# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001580642-25-007525
**Filing Date:** 2025-12
**Character Count:** 247844
**Document Hash:** e15ac7cf2e232fba85232f1a52ebfc55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007525.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001580642-25-007525

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 251542726

**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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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>September 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) # VELA Income Opportunities Fund

# Class A (VIOAX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $114 | 1.11% |

---

## How did the Fund perform during the reporting period?
The VELA Income Opportunities Fund - Class A returned 4.72% for the fiscal year ended September 30, 2025, compared to 17.41% for the Russell 3000<sup><sup>®</sup></sup> Index and 10.14% for the Fund's additional Index, a 50%/50% blend between the Russell 3000 Total Return Index and the Bloomberg U.S. Aggregate Bond Index (an index of US based fixed income securities).

The Fund's allocation to Consumer Staples, Health Care and similar "defensive" categories as well as a continued pivot to fixed income securities provided a welcome buffer against the volatility that began earlier in the year, reaching a trough with the tariff-related pullback in April. While we were pleased to participate in the ensuing (post April-9th) rally to a degree, at fiscal year end we continue to maintain a more defensive posture, underweight the most-favored technology sector, to seek to take advantage of any future market turbulence while opportunistically allocating to new ideas.

The Fund ended the period with an allocation of 53% to dividend-paying stocks, 46% to bonds and preferred securities, and approximately 1% in cash. Further, at quarter end a total of 30 call option positions were written against 23 of our equity holdings intended to 1) provide yield enhancement to the Fund, and 2) maintain a sell discipline as the options are generally written at strike prices where we would be comfortable exiting the underlying holding.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i92232b5524fa17a17f9551b2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VELA Income Opportunities Fund - Class A - without load** | **VELA Income Opportunities Fund - Class A - with load** | **Russell 3000<sup>®</sup> Index** | **50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2022** | $10000 | $9497 | $10000 | $10000 |
| **Sep-2022** | $8185 | $7773 | $7958 | $8516 |
| **Sep-2023** | $9010 | $8556 | $9586 | $9400 |
| **Sep-2024** | $10494 | $9966 | $12960 | $11558 |
| **Sep-2025** | $10989 | $10436 | $15216 | $12730 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class A |  |  |
| Without Load | 4.72% | 2.73% |
| With Load | -0.56% | 1.23% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 10.14% | 7.14% |
| Russell 3000<sup>®</sup> Index | 17.41% | 12.74% |

---

*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$35,111,260

* Number of Portfolio Holdings131

* Advisory Fee $164,611

* Portfolio Turnover56%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CSX Corp. | 2.2% |
| Greenbrier Companies, Inc. (The) | 2.1% |
| Copa Holdings, S.A. | 2.0% |
| Medtronic PLC | 2.0% |
| Sysco Corp. | 2.0% |
| PepsiCo, Inc. | 1.9% |
| Johnson & Johnson | 1.8% |
| Genuine Parts Co. | 1.5% |
| MPLX LP | 1.5% |
| Accenture PLC | 1.5% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaab74e4559ee3afc0c86019d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -% |
| Money Market Funds | 0.7% |
| Materials | 2.4% |
| Utilities | 2.5% |
| Communications | 3.1% |
| Real Estate | 4.8% |
| Technology | 5.3% |
| Consumer Staples | 5.4% |
| Energy | 8.3% |
| Health Care | 9.3% |
| Industrials | 16.0% |
| Consumer Discretionary | 18.2% |
| Financials | 24.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VIOAX

# VELA Income Opportunities Fund

# Class I (VIOIX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $88 | 0.86% |

---

## How did the Fund perform during the reporting period?
The VELA Income Opportunities Fund - Class I returned 4.98% for the fiscal year compared to 17.41% for the Fund's primary benchmark the Russell 3000<sup><sup>®</sup></sup> Index and 10.14% for the Fund's additional Index, a 50%/50% blend between the Russell 3000<sup><sup>®</sup></sup> Total Return Index and the Bloomberg U.S. Aggregate Bond Index (an index of US based fixed income securities).

The Fund's allocation to Consumer Staples, Health Care and similar "defensive" sectors as well as a continued pivot to fixed income securities provided a welcome buffer against the volatility that began earlier in the year, reaching a trough with the tariff-related pullback in April. While we were pleased to participate in the ensuing (post April-9th) rally to a degree, at fiscal year end the Fund continues to maintain a more defensive posture, underweight the most-favored technology sector, to seek to take advantage of any future market turbulence while opportunistically allocating to new ideas.

The Fund ended the fiscal year with an allocation of 53% to dividend-paying stocks, 46% to bonds and preferred securities, and approximately 1% in cash. Further, at quarter end a total of 30 call option positions were written against 23 of the Fund's equity holdings intended to 1) provide yield enhancement to the Fund, and 2) maintain a sell discipline as the options are generally written at strike prices where we would be comfortable exiting the underlying holding.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibad566345e9fd321b134c6b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Income Opportunities Fund - Class I** | **50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **Mar-2022** | $10000 | $10000 | $10000 |
| **Sep-2022** | $8209 | $8516 | $7958 |
| **Sep-2023** | $9048 | $9400 | $9586 |
| **Sep-2024** | $10563 | $11558 | $12960 |
| **Sep-2025** | $11089 | $12730 | $15216 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class I | 4.98% | 3.00% |
| Russell 3000<sup>®</sup> Index | 17.41% | 12.74% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 10.14% | 7.14% |

---

*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$35,111,260

* Number of Portfolio Holdings131

* Advisory Fee $164,611

* Portfolio Turnover56%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CSX Corp. | 2.2% |
| Greenbrier Companies, Inc. (The) | 2.1% |
| Copa Holdings, S.A. | 2.0% |
| Medtronic PLC | 2.0% |
| Sysco Corp. | 2.0% |
| PepsiCo, Inc. | 1.9% |
| Johnson & Johnson | 1.8% |
| Genuine Parts Co. | 1.5% |
| MPLX LP | 1.5% |
| Accenture PLC | 1.5% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i31e0fe0e4648f7d7bb110d71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | -% |
| Money Market Funds | 0.7% |
| Materials | 2.4% |
| Utilities | 2.5% |
| Communications | 3.1% |
| Real Estate | 4.8% |
| Technology | 5.3% |
| Consumer Staples | 5.4% |
| Energy | 8.3% |
| Health Care | 9.3% |
| Industrials | 16.0% |
| Consumer Discretionary | 18.2% |
| Financials | 24.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VIOIX

# VELA International Fund

# Class A (VEILX)

# Annual Shareholder Report - September 30, 2025
![Image](ieabec4e65bb4b291317079c6.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $149 | 1.36% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended September 30, 2025, the International Fund - Class A returned 19.34%, compared to 16.03% for the Fund's benchmark index, the MSCI WORLD ex USA Index.

The portfolio held up relatively well during the initial, tariff-related market decline in April and was served well by the Fund's holdings in the Health Care (Krka), Materials (Alamos Gold and OceanaGold), and Consumer Staples (WH Group and JDE Peet's) sectors. Many of these names benefited from our preference for localized supply chains. On the initial market weakness, the Fund added to existing positions with, in the Adviser's view, higher expected returns using funds trimmed from positions where we saw lesser upside. However, the quick bounce back in equity markets didn't allow the Fund to significantly reduce its cash position, nor were we confident the market was adequately reflecting the full consequences of these policy shifts with a significant enough margin of safety to substantially reduce our deployable capital.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i06feb3ccd374092d81d57fee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA International Fund - Class A - without load** | **VELA International Fund - Class A - with load** | **MSCI WORLD ex USA Index** |
| **Sep-2020** | $10000 | $9497 | $10000 |
| **Sep-2021** | $12310 | $11690 | $12650 |
| **Sep-2022** | $9713 | $9224 | $9625 |
| **Sep-2023** | $12348 | $11726 | $11935 |
| **Sep-2024** | $14734 | $13992 | $14917 |
| **Sep-2025** | $17583 | $16698 | $17308 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA International Fund - Class A |  |  |
| Without Load | 19.34% | 11.95% |
| With Load | 13.34% | 10.80% |
| MSCI WORLD ex USA Index | 16.03% | 11.60% |

---

***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$68,507,860

* Number of Portfolio Holdings58

* Advisory Fee $424,784

* Portfolio Turnover35%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib98864fc5a36e6026696183a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 5.1% |
| Energy | 5.4% |
| Financials | 6.4% |
| Money Market Funds | 7.3% |
| Health Care | 8.2% |
| Industrials | 9.9% |
| Technology | 13.2% |
| Consumer Discretionary | 13.4% |
| Materials | 13.4% |
| Consumer Staples | 17.8% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](ie70023f5d987617e87684246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Philippines | 0.3% |
| Faroe Islands | 1.6% |
| Panama | 1.6% |
| Indonesia | 1.6% |
| Belgium | 1.8% |
| Denmark | 2.4% |
| Luxembourg | 2.4% |
| Australia | 2.4% |
| Israel | 2.8% |
| Austria | 3.0% |
| Sweden | 3.3% |
| Brazil | 0.0% |
| Mexico | 3.7% |
| Switzerland | 3.8% |
| Japan | 4.9% |
| Hong Kong | 6.1% |
| Netherlands | 6.4% |
| Germany | 6.7% |
| United States | 8.3% |
| France | 9.3% |
| Canada | 9.9% |
| United Kingdom | 14.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Wix.com Ltd. | 2.8% |
| Serco Group PLC | 2.8% |
| ING Groep NV | 2.6% |
| Infineon Technologies AG | 2.5% |
| OceanaGold Corp. | 2.5% |
| B&M European Value Retail SA | 2.4% |
| FLSmidth & Co. A/S | 2.4% |
| Criteo S.A. - ADR | 2.4% |
| Alamos Gold, Inc. - Class A | 2.3% |
| Associated British Foods PLC | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](ieabec4e65bb4b291317079c6.jpg)

TSR-AR 093025-VEILX

# VELA International Fund

# Class I (VEITX)

# Annual Shareholder Report - September 30, 2025
![Image](ieabec4e65bb4b291317079c6.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $122 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended September 30, 2025, the International Fund - Class I returned 19.67%, compared to 16.03% for the Fund's benchmark index, the MSCI WORLD ex USA Index.

The portfolio held up relatively well during the initial, tariff-related market decline in April and was served well by the Fund's holdings in the Health Care (Krka), Materials (alamos Gold and OceanaGold), and Consumer Staples (WH Group and JDE Peet's) sectors. Many of these names benefited from our preference for localized supply chains. On the initial market weakness, the Fund added to existing positions with, in the Adviser's view, higher expected returns using funds trimmed from positions where we saw lesser upside. However, the quick bounce back in equity markets didn't allow the Fund to significantly reduce its cash position, nor were we confident the market was adequately reflecting the full consequences of these policy shifts with a significant enough margin of safety to substantially reduce our deployable captial.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if1af8708675261f8e619fcd4.jpg)

---

| | | |
|:---|:---|:---|
| | **VELA International Fund - Class I** | **MSCI WORLD ex USA Index** |
| **Sep-2020** | $10000 | $10000 |
| **Sep-2021** | $12360 | $12650 |
| **Sep-2022** | $9784 | $9625 |
| **Sep-2023** | $12453 | $11935 |
| **Sep-2024** | $14905 | $14917 |
| **Sep-2025** | $17837 | $17308 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA International Fund - Class I | 19.67% | 12.27% |
| MSCI WORLD ex USA Index | 16.03% | 11.60% |

---

***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$68,507,860

* Number of Portfolio Holdings58

* Advisory Fee $424,784

* Portfolio Turnover35%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb999d07a83c177d365f0d24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 5.1% |
| Energy | 5.4% |
| Financials | 6.4% |
| Money Market Funds | 7.3% |
| Health Care | 8.2% |
| Industrials | 9.9% |
| Technology | 13.2% |
| Consumer Discretionary | 13.4% |
| Materials | 13.4% |
| Consumer Staples | 17.8% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](iea7c1426e404507d9bafade1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Philippines | 0.3% |
| Faroe Islands | 1.6% |
| Panama | 1.6% |
| Indonesia | 1.6% |
| Belgium | 1.8% |
| Denmark | 2.4% |
| Luxembourg | 2.4% |
| Australia | 2.4% |
| Israel | 2.8% |
| Austria | 3.0% |
| Sweden | 3.3% |
| Brazil | 0.0% |
| Mexico | 3.7% |
| Switzerland | 3.8% |
| Japan | 4.9% |
| Hong Kong | 6.1% |
| Netherlands | 6.4% |
| Germany | 6.7% |
| United States | 8.3% |
| France | 9.3% |
| Canada | 9.9% |
| United Kingdom | 14.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Wix.com Ltd. | 2.8% |
| Serco Group PLC | 2.8% |
| ING Groep NV | 2.6% |
| Infineon Technologies AG | 2.5% |
| OceanaGold Corp. | 2.5% |
| B&M European Value Retail SA | 2.4% |
| FLSmidth & Co. A/S | 2.4% |
| Criteo S.A. - ADR | 2.4% |
| Alamos Gold, Inc. - Class A | 2.3% |
| Associated British Foods PLC | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](ieabec4e65bb4b291317079c6.jpg)

TSR-AR 093025-VEITX

# VELA Large Cap Plus Fund

# Class A (VELAX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $124 | 1.21% |

---

## How did the Fund perform during the reporting period?
For the fiscal year period September 30, 2025, the VELA Large Cap Plus Fund - Class A returned 5.28% versus 17.75% for the Russell 1000<sup><sup>®</sup></sup> Index (the "Index").

As in the prior reporting period, the Fund maintained underweight positions in Technology and overweight positions in Health Care relative to the Index. The Fund's underweight Technology position was a detractor as Index performance continued to be dominated by several perceived A.I. beneficiaries such as Oracle, which, as of the end of the fiscal year, the Fund does not own.

In our view, elements of vendor financing and financing contingent deals has created and can create the possibility of significant downward revisions should the pace of A.I. commercialization disappoint. Although we found pockets where we considered valuations attractive, such as transports and IT consultants, during the fiscal year we focused on adding to protective puts to seek to preserve capital in the event of an unexpected downturn.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i005b29ecd58a77f2845d2680.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VELA Large Cap Plus Fund - Class A - without load** | **VELA Large Cap Plus Fund - Class A - with load** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $9497 | $10000 | $10000 |
| **Sep-2021** | $13713 | $13023 | $13096 | $13188 |
| **Sep-2022** | $12758 | $12116 | $10842 | $10863 |
| **Sep-2023** | $14604 | $13869 | $13140 | $13086 |
| **Sep-2024** | $18071 | $17162 | $17828 | $17691 |
| **Sep-2025** | $19025 | $18068 | $20992 | $20771 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA Large Cap Plus Fund - Class A |  |  |
| Without Load | 5.28% | 13.73% |
| With Load | 0.01% | 12.56% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% |

---

*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$69,026,879

* Number of Portfolio Holdings128

* Advisory Fee $416,643

* Portfolio Turnover67%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc. - Class A | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Johnson & Johnson | 3.8% |
| Meta Platforms, Inc. - Class A | 3.3% |
| Citigroup, Inc. | 3.2% |
| Thermo Fisher Scientific, Inc. | 2.7% |
| Berkshire Hathaway, Inc. - Class B | 2.7% |
| Infineon Technologies AG - ADR | 2.4% |
| Booking Holdings, Inc. | 2.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5ade1a2c7a8ad6be36ad5560.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.6% |
| Materials | 1.2% |
| Purchased Options | 2.0% |
| Money Market Funds | 3.3% |
| Consumer Staples | 3.6% |
| Energy | 5.1% |
| Industrials | 11.7% |
| Consumer Discretionary | 12.2% |
| Financials | 12.6% |
| Communications | 13.4% |
| Health Care | 14.2% |
| Technology | 25.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VELAX

# VELA Large Cap Plus Fund

# Class I (VELIX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $99 | 0.96% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended September 30, 2025, the VELA Large Cap Plus Fund - Class I returned 5.57% versus 17.75% for the Russell 1000<sup>®</sup> Index (the "Index").

As in the prior reporting period, the Fund maintained underweight positions in Technology and overweight positions in Health Care relative to the Index. The Fund's underweight Technology position was a detractor as Index performance continued to be dominated by several perceived A.I. beneficiaries such as Oracle, which, as of the end of the fiscal year, the Fund does not own.

In our view, elements of vendor financing and financing contingent deals has created and can create the possibility of significant downward revisions should the pace of A.I. commercialization disappoint. Although we found pockets where we considered valuations attractive, such as transports and IT consultants, during the fiscal year we focused on adding to protective puts to seek to preserve capital in the event of an unexpected downturn.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic85b21321e5923041f3f13d5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Large Cap Plus Fund - Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Sep-2021** | $13746 | $13096 | $13188 |
| **Sep-2022** | $12811 | $10842 | $10863 |
| **Sep-2023** | $14709 | $13140 | $13086 |
| **Sep-2024** | $18244 | $17828 | $17691 |
| **Sep-2025** | $19262 | $20992 | $20771 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA Large Cap Plus Fund - Class I | 5.57% | 14.01% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% |

---

*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$69,026,879

* Number of Portfolio Holdings128

* Advisory Fee $416,643

* Portfolio Turnover67%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc. - Class A | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Johnson & Johnson | 3.8% |
| Meta Platforms, Inc. - Class A | 3.3% |
| Citigroup, Inc. | 3.2% |
| Thermo Fisher Scientific, Inc. | 2.7% |
| Berkshire Hathaway, Inc. - Class B | 2.7% |
| Infineon Technologies AG - ADR | 2.4% |
| Booking Holdings, Inc. | 2.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ied8124416528c4c75b4013b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.6% |
| Materials | 1.2% |
| Purchased Options | 2.0% |
| Money Market Funds | 3.3% |
| Consumer Staples | 3.6% |
| Energy | 5.1% |
| Industrials | 11.7% |
| Consumer Discretionary | 12.2% |
| Financials | 12.6% |
| Communications | 13.4% |
| Health Care | 14.2% |
| Technology | 25.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VELIX

# VELA Short Duration Fund

# Class A (VASDX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $93 | 0.91% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended, the VELA Short Duration Fund - Class A delivered a return of 4.62%, outperforming its primary benchmark, the Bloomberg 1-3 Year US Government/Credit Index, which returned 4.12%.

As of September 30, 2025, the Fund was allocated 2.0% in cash, 29.6% in US Treasuries/T-Bills, 7.8% in structured products/government agencies, and 60.6% in corporate bonds, split approximately two-thirds Investment Grade and one-third High Yield. We gradually de-risked the portfolio as markets rebounded from the depths of the April selloff, increasing Treasury exposure and adding to the Fund's high-quality Investment Grade corporate holdings.

Through the most recent quarter, we aimed to position the Fund with a balanced mix of high-quality corporate bonds, US Treasuries, and structured products, designed to hold up well in a potential downturn and allow the flexibility to add risk should opportunities emerge.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i6c0457bee277ec185efe6714.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VELA Short Duration Fund - Class A - without load** | **VELA Short Duration Fund - Class A - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 1-3 Year US Government/Credit Index** |
| **Dec-2023** | $10000 | $9497 | $10000 | $10000 |
| **Sep-2024** | $10405 | $9881 | $10510 | $10486 |
| **Sep-2025** | $10885 | $10338 | $10813 | $10918 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class A |  |  |
| Without Load | 4.62% | 4.84% |
| With Load | -0.60% | 1.87% |
| Bloomberg 1-3 Year US Government/Credit Index | 4.12% | 5.02% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 4.45% |

---

***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$37,140,573

* Number of Portfolio Holdings126

* Advisory Fee $91,452

* Portfolio Turnover45%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Royal Caribbean Group, 6.250%, 03/15/32 | 1.3% |
| United States Treasury Note/Bond, 4.625%, 11/15/26 | 1.2% |
| United States Treasury Note, 4.375%, 12/15/26 | 1.2% |
| Oaktree Strategic Credit Fund, 8.400%, 11/14/28 | 1.2% |
| Cantor Fitzgerald LP, 7.200%, 12/12/28 | 1.2% |
| Essent Group, Ltd., 6.250%, 07/01/29 | 1.1% |
| Amer Sports, Inc., 6.750%, 02/16/31 | 1.1% |
| Assured Guaranty US Holdings, Inc., 6.679%, 12/15/66 | 1.1% |
| Antares Holdings LP, 6.250%, 10/23/29 | 1.1% |
| EQT Corp., 7.500%, 06/01/27 | 1.1% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](id453ae1470a3c6dd7804e6f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Asset Backed Securities | 3.8% |
| Materials | 1.2% |
| Utilities | 1.4% |
| Communications | 1.8% |
| Money Market Funds | 2.2% |
| Health Care | 2.4% |
| Consumer Staples | 2.7% |
| Real Estate | 2.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 4.9% |
| Energy | 7.8% |
| Consumer Discretionary | 14.6% |
| Financials | 20.5% |
| U.S. Government & Agencies | 30.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VASDX

# VELA Short Duration Fund

# Class I (VESDX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $68 | 0.66% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended, the VELA Short Duration Fund - Class I delivered a return of 4.92%, outperforming its primary benchmark, the Bloomberg 1-3 Year US Government/Credit Index, which returned 4.12%.

As of September 30, 2025, the Fund was allocated 2.0% in cash, 29.6% in US Treasuries/T-Bills, 7.8% in structured products/government agencies, and 60.6% in corporate bonds, split approximately two-thirds Investment Grade and one-third High Yield. We gradually de-risked the portfolio as markets rebounded from the depths of the April selloff, increasing Treasury exposure and adding to the Fund's high-quality Investment Grade corporate holdings.

Through the most recent quarter, we aimed to position the Fund with a balanced mix of high-quality corporate bonds, US Treasuries, and structured products, designed to hold up well in a potential downturn and allow the flexibility to add risk should opportunities emerge.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie3e465257cf1603c7fe9a6d7.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 |
| **Sep-2024** | $10481 | $10486 | $10510 |
| **Sep-2025** | $10997 | $10918 | $10813 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class I | 4.92% | 5.44% |
| Bloomberg 1-3 Year US Government/Credit Index | 4.12% | 5.02% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 4.45% |

---

***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$37,140,573

* Number of Portfolio Holdings126

* Advisory Fee $91,452

* Portfolio Turnover45%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Royal Caribbean Group, 6.250%, 03/15/32 | 1.3% |
| United States Treasury Note/Bond, 4.625%, 11/15/26 | 1.2% |
| United States Treasury Note, 4.375%, 12/15/26 | 1.2% |
| Oaktree Strategic Credit Fund, 8.400%, 11/14/28 | 1.2% |
| Cantor Fitzgerald LP, 7.200%, 12/12/28 | 1.2% |
| Essent Group, Ltd., 6.250%, 07/01/29 | 1.1% |
| Amer Sports, Inc., 6.750%, 02/16/31 | 1.1% |
| Assured Guaranty US Holdings, Inc., 6.679%, 12/15/66 | 1.1% |
| Antares Holdings LP, 6.250%, 10/23/29 | 1.1% |
| EQT Corp., 7.500%, 06/01/27 | 1.1% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](ib5cf7d4957662c63183a2bdc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Asset Backed Securities | 3.8% |
| Materials | 1.2% |
| Utilities | 1.4% |
| Communications | 1.8% |
| Money Market Funds | 2.2% |
| Health Care | 2.4% |
| Consumer Staples | 2.7% |
| Real Estate | 2.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 4.9% |
| Energy | 7.8% |
| Consumer Discretionary | 14.6% |
| Financials | 20.5% |
| U.S. Government & Agencies | 30.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VESDX

# VELA Small Cap Fund

# Class A (VESAX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $137 | 1.36% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended, the VELA Small Cap Fund - Class A underperformed the Russell 2000<sup><sup>®</sup></sup> Index (the "Index"), the Fund's additional Index, returning 1.20% compared to the Index return of 10.76%. Trailing the Index in a quarter, or even a year, does not trouble us-- given our pursuit of absolute diversification and our long-term view, it is customary for the Fund to differ meaningfully from the Index in the short run.

A small cap rally in the fourth fiscal quarter (third calendar quarter of 2025) was led by unprofitable and more leveraged companies, with the Russell 2000<sup><sup>®</sup></sup> Index outpacing the S&P 600 Index (typically regarded as a higher-quality index) by over 300 basis points (<sup>1</sup>Factset). This continues a trend we have observed since tariff-related lows in early April. In keeping with our investment philosophy and mandate, the Fund retained a quality bias, and several of the Fund's larger positions (by portfolio weight) remained out of favor.

Two of the Fund's higher conviction holdings were primary detractors to return in the period: the Fund's largest Industrials sector holdings, Hub Group, Inc. (HUBG) and Kirby Corp. (KEX). For each business, we believe our thesis remains intact and thus we were happy to add to the Fund's positions on weakness. As in the past, we used the recent fluctuations in the market to enhance the quality of the portfolio, leaning into our highest conviction names as we found valuations to be more attractive and building positions in some new opportunities that surfaced as a result of recent dislocations between price and value.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i529a56e78299193bb23c29a6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VELA Small Cap Fund - Class A - without load** | **VELA Small Cap Fund - Class A - with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $9497 | $10000 | $10000 |
| **Sep-2021** | $15495 | $14715 | $13188 | $14768 |
| **Sep-2022** | $14346 | $13624 | $10863 | $11298 |
| **Sep-2023** | $16371 | $15547 | $13086 | $12307 |
| **Sep-2024** | $19581 | $18595 | $17691 | $15600 |
| **Sep-2025** | $19815 | $18818 | $20771 | $17278 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA Small Cap Fund - Class A |  |  |
| Without Load | 1.20% | 14.66% |
| With Load | -3.86% | 13.48% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% |

---

*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$143,030,400

* Number of Portfolio Holdings Long55

* Advisory Fee $916,175

* Portfolio Turnover43%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 4.5% |
| Hub Group, Inc. - Class A | 3.8% |
| Valvoline, Inc. | 3.2% |
| Applied Industrial Technologies, Inc. | 3.1% |
| Wix.com Ltd. | 3.1% |
| Performance Food Group Co. | 3.0% |
| Criteo S.A. - ADR | 3.0% |
| Axis Capital Holdings Ltd. | 2.8% |
| Graham Holdings Co. - Class B | 2.7% |
| Alamos Gold, Inc. - Class A | 2.5% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i165be08c38713c141389b007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.0% |
| Real Estate | 1.1% |
| Utilities | 1.2% |
| Communications | 3.0% |
| Energy | 5.1% |
| Health Care | 7.5% |
| Technology | 8.5% |
| Financials | 10.1% |
| Materials | 10.1% |
| Consumer Staples | 11.1% |
| Consumer Discretionary | 16.5% |
| Industrials | 25.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VESAX

# VELA Small Cap Fund

# Class I (VESMX)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

## Fund Overview
This annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

## What were the Fund's costs for the last year?

### (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 | $112 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended, the VELA Small Cap Fund - Class I underperformed the Russell 2000<sup><sup>®</sup></sup> Index (the "Index"), the Fund's additional index, returning 1.42% compared to the Index's return of 10.76%. Trailing the Index in a quarter, or even a year, does not trouble us-- given our pursuit of absolute diversification and our long-term view, it is customary for the Fund to differ meaningfully from the Index in the short run.

A small cap rally in the fourth fiscal quarter (third calendar quarter of 2025) was led by unprofitable and more leveraged companies, with the Russell 2000<sup><sup>®</sup></sup> Index outpacing the S&P 600 Index (typically regarded as a higher-quality index) by over 300 basis points (<sup>1</sup>Factset). This continues a trend we have observed since tariff-related lows in early April. In keeping with the Fund's investment philosophy and mandate, the Fund retained a quality bias, and several of the Fund's larger positions (by portfolio weight) remained out of favor.

Two of the Fund's higher conviction holdings were primary detractors to return in the period: the Fund's largest Industrials sector holdings, Hub Group, Inc. (HUBG) and Kirby Corp. (KEX). For each business, we believe our thesis remains intact and thus we were happy to add to the Fund's positions on weakness. As in the past, we used the recent fluctuations in the market to enhance the quality of the portfolio, leaning into our highest conviction names as we found valuations to be more attractive and building positions in some new opportunities that surfaced as a result of recent dislocations between price and value.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id76e49159033e1935e3e29f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Small Cap Fund- Class I** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Sep-2021** | $15539 | $14768 | $13188 |
| **Sep-2022** | $14421 | $11298 | $10863 |
| **Sep-2023** | $16495 | $12307 | $13086 |
| **Sep-2024** | $19780 | $15600 | $17691 |
| **Sep-2025** | $20061 | $17278 | $20771 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | 5 Years |
| VELA Small Cap Fund- Class I | 1.42% | 14.94% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% |

---

*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$143,030,400

* Number of Portfolio Holdings Long55

* Advisory Fee $916,175

* Portfolio Turnover43%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 4.5% |
| Hub Group, Inc. - Class A | 3.8% |
| Valvoline, Inc. | 3.2% |
| Applied Industrial Technologies, Inc. | 3.1% |
| Wix.com Ltd. | 3.1% |
| Performance Food Group Co. | 3.0% |
| Criteo S.A. - ADR | 3.0% |
| Axis Capital Holdings Ltd. | 2.8% |
| Graham Holdings Co. - Class B | 2.7% |
| Alamos Gold, Inc. - Class A | 2.5% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib5206d59d2e7042ded4e321e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.0% |
| Real Estate | 1.1% |
| Utilities | 1.2% |
| Communications | 3.0% |
| Energy | 5.1% |
| Health Care | 7.5% |
| Technology | 8.5% |
| Financials | 10.1% |
| Materials | 10.1% |
| Consumer Staples | 11.1% |
| Consumer Discretionary | 16.5% |
| Industrials | 25.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 30, 2025. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-833-399-1011 or on the Fund's website at https://www.velafunds.com/strategies.html?stab=doc.

Effective October 1, 2025, the Adviser will reduce the contractual administrative fee for the Fund from an annual rate of 0.36% to 0.34% of the Fund's average daily net assets for each share class.

## 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)

# Annual Shareholder Report - September 30, 2025
![Image](i21fe58f9e284baa145d14f6b.jpg)

TSR-AR 093025-VESMX

(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) The registrant has, as of the end of the period covered by
 this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer,
 and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
 by the registrant or a third party.

(b) Not applicable.

(c) During the period covered by this report, there
 were no waivers or implicit waivers of a provision of the code of ethics.

(d) During the period covered by this report, there
 were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not applicable.

(f) See Item 19 (a)(1)

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

---

| | |
|:---|:---|
| (a)(1) | The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. |
| (a)(2) | <br> Jim Haring is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR. |
| (a)(3) | Not applicable. |

---

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

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided
 by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| September 30, 2025 | $74150 |
| September 30, 2024 | $71150 |

---

(b) Audit-Related Fees. There were no fees billed
 in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed in each of the last two
 fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

---

| | |
|:---|:---|
| September 30, 2025 | $15250 |
| September 30, 2024 | $15250 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed for the fiscal years ended September 30, 2025 and September 30, 2024 for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $0 and $0, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**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) ![](logo.jpg)

**Annual Financial Statements**

**and Additional Information**

**September 30, 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**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 99.50%** |  |  |
| **Communications — 2.97%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 188234 | $4254089 |
| **Consumer Discretionary — 14.78%** |  |  |
| Atlanta Braves Holdings, Inc., Class C<sup>(a)(b)</sup> | 73095 | 3040021 |
| BRP, Inc.<sup>(b)</sup> | 21029 | 1278143 |
| Graham Holdings Co., Class B | 3225 | 3796825 |
| Movado Group, Inc. | 165760 | 3144467 |
| Murphy USA, Inc. | 6357 | 2468169 |
| Pool Corp.<sup>(b)</sup> | 9277 | 2876519 |
| Valvoline, Inc.<sup>(a)(b)</sup> | 126316 | 4536007 |
|  |  | 21140151 |
| **Consumer Staples — 11.06%** |  |  |
| Coca-Cola Consolidated, Inc.<sup>(b)</sup> | 28480 | 3336717 |
| Ingles Markets, Inc., Class A | 23475 | 1632921 |
| Mama's Creations, Inc.<sup>(a)(b)</sup> | 295032 | 3100786 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 7819 | 1003959 |
| Performance Food Group Co.<sup>(a)(b)</sup> | 41390 | 4306216 |
| Seaboard Corp. | 667 | 2432549 |
|  |  | 15813148 |
| **Energy — 6.75%** |  |  |
| Antero Resources Corp.<sup>(a)(b)</sup> | 90689 | 3043523 |
| Cactus, Inc., Class A | 46232 | 1824777 |
| Range Resources Corp.<sup>(b)</sup> | 88141 | 3317627 |
| Tidewater, Inc.<sup>(a)(b)</sup> | 27667 | 1475481 |
|  |  | 9661408 |
| **Financials — 10.15%** |  |  |
| 1st Source Corp.<sup>(b)</sup> | 31049 | 1911376 |
| Ambac Financial Group, Inc.<sup>(a)</sup> | 169999 | 1417792 |
| Assured Guaranty Ltd.<sup>(b)</sup> | 33145 | 2805724 |
| Axis Capital Holdings Ltd.<sup>(b)</sup> | 42516 | 4073033 |
| BOK Financial Corp.<sup>(b)</sup> | 20850 | 2323524 |
| Federal Agricultural Mortgage Corp., Class C | 11788 | 1980148 |
|  |  | 14511597 |
| **Health Care — 7.55%** |  |  |
| Bruker Corp. | 47038 | 1528265 |
| Encompass Health Corp.<sup>(b)</sup> | 13158 | 1671329 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 24268 | 1389828 |

---

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

**VELA SMALL CAP FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Indivior PLC<sup>(a)(b)</sup> | 98253 | $2368880 |
| SI-BONE, Inc.<sup>(a)</sup> | 133467 | 1964634 |
| Supernus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 39195 | 1873129 |
|  |  | 10796065 |
| **Industrials — 25.28%** |  |  |
| Applied Industrial Technologies, Inc.<sup>(b)</sup> | 17248 | 4502590 |
| BWX Technologies, Inc.<sup>(b)</sup> | 13351 | 2461524 |
| Copa Holdings, S.A., Class A | 19417 | 2307128 |
| Greenbrier Companies, Inc. (The) | 60843 | 2809121 |
| Hub Group, Inc., Class A | 159592 | 5496349 |
| Janus International Group, Inc.<sup>(a)(b)</sup> | 268241 | 2647539 |
| Kirby Corp.<sup>(a)</sup> | 77341 | 6454106 |
| Lincoln Electric Holdings, Inc.<sup>(b)</sup> | 13974 | 3295489 |
| Proficient Auto Logistics, Inc.<sup>(a)</sup> | 189405 | 1305000 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 197539 | 2332936 |
| Tetra Tech, Inc.<sup>(b)</sup> | 76190 | 2543222 |
|  |  | 36155004 |
| **Materials — 10.12%** |  |  |
| Alamos Gold, Inc., Class A<sup>(b)</sup> | 102735 | 3581342 |
| Installed Building Products, Inc.<sup>(b)</sup> | 10059 | 2481153 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 396795 | 3319339 |
| Monarch Cement Co. (The) | 6002 | 1403448 |
| NewMarket Corp. | 1977 | 1637371 |
| Worthington Enterprises, Inc.<sup>(b)</sup> | 36931 | 2049301 |
|  |  | 14471954 |
| **Real Estate — 1.12%** |  |  |
| NET Lease Office Properties | 54289 | 1610212 |
| **Technology — 8.51%** |  |  |
| EPAM Systems, Inc.<sup>(a)</sup> | 6656 | 1003658 |
| JFrog Ltd.<sup>(a)(b)</sup> | 29577 | 1399879 |
| Shift4 Payments, Inc., Class A<sup>(a)</sup> | 27006 | 2090265 |
| Teradyne, Inc.<sup>(b)</sup> | 23319 | 3209627 |
| Wix.com Ltd.<sup>(a)</sup> | 25127 | 4463309 |
|  |  | 12166738 |

---

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

**VELA SMALL CAP FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — (continued)** |  |  |
| **Utilities — 1.21%** |  |  |
| National Fuel Gas Co. | 18691 | $1726488 |
| **TOTAL COMMON STOCKS<br> (Cost $115,026,656)** |  | 142306854 |
| **Money Market Funds — 0.96%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.02%<sup>(c)</sup> | 1379520 | 1379520 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $1,379,520)** |  | 1379520 |
| **Total Investments — 100.46%<br> (Cost $116,406,176)** |  | 143686374 |
| **Liabilities in Excess of Other Assets — (0.46)%** |  | (655974) |
| **Net Assets — 100.00%** |  | $143030400 |

---

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

<sup>(b)</sup> All or a portion of the security is held as collateral for written options and securities sold short. The fair value of this collateral on September 30, 2025 was $35,618,964.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 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**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Written Call Options (1.29)%** |  |  |  |  |  |
| 1st Source Corp. | (78) | $(480168) | $70.00 | December 2025 | $(4446) |
| 1st Source Corp. | (78) | (480168) | 75.00 | December 2025 | (1248) |
| Alamos Gold, Inc., Class A | (514) | (1791804) | 34.00 | March 2026 | (236440) |
| Alamos Gold, Inc., Class A | (103) | (359058) | 37.00 | March 2026 | (33990) |
| Alamos Gold, Inc., Class A | (103) | (359058) | 39.00 | March 2026 | (26780) |
| Antero Resources Corp. | (136) | (456416) | 45.00 | March 2026 | (12240) |
| Applied Industrial Technologies, Inc. | (59) | (1540195) | 280.00 | November 2025 | (24043) |
| Applied Industrial Technologies, Inc. | (26) | (678730) | 300.00 | February 2026 | (13910) |
| Assured Guaranty Ltd. | (166) | (1405190) | 100.00 | October 2025 | (166) |
| Atlanta Braves Holdings, Inc., Class C | (222) | (923298) | 55.00 | February 2026 | (6438) |
| Axis Capital Holdings Ltd. | (140) | (1341200) | 95.00 | October 2025 | (36400) |
| BOK Financial Corp. | (104) | (1158976) | 120.00 | December 2025 | (21320) |
| BRP, Inc. | (42) | (255276) | 65.00 | December 2025 | (13650) |
| BWX Technologies, Inc. | (123) | (2267751) | 190.00 | February 2026 | (196184) |
| Coca-Cola Consolidated, Inc. | (85) | (995860) | 135.00 | December 2025 | (15300) |
| Coca-Cola Consolidated, Inc. | (57) | (667812) | 140.00 | December 2025 | (5985) |
| Encompass Health Corp. | (110) | (1397220) | 115.00 | December 2025 | (163350) |
| Indivior PLC | (622) | (1499642) | 25.00 | November 2025 | (124400) |
| Indivior PLC | (154) | (371294) | 25.00 | May 2026 | (72380) |
| Indivior PLC | (154) | (371294) | 30.00 | May 2026 | (44660) |
| Installed Building Products, Inc. | (34) | (838644) | 270.00 | March 2026 | (74120) |
| Janus International Group, Inc. | (1341) | (1323567) | 12.50 | February 2026 | (36877) |
| JFrog Ltd. | (148) | (700484) | 55.00 | December 2025 | (27380) |
| Lincoln Electric Holdings, Inc. | (56) | (1320648) | 260.00 | May 2026 | (59920) |
| Mama's Creations, Inc. | (1180) | (1240180) | 15.00 | February 2026 | (41300) |
| Ollie's Bargain Outlet Holdings, Inc. | (27) | (346680) | 135.00 | October 2025 | (4928) |
| Ollie's Bargain Outlet Holdings, Inc. | (13) | (166920) | 145.00 | January 2026 | (5720) |
| Performance Food Group Co. | (129) | (1342116) | 100.00 | March 2026 | (143190) |
| Performance Food Group Co. | (129) | (1342116) | 105.00 | March 2026 | (110295) |

---

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

**VELA SMALL CAP FUND**

**Schedule of Open Written Option Contracts (continued)**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Written Call Options — (continued)** |  |  |  |  |  |
| Pool Corp. | (25) | $(775175) | $370.00 | November 2025 | $(2925) |
| Pool Corp. | (21) | (651147) | 390.00 | January 2026 | (3927) |
| Range Resources Corp. | (220) | (828080) | 46.00 | March 2026 | (28050) |
| Supernus Pharmaceuticals, Inc. | (98) | (468342) | 55.00 | December 2025 | (18375) |
| Teradyne, Inc. | (117) | (1610388) | 135.00 | January 2026 | (188370) |
| Tetra Tech, Inc. | (175) | (584150) | 42.00 | December 2025 | (3850) |
| Tidewater, Inc. | (83) | (442639) | 75.00 | January 2026 | (7055) |
| Tidewater, Inc. | (28) | (149324) | 80.00 | April 2026 | (4690) |
| Valvoline, Inc. | (594) | (2133054) | 45.00 | January 2026 | (23760) |
| Worthington Enterprises, Inc. | (100) | (554900) | 65.00 | December 2025 | (9500) |
| **TOTAL WRITTEN CALL OPTIONS<br> (Premiums Received $1,616,910)** |  |  |  |  | $(1847562) |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 99.34%** |  |  |
| **Communications — 13.40%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 13053 | $3173184 |
| Booking Holdings, Inc. | 293 | 1581986 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 3115 | 2287594 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 12067 | 1182204 |
| Walt Disney Co. (The) | 8919 | 1021226 |
|  |  | 9246194 |
| **Consumer Discretionary — 12.23%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 14032 | 3081006 |
| Deckers Outdoor Corp.<sup>(a)(b)</sup> | 6201 | 628595 |
| Home Depot, Inc. (The)<sup>(a)</sup> | 3510 | 1422217 |
| NIKE, Inc., Class B<sup>(a)</sup> | 17953 | 1251863 |
| Starbucks Corp. | 8420 | 712332 |
| TJX Companies, Inc. (The)<sup>(a)</sup> | 9322 | 1347402 |
|  |  | 8443415 |
| **Consumer Staples — 3.55%** |  |  |
| PepsiCo, Inc. | 7480 | 1050491 |
| Sysco Corp.<sup>(a)</sup> | 5356 | 441013 |
| Tyson Foods, Inc., Class A | 17678 | 959916 |
|  |  | 2451420 |
| **Energy — 5.11%** |  |  |
| Baker Hughes Co., Class A<sup>(a)</sup> | 31596 | 1539357 |
| MPLX LP<sup>(a)</sup> | 25430 | 1270228 |
| Suncor Energy, Inc.<sup>(a)</sup> | 17237 | 720679 |
|  |  | 3530264 |
| **Financials — 12.58%** |  |  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 10737 | 974168 |
| Bank of America Corp.<sup>(a)</sup> | 29985 | 1546926 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 3641 | 1830476 |
| Citigroup, Inc.<sup>(a)</sup> | 22032 | 2236248 |
| KKR & Co., Inc. | 3952 | 513563 |
| MetLife, Inc.<sup>(a)</sup> | 19194 | 1581010 |
|  |  | 8682391 |
| **Health Care — 14.21%** |  |  |
| Abbott Laboratories | 8587 | 1150143 |
| AbbVie, Inc. | 5717 | 1323714 |
| Align Technology, Inc.<sup>(b)</sup> | 7929 | 992870 |
| AstraZeneca PLC - ADR | 10510 | 806327 |
| Johnson & Johnson | 13972 | 2590688 |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Thermo Fisher Scientific, Inc. | 3815 | $1850351 |
| Zoetis, Inc., Class A<sup>(a)</sup> | 7459 | 1091401 |
|  |  | 9805494 |
| **Industrials — 11.72%** |  |  |
| 3M Co.<sup>(a)</sup> | 9160 | 1421449 |
| Applied Industrial Technologies, Inc. | 844 | 220326 |
| CSX Corp. | 30987 | 1100349 |
| Deere & Co.<sup>(a)</sup> | 2451 | 1120744 |
| FedEx Corp.<sup>(a)</sup> | 5004 | 1179993 |
| Kirby Corp.<sup>(b)</sup> | 9658 | 805960 |
| Lincoln Electric Holdings, Inc. | 5729 | 1351070 |
| Northrop Grumman Corp. | 1465 | 892654 |
|  |  | 8092545 |
| **Materials — 1.24%** |  |  |
| PPG Industries, Inc. | 8150 | 856646 |
| **Technology — 25.30%** |  |  |
| Accenture PLC, Class A<sup>(a)</sup> | 6132 | 1512151 |
| Adobe, Inc.<sup>(b)</sup> | 2422 | 854360 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 2061 | 333449 |
| Autodesk, Inc.<sup>(a)(b)</sup> | 4460 | 1416808 |
| EPAM Systems, Inc.<sup>(b)</sup> | 7584 | 1143592 |
| Infineon Technologies AG - ADR | 42294 | 1652849 |
| Microsoft Corp.<sup>(a)</sup> | 6525 | 3379624 |
| PayPal Holdings, Inc.<sup>(a)(b)</sup> | 10322 | 692193 |
| Salesforce.com, Inc.<sup>(a)</sup> | 5037 | 1193769 |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 1507 | 1386862 |
| Teradyne, Inc. | 3415 | 470041 |
| Visa, Inc., Class A<sup>(a)</sup> | 4021 | 1372689 |
| Wix.com Ltd.<sup>(b)</sup> | 6395 | 1135944 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 3822 | 920070 |
|  |  | 17464401 |
| **TOTAL COMMON STOCKS<br> (Cost $49,821,897)** |  | 68572770 |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **PURCHASED CALL OPTIONS — 0.50%** |  |  |  |  |  |
| Axsome Therapeutics, Inc. | 30 | $364350 | $130.00 | December 2025 | $18150 |
| Centene Corp. | 50 | 178400 | 37.50 | June 2026 | 29000 |
| CVS Health Corp. | 40 | 301560 | 75.00 | March 2026 | 27700 |
| Globus Medical, Inc. | 65 | 372255 | 55.00 | December 2025 | 34450 |
| Ionis Pharmaceuticals, Inc. | 75 | 490650 | 70.00 | January 2026 | 40500 |
| Keurig Dr Pepper, Inc. | 200 | 510200 | 33.00 | April 2026 | 10000 |
| Nvidia Corp. | 70 | 1306060 | 200.00 | January 2026 | 81200 |
| Tesla, Inc. | 7 | 311304 | 460.00 | February 2026 | 43138 |
| UnitedHealth Group, Inc. | 20 | 690600 | 370.00 | March 2026 | 58650 |
| **TOTAL PURCHASED CALL OPTIONS<br> (Cost $324,426)** |  |  |  |  | 342788 |
| **PURCHASED PUT OPTIONS — 1.48%** |  |  |  |  |  |
| 3M Co. | 40 | 620720 | 120.00 | March 2026 | 7780 |
| 3M Co. | 50 | 775900 | 145.00 | March 2026 | 36625 |
| AbbVie, Inc. | 50 | 1157700 | 195.00 | December 2025 | 6625 |
| Accenture PLC, Class A | 90 | 2219400 | 200.00 | November 2025 | 7425 |
| Adobe, Inc. | 20 | 705500 | 320.00 | December 2025 | 20950 |
| Advanced Micro Devices, Inc. | 19 | 307401 | 135.00 | November 2025 | 5557 |
| Align Technology, Inc. | 75 | 939150 | 105.00 | March 2026 | 57375 |
| Alphabet, Inc., Class A | 80 | 1944800 | 215.00 | January 2026 | 51600 |
| Alphabet, Inc., Class A | 80 | 1944800 | 175.00 | November 2025 | 5080 |
| Amazon.com, Inc. | 90 | 1976130 | 200.00 | January 2026 | 57600 |
| Baker Hughes Co., Class A | 263 | 1281336 | 40.00 | December 2025 | 11835 |
| Bank of America Corp. | 275 | 1418725 | 44.00 | November 2025 | 9488 |
| Booking Holdings, Inc. | 2 | 1079854 | 5000.00 | October 2025 | 3740 |
| Broadcom, Inc. | 20 | 659820 | 280.00 | March 2026 | 34750 |
| Citigroup, Inc. | 195 | 1979250 | 95.00 | January 2026 | 72150 |
| Deckers Outdoor Corp. | 60 | 608220 | 85.00 | March 2026 | 34800 |
| Deere & Co. | 19 | 868794 | 420.00 | January 2026 | 20900 |
| EPAM Systems, Inc. | 50 | 753950 | 140.00 | December 2025 | 36250 |
| Etoro Group Ltd. | 60 | 247620 | 35.00 | April 2026 | 22200 |
| Johnson & Johnson | 100 | 1854200 | 170.00 | December 2025 | 15800 |
| LyondellBasell Industries N.V. | 60 | 294240 | 45.00 | January 2026 | 18450 |
| Meta Platforms Inc., Class A | 32 | 2350016 | 650.00 | December 2025 | 49280 |
| Microsoft Corp. | 70 | 3625650 | 450.00 | November 2025 | 17885 |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **PURCHASED PUT OPTIONS — (continued)** |  |  |  |  |  |
| MPLX LP | 191 | $954045 | $42.00 | January 2026 | $3820 |
| Nike, Inc., Class B | 180 | 1255140 | 65.00 | December 2025 | 58950 |
| Nvidia Corp. | 155 | 2891990 | 120.00 | June 2026 | 57350 |
| Salesforce.com, Inc. | 53 | 1256100 | 220.00 | February 2026 | 63070 |
| ServiceNow, Inc. | 15 | 1380420 | 800.00 | January 2026 | 37950 |
| SPDR S&P 500 ETF Trust | 240 | 15988320 | 575.00 | January 2026 | 112200 |
| Starbucks Corp. | 78 | 659880 | 75.00 | October 2025 | 1287 |
| Teradyne, Inc. | 31 | 426684 | 105.00 | January 2026 | 8060 |
| Uber Technologies, Inc. | 100 | 979700 | 87.50 | January 2026 | 33000 |
| Visa, Inc., Class A | 40 | 1365520 | 315.00 | October 2025 | 3100 |
| Wix.com Ltd. | 30 | 532890 | 140.00 | January 2026 | 9975 |
| Zoetis, Inc., Class A | 80 | 1170560 | 125.00 | March 2026 | 28800 |
| **TOTAL PURCHASED PUT OPTIONS<br> (Cost $1,394,375)** |  |  |  |  | 1021707 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds — 3.30%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.02%<sup>(c)</sup> | 2278285 | 2278285 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $2,278,285)** |  | 2278285 |
| **Total Investments — 104.62%<br> (Cost $53,818,983)** |  | 72215550 |
| **Liabilities in Excess of Other Assets — (4.62)%** |  | (3188671) |
| **Net Assets — 100.00%** |  | $69026879 |

---

<sup>(a)</sup> All or a portion of the security is held as collateral for written options and securities sold short. The fair value of this collateral on September 30, 2025 was $33,982,173.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 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**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Written Call Options (0.69)%** |  |  |  |  |  |
| 3M Co. | (79) | $(1225922) | $175.00 | March 2026 | $(43055) |
| AbbVie, Inc. | (46) | (1065084) | 220.00 | December 2025 | (81880) |
| Autodesk, Inc. | (40) | (1270680) | 310.00 | January 2026 | (99400) |
| Baker Hughes Co., Class A | (150) | (730800) | 47.00 | December 2025 | (59250) |
| Meta Platforms Inc., Class A | (21) | (1542198) | 850.00 | December 2025 | (28507) |
| Microsoft Corp. | (35) | (1812825) | 575.00 | December 2025 | (20125) |
| MPLX LP | (191) | (954045) | 55.00 | January 2026 | (5730) |
| Suncor Energy, Inc. | (151) | (631331) | 46.00 | January 2026 | (12080) |
| Teradyne, Inc. | (31) | (426684) | 130.00 | January 2026 | (58125) |
| TJX Companies, Inc. (The) | (49) | (708246) | 140.00 | January 2026 | (48143) |
| Uber Technologies, Inc. | (91) | (891527) | 115.00 | January 2026 | (26299) |
| **TOTAL WRITTEN CALL OPTIONS<br> (Premiums Received $290,146)** |  |  |  |  | $(482594) |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Securities Sold Short**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks - Short — (5.51%)** |  |  |
| **Communications — (0.75%)** |  |  |
| Netflix, Inc.<sup>(a)</sup> | (162) | $(194225) |
| SoftBank Corp. - ADR | (5169) | (327198) |
|  |  | (521423) |
| **Consumer Discretionary — (0.96%)** |  |  |
| Burlington Stores, Inc.<sup>(a)</sup> | (842) | (214289) |
| InterContinental Hotels Group PLC - ADR | (2263) | (274411) |
| Lowe's Companies, Inc. | (688) | (172901) |
|  |  | (661601) |
| **Consumer Staples — (0.59%)** |  |  |
| US Foods Holding Corp.<sup>(a)</sup> | (5313) | (407083) |
| **Financials — (0.57%)** |  |  |
| Blue Owl Capital, Inc. | (14650) | (248025) |
| Capital One Financial Corp. | (698) | (148381) |
|  |  | (396406) |
| **Health Care — (0.61%)** |  |  |
| Edwards LifeSciences Corp.<sup>(a)</sup> | (3164) | (246064) |
| HealthEquity, Inc.<sup>(a)</sup> | (1845) | (174851) |
|  |  | (420915) |
| **Industrials — (0.80%)** |  |  |
| Bloom Energy Corp., Class A<sup>(a)</sup> | (1862) | (157469) |
| Fastenal Co. | (4838) | (237255) |
| Quanta Services, Inc. | (379) | (157065) |
|  |  | (551789) |
| **Technology — (1.23%)** |  |  |
| Block, Inc.<sup>(a)</sup> | (1322) | (95541) |
| Duolingo, Inc.<sup>(a)</sup> | (525) | (168966) |
| International Business Machines Corp. | (621) | (175221) |
| Logitech International S.A. | (1787) | (195998) |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | (1210) | (220728) |
|  |  | (856454) |
| **TOTAL COMMON STOCKS — SHORT<br> (Proceeds Received $3,494,664)** |  | $(3815671) |

---

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

**VELA LARGE CAP PLUS FUND**

**Schedule of Securities Sold Short (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Exchange-Traded Funds - Short — (0.53%)** |  |  |
| Energy Select Sector SPDR<sup>®</sup> Fund | (4132) | $(369153) |
| **TOTAL EXCHANGE-TRADED FUNDS — SHORT<br> (Proceeds Received $349,178)** |  | (369153) |
| **TOTAL SECURITIES SOLD SHORT — (6.04)%<br> (Proceeds Received $3,843,842)** |  | $(4184824) |

---

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

ADR - American Depositary Receipt.

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 92.74%** |  |  |
| **Australia — 2.43%** |  |  |
| **Consumer Discretionary — 1.41%** |  |  |
| Bapcor, Ltd. | 463000 | $968902 |
| **Health Care — 1.02%** |  |  |
| Ansell Ltd. | 33100 | 698187 |
| Total Australia |  | 1667089 |
| **Austria — 3.00%** |  |  |
| **Communications — 1.71%** |  |  |
| Telekom Austria AG | 110000 | 1175964 |
| **Materials — 1.29%** |  |  |
| Wienerberger AG | 27200 | 880533 |
| Total Austria |  | 2056497 |
| **Belgium — 1.84%** |  |  |
| **Financials — 1.84%** |  |  |
| KBC Group N.V. | 10500 | 1258239 |
| Total Belgium |  | 1258239 |
| **Brazil — 3.54%** |  |  |
| **Consumer Discretionary — 1.49%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 151000 | 1019250 |
| **Consumer Staples — 2.05%** |  |  |
| Ambev SA | 620000 | 1406046 |
| Total Brazil |  | 2425296 |
| **Canada — 9.90%** |  |  |
| **Energy — 3.43%** |  |  |
| Pason Systems, Inc. | 110000 | 954975 |
| Suncor Energy, Inc. | 33400 | 1396454 |
|  |  | 2351429 |

---

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Canada — (continued)** |  |  |
| **Materials — 6.47%** |  |  |
| Alamos Gold, Inc., Class A | 45700 | $1593102 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 137000 | 1146056 |
| OceanaGold Corp. | 79100 | 1688930 |
|  |  | 4428088 |
| Total Canada |  | 6779517 |
| **Denmark — 2.36%** |  |  |
| **Industrials — 2.36%** |  |  |
| FLSmidth & Co. A/S | 23000 | 1619029 |
| Total Denmark |  | 1619029 |
| **Faroe Islands — 1.58%** |  |  |
| **Consumer Staples — 1.58%** |  |  |
| Bakkafrost P/F | 23500 | 1079249 |
| Total Faroe Islands |  | 1079249 |
| **France — 9.32%** |  |  |
| **Communications — 2.36%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 71500 | 1615901 |
| **Consumer Discretionary — 1.53%** |  |  |
| Cia Generale de Establissements Michelin SCA | 29100 | 1047941 |
| **Consumer Staples — 0.67%** |  |  |
| Remy Cointreau | 8500 | 460905 |
| **Energy — 2.01%** |  |  |
| TotalEnergies SE | 22600 | 1376458 |
| **Industrials — 1.08%** |  |  |
| Rexel SA | 22400 | 737439 |
| **Materials — 1.67%** |  |  |
| Foraco International SA<sup>(a)</sup> | 747000 | 1143491 |
| Total France |  | 6382135 |

---

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Germany — 6.69%** |  |  |
| **Consumer Discretionary — 1.23%** |  |  |
| Fielmann AG | 14000 | $845814 |
| **Industrials — 1.65%** |  |  |
| Duerr AG | 48000 | 1130435 |
| **Materials — 1.26%** |  |  |
| Fuchs Petrolub SE | 24100 | 863594 |
| **Technology — 2.55%** |  |  |
| Infineon Technologies AG | 44500 | 1745645 |
| Total Germany |  | 4585488 |
| **Hong Kong — 6.09%** |  |  |
| **Consumer Staples — 2.13%** |  |  |
| WH Group Ltd.<sup>(b)</sup> | 1350000 | 1462001 |
| **Industrials — 1.91%** |  |  |
| Johnson Electric Holdings Ltd. | 250000 | 1308029 |
| **Technology — 2.05%** |  |  |
| VTech Holdings Ltd. | 174200 | 1403772 |
| Total Hong Kong |  | 4173802 |
| **Indonesia — 1.64%** |  |  |
| **Materials — 1.64%** |  |  |
| United Tractors Tbk PT | 700000 | 1124530 |
| Total Indonesia |  | 1124530 |
| **Israel — 2.83%** |  |  |
| **Technology — 2.83%** |  |  |
| Wix.com Ltd.<sup>(a)</sup> | 10900 | 1936167 |
| Total Israel |  | 1936167 |

---

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Japan — 4.91%** |  |  |
| **Consumer Discretionary — 3.22%** |  |  |
| Honda Motor Co. Ltd. | 73500 | $758568 |
| KeePer Technical Laboratory Co., Ltd. | 57300 | 1448080 |
|  |  | 2206648 |
| **Materials — 1.07%** |  |  |
| Toray Industries, Inc. | 115000 | 733767 |
| **Technology — 0.62%** |  |  |
| Nintendo Co. Ltd. | 4900 | 423999 |
| Total Japan |  | 3364414 |
| **Luxembourg — 2.37%** |  |  |
| **Consumer Staples — 2.37%** |  |  |
| B&M European Value Retail SA | 460000 | 1622732 |
| Total Luxembourg |  | 1622732 |
| **Mexico — 3.74%** |  |  |
| **Consumer Staples — 3.74%** |  |  |
| BBB Foods Inc.<sup>(a)</sup> | 40500 | 1091880 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 698300 | 1470041 |
|  |  | 2561921 |
| Total Mexico |  | 2561921 |
| **Netherlands — 6.38%** |  |  |
| **Consumer Staples — 2.30%** |  |  |
| JDE Peet's NV - ADR | 42900 | 1573811 |
| **Financials — 2.57%** |  |  |
| ING Groep NV | 67300 | 1764222 |
| **Health Care — 1.51%** |  |  |
| Argenx SE<sup>(a)</sup> | 1400 | 1034332 |
| Total Netherlands |  | 4372365 |

---

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Panama — 1.58%** |  |  |
| **Industrials — 1.58%** |  |  |
| Copa Holdings, S.A., Class A | 9100 | $1081262 |
| Total Panama |  | 1081262 |
| **Philippines — 0.27%** |  |  |
| **Consumer Staples — 0.27%** |  |  |
| Ginebra San Miguel, Inc. | 38560 | 185060 |
| Total Philippines |  | 185060 |
| **Sweden — 3.31%** |  |  |
| **Financials — 2.00%** |  |  |
| Svenska Handelsbanken AB, Class A | 105200 | 1372573 |
| **Industrials — 1.31%** |  |  |
| Loomis AB | 21000 | 897433 |
| Total Sweden |  | 2270006 |
| **Switzerland — 3.83%** |  |  |
| **Consumer Discretionary — 0.90%** |  |  |
| Cie Financiere Richemont SA | 3200 | 614339 |
| **Health Care — 2.93%** |  |  |
| Roche Holding AG | 3700 | 1232132 |
| Tecan Group AG | 4300 | 778920 |
|  |  | 2011052 |
| Total Switzerland |  | 2625391 |
| **United Kingdom — 14.15%** |  |  |
| **Communications — 0.99%** |  |  |
| Informa PLC | 54900 | 680007 |
| **Consumer Discretionary — 3.57%** |  |  |
| Associated British Foods PLC | 57100 | 1577749 |
| Coats Group PLC | 770000 | 863804 |
|  |  | 2441553 |
| **Consumer Staples — 2.73%** |  |  |
| Cake Box Holdings PLC | 170166 | 452230 |
| Fevertree Drinks PLC | 58000 | 683804 |

---

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

**VELA INTERNATIONAL FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **United Kingdom — (continued)** |  |  |
| **Consumer Staples — (continued)** |  |  |
| Nomad Foods Ltd. | 55900 | $735085 |
|  |  | 1871119 |
| **Health Care — 2.72%** |  |  |
| Hikma Pharmaceuticals PLC | 39000 | 895285 |
| Indivior PLC<sup>(a)</sup> | 40200 | 969222 |
|  |  | 1864507 |
| **Technology — 4.14%** |  |  |
| Allfunds Group PLC | 123500 | 921774 |
| Serco Group PLC | 600000 | 1911561 |
|  |  | 2833335 |
| Total United Kingdom |  | 9690521 |
| **United States — 0.98%** |  |  |
| **Technology — 0.98%** |  |  |
| Globant S.A.<sup>(b)</sup> | 11700 | 671346 |
| Total United States |  | 671346 |
| **TOTAL COMMON STOCKS<br> (Cost $48,460,099)** |  | 63532056 |
| **Money Market Funds — 7.33%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.02%<sup>(c)</sup> | 5022393 | 5022393 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $5,022,393)** |  | 5022393 |
| **Total Investments — 100.07%<br> (Cost $53,482,492)** |  | 68554449 |
| **Liabilities in Excess of Other Assets — (0.07)%** |  | (46589) |
| **Net Assets — 100.00%** |  | $68507860 |

---

<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 $1,462,001 as of September 30, 2025, representing 2.13% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

ADR - American Depositary Receipt.

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 53.36%** |  |  |
| **Communications — 2.22%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 1739 | $422751 |
| Comcast Corp., Class A | 11376 | 357434 |
|  |  | 780185 |
| **Consumer Discretionary — 7.02%** |  |  |
| Genuine Parts Co.<sup>(a)</sup> | 3907 | 541510 |
| Movado Group, Inc. | 22354 | 424055 |
| NIKE, Inc., Class B<sup>(a)</sup> | 4527 | 315668 |
| Pool Corp.<sup>(a)</sup> | 1164 | 360922 |
| Starbucks Corp.<sup>(a)</sup> | 4685 | 396351 |
| Vail Resorts, Inc. | 2844 | 425377 |
|  |  | 2463883 |
| **Consumer Staples — 4.73%** |  |  |
| Mondelez International, Inc., Class A<sup>(a)</sup> | 4643 | 290048 |
| PepsiCo, Inc.<sup>(a)</sup> | 4726 | 663719 |
| Sysco Corp. | 8564 | 705160 |
|  |  | 1658927 |
| **Energy — 4.03%** |  |  |
| MPLX LP | 10476 | 523276 |
| Pason Systems, Inc. | 50267 | 436397 |
| Suncor Energy, Inc.<sup>(a)</sup> | 10876 | 454726 |
|  |  | 1414399 |
| **Financials — 8.12%** |  |  |
| Arch Capital Group Ltd. | 4689 | 425433 |
| Axis Capital Holdings Ltd. | 4912 | 470570 |
| Federal Agricultural Mortgage Corp., Class C | 2983 | 501084 |
| First Interstate BancSystem, Inc., Class A | 11501 | 366537 |
| JPMorgan Chase & Co.<sup>(a)</sup> | 1180 | 372207 |
| KKR & Co., Inc.<sup>(a)</sup> | 1919 | 249374 |
| MetLife, Inc. | 5640 | 464567 |
|  |  | 2849772 |
| **Health Care — 8.22%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 2525 | 338198 |
| AstraZeneca PLC - ADR<sup>(a)</sup> | 3477 | 266755 |
| Hikma Pharmaceuticals PLC | 11234 | 257888 |
| Johnson & Johnson | 3500 | 648970 |
| Medtronic PLC | 7445 | 709062 |
| Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 730 | 354065 |

---

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Zoetis, Inc., Class A<sup>(a)</sup> | 2128 | $311369 |
|  |  | 2886307 |
| **Industrials — 7.72%** |  |  |
| Copa Holdings, S.A., Class A | 6053 | 719218 |
| CSX Corp. | 21553 | 765347 |
| Greenbrier Companies, Inc. (The)<sup>(a)</sup> | 15914 | 734749 |
| Installed Building Products, Inc.<sup>(a)</sup> | 1288 | 317698 |
| Wabash National Corp. | 17650 | 174206 |
|  |  | 2711218 |
| **Materials — 1.19%** |  |  |
| PPG Industries, Inc. | 3970 | 417287 |
| **Real Estate — 3.30%** |  |  |
| BXP, Inc.<sup>(a)</sup> | 4728 | 351480 |
| NET Lease Office Properties | 14664 | 434934 |
| Simon Property Group, Inc.<sup>(a)</sup> | 1988 | 373088 |
|  |  | 1159502 |
| **Technology — 5.32%** |  |  |
| Accenture PLC, Class A<sup>(a)</sup> | 2073 | 511202 |
| Fidelity National Information Services, Inc.<sup>(a)</sup> | 6034 | 397882 |
| Garmin Ltd.<sup>(a)</sup> | 1510 | 371792 |
| Salesforce, Inc.<sup>(a)</sup> | 1442 | 341754 |
| Texas Instruments, Inc.<sup>(a)</sup> | 1339 | 246014 |
|  |  | 1868644 |
| **Utilities — 1.49%** |  |  |
| National Fuel Gas Co. | 2980 | 275263 |
| NorthWestern Energy Group, Inc. | 4233 | 248096 |
|  |  | 523359 |
| **TOTAL COMMON STOCKS<br> (Cost $16,840,292)** |  | 18733483 |
| **Preferred Stocks — 5.18%** |  |  |
| **Financials — 5.18%** |  |  |
| Arch Capital Group Ltd., Series G, 4.55% | 17351 | 311450 |
| Axis Capital Holdings Ltd., Series E, 5.50% | 14944 | 319802 |
| Bank OZK, Series A, 4.63% | 8700 | 151728 |

---

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Preferred Stocks — (continued)** |  |  |
| **Financials — (continued)** |  |  |
| First Busey Corp., Series B, 8.25% | 12000 | $306600 |
| Huntington Bancshares Inc., Series J, 6.88% | 9318 | 238168 |
| Merchants Bancorp, Series E, 7.63% | 7437 | 171795 |
| Stifel Financial Corp., Series B, 6.25% | 2644 | 65994 |
| WesBanco, Inc., 7.38% | 10000 | 253800 |
|  |  | 1819337 |
| **TOTAL PREFERRED STOCKS<br> (Cost $1,824,689)** |  | 1819337 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **Corporate Bonds — 40.72%** |  |  |
| **Communications — 0.85%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(b)</sup> | $300000 | 299852 |
| **Consumer Discretionary — 11.19%** |  |  |
| Allegiant Travel Co., 7.25%, 8/15/2027<sup>(b)</sup> | 400000 | 405167 |
| Bloomin' Brands Inc. / OSI Restaurant Partners LLC, 5.13%, 4/15/2029<sup>(b)</sup> | 250000 | 217898 |
| BlueLinx Holdings Inc., 6.00%, 11/15/2029<sup>(b)</sup> | 211000 | 208361 |
| Churchill Downs, Inc., 6.75%, 5/1/2031<sup>(b)</sup> | 250000 | 256570 |
| Ford Motor Credit Co., LLC, 5.11%, 5/3/2029 | 350000 | 347568 |
| Garrett Motion Holdings, Inc., 7.75%, 5/31/2032<sup>(b)</sup> | 400000 | 419585 |
| Graham Holdings Co., 5.75%, 6/1/2026<sup>(b)</sup> | 300000 | 300255 |
| Macy's Retail Holdings LLC, 7.38%, 8/1/2033<sup>(b)</sup> | 350000 | 365368 |
| Six Flags Entertainment Corp., 7.25%, 5/15/2031<sup>(b)</sup> | 300000 | 300279 |
| Victoria's Secret & Co., 4.63%, 7/15/2029<sup>(b)</sup> | 350000 | 334600 |
| Viking Cruises Ltd., 9.13%, 7/15/2031<sup>(b)</sup> | 300000 | 322208 |
| Wendy's International LLC, 7.00%, 12/15/2025 | 150000 | 150877 |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(b)</sup> | 300000 | 299799 |
|  |  | 3928535 |
| **Consumer Staples — 0.68%** |  |  |
| Simmons Foods, Inc., 4.63%, 3/1/2029<sup>(b)</sup> | 250000 | 240006 |
| **Energy — 4.24%** |  |  |
| Antero Resources Corp., 7.63%, 2/1/2029<sup>(b)</sup> | 150000 | 153280 |
| Civitas Resources Inc., 8.63%, 11/1/2030<sup>(b)</sup> | 300000 | 310725 |
| Coterra Energy, Inc., 4.38%, 3/15/2029 | 368000 | 353838 |

---

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **Energy — (continued)** |  |  |
| Saturn Oil & Gas, Inc., 9.63%, 6/15/2029<sup>(b)</sup> | $359000 | $372006 |
| Tallgrass Energy Partners, LP, 5.50%, 1/15/2028<sup>(b)</sup> | 300000 | 298686 |
|  |  | 1488535 |
| **Financials — 10.75%** |  |  |
| Ally Financial, Inc., Series B, 4.70%, 8/15/2169 (H15T5Y + 387bps)<sup>(c)(d)</sup> | 256000 | 249384 |
| Antares Holdings LP, 6.35%, 10/23/2029<sup>(b)</sup> | 400000 | 409281 |
| Bank OZK, 2.75%, 10/1/2031 (TSFR3M + 209bps)<sup>(c)</sup> | 250000 | 233085 |
| Citigroup, Inc., 7.13%, 12/31/2049 (France)<sup>(c)(d)</sup> | 319000 | 330014 |
| Cullen/Frost Capital Trust II, 5.98%, 3/1/2034 (TSFR3M + 81bps)<sup>(c)</sup> | 300000 | 270434 |
| First National of Nebraska, Inc., 7.25%, 6/15/2035<sup>(b)(c)</sup> | 150000 | 155663 |
| Iron Mountain, Inc., 7.00%, 2/15/2029<sup>(b)</sup> | 250000 | 257788 |
| Oaktree Strategic Credit Fund, 6.19%, 7/15/2030<sup>(b)</sup> | 300000 | 306707 |
| Ohio National Financial Services, Inc., 6.80%, 1/24/2030<sup>(b)</sup> | 300000 | 302571 |
| PNC Financial Services Group, Inc., 3.40%, 12/31/2049 (H15T5Y + 260bps)<sup>(c)(d)</sup> | 300000 | 291621 |
| State Street Corp, 6.45%, 9/5/2080 (H15T5Y + 214bps)<sup>(c)(d)</sup> | 350000 | 361532 |
| StoneX Group, Inc., 7.88%, 3/1/2031<sup>(b)</sup> | 300000 | 315512 |
| US Bancorp, 3.70%, 1/15/2077 (H15T5Y + 254bps)<sup>(c)(d)</sup> | 300000 | 290500 |
|  |  | 3774092 |
| **Health Care — 1.05%** |  |  |
| Sotera Health Holdings LLC, 7.38%, 6/1/2031<sup>(b)</sup> | 350000 | 367944 |
| **Industrials — 8.23%** |  |  |
| American Airlines, Inc., 8.50%, 5/15/2029<sup>(b)</sup> | 350000 | 365322 |
| Atkore, Inc., 4.25%, 6/1/2031<sup>(b)</sup> | 250000 | 233179 |
| Cimpress PLC, 7.38%, 9/15/2032 (Ireland)<sup>(b)</sup> | 300000 | 299977 |
| Con-way, Inc., 6.70%, 5/1/2034 | 265000 | 284165 |
| Hillenbrand, Inc., 3.75%, 3/1/2031 | 200000 | 188672 |
| Installed Building Products, Inc., 5.75%, 2/1/2028<sup>(b)</sup> | 350000 | 349719 |
| Sensata Technologies BV, 5.88%, 9/1/2030<sup>(b)</sup> | 250000 | 252355 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060 (H15T5Y + 266bps)<sup>(c)</sup> | 400000 | 401962 |
| Wabash National Corp., 4.50%, 10/15/2028<sup>(b)</sup> | 350000 | 324843 |
| Worthington Industries, Inc., 4.30%, 8/1/2032 | 210000 | 190283 |
|  |  | 2890477 |
| **Materials — 1.16%** |  |  |
| Cleveland-Cliffs, Inc., 6.88%, 11/1/2029<sup>(b)</sup> | 400000 | 407960 |

---

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **Real Estate — 1.52%** |  |  |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/2030<sup>(b)</sup> | $250000 | $264389 |
| Newmark Group, Inc., 7.50%, 1/12/2029 | 250000 | 268411 |
|  |  | 532800 |
| **Utilities — 1.05%** |  |  |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275bps)<sup>(c)</sup> | 350000 | 367547 |
| **TOTAL CORPORATE BONDS<br> (Cost $13,916,164)** |  | 14297748 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds — 0.74%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.02%<sup>(e)</sup> | 260701 | 260701 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $260,701)** |  | 260701 |
| **Total Investments — 100.00%<br> (Cost $32,841,846)** |  | 35111269 |
| **Liabilities in Excess of Other Assets — 0.00%<sup>(f)</sup>** |  | (9) |
| **Net Assets — 100.00%** |  | $35111260 |

---

<sup>(a)</sup> All or a portion of the security is held as collateral for written options and securities sold short. The fair value of this collateral on September 30, 2025 was $4,581,301.

<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 $9,717,854 as of September 30, 2025, representing 27.67% of net assets.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of September 30, 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> Security is perpetual in nature and has no stated maturity date.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(f)</sup> Amount rounds to less than 0.000%.

ADR - American Depositary Receipt.

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

**VELA INCOME OPPORTUNITIES FUND**

**Schedule of Open Written Options Contracts**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Written Call Options (0.43)%** |  |  |  |  |  |
| Abbott Laboratories | (21) | $(281274) | $135.00 | March 2026 | $(17482) |
| Accenture PLC, Class A | (4) | (98640) | 340.00 | November 2025 | (364) |
| Alphabet, Inc., Class A | (13) | (316030) | 250.00 | March 2026 | (27528) |
| AstraZeneca PLC | (17) | (130424) | 85.00 | January 2026 | (2406) |
| BXP, Inc. | (16) | (118944) | 87.50 | January 2026 | (1600) |
| Fidelity National Information Services, Inc. | (38) | (250572) | 90.00 | October 2025 | (190) |
| Garmin Ltd. | (8) | (196976) | 250.00 | January 2026 | (11440) |
| Genuine Parts Co. | (19) | (263340) | 145.00 | November 2025 | (6269) |
| Genuine Parts Co. | (9) | (124740) | 155.00 | February 2026 | (3240) |
| Greenbrier Companies, Inc. (The) | (28) | (129276) | 70.00 | November 2025 | (28) |
| Installed Building Products, Inc. | (10) | (246660) | 290.00 | March 2026 | (15900) |
| JPMorgan Chase & Co | (3) | (94629) | 305.00 | December 2025 | (6518) |
| JPMorgan Chase & Co. | (8) | (252344) | 295.00 | November 2025 | (20839) |
| KKR & Co., Inc. | (7) | (90965) | 150.00 | December 2025 | (1925) |
| KKR & Co., Inc. | (6) | (77970) | 165.00 | December 2025 | (570) |
| Mondelez International, Inc., Class A | (16) | (99952) | 70.00 | March 2026 | (2160) |
| Nike, Inc., Class B | (35) | (244055) | 77.50 | October 2025 | (4393) |
| PepsiCo, Inc. | (12) | (168528) | 160.00 | March 2026 | (3030) |
| Pool Corp. | (5) | (155035) | 370.00 | November 2025 | (585) |
| Salesforce, Inc. | (4) | (94800) | 310.00 | January 2026 | (1114) |
| Simon Property Group, Inc. | (7) | (131369) | 185.00 | December 2025 | (6965) |
| Starbucks Corp. | (20) | (169200) | 110.00 | January 2026 | (1300) |
| Starbucks Corp. | (17) | (143820) | 110.00 | March 2026 | (2508) |
| Suncor Energy, Inc. | (30) | (125430) | 42.00 | November 2025 | (5175) |
| Suncor Energy, Inc. | (30) | (125430) | 45.00 | December 2025 | (2475) |
| Texas Instruments, Inc. | (5) | (91865) | 220.00 | October 2025 | (60) |
| Texas Instruments, Inc. | (5) | (91865) | 230.00 | December 2025 | (625) |
| Thermo Fisher Scientific, Inc. | (2) | (97004) | 550.00 | December 2025 | (1620) |
| Thermo Fisher Scientific, Inc. | (2) | (97004) | 580.00 | March 2026 | (2470) |
| Zoetis, Inc., Class A | (5) | (73160) | 180.00 | January 2026 | (405) |
| **TOTAL WRITTEN CALL OPTIONS<br> (Premiums Received $171,028)** |  |  |  |  | $(151184) |

---

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

**VELA SHORT DURATION FUND**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Asset Backed Securities — 3.83%** |  |  |
| BMW Vehicle Owner Trust 2024-A, 5.18%, 2/26/2029 | $250000 | $253052 |
| Ford Credit Auto Owner Trust 2024-C, 4.07%, 7/15/2029 | 250000 | 250759 |
| GM Financial Consumer Automobile Receivables 2024-1, 4.85%, 12/18/2028 | 250000 | 251651 |
| Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/2028 | 218820 | 221460 |
| Hyundai Auto Receivables Trust 2022-A, 2.35%, 4/17/2028 | 194564 | 193810 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, 5.43%, 4/15/2037<sup>(a)(b)</sup> | 250000 | 250853 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $1,413,666)** |  | 1421585 |
| **Collateralized Mortgage Obligations — 2.53%** |  |  |
| Fannie Mae REMIC Pass Through Certificates, Series 2024-97, 5.50%, 12/25/2050 | 212503 | 214700 |
| Fannie Mae REMICS, Series 2025-58, 5.00%, 9/25/2051 | 292001 | 292784 |
| Freddie Mac REMICS, Series 5547, 5.00%, 2/25/2052 | 325606 | 323809 |
| Government National Mortgage Association REMIC Pass Through Certificates, Series 2024-76, 6.00%, 12/20/2049 | 108769 | 108953 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br> (Cost $935,157)** |  | 940246 |
| **Corporate Bonds — 60.07%** |  |  |
| **Communications — 1.77%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(a)</sup> | 300000 | 299853 |
| XPO, Inc., 6.25%, 6/1/2028<sup>(a)</sup> | 350000 | 357300 |
|  |  | 657153 |
| **Consumer Discretionary — 14.59%** |  |  |
| Amer Sports, Inc., 6.75%, 2/16/2031<sup>(a)</sup> | 400000 | 417119 |
| Carnival Corp., 7.88%, 6/1/2027 | 350000 | 366896 |
| Ford Motor Credit Co. LLC, 7.21%, 3/6/2026 (O/N SOFR + 295bps)<sup>(b)</sup> | 400000 | 403064 |
| General Motors Financial Co., Inc., 5.66%, 5/8/2027 (O/N SOFR + 135bps)<sup>(b)</sup> | 400000 | 402190 |
| Group 1 Automotive, Inc., 4.00%, 8/15/2028<sup>(a)</sup> | 200000 | 194578 |
| Harley-Davidson Financial Services, Inc., 5.95%, 6/11/2029<sup>(a)</sup> | 350000 | 364093 |
| Hyundai Capital America, 5.63%, 1/8/2027 (O/N SOFR + 150bps)<sup>(a)(b)</sup> | 250000 | 252559 |
| Hyundai Capital America, 5.15%, 3/25/2027 (O/N SOFR + 99bps)<sup>(a)(b)</sup> | 150000 | 150659 |
| Mattel, Inc., 5.88%, 12/15/2027<sup>(a)</sup> | 350000 | 350817 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/2026<sup>(a)</sup> | 300000 | 304111 |
| Nordstrom, Inc., 4.00%, 3/15/2027 | 300000 | 296534 |

---

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

**VELA SHORT DURATION FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| Polaris, Inc., 6.95%, 3/15/2029 | $250000 | $265514 |
| Royal Caribbean Group, 6.25%, 3/15/2032<sup>(a)</sup> | 450000 | 464770 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/2029<sup>(a)</sup> | 356000 | 355953 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/2026<sup>(a)</sup> | 250000 | 251237 |
| William Carter Co. (The), 5.63%, 3/15/2027<sup>(a)</sup> | 250000 | 250209 |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(a)</sup> | 329000 | 328779 |
|  |  | 5419082 |
| **Consumer Staples — 2.67%** |  |  |
| Albertsons Companies, Inc. / Safeway, Inc., 5.88%, 2/15/2028<sup>(a)</sup> | 300000 | 300359 |
| Coty, Inc. / HFC Prestige Products, Inc., 4.75%, 1/15/2029<sup>(a)</sup> | 350000 | 343056 |
| Smithfield Foods, Inc., 4.25%, 2/1/2027<sup>(a)</sup> | 350000 | 347785 |
|  |  | 991200 |
| **Energy — 7.75%** |  |  |
| Antero Midstream Corp., 5.38%, 6/15/2029<sup>(a)</sup> | 325000 | 324145 |
| Antero Resources Corp., 7.63%, 2/1/2029<sup>(a)</sup> | 350000 | 357652 |
| Civitas Resources, Inc., 8.38%, 7/1/2028<sup>(a)</sup> | 200000 | 207556 |
| Coterra Energy, Inc., 4.38%, 3/15/2029 | 350000 | 336531 |
| Energy Transfer LP, 5.63%, 5/1/2027<sup>(a)</sup> | 350000 | 350161 |
| EQT Corp., 7.50%, 6/1/2027 | 400000 | 407790 |
| Expand Energy Corp., 6.75%, 4/15/2029<sup>(a)</sup> | 343000 | 346596 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/2028<sup>(a)</sup> | 300000 | 309462 |
| Venture Global Calcasieu Pass LLC, 3.88%, 8/15/2029<sup>(a)</sup> | 250000 | 239910 |
|  |  | 2879803 |
| **Financials — 20.46%** |  |  |
| American Express Co., 5.58%, 4/25/2029 (O/N SOFR + 126bps)<sup>(b)</sup> | 300000 | 304346 |
| Antares Holdings LP, 6.35%, 10/23/2029<sup>(a)</sup> | 400000 | 409281 |
| Ares Capital Corp., 7.00%, 1/15/2027 | 350000 | 360418 |
| Ares Finance Co. III LLC, 4.13%, 6/30/2051 (H15T5Y + 324bps)<sup>(a)(b)</sup> | 325000 | 320047 |
| Assured Guaranty US Holdings, Inc., 6.68%, 12/15/2066 (TSFR3M + 264bps)<sup>(b)</sup> | 439000 | 411576 |
| Bank of America Corp., 5.54%, 9/15/2027 (O/N SOFR + 135bps)<sup>(b)</sup> | 150000 | 151340 |
| Cantor Fitzgerald LP, 7.20%, 12/12/2028<sup>(a)</sup> | 400000 | 427586 |
| Charles Schwab Corp. (The), 4.00%, 12/31/2049 (H15T5Y + 317bps)<sup>(b)(c)</sup> | 145000 | 143566 |
| Citigroup Inc., 3.88%, 5/18/2172<sup>(b)(c)</sup> | 200000 | 198366 |
| Discover Bank, 5.97%, 8/9/2028 (O/N USIS + 173bps)<sup>(b)</sup> | 250000 | 259019 |
| Essent Group, Ltd., 6.25%, 7/1/2029 | 400000 | 419277 |
| First National of Nebraska, Inc., 7.25%, 6/15/2035<sup>(a)(b)</sup> | 100000 | 103775 |

---

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

**VELA SHORT DURATION FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **Financials — (continued)** |  |  |
| Goldman Sachs Group, Inc. (The), 5.06%, 3/9/2027 (O/N SOFR + 81bps)<sup>(b)</sup> | $200000 | $200267 |
| Huntington Bancshares, Inc., 4.45%, 3/15/2168<sup>(b)(c)</sup> | 250000 | 246680 |
| JPMorgan Chase & Co., 5.47%, 2/24/2028 (O/N SOFR + 118bps)<sup>(b)</sup> | 300000 | 302902 |
| KeyCorp Capital, 4.99%, 7/1/2028 (TSFR3M + 100bps)<sup>(b)</sup> | 400000 | 390564 |
| M&T Bank Corp., 7.30%, 2/1/2172 (H15T5Y + 317bps)<sup>(b)(c)</sup> | 264000 | 267487 |
| MGIC Investment Corp., 5.25%, 8/15/2028 | 400000 | 399428 |
| Morgan Stanley, 6.14%, 10/16/2026 (SOFRRATE + 177bps)<sup>(b)</sup> | 150000 | 150098 |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 400000 | 434524 |
| Ohio National Financial Services, Inc., 6.80%, 1/24/2030<sup>(a)</sup> | 338000 | 340896 |
| PNC Financial Services Group, Inc., 3.40%, 12/31/2049 (H15T5Y + 260bps)<sup>(b)(c)</sup> | 250000 | 243018 |
| Prudential Financial, Inc., 5.70%, 9/15/2048 (US0003M + 267bps)<sup>(b)</sup> | 300000 | 305976 |
| Radian Group, Inc., 6.20%, 5/15/2029 | 350000 | 365860 |
| US Bancorp, 3.70%, 1/15/2077 (H15T5Y + 254bps)<sup>(b)(c)</sup> | 250000 | 242083 |
| Wells Fargo & Co., 3.90%, 3/15/2069 (H15T5Y + 345bps)<sup>(b)(c)</sup> | 200000 | 198288 |
|  |  | 7596669 |
| **Health Care — 2.41%** |  |  |
| Centene Corp., 2.45%, 7/15/2028 | 250000 | 232620 |
| CVS Pass Through Trust, 6.04%, 12/10/2028 | 383379 | 391469 |
| Prime Healthcare Foundation, Inc., 7.00%, 12/1/2027 | 260000 | 270204 |
|  |  | 894293 |
| **Industrials — 4.95%** |  |  |
| American Airlines Pass-Through Trust, Series 2016-1, 3.58%, 7/15/2029 | 142983 | 140289 |
| American Airlines, Inc., 8.50%, 5/15/2029<sup>(a)</sup> | 200000 | 208756 |
| Brink's Co. (The), 6.50%, 6/15/2029<sup>(a)</sup> | 150000 | 154531 |
| Installed Building Products, Inc., 5.75%, 2/1/2028<sup>(a)</sup> | 300000 | 299759 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060 (H15T5Y + 266bps)<sup>(b)</sup> | 300000 | 301472 |
| United Airlines, Inc., 4.38%, 4/15/2026<sup>(a)</sup> | 375000 | 374210 |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 350000 | 360690 |
|  |  | 1839707 |
| **Materials — 1.21%** |  |  |
| Advanced Drainage Systems, Inc., 5.00%, 9/30/2027<sup>(a)</sup> | 200000 | 199533 |
| ATI, Inc., 5.88%, 12/1/2027 | 250000 | 250501 |
|  |  | 450034 |

---

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

**VELA SHORT DURATION FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **Real Estate — 2.82%** |  |  |
| Boston Properties LP, 2.75%, 10/1/2026 | $100000 | $98439 |
| CubeSmart LP, 4.00%, 11/15/2025 | 150000 | 149825 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/2030<sup>(a)</sup> | 250000 | 264389 |
| Newmark Group, Inc., 7.50%, 1/12/2029 | 350000 | 375775 |
| Realty Income Corp., 5.05%, 1/13/2026 | 160000 | 160032 |
|  |  | 1048460 |
| **Utilities — 1.44%** |  |  |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275bps)<sup>(b)</sup> | 350000 | 367547 |
| Elm Road Generating Station Supercritical LLC, 5.21%, 2/11/2030<sup>(a)</sup> | 165752 | 165312 |
|  |  | 532859 |
| **TOTAL CORPORATE BONDS<br> (Cost $22,066,994)** |  | 22309260 |
| **U.S. Government & Agencies — 30.77%** |  |  |
| Federal Home Loan Banks, 5.05%, 10/24/2031 | 107143 | 107184 |
| Federal Home Loan Banks, 5.32%, 1/14/2033 | 250000 | 250672 |
| Federal Home Loan Banks, 5.00%, 9/26/2033 | 150000 | 150006 |
| United States Treasury Note, 4.88%, 11/30/2025 | 200000 | 200243 |
| United States Treasury Note, 4.25%, 12/31/2025 | 200000 | 200136 |
| United States Treasury Note, 4.25%, 1/31/2026 | 200000 | 200169 |
| United States Treasury Note, 4.63%, 2/28/2026 | 200000 | 200574 |
| United States Treasury Note, 4.50%, 3/31/2026 | 200000 | 200644 |
| United States Treasury Note, 4.88%, 4/30/2026 | 250000 | 251482 |
| United States Treasury Note, 4.13%, 6/15/2026 | 250000 | 250595 |
| United States Treasury Note, 4.38%, 7/31/2026 | 250000 | 251222 |
| United States Treasury Note, 3.75%, 8/31/2026 | 300000 | 300053 |
| United States Treasury Note, 4.63%, 10/15/2026 | 350000 | 353291 |
| United States Treasury Note, 4.38%, 12/15/2026 | 450000 | 453656 |
| United States Treasury Note, 4.00%, 1/15/2027 | 400000 | 401594 |
| United States Treasury Note, 4.13%, 2/15/2027 | 400000 | 402406 |
| United States Treasury Note, 4.25%, 3/15/2027 | 350000 | 352926 |
| United States Treasury Note, 2.75%, 4/30/2027 | 350000 | 345242 |
| United States Treasury Note, 4.63%, 6/15/2027 | 350000 | 355653 |
| United States Treasury Note, 4.38%, 7/15/2027 | 350000 | 354484 |
| United States Treasury Note, 3.75%, 8/15/2027 | 350000 | 350827 |
| United States Treasury Note, 3.88%, 10/15/2027 | 300000 | 301570 |

---

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

**VELA SHORT DURATION FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Corporate Bonds — (continued)** |  |  |
| **U.S. Government & Agencies — (continued)** |  |  |
| United States Treasury Note, 3.88%, 11/30/2027 | $300000 | $301676 |
| United States Treasury Note, 3.88%, 3/15/2028 | 300000 | 301986 |
| United States Treasury Note, 4.00%, 6/30/2028 | 300000 | 303035 |
| United States Treasury Note/Bond, 4.25%, 10/15/2025 | 200000 | 200001 |
| United States Treasury Note/Bond, 4.88%, 5/31/2026 | 250000 | 251682 |
| United States Treasury Note/Bond, 3.50%, 9/30/2026 | 300000 | 299406 |
| United States Treasury Note/Bond, 4.63%, 11/15/2026 | 450000 | 454482 |
| United States Treasury Note/Bond, 4.50%, 5/15/2027 | 350000 | 354655 |
| United States Treasury Note/Bond, 3.38%, 9/15/2027 | 300000 | 298717 |
| United States Treasury Note/Bond, 4.00%, 12/15/2027 | 300000 | 302543 |
| United States Treasury Note/Bond, 4.25%, 1/15/2028 | 300000 | 304166 |
| United States Treasury Note/Bond, 4.00%, 2/29/2028 | 300000 | 302736 |
| United States Treasury Note/Bond, 3.75%, 4/15/2028 | 300000 | 301008 |
| United States Treasury Note/Bond, 3.63%, 5/31/2028 | 300000 | 300135 |
| United States Treasury Note/Bond, 4.13%, 7/31/2028 | 300000 | 304066 |
| United States Treasury Note/Bond, 4.38%, 8/31/2028 | 300000 | 306211 |
| United States Treasury Note/Bond, 4.63%, 9/30/2028 | 300000 | 308525 |
| **TOTAL U.S. GOVERNMENT & AGENCIES<br> (Cost $11,392,553)** |  | 11429659 |
|  | **Share** |  |
| **Money Market Funds — 2.23%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.02%<sup>(d)</sup> | 826669 | 826669 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $826,669)** |  | 826669 |
| **Total Investments — 99.43%<br> (Cost $36,635,040)** |  | 36927419 |
| **Other Assets in Excess of Liabilities — 0.57%** |  | 213154 |
| **Net Assets — 100.00%** |  | $37140573 |

---

<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 $11,348,337 as of September 30, 2025, representing 30.56% of net assets.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of September 30, 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

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

**VELA SHORT DURATION FUND**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | |
|:---|:---|
|  | 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> | Security is perpetual in nature and has no stated maturity date. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

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

**VELA Funds**

**Statements of Assets and Liabilities**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **VELA Small<br> Cap Fund** | **VELA Large<br> Cap Plus<br> Fund** | **VELA<br> International<br> Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $116,406,176, $53,818,983 and $53,482,492) | $143686374 | $72215550 | $68554449 |
| Cash held at broker for securities sold short |  | 1735995 |  |
| Receivable for fund shares sold | 21583 |  |  |
| Receivable for investments sold | 1560971 | 46189 | 157269 |
| Dividends and interest receivable | 58143 | 44711 | 28586 |
| Tax reclaims receivable |  | 1376 | 257021 |
| **Total Assets** | 145327071 | 74043821 | 68997325 |
| **Liabilities** |  |  |  |
| Investments in securities sold short, at fair value (proceeds received $—, $3,843,842 and $—) |  | 4184824 |  |
| Written options, at value (premium received $1,616,910, $290,146 and $—) | 1847562 | 482594 |  |
| Due to custodian |  |  | 270230 |
| Payable for investments purchased | 306378 | 289775 | 157425 |
| Payable to Adviser | 88718 | 34678 | 41571 |
| 12b-1 fees accrued - Class A | 11429 | 246 | 285 |
| Administrative fees payable | 42584 | 20806 | 19954 |
| Dividend expenses payable on short positions |  | 4019 |  |
| **Total Liabilities** | 2296671 | 5016942 | 489465 |
| **Net Assets** | $143030400 | $69026879 | $68507860 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $114748372 | $48524442 | $48457606 |
| Accumulated earnings | 28282028 | 20502437 | 20050254 |
| **Net Assets** | $143030400 | $69026879 | $68507860 |
| **Class A:** |  |  |  |
| Net Assets | $22754776 | $556498 | $642987 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1170013 | 31882 | 39198 |
| Net asset value, offering and redemption price per share | $19.45 | $17.45 | $16.40 |
| Maximum offering price per share<sup>(a)</sup> | $20.47 | $18.37 | $17.27 |
| **Class I:** |  |  |  |
| Net Assets | $120275624 | $68470381 | $67864873 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 6155316 | 3885427 | 4116262 |
| Net asset value, offering and redemption price per share | $19.54 | $17.62 | $16.49 |

---

<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 Assets and Liabilities (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **VELA Income<br> Opportunities<br> Fund** | **VELA Short<br> Duration<br> Fund** |
| **Assets** |  |  |
| Investments in securities at fair value (cost, $32,841,846 and $36,635,040) | $35111269 | $36927419 |
| Receivable for fund shares sold |  |  |
| Receivable for investments sold |  |  |
| Dividends and interest receivable | 247915 | 391259 |
| Tax reclaims receivable | 753 |  |
| **Total Assets** | 35359937 | 37318678 |
| **Liabilities** |  |  |
| Written Options, at value (premium received $171,028 and $—) | 151184 |  |
| Payable for fund shares redeemed |  | 60832 |
| Due to custodian | 72539 |  |
| Payable for investments purchased |  | 55989 |
| Payable for distributions to shareholders |  | 41103 |
| Payable to Adviser | 14402 | 9123 |
| 12b-1 fees accrued - Class A | 183 | 110 |
| Administrative fees payable | 10369 | 10948 |
| **Total Liabilities** | 248677 | 178105 |
| **Net Assets** | $35111260 | $37140573 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $33536899 | $36818911 |
| Accumulated earnings | 1574361 | 321662 |
| **Net Assets** | $35111260 | $37140573 |
| **Class A:** |  |  |
| Net Assets | $148924 | $58825 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 15061 | 5812 |
| Net asset value, offering and redemption price per share | $9.89 | $10.12 |
| Maximum offering price per share<sup>(a)</sup> | $10.41 | $10.65 |
| **Class I:** |  |  |
| Net Assets | $34962336 | $37081748 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3535784 | 3664656 |
| Net asset value, offering and redemption price per share | $9.89 | $10.12 |

---

<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 year ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **VELA Small<br> Cap Fund** | **VELA Large<br> Cap Plus<br> Fund** | **VELA<br> International<br> Fund** |
| **Investment Income** |  |  |  |
| Dividend income | $1387901 | $1192864 | $2000220 |
| Foreign taxes withheld | (3558) | (8924) | (213173) |
| Foreign taxes reclaim |  |  | 90793 |
| Interest income |  | 56800 |  |
| **Total investment income** | 1384343 | 1240740 | 1877840 |
| **Expenses** |  |  |  |
| Investment management fees | 916175 | 416643 | 424784 |
| Administrative fees | 439765 | 249986 | 203897 |
| 12b-1 fees - Class A | 54559 | 718 | 695 |
| Dividend and interest expense on securities sold short |  | 46550 |  |
| **Net operating expenses** | 1410499 | 713897 | 629376 |
| **Net investment income (loss)** | (26156) | 526843 | 1248464 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 2307902 | 3511953 | 3983817 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  | (947544) |  |
| &nbsp;&nbsp;&nbsp;Purchased options |  | (262180) |  |
| &nbsp;&nbsp;&nbsp;Written options | (668633) | 45631 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (6029) | (260) | (139133) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 2604687 | 813446 | 5994785 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  | (135582) |  |
| &nbsp;&nbsp;&nbsp;Purchased options |  | 143326 |  |
| &nbsp;&nbsp;&nbsp;Written options | (389494) | 92112 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 1 |  | 13117 |
| **Net realized and change in unrealized gain on investment securities, securities sold short, options and foreign currency translations** | 3848434 | 3260902 | 9852586 |
| **Net increase in net assets resulting from operations** | $3822278 | $3787745 | $11101050 |

---

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

**VELA Funds**

**Statements of Operations (continued)**

*For the year ended September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **VELA Income<br> Opportunities<br> Fund** | **VELA Short<br> Duration<br> Fund** |
| **Investment Income** |  |  |
| Dividend income | $697876 | $49362 |
| Foreign taxes withheld | (6223) |  |
| Interest income | 909947 | 1512382 |
| **Total investment income** | 1601600 | 1561744 |
| **Expenses** |  |  |
| Investment management fees | 164611 | 91452 |
| Administrative fees | 118520 | 109742 |
| 12b-1 fees - Class A | 332 | 129 |
| **Net operating expenses** | 283463 | 201323 |
| **Net investment income** | 1318137 | 1360421 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 68233 | 30284 |
| &nbsp;&nbsp;&nbsp;Written options | 43485 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (3434) |  |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 223551 | 157451 |
| &nbsp;&nbsp;&nbsp;Written options | 17130 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 56 |  |
| **Net realized and change in unrealized gain on investment securities, options and foreign currency translations** | 349021 | 187735 |
| **Net increase in net assets resulting from operations** | $1667158 | $1548156 |

---

*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> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $(26156) | $301529 | $526843 | $525372 |
| Net realized gain on investment securities, securities sold short, options and foreign currency translations | 1633240 | 313902 | 2347600 | 5080185 |
| Net change in unrealized appreciation of investment securities, securities sold short, options and foreign currency translations | 2215194 | 15076805 | 913302 | 8052255 |
| **Net increase in net assets resulting from operations** | 3822278 | 15692236 | 3787745 | 13657812 |
| **Distributions to Shareholders from Earnings** |  |  |  |  |
| Class A |  | (71105) | (13533) |  |
| Class I | (203254) | (434439) | (4542086) | (22529) |
| **Total distributions** | (203254) | (505544) | (4555619) | (22529) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 4010119 | 5545456 | 571659 | 126631 |
| Reinvestment of distributions |  | 71105 | 13533 |  |
| Amount paid for shares redeemed | (3119308) | (1704194) | (196972) | (279413) |
| **Total – Class A** | 890811 | 3912367 | 388220 | (152782) |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 41829641 | 13860901 | 5609065 | 5019784 |
| Reinvestment of distributions | 202234 | 431907 | 4541976 | 22529 |
| Amount paid for shares redeemed | (10735743) | (1592800) | (12745112) | (2336541) |
| **Total – Class I** | 31296132 | 12700008 | (2594071) | 2705772 |
| **Net increase (decrease) in net assets resulting from capital transactions** | 32186943 | 16612375 | (2205851) | 2552990 |
| **Total Increase (Decrease) in Net Assets** | 35805967 | 31799067 | (2973725) | 16188273 |
| **Net Assets** |  |  |  |  |
| Beginning of year | 107224433 | 75425366 | 72000604 | 55812331 |
| **End of year** | $143030400 | $107224433 | $69026879 | $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> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Share Transactions – Class A** |  |  |  |  |
| Shares sold | 211617 | 306642 | 33444 | 7697 |
| Shares issued in reinvestment of distributions |  | 4136 | 817 |  |
| Shares redeemed | (163256) | (94730) | (11558) | (16989) |
| **Total – Class A** | 48361 | 216048 | 22703 | (9292) |
| **Share Transactions – Class I** |  |  |  |  |
| Shares sold | 2278714 | 751588 | 333012 | 311763 |
| Shares issued in reinvestment of distributions | 10666 | 25053 | 272137 | 1463 |
| Shares redeemed | (570978) | (90267) | (748331) | (147047) |
| **Total – Class I** | 1718402 | 686374 | (143182) | 166179 |
| **Net Increase (Decrease) in Shares Outstanding** | 1766763 | 902422 | (120479) | 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> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $1248464 | $1132699 | $1318137 | $1037524 |
| Net realized gain on investment securities, options and foreign currency translations | 3844684 | 597556 | 108284 | 661373 |
| Net change in unrealized appreciation of investment securities, options and foreign currency translations | 6007902 | 6488822 | 240737 | 2685466 |
| **Net increase in net assets resulting from operations** | 11101050 | 8219077 | 1667158 | 4384363 |
| **Distributions to Shareholders from Earnings** |  |  |  |  |
| Class A | (5866) | (5906) | (4987) | (5049) |
| Class I | (1585733) | (968242) | (1300138) | (1019486) |
| **Total distributions** | (1591599) | (974148) | (1305125) | (1024535) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 436957 | 235581 | 71022 | 530120 |
| Reinvestment of distributions | 5866 | 5905 | 4987 | 5049 |
| Amount paid for shares redeemed | (38609) | (250811) | (35730) | (552181) |
| **Total – Class A** | 404214 | (9325) | 40279 | (17012) |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 8077535 | 4141653 | 5342055 | 2411414 |
| Reinvestment of distributions | 1573198 | 959674 | 1300138 | 1019486 |
| Amount paid for shares redeemed | (2690492) | (1365563) | (1417017) | (4576020) |
| **Total – Class I** | 6960241 | 3735764 | 5225176 | (1145120) |
| **Net increase (decrease) in net assets resulting from capital transactions** | 7364455 | 3726439 | 5265455 | (1162132) |
| **Total Increase in Net Assets** | 16873906 | 10971368 | 5627488 | 2197696 |
| **Net Assets** |  |  |  |  |
| Beginning of year | 51633954 | 40662586 | 29483772 | 27286076 |
| **End of year** | $68507860 | $51633954 | $35111260 | $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> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Share Transactions – Class A** |  |  |  |  |
| Shares sold | 29137 | 18538 | 7368 | 56299 |
| Shares issued in reinvestment of distributions | 458 | 463 | 516 | 535 |
| Shares redeemed | (2629) | (19526) | (3698) | (58664) |
| **Total – Class A** | 26966 | (525) | 4186 | (1830) |
| **Share Transactions – Class I** |  |  |  |  |
| Shares sold | 561958 | 318611 | 551891 | 256882 |
| Shares issued in reinvestment of distributions | 122523 | 74975 | 134416 | 107649 |
| Shares redeemed | (181822) | (107215) | (146734) | (491258) |
| **Total – Class I** | 502659 | 286371 | 539573 | (126727) |
| **Net Increase (Decrease) in Shares Outstanding** | 529625 | 285846 | 543759 | (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> Year Ended<br> September 30,<br> 2025** | **For the** **<br> Period Ended<br> September 30,<br> 2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1360421 | $433351 |
| Net realized gain on investment securities | 30284 | 11016 |
| Net change in unrealized appreciation of investment securities | 157451 | 134928 |
| **Net increase in net assets resulting from operations** | 1548156 | 579295 |
| **Distributions to Shareholders from Earnings** |  |  |
| Class A | (2204) | (768) |
| Class I | (1370234) | (432583) |
| **Total distributions** | (1372438) | (433351) |
| **Capital Transactions – Class A** |  |  |
| Proceeds from shares sold | 220706 | 36160 |
| Reinvestment of distributions | 2204 | 768 |
| Amount paid for shares redeemed | (201361) |  |
| **Total – Class A** | 21549 | 36928 |
| **Capital Transactions – Class I** |  |  |
| Proceeds from shares sold | 18326051 | 18026682 |
| Reinvestment of distributions | 1124093 | 432593 |
| Amount paid for shares redeemed | (949498) | (199487) |
| **Total – Class I** | 18500646 | 18259788 |
| **Net increase in net assets resulting from capital transactions** | 18522195 | 18296716 |
| **Total Increase in Net Assets** | 18697913 | 18442660 |
| **Net Assets** |  |  |
| Beginning of year | 18442660 |  |
| **End of year** | $37140573 | $18442660 |
| **Share Transactions – Class A** |  |  |
| Shares sold | 21965 | 3607 |
| Shares issued in reinvestment of distributions | 219 | 77 |
| Shares redeemed | (20056) |  |
| **Total – Class A** | 2128 | 3684 |
| **Share Transactions – Class I** |  |  |
| Shares sold | 1823945 | 1800093 |
| Shares issued in reinvestment of distributions | 111661 | 43181 |
| Shares redeemed | (94306) | (19918) |
| **Total – Class I** | 1841300 | 1823356 |
| **Net Increase in Shares Outstanding** | 1843428 | 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $19.22 | $16.14 | $14.21 | $15.49 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.04) | 0.02 | 0.09 | 0.05 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.27 | 3.14 | 1.91 | (1.17) | 5.51 |
| Total from investment operations | 0.23 | 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 year** | $19.45 | $19.22 | $16.14 | $14.21 | $15.49 |
| **Total Return<sup>(b)</sup>** | 1.20% | 19.61% | 14.11% | (7.41)% | 54.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $22755 | $21559 | $14620 | $12322 | $8520 |
| Ratio of expenses to average net assets | 1.36% | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income (loss) to average net assets | (0.23)% | 0.14% | 0.60% | 0.36% | (0.34)% |
| Portfolio turnover rate<sup>(c)</sup> | 43% | 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> 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $19.31 | $16.21 | $14.27 | $15.53 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | — <sup>(a)</sup> | 0.06 | 0.13 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.27 | 3.15 | 1.92 | (1.18) | 5.51 |
| Total from investment operations | 0.27 | 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 year** | $19.54 | $19.31 | $16.21 | $14.27 | $15.53 |
| **Total Return<sup>(b)</sup>** | 1.42% | 19.92% | 14.38% | (7.20)% | 55.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $120276 | $85665 | $60805 | $44834 | $43358 |
| Ratio of expenses to average net assets | 1.11% | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income to average net assets | 0.02% | 0.39% | 0.85% | 0.57% | 0.21% |
| Portfolio turnover rate<sup>(c)</sup> | 43% | 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.

<sup>(c)</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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $17.67 | $14.28 | $12.70 | $13.70 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.06)<sup>(a)</sup> | 0.19 | (0.01) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.93 | 3.20 | 1.83 | (0.92) | 3.76 |
| Total from investment operations | 0.87 | 3.39 | 1.82 | (0.95) | 3.71 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | — <sup>(b)</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 year** | $17.45 | $17.67 | $14.28 | $12.70 | $13.70 |
| **Total Return<sup>(c)</sup>** | 5.28% | 23.74% | 14.47% | (6.97)% | 37.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $556 | $162 | $264 | $209 | $99 |
| Ratio of expenses to average net assets | 1.28 %<sup>(d)</sup> | 1.47 %<sup>(e)</sup> | 1.85 %<sup>(f)</sup> | 2.15 %<sup>(g)</sup> | 2.11 %<sup>(h)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.48% | 0.59% | (0.07)% | (0.48)% | (0.53)% |
| Portfolio turnover rate<sup>(i)</sup> | 67% | 62% | 44% | 66% | 115% |

---

<sup>(a)</sup> The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.

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

<sup>(c)</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>(d)</sup> Includes dividend and interest expense of 0.07% for the period ended September 30, 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 0.70% 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 Large Cap Plus Fund – Class I**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $17.83 | $14.38 | $12.75 | $13.73 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.14 | 0.13 | 0.03 | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.79 | 3.33 | 1.84 | (0.90) | 3.76 |
| Total from investment operations | 0.93 | 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 year** | $17.62 | $17.83 | $14.38 | $12.75 | $13.73 |
| **Total Return<sup>(a)</sup>** | 5.57% | 24.04% | 14.81% | (6.80)% | 37.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $68470 | $71838 | $55549 | $30276 | $25206 |
| Ratio of expenses to average net assets | 1.03 %<sup>(b)</sup> | 1.20 %<sup>(c)</sup> | 1.56 %<sup>(d)</sup> | 1.84 %<sup>(e)</sup> | 1.86 %<sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.76% | 0.82% | 0.24% | (0.26)% | (0.15)% |
| Portfolio turnover rate<sup>(g)</sup> | 67% | 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> Includes dividend and interest expense of 0.07% for the period ended September 30, 2025.

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

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

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

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

<sup>(g)</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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $14.17 | $12.13 | $9.68 | $12.31 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.14 | 0.29 | 0.22 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.53 | 2.17 | 2.32 | (2.81) | 2.14 |
| Total from investment operations | 2.63 | 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 year** | $16.40 | $14.17 | $12.13 | $9.68 | $12.31 |
| **Total Return<sup>(a)</sup>** | 19.34% | 19.33% | 27.13% | (21.10)% | 23.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $643 | $173 | $155 | $70 | $119 |
| Ratio of expenses to average net assets | 1.36% | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income to average net assets | 1.65% | 2.25% | 2.89% | 1.65% | 2.01% |
| Portfolio turnover rate<sup>(b)</sup> | 35% | 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> 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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $14.24 | $12.17 | $9.72 | $12.36 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.31 | 0.34 | 0.24 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.38 | 2.05 | 2.30 | (2.80) | 2.24 |
| Total from investment operations | 2.68 | 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 year** | $16.49 | $14.24 | $12.17 | $9.72 | $12.36 |
| **Total Return<sup>(a)</sup>** | 19.67% | 19.69% | 27.28% | (20.84)% | 23.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $67865 | $51461 | $40508 | $26881 | $27250 |
| Ratio of expenses to average net assets | 1.11% | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income to average net assets | 2.20% | 2.49% | 2.94% | 2.23% | 1.14% |
| Portfolio turnover rate<sup>(b)</sup> | 35% | 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> 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 Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **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 | 0.36 | 0.30 | 0.25 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.09 | 1.12 | 0.57 | (1.86) |
| Total from investment operations | 0.45 | 1.42 | 0.82 | (1.81) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.32) | (0.24) | (0.07) |
| Total distributions | (0.36) | (0.32) | (0.24) | (0.07) |
| **Net asset value, end of period** | $9.89 | $9.80 | $8.70 | $8.12 |
| **Total Return<sup>(b)</sup>** | 4.72% | 16.47% | 10.07% | (18.15)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $149 | $107 | $111 | $88 |
| Ratio of expenses to average net assets | 1.11% | 1.14% | 1.17% | 1.20 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 3.75% | 4.12% | 2.76% | 0.87 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 56% | 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 Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **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 | 0.38 | 0.34 | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.09 | 1.10 | 0.57 | (1.87) |
| Total from investment operations | 0.47 | 1.44 | 0.83 | (1.79) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.34) | (0.26) | (0.08) |
| Total distributions | (0.38) | (0.34) | (0.26) | (0.08) |
| **Net asset value, end of period** | $9.89 | $9.80 | $8.70 | $8.13 |
| **Total Return<sup>(b)</sup>** | 4.98% | 16.76% | 10.22% | (17.91)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $34962 | $29377 | $27176 | $22052 |
| Ratio of expenses to average net assets | 0.86% | 0.89% | 0.92% | 0.95 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 4.00% | 3.67% | 3.01% | 2.54 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 56% | 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> Year Ended<br> September 30,<br> 2025** | **For the<br> Period Ended<br> September 30,<br> 2024<sup>(a)</sup>** |
| **Selected Per Share Data** |  |  |
| Net asset value, beginning of period | $10.10 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.43 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.02 | 0.10 |
| Total from investment operations | 0.45 | 0.40 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gains | — <sup>(b)</sup> |  |
| Total distributions | (0.43) | (0.30) |
| **Net asset value, end of period** | $10.12 | $10.10 |
| **Total Return<sup>(c)</sup>** | 4.62% | 4.05 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $59 | $37 |
| Ratio of expenses to average net assets | 0.91% | 0.94 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.21% | 4.64 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 45% | 66 %<sup>(d)</sup> |

---

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

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

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

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

<sup>(f)</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 I**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Period Ended<br> September 30,<br> 2024<sup>(a)</sup>** |
| **Selected Per Share Data** |  |  |
| Net asset value, beginning of period | $10.09 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.45 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.03 | 0.09 |
| Total from investment operations | 0.48 | 0.47 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains | — <sup>(b)</sup> |  |
| Total distributions | (0.45) | (0.38) |
| **Net asset value, end of period** | $10.12 | $10.09 |
| **Total Return<sup>(c)</sup>** | 4.92% | 4.81 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $37082 | $18405 |
| Ratio of expenses to average net assets | 0.66% | 0.69 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.46% | 4.87 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 45% | 66 %<sup>(d)</sup> |

---

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

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

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

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

<sup>(f)</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 Funds**

**Notes to the Financial Statements**

*September 30, 2025*

**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."

**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.

**VELA Funds**

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

*September 30, 2025*

**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 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 September 30, 2025 there was $1,735,995 cash held at the broker and $33,982,173 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

**VELA Funds**

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

*September 30, 2025*

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 fiscal year ended September 30, 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 year, 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 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.

**Dividends and Distributions** — The Small Cap Fund, Large Cap Plus Fund and International Fund expect to declare and distribute their net investment income, if any, to shareholders annually. The Income Opportunities Fund expects to declare and distribute its net investment income, if any, to shareholders monthly. The Short Duration Fund accrues net investment income, if any, daily and expects to declare and distribute its net investment income, if any, to shareholders monthly. Capital gains, if any, may be distributed at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values ("NAV") per share of the Funds.

**VELA Funds**

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

*September 30, 2025*

For the fiscal year end of September 30, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  | **Paid-In<br> Capital** | **Accumulated<br> Earnings<br> (Deficit)** |
| Small Cap Fund | $(2565) | $2565 |
| Large Cap Plus Fund | (925) | 925 |
| Income Opportunities Fund | (387) | 387 |

---

**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 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

**VELA Funds**

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

*September 30, 2025*

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)**

*September 30, 2025*

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Small Cap Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $142306854 | $— | $— | $142306854 |
| Money Market Funds | 1379520 |  |  | 1379520 |
| &nbsp;&nbsp;&nbsp;Total | $143686374 | $— | $— | $143686374 |

---

---

| | |
|:---|:---|
| **Liabilities** | |
| **Small Cap Fund** |  |
| Written Call Options | $(1847562) |
| &nbsp;&nbsp;&nbsp;Total | $(1847562) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Plus Fund** | | | | |
| Common Stocks<sup>(a)</sup> | $68572770 | $— | $| $68572770 |
| Purchased Call Options |  | 342788 |  | 342788 |
| Purchased Put Options |  | 1021707 |  | 1021707 |
| Money Market Funds | 2278285 |  |  | 2278285 |
| &nbsp;&nbsp;&nbsp;Total | $70851055 | $1364495 | $| $72215550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | | | | |
| **Large Cap Plus Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(3815671) | $— | $| $(3815671) |
| Exchange-Traded Funds | (369153) |  |  | (369153) |
| Written Call Options |  | (482594) |  | (482594) |
| &nbsp;&nbsp;&nbsp;Total | $(4184824) | $(482594) | $| $(4667418) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | | | | |
| **International Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $19919207 | $43612849 | $| $63532056 |
| Money Market Funds | 5022393 |  |  | 5022393 |
| &nbsp;&nbsp;&nbsp;Total | $24941600 | $43612849 | $| $68554449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | | | | |
| **Income Opportunities Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $18475595 | $257888 | $| $18733483 |
| Preferred Stocks<sup>(a)</sup> | 1819337 |  |  | 1819337 |
| Corporate Bonds<sup>(a)</sup> |  | 14297748 |  | 14297748 |
| Money Market Funds | 260701 |  |  | 260701 |
| &nbsp;&nbsp;&nbsp;Total | $20555633 | $14555636 | $| $35111269 |

---

**VELA Funds**

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

*September 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Liabilities** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Income Opportunities Fund** |  |  |  |  |
| Written Call Options | $— | $(151184) | $— | $(151184) |
| &nbsp;&nbsp;&nbsp;Total | $— | $(151184) | $— | $(151184) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | | | | |
| **Short Duration Fund** |  |  |  |  |
| Asset Backed Securities | $— | $250760 | $| $250760 |
| Collateralized Mortgage Obligations |  | 1191099 |  | 1191099 |
| Corporate Bonds<sup>(a)</sup> |  | 23229232 |  | 23229232 |
| U.S. Government & Agencies |  | 11429659 |  | 11429659 |
| Money Market Funds | 826669 |  |  | 826669 |
| &nbsp;&nbsp;&nbsp;Total | $826669 | $36100750 | $| $36927419 |

---

<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)**

*September 30, 2025*

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of September 30, 2025, and the effect of derivative instruments on the Statements of Operations for the fiscal year ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** |
| | **Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Fair Value** |
|  | Equity Price Risk: |  |  |  |
| Small Cap Fund | Written Options |  | Written options, at fair value | $(1847562) |
| Large Cap Plus Fund | Purchased Options | Investments in securities, at fair value |  | $1364495 |
|  | Written Options |  | Written options, at fair value | (482594) |
| Income Opportunities Fund | Written Options | Investments in securities, at fair value | Written options, at fair value | $(151184) |

---

For the fiscal year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Derivatives** | **Location of Gain (Loss) on<br> Derivatives on<br> Statements of Operations** | **Realized Gain**<br> **(Loss) on<br> Derivatives** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
|  | Equity Risk Exposure: | Net realized gain and change in unrealized appreciation (depreciation) on investment securities |  |  |
| Small Cap Fund | Written Options |  | $(668633) | $(389494) |
| Large Cap Plus Fund | Purchased Options |  | (262180) | 143326 |
|  | Written Options |  | 45631 | 92112 |
| Income Opportunities Fund | Written Options |  | 43485 | 17130 |

---

**VELA Funds**

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

*September 30, 2025*

The following table summarizes the average ending monthly fair value of derivatives outstanding during the fiscal year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Derivatives<sup>(a)</sup>** | **Average<br> Market Value** |
| Small Cap Fund | Written Options | $(1367509) |
| Large Cap Plus Fund | Purchased Options | 866325 |
|  | Written Options | (861422) |
| Income Opportunities Fund | Written Options | (150206) |

---

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

**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 fiscal year ended September 30, 2025, the fees charged to the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Advisory<br> Fee Earned** | **Payable to<br> Adviser** | **Administrative<br> Fee Earned** | **Administrative<br> Fee Payable** |
| Small Cap Fund | $916175 | $88718 | $439765 | $42584 |
| Large Cap Plus Fund | 416643 | 34678 | 249986 | 20806 |
| International Fund | 424784 | 41571 | 203897 | 19954 |
| Income Opportunities Fund | 164611 | 14402 | 118520 | 10369 |
| Short Duration Fund | 91452 | 9123 | 109742 | 10948 |

---

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.

**VELA Funds**

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

*September 30, 2025*

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.

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 fiscal year ended September 30, 2025, 12b-1 Expenses incurred by the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **12b-1 fees** | **Payable for<br> 12b-1 fees** |
| Small Cap Fund | $54559 | $11429 |
| Large Cap Plus Fund | 718 | 246 |
| International Fund | 695 | 285 |
| Income Opportunities Fund | 332 | 183 |
| Short Duration Fund | 129 | 110 |

---

**VELA Funds**

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

*September 30, 2025*

During the fiscal year ended September 30, 2025, the Distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

---

| | |
|:---|:---|
| Small Cap Fund | $2777 |
| Large Cap Plus Fund | 1152 |
| International Fund | 72 |
| Income Opportunities Fund |  |
| Short Duration Fund |  |

---

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 fiscal year ended September 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Securities<br> Sold Short** | **Covers on<br> Securities<br> Sold Short** |
| Small Cap Fund | $85557084 | $51738442 | $— | $— |
| Large Cap Plus Fund | 23680768 | 30616785 | (30707569) | (30555765) |
| International Fund | 24780029 | 18244010 |  |  |
| Income Opportunities Funds | 24147472 | 18116599 |  |  |
| Short Duration Fund | 32906791 | 12393987 |  |  |

---

**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 September 30, 2025, Roderick Dillon owned 28.35% of the Large Cap Plus Fund - Class I and 31.13% of the Short Duration Fund - Class I. As of September 30, 2025, Lisa Wesolek owned 46.32% 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)**

*September 30, 2025*

**NOTE 8. FEDERAL TAX INFORMATION**

At September 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of<br> Securities** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** | **Net Unrealized** **<br> Appreciation** |
| Small Cap Fund | $114977199 | $30509206 | $(3647593) | $26861613 |
| Large Cap Plus Fund | 49708961 | 20376396 | (2537225) | 17839171 |
| International Fund | 53666684 | 16760522 | (1872757) | 14887765 |
| Income Opportunities Fund | 32680220 | 2919725 | (639860) | 2279865 |
| Short Duration Fund | 36635040 | 307790 | (15411) | 292379 |

---

The tax character of distributions paid for the fiscal year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap<br> Plus Fund** | **International<br> Fund** | **Income<br> Opportunities<br> Fund** | **Short** **<br> Duration<br> Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $167798 | $193583 | $971188 | $1305125 | $1331335 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 35456 | 4362036 | 620411 |  |  |
| Total distributions paid | $203254 | $4555619 | $1591599 | $1305125 | $1331335 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap<br> Plus Fund** | **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 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains |  |  |  |  |  |
| Total distributions paid | $505544 | $22529 | $974148 | $1024535 | $433351 |

---

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

**VELA Funds**

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

*September 30, 2025*

At September 30, 2025, 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 | $— | $386765 | $1160037 | $— | $57064 |
| Undistributed long-term capital gains | 1525232 | 4167532 | 3983306 |  | 13322 |
| Distributions Payable |  |  |  |  | (41103) |
| Accumulated capital and other gains (losses) | (104818) | (1891032) |  | (705550) |  |
| Unrealized appreciation (depreciation) on investments | 26861614 | 17839171 | 14906911 | 2279911 | 292379 |
| Total accumulated earnings | $28282028 | $20502436 | $20050254 | $1574361 | $321662 |

---

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, 2025, the Income Opportunities Fund had short-term capital loss carryforwards of $705,550. 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.

As of September 30, 2025, the Small Cap Fund had qualified late-year ordinary losses of $29,620, which are deferred until fiscal year 2026 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. Capital losses incurred after October 31 within that taxable year are deemed to arise on the first day of the Fund's next taxable year.

For the year ended September 30, 2025, the Small Cap Fund, and the Income Opportunities Fund utilized short-term capital loss carryforwards of $335,314, and $137,095 respectively.

**NOTE 9. SECTOR RISK**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the

**VELA Funds**

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

*September 30, 2025*

value of the Fund's portfolio will be adversely affected. As of September 30, 2025, the Small Cap Fund had 25.28% of the value of its net assets invested in stocks within the Industrials sector. As of September 30, 2025, the Large Cap Plus Fund had 25.30% of the value of its net assets invested in stocks within the Technology sector. Please see the Funds' prospectus for additional information regarding the risks applicable to an investments in the Funds.

**NOTE 10. 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 11. 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 except as noted below.

Effective October 1, 2025, the Adviser has reduced the contractual administrative fee for each Fund from an annual rate of 0.36% to 0.34% of each Fund's average daily net assets.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of VELA Small Cap Fund, VELA Large Cap Plus Fund, VELA International Fund, VELA Income Opportunities Fund and VELA Short Duration Fund and Board of Trustees of VELA Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open written option contracts (as applicable), and securities sold short (as applicable) of VELA Funds comprising the funds listed below (the "Funds") as of September 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** **<br> Operations** | **Statements of<br> Changes in Net<br> Assets** | **<br>Financial Highlights** |
| VELA Small Cap Fund, VELA Large Cap Plus Fund, and VELA International Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, 2022 and 2021 |
| VELA Income Opportunities Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023 and for the period from March 31, 2022 (commencement of operations) through September 30, 2022 |
| VELA Short Duration Fund | For the year ended September 30, 2025 | For the year ended September 30, 2025 and for the period from December 15, 2023 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025 and for the period from December 15, 2023 (commencement of operations) through September 30, 2024 |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**Report of Independent Registered Public Accounting Firm (continued)**

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2020.

![](img_001.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

November 26, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap<br> Plus Fund** | **International<br> Fund** | **Income<br> Opportunities<br> Fund** | **Short<br> Duration<br> Fund** |
| **Qualified Dividend Income** | 100% | 100% | 100% | 37% | 1% |

---

**Dividends Received Deduction.** For the taxable year ended September 30, 2025, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap<br> Plus Fund** | **International<br> Fund** | **Income<br> Opportunities<br> Fund** | **Short<br> Duration<br> Fund** |
| **Dividends Received Deduction** | 100% | 100% | 0% | 39% | 1% |

---

**Long-Term Capital Gain Designation.** For the fiscal year ended September 30, 2025, the Funds designate a portion of distributions as 20.00% rate gain distributions for the purposed of the dividends paid deduction. The dollar amount by fund was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Large Cap<br> Plus Fund** | **International<br> Fund** | **Income<br> Opportunities<br> Fund** | **Short<br> Duration<br> Fund** |
| **Long-Term Capital Gain Designation.** | $35456 | $4362036 | $620411 | $– $|  |

---

The International Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The foreign source income per share was $0.466 and the foreign tax expense per share was $0.046. Shareholders will receive more detailed information along with their 2025 Form 1099-DIV.

**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**

Because the Adviser has agreed in the Advisory Agreement to pay substantially all of the Funds' expenses, subject to certain exclusions as provided for therein, the Adviser pays the compensation to each Independent Trustee for services to the Funds from the administrative fee. The administrative fee is included within the Statement of Operations.

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

At a meeting held on August 22, 2025, the Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of VELA Funds (the "Trust") (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended, approved the continuance of the second amended and restated investment advisory agreement between the Trust, on behalf of the VELA Small Cap Fund, the VELA Large Cap Plus Fund, the VELA International Fund, the VELA Income Opportunities Fund, and the VELA Short Duration Fund (the "Duration Fund") (each, a "Fund" and, collectively, the "Funds"), and VELA Investment Management, LLC ("VELA" or, the "Adviser") (the "Advisory Agreement"), as well as approved the an amendment to the Advisory Agreement (the "IA Amendment").In advance of the meeting, the Board requested, and the Adviser provided, certain information related to the Adviser and the terms of the Advisory Agreement and IA Amendment.

In the course of consideration of the approval of the Advisory Agreement and IA Amendment, the Independent Trustees were advised by independent legal counsel and received materials from such counsel discussing the legal standards applicable to their consideration of the Advisory Agreement and IA Amendment. In advance of the meeting, the Independent Trustees requested, received and reviewed a substantial amount of information provided by the Adviser related to the Adviser and the terms of the Advisory Agreement and IA Amendment. Prior to voting, the Independent Trustees met with and asked questions of representatives of the Adviser and also met separately with their independent legal counsel.

In considering the approval of the Advisory Agreement and IA Amendment and reaching their conclusions with respect to the Advisory Agreement and IA Amendment, the Board took note of relevant judicial precedent and regulations adopted by the Securities and Exchange Commission that set forth factors to be considered by a board when evaluating investment advisory agreements. These include, but are not limited to, the following: (i) the nature, extent, and quality of the services to be provided to the Funds; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services to be provided and profits to be realized

**Additional Information (Unaudited) (continued)**

by the Adviser and its affiliates from the relationship with the Funds; (iv) the extent to which economies of scale would be realized as the Funds grow; and (v) whether fee levels reflect these economies of scale for the benefit of the Funds' investors.

The Board, including the Independent Trustees, considered a variety of factors, including those described below. The Board also considered other factors and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Independent Trustees also had an opportunity to discuss the materials presented and any compliance issues raised by the Adviser's presentation.

*Nature, Extent and Quality of Services.* In considering the renewal of the Advisory Agreement with VELA, the Board considered the nature, extent and quality of services that VELA provided to the Funds, including VELA's personnel and resources. The Board reviewed the services VELA provided in serving as investment adviser and the backgrounds of the personnel providing services to the Funds, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged VELA's efforts and resources to support the Funds. The Board also considered VELA's financial position and the entrepreneurial risk that VELA was undertaking to maintain its financial commitment to the Funds while certain Funds were sub-scale. The Board concluded that the services VELA provided were satisfactory.

*Performance.* The Board reviewed performance information that VELA provided for the Small Cap Fund, Large Cap Fund, International Fund, Income Fund, and Short Duration Fund that compared performance information for each share class of each Fund to the performance of: (a) funds in a peer universe (the "Peer Group") (which is comprised of the funds in the applicable Fund's Morningstar category); and (b) a benchmark index (the "Benchmark Index") for the year-to-date, and one-, three-, and five-year, and since inception periods, ended May 31, 2025, as applicable. In this regard, Mr. Job noted that the Peer Group contained funds of varying sizes. The Board also received information on the construction of each Fund's Peer Group.

<u>Small Cap Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Indices (Russell 2000 Index and S&P Small Cap 600 Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Indices for the year-to-date, one-year, three-year, and since inception periods. The Board noted that the performance of class I shares of the Fund was in the 16th percentile of the Peer Group for the year-to-date period, the 67th percentile of the Peer Group for the one-year period, the 40th percentile of the Peer Group for the three-year period, and 28th percentile of the Peer Group for the since inception period. The Board noted that the performance of class A shares of the Fund was in the 18th percentile of the Peer Group for the year-to-date period, the 77th percentile of the Peer Group for the one-year period, the 42nd percentile of the Peer Group for the three-year period, and 24th percentile of the Peer Group for the since inception period. The Board also noted that class I shares of the Fund outperformed both Benchmark Indices for the year-to-date, three-year, and since inception periods and underperformed both Benchmark Indices for the one-year period. The Board also noted that class A shares of the Fund outperformed both Benchmark Indices for the year-to-date and since inceptions periods, outperformed the S&P Small Cap 600 Index for

**Additional Information (Unaudited) (continued)**

the three-year period, underperformed the Russell 2000 Index for the three-year period, and underperformed both Benchmark Indices for the one-year period. The Board concluded that the performance of the Fund was satisfactory.

<u>Large Cap Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Indices (Russell 1000 Value Index and S&P 500 Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Indices for the year-to-date, one-year, three-year, and since inception periods. The Board noted that the performance of class I shares of the Fund was in the 38th percentile of the Peer Group for the year-to-date period, the 75th percentile of the Peer Group for the one-year period, the 89th percentile of the Peer Group for the three-year period, and 28th percentile of the Peer Group for the since inception period. The Board noted that the performance of class A shares of the Fund was in the 45th percentile of the Peer Group for the year-to-date period, the 84th percentile of the Peer Group for the one-year period, the 95th percentile of the Peer Group for the three-year period, and 38th percentile of the Peer Group for the since inception period. The Board also noted that both share classes underperformed both Benchmark Indices across all periods. The Board noted VELA's explanation that the Fund's Peer Group is a stronger relative performance measure than its Benchmark Indices. The Board concluded that the performance of the Fund was satisfactory.

<u>International Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Indices (MSCI World ex USA Index and MSCI ACWI Ex USA Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Indices for the year-to-date, one-year, three-year, and since inception periods. The Board noted that the performance of class I shares of the Fund was in the 79th percentile of the Peer Group for the year-to-date period, the 70th percentile of the Peer Group for the one-year period, the 53rd percentile of the Peer Group for the three-year period, and 60th percentile of the Peer Group for the since inception period. The Board noted that the performance of class A shares of the Fund was in the 77th percentile of the Peer Group for the year-to-date period, the 62nd percentile of the Peer Group for the one-year period, the 54th percentile of the Peer Group for the three-year period, and 75th percentile of the Peer Group for the since inception period. The Board also noted that class I shares of the Fund outperformed both Benchmark Indices for the year-to-date and since inception periods, outperformed the MSCI ACWI Ex USA Index for the three-year period, underperformed the MSCI World ex USA NR USD Index for the three-year period, and underperformed both Benchmark Indices for the one-year period. The Board also noted that class A shares of the Fund outperformed the MSCI ACWI Ex USA Index for the year-to-date, three-year, and since inception periods, underperformed the MSCI ACWI Ex USA Index for the one-year period, and underperformed the MSCI World ex USA NR USD Index across all periods. The Board concluded that the performance of the Fund was satisfactory.

<u>Income Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Indices (Russell 3000 Index and 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index (the "Blended Benchmark"). The Board considered the performance of the Fund against its Peer Group and its Benchmark Indices for the year-to-date, one-year, three-year, and since inception periods. The Board noted that the performance of class I shares of the Fund was in the 84th percentile of the Peer

**Additional Information (Unaudited) (continued)**

Group for the year-to-date period, the 95th percentile of the Peer Group for the one-year and three-year periods, and 100th percentile of the Peer Group for the since inception period. The Board noted that the performance of class A shares of the Fund was in the 93rd percentile of the Peer Group for the year-to-date period and the 100th percentile of the Peer Group for the one-year, three-year, and since inception periods. The Board also noted that both share classes underperformed both Benchmark Indices across all periods. In considering the Fund's performance, the Board considered VELA's explanation that the Fund can underperform during periods when in the Adviser's view exogenous factors distract the market's attention from fundamentals. The Board concluded that the performance of the Fund was satisfactory.

<u>Short Duration Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Indices (Bloomberg US Government/Credit 1-3YR Index and Bloomberg US Aggregate Bond Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Indices for the year-to-date, one-year, and since inception periods, and noted the relatively short period since the Fund's inception. The Board noted that the performance of class I shares of the Fund was in the 95th percentile of the Peer Group for the year-to-date and since inception periods and the 89th percentile of the Peer Group for the one-year period. The Board noted that the performance of class A shares of the Fund was in the 100th percentile of the Peer Group across all periods. The Board also noted that class I shares of the Fund outperformed both Benchmark Indices for the since inception period, outperformed the Bloomberg US Aggregate Bond Index for the one-year period, underperformed the Bloomberg US Government/Credit 1-3YR Index for the one-year period, and underperformed both Benchmark Indices for the year-to-date period. The Board also noted that class A shares of the Fund outperformed the Bloomberg US Aggregate Bond Index for the since inception period, underperformed the Bloomberg US Government/ Credit 1-3YR Index for the since inception period, and underperformed both Indices for the year-to-date and one-year periods. The Board concluded that the performance of the Fund was satisfactory.

*Fees and Expenses.* The Board reviewed each Fund's contractual advisory fee and expense ratio taking into account each Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of each Fund's respective Peer Group. The Board discussed the level of work involved in VELA's management and oversight of the Funds and the other services that VELA provided to the Funds. The Board considered the nature and scope of the services provided by VELA, including (i) ongoing monitoring of performance, (ii) supervision of outside service providers, and (iii) responding to questions from brokers.

The Board noted that the contractual advisory fee for class I shares of each Fund was below the median contractual advisory fee of the respective Peer Group. The Board noted that the contractual advisory fee for class A shares of each Fund was below the median contractual advisory fee of the respective Peer Group, except for the International Fund which had the same contractual advisory fee as the median contractual advisory fee of the Peer Group. The Board noted that the total expense ratio for class I shares of each Fund was above the median total expense ratio of the Peer Group, except for the Income Opportunities Fund which had the same total expense ratio as the median of the Peer Group and the Small Cap Fund which had a lower total expense ratio than the median of the Peer Group. The Board

**Additional Information (Unaudited) (continued)**

noted that the total expense ratio for class A shares of each Fund was above the median total expense ratio of the Peer Group, except for the Small Cap Fund which had a lower total expense ratio than the median of the Peer Group. The Board also considered information on the fees charged by VELA to other similarly managed client accounts, where applicable.

The Board considered management's explanations regarding factors that could impact the level of a Fund's fees. In light of the nature, quality and extent of services VELA provides, the Board concluded that each Fund's advisory fee was fair and reasonable.

*Profitability.* The Board reviewed the profitability of VELA with respect to the Funds on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that VELA did not accrue a profit from Fund operations since the inception of the Funds, in each case without considering marketing-related costs. With respect to VELA, the Board concluded that based on the services provided and the projected growth of the Funds, the anticipated profits from VELA's relationship with the Funds were not excessive and not unreasonable to each Fund.

*Economies of Scale.* The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Funds, and the extent to which such economies of scale are shared with the Funds. The Board noted that VELA had indicated its willingness to discuss lowering the administrative fee with the Board as each Fund increased its assets. The Board noted that the Funds may also benefit from economies of scale through initial fee setting. The Board agreed that in light VELA's historical willingness to lower fees, such as the administrative fee, as each Fund reached higher asset levels, the absence of breakpoints was acceptable.

*Fall-out Benefits.* Because of its relationship with the Funds, VELA, and its affiliates may derive ancillary benefits from Fund operations, including those derived from the allocation of Fund brokerage and the use of commission dollars to pay for research and other similar services (as applicable). The Board reviewed information provided by VELA as to any such benefits.

*Conclusion.* Based on all of the information considered and the conclusions reached, the Board determined that the compensation to be paid under the Advisory Agreement is fair and reasonable, and that the continuance of the Advisory Agreement be approved.

This report is intended only for the information of shareholders or those who have received the Funds' prospectus which contains information about the Funds' management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC

Member FINRA/SIPC

**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) | [Code of Ethics for Principal Executive and Senior Financial Officers.](vela_ex99codeeth.htm) |
| (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_ex99cert.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 | 12/02/2025 |
| 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 | 12/02/2025 |
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |
| Date | 12/02/2025 |

---

## 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: | 12/02/2025 | /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: | 12/02/2025 | /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 September 30, 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>12/02/2025</u> Date: <u>12/02/2025</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.

## Ex-99.Code

**Exhibit 99.CODE ETH**

---

| | |
|:---|:---|
| **Appendix** **8.G.3** | **Code of Ethics for Principal Executive and Senior Financial Officer** |

---

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICER**

I. This Code of Ethics (this "Code") for the VELA Funds (the "Company") applies to the Company's Chief Executive Officer, and Chief Financial Officer ("Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***Overview***. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be approved by the Trust's Audit Committee (the "Committee"), if material. Examples of these include:

● service as a director on the board of any company;

● the receipt of any entertainment or non-nominal gift by the Covered Officer or a member of his or her family from any company with which the Company has current or prospective business dealings unless such entertainment or gift is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors/trustees and auditors, and to governmental regulators and self- regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read and understands the Code;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Committee promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers sought by a Covered Officer will be considered by the Independent Trustees.

The Company will follow these procedures in investigating and enforcing this Code:

● the Committee will take all appropriate action to investigate any potential violations reported to him;

● if, after such investigation, the Committee believes that no violation has occurred, the Committee is not required to take any further action;

● any matter that the Committee believes is a violation will be reported to all of the Independent Trustees;

● if the Independent Trustees concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

● the Independent Trustees will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company and its investment advisers' and principal underwriters' codes of ethics under 17j-1 under the Investment Company are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Company and its counsel and the Adviser and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**<u>Exhibit A</u>**

Persons Covered by this Code of Ethics:

Jason Job

Zachary Richmond