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.