# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0001580642-26-003505
**Filing Date:** 2026-6
**Character Count:** 231778
**Document Hash:** 84602bd129ebd0779be4d5478c976404
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003505.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001580642-26-003505

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 261060378

**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 |  |

### VELA Small-Mid Cap Fund (Series ID: S000097967)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000267518 | VELA Small-Mid Cap 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> <br>

---

| |
|:---|
| &nbsp;&nbsp;**VELA Funds** |
| &nbsp;&nbsp;(Exact name of registrant as specified in charter) |
| &nbsp;&nbsp;220 Market Street, Suite 208 |
| &nbsp;&nbsp;New Albany, OH 43054 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| The Corporation Trust Company |
| Corporation Trust Center |
| 1209 Orange Street |
| New Castle County |
| Wilmington, DE 19801 |
| (Name and address of agent for service) |
| With Copies To: |
| Peter Schwartz, Esq. |
| Davis Graham & Stubbs LLP |
| 1550 17<sup>th</sup> Street, Suite 500 |
| Denver, CO 80202 |
| and |
| Jesse D. Hallee |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

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

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

Date of reporting period: <u> March 31, 2026</u>

**Item 1. Reports to Stockholders.**

(a) # VELA Income Opportunities Fund

# Class A (VIOAX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 1.09% |

---

## How did the Fund perform during the reporting period?
The VELA Income Opportunities Fund - Class A returned 0.41% for the six-month period ended March 31, 2026 compared to a decline of -1.65% for the Russell 3000<sup>®</sup> Index and -0.28% for the Fund's secondary benchmark, a 50%/50% blend between the Russell 3000<sup>®</sup> Index and the Bloomberg U.S. Aggregate Bond Index (an index of US Based fixed income securities).

The Fund ended the period with an allocation of 52% to dividend-paying stocks, 44% to bonds and preferred securities, and approximately 4% in cash. With a modest inflow into the Fund right before period end, we elected to remain patient in investing the excess cash given the macro uncertainty over the last several weeks. As of March 31, 2026, a total of 22 call option positions were written against 18 of the Fund's equity holdings 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.

Despite significant global economic developments in the latter half of the period, we are pleased with how the Fund performed, certainly on a relative basis. Further, we were able to take advantage of the volatility to add to certain of our higher conviction ideas.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i11e1a6100b3cb07405be4d43.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 |
| **Mar-2023** | $9049 | $8594 | $9142 | $9363 |
| **Mar-2024** | $10169 | $9657 | $11820 | $10756 |
| **Mar-2025** | $10403 | $9879 | $12673 | $11422 |
| **Mar-2026** | $11034 | $10479 | $14965 | $12694 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class A |  |  |
| Without Load | 6.07% | 2.49% |
| With Load | 0.79% | 1.18% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 11.13% | 6.14% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.60% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$40,045,763

* Number of Portfolio Holdings124

* Advisory Fee $88,533

* Portfolio Turnover29%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Greenbrier Companies, Inc. (The) | 2.28% |
| Copa Holdings, S.A. | 2.17% |
| PepsiCo, Inc. | 2.01% |
| Accenture PLC | 1.74% |
| Pason Systems, Inc. | 1.73% |
| Johnson & Johnson | 1.65% |
| Ambev SA | 1.55% |
| Lamb Weston Holdings, Inc. | 1.53% |
| PPG Industries, Inc. | 1.50% |
| CSX Corp. | 1.46% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie5c6ffba5c68c16e19b45f76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Utilities | 2.2% |
| Communications | 2.3% |
| Real Estate | 3.7% |
| Materials | 3.8% |
| Money Market Funds | 4.6% |
| Energy | 6.4% |
| Technology | 8.6% |
| Health Care | 9.4% |
| Consumer Staples | 10.0% |
| Industrials | 11.8% |
| Consumer Discretionary | 14.1% |
| Financials | 23.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Income Opportunities Fund - Class A (VIOAX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VIOAX

# VELA Income Opportunities Fund

# Class I (VIOIX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Income Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $42 | 0.84% |

---

## How did the Fund perform during the reporting period?
The VELA Income Opportunities Fund - Class I returned 0.54% for the six-month period ended March 31, 2026 compared to a decline of -1.65% for the Russell 3000<sup>®</sup> Index and -0.28% for the Fund's secondary benchmark, a 50%/50% blend between the Russell 3000<sup>®</sup> Index and the Bloomberg U.S. Aggregate Bond Index (an index of US Based fixed income securities).

The Fund ended the period with an allocation of 52% to dividend-paying stocks, 44% to bonds and preferred securities, and approximately 4% in cash. With a modest inflow into the Fund right before period end, we elected to remain patient in investing the excess cash given the macro uncertainty over the last several weeks. As of March 31, 2026, a total of 22 call option positions were written against 18 of the Fund's equity holdings 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.

Despite significant global economic developments in the latter half of the period, we are pleased with how the Fund performed, certainly on a relative basis. Further, we were able to take advantage of the volatility to add to certain of our higher conviction ideas.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ica5a2a7735ac0d7bdd314f38.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 |
| **Mar-2023** | $9085 | $9363 | $9142 |
| **Mar-2024** | $10224 | $10756 | $11820 |
| **Mar-2025** | $10484 | $11422 | $12673 |
| **Mar-2026** | $11149 | $12694 | $14965 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (March 31, 2022) |
| VELA Income Opportunities Fund - Class I | 6.34% | 2.76% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.60% |
| 50% Russell 3000 Total Return Index/50% Bloomberg U.S. Aggregate Bond Index | 11.13% | 6.14% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$40,045,763

* Number of Portfolio Holdings124

* Advisory Fee $88,533

* Portfolio Turnover29%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Greenbrier Companies, Inc. (The) | 2.28% |
| Copa Holdings, S.A. | 2.17% |
| PepsiCo, Inc. | 2.01% |
| Accenture PLC | 1.74% |
| Pason Systems, Inc. | 1.73% |
| Johnson & Johnson | 1.65% |
| Ambev SA | 1.55% |
| Lamb Weston Holdings, Inc. | 1.53% |
| PPG Industries, Inc. | 1.50% |
| CSX Corp. | 1.46% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie5c6ffba5c68c16e19b45f76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Utilities | 2.2% |
| Communications | 2.3% |
| Real Estate | 3.7% |
| Materials | 3.8% |
| Money Market Funds | 4.6% |
| Energy | 6.4% |
| Technology | 8.6% |
| Health Care | 9.4% |
| Consumer Staples | 10.0% |
| Industrials | 11.8% |
| Consumer Discretionary | 14.1% |
| Financials | 23.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Income Opportunities Fund - Class I (VIOIX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VIOIX

# VELA International Fund

# Class A (VEILX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](ib8b5544e7ea0ca605672ef5a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 1.34% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA International Fund - Class A returned 1.45%, compared to 4.21% for the Fund's primary benchmark, the MSCI WORLD ex US Index.

The Fund lagged the market on the upside but fell less in March as the market gave back some earlier gains amid heightened geopolitical tensions and volatility. Performance over the period was influenced by the Fund's emphasis on attractively priced businesses and sectors that, at times, lagged momentum oriented areas of the international market despite resilient fundamentals.

The Fund ended the period with cash at 8.4%, which has been relatively consistent (8-10%) over the life of the Fund. While this has served well in March, we estimate that over the period, the equity-only return (excludes the cash component) exceeded the benchmark return—meaning the outsized cash position was a drag on results. We have, consequently, revised the target cash position downward (closer to a 4-6% range) and moving forward, intend to trust our stock selection skills to beat the market.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie8ace03d52bfe7b44aa56ab1.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 |
| **Mar-2021** | $12330 | $11709 | $12053 |
| **Mar-2022** | $11890 | $11292 | $12420 |
| **Mar-2023** | $12460 | $11832 | $12080 |
| **Mar-2024** | $13694 | $13005 | $13927 |
| **Mar-2025** | $14870 | $14122 | $14665 |
| **Mar-2026** | $17837 | $16939 | $18037 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA International Fund - Class A |  |  |  |
| Without Load | 19.95% | 7.66% | 11.10% |
| With Load | 13.95% | 6.56% | 10.06% |
| MSCI WORLD ex USA Index | 22.99% | 8.40% | 11.32% |

---

***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$74,587,618

* Number of Portfolio Holdings55

* Advisory Fee $261,983

* Portfolio Turnover28%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic84670af35e043fdb4e16873.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Communications | 5.1% |
| Energy | 5.8% |
| Financials | 6.8% |
| Health Care | 7.8% |
| Money Market Funds | 10.3% |
| Materials | 10.8% |
| Technology | 11.5% |
| Industrials | 11.7% |
| Consumer Discretionary | 11.8% |
| Consumer Staples | 20.3% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](ife6566ab589ca0ea77129706.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 1.4% |
| Australia | 1.4% |
| Belgium | 1.4% |
| Panama | 1.7% |
| Faroe Islands | 1.8% |
| Argentina | 1.9% |
| Israel | 2.0% |
| Brazil | 2.6% |
| Sweden | 3.2% |
| Switzerland | 3.2% |
| Austria | 3.5% |
| Netherlands | 3.6% |
| Mexico | 3.8% |
| Japan | 4.7% |
| Hong Kong | 4.9% |
| Canada | 6.7% |
| Germany | 7.8% |
| United States | 10.5% |
| France | 14.2% |
| United Kingdom | 19.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Infineon Technologies AG | 2.71% |
| Ambev SA | 2.63% |
| Alamos Gold, Inc. - Class A | 2.50% |
| Criteo S.A. - ADR | 2.45% |
| Nomad Foods Ltd. | 2.41% |
| Associated British Foods PLC | 2.25% |
| TotalEnergies SE | 2.21% |
| Globant S.A. | 2.11% |
| Hikma Pharmaceuticals PLC | 2.10% |
| WH Group Ltd. 144A | 2.10% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA International Fund - Class A (VEILX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](ib8b5544e7ea0ca605672ef5a.jpg)

TSR-SAR 033126-VEILX

# VELA International Fund

# Class I (VEITX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](ib8b5544e7ea0ca605672ef5a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $55 | 1.09% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the International Fund - Class I returned 1.53%, compared to 4.21% for the Fund's primary benchmark, the MSCI WORLD ex US Index.

The Fund lagged the market on the upside but fell less in March as the market gave back some earlier gains amid heightened geopolitical tensions and volatility. Performance over the period was influenced by the Fund's emphasis on attractively priced businesses and sectors that, at times, lagged momentum oriented areas of the international market despite resilient fundamentals.

The Fund ended the period with cash at 8.4%, which has been relatively consistent (8-10%) over the life of the Fund. While this has served well in March, we estimate that over the period, the equity-only return (excludes the cash component) exceeded the benchmark return—meaning the outsized cash position was a drag on results. We have, consequently, revised the target cash position downward (closer to a 4-6% range) and moving forward, intend to trust our stock selection skills to beat the market.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i23eed064f5995fd077c3efdf.jpg)

---

| | | |
|:---|:---|:---|
| | **VELA International Fund - Class I** | **MSCI WORLD ex USA Index** |
| **Sep-2020** | $10000 | $10000 |
| **Mar-2021** | $12340 | $12053 |
| **Mar-2022** | $11949 | $12420 |
| **Mar-2023** | $12556 | $12080 |
| **Mar-2024** | $13837 | $13927 |
| **Mar-2025** | $15068 | $14665 |
| **Mar-2026** | $18109 | $18037 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA International Fund - Class I | 20.19% | 7.97% | 11.40% |
| MSCI WORLD ex USA Index | 22.99% | 8.40% | 11.32% |

---

***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$74,587,618

* Number of Portfolio Holdings55

* Advisory Fee $261,983

* Portfolio Turnover28%

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic84670af35e043fdb4e16873.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Communications | 5.1% |
| Energy | 5.8% |
| Financials | 6.8% |
| Health Care | 7.8% |
| Money Market Funds | 10.3% |
| Materials | 10.8% |
| Technology | 11.5% |
| Industrials | 11.7% |
| Consumer Discretionary | 11.8% |
| Consumer Staples | 20.3% |

---

## **Country Weighting (% of net assets)**![Group By Country Chart](ife6566ab589ca0ea77129706.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 1.4% |
| Australia | 1.4% |
| Belgium | 1.4% |
| Panama | 1.7% |
| Faroe Islands | 1.8% |
| Argentina | 1.9% |
| Israel | 2.0% |
| Brazil | 2.6% |
| Sweden | 3.2% |
| Switzerland | 3.2% |
| Austria | 3.5% |
| Netherlands | 3.6% |
| Mexico | 3.8% |
| Japan | 4.7% |
| Hong Kong | 4.9% |
| Canada | 6.7% |
| Germany | 7.8% |
| United States | 10.5% |
| France | 14.2% |
| United Kingdom | 19.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Infineon Technologies AG | 2.71% |
| Ambev SA | 2.63% |
| Alamos Gold, Inc. - Class A | 2.50% |
| Criteo S.A. - ADR | 2.45% |
| Nomad Foods Ltd. | 2.41% |
| Associated British Foods PLC | 2.25% |
| TotalEnergies SE | 2.21% |
| Globant S.A. | 2.11% |
| Hikma Pharmaceuticals PLC | 2.10% |
| WH Group Ltd. 144A | 2.10% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA International Fund - Class I (VEITX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](ib8b5544e7ea0ca605672ef5a.jpg)

TSR-SAR 033126-VEITX

# VELA Large Cap Plus Fund

# Class A (VELAX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i0d2dfa0b50f3f40b60322522.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 1.38% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Large Cap Plus Fund - Class A performed well on a relative basis, returning -1.20% versus -1.87% for the Russell 1000<sup>®</sup> Index (the "Index").

Similar to previous periods, the Fund maintained underweight positions in Technology and overweight positions in Health Care relative to the Index, both of which contributed to relative outperformance. Within the Technology sector, Software continued its run of historical underperformance versus Hardware, and software companies such as Microsoft, which is a top ten holding, were consistent detractors.

Geopolitical events played a significant role in the latter quarter of the period. Because we consider oil shocks and other idiosyncratic macro events difficult to identify in advance and costly to hedge reactively once they materialize, we relied primarily on the long portfolio's diversification and our preference for companies with what we believe to be strong balance sheets and durable revenue generation to withstand the shorter-term market swings we saw during the period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i55a9cd885864e387f486787d.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 |
| **Mar-2021** | $13012 | $12358 | $12041 | $12196 |
| **Mar-2022** | $15078 | $14319 | $13639 | $13650 |
| **Mar-2023** | $13878 | $13180 | $12494 | $12479 |
| **Mar-2024** | $16854 | $16006 | $16226 | $16135 |
| **Mar-2025** | $17673 | $16784 | $17495 | $17299 |
| **Mar-2026** | $18796 | $17850 | $20600 | $20428 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA Large Cap Plus Fund - Class A |  |  |  |
| Without Load | 6.35% | 7.63% | 12.16% |
| With Load | 1.06% | 6.54% | 11.11% |
| Russell 1000<sup>®</sup> Index | 17.74% | 11.34% | 14.05% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.87% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$65,382,517

* Number of Portfolio Holdings120

* Advisory Fee $205,573

* Portfolio Turnover20%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. - Class A | 4.95% |
| Amazon.com, Inc. | 4.73% |
| Microsoft Corp. | 4.42% |
| Johnson & Johnson | 3.63% |
| Baker Hughes Co. - Class A | 2.95% |
| Thermo Fisher Scientific, Inc. | 2.52% |
| Accenture PLC - Class A | 2.49% |
| Infineon Technologies A.G. - ADR | 2.49% |
| Berkshire Hathaway, Inc. - Class B | 2.45% |
| Citigroup, Inc. | 2.44% |

---

# What did the Fund invest in?

#### Long Sector Weighting (% of net assets)
![Group By Sector Chart](ib8710f3033e6263f60d9bac5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.7% |
| Purchased Option | 2.0% |
| Materials | 2.8% |
| Consumer Staples | 3.2% |
| Energy | 5.5% |
| Money Market Funds | 7.3% |
| Communications | 9.7% |
| Industrials | 10.2% |
| Financials | 10.8% |
| Consumer Discretionary | 14.1% |
| Health Care | 14.3% |
| Technology | 24.8% |

---

#### Short Sector Weighting (% of net assets)
![Group By Sector Chart](ibda20eeb91308957dd171ce6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | -0.1% |
| Financials | -0.2% |
| Health Care | -0.5% |
| ETFs | -0.6% |
| Written Options | -1.0% |
| Consumer Discretionary | -1.3% |
| Technology | -1.4% |
| Industrials | -2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i0d2dfa0b50f3f40b60322522.jpg)

TSR-SAR 033126-VELAX

# VELA Large Cap Plus Fund

# Class I (VELIX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i0d2dfa0b50f3f40b60322522.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Large Cap Plus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $56 | 1.13% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Large Cap Plus Fund - Class I performed well on a relative basis, returning -1.09% versus -1.87% for the Russell 1000<sup>®</sup> Index (the "Index").

Similar to previous periods, the Fund maintained underweight positions in Technology and overweight positions in Health Care relative to the Index, both of which contributed to relative outperformance. Within the Technology sector, Software continued its run of historical underperformance versus Hardware, and software companies such as Microsoft, which is a top ten holding, were consistent detractors.

Geopolitical events played a significant role in the latter quarter of the period. Because we consider oil shocks and other idiosyncratic macro events difficult to identify in advance and costly to hedge reactively once they materialize, we relied primarily on the long portfolio's diversification and our preference for companies with what we believe to be strong balance sheets and durable revenue generation to withstand the shorter-term market swings we saw during the period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3a66973f7895e226247eae6e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Large Cap Plus Fund - Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Mar-2021** | $13026 | $12041 | $12196 |
| **Mar-2022** | $15132 | $13639 | $13650 |
| **Mar-2023** | $13962 | $12494 | $12479 |
| **Mar-2024** | $16996 | $16226 | $16135 |
| **Mar-2025** | $17862 | $17495 | $17299 |
| **Mar-2026** | $19053 | $20600 | $20428 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA Large Cap Plus Fund - Class I | 6.66% | 7.90% | 12.44% |
| Russell 1000<sup>®</sup> Index | 17.74% | 11.34% | 14.05% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.87% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$65,382,517

* Number of Portfolio Holdings120

* Advisory Fee $205,573

* Portfolio Turnover20%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. - Class A | 4.95% |
| Amazon.com, Inc. | 4.73% |
| Microsoft Corp. | 4.42% |
| Johnson & Johnson | 3.63% |
| Baker Hughes Co. - Class A | 2.95% |
| Thermo Fisher Scientific, Inc. | 2.52% |
| Accenture PLC - Class A | 2.49% |
| Infineon Technologies A.G. - ADR | 2.49% |
| Berkshire Hathaway, Inc. - Class B | 2.45% |
| Citigroup, Inc. | 2.44% |

---

# What did the Fund invest in?

#### Long Sector Weighting (% of net assets)
![Group By Sector Chart](ib8710f3033e6263f60d9bac5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.7% |
| Purchased Option | 2.0% |
| Materials | 2.8% |
| Consumer Staples | 3.2% |
| Energy | 5.5% |
| Money Market Funds | 7.3% |
| Communications | 9.7% |
| Industrials | 10.2% |
| Financials | 10.8% |
| Consumer Discretionary | 14.1% |
| Health Care | 14.3% |
| Technology | 24.8% |

---

#### Short Sector Weighting (% of net assets)
![Group By Sector Chart](ibda20eeb91308957dd171ce6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | -0.1% |
| Financials | -0.2% |
| Health Care | -0.5% |
| ETFs | -0.6% |
| Written Options | -1.0% |
| Consumer Discretionary | -1.3% |
| Technology | -1.4% |
| Industrials | -2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i0d2dfa0b50f3f40b60322522.jpg)

TSR-SAR 033126-VELIX

# VELA Short Duration Fund

# Class A (VASDX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.89% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Short Duration Fund - Class A delivered a return of 1.28% net of fees, compared to 1.44% for the Fund's primary benchmark, the Bloomberg 1-3 Year US Government/Credit Index. Underperformance versus the benchmark was largely driven by higher exposure to corporate credit in the portfolio as spreads widened throughout the latter half of the period.

The Fund maintained a consistent broad asset allocation and risk profile through both recent quarters. At period end, the Fund was allocated as follows: 3.5% in cash, 30.3% in Treasuries/T Bills, 5.4% in structured products, and 60.8% in corporate bonds—split approximately 75% Investment Grade and 25% High Yield. The portfolio's weighted average credit quality remained A, with OAS rising around 25bps over the period to 117 bps. The Fund's weighted average yield-to-worst rose by 54bps to 5.05%, while duration rose moderately to 1.65 years.

While changes in interest rates and credit spreads can create price fluctuations over the short term, it is the income (coupon) component of the portfolio that tends to drive returns over time, and exiting the period, we expect that the Fund's weighted average 5.0% coupon will continue to be a primary driver of income and return.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3ba38d74301b66362aaffbc8.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 |
| **Mar-2024** | $10067 | $9560 | $9984 | $10088 |
| **Mar-2025** | $10599 | $10065 | $10471 | $10654 |
| **Mar-2026** | $11025 | $10470 | $10927 | $11075 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class A |  |  |
| Without Load | 4.02% | 4.35% |
| With Load | -1.19% | 2.02% |
| Bloomberg 1-3 Year US Government/Credit Index | 3.96% | 4.56% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.94% |

---

***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$43,950,099

* Number of Portfolio Holdings126

* Advisory Fee $60,912

* Portfolio Turnover22%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cantor Fitzgerald LP, 7.20%, 12/12/28 | 1.18% |
| Essent Group, Ltd., 6.25%, 07/01/29 | 1.18% |
| Royal Caribbean Group, 6.25%, 03/15/32 | 1.16% |
| MGIC Investment Corp., 5.25%, 08/15/28 | 1.08% |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/28 | 1.07% |
| Ford Motor Credit Co. LLC, 5.80%, 03/08/29 | 1.04% |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 | 1.03% |
| United States Treasury Note/Bond, 4.50%, 05/15/27 | 1.03% |
| United States Treasury Note/Bond, 4.63%, 11/15/26 | 1.03% |
| United States Treasury Note, 4.25%, 03/15/27 | 1.03% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i324e88b58fe90872918e6d7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Technology | 0.9% |
| Utilities | 1.2% |
| Communications | 1.5% |
| Materials | 1.9% |
| Health Care | 2.4% |
| Asset Backed Securities | 2.8% |
| Real Estate | 3.1% |
| Consumer Staples | 3.1% |
| Collateralized Mortgage Obligations | 3.3% |
| Money Market Funds | 4.4% |
| Energy | 5.7% |
| Industrials | 6.1% |
| Consumer Discretionary | 11.8% |
| Financials | 22.4% |
| U.S. Government & Agencies | 29.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Short Duration Fund - Class A (VASDX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VASDX

# VELA Short Duration Fund

# Class I (VESDX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Short Duration Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.64% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Short Duration Fund - Class I delivered a return of 1.41% net of fees, compared to 1.44% for the Fund's primary benchmark, the Bloomberg 1-3 Year Government/Credit Index. Underperformance versus the benchmark was largely driven by higher exposure to corporate credit in the portfolio as spreads widened throughout the latter half of the period.

The Fund maintained a consistent broad asset allocation and risk profile through both recent quarters. At period end, the Fund was allocated as follows: 3.5% in cash, 30.3% in Treasuries/T Bills, 5.4% in structured products, and 60.8% in corporate bonds—split approximately 75% Investment Grade and 25% High Yield. The portfolio's weighted average credit quality remained A, with OAS rising around 25bps over the period to 117 bps. The Fund's weighted average yield-to-worst rose by 54bps to 5.05%, while duration rose moderately to 1.65 years.

While changes in interest rates and credit spreads can create price fluctuations over the short term, it is the income (coupon) component of the portfolio that tends to drive returns over time, and exiting the period, we expect that the Fund's weighted average 5.0% coupon will continue to be a primary driver of income and return.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i86b611add8596ae0f168529d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Short Duration Fund - Class I** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2023** | $10000 | $10000 | $10000 |
| **Mar-2024** | $10127 | $10088 | $9984 |
| **Mar-2025** | $10694 | $10654 | $10471 |
| **Mar-2026** | $11152 | $11075 | $10927 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 15, 2023) |
| VELA Short Duration Fund - Class I | 4.28% | 4.87% |
| Bloomberg 1-3 Year US Government/Credit Index | 3.96% | 4.56% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.94% |

---

***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$43,950,099

* Number of Portfolio Holdings126

* Advisory Fee $60,912

* Portfolio Turnover22%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cantor Fitzgerald LP, 7.20%, 12/12/28 | 1.18% |
| Essent Group, Ltd., 6.25%, 07/01/29 | 1.18% |
| Royal Caribbean Group, 6.25%, 03/15/32 | 1.16% |
| MGIC Investment Corp., 5.25%, 08/15/28 | 1.08% |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/28 | 1.07% |
| Ford Motor Credit Co. LLC, 5.80%, 03/08/29 | 1.04% |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 | 1.03% |
| United States Treasury Note/Bond, 4.50%, 05/15/27 | 1.03% |
| United States Treasury Note/Bond, 4.63%, 11/15/26 | 1.03% |
| United States Treasury Note, 4.25%, 03/15/27 | 1.03% |

---

# What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i324e88b58fe90872918e6d7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Technology | 0.9% |
| Utilities | 1.2% |
| Communications | 1.5% |
| Materials | 1.9% |
| Health Care | 2.4% |
| Asset Backed Securities | 2.8% |
| Real Estate | 3.1% |
| Consumer Staples | 3.1% |
| Collateralized Mortgage Obligations | 3.3% |
| Money Market Funds | 4.4% |
| Energy | 5.7% |
| Industrials | 6.1% |
| Consumer Discretionary | 11.8% |
| Financials | 22.4% |
| U.S. Government & Agencies | 29.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Short Duration Fund - Class I (VESDX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VESDX

# VELA Small Cap Fund

# Class A (VESAX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 1.34% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Small Cap Fund - Class A returned 5.88% compared to a 3.10% return for the Russell 2000<sup>®</sup> Index, the Fund's primary benchmark.

Over the combined Q4 2025 and Q1 2026 period, the Fund outperformance was driven primarily by stock selection and capital allocation rather than style or factor exposure. Core holdings such as Kirby Corp. (KEX) and Hub Group, Inc., Class A (HUBG) rebounded as operating conditions stabilized and management teams deployed capital opportunistically, while positions added during periods of market dislocation benefited from improving earnings visibility.

We responded to market fluctuations through the latter half of the period by leaning into our highest conviction names and building positions in some new opportunities as valuations became more attractive to us.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1729a0d20c4e3092fccfdb6b.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 |
| **Mar-2021** | $15685 | $14895 | $12196 | $14806 |
| **Mar-2022** | $16729 | $15887 | $13650 | $13949 |
| **Mar-2023** | $15782 | $14988 | $12479 | $12330 |
| **Mar-2024** | $19030 | $18073 | $16135 | $14760 |
| **Mar-2025** | $18460 | $17531 | $17299 | $14169 |
| **Mar-2026** | $20981 | $19925 | $20428 | $17813 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA Small Cap Fund - Class A |  |  |  |
| Without Load | 13.65% | 5.99% | 14.43% |
| With Load | 7.99% | 4.90% | 13.36% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 11.07% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.87% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$166,550,121

* Number of Portfolio Holdings Long59

* Advisory Fee $581,147

* Portfolio Turnover36%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 5.07% |
| Worthington Enterprises, Inc. | 4.23% |
| Criteo S.A. - ADR | 4.06% |
| Murphy USA, Inc. | 3.14% |
| Wix.com Ltd. | 3.08% |
| Hub Group, Inc. - Class A | 2.95% |
| Pool Corp. | 2.71% |
| Axis Capital Holdings Ltd. | 2.59% |
| Atlanta Braves Holdings, Inc. - Class C | 2.41% |
| Sun Country Airlines Holdings, Inc. | 2.27% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2c71d4da257864341dfa72f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.4% |
| Real Estate | 0.8% |
| Utilities | 1.4% |
| Communications | 4.1% |
| Energy | 6.7% |
| Financials | 7.7% |
| Technology | 8.2% |
| Consumer Staples | 8.3% |
| Health Care | 9.3% |
| Materials | 11.8% |
| Consumer Discretionary | 17.9% |
| Industrials | 23.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Small Cap Fund - Class A (VESAX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VESAX

# VELA Small Cap Fund

# Class I (VESMX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $56 | 1.09% |

---

## How did the Fund perform during the reporting period?
For the six-month period ended March 31, 2026, the VELA Small Cap Fund - Class I returned 6.01% compared to a 3.10% return for the Russell 2000<sup>®</sup> Index, the Fund's primary benchmark.

Over the combined Q4 2025 and Q1 2026 period, the Fund outperformance was driven primarily by stock selection and capital allocation rather than style or factor exposure. Core holdings such as Kirby Corp. (KEX) and Hub Group, Inc., Class A (HUBG) rebounded as operating conditions stabilized and management teams deployed capital opportunistically, while positions added during periods of market dislocation benefited from improving earnings visibility.

We responded to market fluctuations through the latter half of the period by leaning into our highest conviction names and building positions in some new opportunities as valuations became more attractive to us.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id44891bed5b2057c657053d7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Small Cap Fund - Class I** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 | $10000 |
| **Mar-2021** | $15699 | $14806 | $12196 |
| **Mar-2022** | $16786 | $13949 | $13650 |
| **Mar-2023** | $15874 | $12330 | $12479 |
| **Mar-2024** | $19196 | $14760 | $16135 |
| **Mar-2025** | $18665 | $14169 | $17299 |
| **Mar-2026** | $21267 | $17813 | $20428 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 30, 2020) |
| VELA Small Cap Fund - Class I | 13.94% | 6.26% | 14.71% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 11.07% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.87% |

---

**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. Call 1-833-399-1001 or visit https://www.velafunds.com/strategies.html?stab=per for updated performance information.***

## **Fund Statistics** 
* Net Assets$166,550,121

* Number of Portfolio Holdings Long59

* Advisory Fee $581,147

* Portfolio Turnover36%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kirby Corp. | 5.07% |
| Worthington Enterprises, Inc. | 4.23% |
| Criteo S.A. - ADR | 4.06% |
| Murphy USA, Inc. | 3.14% |
| Wix.com Ltd. | 3.08% |
| Hub Group, Inc. - Class A | 2.95% |
| Pool Corp. | 2.71% |
| Axis Capital Holdings Ltd. | 2.59% |
| Atlanta Braves Holdings, Inc. - Class C | 2.41% |
| Sun Country Airlines Holdings, Inc. | 2.27% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2c71d4da257864341dfa72f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.4% |
| Real Estate | 0.8% |
| Utilities | 1.4% |
| Communications | 4.1% |
| Energy | 6.7% |
| Financials | 7.7% |
| Technology | 8.2% |
| Consumer Staples | 8.3% |
| Health Care | 9.3% |
| Materials | 11.8% |
| Consumer Discretionary | 17.9% |
| Industrials | 23.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# VELA Small Cap Fund - Class I (VESMX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VESMX

# VELA Small-Mid Cap Fund

# Class I (VSMMX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about VELA Small-Mid Cap Fund (the "Fund") for the period of December 15, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.velafunds.com/strategies.html?stab=doc. You can also request this information by contacting us at 1-833-399-1001.

## What were the Fund's costs for the reporting period?

### (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 | $51<sup>Footnote Reference\*</sup> | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full semi-annual reporting period. Expenses paid for a full semi-annual reporting period would be higher. |

---

## How did the Fund perform during the reporting period?
As of the end of the period ended March 31, 2026, the VELA Small-Mid Cap Fund - Class I completed its' first fiscal quarter. Since December 15, 2025 inception, the Fund has returned -3.10% net of fees compared to 0.87% for the Russell 2500<sup>®</sup> Index (the "Index"), the Fund's primary benchmark.

The Fund's first full quarter was characterized by daily volatility driven by geopolitical events along with daily news flow on opportunities and threats related to artificial intelligence. The Index closed over 1.5% higher or lower in over 20% of the trading days during the quarter—highlighted by the last day of the period, when the Index increased by 3.49%. The Fund's underperformance on that day alone represented roughly half of the underperformance for the period. In keeping with our investment discipline, we remained mindful of how events (primarily the armed conflict in the Middle East) creating this volatility could impact the long-term fundamentals of companies the Fund owns. We were pleased with the fundamental performance of most companies in the portfolio during the period and were increasingly encouraged by the valuations available for, in our view, quality businesses within this market cap range. As such we ended the quarter largely fully invested.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i85514fb747f1ba3637b8be2b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VELA Small-Mid Cap Fund - Class I** | **Russell 2500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2025** | $10000 | $10000 | $10000 |
| **Mar-2026** | $9690 | $10087 | $9631 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| | Since Inception (December 15, 2025) |
| VELA Small-Mid Cap Fund - Class I | -3.10% |
| Russell 2500<sup>®</sup> Index | 0.87% |
| Russell 3000<sup>®</sup> Index | -3.69% |

---

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

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

## **Fund Statistics** 
* Net Assets$7,377,336

* Number of Portfolio Holdings Long59

* Advisory Fee $13,548

* Portfolio Turnover10%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Criteo S.A. - ADR | 4.00% |
| Kirby Corp. | 3.91% |
| Worthington Enterprises, Inc. | 3.75% |
| Hub Group, Inc. - Class A | 3.12% |
| Wix.com Ltd. | 2.89% |
| Carlisle Companies, Inc. | 2.71% |
| Arch Capital Group Ltd. | 2.64% |
| Atlanta Braves Holdings, Inc. - Class C | 2.61% |
| Equifax, Inc. | 2.59% |
| Pool Corp. | 2.57% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i97d5c74e79024ae3ccdb8f1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 1.4% |
| Communications | 4.0% |
| Consumer Staples | 4.9% |
| Health Care | 7.7% |
| Energy | 7.9% |
| Financials | 8.9% |
| Materials | 13.7% |
| Consumer Discretionary | 15.6% |
| Technology | 16.3% |
| Industrials | 19.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

## 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-Mid Cap Fund - Class I (VSMMX)

# Semi-Annual Shareholder Report - March 31, 2026
![Image](i896e75ce61a579304c6e10bf.jpg)

TSR-SAR 033126-VSMMX

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

**Item 6. Investments.**

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

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

(a) Long
 Form Financial Statements

---

| |
|:---|
| ![(VELA FUND LOGO)](ve001_v1.jpg) |
| **Semi-Annual Financial Statements** |
| **and Additional Information** |
| **March 31, 2026** |
| **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-Mid Cap Fund** |
| Class I (VSMMX) |

---

VELA SMALL CAP FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — 99.75%** |  |  |
| **Communications — 4.06%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 376828 | $6756526 |
| **Consumer Discretionary — 17.91%** |  |  |
| Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | 94002 | 4013885 |
| BRP, Inc.<sup>(b)</sup> | 24412 | 1753026 |
| Etsy, Inc.<sup>(a)</sup> | 43508 | 2174530 |
| Gildan Activewear, Inc. | 65528 | 3646633 |
| Graham Holdings Co., Class B | 1600 | 1691616 |
| Movado Group, Inc.<sup>(b)</sup> | 147961 | 3613208 |
| Murphy USA, Inc.<sup>(b)</sup> | 10597 | 5234600 |
| Pool Corp. | 22313 | 4514589 |
| Valvoline, Inc.<sup>(a)(b)</sup> | 94782 | 3192258 |
|  |  | 29834345 |
| **Consumer Staples — 8.24%** |  |  |
| Coca-Cola Consolidated, Inc.<sup>(b)</sup> | 8805 | 1688271 |
| Ingles Markets, Inc., Class A<sup>(b)</sup> | 23475 | 2110168 |
| Interparfums, Inc. | 29527 | 2682232 |
| Lamb Weston Holdings, Inc. | 57437 | 2427288 |
| Mama's Creations, Inc.<sup>(a)</sup> | 108542 | 1665034 |
| Performance Food Group Co.<sup>(a)(b)</sup> | 36879 | 3159055 |
|  |  | 13732048 |
| **Energy — 6.69%** |  |  |
| Antero Resources Corp.<sup>(a)(b)</sup> | 71883 | 3050715 |
| Cactus, Inc., Class A | 69249 | 3280325 |
| Range Resources Corp.<sup>(b)</sup> | 52463 | 2370278 |
| Tidewater, Inc.<sup>(a)(b)</sup> | 29310 | 2448851 |
|  |  | 11150169 |
| **Financials — 7.65%** |  |  |
| Assured Guaranty Ltd. | 33145 | 2700655 |
| Axis Capital Holdings Ltd. | 42516 | 4311547 |
| Essent Group Ltd. | 35263 | 2060770 |
| Federal Agricultural Mortgage Corp., Class C | 10875 | 1613306 |
| Houlihan Lokey, Inc. | 14268 | 2049170 |
|  |  | 12735448 |
| **Health Care — 9.30%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 10484 | 1797272 |
| Bruker Corp. | 83088 | 3001139 |

---

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

VELA SMALL CAP FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Encompass Health Corp. | 25221 | $2439627 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 24268 | 2090931 |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 62735 | 1569002 |
| SI-BONE, Inc.<sup>(a)</sup> | 175415 | 2215492 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 45857 | 2370348 |
|  |  | 15483811 |
| **Industrials — 23.63%** |  |  |
| Applied Industrial Technologies, Inc.<sup>(b)</sup> | 6064 | 1608901 |
| BWX Technologies, Inc.<sup>(b)</sup> | 5512 | 1127149 |
| Copa Holdings, S.A., Class A | 18702 | 2124734 |
| Greenbrier Companies, Inc. (The)<sup>(b)</sup> | 67556 | 3556823 |
| Hub Group, Inc., Class A | 136137 | 4906377 |
| Janus International Group, Inc.<sup>(a)</sup> | 443903 | 2286100 |
| Kirby Corp.<sup>(a)(b)</sup> | 63567 | 8446783 |
| Limbach Holdings, Inc.<sup>(a)</sup> | 37682 | 2941080 |
| Lincoln Electric Holdings, Inc. | 14451 | 3599455 |
| Proficient Auto Logistics, Inc.<sup>(a)</sup> | 391588 | 2654967 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 228428 | 3773631 |
| Toro Co. (The)<sup>(b)</sup> | 24863 | 2323199 |
|  |  | 39349199 |
| **Materials — 11.82%** |  |  |
| Alamos Gold, Inc., Class A | 40174 | 1784931 |
| Carlisle Companies, Inc. | 8146 | 2717669 |
| Installed Building Products, Inc. | 7438 | 1972186 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 193288 | 2225469 |
| Monarch Cement Co. (The) | 6002 | 1530510 |
| Simpson Manufacturing Co., Inc. | 14058 | 2412634 |
| Worthington Enterprises, Inc. | 135267 | 7052821 |
|  |  | 19696220 |
| **Real Estate — 0.77%** |  |  |
| NET Lease Office Properties | 110799 | 1276404 |
| **Technology — 8.24%** |  |  |
| EPAM Systems, Inc.<sup>(a)</sup> | 16165 | 2188741 |
| Jack Henry & Associates, Inc. | 19140 | 3024886 |
| Shift4 Payments, Inc., Class A<sup>(a)</sup> | 47813 | 2090862 |
| SPS Commerce, Inc.<sup>(a)</sup> | 23097 | 1285810 |

---

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

VELA SMALL CAP FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Technology — (continued)** |  |  |
| Wix.com Ltd.<sup>(a)</sup> | 56952 | $5129667 |
|  |  | 13719966 |
| **Utilities — 1.44%** |  |  |
| National Fuel Gas Co. | 25498 | 2395792 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $148,460,779)** |  | 166129928 |
| **Money Market Funds — 0.43%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 718132 | 718132 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $718,132)** |  | 718132 |
| **Total Investments — 100.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $149,178,911)** |  | 166848060 |
| **Liabilities in Excess of Other Assets — (0.18)%** |  | (297939) |
| **Net Assets — 100.00%** |  | $166550121 |

---

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

<sup>(b)</sup> Securities, or a portion thereof, have been pledged as collateral on written option contracts. The total collateral pledged is $16,720,374.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

ADR - American Depositary Receipt.

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

VELA SMALL CAP FUND <br> Schedule of Open Written Option Contracts <br> *March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | Fair |
| Description | Contracts | Amount | Price | Date | Value |
| **Written Call Options (0.55)%** |  |  |  |  |  |
| Antero Resources Corp. | (91) | $(386204) | $50.00 | August 2026 | $(23205) |
| Antero Resources Corp. | (318) | (1349592) | 55.00 | August 2026 | (47700) |
| Applied Industrial Technologies, Inc. | (37) | (981684) | 290.00 | May 2026 | (17113) |
| BRP, Inc. | (74) | (531394) | 80.00 | May 2026 | (9176) |
| BWX Technologies, Inc. | (54) | (1104246) | 220.00 | May 2026 | (52920) |
| Coca-Cola Consolidated, Inc. | (68) | (1303832) | 160.00 | June 2026 | (245479) |
| Greenbrier Companies, Inc. (The) | (101) | (531765) | 67.50 | June 2026 | (5303) |
| Ingles Markets, Inc., Class A | (59) | (530351) | 80.00 | May 2026 | (64015) |
| Kirby Corp. | (159) | (2112792) | 155.00 | June 2026 | (42930) |
| Movado Group, Inc. | (232) | (566544) | 30.00 | June 2026 | (9976) |
| Murphy USA, Inc. | (53) | (2618041) | 600.00 | October 2026 | (120045) |
| Performance Food Group Co. | (84) | (719544) | 110.00 | September 2026 | (14070) |
| Range Resources Corp. | (81) | (365958) | 50.00 | September 2026 | (27135) |
| Range Resources Corp. | (358) | (1617444) | 55.00 | September 2026 | (69810) |
| Tidewater, Inc. | (139) | (1161345) | 95.00 | October 2026 | (145255) |
| Toro Co. (The) | (75) | (700800) | 115.00 | September 2026 | (14063) |
| Valvoline, Inc. | (199) | (670232) | 45.00 | July 2026 | (13930) |
| **TOTAL WRITTEN CALL OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Premiums Received $775,440)** |  |  |  |  | $(922125) |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — 95.45%** |  |  |
| **Communications — 9.71%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 11247 | $3234187 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 2739 | 1567064 |
| Netflix, Inc.<sup>(b)</sup> | 5152 | 495365 |
| Walt Disney Co. (The) | 10916 | 1052084 |
|  |  | 6348700 |
| **Consumer Discretionary — 14.12%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 14854 | 3093642 |
| Booking Holdings, Inc. | 330 | 1389406 |
| Deckers Outdoor Corp.<sup>(a)(b)</sup> | 8468 | 847562 |
| Domino's Pizza, Inc. | 835 | 299590 |
| Home Depot, Inc. (The)<sup>(a)</sup> | 3921 | 1289578 |
| NIKE, Inc., Class B<sup>(a)</sup> | 17953 | 948277 |
| TJX Companies, Inc. (The) | 8532 | 1362560 |
|  |  | 9230615 |
| **Consumer Staples — 3.18%** |  |  |
| PepsiCo, Inc. | 7480 | 1161569 |
| Tyson Foods, Inc., Class A | 14339 | 918700 |
|  |  | 2080269 |
| **Energy — 5.45%** |  |  |
| Baker Hughes Co., Class A<sup>(a)</sup> | 31596 | 1928936 |
| MPLX LP | 8637 | 492913 |
| Suncor Energy, Inc.<sup>(a)</sup> | 17237 | 1139538 |
|  |  | 3561387 |
| **Financials — 10.82%** |  |  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 10737 | 1030644 |
| Bank of America Corp.<sup>(a)</sup> | 24795 | 1208756 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 3345 | 1602924 |
| Citigroup, Inc. | 14092 | 1598174 |
| KKR & Co., Inc. | 4400 | 407000 |
| MetLife, Inc. | 17333 | 1225790 |
|  |  | 7073288 |
| **Health Care — 14.34%** |  |  |
| Abbott Laboratories | 9703 | 996207 |
| AbbVie, Inc. | 2438 | 530240 |
| Align Technology, Inc.<sup>(b)</sup> | 7088 | 1215096 |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| AstraZeneca PLC - ADR | 4854 | $957306 |
| Bruker Corp. | 8976 | 324213 |
| Icon PLC<sup>(b)</sup> | 1994 | 220656 |
| Johnson & Johnson | 9710 | 2373513 |
| Thermo Fisher Scientific, Inc. | 3349 | 1646134 |
| Zoetis, Inc., Class A<sup>(a)</sup> | 9394 | 1110465 |
|  |  | 9373830 |
| **Industrials — 10.18%** |  |  |
| 3M Co. | 7368 | 1070054 |
| Applied Industrial Technologies, Inc. | 844 | 223930 |
| CSX Corp. | 30987 | 1272017 |
| Deere & Co. | 1531 | 862412 |
| FedEx Corp. | 2713 | 966316 |
| Kirby Corp.<sup>(b)</sup> | 8683 | 1153797 |
| Lincoln Electric Holdings, Inc. | 4463 | 1111644 |
|  |  | 6660170 |
| **Materials — 2.82%** |  |  |
| Carlisle Companies, Inc. | 2919 | 973837 |
| PPG Industries, Inc. | 8150 | 871072 |
|  |  | 1844909 |
| **Technology — 24.83%** |  |  |
| Accenture PLC, Class A<sup>(a)</sup> | 8222 | 1630341 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1546 | 314503 |
| Autodesk, Inc.<sup>(a)(b)</sup> | 4874 | 1166836 |
| Corpay, Inc.<sup>(b)</sup> | 2168 | 630866 |
| EPAM Systems, Inc.<sup>(b)</sup> | 7429 | 1005887 |
| Equifax, Inc. | 5741 | 1033782 |
| Infineon Technologies A.G. - ADR | 35992 | 1627198 |
| Jack Henry & Associates, Inc. | 1030 | 162781 |
| MasterCard, Inc., Class A | 856 | 427709 |
| Microsoft Corp.<sup>(a)</sup> | 7814 | 2892508 |
| Salesforce, Inc.<sup>(a)</sup> | 6482 | 1209995 |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 9408 | 983606 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 12067 | 867979 |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Technology — (continued)** |  |  |
| Visa, Inc., Class A<sup>(a)</sup> | 4021 | $1215307 |
| Wix.com Ltd.<sup>(a)(b)</sup> | 11841 | 1066519 |
|  |  | 16235817 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $47,805,074)** |  | 62408985 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | |
| Description | Contracts | Amount | Price | Date |  |
| **PURCHASED CALL OPTIONS — 0.48%** |  |  |  |  |  |
| American International Group, Inc. | 100 | $752500 | $95.00 | May 2026 | $500 |
| Axsome Therapeutics, Inc. | 20 | 338040 | 170.00 | June 2026 | 35800 |
| Dow, Inc. | 40 | 166600 | 37.50 | September 2026 | 30600 |
| Ionis Pharmaceuticals, Inc. | 125 | 938625 | 90.00 | July 2026 | 27187 |
| PayPal Holdings, Inc. | 125 | 565375 | 50.00 | July 2026 | 33500 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 80 | 2703600 | 390.00 | July 2026 | 127400 |
| UnitedHealth Group, Inc. | 80 | 2164720 | 410.00 | July 2026 | 6320 |
| Wix.com Ltd. | 101 | 909707 | 115.00 | July 2026 | 42673 |
| **TOTAL PURCHASED CALL OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $585,656)** |  |  |  |  | 303980 |
| **PURCHASED PUT OPTIONS — 1.48%** |  |  |  |  |  |
| 3M Co. | 80 | 1161840 | 120.00 | July 2026 | 21960 |
| AbbVie, Inc. | 10 | 217490 | 190.00 | June 2026 | 3925 |
| Align Technology, Inc. | 80 | 1371440 | 145.00 | July 2026 | 48000 |
| Alphabet, Inc., Class A | 70 | 2012920 | 280.00 | April 2026 | 33600 |
| Amazon.com, Inc. | 100 | 2082700 | 180.00 | July 2026 | 60750 |
| Arch Capital Group Ltd. | 30 | 287970 | 90.00 | June 2026 | 6375 |
| ARK Innovation ETF | 225 | 1520775 | 62.00 | June 2026 | 69525 |
| Autodesk, Inc. | 40 | 957600 | 200.00 | June 2026 | 22000 |
| Baker Hughes Co., Class A | 200 | 1221000 | 40.00 | June 2026 | 8500 |
| Bank of America Corp. | 250 | 1218750 | 40.00 | May 2026 | 8875 |
| Blue Owl Capital, Inc. | 550 | 502150 | 8.00 | July 2026 | 38500 |
| Booking Holdings, Inc. | 2 | 842064 | 3500.00 | September 2026 | 35890 |
| Citigroup, Inc. | 185 | 2098085 | 90.00 | July 2026 | 45510 |
| CSX Corp. | 200 | 821000 | 35.00 | August 2026 | 18000 |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | Fair |
| Description | Contracts | Amount | Price | Date | Value |
| **PURCHASED PUT OPTIONS — (continued)** |  |  |  |  |  |
| Deckers Outdoor Corp. | 150 | $1501350 | $80.00 | June 2026 | $31125 |
| EPAM Systems, Inc. | 70 | 947800 | 110.00 | July 2026 | 38150 |
| FedEx Corp. | 30 | 1068540 | 320.00 | June 2026 | 22725 |
| iShares Silver Trust | 120 | 817680 | 50.00 | June 2026 | 18600 |
| Johnson & Johnson | 70 | 1711080 | 200.00 | July 2026 | 15785 |
| Kirby Corp. | 40 | 531520 | 130.00 | June 2026 | 31800 |
| KKR & Company, Inc. | 50 | 462500 | 70.00 | June 2026 | 9500 |
| Meta Platforms, Inc., Class A | 22 | 1258686 | 500.00 | July 2026 | 44550 |
| MetLife, Inc. | 100 | 707200 | 65.00 | June 2026 | 21750 |
| Microsoft Corp. | 30 | 1110510 | 340.00 | July 2026 | 37425 |
| NIKE, Inc., Class B | 150 | 792300 | 50.00 | July 2026 | 54375 |
| Salesforce, Inc. | 50 | 933350 | 170.00 | June 2026 | 42250 |
| ServiceNow, Inc. | 80 | 836400 | 98.00 | June 2026 | 60000 |
| State Street Energy Select Sector SPDR ETF | 300 | 1837800 | 50.00 | September 2026 | 34650 |
| TJX Companies, Inc. (The) | 70 | 1117900 | 140.00 | April 2026 | 2555 |
| Uber Technologies, Inc. | 100 | 719300 | 67.50 | June 2026 | 34000 |
| Wix.com Ltd. | 80 | 720560 | 75.00 | July 2026 | 60400 |
| **TOTAL PURCHASED PUT OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,343,396)** |  |  |  |  | 981050 |

---

---

| | | |
|:---|:---|:---|
| | Shares | |
| **Money Market Funds — 7.28%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 4758185 | 4758185 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $4,758,185)** |  | 4758185 |
| **Total Investments — 104.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $54,492,311)** |  | 68452200 |
| **Liabilities in Excess of Other Assets — (4.69)%** |  | (3069683) |
| **Net Assets — 100.00%** |  | $65382517 |

---

<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 March 31, 2026 was $21,774,702.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

ADR - American Depositary Receipt.

ETF - Exchange Traded Funds.

SPDR - Standard & Poor's Depositary Receipt.

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

VELA LARGE CAP PLUS FUND <br> Schedule of Open Written Options Contracts <br> *March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | Fair |
| Description | Contracts | Amount | Price | Date | Value |
| **Written Call Options (1.02)%** |  |  |  |  |  |
| AbbVie, Inc. | (12) | $(260988) | $220.00 | May 2026 | $(9780) |
| AstraZeneca PLC | (44) | (867768) | 210.00 | July 2026 | (32340) |
| Baker Hughes Co., Class A | (150) | (915750) | 50.00 | June 2026 | (181500) |
| Deere & Company | (15) | (844950) | 680.00 | September 2026 | (22088) |
| Kirby Corp. | (26) | (345488) | 140.00 | September 2026 | (30810) |
| Suncor Energy, Inc. | (151) | (998261) | 47.00 | December 2026 | (306530) |
| Wix.com Ltd. | (101) | (909707) | 100.00 | July 2026 | (74740) |
| **TOTAL WRITTEN CALL OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Premiums Received $297,787)** |  |  |  |  | $(657788) |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Securities Sold Short <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks - Short — (5.50%)** |  |  |
| **Consumer Discretionary — (1.29%)** |  |  |
| Burlington Stores, Inc.<sup>(a)</sup> | (842) | $(273971) |
| InterContinental Hotels Group PLC - ADR | (2263) | (302020) |
| Lowe's Companies, Inc. | (1126) | (266051) |
|  |  | (842042) |
| **Financials — (0.19%)** |  |  |
| Capital One Financial Corp. | (698) | (127336) |
| **Health Care — (0.51%)** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | (539) | (178339) |
| HealthEquity, Inc.<sup>(a)</sup> | (1845) | (154187) |
|  |  | (332526) |
| **Industrials — (2.00%)** |  |  |
| Cognex Corp. | (3233) | (158385) |
| Fastenal Co. | (4838) | (224483) |
| GE Vernova, Inc. | (376) | (328209) |
| Old Dominion Freight Line, Inc. | (1145) | (223733) |
| Rockwell Automation, Inc. | (451) | (161855) |
| Vertiv Holdings Co., Class A | (844) | (211490) |
|  |  | (1308155) |
| **Technology — (1.37%)** |  |  |
| International Business Machines Corp. | (947) | (229543) |
| Logitech International S.A. | (1787) | (162831) |
| Micron Technology, Inc. | (719) | (242907) |
| Western Digital Corp. | (981) | (265351) |
|  |  | (900632) |
| **Utilities — (0.14%)** |  |  |
| Oklo, Inc.<sup>(a)</sup> | (1793) | (88915) |
| **TOTAL COMMON STOCKS — SHORT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Proceeds Received $3,365,057)** |  | $(3599606) |

---

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

VELA LARGE CAP PLUS FUND <br> Schedule of Securities Sold Short (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Exchange-Traded Funds - Short — (0.58%)** |  |  |
| SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF | (5842) | $(380606) |
| **TOTAL EXCHANGE-TRADED FUNDS — SHORT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Proceeds Received $341,554)** |  | (380606) |
| **TOTAL SECURITIES SOLD SHORT — (6.08)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Proceeds Received $3,706,611)** |  | $(3980212) |

---

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

ADR - American Depositary Receipt.

ETF - Exchange Traded Funds.

SPDR - Standard & Poor's Depositary Receipt.

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

VELA INTERNATIONAL FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — 91.60%** |  |  |
| **Argentina — 1.85%** |  |  |
| **Consumer Discretionary — 1.85%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 167400 | $1381050 |
| Total Argentina |  | 1381050 |
| **Australia — 1.44%** |  |  |
| **Health Care — 1.44%** |  |  |
| Ansell Ltd. | 54700 | 1073470 |
| Total Australia |  | 1073470 |
| **Austria — 3.50%** |  |  |
| **Communications — 1.86%** |  |  |
| Telekom Austria AG | 131000 | 1386291 |
| **Materials — 1.64%** |  |  |
| Wienerberger AG | 46000 | 1223277 |
| Total Austria |  | 2609568 |
| **Belgium — 1.44%** |  |  |
| **Financials — 1.44%** |  |  |
| KBC Group N.V. | 8800 | 1077005 |
| Total Belgium |  | 1077005 |
| **Brazil — 2.63%** |  |  |
| **Consumer Staples — 2.63%** |  |  |
| Ambev SA | 665000 | 1957940 |
| Total Brazil |  | 1957940 |
| **Canada — 6.70%** |  |  |
| **Energy — 3.63%** |  |  |
| Pason Systems, Inc. | 148800 | 1415941 |
| Suncor Energy, Inc. | 19500 | 1289145 |
|  |  | 2705086 |
| **Materials — 3.07%** |  |  |
| Alamos Gold, Inc., Class A | 42000 | 1866060 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | 37300 | 429463 |
|  |  | 2295523 |
| Total Canada |  | 5000609 |

---

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

VELA INTERNATIONAL FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Denmark — 1.37%** |  |  |
| **Industrials — 1.37%** |  |  |
| FLSmidth & Co. A/S | 13500 | $1023010 |
| Total Denmark |  | 1023010 |
| **Faroe Islands — 1.80%** |  |  |
| **Consumer Staples — 1.80%** |  |  |
| Bakkafrost P/F | 28600 | 1341740 |
| Total Faroe Islands |  | 1341740 |
| **France — 14.24%** |  |  |
| **Communications — 2.46%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 101900 | 1827067 |
| **Consumer Discretionary — 1.86%** |  |  |
| Cia Generale de Establissements Michelin SCA | 40600 | 1390854 |
| **Consumer Staples — 3.31%** |  |  |
| Interparfums S.A. | 49200 | 1308313 |
| Remy Cointreau | 26900 | 1163181 |
|  |  | 2471494 |
| **Energy — 2.22%** |  |  |
| TotalEnergies SE | 18000 | 1651866 |
| **Industrials — 2.87%** |  |  |
| Edenred | 63000 | 1254840 |
| Rexel SA | 22400 | 887586 |
|  |  | 2142426 |
| **Materials — 1.52%** |  |  |
| Foraco International SA<sup>(a)</sup> | 605000 | 1134880 |
| Total France |  | 10618587 |
| **Germany — 7.84%** |  |  |
| **Consumer Discretionary — 1.82%** |  |  |
| Fielmann AG | 26600 | 1354155 |
| **Industrials — 1.89%** |  |  |
| Duerr AG | 63500 | 1412156 |

---

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

VELA INTERNATIONAL FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Germany — (continued)** |  |  |
| **Materials — 1.43%** |  |  |
| Fuchs Petrolub SE | 30700 | $1062947 |
| **Technology — 2.70%** |  |  |
| Infineon Technologies AG | 44500 | 2018710 |
| Total Germany |  | 5847968 |
| **Hong Kong — 4.88%** |  |  |
| **Consumer Staples — 2.09%** |  |  |
| WH Group Ltd.<sup>(b)</sup> | 1189500 | 1563567 |
| **Industrials — 1.02%** |  |  |
| Johnson Electric Holdings Ltd. | 250000 | 758580 |
| **Technology — 1.77%** |  |  |
| VTech Holdings Ltd. | 174200 | 1319053 |
| Total Hong Kong |  | 3641200 |
| **Israel — 1.97%** |  |  |
| **Technology — 1.97%** |  |  |
| Wix.com Ltd.<sup>(a)</sup> | 16300 | 1468141 |
| Total Israel |  | 1468141 |
| **Japan — 4.71%** |  |  |
| **Consumer Discretionary — 2.27%** |  |  |
| Honda Motor Co. Ltd. | 73500 | 594848 |
| KeePer Technical Laboratory Co., Ltd. | 57300 | 1097038 |
|  |  | 1691886 |
| **Materials — 1.10%** |  |  |
| Toray Industries, Inc. | 115000 | 819061 |
| **Technology — 1.34%** |  |  |
| Nintendo Co. Ltd. | 17500 | 998948 |
| Total Japan |  | 3509895 |

---

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

VELA INTERNATIONAL FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Mexico — 3.80%** |  |  |
| **Consumer Staples — 3.80%** |  |  |
| BBB Foods Inc.<sup>(a)</sup> | 39100 | $1382967 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 613000 | 1451609 |
|  |  | 2834576 |
| Total Mexico |  | 2834576 |
| **Netherlands — 3.58%** |  |  |
| **Communications — 0.79%** |  |  |
| Universal Music Group N.V. | 30500 | 592006 |
| **Financials — 1.72%** |  |  |
| ING Groep NV | 49200 | 1277015 |
| **Health Care — 1.07%** |  |  |
| Argenx SE<sup>(a)</sup> | 1100 | 798280 |
| Total Netherlands |  | 2667301 |
| **Panama — 1.75%** |  |  |
| **Industrials — 1.75%** |  |  |
| Copa Holdings, S.A., Class A | 11500 | 1306515 |
| Total Panama |  | 1306515 |
| **Sweden — 3.16%** |  |  |
| **Financials — 1.87%** |  |  |
| Svenska Handelsbanken AB, Class A | 106200 | 1399880 |
| **Industrials — 1.29%** |  |  |
| Loomis AB | 21000 | 959127 |
| Total Sweden |  | 2359007 |
| **Switzerland — 3.16%** |  |  |
| **Health Care — 3.16%** |  |  |
| Roche Holding AG | 2500 | 997765 |
| Tecan Group AG | 8000 | 1361743 |
|  |  | 2359508 |
| Total Switzerland |  | 2359508 |

---

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

VELA INTERNATIONAL FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **United Kingdom — 19.67%** |  |  |
| **Consumer Discretionary — 3.95%** |  |  |
| Associated British Foods PLC | 67000 | $1677113 |
| Coats Group PLC | 1185000 | 1271153 |
|  |  | 2948266 |
| **Consumer Staples — 6.71%** |  |  |
| Cake Box Holdings PLC | 320135 | 813383 |
| Fevertree Drinks PLC | 104000 | 1060362 |
| Greggs PLC | 65200 | 1325166 |
| Nomad Foods Ltd. | 187000 | 1797070 |
|  |  | 4995981 |
| **Financials — 1.76%** |  |  |
| Sabre Insurance Group PLC<sup>(b)</sup> | 630000 | 1313293 |
| **Health Care — 2.10%** |  |  |
| Hikma Pharmaceuticals PLC | 93200 | 1565322 |
| **Industrials — 1.47%** |  |  |
| JET2 PLC | 73700 | 1098587 |
| **Materials — 2.03%** |  |  |
| Croda International PLC | 40400 | 1517080 |
| **Technology — 1.65%** |  |  |
| Serco Group PLC | 325000 | 1231420 |
| Total United Kingdom |  | 14669949 |
| **United States — 2.11%** |  |  |
| **Technology — 2.11%** |  |  |
| Globant S.A.<sup>(a)</sup> | 34100 | 1572351 |
| Total United States |  | 1572351 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $58,620,565)** |  | 68319390 |

---

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

VELA INTERNATIONAL FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Money Market Funds — 10.27%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 7662923 | $7662923 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,662,923)** |  | 7662923 |
| **Total Investments — 101.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $66,283,488)** |  | 75982313 |
| **Liabilities in Excess of Other Assets — (1.87)%** |  | (1394695) |
| **Net Assets — 100.00%** |  | $74587618 |

---

<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 $2,876,860 as of March 31, 2026, representing 3.86% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

ADR - American Depositary Receipt.

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — 52.31%** |  |  |
| **Communications — 1.55%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 926 | $266281 |
| Comcast Corp., Class A | 12393 | 355803 |
|  |  | 622084 |
| **Consumer Discretionary — 5.35%** |  |  |
| Movado Group, Inc.<sup>(a)</sup> | 22354 | 545885 |
| NIKE, Inc., Class B<sup>(a)</sup> | 5704 | 301285 |
| Pool Corp. | 2372 | 479927 |
| Starbucks Corp.<sup>(a)</sup> | 3761 | 336948 |
| Vail Resorts, Inc. | 3725 | 477992 |
|  |  | 2142037 |
| **Consumer Staples — 8.64%** |  |  |
| Ambev SA | 210257 | 619054 |
| Flowers Foods, Inc. | 37751 | 307671 |
| Interparfums, Inc. | 5398 | 490354 |
| Lamb Weston Holdings, Inc. | 14462 | 611164 |
| Mondelez International, Inc., Class A | 4643 | 267623 |
| PepsiCo, Inc.<sup>(a)</sup> | 5178 | 804091 |
| Tyson Foods, Inc., Class A<sup>(a)</sup> | 5609 | 359368 |
|  |  | 3459325 |
| **Energy — 3.17%** |  |  |
| MPLX LP<sup>(a)</sup> | 7876 | 449483 |
| Pason Systems, Inc. | 72681 | 691613 |
| Suncor Energy, Inc.<sup>(a)</sup> | 1979 | 130832 |
|  |  | 1271928 |
| **Financials — 5.37%** |  |  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 4264 | 409301 |
| Axis Capital Holdings Ltd.<sup>(a)</sup> | 2646 | 268331 |
| Federal Agricultural Mortgage Corp., Class C | 3368 | 499643 |
| First Interstate BancSystem, Inc., Class A | 14601 | 487673 |
| MetLife, Inc. | 6871 | 485917 |
|  |  | 2150865 |
| **Health Care — 7.76%** |  |  |
| Abbott Laboratories | 3668 | 376594 |
| AstraZeneca PLC - ADR<sup>(a)</sup> | 1738 | 342768 |
| Encompass Health Corp. | 3981 | 385082 |
| Hikma Pharmaceuticals PLC | 27250 | 457672 |
| Johnson & Johnson<sup>(a)</sup> | 2707 | 661699 |

---

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Medtronic PLC | 6672 | $578129 |
| Thermo Fisher Scientific, Inc. | 621 | 305240 |
|  |  | 3107184 |
| **Industrials — 6.84%** |  |  |
| Copa Holdings, S.A., Class A<sup>(a)</sup> | 7643 | 868321 |
| CSX Corp.<sup>(a)</sup> | 14236 | 584388 |
| Greenbrier Companies, Inc. (The)<sup>(a)</sup> | 17306 | 911161 |
| Union Pacific Corp. | 1546 | 375090 |
|  |  | 2738960 |
| **Materials — 2.72%** |  |  |
| Carlisle Companies, Inc. | 1467 | 489421 |
| PPG Industries, Inc.<sup>(a)</sup> | 5622 | 600879 |
|  |  | 1090300 |
| **Real Estate — 2.87%** |  |  |
| BXP, Inc. | 9147 | 474729 |
| NET Lease Office Properties | 14664 | 168929 |
| Simon Property Group, Inc.<sup>(a)</sup> | 2705 | 504564 |
|  |  | 1148222 |
| **Technology — 6.80%** |  |  |
| Accenture PLC, Class A<sup>(a)</sup> | 3511 | 696196 |
| Fidelity National Information Services, Inc. | 9978 | 468068 |
| Garmin Ltd.<sup>(a)</sup> | 1510 | 350335 |
| Microsoft Corp. | 553 | 204704 |
| Nintendo Co. Ltd. | 6662 | 380286 |
| Salesforce, Inc. | 2296 | 428594 |
| Texas Instruments, Inc.<sup>(a)</sup> | 1005 | 195111 |
|  |  | 2723294 |
| **Utilities — 1.24%** |  |  |
| National Fuel Gas Co. | 5284 | 496485 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $20,273,336)** |  | 20950684 |

---

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Preferred Stocks — 6.70%** |  |  |
| **Financials — 5.90%** |  |  |
| Arch Capital Group Ltd., Series G, 4.55% | 17351 | $285077 |
| Axis Capital Holdings Ltd., Series E, 5.50% | 14944 | 289913 |
| Bank OZK, Series A, 4.63% | 8700 | 137112 |
| First Busey Corp., Series B, 8.25% | 15000 | 379350 |
| Huntington Bancshares Inc., Series J, 6.88% | 9318 | 229316 |
| KeyCorp, Series H, 6.20% | 15000 | 355950 |
| Merchants Bancorp, Series E, 7.63% | 12437 | 296374 |
| Stifel Financial Corp., Series B, 6.25% | 2644 | 61870 |
| WesBanco, Inc., Series B, 7.38% | 13000 | 325650 |
|  |  | 2360612 |
| **Technology — 0.80%** |  |  |
| Shift4 Payments, Inc., Series A, 6.00% | 6000 | 321840 |
| **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $2,909,293)** |  | 2682452 |
|  | Principal |  |
|  | Amount |  |
| **Corporate Bonds — 36.89%** |  |  |
| **Communications — 0.75%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(c)</sup> | $300000 | 300130 |
| **Consumer Discretionary — 8.72%** |  |  |
| Allegiant Travel Co., 7.25%, 8/15/2027<sup>(c)</sup> | 308000 | 308548 |
| Bath & Body Works, Inc., 6.63%, 10/1/2030<sup>(c)</sup> | 350000 | 353370 |
| Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 4/15/2029<sup>(c)</sup> | 300000 | 266399 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(c)</sup> | 401000 | 388600 |
| Garrett Motion Holdings, Inc., 7.75%, 5/31/2032<sup>(c)</sup> | 450000 | 465925 |
| Macy's Retail Holdings LLC, 7.38%, 8/1/2033<sup>(c)</sup> | 400000 | 410168 |
| Six Flags Entertainment Corp., 7.25%, 5/15/2031<sup>(c)</sup> | 350000 | 337311 |
| Under Armour, Inc., 7.25%, 7/15/2030<sup>(c)</sup> | 350000 | 354757 |
| William Carter Co. (The), 7.38%, 2/15/2031<sup>(c)</sup> | 450000 | 459447 |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(c)</sup> | 148000 | 148110 |
|  |  | 3492635 |

---

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Corporate Bonds — (continued)** |  |  |
| **Consumer Staples — 1.37%** |  |  |
| Flowers Foods, Inc., 2.40%, 3/15/2031 | $250000 | $211516 |
| Simmons Foods, Inc., 4.63%, 3/1/2029<sup>(c)</sup> | 350000 | 336564 |
|  |  | 548080 |
| **Energy — 3.23%** |  |  |
| Coterra Energy, Inc., 4.38%, 3/15/2029 | 368000 | 355048 |
| Saturn Oil & Gas, Inc., 9.63%, 6/15/2029<sup>(c)</sup> | 349000 | 365412 |
| SM Energy Co. 8.63%, 11/1/2030<sup>(c)</sup> | 300000 | 316655 |
| Venture Global Calcasieu Pass, LLC, 6.25%, 1/15/2030<sup>(c)</sup> | 250000 | 255717 |
|  |  | 1292832 |
| **Financials — 12.37%** |  |  |
| Ally Financial, Inc., Series B, 4.70%, 8/15/2169 (H15T5Y + 387bps)<sup>(d)(e)</sup> | 256000 | 253760 |
| Antares Holdings LP, 6.25%, 10/23/2029<sup>(c)</sup> | 400000 | 396194 |
| Bank OZK, 2.75%, 10/1/2031 (TSFR3M + 209bps)<sup>(d)</sup> | 250000 | 239825 |
| Citigroup, Inc., 7.13%, 12/31/2049<sup>(d)(e)</sup> | 319000 | 322060 |
| Constellation Insurance, Inc. 6.80%, 1/24/2030<sup>(c)</sup> | 450000 | 451062 |
| Cullen/Frost Capital Trust II, 5.48%, 3/1/2034 (TSFR3M + 181bps)<sup>(d)</sup> | 310000 | 279922 |
| First Citizens BancShares, Inc./NC, Series D, 7.00%, 12/15/2080<sup>(d)(e)</sup> | 450000 | 450798 |
| First National of Nebraska, Inc., 7.25%, 6/15/2035<sup>(c)(d)</sup> | 400000 | 414503 |
| Oaktree Strategic Credit Fund, 6.19%, 7/15/2030 | 450000 | 440529 |
| PNC Financial Services Group, Inc., 3.40%, 12/31/2049 (H15T5Y + 260bps)<sup>(d)(e)</sup> | 300000 | 294322 |
| State Street Corp., 6.45%, 9/5/2080 (H15T5Y + 214bps)<sup>(d)(e)</sup> | 350000 | 355513 |
| StoneX Group, Inc., 7.88%, 3/1/2031<sup>(c)</sup> | 350000 | 363420 |
| Trustmark Corp., 6.00%, 12/1/2035<sup>(d)</sup> | 350000 | 349162 |
| Walker & Dunlop, Inc., 6.63%, 4/1/2033<sup>(c)</sup> | 350000 | 342373 |
|  |  | 4953443 |
| **Health Care — 1.63%** |  |  |
| Centene Corp., 4.63%, 12/15/2029 | 250000 | 237473 |
| Sotera Health Holdings LLC, 7.38%, 6/1/2031<sup>(c)</sup> | 400000 | 413216 |
|  |  | 650689 |
| **Industrials — 4.97%** |  |  |
| Atkore, Inc., 4.25%, 6/1/2031<sup>(c)</sup> | 250000 | 234693 |
| Cimpress PLC, 7.38%, 9/15/2032<sup>(c)</sup> | 300000 | 296860 |
| Con-way, Inc., 6.70%, 5/1/2034 | 265000 | 271287 |
| Spirit Airlines Pass Through Trust 2017-1A, 3.65%, 2/15/2030 | 172841 | 158226 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060 (H15T5Y + 266bps)<sup>(d)</sup> | 450000 | 439574 |
| Wabash National Corp., 4.50%, 10/15/2028<sup>(c)</sup> | 450000 | 394577 |

---

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Corporate Bonds — (continued)** |  |  |
| **Industrials — (continued)** |  |  |
| Worthington Industries, Inc., 4.30%, 8/1/2032 | $210000 | $194645 |
|  |  | 1989862 |
| **Materials — 1.12%** |  |  |
| Cleveland-Cliffs, Inc., 6.88%, 11/1/2029<sup>(c)</sup> | 450000 | 449363 |
| **Real Estate — 0.85%** |  |  |
| Iron Mountain, Inc., 5.63%, 7/15/2032<sup>(c)</sup> | 350000 | 339909 |
| **Technology — 0.98%** |  |  |
| Fair Isaac Corp., 6.25%, 9/15/2034<sup>(c)</sup> | 400000 | 393799 |
| **Utilities — 0.90%** |  |  |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y +275bps)<sup>(d)</sup> | 350000 | 361678 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $14,674,660)** |  | 14772420 |
|  | Shares |  |
| **Money Market Funds — 4.60%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(f)</sup> | 1841917 | 1841917 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,841,917)** |  | 1841917 |
| **Total Investments — 100.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $39,699,206)** |  | 40247473 |
| **Liabilities in Excess of Other Assets — (0.50)%** |  | (201710) |
| **Net Assets — 100.00%** |  | $40045763 |

---

<sup>(a)</sup> Securities, or a portion thereof, have been pledged as collateral on written option contracts. The total collateral pledged is $4,254,184.

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

<sup>(c)</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 $9,557,082 as of March 31, 2026, representing 23.86% of net assets.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(e)</sup> Security is perpetual in nature and has no stated maturity date.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

ADR - American Depositary Receipt.

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

VELA INCOME OPPORTUNITIES FUND <br> Schedule of Open Written Options Contracts <br> *March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | Fair |
| Description | Contracts | Amount | Price | Date | Value |
| **Written Call Options (0.27)%** |  |  |  |  |  |
| Accenture PLC, Class A | (10) | $(198290) | $335.00 | May 2026 | $(40) |
| Alphabet, Inc., Class A | (6) | (172536) | 340.00 | August 2026 | (4995) |
| AstraZeneca PLC | (16) | (315552) | 95.00 | April 2026 | (6720) |
| AstraZeneca PLC | (17) | (335274) | 97.50 | June 2026 | (10583) |
| Axis Capital Holdings Ltd. | (23) | (233243) | 115.00 | June 2026 | (2576) |
| Copa Holdings, S.A., Class A | (15) | (170415) | 155.00 | May 2026 | (60) |
| Copa Holdings, S.A., Class A | (15) | (170415) | 165.00 | May 2026 | (780) |
| CSX Corp. | (36) | (147780) | 45.00 | May 2026 | (1620) |
| CSX Corp. | (36) | (147780) | 47.50 | June 2026 | (1350) |
| Garmin Ltd. | (10) | (232010) | 270.00 | October 2026 | (10600) |
| Greenbrier Companies, Inc. |  |  |  |  |  |
| (The) | (51) | (268515) | 67.50 | June 2026 | (2678) |
| Johnson & Johnson | (8) | (195552) | 220.00 | April 2026 | (20139) |
| Johnson & Johnson | (7) | (171108) | 230.00 | April 2026 | (11603) |
| Movado Group, Inc. | (56) | (136752) | 30.00 | June 2026 | (2408) |
| MPLX LP | (26) | (148382) | 60.00 | June 2026 | (2080) |
| NIKE, Inc., Class B | (23) | (121486) | 80.00 | July 2026 | (667) |
| PepsiCo, Inc. | (12) | (186348) | 170.00 | July 2026 | (4110) |
| PPG Industries, Inc. | (22) | (235136) | 140.00 | June 2026 | (935) |
| Simon Property Group, Inc. | (7) | (130571) | 200.00 | June 2026 | (2590) |
| Starbucks Corp. | (15) | (134385) | 110.00 | May 2026 | (488) |
| Suncor Energy, Inc. | (19) | (125609) | 60.00 | June 2026 | (15484) |
| Texas Instruments, Inc. | (8) | (155312) | 220.00 | April 2026 | (268) |
| Tyson Foods, Inc., Class A | (39) | (249873) | 70.00 | July 2026 | (6533) |
| **TOTAL WRITTEN CALL OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Premiums Received $121,411)** |  |  |  |  | $(109307) |

---

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

VELA SHORT DURATION FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Asset Backed Securities — 2.86%** |  |  |
| BMW Vehicle Owner Trust 2024-A, 5.18%, 2/26/2029 | $198714 | $200066 |
| CarVal CLO VII-C Ltd., Series 1A, 5.11%, 7/20/2037<sup>(a)(b)</sup> | 250000 | 250194 |
| Ford Credit Auto Owner Trust 2024-C, 4.07%, 7/15/2029 | 250000 | 250068 |
| GM Financial Consumer Automobile Receivables 2024-1, 4.85%, 12/18/2028 | 164541 | 165206 |
| Honda Auto Receivables 2023-4 Owner Trust, Series 4, 5.67%, 6/21/2028 | 138441 | 139660 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, 5.20%, 4/15/2037<sup>(a)(b)</sup> | 250000 | 249912 |
| **TOTAL ASSET BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,253,603)** |  | 1255106 |
| **Collateralized Mortgage Obligations — 3.26%** |  |  |
| Fannie Mae REMIC Pass-Through Certificates, Series 2024-97, 5.50%, 12/25/2050 | 153142 | 154098 |
| Fannie Mae REMIC Pass-Through Certificates, Series 2025-58, 5.00%, 9/25/2051 | 270755 | 271050 |
| Fannie Mae REMIC Pass-Through Certificates, Series 2025-94, 5.50%, 5/25/2051 | 289305 | 291189 |
| Freddie Mac REMIC Pass-Through Certificates, Series 5547, 5.00%, 2/25/2052 | 263777 | 261773 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Certificates, Series 2024-197, 5.00%, 11/20/2035 | 410893 | 412819 |
| Government National Mortgage Association REMIC Pass Through Certificates, Series 2024-76, 6.00%, 12/20/2049 | 41381 | 41365 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,432,217)** |  | 1432294 |
| **Corporate Bonds — 60.09%** |  |  |
| **Communications — 1.49%** |  |  |
| Nexstar Media, Inc., 5.63%, 7/15/2027<sup>(a)</sup> | 300000 | 300130 |
| XPO, Inc., 6.25%, 6/1/2028<sup>(a)</sup> | 350000 | 354919 |
|  |  | 655049 |
| **Consumer Discretionary — 11.83%** |  |  |
| Carnival Corp., 7.88%, 6/1/2027 | 350000 | 362462 |
| Ford Motor Credit Co. LLC, 5.80%, 3/8/2029 | 450000 | 455174 |
| General Motors Financial Co., Inc., 4.98%, 5/8/2027 (O/N SOFR + 135bps)<sup>(b)</sup> | 400000 | 402401 |
| Group 1 Automotive, Inc., 4.00%, 8/15/2028<sup>(a)</sup> | 300000 | 290408 |
| Hyundai Capital America, 5.13%, 1/8/2027 (O/N SOFR + 150bps)<sup>(a)(b)</sup> | 250000 | 251728 |

---

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

VELA SHORT DURATION FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Corporate Bonds — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| Hyundai Capital America, 4.62%, 3/25/2027 (O/N SOFR + 99bps)<sup>(a)(b)</sup> | $150000 | $150335 |
| M/I Homes, Inc., 4.95%, 2/1/2028 | 300000 | 296258 |
| Mattel, Inc., 5.88%, 12/15/2027<sup>(a)</sup> | 350000 | 349997 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/2026<sup>(a)</sup> | 350000 | 351928 |
| Nordstrom, Inc., 4.00%, 3/15/2027 | 300000 | 293978 |
| Polaris, Inc., 6.95%, 3/15/2029 | 250000 | 261819 |
| Royal Caribbean Group, 6.25%, 3/15/2032<sup>(a)</sup> | 500000 | 511225 |
| Stellantis Financial Services US Corp., 5.32%, 9/15/2028 (O/N SOFR + 169bps)<sup>(a)(b)</sup> | 350000 | 350813 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/2029<sup>(a)</sup> | 454000 | 453506 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/2026<sup>(a)</sup> | 250000 | 250398 |
| Winnebago Industries, Inc., 6.25%, 7/15/2028<sup>(a)</sup> | 165000 | 165123 |
|  |  | 5197553 |
| **Consumer Staples — 3.13%** |  |  |
| Conagra Brands, Inc., 5.00%, 8/1/2030 | 350000 | 349467 |
| Coty, Inc. / HFC Prestige Products, Inc., 4.75%, 1/15/2029<sup>(a)</sup> | 350000 | 339788 |
| Flowers Foods, Inc., 2.40%, 3/15/2031 | 400000 | 338426 |
| Smithfield Foods, Inc., 4.25%, 2/1/2027<sup>(a)</sup> | 350000 | 348375 |
|  |  | 1376056 |
| **Energy — 5.68%** |  |  |
| Antero Midstream Corp., 5.38%, 6/15/2029<sup>(a)</sup> | 400000 | 398882 |
| Colonial Pipeline Co., 8.38%, 11/1/2030<sup>(a)</sup> | 350000 | 393348 |
| Coterra Energy, Inc., 4.38%, 3/15/2029 | 380000 | 366625 |
| Expand Energy Corp., 6.75%, 4/15/2029<sup>(a)</sup> | 443000 | 443319 |
| SM Energy Co. 8.38%, 7/1/2028<sup>(a)</sup> | 200000 | 205620 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/2028<sup>(a)</sup> | 300000 | 307116 |
| Venture Global Calcasieu Pass LLC, 3.88%, 8/15/2029<sup>(a)</sup> | 400000 | 380357 |
|  |  | 2495267 |
| **Financials — 22.38%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/2031 | 400000 | 444188 |
| American Express Co., 4.89%, 4/25/2029 (O/N SOFR + 126bps)<sup>(b)</sup> | 300000 | 303145 |
| Antares Holdings LP, 6.25%, 10/23/2029<sup>(a)</sup> | 450000 | 445718 |
| Ares Capital Corp., 5.95%, 7/15/2029 | 350000 | 351829 |
| Ares Finance Co. III LLC, 4.13%, 6/30/2051 (H15T5Y + 324bps)<sup>(a)(b)</sup> | 375000 | 369499 |
| Assured Guaranty US Holdings, Inc., 6.32%, 12/15/2066 (TSFR3M + 264bps)<sup>(b)</sup> | 439000 | 361632 |
| Bank of America Corp., 4.98%, 9/15/2027 (O/N SOFR + 135bps)<sup>(b)</sup> | 150000 | 150569 |

---

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

VELA SHORT DURATION FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Corporate Bonds — (continued)** |  |  |
| **Financials — (continued)** |  |  |
| Bank OZK, 2.75%, 10/1/2031 (TSFR3M + 209bps)<sup>(b)</sup> | $250000 | $239825 |
| Cantor Fitzgerald LP, 7.20%, 12/12/2028<sup>(a)</sup> | 500000 | 519652 |
| Charles Schwab Corp. (The), 4.00%, 12/31/2049 (H15T5Y + 317bps)<sup>(b)(c)</sup> | 174000 | 172828 |
| Citadel Finance LLC, 4.75%, 2/14/2029<sup>(a)</sup> | 450000 | 441189 |
| Citigroup, Inc., 6.88%, 8/15/2080<sup>(b)(c)</sup> | 314000 | 316352 |
| Constellation Insurance, Inc. 6.80%, 1/24/2030<sup>(a)</sup> | 438000 | 439034 |
| Discover Bank, 5.37%, 8/9/2028 (O/N USIS + 173bps)<sup>(b)</sup> | 250000 | 256222 |
| Essent Group, Ltd., 6.25%, 7/1/2029 | 500000 | 517446 |
| First National of Nebraska, Inc., 7.25%, 6/15/2035<sup>(a)(b)</sup> | 350000 | 362690 |
| Goldman Sachs Group, Inc. (The), 5.00%, 12/31/2029 | 300000 | 300075 |
| Huntington Bancshares, Inc., 4.45%, 3/15/2168<sup>(b)(c)</sup> | 250000 | 245933 |
| JPMorgan Chase & Co., 4.81%, 2/24/2028 (O/N SOFR + 118bps)<sup>(b)</sup> | 300000 | 301679 |
| KeyCorp Capital, 4.66%, 7/1/2028 (TSFR3M + 100bps)<sup>(b)</sup> | 400000 | 393046 |
| MGIC Investment Corp., 5.25%, 8/15/2028 | 475000 | 473909 |
| Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 450000 | 471208 |
| PNC Financial Services Group, Inc., 3.40%, 12/31/2049 (H15T5Y + 260bps)<sup>(b) (c)</sup> | 250000 | 245268 |
| Prudential Financial, Inc., 5.70%, 9/15/2048 (US0003M + 267bps)<sup>(b)</sup> | 391000 | 387466 |
| Radian Group, Inc., 6.20%, 5/15/2029 | 400000 | 413628 |
| Trustmark Corp., 6.00%, 12/1/2035<sup>(b)</sup> | 418000 | 416999 |
| US Bancorp, 3.70%, 1/15/2077 (H15T5Y + 254bps)<sup>(b)(c)</sup> | 250000 | 244992 |
| Wells Fargo & Co., 6.13%, 6/15/2080<sup>(b)(c)</sup> | 250000 | 250699 |
|  |  | 9836720 |
| **Health Care — 2.37%** |  |  |
| Centene Corp., 2.45%, 7/15/2028 | 350000 | 326034 |
| CVS Pass Through Trust, 6.04%, 12/10/2028 | 446949 | 451216 |
| Prime Healthcare Foundation, Inc., 7.00%, 12/1/2027 | 260000 | 266911 |
|  |  | 1044161 |
| **Industrials — 6.14%** |  |  |
| AS Mileage Plan IP, Ltd., 5.02%, 10/20/2029<sup>(a)</sup> | 440000 | 434434 |
| Brink's Co. (The), 6.50%, 6/15/2029<sup>(a)</sup> | 300000 | 304837 |
| British Airways Pass Through Trust 2019-1 Class A, 3.35%, 6/15/2029<sup>(a)</sup> | 430806 | 418508 |
| JetBlue 2020-1 Class A Pass Through Trust, 4.00%, 11/15/2032 | 461551 | 438226 |
| Stanley Black & Decker, Inc., 6.71%, 3/15/2060 (H15T5Y + 266bps)<sup>(b)</sup> | 350000 | 341891 |
| United Airlines Pass Through Trust, Series 2016-2, 3.10%, 4/7/2030 | 421550 | 404142 |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 350000 | 355903 |
|  |  | 2697941 |

---

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

VELA SHORT DURATION FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **Corporate Bonds — (continued)** |  |  |
| **Materials — 1.90%** |  |  |
| ATI, Inc., 5.88%, 12/1/2027 | $450000 | $450240 |
| Louisiana-Pacific Corp., 3.63%, 3/15/2029<sup>(a)</sup> | 400000 | 383882 |
|  |  | 834122 |
| **Real Estate — 3.06%** |  |  |
| Boston Properties LP, 2.75%, 10/1/2026 | 100000 | 99081 |
| Global Net Lease, Inc., 4.50%, 9/30/2028<sup>(a)</sup> | 450000 | 436243 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/2030<sup>(a)</sup> | 424000 | 441313 |
| Newmark Group, Inc., 7.50%, 1/12/2029 | 350000 | 367134 |
|  |  | 1343771 |
| **Technology — 0.95%** |  |  |
| Global Payments, Inc., 2.90%, 5/15/2030 | 286000 | 261461 |
| Oracle Corp., 6.15%, 11/9/2029 | 152000 | 156780 |
|  |  | 418241 |
| **Utilities — 1.16%** |  |  |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275bps)<sup>(b)</sup> | 350000 | 361678 |
| Elm Road Generating Station Supercritical LLC, 5.21%, 2/11/2030<sup>(a)</sup> | 149173 | 148086 |
|  |  | 509764 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $26,475,555)** |  | 26408645 |
| **U.S. Government & Agencies — 29.46%** |  |  |
| United States Treasury Note, 4.88%, 4/30/2026 | 250000 | 250221 |
| United States Treasury Note, 4.13%, 6/15/2026 | 250000 | 250213 |
| United States Treasury Note, 4.38%, 7/31/2026 | 250000 | 250552 |
| United States Treasury Note, 3.75%, 8/31/2026 | 350000 | 350019 |
| United States Treasury Note, 4.63%, 10/15/2026 | 400000 | 401832 |
| United States Treasury Note, 4.38%, 12/15/2026 | 450000 | 451924 |
| United States Treasury Note, 4.00%, 1/15/2027 | 450000 | 450892 |
| United States Treasury Note, 4.25%, 3/15/2027 | 450000 | 452246 |
| United States Treasury Note, 2.75%, 4/30/2027 | 450000 | 445217 |
| United States Treasury Note, 4.63%, 6/15/2027 | 400000 | 403797 |
| United States Treasury Note, 4.38%, 7/15/2027 | 400000 | 402766 |
| United States Treasury Note, 3.75%, 8/15/2027 | 400000 | 399531 |
| United States Treasury Note, 3.88%, 10/15/2027 | 450000 | 450308 |
| United States Treasury Note, 3.88%, 3/15/2028 | 300000 | 300352 |
| United States Treasury Note, 4.00%, 6/30/2028 | 300000 | 301277 |

---

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

VELA SHORT DURATION FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Fair<br>Value |
| **U.S. Government & Agencies — (continued)** |  |  |
| United States Treasury Note, 4.88%, 10/31/2028 | $300000 | $307670 |
| United States Treasury Note, 3.75%, 12/31/2028 | 350000 | 349323 |
| United States Treasury Note, 4.00%, 1/31/2029 | 350000 | 351559 |
| United States Treasury Note, 4.13%, 3/31/2029 | 300000 | 302525 |
| United States Treasury Note/Bond, 4.88%, 5/31/2026 | 250000 | 250422 |
| United States Treasury Note/Bond, 3.50%, 9/30/2026 | 350000 | 349544 |
| United States Treasury Note/Bond, 4.63%, 11/15/2026 | 450000 | 452323 |
| United States Treasury Note/Bond, 4.50%, 5/15/2027 | 450000 | 453375 |
| United States Treasury Note/Bond, 3.38%, 9/15/2027 | 450000 | 447056 |
| United States Treasury Note/Bond, 4.00%, 12/15/2027 | 400000 | 401102 |
| United States Treasury Note/Bond, 4.25%, 1/15/2028 | 350000 | 352488 |
| United States Treasury Note/Bond, 4.00%, 2/29/2028 | 300000 | 301014 |
| United States Treasury Note/Bond, 3.75%, 4/15/2028 | 300000 | 299602 |
| United States Treasury Note/Bond, 3.63%, 5/31/2028 | 300000 | 298840 |
| United States Treasury Note/Bond, 4.13%, 7/31/2028 | 300000 | 302074 |
| United States Treasury Note/Bond, 4.38%, 8/31/2028 | 300000 | 303773 |
| United States Treasury Note/Bond, 4.63%, 9/30/2028 | 300000 | 305754 |
| United States Treasury Note/Bond, 4.38%, 11/30/2028 | 350000 | 354853 |
| United States Treasury Note/Bond, 4.25%, 2/28/2029 | 350000 | 354006 |
| United States Treasury Notes, 4.13%, 2/15/2027 | 450000 | 451445 |
| United States Treasury Notes, 3.88%, 11/30/2027 | 400000 | 400266 |
| **TOTAL U.S. GOVERNMENT & AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $12,964,524)** |  | 12950161 |
|  | Shares |  |
| **Money Market Funds — 4.41%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(d)</sup> | 1939968 | 1939968 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,939,968)** |  | 1939968 |
| **Total Investments — 100.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $44,065,867)** |  | $43986174 |
| **Liabilities in Excess of Other Assets — (0.08)%** |  | (36075) |
| **Net Assets — 100.00%** |  | $43950099 |

---

<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 $12,598,409 as of March 31, 2026, representing 28.66% of net assets.

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

VELA SHORT DURATION FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<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 March 31, 2026.

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

VELA SMALL-MID CAP FUND <br> Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — 99.65%** |  |  |
| **Communications — 4.00%** |  |  |
| Criteo S.A. - ADR<sup>(a)</sup> | 16461 | $295146 |
| **Consumer Discretionary — 15.64%** |  |  |
| Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | 4511 | 192620 |
| BRP, Inc. | 1094 | 78560 |
| Deckers Outdoor Corp.<sup>(a)(b)</sup> | 813 | 81373 |
| Domino's Pizza, Inc. | 208 | 74628 |
| Etsy, Inc.<sup>(a)</sup> | 1607 | 80318 |
| Gildan Activewear, Inc. | 3065 | 170567 |
| Masco Corp. | 1043 | 62966 |
| Pool Corp. | 937 | 189583 |
| Vail Resorts, Inc. | 696 | 89311 |
| Valvoline, Inc.<sup>(a)(b)</sup> | 3978 | 133979 |
|  |  | 1153905 |
| **Consumer Staples — 4.87%** |  |  |
| Coca-Cola Consolidated, Inc.<sup>(b)</sup> | 283 | 54262 |
| Interparfums, Inc. | 1316 | 119545 |
| Lamb Weston Holdings, Inc. | 2598 | 109792 |
| Sysco Corp.<sup>(b)</sup> | 1062 | 75753 |
|  |  | 359352 |
| **Energy — 7.86%** |  |  |
| Antero Resources Corp.<sup>(a)(b)</sup> | 3256 | 138185 |
| Murphy USA, Inc.<sup>(b)</sup> | 369 | 182275 |
| Range Resources Corp.<sup>(b)</sup> | 2396 | 108251 |
| Tidewater, Inc.<sup>(a)(b)</sup> | 1803 | 150641 |
|  |  | 579352 |
| **Financials — 8.87%** |  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 2028 | 194668 |
| Assured Guaranty Ltd. | 899 | 73250 |
| Brown & Brown, Inc. | 1991 | 129833 |
| Essent Group Ltd. | 1451 | 84797 |
| Federal Agricultural Mortgage Corp., Class C | 660 | 97911 |
| Houlihan Lokey, Inc. | 516 | 74108 |
|  |  | 654567 |
| **Health Care — 7.72%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 567 | 97201 |
| Bruker Corp. | 3232 | 116740 |

---

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

VELA SMALL-MID CAP FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Health Care — (continued)** |  |  |
| Encompass Health Corp. | 1166 | $112787 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 608 | 52385 |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 2830 | 70778 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 2316 | 119714 |
|  |  | 569605 |
| **Industrials — 19.24%** |  |  |
| Applied Industrial Technologies, Inc. | 278 | 73759 |
| Cactus, Inc., Class A | 3233 | 153147 |
| Copa Holdings, S.A., Class A | 768 | 87252 |
| Greenbrier Companies, Inc. (The)<sup>(b)</sup> | 2988 | 157318 |
| Hub Group, Inc., Class A | 6377 | 229827 |
| Janus International Group, Inc.<sup>(a)</sup> | 10985 | 56573 |
| Kirby Corp.<sup>(a)</sup> | 2169 | 288217 |
| Limbach Holdings, Inc.<sup>(a)</sup> | 1506 | 117543 |
| Lincoln Electric Holdings, Inc. | 667 | 166137 |
| Toro Co. (The)<sup>(b)</sup> | 959 | 89609 |
|  |  | 1419382 |
| **Materials — 13.66%** |  |  |
| Alamos Gold, Inc., Class A<sup>(b)</sup> | 1363 | 60558 |
| Avery Dennison Corp. | 420 | 72526 |
| Carlisle Companies, Inc. | 600 | 200172 |
| Crown Holdings, Inc. | 723 | 72481 |
| PPG Industries, Inc. | 1229 | 131355 |
| RPM International, Inc. | 881 | 87571 |
| Simpson Manufacturing Co., Inc. | 619 | 106233 |
| Worthington Enterprises, Inc. | 5308 | 276759 |
|  |  | 1007655 |
| **Technology — 16.34%** |  |  |
| Corpay, Inc.<sup>(a)</sup> | 414 | 120470 |
| EPAM Systems, Inc.<sup>(a)</sup> | 852 | 115361 |
| Equifax, Inc. | 1061 | 191054 |
| Fidelity National Information Services, Inc. | 2561 | 120136 |
| Jack Henry & Associates, Inc. | 875 | 138285 |
| Shift4 Payments, Inc., Class A<sup>(a)</sup> | 2401 | 104996 |
| SPS Commerce, Inc.<sup>(a)</sup> | 961 | 53499 |

---

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

VELA SMALL-MID CAP FUND <br> Schedule of Investments (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| |<br>Shares | Fair<br>Value |
| **Common Stocks — (continued)** |  |  |
| **Technology — (continued)** |  |  |
| Wix.com Ltd.<sup>(a)</sup> | 2370 | $213466 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 709 | 148238 |
|  |  | 1205505 |
| **Utilities — 1.45%** |  |  |
| National Fuel Gas Co. | 1139 | 107020 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,672,920)** |  | 7351489 |
| **Total Investments — 99.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,672,920)** |  | 7351489 |
| **Other Assets in Excess of Liabilities — 0.35%** |  | 25847 |
| **Net Assets — 100.00%** |  | $7377336 |

---

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

<sup>(b)</sup> Securities, or a portion thereof, have been pledged as collateral on written option contracts. The total collateral pledged is $487,304.

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

VELA SMALL-MID CAP FUND <br> Schedule of Open Written Options Contracts <br> *March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Exercise | Expiration | Fair |
| Description | Contracts | Amount | Price | Date | Value |
| **Written Call Options (0.24)%** |  |  |  |  |  |
| Alamos Gold, Inc., Class A | (7) | $(31101) | $55.00 | June 2026 | $(1225) |
| Antero Resources Corp. | (3) | (12732) | 50.00 | August 2026 | (765) |
| Antero Resources Corp. | (11) | (46684) | 55.00 | August 2026 | (1650) |
| Coca-Cola Consolidated, Inc. | (2) | (38348) | 185.00 | June 2026 | (3570) |
| Deckers Outdoor Corp. | (2) | (20018) | 150.00 | June 2026 | (95) |
| Greenbrier Companies, Inc. (The) | (5) | (26325) | 67.50 | June 2026 | (263) |
| Murphy USA, Inc. | (2) | (98794) | 600.00 | October 2026 | (4529) |
| Range Resources Corp. | (3) | (13554) | 50.00 | September 2026 | (1005) |
| Range Resources Corp. | (11) | (49698) | 55.00 | September 2026 | (2145) |
| Sysco Corp. | (7) | (49931) | 100.00 | June 2026 | (14) |
| Tidewater, Inc. | (5) | (41775) | 115.00 | July 2026 | (1200) |
| Toro Co. (The) | (3) | (28032) | 115.00 | September 2026 | (563) |
| Valvoline, Inc. | (9) | (30312) | 45.00 | July 2026 | (630) |
| **TOTAL WRITTEN CALL OPTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Premiums Received $17,102)** |  |  |  |  | $(17654) |

---

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

VELA Funds <br> Statements of Assets and Liabilities <br> *March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | VELA | VELA | VELA |
|  | Small Cap | Large Cap | International |
|  | Fund | Plus Fund | Fund |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $149,178,911, $54,492,311 and $66,283,488) | $166848060 | $68452200 | $75982313 |
| Cash held at broker for securities sold short |  | 2124398 |  |
| Cash |  | 95709 |  |
| Receivable for fund shares sold | 52810 | 7922 | 9112 |
| Receivable for investments sold | 325391 | 191009 |  |
| Dividends and interest receivable | 440107 | 42167 | 270208 |
| Tax reclaims receivable |  | 3065 | 284148 |
| **Total Assets** | 167666368 | 70916470 | 76545781 |
| **Liabilities** |  |  |  |
| Investments in securities sold short, at fair value (proceeds received $—, $3,706,611 and $—) |  | 3980212 |  |
| Options written, at value (premium received $775,440, $297,787 and $—) | 922125 | 657788 |  |
| Payable for fund shares redeemed | 30285 | 29066 | 18821 |
| Due to Custodian | 22 |  | 1871801 |
| Payable for investments purchased |  | 813460 |  |
| Payable to Adviser | 104422 | 33786 | 46285 |
| 12b-1 fees accrued - Class A | 12055 | 199 | 274 |
| Administrative fees payable | 47338 | 19146 | 20982 |
| Dividend expenses payable on short positions |  | 296 |  |
| **Total Liabilities** | 1116247 | 5533953 | 1958163 |
| **Net Assets** | $166550121 | $65382517 | $74587618 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $131606619 | $50232691 | $58841734 |
| Accumulated earnings | 34943502 | 15149826 | 15745884 |
| **Net Assets** | $166550121 | $65382517 | $74587618 |

---

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

VELA Funds <br> Statements of Assets and Liabilities (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | VELA | VELA | VELA |
|  | Small Cap | Large Cap | International |
|  | Fund | Plus Fund | Fund |
| **Class A:** |  |  |  |
| Net Assets | $25318066 | $284645 | $533752 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1241729 | 17673 | 34614 |
| Net asset value, offering and redemption price per share | $20.39 | $16.11 | $15.42 |
| Maximum offering price per share<sup>(a)</sup> | $21.46 | $16.95 | $16.23 |
| **Class I:** |  |  |  |
| Net Assets | $141232055 | $65097872 | $74053866 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 6885270 | 4001937 | 4777710 |
| Net asset value, offering and redemption price per share | $20.51 | $16.27 | $15.50 |

---

<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 <br> Statements of Assets and Liabilities (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | VELA | VELA | VELA |
|  | Income | Short | Small-Mid |
|  | Opportunities | Duration | Cap |
|  | Fund | Fund | Fund |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $39,699,206, $44,065,867 and $7,672,920) | $40247473 | $43986174 | $7351489 |
| Receivable for investments sold | 5563 |  | 55867 |
| Dividends and interest receivable | 351335 | 446108 | 3847 |
| Tax reclaims receivable | 1285 |  |  |
| **Total Assets** | 40605656 | 44432282 | 7411203 |
| **Liabilities** |  |  |  |
| Options written, at value (premium received $121,411, $— and $17,102) | 109307 |  | 17654 |
| Payable for fund shares redeemed |  | 67781 |  |
| Due to Custodian | 126519 |  | 9597 |
| Payable for investments purchased | 298012 | 350085 |  |
| Payable for distributions to shareholders |  | 40822 |  |
| Payable to Adviser | 15401 | 10946 | 4453 |
| 12b-1 fees accrued - Class A | 181 | 143 |  |
| Administrative fees payable | 10473 | 12406 | 2163 |
| **Total Liabilities** | 559893 | 482183 | 33867 |
| **Net Assets** | $40045763 | $43950099 | $7377336 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $38934056 | $43968049 | $7692062 |
| Accumulated earnings (deficit) | 1111707 | (17950) | (314726) |
| **Net Assets** | $40045763 | $43950099 | $7377336 |
| **Class A:** |  |  |  |
| Net Assets | $111401 | $50726 |  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 11406 | 5052 |  |
| Net asset value, offering and redemption price per share | $9.77 | $10.04 |  |
| Maximum offering price per share<sup>(a)</sup> | $10.28 | $10.57 |  |
| **Class I:** |  |  |  |
| Net Assets | $39934362 | $43899373 | $7377336 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 4088096 | 4372894 | 761170 |
| Net asset value, offering and redemption price per share | $9.77 | $10.04 | $9.69 |

---

<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 <br> Statements of Operations <br> *For the six months ended March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | VELA | VELA | VELA |
|  | Small Cap | Large Cap | International |
|  | Fund | Plus Fund | Fund |
| **Investment Income** |  |  |  |
| Dividend income | $2489477 | $495521 | $984523 |
| Foreign taxes withheld | (19279) | (6693) | (41967) |
| **Total investment income** | 2470198 | 488828 | 942556 |
| **Expenses** |  |  |  |
| Investment management fees | 581147 | 205573 | 261983 |
| Administrative fees | 263455 | 116492 | 118767 |
| 12b-1 fees - Class A | 30596 | 535 | 750 |
| Dividend and interest expense on securities sold short |  | 37744 |  |
| **Net operating expenses** | 875198 | 360344 | 381500 |
| **Net investment income** | 1595000 | 128484 | 561056 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 16882517 | 2934110 | 5660355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | (312941) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  | 1160149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | (762274) | (39908) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (1242) | 46 | 3820 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | (9611049) | (4146962) | (5373132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | 67381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  | (289716) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | 83967 | (167553) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (1) |  | (12381) |
| **Net realized and change in unrealized gain (loss) on investment securities, securities sold short, options and foreign currency translations** | 6591918 | (795394) | 278662 |
| **Net increase (decrease) in net assets resulting from operations** | $8186918 | $(666910) | $839718 |

---

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

VELA Funds <br> Statements of Operations (continued) <br> *For the six months ended March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | VELA | VELA | VELA |
|  | Income | Short | Small-Mid |
|  | Opportunities | Duration | Cap |
|  | Fund | Fund | Fund<sup>(a)</sup> |
| **Investment Income** |  |  |  |
| Dividend income | $682487 | $22014 | $24586 |
| Foreign taxes withheld | (3962) |  | (119) |
| Interest income | 461505 | 972330 |  |
| **Total investment income** | 1140030 | 994344 | 24467 |
| **Expenses** |  |  |  |
| Investment management fees | 88533 | 60912 | 13548 |
| Administrative fees | 60203 | 69034 | 6580 |
| 12b-1 fees - Class A | 177 | 69 |  |
| Dividend and interest expense on securities sold short |  |  |  |
| **Net operating expenses** | 148913 | 130015 | 20128 |
| **Net investment income** | 991117 | 864329 | 4339 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 838553 | 60644 | 8681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | 74936 |  | (5762) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (402) |  | (1) |
| Net change in unrealized depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | (1721156) | (372072) | (321431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | (7740) |  | (552) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (758) |  |  |
| **Net realized and change in unrealized loss on investment securities, securities sold short, options and foreign currency translations** | (816567) | (311428) | (319065) |
| **Net increase (decrease) in net assets resulting from operations** | $174550 | $552901 | $(314726) |

---

<sup>(a)</sup> For the period December 15, 2025 (commencement of operations) to March 31, 2026.

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

VELA Funds <br> 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 | | For the | |
|  | Six Months | For the | Six Months | For the |
|  | Ended | Year Ended | Ended | Year Ended |
|  | March 31, 2026 | September 30, | March 31, 2026 | September 30, |
|  | (Unaudited) | 2025 | (Unaudited) | 2025 |
| **Increase (Decrease) in Net Assets due to:** | **Increase (Decrease) in Net Assets due to:** |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income (loss) | $1595000 | $(26156) | $128484 | $526843 |
| Net realized gain on investment securities, sold short, options and foreign currency translations | 16119001 | 1633240 | 3741456 | 2347600 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (9527083) | 2215194 | (4536850) | 913302 |
| **Net increase (decrease) in net assets resulting from operations** | 8186918 | 3822278 | (666910) | 3787745 |
| **Distributions to Shareholders from Earnings** | **Distributions to Shareholders from Earnings** |  |  |  |
| Class A | (245577) |  | (39162) | (13533) |
| Class I | (1279867) | (203254) | (4646539) | (4542086) |
| **Total distributions** | (1525444) | (203254) | (4685701) | (4555619) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 2188723 | 4010119 | 103819 | 571659 |
| Reinvestment of distributions | 245577 |  | 39162 | 13533 |
| Amount paid for shares redeemed | (962327) | (3119308) | (381920) | (196972) |
| **Total – Class A** | 1471973 | 890811 | (238939) | 388220 |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 18691747 | 41829641 | 4705892 | 5609065 |
| Reinvestment of distributions | 1011987 | 202234 | 3318119 | 4541976 |
| Amount paid for shares redeemed | (4317460) | (10735743) | (6076823) | (12745112) |
| **Total – Class I** | 15386274 | 31296132 | 1947188 | (2594071) |
| **Net increase (decrease) in net assets resulting from capital transactions** | 16858247 | 32186943 | 1708249 | (2205851) |
| **Total Increase (Decrease) in Net Assets** | 23519721 | 35805967 | (3644362) | (2973725) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 143030400 | 107224433 | 69026879 | 72000604 |
| **End of period** | $166550121 | $143030400 | $65382517 | $69026879 |

---

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

VELA Funds <br> 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 | | For the | |
|  | Six Months | For the | Six Months | For the |
|  | Ended | Year Ended | Ended | Year Ended |
|  | March 31, 2026 | September 30, | March 31, 2026 | September 30, |
|  | (Unaudited) | 2025 | (Unaudited) | 2025 |
| **Share Transactions – Class A** |  |  |  |  |
| Shares sold | 106494 | 211617 | 6011 | 33444 |
| Shares issued in reinvestment of distributions | 11927 |  | 2334 | 817 |
| Shares redeemed | (46705) | (163256) | (22555) | (11558) |
| **Total – Class A** | 71716 | 48361 | (14210) | 22703 |
| **Share Transactions – Class I** |  |  |  |  |
| Shares sold | 892120 | 2278714 | 281731 | 333012 |
| Shares issued in reinvestment of distributions | 48888 | 10666 | 195990 | 272137 |
| Shares redeemed | (211054) | (570978) | (361210) | (748331) |
| **Total – Class I** | 729954 | 1718402 | 116511 | (143182) |
| **Net Increase (Decrease) in Shares Outstanding** | 801670 | 1766763 | 102301 | (120479) |

---

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

VELA Funds <br> Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | VELA | VELA |
|  | VELA International Fund | VELA International Fund | Income Opportunities Fund | Income Opportunities Fund |
|  | For the | | For the | |
|  | Six Months | For the | Six Months | For the |
|  | Ended | Year Ended | Ended | Year Ended |
|  | March 31, 2026 | September 30, | March 31, 2026 | September 30, |
|  | (Unaudited) | 2025 | (Unaudited) | 2025 |
| **Increase (Decrease) in Net Assets due to:** | **Increase (Decrease) in Net Assets due to:** |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $561056 | $1248464 | $991117 | $1318137 |
| Net realized gain on investment securities, sold short, options and foreign currency translations | 5664175 | 3844684 | 913087 | 108284 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (5385513) | 6007902 | (1729654) | 240737 |
| **Net increase in net assets resulting from operations** | 839718 | 11101050 | 174550 | 1667158 |
| **Distributions to Shareholders from Earnings** | **Distributions to Shareholders from Earnings** | **Distributions to Shareholders from Earnings** |  |  |
| Class A | (49199) | (5866) | (2393) | (4987) |
| Class I | (5094889) | (1585733) | (634811) | (1300138) |
| **Total distributions** | (5144088) | (1591599) | (637204) | (1305125) |
| **Capital Transactions – Class A** |  |  |  |  |
| Proceeds from shares sold | 223905 | 436957 | 81276 | 71022 |
| Reinvestment of distributions | 49199 | 5866 | 2393 | 4987 |
| Amount paid for shares redeemed | (344339) | (38609) | (120555) | (35730) |
| **Total – Class A** | (71235) | 404214 | (36886) | 40279 |
| **Capital Transactions – Class I** |  |  |  |  |
| Proceeds from shares sold | 9890833 | 8077535 | 6426171 | 5342055 |
| Reinvestment of distributions | 4153052 | 1573198 | 634811 | 1300138 |
| Amount paid for shares redeemed | (3588522) | (2690492) | (1626939) | (1417017) |
| **Total – Class I** | 10455363 | 6960241 | 5434043 | 5225176 |
| **Net increase in net assets resulting from capital transactions** | 10384128 | 7364455 | 5397157 | 5265455 |
| **Total Increase in Net Assets** | 6079758 | 16873906 | 4934503 | 5627488 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 68507860 | 51633954 | 35111260 | 29483772 |
| **End of period** | $74587618 | $68507860 | $40045763 | $35111260 |

---

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

VELA Funds <br> Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | VELA | VELA |
|  | VELA International Fund | VELA International Fund | Income Opportunities Fund | Income Opportunities Fund |
|  | For the | | For the | |
|  | Six Months | For the | Six Months | For the |
|  | Ended | Year Ended | Ended | Year Ended |
|  | March 31, 2026 | September 30, | March 31, 2026 | September 30, |
|  | (Unaudited) | 2025 | (Unaudited) | 2025 |
| **Share Transactions – Class A** |  |  |  |  |
| Shares sold | 13944 | 29137 | 8199 | 7368 |
| Shares issued in reinvestment of distributions | 3178 | 458 | 241 | 516 |
| Shares redeemed | (21706) | (2629) | (12096) | (3698) |
| **Total – Class A** | (4584) | 26966 | (3656) | 4186 |
| **Share Transactions – Class I** |  |  |  |  |
| Shares sold | 618554 | 561958 | 651621 | 551891 |
| Shares issued in reinvestment of distributions | 267077 | 122523 | 64108 | 134416 |
| Shares redeemed | (224183) | (181822) | (163416) | (146734) |
| **Total – Class I** | 661448 | 502659 | 552313 | 539573 |
| **Net Increase in Shares Outstanding** | 656864 | 529625 | 548657 | 543759 |

---

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

VELA Funds <br> Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | VELA Short Duration Fund | VELA Short Duration Fund | VELA<br>Small-Mid<br>Cap Fund |
|  | For the | | For the |
|  | Six Months | For the | Period Ended |
|  | Ended | Year Ended | March 31, |
|  | March 31, 2026 | September 30, | 2026<sup>(a)</sup> |
|  | (Unaudited) | 2025 | (Unaudited) |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |
| **Operations** |  |  |  |
| Net investment income | $864329 | $1360421 | $4339 |
| Net realized gain on investment securities, sold short, options and foreign currency translations | 60644 | 30284 | 2918 |
| Net change in unrealized appreciation (depreciation) of investment securities, securities sold short, options and foreign currency translations | (372072) | 157451 | (321983) |
| **Net increase (decrease) in net assets resulting from operations** | 552901 | 1548156 | (314726) |
| **Distributions to Shareholders from Earnings** |  |  |  |
| Class A | (1154) | (2204) |  |
| Class I | (891359) | (1370234) |  |
| **Total distributions** | (892513) | (1372438) |  |
| **Capital Transactions – Class A** |  |  |  |
| Proceeds from shares sold | 19003 | 220706 |  |
| Reinvestment of distributions | 1154 | 2204 |  |
| Amount paid for shares redeemed | (27826) | (201361) |  |
| **Total – Class A** | (7669) | 21549 |  |
| **Capital Transactions – Class I** |  |  |  |
| Proceeds from shares sold | 7341005 | 18326051 | 7742107 |
| Reinvestment of distributions | 638453 | 1124093 |  |
| Amount paid for shares redeemed | (822651) | (949498) | (50045) |
| **Total – Class I** | 7156807 | 18500646 | 7692062 |
| **Net increase in net assets resulting from capital transactions** | 7149138 | 18522195 | 7692062 |
| **Total Increase in Net Assets** | 6809526 | 18697913 | 7377336 |
| **Net Assets** |  |  |  |
| Beginning of period | 37140573 | 18442660 |  |
| **End of period** | $43950099 | $37140573 | $7377336 |

---

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

VELA Funds <br> Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | VELA Short Duration Fund | VELA Short Duration Fund | VELA<br>Small-Mid<br>Cap Fund |
|  | For the | | For the |
|  | Six Months | For the | Period Ended |
|  | Ended | Year Ended | March 31, |
|  | March 31, 2026 | September 30, | 2026<sup>(a)</sup> |
|  | (Unaudited) | 2025 | (Unaudited) |
| **Share Transactions – Class A** |  |  |  |
| Shares sold | 1877 | 21965 |  |
| Shares issued in reinvestment of distributions | 114 | 219 |  |
| Shares redeemed | (2750) | (20056) |  |
| **Total – Class A** | (759) | 2128 |  |
| **Share Transactions – Class I** |  |  |  |
| Shares sold | 726416 | 1823945 | 766421 |
| Shares issued in reinvestment of distributions | 63178 | 111661 |  |
| Shares redeemed | (81357) | (94306) | (5251) |
| **Total – Class I** | 708237 | 1841300 | 761170 |
| **Net Increase in Shares Outstanding** | 707478 | 1843428 | 761170 |

---

<sup>(a)</sup> For the period December 15, 2025 (commencement of operations) to March 31, 2026.

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

VELA Small Cap Fund – Class A <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $19.45 | $19.22 | $16.14 | $14.21 | $15.49 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.18 | (0.04) | 0.02 | 0.09 | 0.05 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.97 | 0.27 | 3.14 | 1.91 | (1.17) | 5.51 |
| Total from investment operations | 1.15 | 0.23 | 3.16 | 2.00 | (1.12) | 5.49 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.08) | (0.07) | (0.02) | — <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.21) |  |  |  | (0.14) |  |
| Total distributions | (0.21) |  | (0.08) | (0.07) | (0.16) | — <sup>(a)</sup> |
| **Net asset value, end of period** | $20.39 | $19.45 | $19.22 | $16.14 | $14.21 | $15.49 |
| **Total Return<sup>(b)</sup>** | 5.88 % <sup>(c)</sup> | 1.20% | 19.61% | 14.11% | (7.41)% | 54.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $25318 | $22755 | $21559 | $14620 | $12322 | $8520 |
| Ratio of expenses to average net assets | 1.34 % <sup>(d)</sup> | 1.36% | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income (loss) to average net assets | 1.82 % <sup>(d)</sup> | (0.23)% | 0.14% | 0.60% | 0.36% | (0.34)% |
| Portfolio turnover rate<sup>(e)</sup> | 36 % <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> Not annualized

<sup>(d)</sup> Annualized

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

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

VELA Small Cap Fund – Class I <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $19.54 | $19.31 | $16.21 | $14.27 | $15.53 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20 | — <sup>(a)</sup> | 0.06 | 0.13 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.98 | 0.27 | 3.15 | 1.92 | (1.18) | 5.51 |
| Total from investment operations | 1.18 | 0.27 | 3.21 | 2.05 | (1.09) | 5.54 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) | (0.11) | (0.11) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.21) |  |  |  | (0.14) |  |
| Total distributions | (0.21) | (0.04) | (0.11) | (0.11) | (0.17) | (0.01) |
| **Net asset value, end of period** | $20.51 | $19.54 | $19.31 | $16.21 | $14.27 | $15.53 |
| **Total Return<sup>(b)</sup>** | 6.01 % <sup>(c)</sup> | 1.42% | 19.92% | 14.38% | (7.20)% | 55.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $141232 | $120276 | $85665 | $60805 | $44834 | $43358 |
| Ratio of expenses to average net assets | 1.09 % <sup>(d)</sup> | 1.11% | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income to average net assets | 2.10 % <sup>(d)</sup> | 0.02% | 0.39% | 0.85% | 0.57% | 0.21% |
| Portfolio turnover rate<sup>(e)</sup> | 36 % <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> 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 Large Cap Plus Fund – Class A <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.45 | $17.67 | $14.28 | $12.70 | $13.70 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.06) <sup>(a)</sup> | (0.06) <sup>(a)</sup> | 0.19 | (0.01) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.10) | 0.93 | 3.20 | 1.83 | (0.92) | 3.76 |
| Total from investment operations | (0.16) | 0.87 | 3.39 | 1.82 | (0.95) | 3.71 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | — <sup>(b)</sup> |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.98) | (1.09) |  | (0.24) | (0.05) |  |
| Total distributions | (1.18) | (1.09) |  | (0.24) | (0.05) | (0.01) |
| **Net asset value, end of period** | $16.11 | $17.45 | $17.67 | $14.28 | $12.70 | $13.70 |
| **Total Return<sup>(c)</sup>** | (1.20)% <sup>(d)</sup> | 5.28% | 23.74% | 14.47% | (6.97)% | 37.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $285 | $556 | $162 | $264 | $209 | $99 |
| Ratio of expenses to average net assets | 1.38 % <sup>(e)(f)</sup> | 1.28 % <sup>(g)</sup> | 1.47 % <sup>(h)</sup> | 1.85 % <sup>(i)</sup> | 2.15 % <sup>(j)</sup> | 2.11 % <sup>(k)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.14 % <sup>(e)</sup> | 0.48% | 0.59% | (0.07)% | (0.48)% | (0.53)% |
| Portfolio turnover rate<sup>(l)</sup> | 20 % <sup>(d)</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.

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

VELA Large Cap Plus Fund – Class A <br> Financial Highlights <br> *(For a share outstanding during each period)*

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

<sup>(e)</sup> Annualized

<sup>(f)</sup> Includes dividend and interest expense of 0.11% for the period ended March 31, 2026.

<sup>(g)</sup> Includes dividend and interest expense of 0.07% for the period ended September 30, 2025.

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

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

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

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

<sup>(l)</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 <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.62 | $17.83 | $14.38 | $12.75 | $13.73 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.14 | 0.13 | 0.03 | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.18) | 0.79 | 3.33 | 1.84 | (0.90) | 3.76 |
| Total from investment operations | (0.14) | 0.93 | 3.46 | 1.87 | (0.93) | 3.74 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.05) | (0.01) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.98) | (1.09) |  | (0.24) | (0.05) |  |
| Total distributions | (1.21) | (1.14) | (0.01) | (0.24) | (0.05) | (0.01) |
| **Net asset value, end of period** | $16.27 | $17.62 | $17.83 | $14.38 | $12.75 | $13.73 |
| **Total Return<sup>(a)</sup>** | (1.09)% <sup>(b)</sup> | 5.57% | 24.04% | 14.81% | (6.80)% | 37.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $65098 | $68470 | $71838 | $55549 | $30276 | $25206 |
| Ratio of expenses to average net assets | 1.13 % <sup>(c)(d)</sup> | 1.03 % <sup>(e)</sup> | 1.20 % <sup>(f)</sup> | 1.56 % <sup>(g)</sup> | 1.84 % <sup>(h)</sup> | 1.86 % <sup>(i)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.38 % <sup>(c)</sup> | 0.76% | 0.82% | 0.24% | (0.26)% | (0.15)% |
| Portfolio turnover rate<sup>(j)</sup> | 20 % <sup>(b)</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> Not annualized

<sup>(c)</sup> Annualized

<sup>(d)</sup> Includes dividend and interest expense of 0.11% for the period ended March 31, 2026.

<sup>(e)</sup> Includes dividend and interest expense of 0.07% for the period ended September 30, 2025.

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

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

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

VELA Large Cap Plus Fund – Class I <br> Financial Highlights <br> *(For a share outstanding during each period)*

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

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

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

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

VELA International Fund – Class A <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $16.40 | $14.17 | $12.13 | $9.68 | $12.31 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.12 | 0.10 | 0.14 | 0.29 | 0.22 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.13 | 2.53 | 2.17 | 2.32 | (2.81) | 2.14 |
| Total from investment operations | 0.25 | 2.63 | 2.31 | 2.61 | (2.59) | 2.31 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.23) | (0.27) | (0.16) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.01) | (0.17) |  |  |  |  |
| Total distributions | (1.23) | (0.40) | (0.27) | (0.16) | (0.04) |  |
| **Net asset value, end of period** | $15.42 | $16.40 | $14.17 | $12.13 | $9.68 | $12.31 |
| **Total Return<sup>(a)</sup>** | 1.45 % <sup>(b)</sup> | 19.34% | 19.33% | 27.13% | (21.10)% | 23.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $534 | $643 | $173 | $155 | $70 | $119 |
| Ratio of expenses to average net assets | 1.34 % <sup>(c)</sup> | 1.36% | 1.39% | 1.42% | 1.45% | 1.45% |
| Ratio of net investment income to average net assets | 1.31 % <sup>(c)</sup> | 1.65% | 2.25% | 2.89% | 1.65% | 2.01% |
| Portfolio turnover rate<sup>(d)</sup> | 28 % <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> Not annualized

<sup>(c)</sup> Annualized

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

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

VELA International Fund – Class I <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Selected Per Share Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $16.49 | $14.24 | $12.17 | $9.72 | $12.36 | $10.00 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.11 | 0.30 | 0.31 | 0.34 | 0.24 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 2.38 | 2.05 | 2.30 | (2.80) | 2.24 |
| Total from investment operations | 0.26 | 2.68 | 2.36 | 2.64 | (2.56) | 2.36 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.26) | (0.29) | (0.19) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.01) | (0.17) |  |  |  |  |
| Total distributions | (1.25) | (0.43) | (0.29) | (0.19) | (0.08) |  |
| **Net asset value, end of period** | $15.50 | $16.49 | $14.24 | $12.17 | $9.72 | $12.36 |
| **Total Return<sup>(a)</sup>** | 1.53 % <sup>(b)</sup> | 19.67% | 19.69% | 27.28% | (20.84)% | 23.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $74054 | $67865 | $51461 | $40508 | $26881 | $27250 |
| Ratio of expenses to average net assets | 1.09 % <sup>(c)</sup> | 1.11% | 1.14% | 1.17% | 1.20% | 1.20% |
| Ratio of net investment income to average net assets | 1.61 % <sup>(c)</sup> | 2.20% | 2.49% | 2.94% | 2.23% | 1.14% |
| Portfolio turnover rate<sup>(d)</sup> | 28 % <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> Not annualized

<sup>(c)</sup> Annualized

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

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

VELA Income Opportunities Fund – Class A <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 |<br>For the<br>Period Ended<br>September 30,<br>2022<sup>(a)</sup> |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $9.89 | $9.80 | $8.70 | $8.12 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.28 | 0.36 | 0.30 | 0.25 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.24) | 0.09 | 1.12 | 0.57 | (1.86) |
| Total from investment operations | 0.04 | 0.45 | 1.42 | 0.82 | (1.81) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.36) | (0.32) | (0.24) | (0.07) |
| Total distributions | (0.16) | (0.36) | (0.32) | (0.24) | (0.07) |
| **Net asset value, end of period** | $9.77 | $9.89 | $9.80 | $8.70 | $8.12 |
| **Total Return<sup>(b)</sup>** | 0.41 % <sup>(c)</sup> | 4.72% | 16.47% | 10.07% | (18.15)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000's) | $111 | $149 | $107 | $111 | $88 |
| Ratio of expenses to average net assets | 1.09 % <sup>(d)</sup> | 1.11% | 1.14% | 1.17% | 1.20 % <sup>(d)</sup> |
| Ratio of net investment income to average net assets | 5.33 % <sup>(d)</sup> | 3.75% | 4.12% | 2.76% | 0.87 % <sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 29 % <sup>(c)</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 <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | For the Years Ended September 30, | For the Years Ended September 30, | For the Years Ended September 30, | |
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) | 2025 | 2024 | 2023 |<br>For the<br>Period Ended<br>September 30,<br>2022<sup>(a)</sup> |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of period | $9.89 | $9.80 | $8.70 | $8.13 | $10.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.25 | 0.38 | 0.34 | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | 0.09 | 1.10 | 0.57 | (1.87) |
| Total from investment operations | 0.05 | 0.47 | 1.44 | 0.83 | (1.79) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.38) | (0.34) | (0.26) | (0.08) |
| Total distributions | (0.17) | (0.38) | (0.34) | (0.26) | (0.08) |
| **Net asset value, end of period** | $9.77 | $9.89 | $9.80 | $8.70 | $8.13 |
| **Total Return<sup>(b)</sup>** | 0.54 % <sup>(c)</sup> | 4.98% | 16.76% | 10.22% | (17.91)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000's) | $39934 | $34962 | $29377 | $27176 | $22052 |
| Ratio of expenses to average net assets | 0.84 % <sup>(d)</sup> | 0.86% | 0.89% | 0.92% | 0.95 % <sup>(d)</sup> |
| Ratio of net investment income to average net assets | 5.60 % <sup>(d)</sup> | 4.00% | 3.67% | 3.01% | 2.54 % <sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 29 % <sup>(c)</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 <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) |<br>For the<br>Year Ended<br>September 30,<br>2025 |<br>For the<br>Period Ended<br>September 30,<br>2024<sup>(a)</sup> |
| **Selected Per Share Data** |  |  |  |
| Net asset value, beginning of period | $10.12 | $10.10 | $10.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.43 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 0.02 | 0.10 |
| Total from investment operations | 0.13 | 0.45 | 0.40 |
| Less distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.43) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.01) | — <sup>(b)</sup> |  |
| Total distributions | (0.21) | (0.43) | (0.30) |
| **Net asset value, end of period** | $10.04 | $10.12 | $10.10 |
| **Total Return<sup>(c)</sup>** | 1.28 % <sup>(d)</sup> | 4.62% | 4.05 % <sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $51 | $59 | $37 |
| Ratio of expenses to average net assets | 0.89 % <sup>(e)</sup> | 0.91% | 0.94 % <sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.02 % <sup>(e)</sup> | 4.21% | 4.64 % <sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 22 % <sup>(d)</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 <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>March 31,<br>2026<br>(Unaudited) |<br>For the<br>Year Ended<br>September 30,<br>2025 |<br>For the<br>Period Ended<br>September 30,<br>2024<sup>(a)</sup> |
| **Selected Per Share Data** |  |  |  |
| Net asset value, beginning of period | $10.12 | $10.09 | $10.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.21 | 0.45 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 0.03 | 0.09 |
| Total from investment operations | 0.14 | 0.48 | 0.47 |
| Less distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.45) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.01) | — <sup>(b)</sup> |  |
| Total distributions | (0.22) | (0.45) | (0.38) |
| **Net asset value, end of period** | $10.04 | $10.12 | $10.09 |
| **Total Return<sup>(c)</sup>** | 1.41 % <sup>(d)</sup> | 4.92% | 4.81 % <sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $43899 | $37082 | $18405 |
| Ratio of expenses to average net assets | 0.64 % <sup>(e)</sup> | 0.66% | 0.69 % <sup>(e)</sup> |
| Ratio of net investment income to average net assets | 4.26 % <sup>(e)</sup> | 4.46% | 4.87 % <sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 22 % <sup>(d)</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 Small-Mid Cap Fund - Class I <br> Financial Highlights <br> *(For a share outstanding during each period)*

---

| | |
|:---|:---|
|  | For the<br>Period Ended<br>March 31,<br>2026<br>(Unaudited)<sup>(a)</sup> |
| **Selected Per Share Data** |  |
| Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.32) |
| Total from investment operations | (0.31) |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |
| Total distributions |  |
| **Net asset value, end of period** | $9.69 |
| **Total Return<sup>(b)</sup>** | (3.10)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $7377 |
| Ratio of expenses to average net assets | 1.04 % <sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.22 % <sup>(d)</sup> |
| Portfolio turnover rate | 10 % <sup>(c)</sup> |

---

<sup>(a)</sup> For the period December 15, 2025 (commencement of operations) to March 31, 2026.

<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

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

VELA Funds <br> Notes to the Financial Statements <br> *March 31, 2026 (Unaudited)*

**NOTE 1. ORGANIZATION**

VELA Funds (the "Trust") currently offers six 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"), VELA Short Duration Fund (the "Short Duration Fund") and VELA Small-Mid Cap Fund (the "Small-Mid Cap 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, International Fund and Small-Mid Cap 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. The Small-Mid Cap Fund currently only offers Class I Shares.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is the President and Principal Executive Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

**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.

**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

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

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 March 31, 2026 there was $2,124,398 cash held at the broker and $21,744,702 of securities held as collateral for securities sold short.

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

As of and during the six months ended March 31, 2026, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the six months, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

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

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

**Dividends and Distributions** – The Small Cap Fund, Large Cap Plus Fund, International Fund and Small-Mid Cap 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.

**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

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

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 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 <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Small Cap Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $166129928 | $— | $— | $166129928 |
| Money Market Funds | 718132 |  |  | 718132 |
| &nbsp;&nbsp;&nbsp;Total | $166848060 | $— | $— | $166848060 |
| **Liabilities** |  |  |  |  |
| **Small Cap Fund** |  |  |  |  |
| Written Call Options | $— | $(922125) | $— | $(922125) |
| &nbsp;&nbsp;&nbsp;Total | $— | $(922125) | $— | $(922125) |
| **Large Cap Plus Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $62408985 | $— | $— | $62408985 |
| Call Options Purchased |  | 303980 |  | 303980 |
| Put Options Purchased |  | 981050 |  | 981050 |
| Money Market Funds | 4758185 |  |  | 4758185 |
| &nbsp;&nbsp;&nbsp;Total | $67167170 | $1285030 | $— | $68452200 |
| **Liabilities** |  |  |  |  |
| **Large Cap Plus Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(3599606) | $— | $— | $(3599606) |
| Exchange-Traded Funds | (380606) |  |  | (380606) |
| Written Call Options |  | (657788) |  | (657788) |
| &nbsp;&nbsp;&nbsp;Total | $(3980212) | $(657788) | $— | $(4638000) |
| **Assets** |  |  |  |  |
| **International Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $20280200 | $48039190 | $— | $68319390 |
| Money Market Funds | 7662923 |  |  | 7662923 |
| &nbsp;&nbsp;&nbsp;Total | $27943123 | $48039190 | $— | $75982313 |
| **Assets** |  |  |  |  |
| **Income Opportunities Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $20112727 | $837957 | $— | $20950684 |
| Preferred Stocks | 2682452 |  |  | 2682452 |
| Corporate Bonds |  | 14772420 |  | 14772420 |
| Money Market Funds | 1841917 |  |  | 1841917 |
| &nbsp;&nbsp;&nbsp;Total | $24637096 | $15610377 | $— | $40247473 |

---

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Liabilities** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Income Opportunities Fund** |  |  |  |  |
| Written Call Options | $— | $(109307) | $— | $(109307) |
| &nbsp;&nbsp;&nbsp;Total | $— | $(109307) | $— | $(109307) |
| **Assets** |  |  |  |  |
| **Short Duration Fund** |  |  |  |  |
| Corporate Bonds | $— | $26408645 | $— | $26408645 |
| U.S. Government & Agencies |  | 12950161 |  | 12950161 |
| Money Market Funds | 1939968 |  |  | 1939968 |
| Asset Backed Securities |  | 1255106 |  | 1255106 |
| Collateralized Mortgage Obligations |  | 1432294 |  | 1432294 |
| &nbsp;&nbsp;&nbsp;Total | $1939968 | $42046206 | $— | $43986174 |
| **Assets** |  |  |  |  |
| **Small-Mid Cap Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $7351489 | $— | $— | $7351489 |
| &nbsp;&nbsp;&nbsp;Total | $7351489 | $— | $— | $7351489 |
| **Liabilities** |  |  |  |  |
| **Small-Mid Cap Fund** |  |  |  |  |
| Written Call Options | $— | $(17654) | $— | $(17654) |
| &nbsp;&nbsp;&nbsp;Total | $— | $(17654) | $— | $(17654) |

---

<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

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

(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.

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2026, and the effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2026.

**Location of Derivatives on Statement of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Derivatives** | <br>**Asset Derivatives** | **Liability**<br>**Derivatives** |<br>**Fair Value** |
| Small Cap Fund | Equity Price Risk: Written Options |  | Written options, at fair value | $(922125) |
| Large Cap Plus Fund | &nbsp;&nbsp;&nbsp;Purchased Options | Investments in securities at fair value |  | $1285030 |
|  | &nbsp;&nbsp;&nbsp;Written Options |  | Written options, at fair value | (657788) |
| Income Opportunities Fund | &nbsp;&nbsp;&nbsp;Written Options |  | Written options, at fair value | $(109307) |
| Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp;Written Options |  | Written options, at fair value | $(17654) |

---

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

For the six months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Derivatives** | <br>**Location of Gain (Loss)**<br>**on Derivatives on**<br>**Statements of Operations** |<br>**Realized Gain**<br>**(Loss) on**<br>**Derivatives** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**on Derivatives** |
|  | **Equity Risk Exposure:**<br>| Net realized gain and change in unrealized appreciation (depreciation) on investment securities |  |  |
| Small Cap Fund | Written Options |  | $(762274) | $83967 |
| Large Cap Plus Fund | Purchased Options |  | 1160149 | (289716) |
|  | Written Options |  | (39908) | (167553) |
| Income Opportunities Fund | Written Options |  | 74936 | (7740) |
| Small-Mid Cap Fund | Written Options |  | (5762) | (552) |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the six months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | <br>**Derivatives** | **Average**<br>**Market Value** |
| Small Cap Fund<sup>(a)</sup> | Written Options | $(1502569) |
| Large Cap Plus Fund<sup>(a)</sup> | Purchased Options | 1362141 |
|  | Written Options | (355714) |
| Income Opportunities<br> Fund<sup>(a)</sup> | Written Options | (172510) |
| Small-Mid Cap Fund<sup>(b)</sup> | Written Options | (10589) |

---

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

<sup>(b)</sup> Average based on the 4 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 0.34%, 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

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

management fee and administrative fee for the for the Large Cap Plus Fund is 0.60% and 0.34%, 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 0.34%, 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 0.34%, 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 Small-Mid Cap Fund is 0.70% and 0.34%, respectively, of that Fund's average daily net assets computed and accrued daily and paid monthly. For the six months ended March 31, 2026, the fees charged to the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Adviser Fee<br>Earned | Payable to<br>Adviser | Administrative<br>Fee Earned | Administrative<br>Fee Payable |
| Small Cap Fund | $581147 | $104422 | $263455 | $47338 |
| Large Cap Plus Fund | $205573 | $33786 | $116492 | $19146 |
| International Fund | $261983 | $46285 | $118767 | $20982 |
| Income Opportunities Fund | $88533 | $15401 | $60203 | $10473 |
| Short Duration Fund | $60912 | $10946 | $69034 | $12406 |
| Small-Mid Cap Fund | $13548 | $4453 | $6580 | $2163 |

---

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

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

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.

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

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

The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 of the 1940 Act applicable to Class A shares. The Plan provides that the Funds will pay the Distributor and/ or any registered securities dealer, financial institution or any other person a fee of 0.25% of the average daily net assets of each Fund's Class A shares in connection with the promotion and distribution of each Fund's Class A shares or the provision of personal services to shareholders, including but not limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to parties other than current shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). For the six months ended March 31, 2026, 12b-1 Expenses incurred by the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  |<br>12b-1 fees | Payable for<br>12b-1 fees |
| Small Cap Fund | $30596 | $12055 |
| Large Cap Plus Fund | 535 | 199 |
| International Fund | 750 | 274 |
| Income Opportunities Fund | 177 | 181 |
| Short Duration Fund | 69 | 143 |

---

During the six months ended, March 31, 2026 the Distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

---

| | |
|:---|:---|
| Small Cap Fund | $453 |
| Large Cap Plus Fund |  |
| International Fund |  |
| 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 Chairperson of the Audit Committee, for serving as Chairperson of the Audit Committee receives a quarterly retainer of $2,500. 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.

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

**NOTE 6. INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Purchases |<br>Sales |<br>Securities Sold<br>Short | Covers on<br>Securities Sold<br>Short |
| Small Cap Fund | $74220303 | $56589574 | $— | $— |
| Large Cap Plus Fund | 9441403 | 14355301 | (6221805) | (6633678) |
| International Fund | 22581437 | 18080855 |  |  |
| Income Opportunities Fund | 14745226 | 10302005 |  |  |
| Short Duration Fund | 11076872 | 4529392 |  |  |
| Small-Mid Cap Fund | 8382443 | 6877671 |  |  |

---

**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of that Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Roderick Dillon owned 26.09% of the Short Duration Fund - Class I and 26.28% of the Small-Mid Cap Fund - Class I. As of March 31, 2026, Lisa Wesolek owned 54.39% 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.

**NOTE 8. FEDERAL TAX INFORMATION**

At March 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost of<br>Securities |<br>Unrealized<br>Appreciation |<br>Unrealized<br>Depreciation | Net unrealized<br>appreciation/<br>(depreciation) |
| Small Cap Fund | $148591404 | $29344264 | $(12009733) | $17334531 |
| Large Cap Plus Fund | 50511879 | 17088774 | (3786453) | 13302321 |
| International Fund | 66467680 | 13487064 | (3972431) | 9514633 |
| Income Opportunities Fund | 39587197 | 2517844 | (1966875) | 550969 |
| Short Duration Fund | 44065867 | 125779 | (205472) | (79693) |
| Small-Mid Cap Fund | 7655818 | 291822 | (613805) | (321983) |

---

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Small Cap<br>Fund |<br>Large Cap<br>Plus Fund |<br>International<br>Fund | Income<br>Opportunities<br>Fund |<br>Short<br>Duration Fund |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $167798 | $193583 | $971188 | $1304759 | $1331335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains | 35456 | 4362036 | 620411 |  |  |
| Total distributions paid | $203254 | $4555619 | $1591599 | $1304759 | $1331335 |

---

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

At September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Small Cap<br>Fund |<br>Large Cap Plus<br>Fund |<br>International<br>Fund | Income<br>Opportunities<br>Fund |<br>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 losses | (104818) | (1891032) |  | (705550) |  |
| Unrealized appreciation 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.

VELA Funds <br> Notes to the Financial Statements (continued) <br> *March 31, 2026 (Unaudited)*

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.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the period ended March 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Funds were immaterial.

**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 value of the Fund's portfolio will be adversely affected.

**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.

Additional Information (Unaudited)

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

Refer to the financial statements included herein.

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

At a meeting held on November 21, 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 second amended and restated investment advisory agreement between the Trust and VELA Investment Management, LLC (the "Adviser") (the "Advisory Agreement"), as well as approved an amendment to the Advisory Agreement with respect to the VELA Small-Mid Cap Fund (the "SMID Fund") (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 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 fund; (ii) the investment performance of the fund and the adviser; (iii) the costs of the services to be provided and profits to be realized by the adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of the fund's investors.

Additional Information (Unaudited) (continued)

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.* The Board examined the nature, extent, and quality of the services to be provided by the Adviser to the SMID Fund, including the Adviser's personnel and resources, a description of the manner in which investment decisions are made and executed, and a review of the financial condition of the Adviser. The Board noted that the proposed services are the same as the services that the Adviser currently provides to the legacy funds, including the caliber of the investment management and related services. The Board discussed the Adviser's compliance infrastructure and resources. The Board also considered the experience and knowledge of the management team and the Adviser's management of service provider relationships. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methodologies and compliance policies and procedures to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the SMID Fund was satisfactory.

*Performance.* The Board considered that the SMID Fund is newly formed and as such does not have a record of prior performance to submit at the meeting. The Board considered that the SMID Fund's investment strategy, under normal circumstances, seeks to generate current income and provide protection of principal for its shareholders. The Board also took into consideration the background and experience of the prospective portfolio management team. The Board acknowledged that the legacy funds managed by the Adviser had demonstrated consistent performance since their inception. The Board concluded that, despite a lack of comparative data, based on the SMID Fund's investment strategy and the information provided by the Adviser, the Adviser had the potential to provide satisfactory performance for the SMID Fund.

*Fees and Expenses.* As to the costs of the services to be provided and the profits to be realized by the Adviser, the Board considered the proposed fee for advisory services, the proposed fee for administrative services, and the total expenses to be paid by the SMID Fund. The Board reviewed a report provided by the Adviser showing the management fees and total expense ratios of a group of funds the Adviser deemed comparable to the SMID Fund. The Board evaluated the SMID Fund's management fee and total expense ratio through the review of comparative information with respect to the fees paid by the peer group. Based on these considerations and other factors, the Board concluded that the proposed management fee of 0.70%, the proposed administrative fee of 0.34%, and the total expense ratio of the SMID Fund were fair and reasonable for the services to be provided under the Advisory Agreement.

*Comparable Accounts.* The Board noted that the Adviser did not have any other clients with a comparable investment objective or strategy to those of the SMID Fund.

*Profitability.* The Board considered the level of profits that could be expected to accrue to the Adviser with respect to the SMID Fund, and considered information pertaining to the Adviser's financial condition and commitment to the operation of the SMID Fund. The Board

Additional Information (Unaudited) (continued)

noted that the SMID Fund had not yet commenced operations and that it would evaluate the actual financial results from the Adviser's relationship with the SMID Fund at the first renewal of the Advisory Agreement with respect to the SMID Fund.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the SMID Fund grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of fund investors. The Board noted that economies of scale were not a relevant consideration at this time and the Adviser would revisit whether economies of scale exist in the future.

*Fall-out Benefits.* The Board noted that, because of its relationship with the SMID Fund, the Adviser and its affiliates may derive ancillary benefits from the SMID Fund's 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 the Adviser as to any such benefits, and noted that the Adviser did not anticipate any fallout benefits at this stage.

*Conclusion.* The Board, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the Advisory Agreement and the IA Amendment with respect to the SMID Fund, and having been advised by independent legal counsel throughout the process, determined that the compensation to be paid under the Advisory Agreement and the IA Amendment with respect to the SMID Fund is fair and reasonable, and that the approval of the Advisory Agreement and the IA Amendment was in the best interest of the SMID Fund and its future shareholders.

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) Not Applicable – disclosed with annual report.

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](vela_ex99-cert.htm)

(a)(4) Not applicable

(b)[Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](vela_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) VELA
 Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jason Job |
|  | Jason Job, President and Principal Executive Officer |

---

Date <u>6/1/2026</u> <br>

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 <u>6/1/2026</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

---

Date <u>6/1/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, Jason Job, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/1/2026 | /s/ Jason Job |
|  |  | Jason Job<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/1/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

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

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

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

---

Date: <u>6/1/2026</u> Date: <u>6/1/2026</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.