

150,000‌

146,127‌

Citigroup

Inc.,

5.61%,

9/29/2026

100,000‌

99,971‌

Citizens

Bank,

N.A.,

6.06%,

10/24/2025

(b)

150,000‌

149,930‌

Goldman

Sachs

Group,

Inc.

(The),

6.15%,

3/9/2027

150,000‌

150,305‌

Hanover

Insurance

Group

Inc.

(The),

4.50%,

4/15/2026

150,000‌

147,438‌

HSBC

Holdings

PLC,

6.99%,

9/12/2026

(b)

150,000‌

151,675‌

Huntington

National

Bank

(The),

4.60%,

2/27/2025

100,000‌

98,756‌

JPMorgan

Chase

Co.,

5.55%,

12/15/2025

100,000‌

99,909‌

KeyBank

NA,

4.70%,

1/26/2026

200,000‌

196,084‌

Manufacturers

Traders

Trust

Co.,

5.40%,

11/21/2025

150,000‌

149,358‌

VELA

Short

Duration

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Mercury

General

Corp.,

4.40%,

3/15/2027

200,000‌

193,001‌

Morgan

Stanley,

6.14%,

10/16/2026

150,000‌

151,027‌

Radian

Group

Inc.,

6.20%,

5/15/2029

150,000‌

151,486‌

1,986,792‌

Health

Care

—

4.34%

Bayer

Finance

LLC,

5.50%,

8/15/2025

(a)

100,000‌

99,438‌

HealthCare

Technologies,

Inc.,

5.55%,

11/15/2024

100,000‌

99,900‌

HCA,

Inc.,

5.38%,

2/1/2025

150,000‌

149,516‌

Humana

Inc.,

5.70%,

3/13/2026

150,000‌

150,010‌

498,864‌

Industrials

—

9.47%

AMN

Healthcare,

Inc.,

4.63%,

10/1/2027

(a)

150,000‌

143,071‌

Brink's

Co.

(The),

4.63%,

10/15/2027

(a)

100,000‌

96,000‌

Delta

Air

Lines,

Inc.,

7.00%,

5/1/2025

(a)

200,000‌

201,555‌

Howmet

Aerospace

Inc.,

6.88%,

5/1/2025

200,000‌

201,673‌

LKQ

Corp.,

5.75%,

6/15/2028

100,000‌

101,054‌

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a)

200,000‌

193,427‌

United

Rentals

North

America,

Inc.,

6.00%,

12/15/2029

(a)

150,000‌

150,835‌

1,087,615‌

Materials

—

2.53%

Berry

Global,

Inc.,

4.88%,

7/15/2026

(a)

94,000‌

92,386‌

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

100,000‌

98,485‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

100,000‌

99,800‌

290,671‌

Real

Estate

—

4.32%

CubeSmart

LP,

4.00%,

11/15/2025

150,000‌

146,685‌

Realty

Income

Corp.,

5.05%,

1/13/2026

150,000‌

149,059‌

VICI

Properties

LP,

5.75%,

2/1/2027

(a)

200,000‌

200,194‌

495,938‌

Technology

—

3.05%

CDW

LLC

CDW

Finance

Corp.,

5.50%,

12/1/2024

150,000‌

149,761‌

Hewlett

Packard

Enterprise

Co.,

5.90%,

10/1/2024

200,000‌

199,988‌

349,749‌

Utilities

—

4.77%

American

Electric

Power

Co.,

Inc.,

5.70%,

8/15/2025

150,000‌

150,141‌

NextEra

Energy

Capital

Holdings,

Inc.,

6.05%,

3/1/2025

100,000‌

100,216‌

Pacific

Gas

and

Electric

Co.,

4.95%,

6/8/2025

150,000‌

148,708‌

Vistra

Operations

Co.

LLC,

5.13%,

5/13/2025

(a)

150,000‌

149,200‌

548,265‌

TOTAL

CORPORATE

BONDS

(Cost $8,783,364)

8,785,603‌

U.S.

Government

Agencies

—

19.88%

Principal

Amount

Fair

Value

Federal

Home

Loan

Mortgage

Corp.,

5.15%,

2/14/2025

200,000‌

199,748‌

Federal

National

Mortgage

Association,

5.00%,

1/8/2027

200,000‌

199,800‌

Federal

Home

Loan

Banks,

5.50%,

2/8/2027

200,000‌

199,823‌

Federal

Home

Loan

Banks,

5.45%,

7/23/2027

200,000‌

198,711‌

VELA

Short

Duration

Fund

Schedule

Investments

(continued)

June

30,

2024

(Unaudited)

Federal

Home

Loan

Mortgage

Corp.,

5.15%,

1/22/2029

200,000‌

198,979‌

Federal

Farm

Credit

Banks

Funding

Corp.,

5.68%,

3/7/2029

150,000‌

149,964‌

Federal

Home

Loan

Banks,

6.00%,

6/5/2029

150,000‌

149,628‌

United

States

Treasury

Bill,

5.40%,

7/18/2024

(c)

250,000‌

249,380‌

United

States

Treasury

Bill,

5.31%,

9/19/2024

(c)

250,000‌

247,107‌

United

States

Treasury

Bill,

5.39%,

10/15/2024

(c)

250,000‌

246,169‌

United

States

Treasury

Bill,

5.35%,

12/12/2024

(c)

250,000‌

244,174‌

TOTAL

U.S.

GOVERNMENT

AGENCIES

(Cost $2,286,600)

2,283,483‌

Money

Market

Funds

2.85%

Fair

Value

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.17%

(d)

327,028‌

TOTAL

MONEY

MARKET

FUNDS

(Cost

$327,028)

327,028‌

Total

Investments

—

99.22%

(Cost

$11,396,992)

11,396,114‌

Other

Assets

Excess

Liabilities

—

0.78%

89,820‌

Net

Assets

—

100.00%

11,485,934‌

(a)

144A

Security

was

purchased

transaction

exempt

from

registration

compliance

with

Rule

144A

the

Securities

Act

1933. This

security

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers. The

total

value

such

securities

$3,594,423

June

30,

2024,

representing

31.29%

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

June

30,

2024.

(c)

The

rate

shown

represents

effective

yield

time

purchase.

(d)

Rate

disclosed

the

seven

day

effective

yield

June

30,

2024.

VELA Funds NPORT-PVela Large Cap Plus Fund (Jun 2024 report)