Belmont Capital, LLC is a limited liability company formed in the State of California, d/b/a Belmont Capital Group™ (Belmont). Belmont is a SEC Registered Investment Adviser with its principal place of business located in Los Angeles, California. Our firm has been in business as an investment adviser since 2010 and is owned as follows:
• Daniel Beckwith – 50% Owner
• Stephen Solaka – 50% Owner Our investment management services provide for continuous advice through specialized options strategies for individuals, high-net-worth individuals, family offices, wealth advisory firms, institutional clients, and Registered Investment Companies. As of December 31, 2023, assets under management totaled $589,821,015. Description of the Types of Investment Management Services We Offer Belmont provides systematic and disciplined options strategies to our clients. Our portfolio managers have decades of derivative portfolio management and trading experience. We offer our investment management services in the form of: a) Index Spread Writing, b) Low Volatility ETF Strategies, c) Custom Solutions, d) Index Solutions Additionally, our Advisory accounts are managed according to each investor’s profile considering: return requirement, risk tolerance, liquidity preference, investment horizon, and tax considerations. Options Strategies We use options as an integral part of our investment strategies. We employ option strategies which include covered call and collar strategies. We will utilize a systematic process of writing S&P 500 Index option call spreads and put spreads. We also provide Index Solutions which utilize rules based indexes using: put writing, put spread writing, and protective option purchases. An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an asset (such as a share of stock) at a specific price on or before a certain date. An option, just like a stock or bond, is a security. An option is also a derivative because it derives its value from an underlying asset. The two types of options are calls and puts:
• A call gives the holder the right to buy an asset at a certain price within a specific period of time.
• A put gives the holder the right to sell an asset at a certain price within a specific period of time. We will also use options to "hedge" the ownership of the underlying security; in other words, we will use an option purchase to limit the potential upside and downside of a security. We use "covered calls", in which we sell an option on a security you own. We use a "collar strategy", in which we execute two or more option contracts (for example, a put option that you buy and a call option that ADV Part 2 – Brochure and Brochure Supplement Page 5 Belmont Capital Group™ you sell) for the same underlying security. This effectively puts you on both sides of the market, but with the ability to vary price, time, and other factors. A risk of collar strategies is that the ability

to fully profit from a price swing is limited. Derivatives carry significant risks. These can include loss of principal or more than the initial investment. The primary risks associated with derivatives are:
• Market risk that the market value of the investment will decline;
• Credit risk that the counter-party to the transaction will default on its obligations;
• Liquidity risk that the instrument will not be readily marketable;
• Valuation risk that, because the instrument is thinly traded, it may have only one pricing source. Sub-Advisory Services Belmont has made arrangements to be designated as the investment manager for clients of other wealth advisory firms. In such instances, clients are enrolled in one of our investment management strategies or a customized solution through executing an investment management agreement with Belmont. As investment manager, we provide our standard Investment Management services to a portion of the client’s assets and have full investment discretion. Wrap Fee Programs We do not sponsor wrap fee programs, and we do not participate in wrap fee programs. Services to Registered Investment Companies Belmont offers investment advisory services to the Belmont Theta Income Fund (the “Fund”), a series of the Valued Advisers Trust, a registered investment company. As an investment adviser to the Fund, Belmont, our Supervised Persons, and our investment activities are subject to various aspects of the Investment Company Act of 1940 and rules thereunder, other federal laws and regulations relating to investment companies, and the Fund’s disclosure documents and internal policies and procedures. Belmont seeks to conduct its activities in accordance with these regulatory requirements and its fiduciary duty to the Fund. The Fund’s board of directors has oversight responsibility of the Fund’s service providers, including the Fund’s investment advisers such as Belmont. Belmont is responsible for making all investment decisions concerning the investment and reinvestment of the assets of the Fund in accordance with the Fund’s investment objectives and policies, as outlined in the Prospectus and Statement of Additional Information. Additional services include, but are not limited to, placing transactions for the purchase and/or sale of securities with a broker-dealer selected by Belmont and providing the Fund with certain information and documents to help prepare and maintain its books and records. Additional information about the Fund, including the Prospectus and Statement of Additional Information, is available online at www.BelmontCapFunds.com. Prospective investors should review these documents carefully before making any investment in the Belmont Theta Income Fund. ADV Part 2 – Brochure and Brochure Supplement Page 6 Belmont Capital Group™