Semi-Annual Report

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Semi-Annual Report

©2025 Belmont Capital Group. All Rights Reserved.

FINRA's Brokercheck
Distributed by Ultimus Fund Distributors, LLC (Member FINRA) BrokerCheck: brokercheck.finra.org

Investors should carefully consider the investment objectives, risks, and charges and expenses of the Fund. The Fund’s prospectus contains this and other information about the Fund, and it should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling (800) 789-1087. The Fund is distributed by Ultimus Fund Distributors, LLC.

Given the significant differences between separately managed accounts and mutual funds, investors should consider the differences in expenses, tax implications, and the overall objectives between separately managed accounts and mutual funds before investing. Past performance of the strategy/separately managed account is not indicative of future performance of the fund.

Investing involves risk, including loss of principal. There is no guarantee that this, or any, investing strategy will be successful. Options involve risks different from, and in some respects greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. No strategy, including option strategies, can eliminate risk. Please see below for important additional risk information and an index of terms.

Important Risk Information
Most of the Fund's performance depends on what happens in the S&P 500 Index and the Portfolio Manager's evaluation of those developments. The Fund's use of derivative instruments will results in leverage, which amplifies the risks that are associated with these markets. There can be no guarantee that the Fund will achieve its goal.

The Fund's option premium collection strategy may result in the generation of positive returns for the Fund; however, the loss potential if the strategy is not effective may be greater than the profit potential. The Fund may lose significantly more than the premium it receives in highly volatile market conditions.

Derivatives, such as options, involve risks different from, and in some respects greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. The Fund could lose more than the amount it invests; some derivatives can have the potential for unlimited losses. Derivatives can be difficult to value and may at time be highly illiquid. Derivatives involve counter-party risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative.

In general, the value of investments with interest rate risk, such as debt securities, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price.

Terms
An option is an agreement that gives an investor the right, but not the obligation, to buy or sell a stock, bond, commodity or other instrument at a specified price within a specific time period.

Option premium is the income received by an investor who sells an option contract to another party.

Out of the money refers to a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset. The strike price is the price at which an option can be exercised.

An option spread is a position entered by buying and selling equal number of options of the same class on the same underlying security but with different strike prices or expiration dates.
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