The Fort Pitt Capital Total Return Fund invests primarily in common stocks of large and mid-sized U.S. companies and secondarily in fixed income investments (primarily U.S. Government obligations). Under normal market conditions, the Fund primarily invests in domestic (U.S.) common stocks that the Advisor considers to be profitable and with a return on equity near or higher than their peers, yet which the Advisor believes are undervalued as measured by price-to-earnings (P/E) ratio.

The Advisor identifies stocks for investment using its own research and analysis techniques, and supplements its internal research with the research and analysis of major U.S. investment and brokerage firms. When analyzing a company's growth prospects, the Advisor considers the growth in a company's market share and unit sales, as well as growth in overall revenues and earnings per share. The Advisor uses a proprietary database containing detailed financial information for over 6,000 companies to analyze comparative growth rates, and looks for companies that are growing substantially faster than their peers in the same industries. The Advisor determines whether a company's growth rate can be sustained over time by analyzing the fundamental financial strength of the company, as evidenced by its debt burden or its ability to generate excess cash.

Once we identify a company that would fit the Fund's investment strategy, we seek to purchase the company's stock at reasonable prices. Using fundamental financial statement analysis, we compare a company's P/E ratio with its growth rate, in order to evaluate the price of the stock relative to its future earnings. We generally seek companies with P/E multiples as low as one times the company's growth rate.

We purchase stocks with the intention of holding them for at least three to five years, but will sell a stock when we believe the underlying company's intrinsic value has been fully realized, when growth prospects falter due to changing market or economic conditions, or when earnings fail to meet the Advisor's expectations. When we sell individual stocks, we attempt to manage the liquidation process to take advantage of longer holding periods for favorable capital gains tax rates in order to optimize after-tax returns to fund shareholders.

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Mutual fund investing involves risk. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

The Price to Earnings (P/E) Ratio reflects the multiple of earnings at which a stock sells.