Belmont
Theta
Income
Fund
Schedule
of
Investments
April
30,
2022
-
(Unaudited)
U.S.
GOVERNMENT
&
AGENCIES
(a)(b)(c)
—
95.09%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
0.02
%
,
5/19/2022
$
1,000,000
$
999,901
United
States
Treasury
Bill,
0.04
%
,
8/11/2022
2,000,000
1,994,619
United
States
Treasury
Bill,
0.08
%
,
11/3/2022
2,000,000
1,985,733
United
States
Treasury
Bill,
0.14
%
,
12/1/2022
2,000,000
1,983,522
United
States
Treasury
Bill,
0.29
%
,
12/29/2022
1,000,000
990,156
United
States
Treasury
Bill,
0.54
%
,
1/26/2023
2,000,000
1,975,805
United
States
Treasury
Bill,
1.37
%
,
3/23/2023
2,000,000
1,967,893
Total
U.S.
Government
&
Agencies
(Cost $11,962,775)
11,897,629
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
1.87%
S
&
P
500
Index
(c)
86
$
35,534,598
$
3,850.00
May
2022
$
233,920
Total
Options
Purchased
(Cost
$106,063)
233,920
Total
Investments
—
96.96%
(Cost
$12,068,838)
12,131,549
Other
Assets
in
Excess
of
Liabilities — 3.03%
379,643
NET
ASSETS
—
100.00%
$
12,511,192
(a)
All
of
these
securities
are
held
as
collateral
for
options.
(b)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(c)
Non-income
producing
security.
Belmont
Theta
Income
Fund
Schedule
of
Open
Written
Options
Contracts
April
30,
2022
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
PUT
OPTIONS
(4.52)%
S
&
P
500
Index
(a)
(86)
$
(35,534,598)
$
4,050.00
May
2022
$
(565,880)
Total
Written
Options
(Premiums
Received
$214,545)
$
(565,880)
(a)
Non-income
producing
security.