Item 5: Fees & Compensation
How We Are Compensated for Our Investment Management Services
Billing Process:
Belmont Capital Group’s annualized fees are billed on a pro-rata basis quarterly in advance based on
the value of your account on the last day of the previous quarter. Fees for the first period covered by
the agreement are prorated to cover only the period remaining in the current quarter.
Fees will be deducted from your managed account. As part of this process, the client is made aware
of the following:
a) Your independent custodian sends statements at least quarterly to you showing the market
values for each security included in the account, and all disbursements in your account
including the amount of the investment management fees paid to us;
b) You provide authorization permitting us to be directly paid by these terms. We send our
invoice directly to the custodian; and
c) If we send a copy of our invoice to you, it will include a legend urging you to compare
information provided in our statement with that from the qualified custodian.
Fees for Our Strategies:
• Theta Overlay Program℠ clients pay an annual investment management fee of 0.65% of the
Notional Value of their accounts.
• Put Write Solutions clients pay an annual investment management fee of 0.75% of the
Notional Value of their accounts.
• Index Solutions clients pay an annual investment management fee of 0.75% of the Notional
Value of their accounts.
To derive the Notional Value, we use the following formula: (Number of Options Contracts Traded)
x (Value of Underlying Security) x 100. One fourth of the annual fee is charged each quarter based
on the Notional Value of the client’s portfolio as of the last day of the prior calendar quarter. The
formula used for the calculation is as follows: (Annual Rate) x (Notional Value at Quarter-End)/4.
• Global Low Volatility℠ and U.S. Low Volatility℠ clients pay an annual investment
management fee of 1.00% of their asset value.
• Single Stock/Portfolio Risk Management, Defined Outcome and Advisory clients pay an
annual investment management fee of 1.00% of their asset value.
One fourth of the annual fee is charged each quarter based on the market value of the client’s
portfolio as of the last day of the prior calendar quarter. The formula used for the calculation is
as follows: (Annual Rate) x (Total Assets Under Management at Quarter-End)/4.
Fees for Our Sub-Advisory Services:
The sub-advisory fee paid to us shall be determined by our standard Fees for Our Strategies (above).
ADV Part 2 – Brochure and Brochure Supplement Page 6 Belmont Capital Group™
Belmont Theta Income Fund:
Belmont provides investment advisory services to the Belmont Theta Income Fund, a series of the
Valued Advisers Trust, a registered investment company. The Fund’s advisor fee and expense related
information may be found in the Prospectus or Statement of Additional Information available online
at www.BelmontCapFunds.com.
Other Types of Fees & Expenses
The investment management fees due to Belmont are separate from, and in addition to, any
brokerage commissions, transaction fees, and other related costs and expenses which are typically
incurred by the client. Clients may incur certain charges imposed by custodians, brokers and other
third parties such as fees charged for wire transfer, electronic fund fees, and other fees and taxes.
Also, we do not receive any part of charges imposed directly by any mutual fund, index fund, or
exchange traded fund which shall be disclosed in each fund’s prospectus (i.e., fund management fees
and other fund expenses).
Item 12 below discussed how our clients have the discretion to select a brokerage firm for custody
of securities, trade execution, clearance, and settlement of transactions. Clients should consider the
reasonableness of their compensation (e.g., commissions) in making their selection.
Termination & Refunds
We charge our investment management fees quarterly in advance. In the event that you wish to
terminate our services, we will refund the unearned portion of our investment management fee to
you. You need to contact us in writing and state that you wish to terminate our services. Upon receipt
of your letter of termination, we will proceed to close out your account and process a pro-rata refund
of unearned investment management fees using the following formula: (Fees Paid) x (Days Remaining
in Quarter) / (Total Number of Days in Quarter).
Limited Prepayment of Fees
Under no circumstances does Belmont require or solicit payment of fees in excess of $1,200 more
than six months in advance of services rendered.
Commissionable Securities Sales
We do not sell securities for a commission in our investment management accounts.
Belmont will not receive sales commissions in connection with sales of interests in Belmont Theta
Income Fund or any other investment company advised or sub-advised by Belmont. Also, no
employees of Belmont are registered representatives of Ultimus Fund Solutions, LLC (parent
company of Unified Financial Securities, LLC, the distributor of the Fund). No Belmont employees
receive sales-based compensation for marketing and promoting the Fund to financial intermediaries
or clients.
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