Schedule of Investments
February 28, 2023 (unaudited)
Towpath Technology Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 90.45%
Biological products (No Diagnostic Substances) - 3.42%
Biogen, Inc.  (2)		440		118,738
Computer & Office Equipment - 4.04%
HP, Inc.		3,000		88,560
International Business Machines Corp.		400		51,720
				140,280
Computer Communications Equipment - 3.76%
Cisco Systems, Inc. (2)		2,700		130,734
Computer Storage Devices - 2.64%
NetApp, Inc.		1,420		91,661
Components & Accessories - 1.41%
Vishay Intertechnology, Inc.		2,300		48,829
Electronic Computers - 4.88%
Apple, Inc.		1,150		169,522
Optical Instruments & Lenses - 2.84%
KLA Corp.		260		98,639
Printed Circuit Boards - 2.62%
TTM Technologies, Inc. (2)		6,849		91,023
Retail-Catalog & Mail-Order Houses - 0.87%
Amazon.com, Inc. (2)		320		30,154
Semiconductors & Related Devices - 2.85%
Photronics, Inc. (2)		5,610		98,848
Services-Business Services - 4.34%
Accenture PLC Class A (Ireland)		395		104,892
eBay, Inc.		1,000		45,900
				150,792
Services-Computer Intergrated Systems Design - 2.38%
Open Text Corp.  (Canada)		2,400		82,512
				82,512
Services-Computer Programming Services - 5.03%
Cognizant Technology Solutions Corp. Class A		1,660		103,966
VeriSign, Inc. (2)		360		70,859
				174,825
Services - Computer Programming, Data Processsing, Etc. - 14.54%
Alphabet, Inc. Class A (2)		2,710		244,063
Baidu, Inc. (China) (2)		400		55,076
DXC Technology Co. (2)		3,700		102,638
Meta Platforms, Inc. Class A (2)		590		103,214
				504,991
Services-Management Consulting Services - 8.51%
Booz Allen Hamilton Holding Corp. Class A		880		83,362
CGI, Inc. Class A (Canada) (2)		1,350		120,987
The Hackett Group, Inc.		4,900		91,336
				295,685
Services - Prepackaged Software - 17.63%
Adobe, Inc. (2)		150		48,593
Check Point Software Technologies Ltd. (Israel) (2)		1,190		147,227
DropBox, Inc. Class A (2)		5,100		104,040
Microsoft Corp.		290		72,332
Progress Software Corp.		2,300		132,112
VMWare, Inc. Class A		980		107,927
				612,231
Ship & Boat Building & Repairing - 2.66%
Huntington Ingalls Industries, Inc.		430		92,536
Telephone Communications (No Radiotelephone) - 1.12%
Verizon Communications, Inc.		1,000		38,810
Wholesale-Electronic Parts & Equipment - 4.91%
Arrow Electronics, Inc.  (2)		710		83,773
Ituran Location & Control Ltd. (Israel)		3,891		86,925
				170,698
Total Common Stock		(Cost $                3,205,695)		3,141,508
Money Market Fund - 9.26%
First American Government Obligations Fund Class X, 4.37% (3)		321,670		321,670
Total Money Market Fund		(Cost $                   321,670)		321,670
Total Investments - 99.71%		(Cost $                3,527,365)		3,463,178
Liabilities in Excess of Other Assets (0.29%)				10,040
Total Net Assets - 100.00%				3,473,218
(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, 2023 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	3,463,178	$	-
Level 2 - Other Significant Observable Inputs		-		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	3,463,178	$	-
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, 2023.