Schedule of Investments
February 28, 2022 (unaudited)
Towpath Focus Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 87.11%
Apparel & Other Finished Prods of Fabrics & Similar Material - 2.25%
Carter's, Inc.		5,600		541,408
Biological Products (No Diagnostic Substances) - 3.90%
Amgen, Inc.		2,620		593,378
Gilead Sciences, Inc.		5,700		344,280
				937,658
BioTech & Pharma - 0.39%
Sanofi SA ADR		1,800		94,410
Computer & Office Equipment - 2.52%
HP, Inc.		17,620		605,423
Crude Petroleum & Natural Gas - 2.86%
Shell PLC-ADR (2)		13,100		686,309
Fire, Marine & Casualty Insurance - 2.45%
Allstate Corp.		4,805		587,940
Footwear (No Rubber) - 1.97%
Steven Madden Ltd.		11,100		473,526
Gold and Silver Ores - 2.21%
Newmont Corp.		8,008		530,130
Leather & Leather Products- 1.62%
Tapestry, Inc.		9,500		388,550
Life Insurance - 1.19%
Reinsurance Group of America, Inc.		2,590		287,127
Men's & Boys' Furnishings, Work Clothing, and Allied Garments - 1.07%
Kontoor Brands, Inc.		5,200		257,608
Metal Mining - 1.57%
Rio Tinto Group PLC ADR (2)		4,800		377,184
Miscellaneous Electrical Machinery, Equipment & Supplies - 1.24%
Energizer Holdings, Inc.		8,910		297,505
Motor Vehicle Parts & Accessories - 4.31%
Gentex Corp.		21,320		645,356
Magna International, Inc. Class A		5,270		391,403
				1,036,759
National Commercial Banks - 4.91%
Bank of America Corp.		10,970		484,874
Capital One Financial Corp.		3,160		484,333
Regions Financial Corp.		8,750		211,663
				1,180,870
Petroleum Refining - 2.69%
Valero Energy Corp.		7,730		645,532
Pharmaceutical Preparations - 10.79%
Bristol Myers Squibb Co.		9,140		627,643
GlaxoSmithKline PLC  ADR		19,180		802,875
Novartis AG (2)		5,400		472,284
Prestige Consumer Healthcare, Inc. (2)		11,615		691,441
				2,594,243
Retail-Catalog & Mail-Order Houses - 0.79%
Amazon.com, Inc. (2)		62		190,418
Retail-Furniture Stores - 0.44%
Haverty Furniture Companies, Inc.		3,700		105,117
Retail-Family Clothing Store - 1.90%
Ross Stores, Inc.		5,000		456,950
Retail-Family Clothing Store - 1.39%
Genesco, Inc. (2)		5,200		333,580
Security Brokers, Dealers & Flotation Companies - 1.39%
The Charles Schwab Corp. (2)		10,440		881,762
Services-Business Services, NEC - 1.51%
Ebay, Inc.		6,640		362,478
Services-Computer Programming, Data Processing, Etc. - 7.14%
Alphabet, Inc. Class A  (2)		543		1,466,719
Meta Platforms, Inc. Class A (2)		1,185		250,071
				1,716,790
Services-Help Supply Services - 0.76%
Barrett Business Services, Inc.		3,053		183,638
Services-Medical Laboratories - 2.40%
Quest Diagnostics, Inc.		4,400		577,588
Services- Prepackaged Software - 1.93%
Check Point Software Technologies Ltd. (2)		3,200		463,616
Ship & Boat Building & Repairing - 1.53%
Huntington Ingalls Industries, Inc.		1,800		367,920
State Commercial Banks - 7.88%
Atlantic Union Bankshares Corp.		20,659		839,375
Bank of New York Mellon Corp.		19,830		1,053,965
				1,893,340
Telephone Communications (No Radiotelephone) - 1.43%
Verizon Communications, Inc.		6,400		343,488
Wholesale-Drugs Proprietaries & Druggists' Sundries - 6.40%
AmerisourceBergen Corp.		5,290		753,984
McKesson Corp.		2,850		783,636
				1,537,620
Total Common Stock		(Cost $             16,211,069)		20,936,487
Money Market Fund - 12.81%
First American Government Obligations Fund Class X, 0.06%		3,079,296		3,079,296
Total Money Market Fund		(Cost $            3,079,926)		3,079,296
Total Investments - 99.92%		(Cost $           19,290,365)		24,015,783
Other Assets Less Liabilities  (0.08%)				20,087
Total Net Assets - 100.00%				24,035,870
(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
• Level 1 - quoted prices in active markets for identical securities
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of February 28, 2022 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	24,015,783	$	-
Level 2 - Other Significant Observable Inputs		-		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	24,015,783	$	-
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active
market, such securities are reflected as Level 2.
(2)  Represents non-income producing securities.
(3)  Variable Rate Security: the Yield Rate shown represents the rate at February 28, 2022.