VELA
Small
Cap
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
ca
Common
Stocks
—
99.89%
Shares
Fair
Value
Communications
—
3.41%
Criteo
S.A.
-
ADR
(a)
338,689
$
6,191,235
Consumer
Discretionary
—
18.26%
Atlanta
Braves
Holdings,
Inc.,
Class
C
(a)
94,002
4,878,704
BRP,
Inc.
39,659
2,419,992
Etsy,
Inc.
(a)(b)
43,508
3,277,458
Gildan
Activewear,
Inc.
90,837
4,687,189
Graham
Holdings
Co.,
Class
B
1,600
1,826,272
Movado
Group,
Inc.
(b)
89,156
3,504,722
Murphy
USA,
Inc.
(b)
8,499
4,579,856
Pool
Corp.
19,751
4,244,490
Valvoline,
Inc.
(a)(b)
94,782
3,747,680
33,166,363
Consumer
Staples
—
9.44%
Coca-Cola
Consolidated,
Inc.
8,805
1,681,051
Ingles
Markets,
Inc.,
Class
A
17,575
1,556,794
Interparfums,
Inc.
33,033
3,695,071
Lamb
Weston
Holdings,
Inc.
57,437
2,480,129
Mama's
Creations,
Inc.
(a)(b)
108,542
1,937,475
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
21,758
1,672,755
Performance
Food
Group
Co.
(a)(b)
36,879
4,122,703
17,145,978
Energy
—
6.52%
Antero
Resources
Corp.
(a)
94,670
3,326,704
Cactus,
Inc.,
Class
A
72,442
3,711,204
Range
Resources
Corp.
(b)
67,288
2,502,440
Tidewater,
Inc.
(a)
34,459
2,296,003
11,836,351
Financials
—
8.43%
Assured
Guaranty
Ltd.
33,145
2,656,903
Axis
Capital
Holdings
Ltd.
45,990
4,941,166
Essent
Group
Ltd.
35,263
2,266,706
Federal
Agricultural
Mortgage
Corp.,
Class
C
11,817
2,354,773
Houlihan
Lokey,
Inc.
22,989
3,083,515
15,303,063
Health
Care
—
12.06%
Align
Technology,
Inc.
(a)
13,246
2,234,070
Bruker
Corp.
(b)
65,488
3,941,068
Encompass
Health
Corp.
40,652
4,109,104
Globus
Medical,
Inc.,
Class
A
(a)
24,268
1,917,415
ICON
PLC
(a)
9,294
1,614,461
PROCEPT
BioRobotics
Corp.
(a)
103,291
2,332,311
SI-BONE,
Inc.
(a)
189,126
3,086,536
Supernus
Pharmaceuticals,
Inc.
(a)
57,464
2,672,651
21,907,616
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
99.89%
-
continued
Shares
Fair
Value
Industrials
—
22.66%
Allegiant
Travel
Co.
(a)
35,566
$
4,182,562
Applied
Industrial
Technologies,
Inc.
(b)
6,064
2,050,541
Copa
Holdings
S.A.,
Class
A
18,702
2,909,470
Greenbrier
Companies,
Inc.
(The)
67,556
3,310,920
Hub
Group,
Inc.,
Class
A
119,505
5,233,124
Kirby
Corp.
(a)
55,522
7,549,326
Limbach
Holdings,
Inc.
(a)
41,006
3,157,462
Lincoln
Electric
Holdings,
Inc.
14,451
3,836,885
MSC
Industrial
Direct
Company,
Inc.,
Class
A
25,463
3,028,824
Proficient
Auto
Logistics,
Inc.
(a)
480,635
3,273,124
Toro
Co.
(The)
26,863
2,616,994
41,149,232
Materials
—
10.71%
Carlisle
Companies,
Inc.
8,146
2,954,961
Installed
Building
Products,
Inc.
7,899
1,815,506
Major
Drilling
Group
International,
Inc.
(a)
193,288
2,053,761
Monarch
Cement
Co.
(The)
6,002
1,724,075
Simpson
Manufacturing
Co.,
Inc.
17,313
3,624,477
Worthington
Enterprises,
Inc.
135,267
7,271,954
19,444,734
Technology
—
6.91%
EPAM
Systems,
Inc.
(a)
23,739
1,883,690
Jack
Henry
&
Associates,
Inc.
35,048
4,827,511
SPS
Commerce,
Inc.
(a)
23,097
1,320,456
Zebra
Technologies
Corp.,
Class
A
(a)
17,127
4,508,854
12,540,511
Utilities
—
1.49%
National
Fuel
Gas
Co.
35,037
2,705,207
TOTAL COMMON
STOCKS
(Cost $150,064,289)
181,390,290
Money
Market
Funds
—
0.67%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
1,220,555
1,220,555
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,220,555)
1,220,555
Total
Investments
—
100.56%
(Cost
$151,284,844)
182,610,845
Liabilities
in
Excess
of
Other
Assets
—
(0.56)%
(1,018,269)
Net
Assets
—
100.00%
$
181,592,576
(a)
Non-income
producing
security.
(b)
Securities,
or
a
portion
thereof,
have
been
pledged
as
collateral
on
written
option
contracts.
The
total
collateral
pledged
is
$15,354,940.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
VELA
Small
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
ADR
-
American
Depositary
Receipt.
VELA
Small
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.48)%
Applied
Industrial
Technologies,
Inc.
(30)
$
(1,014,450)
$
370.00
November
2026
$
(41,700)
Bruker
Corp.
(166)
(998,988)
75.00
December
2026
(102,920)
Bruker
Corp.
(164)
(986,952)
80.00
December
2026
(82,000)
Bruker
Corp.
(164)
(986,952)
85.00
December
2026
(65,600)
Etsy,
Inc.
(109)
(821,097)
105.00
October
2026
(21,909)
Mama's
Creations,
Inc.
(271)
(483,735)
25.00
December
2026
(22,358)
Movado
Group,
Inc.
(444)
(1,745,364)
40.00
December
2026
(203,129)
Movado
Group,
Inc.
(89)
(349,859)
45.00
December
2026
(18,468)
Murphy
USA,
Inc.
(16)
(862,192)
620.00
July
2026
(2,256)
Murphy
USA,
Inc.
(53)
(2,856,011)
600.00
October
2026
(125,610)
Performance
Food
Group
Co.
(139)
(1,553,881)
110.00
September
2026
(107,030)
Performance
Food
Group
Co.
(44)
(491,876)
120.00
December
2026
(29,920)
Range
Resources
Corp.
(79)
(293,801)
55.00
December
2026
(4,148)
Valvoline,
Inc.
(199)
(786,846)
45.00
July
2026
(2,587)
Valvoline,
Inc.
(284)
(1,122,936)
45.00
October
2026
(37,630)
Total
Written
Call
Options
(Premiums
Received
$735,042)
$
(867,265)
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
93.17%
Shares
Fair
Value
Communications
—
10.09%
Alphabet,
Inc.,
Class
A
(a)
9,205
$
3,289,591
Meta
Platforms,
Inc.,
Class
A
(a)
2,608
1,469,060
Netflix,
Inc.
(b)
8,792
627,749
Walt
Disney
Co.
(The)
12,791
1,231,134
6,617,534
Consumer
Discretionary
—
14.31%
Amazon.com,
Inc.
(a)(b)
14,633
3,487,629
Booking
Holdings,
Inc.
9,369
1,669,931
Deckers
Outdoor
Corp.
(a)(b)
8,468
840,788
Domino's
Pizza,
Inc.
835
247,193
Home
Depot,
Inc.
(The)
(a)
4,178
1,473,497
NVR,
Inc.
(b)
76
517,818
TJX
Companies,
Inc.
(The)
7,578
1,148,067
9,384,923
Consumer
Staples
—
2.80%
PepsiCo,
Inc.
7,480
1,012,792
Tyson
Foods,
Inc.,
Class
A
14,339
820,908
1,833,700
Energy
—
4.97%
Baker
Hughes
Co.
(a)
31,596
1,753,578
MPLX
LP
10,288
579,523
Suncor
Energy,
Inc.
(a)
17,237
925,282
3,258,383
Financials
—
11.49%
Arch
Capital
Group
Ltd.
(b)
10,737
1,042,133
Bank
of
America
Corp.
(a)
24,795
1,412,819
Berkshire
Hathaway,
Inc.,
Class
B
(b)
3,345
1,673,805
Citigroup,
Inc.
10,991
1,538,300
KKR
&
Company,
Inc.
4,400
403,832
MetLife,
Inc.
17,333
1,466,545
7,537,434
Health
Care
—
14.00%
Abbott
Laboratories
14,001
1,270,451
AbbVie,
Inc.
2,438
613,498
Align
Technology,
Inc.
(b)
7,088
1,195,462
AstraZeneca
PLC
4,854
920,415
Axsome
Therapeutics,
Inc.
(b)
1,200
293,724
Bruker
Corp.
5,535
333,096
ICON
PLC
(b)
1,994
346,378
Ionis
Pharmaceuticals,
Inc.
(b)
2,223
176,262
Johnson
&
Johnson
7,242
1,839,251
Roivant
Sciences
Ltd.
(b)
5,849
206,996
Thermo
Fisher
Scientific,
Inc.
3,349
1,679,055
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
93.17%
-
continued
Shares
Fair
Value
Health
Care
—
14.00%
-
continued
Zoetis,
Inc.
4,287
$
308,064
9,182,652
Industrials
—
10.49%
3M
Co.
7,368
1,192,953
Applied
Industrial
Technologies,
Inc.
844
285,399
CSX
Corp.
23,599
1,121,660
Deere
&
Co.
1,531
971,159
FedEx
Corp.
2,713
849,522
Fedex
Freight
Holding
Co.,
Inc.
(b)
1,356
204,756
Kirby
Corp.
(b)
7,863
1,069,132
Lincoln
Electric
Holdings,
Inc.
4,463
1,184,971
6,879,552
Materials
—
3.78%
Carlisle
Companies,
Inc.
2,919
1,058,867
PPG
Industries,
Inc.
8,150
988,514
Sherwin-Williams
Co.
(The)
1,248
429,711
2,477,092
Technology
—
21.24%
Advanced
Micro
Devices,
Inc.
(b)
1,448
841,157
Autodesk,
Inc.
(a)(b)
5,590
1,086,808
Corpay
,
Inc.
(b)
2,168
722,529
EPAM
Systems,
Inc.
(b)
11,834
939,028
Equifax,
Inc.
5,741
911,212
Infineon
Technologies
A.G.
-
ADR
12,877
1,209,923
Jack
Henry
&
Associates,
Inc.
1,030
141,872
Mastercard,
Inc.,
Class
A
1,517
779,131
Microsoft
Corp.
(a)
7,814
2,914,778
Salesforce,
Inc.
(a)
6,655
1,042,573
ServiceNow,
Inc.
(a)(b)
9,408
934,026
Uber
Technologies,
Inc.
(a)(b)
14,229
1,026,765
Visa,
Inc.,
Class
A
(a)
4,021
1,379,565
13,929,367
TOTAL COMMON
STOCKS
(Cost $43,680,585)
61,100,637
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
CALL
OPTIONS
—
0.39%
Micron
Technology,
Inc.
9
$
1,038,861
$
1,400.00
October
2026
139,388
PayPal
Holdings,
Inc.
100
431,800
50.00
July
2026
750
Snowflake,
Inc.
10
254,500
320.00
December
2026
25,425
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
CALL
OPTIONS
—
0.39%
-
continued
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
15
$
716,355
$
500.00
December
2026
$
95,325
TOTAL
PURCHASED
CALL
OPTIONS
(Cost
244,604)
260,888
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
PUT
OPTIONS
—
2.24%
3M
Co.
80
1,295,280
120.00
July
2026
400
Align
Technology,
Inc.
40
674,640
140.00
December
2026
38,400
Alphabet,
Inc.,
Class
A
85
3,037,645
310.00
November
2026
96,900
Amazon.com,
Inc.
100
2,383,400
210.00
November
2026
93,500
Autodesk,
Inc.
30
583,260
170.00
December
2026
34,050
Axsome
Therapeutics,
Inc.
12
293,724
220.00
September
2026
10,800
Baker
Hughes
Co.,
Class
A
200
1,110,000
55.00
December
2026
99,000
Bank
of
America
Corp.
250
1,424,500
45.00
July
2026
1,125
Bank
of
America
Corp.
150
854,700
47.00
December
2026
13,800
Blue
Owl
Capital,
Inc.
2,000
1,750,000
7.00
November
2026
110,000
Booking
Holdings,
Inc.
100
1,782,400
140.00
September
2026
25,500
Citigroup,
Inc.
185
2,589,260
115.00
December
2026
63,362
CSX
Corp.
200
950,600
35.00
August
2026
200
Deckers
Outdoor
Corp.
70
695,030
90.00
December
2026
49,700
EPAM
Systems,
Inc.
70
555,450
70.00
December
2026
56,350
FedEx
Corp.
10
313,130
280.00
December
2026
12,850
FedEx
Corp.
30
939,390
320.00
September
2026
8,250
FS
KKR
Capital
Corp.
400
420,000
7.50
October
2026
7,000
iShares
Semiconductor
ETF
225
14,417,100
300.00
January
2027
172,125
Johnson
&
Johnson
70
1,777,790
200.00
July
2026
210
Meta
Platforms,
Inc.,
Class
A
22
1,239,238
500.00
November
2026
57,145
VELA
Large
Cap
Plus
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
PUT
OPTIONS
—
2.24%
-
continued
MetLife,
Inc.
150
$
1,269,150
$
80.00
January
2027
$
64,500
Microsoft
Corp.
90
3,357,180
310.00
November
2026
89,100
Palantir
Technologies,
Inc.
120
1,400,040
100.00
August
2026
39,900
Roundhill
Memory
ETF
200
1,477,000
50.00
December
2026
122,000
Salesforce,
Inc.
75
1,174,950
140.00
December
2026
84,938
ServiceNow,
Inc.
60
595,680
90.00
November
2026
60,900
Strategy,
Inc.
70
608,510
50.00
October
2026
24,850
Uber
Technologies,
Inc.
100
721,600
62.50
November
2026
31,900
TOTAL
PURCHASED
PUT
OPTIONS
(Cost
1,677,790)
1,468,755
TOTAL OPTIONS
(Cost
1,922,394)
1,729,643
Money
Market
Funds
—
9.55%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
6,261,009
6,261,009
TOTAL
MONEY
MARKET
FUNDS
(Cost
$6,261,009)
6,261,009
Total
Investments
—
105.35%
(Cost
$51,863,988)
69,091,289
Liabilities
in
Excess
of
Other
Assets
—
(5.35)%
(3,510,497)
Net
Assets
—
100.00%
$
65,580,792
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options
and
securities
sold
short.
The
fair
value
of
this
collateral
on
June
30,
2026
was
$18,859,871.
(b)
Non-income
producing
security.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
Large
Cap
Plus
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.70)%
AbbVie,
Inc.
(22)
$
(553,608)
$
220.00
November
2026
$
(83,325)
AstraZeneca
PLC
(44)
(834,328)
210.00
January
2027
(37,180)
Baker
Hughes
Co.,
Class
A
(150)
(832,500)
70.00
December
2026
(26,250)
Bank
of
America
Corp.
(124)
(706,552)
65.00
December
2026
(16,182)
Bruker
Corp.
(50)
(300,900)
75.00
December
2026
(31,000)
Carlisle
Companies,
Inc.
(15)
(544,125)
420.00
December
2026
(32,175)
Deckers
Outdoor
Corp.
(72)
(714,888)
145.00
December
2026
(13,140)
Deere
&
Co.
(15)
(951,495)
680.00
September
2026
(36,525)
FedEx
Corp.
(20)
(626,260)
400.00
December
2026
(10,850)
Kirby
Corp.
(26)
(353,522)
140.00
September
2026
(19,500)
Suncor
Energy,
Inc.
(151)
(810,568)
47.00
December
2026
(142,695)
Total
Written
Call
Options
(Premiums
Received
$395,183)
$
(448,822)
VELA
Large
Cap
Plus
Fund
Schedule
of
Securities
Sold
Short
June
30,
2026
(Unaudited)
Common
Stocks
-
Short
-
(5.83%)
Shares
Fair
Value
Consumer
Discretionary
-
(1.39%)
Burlington
Stores,
Inc.
(a)
(842)
$
(266,746)
InterContinental
Hotels
Group
PLC
-
ADR
(2,263)
(391,770)
Lowe's
Companies,
Inc.
(1,126)
(248,272)
(906,788)
Financials
-
(0.21%)
Capital
One
Financial
Corp.
(698)
(140,033)
Health
Care
-
(0.25%)
HealthEquity,
Inc.
(a)
(1,845)
(166,640)
Industrials
-
(2.35%)
Cognex
Corp.
(3,233)
(234,134)
Fastenal
Co.
(4,838)
(232,369)
GE
Vernova
,
Inc.
(276)
(324,261)
Old
Dominion
Freight
Line,
Inc.
(1,145)
(248,007)
Rockwell
Automation,
Inc.
(451)
(223,281)
Vertiv
Holdings
Co.,
Class
A
(844)
(282,588)
(1,544,640)
Technology
-
(1.49%)
Cognizant
Technology
Solutions
Corp.,
Class
A
(5,181)
(200,660)
International
Business
Machines
Corp.
(1,384)
(389,195)
Logitech
International
S.A.
(1,787)
(168,049)
Teradyne,
Inc.
(442)
(213,857)
(971,761)
Utilities
-
(0.14%)
Oklo
,
Inc.
(a)
(1,793)
(93,828)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $3,066,218)
(3,823,691)
Exchange-Traded
Funds
-
Short
-
(0.76%)
ARK
Innovation
ETF
(a)
(6,127)
(495,184)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $483,542)
(495,184)
TOTAL
SECURITIES
SOLD
SHORT
-
(6.59%)
(Proceeds
Received
$3,549,760)
$
(4,318,875)
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange
Traded
Funds.
VELA
International
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
94.00%
Shares
Fair
Value
Argentina
—
1.77%
Consumer
Discretionary
—
1.77%
Arcos
Dorados
Holdings,
Inc.,
Class
A
167,400
$
1,349,244
Total
Argentina
1,349,244
Australia
—
1.80%
Health
Care
—
1.80%
Ansell
Ltd.
62,700
1,375,975
Total
Australia
1,375,975
Austria
—
4.10%
Communications
—
1.90%
Telekom
Austria
AG
131,000
1,451,610
Industrials
—
0.65%
DO
&
Co.
AG
2,000
495,911
Materials
—
1.55%
Wienerberger
AG
46,000
1,187,899
Total
Austria
3,135,420
Belgium
—
1.57%
Financials
—
1.57%
KBC
Group
N.V.
8,800
1,201,228
Total
Belgium
1,201,228
Brazil
—
2.74%
Consumer
Staples
—
2.74%
Ambev
SA
665,000
2,094,205
Total
Brazil
2,094,205
Canada
—
5.69%
Energy
—
3.06%
Pason
Systems,
Inc.
148,800
1,293,594
Suncor
Energy,
Inc.
19,500
1,046,760
2,340,354
Materials
—
2.63%
Alamos
Gold,
Inc.,
Class
A
53,000
1,608,020
Major
Drilling
Group
International,
Inc.
(a)
37,300
396,327
2,004,347
Total
Canada
4,344,701
Denmark
—
1.29%
Industrials
—
1.29%
FLSmidth
&
Co.
A/S
13,500
989,379
Total
Denmark
989,379
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
94.00%
-
continued
Shares
Fair
Value
Faroe
Islands
—
1.65%
Consumer
Staples
—
1.65%
Bakkafrost
P/F
31,000
$
1,259,734
Total
Faroe
Islands
1,259,734
France
—
14.46%
Communications
—
2.37%
Criteo
S.A.
-
ADR
(a)
99,000
1,809,719
Consumer
Discretionary
—
2.05%
Cia
Generale
de
Etablissements
Michelin
SCA
40,600
1,567,489
Consumer
Staples
—
3.60%
Interparfums
S.A.
49,200
1,426,012
Remy
Cointreau
26,900
1,322,161
2,748,173
Energy
—
1.82%
TotalEnergies
SE
18,000
1,391,060
Industrials
—
3.10%
Edenred
63,000
1,618,556
Rexel
SA
17,100
748,730
2,367,286
Materials
—
1.52%
Foraco
International
SA
(a)
605,000
1,160,262
Total
France
11,043,989
Germany
—
7.78%
Consumer
Discretionary
—
2.45%
CTS
Eventim
AG
&
Co.
KGaA
9,800
572,077
Fielmann
AG
26,600
1,300,946
1,873,023
Industrials
—
1.68%
Duerr
AG
63,500
1,286,951
Materials
—
1.49%
Fuchs
Petrolub
SE
30,700
1,140,107
Technology
—
2.16%
Infineon
Technologies
AG
17,500
1,647,588
Total
Germany
5,947,669
Hong
Kong
—
3.97%
Consumer
Staples
—
1.65%
WH
Group
Ltd.
(b)
1,189,500
1,261,248
Industrials
—
0.82%
Johnson
Electric
Holdings
Ltd.
250,000
622,843
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
94.00%
-
continued
Shares
Fair
Value
Hong
Kong
—
3.97%
-
continued
Technology
—
1.50%
VTech
Holdings
Ltd.
174,200
$
1,145,242
Total
Hong
Kong
3,029,333
Japan
—
5.53%
Consumer
Discretionary
—
2.29%
Honda
Motor
Co.
Ltd.
73,500
662,115
KeePer
Technical
Laboratory
Co.
Ltd.
64,600
1,083,418
1,745,533
Materials
—
1.05%
Toray
Industries,
Inc.
115,000
805,588
Technology
—
2.19%
Nintendo
Co.
Ltd.
39,781
1,672,507
Total
Japan
4,223,628
Mexico
—
4.04%
Consumer
Staples
—
4.04%
BBB
Foods,
Inc.
(a)
41,600
1,733,472
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
613,000
1,353,623
3,087,095
Total
Mexico
3,087,095
Netherlands
—
4.81%
Communications
—
1.45%
Universal
Music
Group
NV
52,800
1,105,501
Financials
—
2.03%
ING
Groep
NV
49,200
1,551,531
Health
Care
—
1.33%
Argenx
SE
(a)
1,100
1,018,965
Total
Netherlands
3,675,997
Panama
—
2.34%
Industrials
—
2.34%
Copa
Holdings
S.A.,
Class
A
11,500
1,789,055
Total
Panama
1,789,055
Philippines
—
0.81%
Financials
—
0.81%
Bank
of
the
Philippine
Islands
395,000
619,903
Total
Philippines
619,903
Sweden
—
3.25%
Financials
—
2.05%
Svenska
Handelsbanken
AB,
Class
A
106,200
1,562,877
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
94.00%
-
continued
Shares
Fair
Value
Sweden
—
3.25%
-
continued
Industrials
—
1.20%
Loomis
AB
18,700
$
916,765
Total
Sweden
2,479,642
Switzerland
—
3.44%
Health
Care
—
3.44%
Roche
Holding
AG
2,500
1,027,754
Tecan
Group
AG
8,000
1,600,107
2,627,861
Total
Switzerland
2,627,861
United
Kingdom
—
21.11%
Consumer
Discretionary
—
4.36%
Associated
British
Foods
PLC
67,000
1,761,293
Coats
Group
PLC
1,515,000
1,566,341
3,327,634
Consumer
Staples
—
6.95%
Cake
Box
Holdings
PLC
320,135
828,890
Fevertree
Drinks
PLC
120,000
1,296,556
Gregg
PLC
71,000
1,507,916
Nomad
Foods
Ltd.
153,600
1,681,920
5,315,282
Financials
—
1.98%
Sabre
Insurance
Group
PLC
(b)
655,000
1,512,905
Health
Care
—
2.46%
Hikma
Pharmaceuticals
PLC
93,200
1,877,702
Industrials
—
1.29%
JET2
PLC
57,700
987,425
Materials
—
2.12%
Croda
International
PLC
40,400
1,620,236
Technology
—
1.95%
Serco
Group
PLC
512,000
1,487,608
Total
United
Kingdom
16,128,792
United
States
—
1.85%
Technology
—
1.85%
Globant
S.A.
(a)
48,900
1,415,166
Total
United
States
1,415,166
TOTAL COMMON
STOCKS
(Cost $59,706,041)
71,818,016
VELA
International
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Money
Market
Funds
-
6.09%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
4,656,072
$
4,656,072
TOTAL
MONEY
MARKET
FUNDS
(Cost
$4,656,072)
4,656,072
Total
Investments
—
100.09%
(Cost
$64,362,113)
76,474,088
Liabilities
in
Excess
of
Other
Assets
—
(0.09)%
(72,324)
Net
Assets
—
100.00%
$
76,401,764
(a)
Non-income
producing
security.
(b)
Security
was
purchased
in
a
transaction
exempt
from
registration
in
compliance
with
Rule
144A
of
the
Securities
Act
of
1933. This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers. The
total
value
of
such
securities
is
$2,774,153
as
of
June
30,
2026,
representing
3.63%
of
net
assets.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
ADR
-
American
Depositary
Receipt.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
53.05%
Shares
Fair
Value
Communications
—
2.96%
Alphabet,
Inc.,
Class
A
(a)
751
$
268,385
Comcast
Corp.,
Class
A
18,132
445,140
Walt
Disney
Co.
(The)
5,447
524,274
1,237,799
Consumer
Discretionary
—
5.29%
Copart,
Inc.
(b)
11,181
315,193
Gildan
Activewear,
Inc.
(a)
5,790
298,764
Movado
Group,
Inc.
(a)
16,754
658,600
Pool
Corp.
2,437
523,711
Vail
Resorts,
Inc.
3,036
413,351
2,209,619
Consumer
Staples
—
8.26%
Ambev
SA
210,257
662,137
Hershey
Co.
(The)
1,787
313,529
Interparfums
,
Inc.
(a)
5,398
603,820
Lamb
Weston
Holdings,
Inc.
(a)
14,462
624,469
PepsiCo,
Inc.
(a)
6,176
836,231
Tyson
Foods,
Inc.,
Class
A
(a)
7,219
413,288
3,453,474
Energy
—
2.85%
MPLX
LP
(a)
7,876
443,655
Pason
Systems,
Inc.
85,940
747,120
1,190,775
Financials
—
5.73%
Arch
Capital
Group
Ltd.
(b)
3,060
297,004
Axis
Capital
Holdings
Ltd.
2,646
284,286
Federal
Agricultural
Mortgage
Corp.,
Class
C
3,368
671,141
First
Interstate
BancSystem
,
Inc.,
Class
A
14,601
563,015
MetLife,
Inc.
6,871
581,355
2,396,801
Health
Care
—
7.43%
Abbott
Laboratories
5,969
541,627
Encompass
Health
Corp.
3,981
402,400
Hikma
Pharmaceuticals
PLC
27,250
549,006
Johnson
&
Johnson
(a)
1,642
417,019
Medtronic
PLC
7,720
603,936
Thermo
Fisher
Scientific,
Inc.
(a)
451
226,113
Zoetis,
Inc.
5,076
364,761
3,104,862
Industrials
—
8.57%
Copa
Holdings
S.A.,
Class
A
(a)
7,643
1,189,022
CSX
Corp.
(a)
10,950
520,453
Greenbrier
Companies,
Inc.
(The)
19,853
972,996
MSC
Industrial
Direct
Company,
Inc.,
Class
A
(a)
4,030
479,368
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
53.05%
-
continued
Shares
Fair
Value
Industrials
—
8.57%
-
continued
Union
Pacific
Corp.
(a)
1,546
$
420,512
3,582,351
Materials
—
2.53%
Carlisle
Companies,
Inc.
(a)
1,467
532,154
PPG
Industries,
Inc.
(a)
4,329
525,065
1,057,219
Real
Estate
—
2.59%
BXP,
Inc.
(a)
7,961
527,894
Simon
Property
Group,
Inc.
(a)
2,480
554,652
1,082,546
Technology
—
5.62%
Accenture
PLC,
Class
A
3,189
396,839
Equifax,
Inc.
1,943
308,393
Fidelity
National
Information
Services,
Inc.
9,978
387,945
Garmin
Ltd.
(a)
1,510
358,685
Microsoft
Corp.
1,083
403,981
Nintendo
Co.
Ltd.
11,762
494,508
2,350,351
Utilities
—
1.22%
National
Fuel
Gas
Co.
6,586
508,505
TOTAL COMMON
STOCKS
(Cost $20,275,653)
22,174,302
Preferred
Stocks
—
6.61%
Shares
Fair
Value
Financials
—
5.72%
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
17,351
282,821
Axis
Capital
Holdings
Ltd.,
Series
E,
5.50%
14,944
281,097
Bank
OZK,
Series
A,
4.63%
8,700
138,330
First
Busey
Corp.,
Series
B,
8.25%
15,000
387,750
Huntington
Bancshares
Inc.,
Series
J,
6.88%
9,318
233,602
KeyCorp,
Series
H,
6.20%
15,000
374,100
Merchants
Bancorp,
Series
E,
7.63%
12,437
303,090
Stifel
Financial
Corp.,
Series
B,
6.25%
2,644
59,754
WesBanco
,
Inc.,
Series
B,
7.38%
13,000
327,210
2,387,754
Technology
—
0.89%
Shift4
Payments,
Inc.,
Series
A,
6.00%
6,000
373,620
TOTAL PREFERRED
STOCKS
(Cost $2,909,292)
2,761,374
Corporate
Bonds
—
39.28%
Principal
Amount
Fair
Value
Communications
—
0.72%
Nexstar
Media,
Inc.,
6.50%,
9/15/2033
(c)
$
300,000
300,190
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Corporate
Bonds
—
39.28%-
continued
Principal
Amount
Fair
Value
Consumer
Discretionary
—
8.88%
Bath
&
Body
Works,
Inc.,
6.63%,
10/1/2030
(c)
$
350,000
$
357,269
Bloomin'
Brands,
Inc.
/
OSI
Restaurant
Partners
LLC,
5.13%,
4/15/2029
(c)
300,000
286,053
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/2029
(c)
451,000
446,511
Garrett
Motion
Holdings,
Inc.,
7.75%,
5/31/2032
(c)
450,000
472,798
Macy's
Retail
Holdings
LLC,
7.38%,
8/1/2033
(c)
400,000
420,467
Nissan
Motor
Co.,
Ltd.,
7.50%,
7/17/2030
(c)
350,000
361,051
Six
Flags
Entertainment
Corp.,
7.25%,
5/15/2031
(c)
350,000
348,223
Under
Armour
,
Inc.,
7.25%,
7/15/2030
(c)
400,000
404,011
William
Carter
Co.
(The),
7.38%,
2/15/2031
(c)
450,000
465,487
Winnebago
Industries,
Inc.,
6.25%,
7/15/2028
(c)
148,000
148,688
3,710,558
Consumer
Staples
—
1.33%
Flowers
Foods,
Inc.,
2.40%,
3/15/2031
250,000
217,127
Simmons
Foods,
Inc.,
4.63%,
3/1/2029
(c)
350,000
338,325
555,452
Energy
—
2.45%
Devon
Energy
Corp.,
4.38%,
3/15/2029
(c)
368,000
365,221
Saturn
Oil
&
Gas,
Inc.,
9.63%,
6/15/2029
(c)
329,000
343,895
SM
Energy
Co.,
8.63%,
11/1/2030
(c)
300,000
315,095
1,024,211
Financials
—
12.23%
Ally
Financial,
Inc.,
7.10%,
8/15/2174
(d)(e)
350,000
354,855
Antares
Holdings
LP,
6.35%,
10/23/2029
(c)
400,000
398,949
Bank
OZK,
2.75%,
10/1/2031
(TSFR3M
+
209bps)
(d)
250,000
247,625
Citigroup,
Inc.,
7.13%,
12/31/2049
(d)(e)
319,000
326,526
Constellation
Insurance,
Inc.,
6.80%,
1/24/2030
(c)
450,000
451,029
Cullen/Frost
Capital
Trust
II,
5.47%,
3/1/2034
(TSFR3M
+181bps)
(d)
310,000
289,236
First
Citizens
BancShares
,
Inc./NC,
7.00%,
12/15/2080
(d)(e)
450,000
455,026
First
National
of
Nebraska,
Inc.,
7.25%,
6/15/2035
(c)(d)
400,000
413,974
Oaktree
Strategic
Credit
Fund,
6.19%,
7/15/2030
450,000
448,175
PNC
Financial
Services
Group,
Inc.,
3.40%,
12/31/2049
(H15T5Y
+
260bps)
(d)(e)
300,000
299,950
State
Street
Corp.,
6.45%,
9/5/2080
(H15T5Y
+
214bps)
(d)(e)
350,000
358,095
StoneX
Group,
Inc.,
7.88%,
3/1/2031
(c)
350,000
367,698
Trustmark
Corp.,
6.00%,
12/1/2035
(d)
350,000
347,381
Walker
&
Dunlop,
Inc.,
6.63%,
4/1/2033
(c)
350,000
355,827
5,114,346
Health
Care
—
2.17%
Centene
Corp.,
4.63%,
12/15/2029
250,000
243,581
Encompass
Health
Corp.,
5.88%,
6/1/2034
(c)
250,000
249,534
Sotera
Health
Holdings
LLC,
7.38%,
6/1/2031
(c)
400,000
414,254
907,369
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Corporate
Bonds
—
39.28%-
continued
Principal
Amount
Fair
Value
Industrials
—
6.56%
Alaska
Air
Group,
Inc.,
6.50%,
6/1/2031
(c)
$
400,000
$
402,907
Allegiant
Travel
Co.,
7.13%,
7/1/2031
(c)
300,000
303,889
Atkore,
Inc.,
4.25%,
6/1/2031
(c)
250,000
239,492
Cimpress
PLC,
7.38%,
9/15/2032
(c)
300,000
303,378
Spirit
Airlines
Pass
Through
Trust
2017-1A,
3.65%,
2/15/2030
172,841
156,220
Stanley
Black
&
Decker,
Inc.,
6.71%,
3/15/2060
(H15T5Y
+
266bps)
(d)
450,000
448,200
Wabash
National
Corp.,
4.50%,
10/15/2028
(c)
450,000
418,357
Worthington
Industries,
Inc.,
4.30%,
8/1/2032
210,000
189,257
XPO
CNW,
Inc.,
6.70%,
5/1/2034
265,000
279,992
2,741,692
Materials
—
1.08%
Cleveland-Cliffs,
Inc.,
6.88%,
11/1/2029
(c)
450,000
454,259
Real
Estate
—
0.83%
Iron
Mountain,
Inc.,
5.63%,
7/15/2032
(c)
350,000
346,182
Technology
—
1.55%
Fair
Isaac
Corp.,
6.25%,
9/15/2034
(c)
400,000
394,248
Gen
Digital,
Inc.,
7.13%,
9/30/2030
(c)
250,000
254,458
648,706
Utilities
—
1.48%
American
Electric
Power
Company,
Inc.,
7.05%,
12/15/2054
(H15T5Y
+
275bps)
(d)
350,000
365,067
AmeriGas
Partners
LP,
6.88%,
6/1/2031
(c)
250,000
253,274
618,341
TOTAL
CORPORATE
BONDS
(Cost $16,131,077)
16,421,306
Money
Market
Funds
—
1.52%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(f)
635,045
635,045
TOTAL
MONEY
MARKET
FUNDS
(Cost
$635,045)
635,045
Total
Investments
—
100.46%
(Cost
$39,951,067)
41,992,027
Liabilities
in
Excess
of
Other
Assets
—
(0.46)%
(192,470)
Net
Assets
—
100.00%
$
41,799,557
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options
and
securities
sold
short.
The
fair
value
of
this
collateral
on
June
30,
2026
was
$4,838,772.
(b)
Non-income
producing
security.
(c)
Security
was
purchased
in
a
transaction
exempt
from
registration
in
compliance
with
Rule
144A
of
the
Securities
Act
of
1933. This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers. The
total
value
of
such
securities
is
$11,394,993
as
of
June
30,
2026,
representing
27.27%
of
net
assets.
VELA
Income
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
(d)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
June
30,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(e)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(f)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
VELA
Income
Opportunities
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.45)%
Alphabet,
Inc.,
Class
A
(6)
$
(214,422)
$
340.00
August
2026
$
(18,614)
BXP,
Inc.
(40)
(265,240)
75.00
October
2026
(6,200)
Carlisle
Companies,
Inc.
(5)
(181,375)
480.00
December
2026
(4,750)
Copa
Holdings
S.A.,
Class
A
(15)
(233,355)
170.00
November
2026
(15,075)
Copa
Holdings
S.A.,
Class
A
(23)
(357,811)
180.00
November
2026
(16,560)
CSX
Corp.
(50)
(237,650)
50.00
September
2026
(6,625)
CSX
Corp.
(36)
(171,108)
52.50
November
2026
(5,130)
Garmin
Ltd.
(10)
(237,540)
270.00
October
2026
(5,250)
Gildan
Activewear,
Inc.
(45)
(232,200)
65.00
December
2026
(10,463)
Interparfums
,
Inc.
(27)
(302,022)
120.00
November
2026
(14,310)
Johnson
&
Johnson
(7)
(177,779)
250.00
September
2026
(10,273)
Lamb
Weston
Holdings,
Inc.
(36)
(155,448)
57.50
October
2026
(2,340)
Movado
Group,
Inc.
(34)
(133,654)
40.00
December
2026
(15,555)
Movado
Group,
Inc.
(68)
(267,308)
45.00
December
2026
(14,110)
MPLX
LP
(20)
(112,660)
60.00
December
2026
(2,650)
MSC
Industrial
Direct
Company,
Inc.
(26)
(309,270)
135.00
December
2026
(13,780)
PepsiCo,
Inc.
(12)
(162,480)
170.00
July
2026
(462)
PPG
Industries,
Inc.
(28)
(339,612)
145.00
November
2026
(6,860)
Simon
Property
Group,
Inc.
(7)
(156,555)
220.00
December
2026
(12,145)
Thermo
Fisher
Scientific,
Inc.
(3)
(150,408)
590.00
September
2026
(2,715)
Tyson
Foods,
Inc.,
Class
A
(39)
(223,275)
70.00
July
2026
(39)
Union
Pacific
Corp.
(8)
(217,600)
300.00
September
2026
(3,520)
Total
Written
Call
Options
(Premiums
Received
$167,448)
$
(187,426)
VELA
Short
Duration
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Asset
Backed
Securities
—
3.19%
Principal
Amount
Fair
Value
BMW
Vehicle
Owner
Trust
2024-A,
5.18%,
2/26/2029
$
155,214
$
156,031
CarVal
CLO
VII-C
Ltd.
2023-1A,
5.12%,
7/20/2037
(a)(b)
250,000
250,224
Ford
Credit
Auto
Owner
Trust
2024-C,
4.07%,
7/15/2029
250,000
249,702
GM
Financial
Consumer
Automobile
Receivables
2024-1,
4.85%,
12/18/2028
124,378
124,740
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
5.20%,
4/15/2037
(a)(b)
250,000
250,029
VFI
ABS
2025-1A
LLC,
4.78%,
6/24/2030
(a)
459,905
460,490
TOTAL
ASSET
BACKED
SECURITIES
(Cost $1,490,024)
1,491,216
Collateralized
Mortgage
Obligations
—
4.00%
Principal
Amount
Fair
Value
Fannie
Mae
REMIC
Pass-Through
Certificates,
Series
2013-89,
3.50%,
2/25/2043
204,366
196,865
Fannie
Mae
REMIC
Pass-Through
Certificates,
Series
2024-97,
5.50%,
12/25/2050
129,392
129,565
Fannie
Mae
REMIC
Pass-Through
Certificates,
Series
2025-58,
5.00%,
9/25/2051
257,181
256,071
Fannie
Mae
REMIC
Pass-Through
Certificates,
Series
2025-94,
5.50%,
5/25/2051
260,488
260,676
Freddie
Mac
REMIC
Pass-Through
Certificates,
Series
5547,
5.00%,
2/25/2052
236,958
234,194
Government
National
Mortgage
Association
Guaranteed
REMIC
Pass
Through
Certificates,
Series
2025-155,
4.50%,
5/20/2051
375,412
372,431
Government
National
Mortgage
Association
Guaranteed
REMIC
Pass
Through
Certificates,
Series
2024-76,
6.00%,
12/20/2049
15,813
15,791
Government
National
Mortgage
Association
Guaranteed
REMIC
Pass
Through
Certificates,
Series
2024-197,
5.00%,
11/20/2035
402,745
401,045
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost $1,876,176)
1,866,638
Corporate
Bonds
—
61.20%
Principal
Amount
Fair
Value
Communications
—
2.77%
Interpublic
Group
of
Companies,
Inc.
(The),
4.65%,
10/1/2028
460,000
443,718
Paramount
Skydance
Corp.,
3.70%,
10/4/2026
500,000
497,560
XPO,
Inc.,
6.25%,
6/1/2028
(a)
350,000
354,003
1,295,281
Consumer
Discretionary
—
11.74%
Carnival
Corp.,
7.88%,
6/1/2027
350,000
359,537
Ford
Motor
Credit
Co.
LLC,
5.80%,
3/8/2029
450,000
454,208
General
Motors
Financial
Co,
Inc.,
4.97%,
5/8/2027
(O/N
SOFR
+
135bps)
(b)
400,000
402,091
Group
1
Automotive,
Inc.,
4.00%,
8/15/2028
(a)
300,000
292,319
Hyundai
Capital
America,
5.12%,
1/8/2027
(O/N
SOFR
+
150bps)
(a)(b)
250,000
251,170
Hyundai
Capital
America,
4.61%,
3/25/2027
(O/N
SOFR
+99bps)
(a)(b)
150,000
150,471
M/I
Homes,
Inc.,
4.95%,
2/1/2028
300,000
299,355
Mattel,
Inc.,
5.88%,
12/15/2027
(a)
450,000
450,181
Nissan
Motor
Acceptance
Co.
LLC,
6.95%,
9/15/2026
(a)
350,000
351,670
VELA
Short
Duration
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Corporate
Bonds
—
61.20%-
continued
Principal
Amount
Fair
Value
Consumer
Discretionary
—
11.74%
-
continued
Nordstrom,
Inc.,
4.00%,
3/15/2027
$
300,000
$
298,495
Polaris,
Inc.,
6.95%,
3/15/2029
275,000
288,543
Royal
Caribbean
Group,
6.25%,
3/15/2032
(a)
500,000
511,398
Stellantis
Financial
Services
US
Corp.,
5.31%,
9/15/2028
(O/N
SOFR
+
169bps)
(a)(b)
450,000
452,114
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/2029
(a)
504,000
504,183
Volkswagen
Group
of
America
Finance
LLC,
4.90%,
8/14/2026
(a)
250,000
250,126
Winnebago
Industries,
Inc.,
6.25%,
7/15/2028
(a)
165,000
165,767
5,481,628
Consumer
Staples
—
3.94%
Bacardi
Ltd
/
Bacardi-Martini
BV,
5.25%,
1/15/2029
(a)
350,000
352,948
Conagra
Brands,
Inc.,
5.00%,
8/1/2030
450,000
450,147
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.,
4.75%,
1/15/2029
(a)
350,000
340,443
Flowers
Foods,
Inc.,
2.40%,
3/15/2031
400,000
347,404
Smithfield
Foods,
Inc.,
4.25%,
2/1/2027
(a)
350,000
349,212
1,840,154
Energy
—
5.19%
Antero
Midstream
Corp.,
5.38%,
6/15/2029
(a)
400,000
398,933
Aris
Water
Holdings
LLC,
7.25%,
4/1/2030
(a)
350,000
367,193
Colonial
Pipeline
Co.,
8.38%,
11/1/2030
(a)
350,000
386,057
Devon
Energy
Corp.,
4.38%,
3/15/2029
(a)
380,000
377,131
SM
Energy
Co.,
8.38%,
7/1/2028
(a)
200,000
204,776
Sunoco
LP
/
Sunoco
Finance
Corp.,
7.00%,
9/15/2028
(a)
300,000
306,132
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
8/15/2029
(a)
400,000
381,729
2,421,951
Financials
—
21.89%
Ally
Financial,
Inc.,
8.00%,
11/1/2031
400,000
445,963
American
Express
Co.,
4.88%,
4/25/2029
(O/N
SOFR
+
126bps)
(b)
300,000
303,097
Antares
Holdings
LP,
6.35%,
10/23/2029
(a)
450,000
448,818
Ares
Capital
Corp.,
5.95%,
7/15/2029
350,000
353,779
Ares
Finance
Co.
III
LLC,
4.13%,
6/30/2051
(H15T5Y
+
324bps)
(a)(b)
375,000
375,697
Assured
Guaranty
US
Holdings,
Inc.,
6.31%,
12/15/2066
(TSFR3M
+
264bps)
(b)
439,000
385,272
Bank
of
America
Corp.,
4.97%,
9/15/2027
(O/N
SOFR
+
135bps)
(b)
150,000
150,329
Bank
OZK,
2.75%,
10/1/2031
(TSFR3M
+
209bps)
(b)
250,000
247,625
Cantor
Fitzgerald
LP,
7.20%,
12/12/2028
(a)
500,000
519,378
Citadel
Finance
LLC,
4.75%,
2/14/2029
(a)
450,000
443,250
Citigroup,
Inc.,
6.88%,
8/15/2080
(b)(c)
314,000
321,593
Constellation
Insurance,
Inc.,
6.80%,
1/24/2030
(a)
438,000
439,002
Discover
Bank,
5.37%,
8/9/2028
(USD
SWAP
SEMI
30/360
5YR
+
2bps)
(O/N
USIS
+
173bps)
(b)
250,000
254,986
Essent
Group,
Ltd.,
6.25%,
7/1/2029
500,000
515,852
First
National
of
Nebraska,
Inc.,
7.25%,
6/15/2035
(a)(b)
350,000
362,228
Goldman
Sachs
Group,
Inc.
(The),
5.00%,
12/31/2029
300,000
299,111
Huntington
Bancshares,
Inc.,
4.45%,
3/15/2168
(b)(c)
350,000
345,963
VELA
Short
Duration
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Corporate
Bonds
—
61.20%-
continued
Principal
Amount
Fair
Value
Financials
—
21.89%
-
continued
JPMorgan
Chase
&
Co.,
4.80%,
2/24/2028
(O/N
SOFR
+
118bps)
(b)
$
300,000
$
301,308
KeyCorp
Capital,
4.69%,
7/1/2028
(TSFR3M
+
100bps)
(b)
400,000
394,252
M&T
Bank
Corp.,
3.50%,
3/1/2172
(b)(c)
400,000
398,482
MGIC
Investment
Corp.,
5.25%,
8/15/2028
475,000
474,696
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/2028
450,000
472,083
PNC
Financial
Services
Group,
Inc.,
3.40%,
12/31/2049
(H15T5Y
+
260bps)
(b)(c)
250,000
249,958
Prudential
Financial,
Inc.,
5.70%,
9/15/2048
(US0003M
+
267bps)
(b)
391,000
391,915
Radian
Group,
Inc.,
6.20%,
5/15/2029
400,000
413,229
Trustmark
Corp.,
6.00%,
12/1/2035
(b)
418,000
414,872
US
Bancorp,
3.70%,
1/15/2077
(H15T5Y
+
254bps)
(b)(c)
250,000
248,519
Wells
Fargo
&
Co.,
6.13%,
6/15/2080
(b)(c)
250,000
253,067
10,224,324
Health
Care
—
3.06%
Bayer
US
Finance
II
LLC,
4.38%,
12/15/2028
(a)
350,000
346,429
Centene
Corp.,
2.45%,
7/15/2028
350,000
332,937
CVS
Pass
Through
Trust,
6.04%,
12/10/2028
478,934
480,636
Prime
Healthcare
Foundation,
Inc.,
7.00%,
12/1/2027
260,000
267,794
1,427,796
Industrials
—
5.74%
American
Airlines
Pass
Through
Trust,
Series
2021-1,
3.95%,
7/11/2030
497,995
477,130
Brink's
Co.
(The),
6.50%,
6/15/2029
(a)
300,000
306,194
British
Airways
Pass
Through
Trust
2019-1
Class
A,
3.35%,
6/15/2029
(a)
397,667
386,223
JetBlue
2020-1
Class
A
Pass
Through
Trust,
4.00%,
11/15/2032
439,106
417,337
Stanley
Black
&
Decker,
Inc.,
6.71%,
3/15/2060
(H15T5Y
+
266bps)
(b)
350,000
348,600
United
Airlines
Pass
Through
Trust,
Series
2016-2,
3.10%,
4/7/2030
406,563
390,567
United
Rentals
North
America,
Inc.,
6.00%,
12/15/2029
(a)
350,000
355,948
2,681,999
Materials
—
1.88%
ATI,
Inc.,
5.88%,
12/1/2027
450,000
451,204
Louisiana-Pacific
Corp.,
3.63%,
3/15/2029
(a)
450,000
429,071
880,275
Real
Estate
—
2.89%
Boston
Properties
LP,
2.75%,
10/1/2026
100,000
99,681
Global
Net
Lease,
Inc.,
4.50%,
9/30/2028
(a)
450,000
438,818
Greystar
Real
Estate
Partners
LLC,
7.75%,
9/1/2030
(a)
424,000
442,511
Newmark
Group,
Inc.,
7.50%,
1/12/2029
350,000
366,858
1,347,868
Technology
—
1.00%
Global
Payments,
Inc.,
2.90%,
5/15/2030
336,000
308,695
Oracle
Corp.,
6.15%,
11/9/2029
152,000
156,768
465,463
VELA
Short
Duration
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Corporate
Bonds
—
61.20%-
continued
Principal
Amount
Fair
Value
Utilities
—
1.10%
American
Electric
Power
Company,
Inc.,
7.05%,
12/15/2054
(H15T5Y
+
275bps)
(b)
$
350,000
$
365,067
Elm
Road
Generating
Station
Supercritical
LLC,
5.21%,
2/11/2030
(a)
149,173
149,036
514,103
TOTAL
CORPORATE
BONDS
(Cost $28,544,028)
28,580,842
U.S.
Government
&
Agencies
—
27.94%
Principal
Amount
Fair
Value
United
States
Treasury
Note,
4.38%,
7/31/2026
250,000
250,128
United
States
Treasury
Note,
3.75%,
8/31/2026
350,000
349,987
United
States
Treasury
Note,
4.63%,
10/15/2026
400,000
400,959
United
States
Treasury
Note,
4.38%,
12/15/2026
450,000
451,097
United
States
Treasury
Note,
4.00%,
1/15/2027
450,000
450,054
United
States
Treasury
Note,
4.13%,
2/15/2027
450,000
450,289
United
States
Treasury
Note,
4.25%,
3/15/2027
450,000
450,769
United
States
Treasury
Note,
2.75%,
4/30/2027
450,000
445,193
United
States
Treasury
Note,
4.63%,
6/15/2027
400,000
401,990
United
States
Treasury
Note,
4.38%,
7/15/2027
400,000
401,067
United
States
Treasury
Note,
3.75%,
8/15/2027
400,000
398,359
United
States
Treasury
Note,
3.88%,
10/15/2027
450,000
448,497
United
States
Treasury
Note,
3.88%,
11/30/2027
400,000
398,531
United
States
Treasury
Note,
3.88%,
3/15/2028
300,000
298,664
United
States
Treasury
Note,
4.00%,
6/30/2028
300,000
299,180
United
States
Treasury
Note,
4.88%,
10/31/2028
300,000
304,734
United
States
Treasury
Note,
4.00%,
1/31/2029
350,000
348,619
United
States
Treasury
Note,
4.13%,
3/31/2029
300,000
299,807
United
States
Treasury
Note,
4.63%,
4/30/2029
300,000
303,715
United
States
Treasury
Note,
4.50%,
5/31/2029
300,000
302,842
United
States
Treasury
Note/Bond,
3.50%,
9/30/2026
350,000
349,707
United
States
Treasury
Note/Bond,
4.63%,
11/15/2026
450,000
451,186
United
States
Treasury
Note/Bond,
4.50%,
5/15/2027
450,000
451,537
United
States
Treasury
Note/Bond,
3.38%,
9/15/2027
450,000
446,027
United
States
Treasury
Note/Bond,
4.00%,
12/15/2027
400,000
399,188
United
States
Treasury
Note/Bond,
4.25%,
1/15/2028
350,000
350,479
United
States
Treasury
Note/Bond,
4.00%,
2/29/2028
300,000
299,297
United
States
Treasury
Note/Bond,
3.75%,
4/15/2028
300,000
297,949
United
States
Treasury
Note/Bond,
3.63%,
5/31/2028
300,000
297,152
United
States
Treasury
Note/Bond,
4.13%,
7/31/2028
300,000
299,877
United
States
Treasury
Note/Bond,
4.38%,
8/31/2028
300,000
301,377
United
States
Treasury
Note/Bond,
4.63%,
9/30/2028
300,000
303,012
United
States
Treasury
Note/Bond,
4.38%,
11/30/2028
350,000
351,764
United
States
Treasury
Note/Bond,
3.75%,
12/31/2028
350,000
346,664
United
States
Treasury
Note/Bond,
4.25%,
2/28/2029
350,000
350,848
United
States
Treasury
Note/Bond,
4.25%,
6/30/2029
300,000
300,838
VELA
Short
Duration
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
U.S.
Government
&
Agencies
—
27.94%-
continued
Principal
Amount
Fair
Value
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $13,117,530)
$
13,051,383
Money
Market
Funds
—
2.90%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(d)
1,353,762
1,353,762
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,353,762)
1,353,762
Total
Investments
—
99.23%
(Cost
$46,381,520)
46,343,841
Other
Assets
in
Excess
of
Liabilities
—
0.77%
357,904
Net
Assets
—
100.00%
$
46,701,745
(a)
Security
was
purchased
in
a
transaction
exempt
from
registration
in
compliance
with
Rule
144A
of
the
Securities
Act
of
1933. This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers. The
total
value
of
such
securities
is
$13,601,302
as
of
June
30,
2026,
representing
29.14%
of
net
assets.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
June
30,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(c)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
VELA
Small
Mid
Cap
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
99.99%
Shares
Fair
Value
Communications
—
3.44%
Criteo
S.A.
-
ADR
(a)
16,461
$
300,907
Consumer
Discretionary
—
16.61%
Atlanta
Braves
Holdings,
Inc.,
Class
C
(a)
4,511
234,121
BRP,
Inc.
1,596
97,388
Copart,
Inc.
(a)
6,426
181,149
Deckers
Outdoor
Corp.
(a)
1,215
120,637
Domino's
Pizza,
Inc.
262
77,563
Etsy,
Inc.
(a)
1,607
121,055
Gildan
Activewear,
Inc.
3,231
166,720
Pool
Corp.
949
203,940
Vail
Resorts,
Inc.
696
94,760
Valvoline,
Inc.
(a)(b)
3,978
157,290
1,454,623
Consumer
Staples
—
5.07%
Coca-Cola
Consolidated,
Inc.
283
54,030
Interparfums
,
Inc.
1,703
190,497
Lamb
Weston
Holdings,
Inc.
2,998
129,454
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
911
70,038
444,019
Energy
—
6.06%
Antero
Resources
Corp.
(a)
5,657
198,787
Murphy
USA,
Inc.
(b)
369
198,843
Tidewater,
Inc.
(a)(b)
1,997
133,060
530,690
Financials
—
9.36%
Arch
Capital
Group
Ltd.
(a)
2,365
229,547
Assured
Guaranty
Ltd.
899
72,064
Brown
&
Brown,
Inc.
2,196
140,873
Essent
Group
Ltd.
1,841
118,340
Federal
Agricultural
Mortgage
Corp.,
Class
C
660
131,518
Houlihan
Lokey,
Inc.
952
127,692
820,034
Health
Care
—
10.34%
Align
Technology,
Inc.
(a)
567
95,630
Bruker
Corp.
(b)
2,535
152,557
Encompass
Health
Corp.
1,934
195,489
Globus
Medical,
Inc.,
Class
A
(a)
1,313
103,740
ICON
PLC
(a)
398
69,136
PROCEPT
BioRobotics
Corp.
(a)
4,172
94,204
Supernus
Pharmaceuticals,
Inc.
(a)
2,891
134,460
Zoetis,
Inc.
837
60,147
905,363
Industrials
—
19.13%
Applied
Industrial
Technologies,
Inc.
128
43,283
VELA
Small
Mid
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
99.99%
-
continued
Shares
Fair
Value
Industrials
—
19.13%
-
continued
Cactus,
Inc.,
Class
A
3,700
$
189,551
Copa
Holdings
S.A.,
Class
A
853
132,701
Greenbrier
Companies,
Inc.
(The)
2,988
146,442
Hub
Group,
Inc.,
Class
A
6,377
279,249
Kirby
Corp.
(a)
2,169
294,919
Limbach
Holdings,
Inc.
(a)
1,673
128,821
Lincoln
Electric
Holdings,
Inc.
797
211,611
MSC
Industrial
Direct
Company,
Inc.,
Class
A
782
93,019
Toro
Co.
(The)
1,592
155,093
1,674,689
Materials
—
13.20%
Avery
Dennison
Corp.
420
68,187
Carlisle
Companies,
Inc.
764
277,141
Crown
Holdings,
Inc.
853
95,382
PPG
Industries,
Inc.
1,071
129,902
RPM
International,
Inc.
881
97,923
Simpson
Manufacturing
Co.,
Inc.
691
144,661
Worthington
Enterprises,
Inc.
6,366
342,236
1,155,432
Technology
—
15.32%
Corpay
,
Inc.
(a)
414
137,974
EPAM
Systems,
Inc.
(a)
1,289
102,282
Equifax,
Inc.
1,282
203,479
Fidelity
National
Information
Services,
Inc.
2,561
99,572
Jack
Henry
&
Associates,
Inc.
1,405
193,525
Shift4
Payments,
Inc.,
Class
A
(a)
2,401
116,784
SPS
Commerce,
Inc.
(a)
1,361
77,808
Verisk
Analytics,
Inc.
489
87,790
Wix.com
Ltd.
(a)
1,734
78,672
Zebra
Technologies
Corp.,
Class
A
(a)
924
243,253
1,341,139
Utilities
—
1.46%
National
Fuel
Gas
Co.
1,658
128,014
TOTAL COMMON
STOCKS
(Cost $8,786,565)
8,754,910
Money
Market
Funds
—
0.21%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
18,818
18,818
TOTAL
MONEY
MARKET
FUNDS
(Cost
$18,818)
18,818
Total
Investments
—
100.20%
(Cost
$8,805,383)
8,773,728
Liabilities
in
Excess
of
Other
Assets
—
(0.20)%
(17,836)
Net
Assets
—
100.00%
$
8,755,892
VELA
Small
Mid
Cap
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options
and
securities
sold
short.
The
fair
value
of
this
collateral
on
June
30,
2026
was
$310,439.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
VELA
Small
Mid
Cap
Fund
Schedule
of
Open
Written
Option
Contracts
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.17)%
Bruker
Corp.
(8)
$
(48,144)
$
75.00
December
2026
$
(4,960)
Bruker
Corp.
(7)
(42,126)
80.00
December
2026
(3,500)
Murphy
USA,
Inc.
(2)
(107,774)
600.00
October
2026
(4,740)
Tidewater,
Inc.
(5)
(33,315)
115.00
July
2026
(5)
Valvoline,
Inc.
(9)
(35,586)
45.00
July
2026
(117)
Valvoline,
Inc.
(11)
(43,494)
45.00
October
2026
(1,458)
Total
Written
Call
Options
(Premiums
Received
$14,782)
$
(14,780)