Schedule of Investments
August 31, 2022 (unaudited)
Towpath Technology Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 92.09%
Biological products (No Diagnostic Substances) - 2.54%
Biogen, Inc.   (2)		440		85,967
Computer & Office Equipment - 3.88%
HP, Inc.		2,800		80,388
International Business Machines Corp.		400		51,380
				131,768
Computer Storage Devices - 3.23%
NetApp, Inc.		1,520		109,638
Components & Accessories - 1.33%
Vishay Intertechnology, Inc.		2,300		45,241
Electrical Industrial Apparatus - 0.76%
GrafTech International Ltd.		4,400		25,872
Electronic Computers - 3.47%
Apple, Inc.		750		117,915
Optical Instruments & Lenses - 2.64%
KLA Corp.		260		89,474
Printed Circuit Boards - 2.97%
TTM Technologies, Inc.  (2)		6,410		100,829
Retail-Catalog & Mail-Order Houses - 1.19%
Amazon.com, Inc.  (2)		320		40,566
Semiconductors & Related Devices - 4.36%
MagnaChip Semiconductor Corp. (Luxembourg) (2)		4,600		53,820
Photronics, Inc.  (2)		5,610		94,248
				148,068
Services-Business Services - 1.30%
Accenture PLC Class A (Ireland)		320		92,307
eBay, Inc.		1,000		44,130
				136,437
Services-Computer Intergrated Systems Design - 2.23%
Open Text Corp.  (Canada)		2,400		75,552
				75,552
Services - Computer Processing & Data Preparation - 2.90%
CSG Systems International, Inc.		1,700		98,345
Services-Computer Programming Services - 4.20%
Cognizant Technology Solutions Corp. Class A
VeriSign, Inc. (2)		1,510		95,387
		260		47,377
				142,764
Services - Computer Programming, Data Processing, Etc. - 16.15%
Alphabet, Inc. Class A  (2)		2,710		293,276
Baidu, Inc. (China) (2)		400		57,588
DXC Technology Co.  (2)		3,700		91,686
Meta Platforms, Inc. Class A  (2)		650		105,905
				548,455
Services-Management Consulting Services - 8.47%
Booz Allen Hamilton Holding Corp. Class A		880		84,216
CGI, Inc. Class A (Canada)  (2)		1,350		106,920
The Hackett Group, Inc.		4,700		96,491
				287,627
Services - Prepackaged Software - 16.74%
Adobe, Inc. (2)		90		33,610
Check Point Software Technologies Ltd. (Israel) (2)		1,190		143,086
DropBox, Inc. Class A  (2)		4,500		96,255
Microsoft Corp.		290		75,826
Progress Software Corp.		2,200		105,886
VMWare, Inc. Class A  (2)		980		113,709
				568,372
Ship & Boat Building & Repairing - 3.05%
Huntington Ingalls Industries, Inc.		450		103,617
Telephone Communications (No Radiotelephone) - 1.23%
Verizon Communications, Inc.		1,000		41,810
Wholesale-Electronic Parts & Equipment - 6.73%
Arrow Electronics, Inc.  (2)		710		74,415
Avnet, Inc.		1,300		57,057
Ituran Location & Control Ltd. (Israel)		3,906		97,103
				228,575
Total Common Stock		(Cost $                3,200,489)		3,126,892
Money Market Fund - 8.21%
First American Government Obligations Fund Class X, 2.04% (3)		278,783		278,783
Total Money Market Fund		(Cost $                   278,783)		278,783
Total Investments - 100.30%		(Cost $                3,479,272)		3,405,675
Liabilities in Excess of Other Assets- (0.30%)				(10,145)
Total Net Assets - 100.00%				3,395,530
(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 August 31, 2022 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	3,405,675	$	-
Level 2 - Other Significant Observable Inputs		-		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	3,405,675	$	-
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 August 31, 2022.