Fort Pitt Capital Total Return | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 97.2% | Shares | Value | ||||||
Aerospace/Defense - 2.0% | ||||||||
RTX Corp. | 13,301 | $ | 1,211,987 | |||||
Applications Software - 6.8% | ||||||||
Microsoft Corp. | 10,572 | 4,203,216 | ||||||
Brewery - 3.6% | ||||||||
Constellation Brands, Inc. - Class A | 9,079 | 2,225,081 | ||||||
Commercial Services - 1.7% | ||||||||
GXO Logistics, Inc.(a) | 18,522 | 1,007,226 | ||||||
Computer Aided Design - 0.7% | ||||||||
ANSYS, Inc.(a) | 1,242 | 407,165 | ||||||
Computers - 2.6% | ||||||||
Apple, Inc. | 8,730 | 1,609,812 | ||||||
Diagnostic Equipment - 6.4% | ||||||||
Danaher Corp. | 5,972 | 1,432,743 | ||||||
Thermo Fisher Scientific, Inc. | 4,730 | 2,549,375 | ||||||
3,982,118 | ||||||||
Diversified Manufacturing Operations - 7.5% | ||||||||
Parker-Hannifin Corp. | 9,971 | 4,631,530 | ||||||
Electronic Components-Semiconductors - 12.6% | ||||||||
Advanced Micro Devices, Inc.(a) | 31,688 | 5,313,761 | ||||||
Broadcom, Inc. | 1,088 | 1,283,840 | ||||||
Texas Instruments, Inc. | 7,178 | 1,149,341 | ||||||
7,746,942 | ||||||||
Finance-Investment Banking/Brokerages - 3.2% | ||||||||
Charles Schwab Corp. | 30,963 | 1,948,192 | ||||||
Instruments-Controls - 3.2% | ||||||||
Honeywell International, Inc. | 9,749 | 1,971,833 | ||||||
Insurance Brokers - 6.3% | ||||||||
Arthur J. Gallagher & Co. | 16,633 | 3,861,517 | ||||||
Investment Management/Advisor Services - 3.0% | ||||||||
Apollo Global Management, Inc. | 18,594 | 1,866,838 | ||||||
Lasers-Systems-Components - 3.2% | ||||||||
Coherent Corp.(a) | 41,021 | 1,950,138 | ||||||
Machinery-Farm - 2.5% | ||||||||
Deere & Co. | 3,965 | 1,560,545 | ||||||
Medical Products - 4.0% | ||||||||
Abbott Laboratories | 21,934 | 2,481,832 | ||||||
Medical-Drugs - 4.0% | ||||||||
Bristol-Myers Squibb Co. | 23,183 | 1,132,953 | ||||||
Merck & Co., Inc. | 11,174 | 1,349,596 | ||||||
2,482,549 | ||||||||
Office Automation & Equipment - 1.2% | ||||||||
Zebra Technologies Corp. - Class A(a) | 3,000 | 718,650 | ||||||
Oil Companies -Exploration & Production - 1.1% | ||||||||
Devon Energy Corp. | 15,823 | 664,882 | ||||||
Pipelines - 1.7% | ||||||||
Kinder Morgan, Inc. | 61,034 | 1,032,695 | ||||||
Private Equity - 2.9% | ||||||||
Blackstone, Inc. | 14,470 | 1,800,791 | ||||||
Retail-Apparel/Shoes - 2.0% | ||||||||
Lululemon Athletica, Inc.(a) | 2,756 | 1,250,728 | ||||||
Retail-Building Products - 2.5% | ||||||||
Lowe's Cos., Inc. | 7,239 | 1,540,749 | ||||||
Retail-Gardening Products - 1.2% | ||||||||
Tractor Supply Co. | 3,270 | 734,442 | ||||||
Semiconductor Equipment - 1.5% | ||||||||
Lam Research Corp. | 1,109 | 915,114 | ||||||
Super-Regional Banks-U.S. - 2.8% | ||||||||
PNC Financial Services Group, Inc. | 11,527 | 1,742,998 | ||||||
Telecommunication Equipment - 4.0% | ||||||||
Ciena Corp.(a) | 46,404 | 2,459,412 | ||||||
Web Portals/ISP - 3.0% | ||||||||
Alphabet, Inc. - Class A(a) | 13,038 | 1,826,624 | ||||||
TOTAL COMMON STOCKS (Cost $29,237,217) | 59,835,606 | |||||||
REAL ESTATE INVESTMENT TRUST - 1.4% | ||||||||
Real Estate - 1.4% | ||||||||
Gaming and Leisure Properties, Inc. | 18,521 | 845,484 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $944,106) | 845,484 | |||||||
MONEY MARKET FUND - 1.4% | ||||||||
Money Market Fund - 1.4% | ||||||||
Invesco STIT-Government & Agency Portfolio - Institutional Class, 5.25%(b) | 858,190 | 858,190 | ||||||
TOTAL MONEY MARKET FUND (Cost $858,190) | 858,190 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $31,039,513) | 61,539,280 | |||||||
Other Assets in Excess of Liabilities - 0.0%(c) | 17,842 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 61,557,122 |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day annualized yield as of January 31, 2024. |
(c) | Represents less than 0.05% of net assets. |
Fort Pitt Capital Total Return Fund | ||||||||
Summary of Fair Value Disclosure at January 31, 2024 (Unaudited) | ||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in | ||||||||
the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, | ||||||||
prepayment speeds, credit risk, yield curves, default rates and similar data. | ||||||||
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own | ||||||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 59,835,606 | $ | – | $ | – | $ | 59,835,606 | ||||||||
Real Estate Investment Trust | 845,484 | – | – | 845,484 | ||||||||||||
Money Market Fund | 858,190 | – | – | 858,190 | ||||||||||||
Total Investments | $ | 61,539,280 | $ | – | $ | – | $ | 61,539,280 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||