NPORT-EX 2 fortpitt2.htm NPORT-EX

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.