# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001580642-25-003617
**Filing Date:** 2025-6
**Character Count:** 200277
**Document Hash:** 4d5233e19bd38c4a86cf3edc5aa8d314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003617.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003617

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VELA Funds
- **CENTRAL INDEX KEY:** 0001815493

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 251035177

**BUSINESS ADDRESS:**
- **STREET 1:** 220 MARKET STREET
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054
- **BUSINESS PHONE:** 614-653-2178

**MAIL ADDRESS:**
- **STREET 1:** 220 MARKET STREET
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054

## Series and Classes Contracts Data

### VELA International Fund (Series ID: S000069562)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221919 | Class I      |  |
| C000221920 | Class A      |  |

### VELA Large Cap Plus Fund (Series ID: S000069563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221921 | Class I      |  |
| C000221922 | Class A      |  |

### VELA Small Cap Fund (Series ID: S000069564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221923 | Class I      |  |
| C000221924 | Class A      |  |

### VELA Income Opportunities Fund (Series ID: S000075683)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000234952 | VELA Income Opportunities Fund Class A |  |
| C000234953 | VELA Income Opportunities Fund Class I |  |

### VELA Short Duration Fund (Series ID: S000083352)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246925 | VELA Short Duration Fund - Class A |  |
| C000246926 | VELA Short Duration Fund - Class I |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-23585</u>

**VELA Funds**

(Exact name of registrant as specified in charter)

220 Market Street, Suite 208

New Albany, OH 43054

(Address of principal executive offices)

(Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

New Castle County

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Peter Schwartz, Esq.

Davis Graham & Stubbs LLP

1550 17<sup>th</sup> Street, Suite 500

Denver, CO 80202

and

Jesse D. Hallee

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Registrant's telephone number, including area code: <u>614-653-8352</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) # VELA Income Opportunities Fund

# Class A (VIOAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i0b516991b3585185a509b3a8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the past twelve months, the Income Opportunities Fund - Class A (the "Fund") returned 16.47% compared to 35.19% for the Russell 3000 Index and 22.96% for the Fund's additional benchmark, a 50/50 blend between the Russell 3000 Index and the Bloomberg US Aggregate Index.

During the fiscal year, equity markets continued to benefit from strength in growth and technology stocks. Long-term interest rates remain elevated, but cooling inflation over the past two quarters culminated in the U.S. Federal Reserve's Chairman Jay Powell announcing a 50-basis point cut to the Fed Funds rate following the Fed's September meeting, signaling a change in monetary policy<sup>1</sup>.

While we cannot predict what will happen to inflation or interest rates over the next five years, exiting the period we continue to believe the opportunity set in fixed income is more robust than it has been in some time and seek to continue to add opportunistically to our corporate bond holdings during the period.

We believe the Fund's mix of securities at period end sets the Fund up well to provide investors a competitive current yield and long-term price appreciation for an overall attractive risk-adjusted return.

The Fund ended the fiscal year with 100 holdings, including 38 common stocks, 51 corporate bonds, 3 US Treasuries, 7 preferred stocks, and 1 money market fund. Furthermore, the Fund had 28 outstanding call options written against certain of its underlying equity holdings. Based on the dollar value of our holdings, this equates to approximately 54% in common equities, 39.5% in fixed income, 4.5% in preferred equity and a little more than 2% in cash.

<sup>1</sup> Source: Federal Reserve

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i0a4749e3e2e5b02f581621e9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VELA Income Opportunities Fund - Class A** | **VELA Income Opportunities Fund - Class A - with load** | **50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **03/31/22** | $10000 | $9497 | $10000 | $10000 |
| **03/31/23** | $9049 | $8594 | $9363 | $9142 |
| **03/31/24** | $10169 | $9657 | $10756 | $11820 |
| **03/31/25** | $10403 | $9879 | $11422 | $12673 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class A | 2.30% | 1.33% |
| With Load\* | -2.83% | -0.40% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 6.19% | 4.28% |
| Russell 3000<sup>®</sup> Index | 7.22% | 8.22% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$32,284,186

* Number of Portfolio Holdings126

* Advisory Fee $80,167

* Portfolio Turnover21%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Johnson & Johnson | 2.7% |
| Sysco Corp. | 2.7% |
| Greenbrier Companies, Inc. (The) | 2.6% |
| Medtronic PLC | 2.5% |
| Suncor Energy, Inc. | 2.0% |
| Flowers Foods, Inc. | 1.9% |
| Copa Holdings, S.A. - Class A | 1.9% |
| PepsiCo, Inc. | 1.8% |
| MPLX LP | 1.8% |
| Fidelity National Information Services, Inc. | 1.8% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2db54717e3a8be1523fb4dc3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| U.S. Treasury Obligations | 0.9% |
| Utilities | 1.1% |
| Money Market Funds | 1.8% |
| Materials | 2.0% |
| Real Estate | 2.5% |
| Communications | 3.2% |
| Technology | 4.6% |
| Energy | 7.6% |
| Health Care | 9.4% |
| Consumer Staples | 9.8% |
| Consumer Discretionary | 15.9% |
| Industrials | 18.9% |
| Financials | 21.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Income Opportunities Fund - Class A (VIOAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i0b516991b3585185a509b3a8.jpg)

TSR-SAR 033125-VIOAX

# VELA Income Opportunities Fund

# Class I (VIOIX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](icacf2bab502130665b1f7276.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.86% |

---

## How did the Fund perform during the reporting period?
For the past twelve months, the Income Opportunities Fund - Class I (the "Fund") returned 16.76% compared to 35.19% for the Russell 3000 Index and 22.96% for the Fund's additional benchmark, a 50/50 blend between the Russell 3000 Index and the Bloomberg US Aggregate Index.

During the fiscal year, equity markets continued to benefit from strength in growth and technology stocks. Long-term interest rates remain elevated, but cooling inflation over the past two quarters culminated in the U.S. Federal Reserve's Chairman Jay Powell announcing a 50-basis point cut to the Fed Funds rate following the Fed's September meeting, signaling a change in monetary policy<sup>1</sup>.

While we cannot predict what will happen to inflation or interest rates over the next five years, exiting the period we continue to believe the opportunity set in fixed income is more robust than it has been in some time and seek to continue to add opportunistically to our corporate bond holdings during the period.

We believe the Fund's mix of securities at period end sets the Fund up well to provide investors a competitive current yield and long-term price appreciation for an overall attractive risk-adjusted return.

The Fund ended the fiscal year with 100 holdings, including 38 common stocks, 51 corporate bonds, 3 US Treasuries, 7 preferred stocks, and 1 money market fund. Furthermore, the Fund had 28 outstanding call options written against certain of its underlying equity holdings. Based on the dollar value of our holdings, this equates to approximately 54% in common equities, 39.5% in fixed income, 4.5% in preferred equity and a little more than 2% in cash.

<sup>1</sup> Source: Federal Reserve

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia027037e6d426c4fb0e95de1.jpg)

---

| | | |
|:---|:---|:---|
| | **VELA Income Opportunities Fund - Class I** | **50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2022** | $10000 | $10000 |
| **Mar-2023** | $9085 | $9363 |
| **Mar-2024** | $10224 | $10756 |
| **Mar-2025** | $10484 | $11422 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class I | 2.55% | 1.59% |
| Russell 3000<sup>®</sup> Index | 7.22% | 8.22% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 6.19% | 4.28% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$32,284,186

* Number of Portfolio Holdings126

* Advisory Fee $80,167

* Portfolio Turnover21%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Johnson & Johnson | 2.7% |
| Sysco Corp. | 2.7% |
| Greenbrier Companies, Inc. (The) | 2.6% |
| Medtronic PLC | 2.5% |
| Suncor Energy, Inc. | 2.0% |
| Flowers Foods, Inc. | 1.9% |
| Copa Holdings, S.A. - Class A | 1.9% |
| PepsiCo, Inc. | 1.8% |
| MPLX LP | 1.8% |
| Fidelity National Information Services, Inc. | 1.8% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f3f4e065415ec8cabad17cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| U.S. Treasury Obligations | 0.9% |
| Utilities | 1.1% |
| Money Market Funds | 1.8% |
| Materials | 2.0% |
| Real Estate | 2.5% |
| Communications | 3.2% |
| Technology | 4.6% |
| Energy | 7.6% |
| Health Care | 9.4% |
| Consumer Staples | 9.8% |
| Consumer Discretionary | 15.9% |
| Industrials | 18.9% |
| Financials | 21.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Income Opportunities Fund - Class I (VIOIX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](icacf2bab502130665b1f7276.jpg)

TSR-SAR 033125-VIOIX

# VELA International Fund

# Class A (VEILX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i220cecaa513429c7927a7b3b.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.36% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, Thel Fund (Class A) returned 0.93%, compared to -1.68% for the fund's primary benchmark, the MSCI World ex US Index.

The over-weighted Materials sector has been one of the strongest contributors to investment results over the last year for the Fund and collectively still trades at a reasonable discount to our estimates of fair value. The Health Care sector was also a significant contributor over the period and the only sector in the Fund that logged positive net appreciation amid the fourth quarter's correction for international markets--the only disappointment, it was an underweighted sector. The Fund's underweight position in Financials was a lost opportunity since our holdings' appreciation outpaced the sector returns during the period and the sector results beat the overall index.

The Fund ended the period with cash at 10.0%, which was largely net neutral to investment results given offsetting performance in the two quarters. We like our cash position, given continuing uncertainty about the policies of the new administration in the U.S., as it allows us the flexibility to act if we see opportunities resulting from new policy details. Taking into consideration the prospects of higher inflation, slower growth, and less efficient allocation of resources in an environment of de-globalization, we continue to evaluate the portfolio and remain disciplined in seeking the best ideas, regardless of how these policies affect the investment environment.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i30dcfa491bd76f8bc03faf82.jpg)

---

| | | |
|:---|:---|:---|
| | **VELA International Fund - Class A** | **MSCI WORLD ex USA Index** |
| **Sep-2020** | $9497 | $10000 |
| **Mar-2021** | $11709 | $12053 |
| **Mar-2022** | $11292 | $12420 |
| **Mar-2023** | $11832 | $12080 |
| **Mar-2024** | $13005 | $13927 |
| **Mar-2025** | $14122 | $14665 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA International Fund - Class A |  |  |
| Without Load | 8.59% | 9.22% |
| With Load | 3.18% | 7.97% |
| MSCI WORLD ex USA Index | 5.30% | 8.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## What did the Fund invest in?

## **Fund Statistics** 
* Net Assets$55,700,038

* Number of Portfolio Holdings55

* Advisory Fee $191,807

* Portfolio Turnover17%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9dc873e535fc462b3a0795c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Financials | 6.0% |
| Health Care | 7.0% |
| Communications | 7.0% |
| Energy | 7.3% |
| Industrials | 10.3% |
| Money Market Funds | 10.3% |
| Technology | 10.4% |
| Consumer Discretionary | 12.7% |
| Materials | 14.1% |
| Consumer Staples | 15.0% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](i3fa7bf02c3ce756dda5250b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Philippines | 0.5% |
| Panama | 1.4% |
| Israel | 1.5% |
| Luxembourg | 1.6% |
| Denmark | 1.7% |
| Slovenia | 1.7% |
| Indonesia | 1.8% |
| Belgium | 1.9% |
| Brazil | 1.9% |
| Australia | 2.5% |
| Sweden | 3.4% |
| Austria | 3.6% |
| Mexico | 3.9% |
| Netherlands | 4.8% |
| Switzerland | 4.9% |
| Japan | 6.1% |
| Hong Kong | 6.9% |
| Germany | 7.6% |
| France | 9.7% |
| United States | 10.3% |
| United Kingdom | 11.0% |
| Canada | 11.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Criteo S.A. - ADR | 2.7% |
| WH Group Ltd. 144A | 2.6% |
| Serco Group PLC | 2.6% |
| Infineon Technologies AG | 2.5% |
| TotalEnergies SE | 2.5% |
| Alamos Gold, Inc. - Class A | 2.4% |
| VTech Holdings Ltd. | 2.3% |
| Kimberly-Clark de Mexico SAB de CV | 2.3% |
| Associated British Foods PLC | 2.2% |
| OceanaGold Corp. | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA International Fund - Class A (VEILX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i220cecaa513429c7927a7b3b.jpg)

TSR-SAR 033125-VEILX

# VELA International Fund

# Class I (VEITX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i61e6d47d8316e1fe5720a2fb.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $56 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, The Fund (Class I) returned 1.09%, compared to -1.68% for the fund's primary benchmark, the MSCI World ex US Index.

The over-weighted Materials sector has been one of the strongest contributors to investment results over the last year for the Fund and collectively still trades at a reasonable discount to our estimates of fair value. The Health Care sector was also a significant contributor over the period and the only sector in the Fund that logged positive net appreciation amid the fourth quarter's correction for international markets--the only disappointment, it was an underweighted sector. The Fund's underweight position in Financials was a lost opportunity since our holdings' appreciation outpaced the sector returns during the period and the sector results beat the overall index.

The Fund ended the period with cash at 10.0%, which was largely net neutral to investment results given offsetting performance in the two quarters. We like our cash position, given continuing uncertainty about the policies of the new administration in the U.S., as it allows us the flexibility to act if we see opportunities resulting from new policy details. Taking into consideration the prospects of higher inflation, slower growth, and less efficient allocation of resources in an environment of de-globalization, we continue to evaluate the portfolio and remain disciplined in seeking the best ideas, regardless of how these policies affect the investment environment.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](iaaee5cdc7d71e5b72d7b4a06.jpg)

---

| | | |
|:---|:---|:---|
| | **VELA International Fund - Class I** | **MSCI WORLD ex USA Index** |
| **Sep-2020** | $10000 | $10000 |
| **Mar-2021** | $12340 | $12053 |
| **Mar-2022** | $11949 | $12420 |
| **Mar-2023** | $12556 | $12080 |
| **Mar-2024** | $13837 | $13927 |
| **Mar-2025** | $15068 | $14665 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA International Fund - Class I | 8.89% | 9.54% |
| MSCI WORLD ex USA Index | 5.30% | 8.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## What did the Fund invest in?

## **Fund Statistics** 
* Net Assets$55,700,038

* Number of Portfolio Holdings55

* Advisory Fee $191,807

* Portfolio Turnover17%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i73ba009ff28d46d36b913020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Financials | 6.0% |
| Health Care | 7.0% |
| Communications | 7.0% |
| Energy | 7.3% |
| Industrials | 10.3% |
| Money Market Funds | 10.3% |
| Technology | 10.4% |
| Consumer Discretionary | 12.7% |
| Materials | 14.1% |
| Consumer Staples | 15.0% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](i01abf990f09e9fd0d4c1a5c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Philippines | 0.5% |
| Panama | 1.4% |
| Israel | 1.5% |
| Luxembourg | 1.6% |
| Denmark | 1.7% |
| Slovenia | 1.7% |
| Indonesia | 1.8% |
| Belgium | 1.9% |
| Brazil | 1.9% |
| Australia | 2.5% |
| Sweden | 3.4% |
| Austria | 3.6% |
| Mexico | 3.9% |
| Netherlands | 4.8% |
| Switzerland | 4.9% |
| Japan | 6.1% |
| Hong Kong | 6.9% |
| Germany | 7.6% |
| France | 9.7% |
| United States | 10.3% |
| United Kingdom | 11.0% |
| Canada | 11.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Criteo S.A. - ADR | 2.7% |
| WH Group Ltd. 144A | 2.6% |
| Serco Group PLC | 2.6% |
| Infineon Technologies AG | 2.5% |
| TotalEnergies SE | 2.5% |
| Alamos Gold, Inc. - Class A | 2.4% |
| VTech Holdings Ltd. | 2.3% |
| Kimberly-Clark de Mexico SAB de CV | 2.3% |
| Associated British Foods PLC | 2.2% |
| OceanaGold Corp. | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA International Fund - Class I (VEITX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i61e6d47d8316e1fe5720a2fb.jpg)

TSR-SAR 033125-VEITX

# VELA Large Cap Plus Fund

# Class A (VELAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i0a24e2df9f23f8a03928a9e7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 1.22% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, the VELA Large Cap Plus Fund (Class A) returned -2.20% versus -1.86% for the Russell 1000 Index.

The Fund maintained underweight positions in Technology and overweight positions in Healthcare relative to the index. As we wrote in the fourth quarter, while we are not allergic to growth stocks, we became uncomfortable with the near record valuations of many growthier names and either reduced weights or implemented hedges, typically with put-call option collars.

Conversely, the sharp sell-off in healthcare and other defensive stocks following the election results opened opportunities in several areas that we view as relatively insulated from regulatory changes. Both relative weightings contributed to underperformance in the fourth quarter followed by outperformance in the first as the market shifted on tariff-related uncertainty.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i99c367d459e7d0431e670ee6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Large Cap Plus Fund - Class A** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $9497 | $10000 | $10000 |
| **Mar-2021** | $12358 | $12041 | $12196 |
| **Mar-2022** | $14319 | $13639 | $13650 |
| **Mar-2023** | $13180 | $12494 | $12479 |
| **Mar-2024** | $16006 | $16226 | $16135 |
| **Mar-2025** | $16784 | $17495 | $17299 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA Large Cap Plus Fund - Class A |  |  |
| Without Load | 4.86% | 13.49% |
| With Load | -0.40% | 12.20% |
| Russell 1000<sup>®</sup> Index | 7.82% | 13.24% |
| Russell 3000<sup>®</sup> Index | 7.22% | 12.96% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$66,948,151

* Number of Portfolio Holdings119

* Advisory Fee $212,336

* Portfolio Turnover33%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.1% |
| Alphabet, Inc. - Class A | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Johnson & Johnson | 3.5% |
| Berkshire Hathaway, Inc. - Class B | 3.1% |
| Meta Platforms, Inc. - Class A | 2.9% |
| Visa, Inc. - Class A | 2.4% |
| Citigroup, Inc. | 2.4% |
| MetLife, Inc. | 2.3% |
| 3M Co. | 2.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](icc856b5c2e2761a47ed453ad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -2.1% |
| Purchased Options | 1.3% |
| Materials | 1.8% |
| Money Market Funds | 3.0% |
| Consumer Staples | 3.7% |
| Energy | 5.4% |
| Communications | 8.9% |
| Consumer Discretionary | 12.9% |
| Industrials | 13.2% |
| Financials | 14.7% |
| Health Care | 16.6% |
| Technology | 20.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Large Cap Plus Fund - Class A (VELAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i0a24e2df9f23f8a03928a9e7.jpg)

TSR-SAR 033125-VELAX

# VELA Large Cap Plus Fund

# Class I (VELIX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](ied97f720bd7b8a6c6ffcb190.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $47 | 0.96% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, the VELA Large Cap Plus Fund (Class I) returned -2.09% versus -1.86% for the Russell 1000 Index.

The Fund maintained underweight positions in Technology and overweight positions in Healthcare relative to the index. As we wrote in the fourth quarter, while we are not allergic to growth stocks, we became uncomfortable with the near record valuations of many growthier names and either reduced weights or implemented hedges, typically with put-call option collars.

Conversely, the sharp sell-off in healthcare and other defensive stocks following the election results opened opportunities in several areas that we view as relatively insulated from regulatory changes. Both relative weightings contributed to underperformance in the fourth quarter followed by outperformance in the first as the market shifted on tariff-related uncertainty.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib82838a61599ec6cd0827676.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Large Cap Plus Fund - Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Mar-2021** | $13026 | $12041 | $12196 |
| **Mar-2022** | $15132 | $13639 | $13650 |
| **Mar-2023** | $13962 | $12494 | $12479 |
| **Mar-2024** | $16996 | $16226 | $16135 |
| **Mar-2025** | $17862 | $17495 | $17299 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA Large Cap Plus Fund - Class I | 5.10% | 13.76% |
| Russell 1000<sup>®</sup> Index | 7.82% | 13.24% |
| Russell 3000<sup>®</sup> Index | 7.22% | 12.96% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$66,948,151

* Number of Portfolio Holdings119

* Advisory Fee $212,336

* Portfolio Turnover33%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.1% |
| Alphabet, Inc. - Class A | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Johnson & Johnson | 3.5% |
| Berkshire Hathaway, Inc. - Class B | 3.1% |
| Meta Platforms, Inc. - Class A | 2.9% |
| Visa, Inc. - Class A | 2.4% |
| Citigroup, Inc. | 2.4% |
| MetLife, Inc. | 2.3% |
| 3M Co. | 2.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9201fa40f4b49b1b4214ab0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -2.1% |
| Purchased Options | 1.3% |
| Materials | 1.8% |
| Money Market Funds | 3.0% |
| Consumer Staples | 3.7% |
| Energy | 5.4% |
| Communications | 8.9% |
| Consumer Discretionary | 12.9% |
| Industrials | 13.2% |
| Financials | 14.7% |
| Health Care | 16.6% |
| Technology | 20.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Large Cap Plus Fund - Class I (VELIX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](ied97f720bd7b8a6c6ffcb190.jpg)

TSR-SAR 033125-VELIX

# VELA Short Duration Fund

# Class A (VASDX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i4c3a1291035c18dcb0afe896.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $46 | 0.91% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, the VELA Short Duration Fund - Class A delivered a return of 1.86%, outperforming its primary benchmark, the Bloomberg 1-3 Year US Government/Credit Index, which returned 1.60%.

In the fourth quarter of 2024, the Fund added high-quality Auto Asset-Backed Securities (ABS) and Collateralized Mortgage Obligations (CMOs) to the portfolio, which increased the average credit quality to an A- weighted average rating. Allocations and quality remained largely consistent through the most recent quarter, with slight increases in Government holdings at the expense of cash and Structured Products/Agencies. As of period-end, the Fund's portfolio was allocated as follows: 1.4% in cash, 25.6% in Treasuries/T-Bills, 8.5% in Structured Products/Government Agencies, and 64.5% in corporate bonds—approximately two-thirds Investment Grade and one-third High Yield.

Duration declined slightly from 1.59 years to 1.51 years over the period, while yield-to-worst increased from 5.20% to 5.26% and OAS widened by over 20 basis points to 106, reflecting declining front-end rates and wider credit spreads. Security selection within Corporate Industrials and Financial Institutions contributed positively to performance, while an underweight position in longer-dated Treasuries was a relative detractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i6f123e6d024f6da1bb5e2607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Short Duration Fund - Class A** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2023** | $9497 | $10000 | $10000 |
| **Mar-2024** | $9560 | $10088 | $9984 |
| **Mar-2025** | $10065 | $10654 | $10471 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class A |  |  |
| Without Load | 5.29% | 4.60% |
| With Load | -0.01% | 0.50% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.61% | 5.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$30,518,193

* Number of Portfolio Holdings126

* Advisory Fee $39,096

* Portfolio Turnover18%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 1.6% |
| United States Treasury Note | 1.3% |
| Cantor Fitzgerald LP 144A | 1.2% |
| Ford Motor Credit Co. LLC | 1.2% |
| United States Treasury Note | 1.2% |
| MGIC Investment Corp. | 1.1% |
| CVS Pass Through Trust | 1.1% |
| Antares Holdings LP 144A | 1.1% |
| Winnebago Industries, Inc. 144A | 1.1% |
| Oaktree Strategic Credit Fund | 1.1% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i509869c54f2f1a5311eca39d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Asset Backed Securities | 0.8% |
| Technology | 1.2% |
| Collateralized Mortgage Obligations | 1.4% |
| Money Market | 1.6% |
| Communications | 2.0% |
| Materials | 2.1% |
| Utilities | 2.1% |
| Health Care | 2.5% |
| Consumer Staples | 2.8% |
| Real Estate | 4.0% |
| Energy | 4.4% |
| Industrials | 8.8% |
| Consumer Discretionary | 12.2% |
| Financials | 24.9% |
| U.S. Government & Agencies | 28.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Short Duration Fund - Class A (VASDX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i4c3a1291035c18dcb0afe896.jpg)

TSR-SAR 033125-VASDX

# VELA Short Duration Fund

# Class I (VESDX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i001155b5bf21f36f08dc99c5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $33 | 0.66% |

---

## How did the Fund perform during the reporting period?
For the six-month period, the VELA Short Duration Fund - Class I delivered a return of 2.03%, outperforming its primary benchmark, the Bloomberg 1-3 Year US Government/Credit Index, which returned 1.60%.

In the fourth quarter of 2024, the Fund added high-quality Auto Asset-Backed Securities (ABS) and Collateralized Mortgage Obligations (CMOs) to the portfolio, which increased the average credit quality to an A- weighted average rating. Allocations and quality remained largely consistent through the most recent quarter, with slight increases in Government holdings at the expense of cash and Structured Products/Agencies. As of period-end, the Fund's portfolio was allocated as follows: 1.4% in cash, 25.6% in Treasuries/T-Bills, 8.5% in Structured Products/Government Agencies, and 64.5% in corporate bonds—approximately two-thirds Investment Grade and one-third High Yield.

Duration declined slightly from 1.59 years to 1.51 years over the period, while yield-to-worst increased from 5.20% to 5.26% and OAS widened by over 20 basis points to 106, reflecting declining front-end rates and wider credit spreads. Security selection within Corporate Industrials and Financial Institutions contributed positively to performance, while an underweight position in longer-dated Treasuries was a relative detractor.

<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i5e7d0eee3506a6019b057749.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Short Duration Fund - Class I** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2023** | $10000 | $10000 | $10000 |
| **Mar-2024** | $10127 | $10088 | $9984 |
| **Mar-2025** | $10694 | $10654 | $10471 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class I | 5.60% | 5.33% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.61% | 5.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$30,518,193

* Number of Portfolio Holdings126

* Advisory Fee $39,096

* Portfolio Turnover18%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 1.6% |
| United States Treasury Note | 1.3% |
| Cantor Fitzgerald LP 144A | 1.2% |
| Ford Motor Credit Co. LLC | 1.2% |
| United States Treasury Note | 1.2% |
| MGIC Investment Corp. | 1.1% |
| CVS Pass Through Trust | 1.1% |
| Antares Holdings LP 144A | 1.1% |
| Winnebago Industries, Inc. 144A | 1.1% |
| Oaktree Strategic Credit Fund | 1.1% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](idd6567f679ca169705bc01f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Asset Backed Securities | 0.8% |
| Technology | 1.2% |
| Collateralized Mortgage Obligations | 1.4% |
| Money Market | 1.6% |
| Communications | 2.0% |
| Materials | 2.1% |
| Utilities | 2.1% |
| Health Care | 2.5% |
| Consumer Staples | 2.8% |
| Real Estate | 4.0% |
| Energy | 4.4% |
| Industrials | 8.8% |
| Consumer Discretionary | 12.2% |
| Financials | 24.9% |
| U.S. Government & Agencies | 28.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Short Duration Fund - Class I (VESDX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](i001155b5bf21f36f08dc99c5.jpg)

TSR-SAR 033125-VESDX

# VELA Small Cap Fund

# Class A (VESAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](idd27b5873f15665427cff145.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.36% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, the VELA Small Cap Fund - Class A, performed well on a relative basis, returning -5.72% compared to a -9.18% return for the Russell 2000 Index, the Fund's primary benchmark. While we don't like posting negative absolute returns, we are encouraged when we see our investment discipline produce favorable relative results in challenging market conditions.

Consistent with our expectations, stock selection was the primary driver of the Fund's relative outperformance during the period. Over the long-term, we expect our stock picking to be the primary driver of our performance, and periods of macroeconomic euphoria or depression often provide opportunities to enhance the Fund's total return potential. Confidence in our process, combined with a long-term view, enables us to methodically identify and react to such opportunities.

The broad-based market sell-off, which began in mid-February and sharply impacted Small Cap equity valuations, allowed us both to act on our watch list of businesses we would like to own at the right price and to take advantage of valuation gaps in existing holdings by adding to our high-conviction positions.

Our approach has been and remains to invest incrementally and prudently, always preserving the flexibility to continue to act on dislocations presented by extended periods of uncertainty.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i9df908328224af3dd30c9384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Small Cap Fund - Class A** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $9497 | $10000 | $10000 |
| **Mar-2021** | $14895 | $14806 | $12196 |
| **Mar-2022** | $15887 | $13949 | $13650 |
| **Mar-2023** | $14988 | $12330 | $12479 |
| **Mar-2024** | $18073 | $14760 | $16135 |
| **Mar-2025** | $17531 | $14169 | $17299 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA Small Cap Fund - Class A |  |  |
| Without Load | -3.00% | 14.60% |
| With Load | -7.83% | 13.29% |
| Russell 2000<sup>®</sup> Index | -4.01% | 8.05% |
| Russell 3000<sup>®</sup> Index | 7.22% | 12.96% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$109,616,472

* Number of Portfolio Holdings56

* Advisory Fee $0

* Portfolio Turnover29%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 5.1% |
| Hub Group, Inc. - Class A | 3.8% |
| Graham Holdings Co., Class B | 3.8% |
| Coca-Cola Consolidated, Inc. | 3.6% |
| Axis Capital Holdings Ltd. | 3.2% |
| Performance Food Group Co. | 3.2% |
| Applied Industrial Technologies, Inc. | 3.1% |
| Criteo S.A. - ADR | 3.0% |
| Alamos Gold, Inc. - Class A | 2.7% |
| Mama's Creations, Inc. | 2.7% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia4d2411256504e34104f60e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -0.5% |
| Real Estate | 0.8% |
| Utilities | 1.3% |
| Money Market Funds | 2.1% |
| Communications | 3.0% |
| Technology | 5.9% |
| Energy | 7.5% |
| Materials | 8.6% |
| Health Care | 8.6% |
| Consumer Discretionary | 11.7% |
| Financials | 12.8% |
| Consumer Staples | 13.2% |
| Industrials | 25.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Small Cap Fund - Class A (VESAX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](idd27b5873f15665427cff145.jpg)

TSR-SAR 033125-VESAX

# VELA Small Cap Fund

# Class I (VESMX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](if6ac145bd0cf8993f0dca635.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $54 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2025, the VELA Small Cap Fund - Class I performed well on a relative basis, returning -5.64% compared to a -9.18% return for the Russell 2000 Index, the Fund's primary benchmark. While we don't like posting negative absolute returns, we are encouraged when we see our investment discipline produce favorable relative results in challenging market conditions.

Consistent with our expectations, stock selection was the primary driver of the Fund's relative outperformance during the period. Over the long-term, we expect our stock picking to be the primary driver of our performance, and periods of macroeconomic euphoria or depression often provide opportunities to enhance the Fund's total return potential. Confidence in our process, combined with a long-term view, enables us to methodically identify and react to such opportunities.

The broad-based market sell-off, which began in mid-February and sharply impacted Small Cap equity valuations, allowed us both to act on our watch list of businesses we would like to own at the right price and to take advantage of valuation gaps in existing holdings by adding to our high-conviction positions.

Our approach has been and remains to invest incrementally and prudently, always preserving the flexibility to continue to act on dislocations presented by extended periods of uncertainty.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i21ec6b4fae3de5e81645641e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Small Cap Fund- Class I** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Mar-2021** | $15699 | $14806 | $12196 |
| **Mar-2022** | $16786 | $13949 | $13650 |
| **Mar-2023** | $15874 | $12330 | $12479 |
| **Mar-2024** | $19196 | $14760 | $16135 |
| **Mar-2025** | $18665 | $14169 | $17299 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 30, 2020) |
| VELA Small Cap Fund- Class I | -2.77% | 14.88% |
| Russell 2000<sup>®</sup> Index | -4.01% | 8.05% |
| Russell 3000<sup>®</sup> Index | 7.22% | 12.96% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$109,616,472

* Number of Portfolio Holdings56

* Advisory Fee $0

* Portfolio Turnover29%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 5.1% |
| Hub Group, Inc. - Class A | 3.8% |
| Graham Holdings Co., Class B | 3.8% |
| Coca-Cola Consolidated, Inc. | 3.6% |
| Axis Capital Holdings Ltd. | 3.2% |
| Performance Food Group Co. | 3.2% |
| Applied Industrial Technologies, Inc. | 3.1% |
| Criteo S.A. - ADR | 3.0% |
| Alamos Gold, Inc. - Class A | 2.7% |
| Mama's Creations, Inc. | 2.7% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie3c5ba25e607070a85f45bd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -0.5% |
| Real Estate | 0.8% |
| Utilities | 1.3% |
| Money Market Funds | 2.1% |
| Communications | 3.0% |
| Technology | 5.9% |
| Energy | 7.5% |
| Materials | 8.6% |
| Health Care | 8.6% |
| Consumer Discretionary | 11.7% |
| Financials | 12.8% |
| Consumer Staples | 13.2% |
| Industrials | 25.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.velafunds.com/strategies.html?stab=doc), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Small Cap Fund - Class I (VESMX)

# Semi-Annual Shareholder Report - March 31, 2025
![Image](if6ac145bd0cf8993f0dca635.jpg)

TSR-SAR 033125-VESMX

(b) Not applicable.

**Item 2. Code of Ethics.** 

Not applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.** 

Not applicable – disclosed with annual report

**Item 4. Principal Accountant Fees and Services.** 

Not applicable – disclosed with annual report

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable – disclosed with annual report

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(VELA FUND LOGO)](vela_001.jpg)

**Semi-Annual Financial Statements**

**and Additional Information**

**March 31, 2025**

**VELA Small Cap Fund**

Class A (VESAX)

Class I (VESMX)

**VELA Large Cap Plus Fund**

Class A (VELAX)

Class I (VELIX)

**VELA International Fund**

Class A (VEILX)

Class I (VEITX)

**VELA Income Opportunities Fund**

Class A (VIOAX)

Class I (VIOIX)

**VELA Short Duration Fund**

Class A (VASDX)

Class I (VESDX)

**VELA Small Cap Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 98.41%** |  |  |
| **Communications — 3.03%** |  |  |
| Criteo S.A. - ADR<sup>(a)(b)</sup> | 93949 | $3326734 |
| **Consumer Discretionary — 11.72%** |  |  |
| Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | 73095 | 2924531 |
| Garret Motion, Inc. | 115453 | 966342 |
| Graham Holdings Co., Class B | 4280 | 4112481 |
| Movado Group, Inc. | 121327 | 2028587 |
| Valvoline, Inc.<sup>(a)(b)</sup> | 80983 | 2819018 |
|  |  | 12850959 |
| **Consumer Staples — 13.19%** |  |  |
| Coca-Cola Consolidated, Inc. | 2908 | 3925800 |
| Mama's Creations, Inc.<sup>(a)(b)</sup> | 457588 | 2978898 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 12994 | 1511982 |
| Performance Food Group Co.<sup>(a)(b)</sup> | 44725 | 3516727 |
| Seaboard Corp. | 935 | 2521807 |
|  |  | 14455214 |
| **Energy — 7.47%** |  |  |
| Antero Resources Corp.<sup>(a)(b)</sup> | 53857 | 2177977 |
| Cactus, Inc., Class A | 34405 | 1576781 |
| Civitas Resources, Inc. | 49145 | 1714669 |
| Range Resources Corp.<sup>(b)</sup> | 68114 | 2719792 |
|  |  | 8189219 |
| **Financials — 12.76%** |  |  |
| 1st Source Corp.<sup>(b)</sup> | 31049 | 1857041 |
| Ambac Financial Group, Inc.<sup>(a)</sup> | 88770 | 776738 |
| Assured Guaranty Ltd.<sup>(b)</sup> | 33145 | 2920075 |
| Axis Capital Holdings Ltd.<sup>(b)</sup> | 35506 | 3559121 |
| BOK Financial Corp.<sup>(b)</sup> | 20850 | 2171527 |
| Cullen/Frost Bankers, Inc.<sup>(b)</sup> | 6526 | 817055 |
| Federal Agricultural Mortgage Corp., Class C | 10062 | 1886726 |
|  |  | 13988283 |
| **Health Care — 8.65%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 3277 | 520584 |
| Biohaven Ltd.<sup>(a)(b)</sup> | 16049 | 385818 |
| Bruker Corp. | 46926 | 1958691 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 18098 | 246042 |
| Encompass Health Corp.<sup>(b)</sup> | 27488 | 2783985 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 7435 | 474427 |
| Indivior PLC<sup>(a)</sup> | 98253 | 936351 |
| Maravai LifeSciences Holdings, Inc.<sup>(a)</sup> | 149634 | 330691 |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 29631 | 197639 |
| SI-BONE, Inc.<sup>(a)(b)</sup> | 117584 | 1649704 |
|  |  | 9483932 |
| **Industrials — 24.96%** |  |  |
| Applied Industrial Technologies, Inc.<sup>(b)</sup> | 15119 | 3406916 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Small Cap Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 98.41% — (continued)** |  |  |
| **Industrials — 24.96% — (continued)** |  |  |
| BWX Technologies, Inc.<sup>(b)</sup> | 15900 | $1568535 |
| Copa Holdings, S.A., Class A | 19417 | 1795296 |
| Greenbrier Companies, Inc. (The)<sup>(b)</sup> | 48392 | 2478638 |
| Hub Group, Inc., Class A | 112633 | 4186569 |
| Janus International Group, Inc.<sup>(a)(b)</sup> | 225050 | 1620360 |
| Kirby Corp.<sup>(a)</sup> | 55594 | 5615550 |
| Lincoln Electric Holdings, Inc. | 10813 | 2045387 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 123685 | 1523799 |
| Tetra Tech, Inc. | 69813 | 2042030 |
| Wabash National Corp. | 96979 | 1071618 |
|  |  | 27354698 |
| **Materials — 8.57%** |  |  |
| Alamos Gold, Inc., Class A<sup>(b)</sup> | 112648 | 3012208 |
| Ashland, Inc. | 27335 | 1620692 |
| Foraco International SA<sup>(a)</sup> | 824963 | 1163890 |
| Installed Building Products, Inc. | 3152 | 540442 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 278654 | 1553178 |
| Worthington Enterprises, Inc.<sup>(b)</sup> | 29934 | 1499394 |
|  |  | 9389804 |
| **Real Estate — 0.78%** |  |  |
| NET Lease Office Properties<sup>(a)</sup> | 27277 | 855952 |
| **Technology — 5.93%** |  |  |
| JFrog Ltd.<sup>(a)(b)</sup> | 58011 | 1856352 |
| Onto Innovation, Inc.<sup>(a)</sup> | 9038 | 1096671 |
| SEMrush Holdings, Inc.<sup>(a)</sup> | 150632 | 1405396 |
| Wix.com Ltd.<sup>(a)(b)</sup> | 13141 | 2146977 |
|  |  | 6505396 |
| **Utilities — 1.35%** |  |  |
| National Fuel Gas Co. | 18691 | 1480140 |
| **TOTAL COMMON STOCKS<br> (Cost $95,153,762)** |  | 107880331 |
| **Money Market Funds — 2.13%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%<sup>(c)</sup> | 2331888 | 2331888 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $2,331,888)** |  | 2331888 |
| **Total Investments — 100.54% <br> (Cost $97,485,650)** |  | 110212219 |
| **Liabilities in Excess of Other Assets — (0.54)%** |  | (595747) |
| **Net Assets — 100.00%** |  | $109616472 |

---

<sup>(a)</sup> Non-income producing security.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Small Cap Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

<sup>(b)</sup> Securities, or a portion thereof, have been pledged as collateral on written option contracts. The total collateral pledged is $18,728,309.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

ADR - American Depositary Receipt.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Small Cap Fund**

**Schedule of Open Written Option Contracts**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | <br>**Fair Value** |
| **Written Call Options (0.68)%** |  |  |  |  |  |
| 1st Source Corp. | (155) | $(927055) | $70.00 | June 2025 | $(10385) |
| Alamos Gold, Inc., Class A | (370) | (989380) | 23.00 | April 2025 | (140599) |
| Alamos Gold, Inc., Class A | (247) | (660478) | 27.00 | August 2025 | (61750) |
| Antero Resources Corp. | (129) | (521676) | 50.00 | August 2025 | (15545) |
| Antero Resources Corp. | (135) | (545940) | 55.00 | September 2025 | (12015) |
| Applied Industrial Technologies, Inc. | (38) | (856292) | 270.00 | August 2025 | (17480) |
| Assured Guaranty Ltd. | (166) | (1462460) | 100.00 | October 2025 | (52290) |
| Axis Capital Holdings Ltd. | (140) | (1403360) | 95.00 | October 2025 | (147699) |
| Biohaven Ltd. | (136) | (326944) | 45.00 | July 2025 | (5780) |
| BOK Financial Corp. | (85) | (885275) | 125.00 | June 2025 | (5950) |
| BWX Technologies, Inc. | (64) | (631360) | 125.00 | November 2025 | (22720) |
| Criteo S.A. | (121) | (428461) | 55.00 | April 2025 | (121) |
| Cullen/Frost Bankers, Inc. | (52) | (651040) | 160.00 | July 2025 | (5330) |
| Encompass Health Corp. | (110) | (1114080) | 115.00 | December 2025 | (58300) |
| Encompass Health Corp. | (27) | (273456) | 120.00 | December 2025 | (10868) |
| Greenbrier Companies, Inc. (The) | (116) | (594152) | 72.50 | September 2025 | (9280) |
| Janus International Group, Inc. | (504) | (362880) | 12.50 | August 2025 | (1512) |
| JFrog Ltd. | (196) | (627200) | 37.50 | June 2025 | (20580) |
| Mama's Creations, Inc. | (1036) | (674436) | 10.00 | August 2025 | (15540) |
| Ollie's Bargain Outlet Holdings, Inc. | (37) | (430532) | 120.00 | April 2025 | (9343) |
| Ollie's Bargain Outlet Holdings, Inc. | (13) | (151268) | 130.00 | September 2025 | (11050) |
| Performance Food Group Co. | (103) | (809889) | 95.00 | September 2025 | (13905) |
| Range Resources Corp. | (264) | (1054152) | 45.00 | June 2025 | (29700) |
| Range Resources Corp. | (68) | (271524) | 50.00 | September 2025 | (7140) |
| SI-BONE, Inc. | (295) | (413885) | 25.00 | July 2025 | (885) |
| Valvoline, Inc. | (134) | (466454) | 45.00 | April 2025 | (402) |
| Wix.com Ltd. | (25) | (408450) | 250.00 | October 2025 | (5563) |
| Worthington Enterprises, Inc. | (100) | (500900) | 50.00 | June 2025 | (34000) |
| Worthington Enterprises, Inc. | (78) | (390702) | 60.00 | September 2025 | (15210) |
| **Total Written Options (Premiums Received $738,104)** |  |  |  |  | $(740942) |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 97.85%** |  |  |
| **Communications — 8.91%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 17385 | $2688417 |
| Electronic Arts, Inc. | 3607 | 521284 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 3425 | 1974033 |
| Walt Disney Co. (The) | 7928 | 782493 |
|  |  | 5966227 |
| **Consumer Discretionary — 12.90%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 13889 | 2642521 |
| Booking Holdings, Inc.<sup>(a)</sup> | 308 | 1418928 |
| Home Depot, Inc. (The)<sup>(a)</sup> | 3510 | 1286380 |
| NIKE, Inc., Class B<sup>(a)</sup> | 15349 | 974355 |
| Starbucks Corp.<sup>(a)</sup> | 11148 | 1093507 |
| TJX Companies, Inc. (The) | 10033 | 1222020 |
|  |  | 8637711 |
| **Consumer Staples — 3.65%** |  |  |
| PepsiCo, Inc. | 8775 | 1315724 |
| Tyson Foods, Inc., Class A | 17678 | 1128033 |
|  |  | 2443757 |
| **Energy — 5.42%** |  |  |
| Baker Hughes Co., Class A<sup>(a)</sup> | 33717 | 1481862 |
| MPLX LP | 25430 | 1361013 |
| Suncor Energy, Inc.<sup>(a)</sup> | 20180 | 781370 |
|  |  | 3624245 |
| **Financials — 14.74%** |  |  |
| Arch Capital Group Ltd. | 9617 | 924963 |
| Bank of America Corp.<sup>(a)</sup> | 32742 | 1366323 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 3956 | 2106887 |
| Citigroup, Inc.<sup>(a)</sup> | 22892 | 1625103 |
| MetLife, Inc.<sup>(a)</sup> | 19194 | 1541086 |
| PayPal Holdings, Inc.<sup>(a)(b)</sup> | 10322 | 673511 |
| Visa, Inc., Class A<sup>(a)</sup> | 4651 | 1629989 |
|  |  | 9867862 |
| **Health Care — 16.56%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 9263 | 1228737 |
| AbbVie, Inc. | 5717 | 1197826 |
| Align Technology, Inc.<sup>(b)</sup> | 7468 | 1186367 |
| AstraZeneca PLC - ADR<sup>(a)</sup> | 12848 | 944328 |
| Biohaven Ltd.<sup>(a)(b)</sup> | 10127 | 243453 |
| Denali Therapeutics, Inc.<sup>(b)</sup> | 8930 | 121403 |
| Elevance Health, Inc.<sup>(a)</sup> | 2674 | 1163083 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 4960 | 316498 |
| Johnson & Johnson | 13972 | 2317116 |
| Thermo Fisher Scientific, Inc. | 2295 | 1141992 |
| Zoetis, Inc., Class A<sup>(a)</sup> | 7459 | 1228124 |
|  |  | 11088927 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 97.85% — (continued)** |  |  |
| **Industrials — 13.24%** |  |  |
| 3M Co.<sup>(a)</sup> | 10487 | $1540121 |
| CSX Corp.<sup>(a)</sup> | 37166 | 1093795 |
| Deere & Co.<sup>(a)</sup> | 2451 | 1150377 |
| FedEx Corp.<sup>(a)</sup> | 4097 | 998767 |
| JB Hunt Transport Services, Inc. | 7957 | 1177238 |
| Kirby Corp.<sup>(b)</sup> | 7942 | 802221 |
| Lincoln Electric Holdings, Inc. | 7147 | 1351926 |
| Northrop Grumman Corp. | 1465 | 750095 |
|  |  | 8864540 |
| **Materials — 1.80%** |  |  |
| Dow, Inc. | 11160 | 389707 |
| LyondellBasell Industries N.V., Class A<sup>(a)</sup> | 11607 | 817133 |
|  |  | 1206840 |
| **Technology — 20.63%** |  |  |
| Accenture PLC, Class A<sup>(a)</sup> | 4150 | 1294966 |
| Adobe, Inc.<sup>(b)</sup> | 1952 | 748650 |
| Autodesk, Inc.<sup>(a)(b)</sup> | 4930 | 1290674 |
| EPAM Systems, Inc.<sup>(b)</sup> | 5472 | 923893 |
| Infineon Technologies AG - ADR | 36838 | 1220075 |
| Microchip Technology, Inc.<sup>(a)</sup> | 25347 | 1227048 |
| Microsoft Corp.<sup>(a)</sup> | 7281 | 2733215 |
| Salesforce.com, Inc.<sup>(a)</sup> | 4672 | 1253778 |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 1507 | 1199783 |
| Teradyne, Inc. | 3415 | 282079 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 13054 | 951114 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 2930 | 684243 |
|  |  | 13809518 |
| **TOTAL COMMON STOCKS<br> (Cost $53,226,403)** |  | 65509627 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **PURCHASED CALL OPTIONS — 0.10%** |  |  |  |  |  |
| Adobe Systems, Inc. | 25 | $958825 | $410.00 | July 2025 | 46062 |
| Tesla, Inc. | 60 | 1554960 | 400.00 | June 2025 | 21900 |
| **TOTAL PURCHASED CALL OPTIONS<br> (Cost $123,938)** |  |  |  |  | 67962 |
| **PURCHASED PUT OPTIONS — 1.18%** |  |  |  |  |  |
| 3M Co. | 150 | 2202900 | 115.00 | June 2025 | 11325 |
| Align Technology, Inc. | 10 | 158860 | 170.00 | June 2025 | 20300 |
| Alphabet, Inc., Class A | 35 | 541240 | 160.00 | June 2025 | 41475 |
| Amazon.com, Inc. | 100 | 1902600 | 150.00 | July 2025 | 22100 |
| Autodesk, Inc. | 12 | 314160 | 270.00 | September 2025 | 29640 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | <br>**Fair Value** |
| **PURCHASED PUT OPTIONS 1.18% — continued** |  |  |  |  |  |
| Baker Hughes Co., Class A | 163 | $716385 | $37.00 | November 2025 | $26080 |
| Bank of America Corp. | 275 | 1147575 | 32.00 | June 2025 | 6738 |
| Booking Holdings, Inc. | 2 | 921382 | 4400.00 | September 2025 | 56020 |
| Citigroup, Inc. | 150 | 1064850 | 60.00 | January 2026 | 54375 |
| Deere & Co. | 16 | 750960 | 400.00 | June 2025 | 8920 |
| Dow, Inc. | 150 | 523800 | 30.00 | September 2025 | 19725 |
| EPAM Systems, Inc. | 40 | 675360 | 160.00 | July 2025 | 37400 |
| JB Hunt Transport Services, Inc. | 50 | 739750 | 140.00 | August 2025 | 35750 |
| Lyondellbasell Industries N.V., Class A | 70 | 492800 | 65.00 | September 2025 | 22050 |
| Meta Platforms, Inc., Class A | 25 | 1440900 | 500.00 | August 2025 | 56750 |
| Microchip Technology, Inc. | 120 | 580920 | 45.00 | August 2025 | 45600 |
| Microsoft Corp. | 50 | 1876950 | 355.00 | June 2025 | 50500 |
| ServiceNow, Inc. | 7 | 557298 | 800.00 | June 2025 | 43785 |
| SPDR S&P 500 ETF Trust | 125 | 6992375 | 525.00 | July 2025 | 131500 |
| Uber Technologies, Inc. | 128 | 932608 | 60.00 | August 2025 | 32064 |
| Workday, Inc., Class A | 17 | 397001 | 230.00 | January 2026 | 42245 |
| **TOTAL PURCHASED PUT OPTIONS<br> (Cost $602,937)** |  |  |  |  | 794342 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds — 2.96%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%<sup>(c)</sup> | 1978335 | 1978335 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $1,978,335)** |  | 1978335 |
| **Total Investments — 102.09%<br> (Cost $55,931,613)** |  | 68350266 |
| **Liabilities in Excess of Other Assets — (2.09)%** |  | (1402115) |
| **Net Assets — 100.00%** |  | $66948151 |

---

<sup>(a)</sup> All or a portion of the security is held as collateral for securities sold short or written options. The fair value of this collateral on March 31, 2025 was $35,331,516.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

ADR - American Depositary Receipt.

ETF - Exchange Traded Funds.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund**

**Schedule of Open Written Options Contracts**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Written Call Options (0.82)%** |  |  |  |  |  |
| 3M Co. | (75) | $(1101450) | $165.00 | November 2025 | $(58313) |
| Abbott Laboratories | (56) | (742840) | 150.00 | January 2026 | (26040) |
| AbbVie, Inc. | (46) | (963792) | 240.00 | December 2025 | (31510) |
| Align Technology, Inc. | (52) | (826072) | 230.00 | July 2025 | (8710) |
| Alphabet, Inc., Class A | (130) | (2010320) | 215.00 | July 2025 | (5070) |
| Amazon.com, Inc. | (104) | (1978704) | 280.00 | December 2025 | (23244) |
| AstraZeneca PLC | (90) | (661500) | 90.00 | January 2026 | (17145) |
| Baker Hughes Co., Class A | (163) | (716385) | 50.00 | November 2025 | (37897) |
| Biohaven Ltd. | (71) | (170684) | 45.00 | July 2025 | (3018) |
| Deere & Co. | (8) | (375480) | 470.00 | June 2025 | (23320) |
| Elevance Health, Inc. | (19) | (826424) | 480.00 | September 2025 | (37715) |
| Home Depot, Inc. (The) | (22) | (806278) | 425.00 | August 2025 | (10340) |
| Meta Platforms, Inc., Class A | (27) | (1556172) | 800.00 | January 2026 | (53190) |
| Microsoft Corp. | (58) | (2177262) | 470.00 | December 2025 | (40745) |
| PayPal Holdings, Inc. | (94) | (613350) | 97.50 | December 2025 | (11656) |
| ServiceNow, Inc. | (14) | (1114596) | 1040.00 | August 2025 | (21700) |
| Starbucks Corp. | (96) | (941664) | 125.00 | January 2026 | (28608) |
| Suncor Energy, Inc. | (182) | (1365728) | 40.00 | November 2025 | (51324) |
| Tyson Foods, Inc., Class A | (88) | (561528) | 70.00 | September 2025 | (16500) |
| Uber Technologies, Inc. | (104) | (757744) | 85.00 | August 2025 | (36140) |
| Zoetis, Inc., Class A | (56) | (922040) | 200.00 | September 2025 | (14980) |
| **Total Written Options (Premiums Received $638,781)** |  |  |  |  | $(557165) |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund**

**Schedule of Securities Sold Short**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (5.02%)** |  |  |
| **Communications — (0.24%)** |  |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | (773) | $(160204) |
| **Consumer Discretionary — (0.58%)** |  |  |
| CarMax, Inc.<sup>(a)</sup> | (1828) | (142438) |
| InterContinental Hotels Group PLC - ADR | (2263) | (248002) |
|  |  | (390440) |
| **Financials — (0.89%)** |  |  |
| Blue Owl Capital, Inc. | (10988) | (220200) |
| Capital One Financial Corp. | (971) | (174100) |
| Morgan Stanley | (1694) | (197639) |
|  |  | (591939) |
| **Health Care — (0.91%)** |  |  |
| Edwards LifeSciences Corp.<sup>(a)</sup> | (3164) | (229327) |
| Eli Lilly & Co. | (191) | (157749) |
| Tenet Healthcare Corp.<sup>(a)</sup> | (1624) | (218428) |
|  |  | (605504) |
| **Industrials — (0.54%)** |  |  |
| Old Dominion Freight Line, Inc. | (1093) | (180837) |
| Rockwell Automation, Inc. | (703) | (181641) |
|  |  | (362478) |
| **Technology — (1.86%)** |  |  |
| Apple, Inc. | (875) | (194364) |
| Cognizant Technology Solutions Corp., Class A | (3538) | (270657) |
| International Business Machines Corp. | (1258) | (312814) |
| Logitech International S.A. | (2852) | (240737) |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | (996) | (230703) |
|  |  | (1249275) |
| **TOTAL COMMON STOCKS - SHORT<br> (Proceeds Received $3,289,689)** |  | $(3359840) |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Exchange-Traded Funds — Short — (1.65%)** |  |  |
| ARK Innovation ETF<sup>(a)</sup> | (13734) | $(653463) |
| iShares PHLX Semiconductor ETF | (715) | (134542) |
| SPDR<sup>®</sup> S&P<sup>®</sup> Biotech ETF | (3929) | (318642) |
|  |  | (1106647) |
| **TOTAL EXCHANGE-TRADED FUNDS — SHORT<br> (Proceeds Received $1,156,639)** |  | $(1106647) |
| **TOTAL SECURITIES SOLD SHORT — (6.67)%<br> (Proceeds Received $4,446,328)** |  | $(4466487) |

---

<sup>(a)</sup> Non-income producing security.

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 89.83%** |  |  |
| **Australia — 2.53%** |  |  |
| **Consumer Discretionary — 1.26%** |  |  |
| Bapcor, Ltd. | 248000 | $705708 |
| **Health Care — 1.27%** |  |  |
| Ansell Ltd. | 33100 | 705022 |
| **Total Australia** |  | 1410730 |
| **Austria — 3.59%** |  |  |
| **Communications — 1.96%** |  |  |
| Telekom Austria AG | 116400 | 1089839 |
| **Materials — 1.63%** |  |  |
| Wienerberger AG | 27200 | 907217 |
| **Total Austria** |  | 1997056 |
| **Belgium — 1.92%** |  |  |
| **Financials — 1.92%** |  |  |
| KBC Group NV | 11700 | 1066971 |
| **Total Belgium** |  | 1066971 |
| **Brazil — 1.86%** |  |  |
| **Consumer Staples — 1.86%** |  |  |
| Ambev SA | 435000 | 1033663 |
| **Total Brazil** |  | 1033663 |
| **Canada — 11.31%** |  |  |
| **Energy — 4.84%** |  |  |
| Parkland Corp. | 38500 | 963798 |
| Pason Systems, Inc. | 75000 | 685438 |
| Suncor Energy, Inc. | 27000 | 1045440 |
|  |  | 2694676 |
| **Industrials — 0.45%** |  |  |
| Finning International, Inc. | 9000 | 253263 |
| **Materials — 6.02%** |  |  |
| Alamos Gold, Inc., Class A | 50900 | 1361067 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 137000 | 763618 |
| OceanaGold Corp. | 368000 | 1227639 |
|  |  | 3352324 |
| **Total Canada** |  | 6300263 |
| **Denmark — 1.73%** |  |  |
| **Industrials — 1.73%** |  |  |
| FLSmidth & Co. A/S | 20100 | 965351 |
| **Total Denmark** |  | 965351 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 89.83% — (continued)** |  |  |
| **France — 9.74%** |  |  |
| **Communications — 2.68%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 42200 | $1494302 |
| **Consumer Discretionary — 1.84%** |  |  |
| Cia Generale de Establissements Michelin SCA | 29100 | 1023333 |
| **Energy — 2.50%** |  |  |
| TotalEnergies SE | 21600 | 1392524 |
| **Industrials — 1.08%** |  |  |
| Rexel SA | 22400 | 604036 |
| **Materials — 1.64%** |  |  |
| Foraco International SA<sup>(a)</sup> | 647000 | 912813 |
| **Total France** |  | 5427008 |
| **Germany — 7.64%** |  |  |
| **Consumer Discretionary — 1.47%** |  |  |
| Fielmann AG | 18000 | 818369 |
| **Industrials — 2.07%** |  |  |
| Duerr AG | 45600 | 1152565 |
| **Materials — 1.58%** |  |  |
| Fuchs Petrolub SE | 24100 | 878864 |
| **Technology — 2.52%** |  |  |
| Infineon Technologies AG | 42200 | 1407513 |
| **Total Germany** |  | 4257311 |
| **Hong Kong — 6.94%** |  |  |
| **Consumer Staples — 2.64%** |  |  |
| WH Group Ltd.<sup>(b)</sup> | 1600000 | 1469194 |
| **Industrials — 2.01%** |  |  |
| Johnson Electric Holdings Ltd. | 555000 | 1120032 |
| **Technology — 2.29%** |  |  |
| VTech Holdings Ltd. | 174200 | 1277619 |
| **Total Hong Kong** |  | 3866845 |
| **Indonesia — 1.78%** |  |  |
| **Materials — 1.78%** |  |  |
| United Tractors Tbk PT | 700000 | 992380 |
| **Total Indonesia** |  | 992380 |
| **Israel — 1.50%** |  |  |
| **Technology — 1.50%** |  |  |
| Wix.com Ltd.<sup>(a)</sup> | 5100 | 833238 |
| **Total Israel** |  | 833238 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 89.83% — (continued)** |  |  |
| **Japan — 6.10%** |  |  |
| **Consumer Discretionary — 3.19%** |  |  |
| Honda Motor Co. Ltd. | 73500 | $665295 |
| KeePer Technical Laboratory Co., Ltd.<sup>(a)</sup> | 44000 | 1112558 |
|  |  | 1777853 |
| **Materials — 1.41%** |  |  |
| Toray Industries, Inc. | 115000 | 786079 |
| **Technology — 1.50%** |  |  |
| Nintendo Co. Ltd. | 12300 | 836315 |
| **Total Japan** |  | 3400247 |
| **Luxembourg — 1.56%** |  |  |
| **Consumer Staples — 1.56%** |  |  |
| B&M European Value Retail SA | 258000 | 871581 |
| **Total Luxembourg** |  | 871581 |
| **Mexico — 3.86%** |  |  |
| **Consumer Staples — 3.86%** |  |  |
| BBB Foods Inc.<sup>(a)</sup> | 25000 | 667000 |
| Gruma SAB de CV, Class B | 12000 | 215700 |
| Kimberly-Clark de Mexico SAB de CV | 772000 | 1264708 |
|  |  | 2147408 |
| **Total Mexico** |  | 2147408 |
| **Netherlands — 4.84%** |  |  |
| **Consumer Staples — 2.14%** |  |  |
| JDE Peet's NV - ADR<sup>(a)</sup> | 54500 | 1192223 |
| **Financials — 2.17%** |  |  |
| ING Groep NV | 61600 | 1207494 |
| **Health Care — 0.53%** |  |  |
| Argenx SE<sup>(a)</sup> | 500 | 295212 |
| **Total Netherlands** |  | 2694929 |
| **Panama — 1.38%** |  |  |
| **Industrials — 1.38%** |  |  |
| Copa Holdings, S.A., Class A | 8300 | 767418 |
| **Total Panama** |  | 767418 |
| **Philippines — 0.47%** |  |  |
| **Consumer Staples — 0.47%** |  |  |
| Ginebra San Miguel, Inc. | 50700 | 263490 |
| **Total Philippines** |  | 263490 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 89.83% — (continued)** |  |  |
| **Slovenia — 1.70%** |  |  |
| **Health Care — 1.70%** |  |  |
| Krka d.d. Novo Mesto | 5100 | $948959 |
| **Total Slovenia** |  | 948959 |
| **Sweden — 3.42%** |  |  |
| **Financials — 1.89%** |  |  |
| Svenska Handelsbanken AB, Class A | 93200 | 1053472 |
| **Industrials — 1.53%** |  |  |
| Loomis AB | 21000 | 850704 |
| **Total Sweden** |  | 1904176 |
| **Switzerland — 4.92%** |  |  |
| **Consumer Discretionary — 2.73%** |  |  |
| Cie Financiere Richemont SA | 3200 | 558731 |
| Swatch Group AG (The) | 5600 | 965908 |
|  |  | 1524639 |
| **Health Care — 2.19%** |  |  |
| Roche Holding AG | 3700 | 1218034 |
| **Total Switzerland** |  | 2742673 |
| **United Kingdom — 11.04%** |  |  |
| **Communications — 2.40%** |  |  |
| Informa PLC | 54900 | 550529 |
| WPP PLC | 103400 | 785814 |
|  |  | 1336343 |
| **Consumer Discretionary — 2.23%** |  |  |
| Associated British Foods PLC | 50000 | 1239687 |
| **Consumer Staples — 2.47%** |  |  |
| Cake Box Holdings PLC | 102000 | 236909 |
| Nomad Foods Ltd. | 57900 | 1137735 |
|  |  | 1374644 |
| **Health Care — 1.31%** |  |  |
| Indivior PLC<sup>(a)</sup> | 77200 | 729640 |
| **Technology — 2.63%** |  |  |
| Serco Group PLC | 717000 | 1466470 |
| **Total United Kingdom** |  | 6146784 |
| **TOTAL COMMON STOCKS<br> (Cost $41,826,023)** |  | 50038481 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Money Market Funds — 10.29%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%<sup>(c)</sup> | 5730818 | 5730818 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $5,730,818)** |  | 5730818 |
| **Total Investments — 100.12%<br> (Cost $47,556,841)** |  | $55769299 |
| **Liabilities in Excess of Other Assets — (0.12)%** |  | (69261) |
| **Net Assets — 100.00%** |  | $55700038 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 $1,469,194 as of March 31, 2025, representing 2.64% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

ADR - American Depositary Receipt.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 46.88%** |  |  |
| **Communications — 2.30%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 1798 | $278043 |
| Comcast Corp., Class A | 12536 | 462578 |
|  |  | 740621 |
| **Consumer Discretionary — 4.78%** |  |  |
| Genuine Parts Co.<sup>(a)</sup> | 3698 | 440580 |
| Movado Group, Inc. | 17039 | 284892 |
| Starbucks Corp.<sup>(a)</sup> | 4377 | 429340 |
| Vail Resorts, Inc. | 2425 | 388048 |
|  |  | 1542860 |
| **Consumer Staples — 9.06%** |  |  |
| Flowers Foods, Inc.<sup>(a)</sup> | 33106 | 629345 |
| Kraft Heinz Co. (The)<sup>(a)</sup> | 15329 | 466461 |
| Mondelez International, Inc., Class A<sup>(a)</sup> | 5901 | 400383 |
| PepsiCo, Inc.<sup>(a)</sup> | 3821 | 572921 |
| Sysco Corp. | 11417 | 856732 |
|  |  | 2925842 |
| **Energy — 3.81%** |  |  |
| MPLX LP | 10690 | 572129 |
| Suncor Energy, Inc.<sup>(a)</sup> | 17023 | 659130 |
|  |  | 1231259 |
| **Financials — 6.84%** |  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 3243 | 311911 |
| Axis Capital Holdings Ltd.<sup>(a)</sup> | 4912 | 492379 |
| Citigroup, Inc.<sup>(a)</sup> | 2415 | 171441 |
| Cullen/Frost Bankers, Inc.<sup>(a)</sup> | 1567 | 196188 |
| Federal Agricultural Mortgage Corp., Class C<sup>(a)</sup> | 2513 | 471213 |
| JPMorgan Chase & Co.<sup>(a)</sup> | 1525 | 374083 |
| Trustmark Corp.<sup>(a)</sup> | 5576 | 192316 |
|  |  | 2209531 |
| **Health Care — 8.41%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 3625 | 480856 |
| Dentsply Sirona, Inc.<sup>(a)</sup> | 16633 | 248497 |
| Johnson & Johnson | 5224 | 866348 |
| Medtronic PLC<sup>(a)</sup> | 8973 | 806314 |
| Zoetis, Inc., Class A<sup>(a)</sup> | 1894 | 311847 |
|  |  | 2713862 |
| **Industrials — 6.82%** |  |  |
| Copa Holdings, S.A., Class A | 6518 | 602654 |
| Greenbrier Companies, Inc. (The)<sup>(a)</sup> | 16411 | 840572 |
| Norfolk Southern Corp.<sup>(a)</sup> | 1891 | 447883 |
| United Parcel Service, Inc., Class B | 2835 | 311822 |
|  |  | 2202931 |
| **Real Estate — 0.87%** |  |  |
| Simon Property Group, Inc. | 1683 | 279513 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 46.88% — (continued)** |  |  |
| **Technology — 3.99%** |  |  |
| Fidelity National Information Services, Inc. | 7616 | $568763 |
| Garmin Ltd.<sup>(a)</sup> | 1214 | 263596 |
| Nintendo Co. Ltd. | 3387 | 230292 |
| Texas Instruments, Inc.<sup>(a)</sup> | 1247 | 224086 |
|  |  | 1286737 |
| **TOTAL COMMON STOCKS<br> (Cost $14,394,879)** |  | 15133156 |
| **Preferred Stocks — 5.43%** |  |  |
| **Financials — 4.94%** |  |  |
| Arch Capital Group Ltd., Series G, 4.55% | 17351 | 302428 |
| Axis Capital Holdings Ltd., Series E, 5.50% | 14944 | 304857 |
| Bank OZK, Series A, 4.63% | 8700 | 141636 |
| Enstar Group Ltd., Series D, 7.00% | 15405 | 321040 |
| Huntington Bancshares Inc., Series J, 6.88% | 9318 | 238541 |
| Morgan Stanley., Series I, 6.38% | 5492 | 136531 |
| Stifel Financial Corp., Series B, 6.25% | 6300 | 152208 |
|  |  | 1597241 |
| **Industrials — 0.49%** |  |  |
| WESCO International, Inc., Series A, 10.63% | 6203 | 156688 |
| **TOTAL PREFERRED STOCKS<br> (Cost $1,822,599)** |  | 1753929 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **Corporate Bonds — 44.25%** |  |  |
| **Communications — 0.92%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(b)</sup> | $300000 | 295743 |
| **Consumer Discretionary — 11.04%** |  |  |
| Acushnet Co., 7.38%, 10/15/2028<sup>(b)</sup> | 250000 | 258924 |
| Allegiant Travel Co., 7.25%, 8/15/2027<sup>(b)</sup> | 350000 | 339656 |
| Cedar Fair LP / Canada's Wonderland Co., 6.50%, 10/1/2028 | 200000 | 201404 |
| Churchill Downs, Inc., 6.75%, 5/1/2031<sup>(b)</sup> | 250000 | 252205 |
| Garrett Motion Holdings, Inc., 7.75%, 5/31/2032<sup>(b)</sup> | 400000 | 395876 |
| Graham Holdings Co., 5.75%, 6/1/2026<sup>(b)</sup> | 300000 | 300364 |
| Macy's Retail Holdings LLC, 5.88%, 4/1/2029<sup>(b)</sup> | 250000 | 242801 |
| Papa John's International, Inc., 3.88%, 9/15/2029<sup>(b)</sup> | 300000 | 280623 |
| Valvoline, Inc., 3.63%, 6/15/2031<sup>(b)</sup> | 250000 | 217452 |
| Victoria's Secret & Co., 4.63%, 7/15/2029<sup>(b)</sup> | 350000 | 306462 |
| Viking Cruises Ltd., 9.13%, 7/15/2031<sup>(b)</sup> | 300000 | 320697 |
| Wendy's International LLC, 7.00%, 12/15/2025 | 150000 | 150332 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds** — **44.25% — continued** |  |  |
| **Consumer Discretionary — 11.04% — continued** |  |  |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(b)</sup> | $300000 | $296919 |
|  |  | 3563715 |
| **Consumer Staples — 0.72%** |  |  |
| Simmons Foods, Inc., 4.63%, 3/1/2029<sup>(b)</sup> | 250000 | 232130 |
| **Energy — 3.79%** |  |  |
| Antero Resources Corp., 7.63%, 2/1/2029<sup>(b)</sup> | 150000 | 153906 |
| Civitas Resources Inc., 8.63%, 11/1/2030<sup>(b)</sup> | 300000 | 310526 |
| Saturn Oil & Gas, Inc., 9.63%, 6/15/2029<sup>(b)</sup> | 328000 | 317177 |
| Tallgrass Energy Partners, LP, 5.50%, 1/15/2028<sup>(b)</sup> | 300000 | 292115 |
| TechnipFMC PLC, 6.50%, 2/1/2026<sup>(b)</sup> | 150000 | 150054 |
|  |  | 1223778 |
| **Financials — 9.86%** |  |  |
| Antares Holdings LP, 6.25%, 10/23/2029<sup>(b)</sup> | 350000 | 350116 |
| Bank OZK, 2.75%, 10/1/2031(TSFR3M + 209bps)<sup>(c)</sup> | 250000 | 223203 |
| Citigroup, Inc., 7.13%, Perpetual (France)<sup>(c)</sup> | 300000 | 307702 |
| Cullen/Frost Capital Trust II, 6.13%, 3/1/2034(TSFR3M + 81bps)<sup>(a)(c)</sup> | 300000 | 270159 |
| First Citizens BancShares, Inc., 3.38%, 3/15/2030<sup>(c)</sup> | 200000 | 200013 |
| Huntington Bancshares, Inc., 4.45%, Perpetual<sup>(c)</sup> | 200000 | 192949 |
| Iron Mountain, Inc., 7.00%, 2/15/2029<sup>(b)</sup> | 250000 | 255927 |
| M&T Bank Corp., 7.53%, Perpetual(H15T5Y + 317bps)<sup>(c)</sup> | 200000 | 199965 |
| MGIC Investment Corp., 5.25%, 8/15/2028 | 250000 | 247194 |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 300000 | 324754 |
| State Street Corp, 6.45%, Perpetual<sup>(c)</sup> | 350000 | 350414 |
| StoneX Group, Inc., 7.88%, 3/1/2031<sup>(b)</sup> | 250000 | 260539 |
|  |  | 3182935 |
| **Health Care — 0.95%** |  |  |
| Sotera Health Holdings LLC, 7.38%, 6/1/2031<sup>(b)</sup> | 300000 | 305336 |
| **Industrials — 11.62%** |  |  |
| Air Canada 2020-1 Class C Pass Through Trust, 10.50%, 7/15/2026<sup>(b)</sup> | 250000 | 265082 |
| American Airlines, Inc., 8.50%, 5/15/2029<sup>(b)</sup> | 350000 | 355516 |
| AMN Healthcare, Inc., 4.00%, 4/15/2029<sup>(b)</sup> | 200000 | 180415 |
| Atkore, Inc., 4.25%, 6/1/2031<sup>(b)</sup> | 250000 | 220350 |
| Brink's Co. (The), 6.50%, 6/15/2029<sup>(b)</sup> | 250000 | 253532 |
| Cimpress PLC, 7.38%, 9/15/2032 (Ireland)<sup>(b)</sup> | 300000 | 276073 |
| Con-way, Inc., 6.70%, 5/1/2034 | 265000 | 272157 |
| Hillenbrand, Inc., 6.25%, 2/15/2029 | 250000 | 250819 |
| Installed Building Products, Inc., 5.75%, 2/1/2028<sup>(b)</sup> | 350000 | 345708 |
| Korn Ferry, 4.63%, 12/15/2027<sup>(b)</sup> | 250000 | 242571 |
| Sensata Technologies BV, 5.88%, 9/1/2030<sup>(b)</sup> | 250000 | 242909 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060(H15T5Y + 266bps)<sup>(c)</sup> | 350000 | 349029 |
| Wabash National Corp., 4.50%, 10/15/2028<sup>(b)</sup> | 350000 | 314683 |
| Worthington Industries, Inc., 4.30%, 8/1/2032 | 210000 | 183887 |
|  |  | 3752731 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — 44.25% — continued** |  |  |
| **Materials — 2.00%** |  |  |
| Advanced Drainage Systems, Inc., 6.38%, 6/15/2030<sup>(b)</sup> | $300000 | $301555 |
| Cleveland-Cliffs, Inc., 6.88%, 11/1/2029<sup>(b)</sup> | 350000 | 343642 |
|  |  | 645197 |
| **Real Estate — 1.62%** |  |  |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/2030<sup>(b)</sup> | 250000 | 261114 |
| Newmark Group, Inc., 7.50%, 1/12/2029 | 250000 | 262416 |
|  |  | 523530 |
| **Technology — 0.63%** |  |  |
| Gen Digital, Inc., 6.75%, 9/30/2027<sup>(b)</sup> | 200000 | 202640 |
| **Utilities — 1.10%** |  |  |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275bps)<sup>(c)</sup> | 350000 | 356545 |
| **TOTAL CORPORATE BONDS<br> (Cost $14,186,913)** |  | 14284280 |
| **U.S. Government & Agencies — 0.93%** |  |  |
| United States Treasury Note, 4.38%, 7/31/2026 | 150000 | 150735 |
| United States Treasury Note, 3.75%, 8/15/2027 | 150000 | 149438 |
| **TOTAL U.S. GOVERNMENT & AGENCIES<br> (Cost $300,475)** |  | 300173 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds — 1.80%** | |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%<sup>(d)</sup> | 582060 | 582060 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $582,060)** |  | 582060 |
| **Total Investments — 99.29%<br> (Cost $31,286,926)** |  | 32053598 |
| **Other Assets in Excess of Liabilities — 0.71%** |  | 230588 |
| **Net Assets — 100.00%** |  | $32284186 |

---

<sup>(a)</sup> Securities, or a portion thereof, have been pledged as collateral on written option contracts. The total collateral pledged is $5,273,129.

<sup>(b)</sup> 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 $9,941,338 as of March 31, 2025, representing 30.79% of net assets.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2025. 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.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund**

**Schedule of Open Written Options Contracts**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Fair Value** |
| **Written Call Options (0.32)%** | | | |  | |
| Abbott Laboratories | (11) | $(145915) | $125.00 | June 2025 | $(12374) |
| Abbott Laboratories | (21) | (278565) | 130.00 | August 2025 | (19897) |
| Alphabet, Inc., Class A | (15) | (231960) | 200.00 | April 2025 | (38) |
| Arch Capital Group Ltd. | (16) | (153888) | 110.00 | June 2025 | (2560) |
| Axis Capital Holdings Ltd. | (16) | (160384) | 110.00 | September 2025 | (6199) |
| Citigroup, Inc. | (18) | (127782) | 85.00 | June 2025 | (738) |
| Cullen/Frost Bankers, Inc. | (13) | (162760) | 155.00 | April 2025 | (13) |
| Dentsply Sirona, Inc. | (42) | (62748) | 25.00 | April 2025 | (42) |
| Dentsply Sirona, Inc. | (41) | (61254) | 25.00 | July 2025 | (164) |
| Federal Agricultural Mortgage Corp., Class C | (8) | (150008) | 230.00 | May 2025 | (840) |
| Flowers Foods, Inc. | (133) | (252833) | 25.00 | April 2025 | (133) |
| Garmin Ltd. | (8) | (173704) | 230.00 | September 2025 | (11200) |
| Genuine Parts Co. | (9) | (107226) | 145.00 | August 2025 | (1103) |
| Greenbrier Companies, Inc. (The) | (54) | (276588) | 72.50 | June 2025 | (1566) |
| Greenbrier Companies, Inc. (The) | (28) | (143416) | 70.00 | November 2025 | (4830) |
| JPMorgan Chase & Co. | (8) | (196240) | 285.00 | June 2025 | (956) |
| Kraft Heinz Co. (The) | (92) | (279956) | 32.50 | July 2025 | (6992) |
| Medtronic PLC | (59) | (530174) | 97.50 | August 2025 | (9942) |
| Mondelez International, Inc. | (19) | (128915) | 70.00 | September 2025 | (7030) |
| Norfolk Southern Corp. | (9) | (213165) | 270.00 | June 2025 | (1283) |
| PepsiCo, Inc. | (13) | (194922) | 175.00 | September 2025 | (1671) |
| Starbucks Corp. | (17) | (166753) | 110.00 | July 2025 | (4173) |
| Starbucks Corp. | (9) | (88281) | 125.00 | July 2025 | (387) |
| Suncor Energy, Inc. | (136) | (526592) | 46.00 | June 2025 | (2516) |
| Texas Instruments, Inc. | (5) | (89850) | 220.00 | July 2025 | (668) |
| Trustmark Corp. | (45) | (155205) | 45.00 | November 2025 | (4613) |
| Zoetis, Inc., Class A | (8) | (131720) | 220.00 | June 2025 | (600) |
| Zoetis, Inc., Class A | (5) | (82325) | 200.00 | July 2025 | (650) |
| **Total Written Options (Premiums Received $145,375)** |  |  |  |  | $(103178) |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Preferred Stocks — 0.97%** |  |  |
| **Industrials — 0.97%** |  |  |
| WESCO International, Inc., Series A, 10.63% | 11756 | $296957 |
| **TOTAL PREFERRED STOCKS<br> (Cost $300,207)** |  | 296957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **Asset Backed Securities — 0.82%** |  |  |
| Ford Credit Auto Owner Trust 2024-C, 4.07%, 7/15/2029 | $250000 | 248915 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $247,751)** |  | 248915 |
| **Collateralized Mortgage Obligations — 1.42%** |  |  |
| Fannie Mae REMIC Pass Through Certificates, Series 2024-97, 5.50%, 12/25/2050 | 240549 | 242660 |
| Government National Mortgage Association REMIC Pass Through Certificates, Series 2024-076, 6.00%, 12/20/2049 | 188197 | 189679 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br> (Cost $429,909)** |  | 432339 |
| **Corporate Bonds — 66.00%** |  |  |
| **Communications — 1.97%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(a)</sup> | 300000 | 295743 |
| XPO, Inc., 6.25%, 6/1/2028<sup>(a)</sup> | 300000 | 303832 |
|  |  | 599575 |
| **Consumer Discretionary — 12.22%** |  |  |
| Bath & Body Works, Inc., 6.69%, 1/15/2027 | 100000 | 102160 |
| Carnival Corp., 7.88%, 6/1/2027 | 300000 | 315507 |
| Ford Motor Credit Co. LLC, 7.29%, 3/6/2026 (O/N SOFR + 295bps)<sup>(b)</sup> | 350000 | 354995 |
| General Motors Financial Co., Inc., 5.64%, 4/7/2025 (O/N SOFR + 130bps)<sup>(b)</sup> | 100000 | 100015 |
| Graham Holdings Co., 5.75%, 6/1/2026<sup>(a)</sup> | 150000 | 150182 |
| Group 1 Automotive, Inc., 4.00%, 8/15/2028<sup>(a)</sup> | 200000 | 188325 |
| Harley-Davidson Financial Services, Inc., 5.95%, 6/11/2029<sup>(a)</sup> | 250000 | 252095 |
| Hyundai Capital America, 5.84%, 1/8/2027 (O/N SOFR + 150bps)<sup>(a)(b)</sup> | 250000 | 252736 |
| Mattel, Inc., 5.88%, 12/15/2027<sup>(a)</sup> | 300000 | 301114 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/2026<sup>(a)</sup> | 150000 | 152488 |
| Nordstrom, Inc., 4.00%, 3/15/2027 | 300000 | 288949 |
| Taylor Morrison Communities, Inc., 5.88%, 6/15/2027<sup>(a)</sup> | 150000 | 149850 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/2029<sup>(a)</sup> | 300000 | 295434 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/2026<sup>(a)</sup> | 250000 | 250313 |
| William Carter Co. (The), 5.63%, 3/15/2027<sup>(a)</sup> | 250000 | 248559 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | <br>**Fair Value** |
| **Corporate Bonds — 66.00% — continued** | | |
| **Consumer Discretionary — 12.22% — continued** |  |  |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(a)</sup> | $329000 | $325622 |
|  |  | 3728344 |
| **Consumer Staples — 2.76%** |  |  |
| Albertsons Companies, Inc. / Safeway, Inc., 5.88%, 2/15/2028<sup>(a)</sup> | 300000 | 299734 |
| Performance Food Group, Inc., 5.50%, 10/15/2027<sup>(a)</sup> | 250000 | 247865 |
| Smithfield Foods, Inc., 4.25%, 2/1/2027<sup>(a)</sup> | 300000 | 295483 |
|  |  | 843082 |
| **Energy — 4.42%** |  |  |
| Antero Resources Corp., 7.63%, 2/1/2029<sup>(a)</sup> | 250000 | 256510 |
| Civitas Resources, Inc., 8.38%, 7/1/2028<sup>(a)</sup> | 300000 | 309633 |
| Energy Transfer LP, 5.63%, 5/1/2027<sup>(a)</sup> | 250000 | 249874 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/2028<sup>(a)</sup> | 150000 | 153271 |
| Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/2027 | 150000 | 149802 |
| TechnipFMC PLC, 6.50%, 2/1/2026<sup>(a)</sup> | 230000 | 230083 |
|  |  | 1349173 |
| **Financials — 24.94%** |  |  |
| Antares Holdings LP, 3.75%, 7/15/2027 (Canada)<sup>(a)</sup> | 350000 | 334519 |
| Ares Capital Corp., 7.00%, 1/15/2027 | 200000 | 206155 |
| Ares Finance Co. III LLC, 4.13%, 6/30/2051<sup>(a)(b)</sup> | 250000 | 242077 |
| Bank of America Corp., 5.69%, 9/15/2027 (O/N SOFR + 135bps)<sup>(b)</sup> | 150000 | 151761 |
| BMW Vehicle Owner Trust 2024-A, 5.18%, 11/26/2027 | 250000 | 253172 |
| Cantor Fitzgerald LP, 7.20%, 12/12/2028<sup>(a)</sup> | 350000 | 369154 |
| Charles Schwab Corp. (The), 4.00%, 12/31/2049 (H15T5Y + 317bps)<sup>(b)</sup> | 195000 | 190303 |
| Charles Schwab Corp. (The), 5.38%, Perpetual | 200000 | 199693 |
| Citigroup Inc., 3.88%, Perpetual<sup>(b)</sup> | 300000 | 293769 |
| Discover Bank, 6.00%, 8/9/2028 (O/N USIS + 173bps)<sup>(b)</sup> | 250000 | 255605 |
| Essent Group, Ltd., 6.25%, 7/1/2029 | 300000 | 309063 |
| First Citizens BancShares, Inc., 3.38%, 3/15/2030<sup>(b)</sup> | 200000 | 200013 |
| GM Financial Consumer Automobile Receivables 2024-1, 4.85%, 12/18/2028 | 250000 | 251500 |
| Goldman Sachs Group, Inc. (The), 5.15%, 3/9/2027 (O/N SOFR + 81bps)<sup>(b)</sup> | 200000 | 200615 |
| Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 2/21/2027 | 250000 | 253091 |
| HSBC Holdings PLC, 5.94%, 9/12/2026 (United Kingdom) (TSFR3M + 164bps)<sup>(b)</sup> | 150000 | 150916 |
| Huntington Bancshares, Inc., 4.45%, Perpetual | 300000 | 289422 |
| Hyundai Auto Receivables Trust 2022-A, 2.35%, 4/17/2028 | 250000 | 246343 |
| JPMorgan Chase & Co., 5.52%, 2/24/2028 (O/N SOFR + 118bps)<sup>(b)</sup> | 300000 | 303165 |
| KeyCorp Capital, 5.31%, 7/1/2028 | 250000 | 244314 |
| M&T Bank Corp., 7.53%, Perpetual (H15T5Y + 317bps)<sup>(b)</sup> | 264000 | 263954 |
| MGIC Investment Corp., 5.25%, 8/15/2028 | 350000 | 346072 |
| Morgan Stanley, 6.14%, 10/16/2026 (SOFRRATE + 177bps)<sup>(b)</sup> | 150000 | 151165 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — 66.00% — continued** | | |
| **Financials — 24.94% — continued** |  |  |
| Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.50%, 3/15/2027<sup>(a)</sup> | $250000 | $248707 |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 300000 | 324754 |
| Prudential Financial, Inc., 5.70%, 9/15/2048 (US0003M + 267bps)<sup>(b)</sup> | 300000 | 301116 |
| Radian Group, Inc., 6.20%, 5/15/2029 | 250000 | 257721 |
| Regions Financial Corp., 5.75%, Perpetual (H15T5Y + 543bps)<sup>(b)</sup> | 280000 | 279169 |
| Santander Holdings USA, Inc., 5.81%, 9/9/2026 (SOFRRATE + 233bps)<sup>(b)</sup> | 200000 | 200715 |
| Wells Fargo & Co., 3.90%, 3/15/2069 (H15T5Y + 345bps)<sup>(b)</sup> | 300000 | 294214 |
|  |  | 7612237 |
| **Health Care — 2.46%** |  |  |
| Bayer US Finance II LLC, 5.50%, 8/15/2025<sup>(a)</sup> | 100000 | 100175 |
| Bayer US Finance LLC, 6.25%, 1/21/2029<sup>(a)</sup> | 300000 | 310860 |
| CVS Pass Through Trust, 6.04%, 12/10/2028 | 337902 | 340338 |
|  |  | 751373 |
| **Industrials — 7.77%** |  |  |
| American Airlines 2016-1 Class AA Pass Through Trust, 3.58%, 1/15/2028 | 148917 | 144089 |
| American Airlines, Inc., 8.50%, 5/15/2029<sup>(a)</sup> | 200000 | 203152 |
| AMN Healthcare, Inc., 4.63%, 10/1/2027<sup>(a)</sup> | 200000 | 192406 |
| Brink's Co. (The), 4.63%, 10/15/2027<sup>(a)</sup> | 200000 | 196196 |
| Delta Air Lines, Inc., 7.00%, 5/1/2025<sup>(a)</sup> | 200000 | 200275 |
| Installed Building Products, Inc., 5.75%, 2/1/2028<sup>(a)</sup> | 300000 | 296321 |
| LKQ Corp., 5.75%, 6/15/2028 | 232000 | 237257 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060 (H15T5Y + 266bps)<sup>(b)</sup> | 300000 | 299167 |
| United Airlines, Inc., 4.38%, 4/15/2026<sup>(a)</sup> | 300000 | 295695 |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 300000 | 304887 |
|  |  | 2369445 |
| **Materials — 2.11%** |  |  |
| Advanced Drainage Systems, Inc., 5.00%, 9/30/2027<sup>(a)</sup> | 200000 | 196407 |
| ATI, Inc., 5.88%, 12/1/2027 | 200000 | 198808 |
| Berry Global, Inc., 5.63%, 7/15/2027<sup>(a)</sup> | 250000 | 249784 |
|  |  | 644999 |
| **Real Estate — 4.04%** |  |  |
| Boston Properties LP, 2.75%, 10/1/2026 | 100000 | 96956 |
| Boston Properties LP, 6.75%, 12/1/2027 | 250000 | 261445 |
| CubeSmart LP, 4.00%, 11/15/2025 | 150000 | 149423 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/2030<sup>(a)</sup> | 250000 | 261113 |
| Newmark Group, Inc., 7.50%, 1/12/2029 | 300000 | 314899 |
| Realty Income Corp., 5.05%, 1/13/2026 | 150000 | 150015 |
|  |  | 1233851 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | <br>**Fair Value** |
| **Corporate Bonds — 66.00% — continued** |  |  |
| **Technology — 1.17%** |  |  |
| Concentrix Corp., 6.60%, 8/2/2028 | $200000 | $208683 |
| Fidelity National Information Services, Inc., 4.25%, 5/15/2028 | 150000 | 147008 |
|  |  | 355691 |
| **Utilities — 2.14%** |  |  |
| American Electric Power Company, Inc., 5.70%, 8/15/2025 | 150000 | 150541 |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275bps)<sup>(b)</sup> | 200000 | 203740 |
| Pacific Gas and Electric Co., 4.95%, 6/8/2025 | 150000 | 149879 |
| Vistra Operations Co. LLC, 5.13%, 5/13/2025<sup>(a)</sup> | 150000 | 150153 |
|  |  | 654313 |
| **TOTAL CORPORATE BONDS<br> (Cost $20,074,140)** |  | 20142083 |
| **U.S. Government & Agencies — 28.23%** |  |  |
| Federal Farm Credit Banks, 5.10%, 9/16/2032 | 150000 | 149756 |
| Federal Home Loan Banks, 5.05%, 10/24/2031 | 150000 | 150026 |
| Federal Home Loan Banks, 5.32%, 1/14/2033 | 250000 | 250935 |
| Federal Home Loan Banks, 5.00%, 9/26/2033 | 150000 | 150144 |
| Federal Home Loan Mortgage Corp., 5.15%, 1/22/2029 | 200000 | 200060 |
| United States Treasury Bill, 4.55%, 4/17/2025 | 250000 | 249528 |
| United States Treasury Bill, 4.64%, 7/10/2025 | 250000 | 247091 |
| United States Treasury Note, 4.25%, 5/31/2025 | 250000 | 250013 |
| United States Treasury Note, 4.88%, 11/30/2025 | 200000 | 200904 |
| United States Treasury Note, 4.25%, 12/31/2025 | 500000 | 500447 |
| United States Treasury Note, 4.25%, 1/31/2026 | 250000 | 250270 |
| United States Treasury Note, 4.63%, 2/28/2026 | 250000 | 251100 |
| United States Treasury Note, 4.50%, 3/31/2026 | 200000 | 200808 |
| United States Treasury Note, 4.88%, 4/30/2026 | 400000 | 403439 |
| United States Treasury Note, 4.13%, 6/15/2026 | 200000 | 200277 |
| United States Treasury Note, 4.38%, 7/31/2026 | 350000 | 351716 |
| United States Treasury Note, 3.75%, 8/31/2026 | 200000 | 199363 |
| United States Treasury Note, 4.63%, 10/15/2026 | 200000 | 201957 |
| United States Treasury Note, 4.38%, 12/15/2026 | 250000 | 251714 |
| United States Treasury Note, 4.00%, 1/15/2027 | 250000 | 250210 |
| United States Treasury Note, 4.13%, 2/15/2027 | 300000 | 301008 |
| United States Treasury Note, 4.25%, 3/15/2027 | 300000 | 301810 |
| United States Treasury Note, 2.75%, 4/30/2027 | 250000 | 244214 |
| United States Treasury Note, 4.63%, 6/15/2027 | 250000 | 253760 |
| United States Treasury Note, 4.38%, 7/15/2027 | 300000 | 302982 |
| United States Treasury Note, 3.75%, 8/15/2027 | 300000 | 298875 |
| United States Treasury Note, 3.88%, 10/15/2027 | 250000 | 249761 |
| United States Treasury Note, 3.88%, 11/30/2027 | 150000 | 149955 |
| United States Treasury Note/Bond, 4.25%, 10/15/2025 | 200000 | 200056 |
| United States Treasury Note/Bond, 4.88%, 5/31/2026 | 150000 | 151418 |
| United States Treasury Note/Bond, 3.50%, 9/30/2026 | 200000 | 198648 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. Government & Agencies — 28.23% — continued** |  |  |
| United States Treasury Note/Bond, 4.63%, 11/15/2026 | $200000 | $202047 |
| United States Treasury Note/Bond, 4.50%, 5/15/2027 | 300000 | 303480 |
| United States Treasury Note/Bond, 3.38%, 9/15/2027 | 150000 | 148236 |
| United States Treasury Note/Bond, 4.00%, 12/15/2027 | 200000 | 200477 |
| United States Treasury Note/Bond, 4.00%, 2/29/2028 | 200000 | 200477 |
| **TOTAL U.S. GOVERNMENT & AGENCIES<br> (Cost $8,600,625)** |  | 8616962 |
|  | **Shares** |  |
| **Money Market Funds — 1.64%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.20%<sup>(c)</sup> | 499351 | 499351 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $499,351)** |  | 499351 |
| **Total Investments — 99.08%<br> (Cost $30,151,983)** |  | 30236607 |
| **Other Assets in Excess of Liabilities — 0.92%** |  | 281586 |
| **Net Assets — 100.00%** |  | $30518193 |

---

<sup>(a)</sup> 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 $9,360,626 as of March 31, 2025, representing 30.68% of net assets.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2025. 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.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Assets and Liabilities**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VELA Small**<br>**Cap Fund** | **VELA Large<br> Cap Plus**<br>**Fund** | **VELA<br> International**<br>**Fund** | **VELA Income<br> Opportunities**<br>**Fund** | **VELA Short<br> Duration**<br>**Fund** |
| **Assets** |  |  |  |  |  |
| Investments in securities at fair value (cost $97,485,650, $55,931,613, $47,556,841, $31,286,926 and $30,151,983) | $110212219 | $68350266 | $55769299 | $32053598 | $30236607 |
| Cash held at broker for securities sold short |  | 3586621 |  |  |  |
| Cash | 53 |  | 71113 |  | 3228 |
| Receivable for fund shares sold | 333667 | 49980 | 108147 | 94960 | 94960 |
| Receivable for investments sold |  |  |  |  | 293786 |
| Dividends and interest receivable | 45102 | 39511 | 213620 | 261466 | 321947 |
| Tax reclaims receivable |  | 1377 | 251259 | 694 |  |
| Prepaid expenses |  |  |  | 5511 |  |
| **Total Assets** | 110591041 | 72027755 | 56413438 | 32416229 | 30950528 |
| **Liabilities** |  |  |  |  |  |
| Investments in securities sold short, at fair value (proceeds received $-, $4,446,328, $-, $- and $-) |  | 4466487 |  |  |  |
| Options written, at value (premium received $738,104, $638,781, $-, $145,375 and $-) | 740942 | 557165 |  | 103178 |  |
| Payable for fund shares redeemed | 108553 |  |  | 5020 | 63204 |
| Payable for investments purchased | 6044 |  | 661501 |  | 352071 |
| Payable to Adviser | 69942 | 34824 | 34899 | 13746 | 7719 |
| 12b-1 fees accrued - Class A | 15516 | 234 | 249 | 202 | 78 |
| Administrative fees payable | 33572 | 20894 | 16751 | 9897 | 9263 |
| **Total Liabilities** | 974569 | 5079604 | 713400 | 132043 | 432335 |
| **Net Assets** | $109616472 | $66948151 | $55700038 | $32284186 | $30518193 |
| **Net Assets consist of:** |  |  |  |  |  |
| Paid-in capital | $91712598 | $51555149 | $46129449 | $31978487 | $30426817 |
| Accumulated earnings | 17903874 | 15393002 | 9570589 | 305699 | 91376 |
| **Net Assets** | $109616472 | $66948151 | $55700038 | $32284186 | $30518193 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Assets and Liabilities (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VELA Small**<br>**Cap Fund** | **VELA Large<br> Cap Plus**<br> **Fund** | **VELA<br> International**<br>**Fund** | **VELA Income<br> Opportunities**<br>**Fund** | **VELA Short<br> Duration**<br> **Fund** |
| **Class A:** |  |  |  |  |  |
| Net Assets | $21060661 | $257801 | $218971 | $132831 | $49077 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1162512 | 15905 | 15783 | 13923 | 4878 |
| Net asset value, offering and redemption price per share | $18.12 | $16.21 | $13.87 | $9.54 | $10.06 |
| Maximum offering price per share<sup>(a)</sup> | $19.07 | $17.06 | $14.60 | $10.04 | $10.59 |
| **Class I:** |  |  |  |  |  |
| Net Assets | $88555811 | $66690350 | $55481067 | $32151355 | $30469116 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 4871181 | 4080703 | 3983390 | 3369861 | 3029769 |
| Net asset value, offering and redemption price per share | $18.18 | $16.34 | $13.93 | $9.54 | $10.06 |

---

<sup>(a)</sup> Based on maximum initial sales charge of 5.00%.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Operations**

*For the six months ended March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VELA Small**<br>**Cap Fund** | **VELA Large<br> Cap Plus**<br> **Fund** | **VELA<br> International**<br>**Fund** | **VELA Income<br> Opportunities**<br>**Fund** | **VELA Short<br> Duration**<br> **Fund** |
| **Investment Income** |  |  |  |  |  |
| Dividend income | $613421 | $684179 | $799185 | $351167 | $24933 |
| Foreign taxes withheld | (930) | (5753) | (60953) | (2501) |  |
| Interest income |  |  |  | 434664 | 654327 |
| **Total investment income** | 612491 | 678426 | 738232 | 783330 | 679260 |
| **Expenses** |  |  |  |  |  |
| Investment management fees | 422889 | 212337 | 191807 | 80167 | 39096 |
| Administrative fees | 202987 | 127402 | 92067 | 57720 | 46915 |
| 12b-1 fees - Class A | 27320 | 288 | 247 | 154 | 58 |
| Dividend and interest expense on securities sold short |  | 2733 |  |  |  |
| **Net operating expenses** | 653196 | 342760 | 284121 | 138041 | 86069 |
| **Net investment income (loss)** | (40705) | 335666 | 454111 | 645289 | 593191 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 5216441 | 3810071 | 1126669 | 201532 | 7678 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  | (401118) |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased options |  | (640558) |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options | 385045 | 45120 |  | 114898 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (3470) | (220) | (89677) | (1707) |  |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (11948942) | (5654203) | (864714) | (1279200) | (50304) |
| &nbsp;&nbsp;&nbsp;Securities sold short |  | 185241 |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased options |  | 633061 |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options | (161680) | 366176 |  | 39484 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (5005) | (5) |  |
| **Net realized and change in unrealized gain (loss) on investment securities, securities sold short, options and foreign currency translations** | (6512606) | (1656430) | 167273 | (924998) | (42626) |
| **Net increase (decrease) in net assets resulting from operations** | $(6553311) | $(1320764) | $621384 | $(279709) | $550565 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VELA Small Cap Fund** | **VELA Small Cap Fund** | **VELA Large Cap Plus Fund** | **VELA Large Cap Plus Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income (loss) | $(40705) | $301529 | $335666 | $525372 |
| Net realized gain on investment securities, securities sold short, options and foreign currency translations | 5598016 | 313902 | 2813295 | 5080185 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (12110622) | 15076805 | (4469725) | 8052255 |
| **Net increase (decrease) in net assets resulting from operations** | (6553311) | 15692236 | (1320764) | 13657812 |
| **Distributions to Shareholders from Earnings** |  |  |  |  |
| Class A |  | (71105) | (13534) |  |
| Class I | (203254) | (434439) | (4542086) | (22529) |
| **Total distributions** | (203254) | (505544) | (4555620) | (22529) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 2096822 | 5545456 | 263457 | 126631 |
| Reinvestment of distributions |  | 71105 | 13534 |  |
| Amount paid for shares redeemed | (1325620) | (1704194) | (165786) | (279413) |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 771202 | 3912367 | 111205 | (152782) |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 12860980 | 13860901 | 2542349 | 5019784 |
| Reinvestment of distributions | 202233 | 431907 | 4541975 | 22529 |
| Amount paid for shares redeemed | (4685811) | (1592800) | (6371598) | (2336541) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 8377402 | 12700008 | 712726 | 2705772 |
| Net increase in net assets resulting from capital transactions | 9148604 | 16612375 | 823931 | 2552990 |
| **Total Increase (Decrease) in Net Assets** | 2392039 | 31799067 | (5052453) | 16188273 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 107224433 | 75425366 | 72000604 | 55812331 |
| **End of period** | $109616472 | $107224433 | $66948151 | $72000604 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VELA Small Cap Fund** | **VELA Small Cap Fund** | **VELA Large Cap Plus Fund** | **VELA Large Cap Plus Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Six Months Ended<br> March 31,<br>2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Share Transactions – Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 108698 | 306642 | 15631 | 7697 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 4136 | 817 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (67838) | (94730) | (9722) | (16989) |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 40860 | 216048 | 6726 | (9292) |
| **Share Transactions – Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 663456 | 751588 | 146031 | 311763 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 10667 | 25053 | 272138 | 1463 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (239856) | (90267) | (366075) | (147047) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 434267 | 686374 | 52094 | 166179 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding** | 475127 | 902422 | 58820 | 156887 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VELA International Fund** | **VELA International Fund** | **VELA Income Opportunities Fund** | **VELA Income Opportunities Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $454111 | $1132699 | $645289 | $1037524 |
| Net realized gain on investment securities, securities sold short, options and foreign currency translations | 1036992 | 597556 | 314723 | 661373 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (869719) | 6488822 | (1239721) | 2685466 |
| **Net increase (decrease) in net assets resulting from operations** | 621384 | 8219077 | (279709) | 4384363 |
| **Distributions to Shareholders from Earnings** |  |  |  |  |
| Class A | (5866) | (5906) | (2299) | (5049) |
| Class I | (1585732) | (968242) | (624234) | (1019486) |
| **Total distributions** | (1591598) | (974148) | (626533) | (1024535) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 49637 | 235581 | 43307 | 530120 |
| Reinvestment of distributions | 5866 | 5905 | 2299 | 5049 |
| Amount paid for shares redeemed | (8200) | (250811) | (15658) | (552181) |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 47303 | (9325) | 29948 | (17012) |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 4182799 | 4141653 | 3700507 | 2411414 |
| Reinvestment of distributions | 1573198 | 959674 | 624234 | 1019486 |
| Amount paid for shares redeemed | (767002) | (1365563) | (648033) | (4576020) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 4988995 | 3735764 | 3676708 | (1145120) |
| Net increase (decrease) in net assets resulting from capital transactions | 5036298 | 3726439 | 3706656 | (1162132) |
| **Total Increase in Net Assets** | 4066084 | 10971368 | 2800414 | 2197696 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 51633954 | 40662586 | 29483772 | 27286076 |
| **End of period** | $55700038 | $51633954 | $32284186 | $29483772 |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VELA International Fund** | **VELA International Fund** | **VELA Income Opportunities Fund** | **VELA Income Opportunities Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Six Months Ended<br> March 31,<br>2025** | **For the<br> Year Ended <br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Share Transactions – Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3695 | 18538 | 4453 | 56299 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 458 | 463 | 237 | 535 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (602) | (19526) | (1643) | (58664) |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 3551 | (525) | 3047 | (1830) |
| **Share Transactions – Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 305236 | 318611 | 376179 | 256882 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 122523 | 74975 | 64390 | 107649 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (57972) | (107215) | (66918) | (491258) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 369787 | 286371 | 373651 | (126727) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding** | 373338 | 285846 | 376698 | (128557) |

---

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **VELA Short Duration Fund** | **VELA Short Duration Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Period Ended**<br> **September 30,**<br> **2024<sup>(a)</sup>** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $593191 | $433351 |
| Net realized gain on investment securities, sold short, options and foreign currency translations | 7678 | 11016 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (50304) | 134928 |
| **Net increase in net assets resulting from operations** | 550565 | 579295 |
| **Distributions to Shareholders from Earnings** |  |  |
| Class A | (1010) | (768) |
| Class I | (604123) | (432583) |
| **Total distributions** | (605133) | (433351) |
| **Capital Transactions – Class A** |  |  |
| Proceeds from shares sold | 209321 | 36160 |
| Reinvestment of distributions | 1010 | 768 |
| Amount paid for shares redeemed | (198101) |  |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 12230 | 36928 |
| **Capital Transactions – Class I** |  |  |
| Proceeds from shares sold | 11873889 | 18026682 |
| Reinvestment of distributions | 604130 | 432593 |
| Amount paid for shares redeemed | (360148) | (199487) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 12117871 | 18259788 |
| Net increase in net assets resulting from capital transactions | 12130101 | 18296716 |
| **Total Increase in Net Assets** | 12075533 | 18442660 |
| **Net Assets** |  |  |
| Beginning of period | 18442660 |  |
| **End of period** | $30518193 | $18442660 |
| **Share Transactions – Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 20827 | 3607 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 100 | 77 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (19733) |  |
| &nbsp;&nbsp;&nbsp;**Total – Class A** | 1194 | 3684 |
| **Share Transactions – Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1182132 | 1800093 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 60101 | 43181 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (35820) | (19918) |
| &nbsp;&nbsp;&nbsp;**Total – Class I** | 1206413 | 1823356 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding** | 1207607 | 1827040 |

---

<sup>(a)</sup> For the period December 15, 2023 (commencement of operations) to September 30, 2024.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Small Cap Fund – Class A**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $19.22 | $16.14 | $14.21 | $15.49 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | 0.02 | 0.09 | 0.05 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.07) | 3.14 | 1.91 | (1.17) | 5.51 |
| Total from investment operations | (1.10) | 3.16 | 2.00 | (1.12) | 5.49 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.08) | (0.07) | (0.02) | — <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.14) |  |
| Total distributions |  | (0.08) | (0.07) | (0.16) | — <sup>(a)</sup> |
| **Net asset value, end of period** | $18.12 | $19.22 | $16.14 | $14.21 | $15.49 |
| **Total Return<sup>(b)</sup>** | (5.72)%<sup>(c)</sup> | 19.61% | 14.11% | (7.41)% | 54.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21061 | $21559 | $14620 | $12322 | $8520 |
| Ratio of expenses to average net assets | 1.36 %<sup>(d)</sup> | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income (loss) to average net assets | (0.28)%<sup>(d)</sup> | 0.14% | 0.60% | 0.36% | (0.34)% |
| Portfolio turnover rate<sup>(e)</sup> | 23 %<sup>(c)</sup> | 47% | 41% | 43% | 18% |

---

<sup>(a)</sup> Rounds to less than $0.005 per share.

<sup>(b)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Total returns shown exclude the effect of applicable sales charges.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

 

 

**VELA Small Cap Fund – Class I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $19.31 | $16.21 | $14.27 | $15.53 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.01) | 0.06 | 0.13 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.08) | 3.15 | 1.92 | (1.18) | 5.51 |
| Total from investment operations | (1.09) | 3.21 | 2.05 | (1.09) | 5.54 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.11) | (0.11) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.14) |  |
| Total distributions | (0.04) | (0.11) | (0.11) | (0.17) | (0.01) |
| **Net asset value, end of period** | $18.18 | $19.31 | $16.21 | $14.27 | $15.53 |
| **Total Return<sup>(a)</sup>** | (5.64)%<sup>(b)</sup> | 19.92% | 14.38% | (7.20)% | 55.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88556 | $85665 | $60805 | $44834 | $43358 |
| Ratio of expenses to average net assets | 1.11 %<sup>(c)</sup> | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income (loss) to average net assets | (0.02)%<sup>(c)</sup> | 0.39% | 0.85% | 0.57% | 0.21% |
| Portfolio turnover rate<sup>(d)</sup> | 23 %<sup>(b)</sup> | 47% | 41% | 43% | 18% |

---

<sup>(a)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund – Class A**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $17.67 | $14.28 | $12.70 | $13.70 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.08) | 0.19 | (0.01) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.29) | 3.20 | 1.83 | (0.92) | 3.76 |
| Total from investment operations | (0.37) | 3.39 | 1.82 | (0.95) | 3.71 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | <sub>—</sub> <sup>(a)</sup> |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.09) |  | (0.24) | (0.05) |  |
| Total distributions | (1.09) |  | (0.24) | (0.05) | (0.01) |
| **Net asset value, end of period** | $16.21 | $17.67 | $14.28 | $12.70 | $13.70 |
| **Total Return<sup>(b)</sup>** | (2.20)%<sup>(c)</sup> | 23.74% | 14.47% | (6.97)% | 37.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $258 | $162 | $264 | $209 | $99 |
| Ratio of expenses to average net assets | 1.27 %<sup>(d)(e)</sup> | 1.47 %<sup>(f)</sup> | 1.85 %<sup>(g)</sup> | 2.15 %<sup>(h)</sup> | 2.11 %<sup>(i)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.71 %<sup>(c)</sup> | 0.59% | (0.07)% | (0.48)% | (0.53)% |
| Portfolio turnover rate<sup>(j)</sup> | 33 %<sup>(b)</sup> | 62% | 44% | 66% | 115% |

---

<sup>(a)</sup> Rounds to less than $0.005 per share.

<sup>(b)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Total returns shown exclude the effect of applicable sales charges.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Includes dividend and interest expense of 0.01% for the period ended March 31, 2025.

<sup>(f)</sup> Includes dividend and interest expense of 0.06% for the period ended September 30, 2024.

<sup>(g)</sup> Includes dividend and interest expense of 0.39% for the period ended September 30, 2023.

<sup>(h)</sup> Includes dividend and interest expense of 0.70% for the period ended September 30, 2022.

<sup>(i)</sup> Includes dividend and interest expense of 0.66% for the period ended September 30, 2021.

<sup>(j)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Large Cap Plus Fund – Class I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $17.83 | $14.38 | $12.75 | $13.73 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.08 | 0.13 | 0.03 | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.43) | 3.33 | 1.84 | (0.90) | 3.76 |
| Total from investment operations | (0.35) | 3.46 | 1.87 | (0.93) | 3.74 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.01) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.09) |  | (0.24) | (0.05) |  |
| Total distributions | (1.14) | (0.01) | (0.24) | (0.05) | (0.01) |
| **Net asset value, end of period** | $16.34 | $17.83 | $14.38 | $12.75 | $13.73 |
| **Total Return<sup>(a)</sup>** | (2.09)%<sup>(b)</sup> | 24.04% | 14.81% | (6.80)% | 37.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $66690 | $71838 | $55549 | $30276 | $25206 |
| Ratio of expenses to average net assets | 1.02 %<sup>(c)(d)</sup> | 1.20 %<sup>(e)</sup> | 1.56 %<sup>(f)</sup> | 1.84 %<sup>(g)</sup> | 1.86 %<sup>(h)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.95 %<sup>(c)</sup> | 0.82% | 0.24% | (0.26)% | (0.15)% |
| Portfolio turnover rate<sup>(i)</sup> | 33 %<sup>(b)</sup> | 62% | 44% | 66% | 115% |

---

<sup>(a)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Includes dividend and interest expense of 0.01% for the period ended March 31, 2025.

<sup>(e)</sup> Includes dividend and interest expense of 0.06% for the period ended September 30, 2024.

<sup>(f)</sup> Includes dividend and interest expense of 0.39% for the period ended September 30, 2023.

<sup>(g)</sup> Includes dividend and interest expense of 0.64% for the period ended September 30, 2022.

<sup>(h)</sup> Includes dividend and interest expense of 0.66% for the period ended September 30, 2021.

<sup>(i)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund – Class A**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $14.17 | $12.13 | $9.68 | $12.31 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.06 | 0.14 | 0.29 | 0.22 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.04 | 2.17 | 2.32 | (2.81) | 2.14 |
| Total from investment operations | 0.10 | 2.31 | 2.61 | (2.59) | 2.31 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.27) | (0.16) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.17) |  |  |  |  |
| Total distributions | (0.40) | (0.27) | (0.16) | (0.04) |  |
| **Net asset value, end of period** | $13.87 | $14.17 | $12.13 | $9.68 | $12.31 |
| **Total Return<sup>(a)</sup>** | 0.93 %<sup>(b)</sup> | 19.33% | 27.13% | (21.10)% | 23.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $219 | $173 | $155 | $70 | $119 |
| Ratio of expenses to average net assets | 1.36 %<sup>(c)</sup> | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income to average net assets | 1.57 %<sup>(c)</sup> | 2.25% | 2.89% | 1.65% | 2.01% |
| Portfolio turnover rate<sup>(d)</sup> | 17 %<sup>(b)</sup> | 21% | 18% | 23% | 9% |

---

<sup>(a)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Total returns shown exclude the effect of applicable sales charges.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA International Fund – Class I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $14.24 | $12.17 | $9.72 | $12.36 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.11 | 0.31 | 0.34 | 0.24 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.01 | 2.05 | 2.30 | (2.80) | 2.24 |
| Total from investment operations | 0.12 | 2.36 | 2.64 | (2.56) | 2.36 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.29) | (0.19) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.17) |  |  |  |  |
| Total distributions | (0.43) | (0.29) | (0.19) | (0.08) |  |
| **Net asset value, end of period** | $13.93 | $14.24 | $12.17 | $9.72 | $12.36 |
| **Total Return<sup>(a)</sup>** | 1.09 %<sup>(b)</sup> | 19.69% | 27.28% | (20.84)% | 23.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $55481 | $51461 | $40508 | $26881 | $27250 |
| Ratio of expenses to average net assets | 1.11 %<sup>(c)</sup> | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income to average net assets | 1.77 %<sup>(c)</sup> | 2.49% | 2.94% | 2.23% | 1.14% |
| Portfolio turnover rate<sup>(d)</sup> | 17 %<sup>(b)</sup> | 21% | 18% | 23% | 9% |

---

<sup>(a)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund – Class A**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the <br> Years Ended <br> September 30,** | **For the <br> Years Ended <br> September 30,** | |
|  | **For the**<br> **Six Months Ended**<br> **March 31,**<br>**2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
|  | **(Unaudited)** | | | |
| **Selected Per Share Data** |  |  |  |  |
| Net asset value, beginning of period | $9.80 | $8.70 | $8.12 | $10.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.30 | 0.25 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.26) | 1.12 | 0.57 | (1.86) |
| Total from investment operations | (0.08) | 1.42 | 0.82 | (1.81) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.32) | (0.24) | (0.07) |
| Total distributions | (0.18) | (0.32) | (0.24) | (0.07) |
| **Net asset value, end of period** | $9.54 | $9.80 | $8.70 | $8.12 |
| **Total Return<sup>(b)</sup>** | (0.87)%<sup>(c)</sup> | 16.47% | 10.07% | (18.15)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $133 | $107 | $111 | $88 |
| Ratio of expenses to average net assets | 1.11 %<sup>(d)</sup> | 1.14% | 1.17% | 1.20 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 3.77 %<sup>(d)</sup> | 4.12% | 2.76% | 0.87 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 21 %<sup>(c)</sup> | 35% | 32% | 7 %<sup>(c)</sup> |

---

<sup>(a)</sup> For the period March 31, 2022 (commencement of operations) to September 30, 2022.

<sup>(b)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Total returns shown exclude the effect of applicable sales charges.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Income Opportunities Fund – Class I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the<br> Years Ended <br> September 30,** | **For the<br> Years Ended <br> September 30,** | |
|  | **For the**<br> **Six Months Ended**<br> **March 31,**<br>**2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
|  | **(Unaudited)** | | | |
| **Selected Per Share Data** |  |  |  |  |
| Net asset value, beginning of period | $9.80 | $8.70 | $8.13 | $10.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.19 | 0.34 | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.26) | 1.10 | 0.57 | (1.87) |
| Total from investment operations | (0.07) | 1.44 | 0.83 | (1.79) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.34) | (0.26) | (0.08) |
| Total distributions | (0.19) | (0.34) | (0.26) | (0.08) |
| **Net asset value, end of period** | $9.54 | $9.80 | $8.70 | $8.13 |
| **Total Return<sup>(b)</sup>** | (0.75)%<sup>(c)</sup> | 16.76% | 10.22% | (17.91)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $32151 | $29377 | $27176 | $22052 |
| Ratio of expenses to average net assets | 0.86 %<sup>(d)</sup> | 0.89% | 0.92% | 0.95 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 4.02 %<sup>(d)</sup> | 3.67% | 3.01% | 2.54 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 21 %<sup>(c)</sup> | 35% | 32% | 7 %<sup>(c)</sup> |

---

<sup>(a)</sup> For the period March 31, 2022 (commencement of operations) to September 30, 2022.

<sup>(b)</sup> Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund - Class A**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Period Ended<br>September 30,<br> 2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **Selected Per Share Data** |  |  |
| Net asset value, beginning of period | $10.10 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.22 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.04) | 0.10 |
| Total from investment operations | 0.18 | 0.40 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gains | — <sup>(b)</sup> |  |
| Total distributions | (0.22) | (0.30) |
| **Net asset value, end of period** | $10.06 | $10.10 |
| **Total Return<sup>(c)</sup>** | 1.86 %<sup>(d)</sup> | 4.05 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $49 | $37 |
| Ratio of expenses to average net assets | 0.91 %<sup>(e)</sup> | 0.94 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.30 %<sup>(e)</sup> | 4.64 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 18 %<sup>(d)</sup> | 66 %<sup>(d)</sup> |

---

(a) For the period December 15, 2023 (commencement of operations) to September 30, 2024.

(b) Rounds to less than $0.005 per share.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Total returns shown exclude the effect of applicable sales charges.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Short Duration Fund - Class I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended<br> March 31,<br> 2025** | **For the<br> Period Ended<br> September 30, <br> 2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **Selected Per Share Data** |  |  |
| Net asset value, beginning of period | $10.09 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.23 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.03) | 0.09 |
| Total from investment operations | 0.20 | 0.47 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains | — <sup>(b)</sup> |  |
| Total distributions | (0.23) | (0.38) |
| **Net asset value, end of period** | $10.06 | $10.09 |
| **Total Return<sup>(c)</sup>** | 2.03 %<sup>(d)</sup> | 4.81 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $30469 | $18405 |
| Ratio of expenses to average net assets | 0.66 %<sup>(e)</sup> | 0.69 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.55 %<sup>(e)</sup> | 4.87 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 18 %<sup>(d)</sup> | 66 %<sup>(d)</sup> |

---

(a) For the period December 15, 2023 (commencement of operations) to September 30, 2024.

(b) Rounds to less than $0.005 per share.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying notes which are an integral part of these financial statements.*

**VELA Funds**

**Notes to the Financial Statements**

*March 31, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

VELA Funds (the "Trust") currently offers five series of funds, VELA Small Cap Fund (the "Small Cap Fund"), VELA Large Cap Plus Fund (the "Large Cap Plus Fund"), VELA International Fund (the "International Fund"), VELA Income Opportunities Fund (the "Income Opportunities Fund") and VELA Short Duration Fund (the "Short Duration Fund") (each a "Fund" and collectively, the "Funds"). The Trust is an open-end investment company of the management type registered under the Investment Company Act of 1940, as amended ("1940 Act"), and was established under the laws of Delaware pursuant to an Agreement and Declaration of Trust dated May 25, 2020 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each of the Funds is diversified, as defined in the 1940 Act. The Funds' investment adviser is VELA Investment Management, LLC (the "Adviser"). The investment objective of the Small Cap Fund, Large Cap Plus Fund and International Fund is long-term capital appreciation. The investment objective of the Income Opportunities Fund is to provide current income and the secondary investment objective is to provide long-term capital appreciation. The investment objective of the Short Duration Fund is to provide current income and the secondary investment objectives are the protection of principal and competitive total return.

The Funds offer two classes of shares: Class A and Class I. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. Class A has a maximum sales charge on purchases of 5.00% as a percentage of the original purchase price.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Funds are considered investment companies and accordingly follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies."

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

**Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Foreign Currency Translation** — The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Short Sales** — The Large Cap Plus Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including exchange-traded funds (ETFs). A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as "covering" the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund.

The amount of loss may exceed the proceeds received in a short sale. Although the Fund's gain is limited to the amount at which it sold a security short, its potential loss is not limited. The Fund's investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge liquid assets to

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund's needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will reduce the Fund's potential return on a short sale. As of March 31, 2025 there was $3,586,620 cash held at the broker and $35,331,516 of securities held as collateral for securities sold short.

**Federal Income Taxes** — Each Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the six months ended March 31, 2025, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the six months, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Expenses** — Expenses incurred by the Trust that are not readily identifiable as belonging to a particular fund are allocated to the individual funds by or under the direction of the Board in such manner as the Board determines to be fair and equitable.

**Security Transactions, Dividend and Interest Income** — The Funds follow industry practice and record security transactions on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income, less foreign taxes withheld, is recognized on the ex-dividend date; interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discount. Amortization and accretion is calculated using the effective interest method over the holding period of the investment. Withholding taxes on foreign dividends and foreign capital gain taxes have been provided for in accordance with the Funds' understanding of the applicable country's

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

tax codes and regulations. Income recognized, if any, for foreign tax reclaims is presented separately within the components of investment income in the Statements of Operations and related receivables, if any, are reflected as tax reclaims receivable in the Statements of Assets and Liabilities.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

Fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Equity securities traded in the over-the-counter market or on a primary exchange shall be valued at the closing price as determined by the primary exchange, typically at 4:00 p.m. Eastern Time. If no sale occurred on the valuation date, the securities will be valued at the latest bid quotations for a long position or at the last quoted ask price for a short position as of the closing of the primary exchange, typically at 4:00 p.m. Eastern Time. Securities for which quotations are either not readily available or determined by the Adviser as the "Valuation Designee" to not accurately reflect their value are valued at their fair value using procedures maintained by the Valuation Designee. Significant bid-ask spreads, or infrequent trading may indicate a lack of readily available market quotations. Securities traded on more than one exchange will be valued at the last sale price on the principal exchange, or, if no sale occurred on the valuation date on the primary exchange, the securities will be valued at the closing price as determined by the secondary exchange. The Nasdaq National Market System is considered an exchange.

With respect to foreign equity securities that are principally traded on a market outside the United States, the Valuation Designee utilizes an independent fair value pricing service to evaluate the effect of market fluctuations on these securities after the close of trading in that foreign market. To the extent that securities are valued using this service, they will be classified as Level 2 securities.

Fixed income securities shall be valued at an evaluated bid price, generally as of 4:00 p.m. Eastern Time, provided by an independent pricing service utilized by the Valuation Designee. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data. These securities

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

are generally considered to be fair valued; however, because the prices are provided by an independent approved pricing service, the fair value procedures utilized by the Valuation Designee need not be applied. Securities with 60 days or less to maturity may be valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security value without the use of amortized cost.

Securities for which quotations are (1) not readily available, (2) not provided by an approved pricing service or broker or (3) determined by the Valuation Designee to not accurately reflect their value, are valued at their fair value using procedures utilized by the Valuation Designee.

Mutual fund investments will be valued at the most recently calculated (current day) NAV. These securities are categorized as Level 1 securities.

Options contracts are typically traded on a securities exchange or board of trade and are valued at the mean between current bid and asked prices, therefore, are categorized as Level 2 securities. Options contracts valued at the close are categorized as Level 1 securities.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date

● Level 2 – Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures utilized by the Valuation Designee, etc.); and

● Level 3 – significant unobservable inputs (including the Valuation Designee's own assumptions in determining fair value of investments based on the best information available)

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| <u>**Small Cap Fund**</u> |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $107880331 | $— | $— | $107880331 |
| Money Market Funds | 2331888 |  |  | 2331888 |
| &nbsp;&nbsp;&nbsp;Total | $110212219 | $— | $— | $110212219 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** | | | |
| **<u>Small Cap Fund</u>** |  |  |  |
| Written Call Options | $(61750) | $(679192) | $(740942) |
| &nbsp;&nbsp;&nbsp;Total | $(61750) | $(679192) | $(740942) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| <u>**Large Cap Plus Fund**</u> |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $65509627 | $— | $— | $65509627 |
| Call Options Purchased |  | 67962 |  | 67962 |
| Put Options Purchased | 22100 | 772242 |  | 794342 |
| Money Market Funds | 1978335 |  |  | 1978335 |
| &nbsp;&nbsp;&nbsp;Total | $67510062 | $840204 | $— | $68350266 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | | | | |
| **<u>Large Cap Plus Fund</u>** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(3359840) | $— | $| $(3359840) |
| Exchange-Traded Funds | (1106647) |  |  | (1106647) |
| Written Call Options |  | (557165) |  | (557165) |
| &nbsp;&nbsp;&nbsp;Total | $(4466487) | $(557165) | $| $(5023652) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| <u>**International Fund**</u> |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $14626840 | $35411641 | $— | $50038481 |
| Money Market Funds | 5730818 |  |  | 5730818 |
| &nbsp;&nbsp;&nbsp;Total | $20357658 | $35411641 | $— | $55769299 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| <u>**Income Opportunities Fund**</u> |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $14902863 | $230293 | $— | $15133156 |
| Preferred Stocks<sup>(a)</sup> | 1753929 |  |  | 1753929 |
| Corporate Bonds<sup>(a)</sup> |  | 14284280 |  | 14284280 |
| U.S. Government & Agencies |  | 300173 |  | 300173 |
| Money Market Funds | 582060 |  |  | 582060 |
| &nbsp;&nbsp;&nbsp;Total | $17238852 | $14814746 | $— | $32053598 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | | | | |
| **<u>Income Opportunities Fund</u>** |  |  |  |  |
| Written Call Options | $(7768) | $(95410) | $| $(103178) |
| &nbsp;&nbsp;&nbsp;Total | $(7768) | $(95410) | $| $(103178) |

---

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| <u>**Short Duration Fund**</u> |  |  |  |  |
| Preferred Stocks<sup>(a)</sup> | $296957 | $— | $— | $296957 |
| Asset Backed Securities |  | 248915 |  | 248915 |
| Collateralized Mortgage |  |  |  |  |
| Obligations |  | 432339 |  | 432339 |
| Corporate Bonds<sup>(a)</sup> |  | 20142083 |  | 20142083 |
| U.S. Government & Agencies |  | 8616962 |  | 8616962 |
| Money Market Funds | 499351 |  |  | 499351 |
| &nbsp;&nbsp;&nbsp;Total | $796308 | $29440299 | $— | $30236607 |

---

<sup>(a)</sup> Refer to Schedule of Investments and Schedule of Securities Sold Short for sector classifications.

The Funds did not hold any investments during or at the end of the reporting period in which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. DERIVATIVE TRANSACTIONS**

The Funds may invest in various types of derivative instruments (such as options, futures contracts, and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Funds may use derivatives for hedging purposes, including to attempt to protect against possible changes in the market value of securities held or to be purchased for a Fund's portfolio resulting from securities markets, currency exchange rate or interest rate fluctuations (i.e., to hedge); protect a Fund's unrealized gains reflected in the value of its portfolio securities; facilitate the sale of such securities for investment purposes; and as a substitute for buying or selling securities, securities indices or currencies. The Funds may also use derivatives for nonhedging (speculative) purposes including to enhance a Fund's returns. The Funds may use any or all of these investment techniques and different types of derivative securities may be purchased at any time and in any combination. There is no particular strategy that dictates the use of one technique rather than another, as use of derivatives is a function of numerous variables, including market conditions.

**Options and Futures Transactions** — A Fund may purchase and sell exchange traded and OTC put and call options on securities, on indexes of securities and other types of instruments. A Fund may also purchase and sell futures contracts on securities and indexes of securities and other instruments such as interest rate futures and global interest rate futures. Each of these instruments is a derivative instrument as its value derives from the underlying asset or index.

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2025, and the effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** |
| | **Derivatives** | **Asset Derivatives**  | **Liability Derivatives**  | **Fair Value** |
|  | **Equity Price Risk:** |  |  | |
| **Small Cap Fund** | Written Options |  | Written options, at fair value | (740942) |
| **Large Cap Plus Fund** | Purchased Options | Investments in securities at fair value |  | 862304 |
|  | Written Options |  | Written options, at fair value | (557165) |
| **Income Opportunities Fund** | Written Options |  | Written options, at fair value | (103178) |

---

For the six months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Derivatives** | **Location of Gain (Loss) on <br> Derivatives on<br> Statements of Operations** | **Realized Gain (Loss) on<br> Derivatives** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivative** |
|  | **Equity Risk Exposure:** | Net realized gain and change in unrealized appreciation (depreciation) on investments |  |  |
| **Small Cap Fund** | Written Options |  | $385045 | (161680) |
| **Large Cap Plus Fund** | Purchased Options |  | (640558) | 633061 |
|  | Written Options |  | 45120 | 366176 |
| **Income Opportunities Fund** | Written Options |  | 114898 | 39483 |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the six months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Derivatives** | **Average Ending<br> Monthly Fair<br> **Value**<sup>(a)</sup>** |
| **Small Cap Fund** | Written Options | $(1201086) |
| **Large Cap Plus Fund** | Purchased Options | 803143 |
|  | Written Options | (1046848) |
| **Income Opportunities Fund** | Written Options | (157513) |

---

<sup>(a)</sup> Average based on the 6 months during the period that had activity.

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

Under the terms of the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser manages each Fund's investments subject to the supervision of the Board and in conformity with the stated objective and policies of each Fund. The Adviser charges an investment management fee and an administrative fee, which is designed to pay substantially all of the Funds' expenses and to compensate the Adviser for providing services to the Funds, of 0.75% and 0.36%, respectively, of each Fund's average daily net assets computed and accrued daily and paid monthly for the Small Cap Fund and International Fund. The investment management fee and administrative fee for the for the Large Cap Plus Fund is 0.60% and 0.36%, respectively, of that Fund's average daily net assets computed and accrued daily and paid monthly. The investment management fee and administrative fee for the for the Income Opportunities Fund is 0.50% and 0.36%, respectively, of that Fund's average daily net assets computed and accrued daily and paid monthly. The investment management fee and administrative fee for the Short Duration Fund is 0.30% and 0.36%, respectively, of that Fund's average daily net assets computed and accrued daily and paid monthly. For the six months ended March 31, 2025, the fees charged to the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment<br> Management<br> Fee Earned** | <br>**Payable to**<br> **Adviser** | <br>**Administrative**<br> **Fee Earned** | <br>**Administrative**<br> **Fee Payable** |
| **Small Cap Fund** | $422889 | $69942 | $202987 | $33572 |
| **Large Cap Plus Fund** | $212337 | $34824 | $127402 | $20894 |
| **International Fund** | $191807 | $34899 | $92067 | $16751 |
| **Income Opportunities Fund** | $80167 | $13746 | $57720 | $9897 |
| **Short Duration Fund** | $39096 | $7719 | $46915 | $9263 |

---

Out of the administrative fee, the Adviser pays substantially all of the Funds' expenses, except for brokerage and other expenses of executing Fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business. Each Fund will pay all expenses, if any, which may be incurred pursuant to the Funds' Rule 12b-1 Distribution Plan.

Prior to January 12, 2022, the Adviser charged a unitary management fee which was designed to pay substantially all of the Funds' expenses and to compensate the Adviser for providing services to the Funds of 1.20% of the Small Cap Fund, Large Cap Plus Fund and International Fund's average daily net assets computed and accrued daily and paid monthly.

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

Ultimus Fund Solutions, LLC (the "Administrator") provides administrative, fund accounting, transfer agent and other services to the Funds under a Master Services Agreement with the Trust and the Adviser (the "Master Services Agreement"). Under the Master Services Agreement, the Administrator is paid fees for its services and is reimbursed for certain out-of-pocket expenses.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides an individual to serve as the Trust's Chief Compliance Officer in accordance with the Compliance Services Consulting Agreement. For the performance of these services, the Adviser pays NLCS an annual fee. Additionally, the Adviser reimburses NLCS for any out-of-pocket expenses incurred for compliance services.

Ultimus Fund Distributors, LLC (the "Distributor") acts as the principal distributor of each Fund's shares. The Distributor is a wholly-owned subsidiary of the Administrator. For the performance of these services, the Adviser pays the Distributor an annual fee.

The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 of the 1940 Act applicable to Class A shares. The Plan provides that the Funds will pay the Distributor and/or any registered securities dealer, financial institution or any other person a fee of 0.25% of the average daily net assets of each Fund's Class A shares in connection with the promotion and distribution of each Fund's Class A shares or the provision of personal services to shareholders, including but not limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to parties other than current shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). For the six months ended March 31, 2025, 12b-1 Expenses incurred by the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **12b-1 fees** | **Payable for<br> 12b-1 fees** |
| **Small Cap Fund** | $27320 | $15516 |
| **Large Cap Plus Fund** | 287 | 234 |
| **International Fund** | 247 | 249 |
| **Income Opportunities Fund** | 154 | 202 |
| **Short Duration Fund** | 58 | 78 |

---

During the six months ended, March 31, 2025 the Distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

---

| | |
|:---|:---|
| **Small Cap Fund** | $1805 |
| **Large Cap Plus Fund** | 474 |
| **International Fund** | 72 |
| **Income Opportunities Fund** |  |
| **Short Duration Fund** |  |

---

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

The Trustees are compensated for their services to the Funds by the Adviser as part of the administrative fee. Each Independent Trustee receives for his or her services to the Trust, a $30,000 annual retainer. In addition, the Adviser reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings. Certain trustees and/ or officers are officers of the Adviser.

Certain officers and Trustees of the Trust are also officers of the Adviser and/or the Administrator. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

**NOTE 6. INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Securities<br> Sold Short** | **Covers on<br> Securities<br> Sold Short** |
| **Small Cap Fund** | $35550050 | $24681250 | $— | $— | $— | $— |
| **Large Cap Plus Fund** | 26676740 | 16664065 |  |  | 14473948 | 13173209 |
| **International Fund** | 10533901 | 7775416 |  |  |  |  |
| **Income Opportunities Fund** | 10464557 | 6459115 |  |  |  |  |
| **Short Duration Fund** | 12738191 | 3376368 | 5295795 | 862008 |  |  |

---

**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of that Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, Roderick Dillon owned 28.42% of the Small Cap Fund - Class I, 31.56% of the Large Cap Plus Fund - Class I and 31.08% of the Short Duration Fund - Class I. As of March 31, 2025, Lisa Wesolek owned 54.04% of the Short Duration Fund - Class A. As a result, Roderick Dillon and Lisa Wesolek may be deemed to control these Funds. Roderick Dillon and Lisa Wesolek are affiliates of the Funds.

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

**NOTE 8. FEDERAL TAX INFORMATION**

At March 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Tax cost of**<br> **investments** | <br>**Unrealized**<br> **Appreciation** | <br>**Unrealized**<br> **Depreciation** | **Net unrealized<br> appreciation/<br> (depreciation)** |
| **Small Cap Fund** | $96747546 | $20011759 | $(7288028) | $12723731 |
| **Large Cap Plus Fund** | 50492013 | 15403049 | (2568448) | 12834601 |
| **International Fund** | 47571095 | 9794111 | (1595907) | 8198204 |
| **Income Opportunities Fund** | 31158670 | 1896664 | (1104914) | 791750 |
| **Short Duration Fund** | 30151982 | 120147 | (35522) | 84625 |

---

The tax character of distributions paid for the fiscal year ended September 30, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Small Cap**<br>**Fund** |<br>**Large Cap**<br>**Plus Fund** |<br>**International**<br>**Fund** | **Income**<br>**Opportunities**<br>**Fund** | **Short**<br>**Duration**<br>**Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $505544 | $22529 | $974148 | $1024535 | $433351 |
| Total | $505544 | $22529 | $974148 | $1024535 | $433351 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At September 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap Plus<br> Fund** | **International<br> Fund** | **Income<br> Opportunities<br> Fund** | **Short Duration<br> Fund** |
| Undistributed ordinary income | $167798 | $193331 | $851679 | $24453 | $11016 |
| Undistributed long- term capital gains |  | 4361985 | 620177 |  |  |
| Accumulated capital and other gains (losses) | (341712) | (590256) |  | (843968) |  |
| Unrealized appreciation on investments | 24834353 | 17304326 | 9068947 | 2031456 | 134928 |
| Total accumulated earnings | $24660439 | $21269386 | $10540803 | $1211941 | $145944 |

---

**VELA Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025 (Unaudited)*

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, differences related to partnership investments and the return of capital adjustments from underlying investments.

As of September 30, 2024, the Small Cap Fund and the Income Opportunities Fund had short-term capital loss carryforwards of $335,314 and $843,968, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

For the year ended September 30, 2024, the Small Cap Fund, Large Cap Plus Fund, the International Fund and the Income Opportunities Fund utilized short-term capital loss carryforwards of $337,316, $1,105,226, $145,393 and $629,035, respectively.

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 10. SUBSEQUENT EVENTS**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

No matter was submitted to a vote of shareholders during the period covered by the report.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | Not Applicable – disclosed with annual report. |
| (a)(2) | Not applicable |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](vela_ex99-cert.htm) |
| (a)(4) | Not applicable |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](vela_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | VELA Funds |
| By (Signature and Title) | /s/ Jason Job |
|  | Jason Job, President and Principal Executive Officer |
| Date | 6/9/2025 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Jason Job |
|  | Jason Job, President and Principal Executive Officer |
| Date | 6/9/2025 |
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |
| Date | 6/9/2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, Jason Job, certify that:

1. I have reviewed this report on Form N-CSR of VELA Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Jason Job |
|  |  | Jason Job<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of VELA Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

Jason Job, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer, of VELA FUNDS (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Jason Job | /s/ Zachary P. Richmond |
| Jason Job | Zachary P. Richmond |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |

---

Date: <u>6/XX/2025</u> Date: <u>6/XX/2025</u>

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.