The Fort Pitt Capital Total Return Fund (FPCGX) 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 Fort Pitt Capital Group LLC  (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 the Advisor identifies a company that would fit the Fund’s investment strategy, they seek to purchase the company’s stock at reasonable prices. Using fundamental financial statement analysis, they 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. The Advisor generally seeks companies with P/E multiples as low as one times the company’s growth rate.

They purchase stocks with the intention of holding them for at least three to five years but will sell a stock when they 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 they sell individual stocks, the Advisor attempts to manage the liquidation process to take advantage of longer holding periods for favorable capital gains tax rates as we seek to optimize after-tax returns to fund shareholders.

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Mutual fund investing involves risk. Principal loss is possible. The Fund invests in medium-sized companies, which involve additional risks such as limited liquidity and greater volatility.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. 
 
Investors should consider the investment objectives, risks, and charges and expenses of the Fund(s) before investing. The prospectus and the summary prospectus contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained at www.fortpittcapitalfunds.com or call 1-866-688-8775.
 
The Fort Pitt Capital Total Return Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC. Fort Pitt Capital Group is not affiliated with Ultimus Fund Distributors, LLC.
 
The adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.
 
There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.
 
Fort Pitt Capital Group does not provide tax advice. Please consult your tax advisor before making any decisions or taking any action based on this information.
 
Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time.

The Price to Earnings (P/E) Ratio reflects the multiple of earnings at which a stock sells. Return on Equity (ROE) is a measure of a corporation’s profitability. It represents an average return on equity on the securities in the portfolio, not the actual return on equity on the portfolio. Any tax information provided is not exhaustive. Investors must consult their tax advisor for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give tax advice.

Earnings Per Share (EPS) represents the portion of a company’s earnings, net of taxes and preferred stock dividends, that are allocated to each share of common stock.