Belmont
Theta
Income
Fund
Schedule
of
Investments
October
31,
2023
(Unaudited)
U.S.
GOVERNMENT
&
AGENCIES
(a)(b)(c)
—
90.65%
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
4.60
%
,
11/2/2023
$
1,250,000
$
1,249,817
United
States
Treasury
Bill,
4.67
%
,
11/30/2023
1,000,000
995,748
United
States
Treasury
Bill,
4.55
%
,
12/28/2023
1,000,000
991,589
United
States
Treasury
Bill,
4.53
%
,
1/25/2024
2,000,000
1,974,935
United
States
Treasury
Bill,
4.49
%
,
3/21/2024
2,000,000
1,958,340
United
States
Treasury
Bill,
4.73
%
,
5/16/2024
2,000,000
1,942,594
United
States
Treasury
Bill,
5.21
%
,
8/8/2024
1,000,000
959,499
Total
U.S.
Government
&
Agencies
(Cost $10,095,801)
10,072,522
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.12%
Cboe
Global
Markets,
Inc.
(c)
275
$
4,506,975
$
38.00
November
2023
$
3,575
Cboe
Volatility
Index
(c)
322
584,108
45.00
December
2023
10,143
PUT
OPTIONS
PURCHASED
—
0.45%
S&P
500
Index
(c)
26
10,903,880
3,930.00
November
2023
20,930
S&P
500
Index
(c)
27
11,323,260
3,720.00
December
2023
28,755
Total
Options
Purchased
(Cost
$72,261)
63,403
Total
Investments
—
91.22%
(Cost
$10,168,062)
10,135,925
Other
Assets
in
Excess
of
Liabilities — 8.77%
974,875
NET
ASSETS
—
100.00%
$
11,110,800
(a)
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
October
31,
2023
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
PUT
OPTIONS
(7.69)%
S&P
500
Index
(a)
(26)
$
(10,903,880)
$
4,400.00
November
2023
$
(547,170)
S&P
500
Index
(a)
(27)
(11,323,260)
4,245.00
December
2023
(307,665)
Total
Written
Put
Options
(Premiums
Received
$269,655)
(854,835)
Total
Written
Options
(Premiums
Received
$269,655)
$
(854,835)
(a)
Non-income
producing
security.