Schedule of Investments | |||||||
February 28, 2022 (unaudited) | |||||||
Towpath Technology Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 85.97% | |||||||
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Biological products (No Diagnostic Substances) - 2.06% |
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Biogen, Inc. (2) |
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| 320 |
| 67,523 | |
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Computer & Office Equipment - 3.92% |
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HP, Inc. |
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| 2,300 |
| 79,028 |
International Business Machines Corp. |
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| 400 |
| 49,004 | ||
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| 128,032 |
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Computer Storage Devices - 3.00% |
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NetApp, Inc. |
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| 1,250 |
| 97,975 |
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Electrical Industrial Apparatus - 1.36% |
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GrafTech International Ltd. |
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| 4,400 |
| 44,352 | |
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Electronic Computers - 2.37% |
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Apple, Inc. |
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| 470 |
| 77,606 |
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Optical instruments & Lenses - 2.45% |
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KLA Corp. |
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| 230 |
| 80,155 |
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Printed Circuit Boards - 1.88% |
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TTM Technologies, Inc. (2) |
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| 4,900 |
| 61,593 | ||
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Retail-Catalog & Mail-Order Houses - 1.31% |
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Amazon.com, Inc. (2) |
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| 14 |
| 42,998 | |
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Search, Detection, Navigation, Guidance, Aeronautical Sys - 1.49% |
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Northrop Grumman Corp. |
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| 110 |
| 48,635 | |
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Semiconductors & Related Devices - 5.17% |
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Intel Corp. |
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| 1,000 |
| 47,700 |
MagnaChip Semiconductor Corp. (2) |
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| 1,700 |
| 30,940 | ||
Photronics, Inc. (2) |
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| 4,910 |
| 90,442 | |
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| 169,082 |
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Services-Business Services, Nec - 1.50% |
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Accenture PLC |
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| 250 |
| 79,005 | |
eBay, Inc. (2) |
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| 900 |
| 49,131 |
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| 1,150 |
| 128,136 |
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Services-Computer Intergrated Systems Design - 4.69% |
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Kyndryl Holdings, Inc. (2) |
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| 5,280 |
| 83,741 | |
Open Text Corp. |
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| 1,600 |
| 69,600 | |
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| 6,880 |
| 153,341 |
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Services - Computer Processing & Data Preparation - 3.21% |
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CSG Systems International, Inc. |
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| 1,700 |
| 104,924 | ||
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Services - Computer Programming Services- 2.40% |
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Cognizant Technology Solutions Corp. Class A |
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| 910 |
| 78,378 | ||
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Services - Computer Programmin, Data Processsing, Etc. - 16.21% |
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Alphabet, Inc. Class A (2) |
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| 102 |
| 275,516 | |
Baidu, Inc. (2) |
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| 460 |
| 70,123 |
DXC Technology Co. (2) |
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| 2,200 |
| 74,866 | |
Meta Platforms Inc. Class A (2) |
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| 520 |
| 109,736 | ||
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| 530,241 |
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Services-Management Consulting Services - 7.68% |
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Booz Allen Hamilton Holding Corp. Class A |
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| 880 |
| 71,007 | ||
CGI, Inc. Class A (2) |
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| 1,160 |
| 95,074 | |
The Hackett Group, Inc. |
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| 4,100 |
| 84,952 | |
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| 251,033 |
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Services - Prepackaged Software - 12.44% |
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Check Point Software Technologies Ltd. (2) |
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| 1,150 |
| 166,612 | ||
DropBox, Inc. Class A (2) |
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| 3,700 |
| 83,953 | |
Microsoft Corp. |
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| 200 |
| 59,758 | |
Oracle Corp. |
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| 250 |
| 18,993 |
VMWare, Inc. Class A (2) |
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| 660 |
| 77,431 | |
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| 406,747 |
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Ship & Boat Building & Repairing - 3.00% |
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Huntington Ingalls Industries, Inc. |
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| 480 |
| 98,112 | ||
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Telephone Communications (No Radiotelephone) - 1.48% |
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Verizon Communications, Inc. |
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| 900 |
| 48,303 | ||
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Wholesale-Electronic Parts & Equipment, Nec - 5.94% |
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Arrow Electronics, Inc. (2) |
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| 570 |
| 69,472 | |
Avnet, Inc. |
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| 1,300 |
| 54,691 |
Ituran Location & Control Ltd. |
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| 3,406 |
| 70,061 | ||
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| 194,224 |
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Total Common Stock |
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| (Cost $ 2,610,895) |
| 2,811,391 | |
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Money Market Fund - 13.87% | |||||||
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First American Government Obligations Fund Class X, 0.06% (3) |
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| 453,695 |
| 453,695 | ||
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Total Money Market Fund |
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| (Cost $ 453,695) |
| 453,695 | |
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Total Investments - 99.84% |
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| (Cost $ 3,064,590) |
| 3,265,085 | ||
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Other Assets in Excess of Liabilities (0.16%) |
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| 5,097 | ||
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Total Net Assets - 100.00% |
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| 3,270,182 | ||
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(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) | |||||||
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The following is a summary of the inputs used as of February 28, 2022 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments | |
Level 1 - Quoted Prices |
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| $ | 3,265,085 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 3,265,085 | $ | - |
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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. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) Variable Rate Security: the Yield Rate shown represents the rate at February 28, 2022. |