Schedule of Investments | |||||||
August 31, 2021 (unaudited) | |||||||
Towpath Focus 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 - 82.41% | |||||||
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Apparel & Other Finished Prods of Fabrics & Similar Material - 2.20% |
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Carter's, Inc. |
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| 4,800 |
| 491,424 |
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Biological Products (No Diagnostic Substances) - 3.75% |
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Amgen, Inc. |
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| 2,320 |
| 523,230 |
Gilead Sciences, Inc. |
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| 4,300 |
| 312,954 | |
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| 836,184 |
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BioTech & Pharma - 0.42% |
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Sanofi SA (2) |
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| 1,800 |
| 93,204 | |
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Computer & Office Equipment - 2.06% |
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HP, Inc. |
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| 15,420 |
| 458,591 |
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Crude Petroleum & Natural Gas - 2.18% |
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Royal Dutch Shell PLC Class B |
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| 12,200 |
| 485,072 | ||
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Fire, Marine & Casualty Insurance - 2.43% |
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Allstate Corp. |
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| 4,005 |
| 541,796 | |
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Footwear (No Rubber) - 2.02% |
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Steven Madden Ltd. |
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| 11,100 |
| 449,217 | |
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Gold and Silver Ores - 2.01% |
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Newmont Corp. |
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| 7,708 |
| 446,987 | |
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Household Furniture - 0.94% |
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Kimball International, Inc. Class B |
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| 16,800 |
| 209,496 | ||
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Leather & Leather Products- 0.90% |
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Tapestry, Inc. (2) |
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| 5,000 |
| 201,600 | |
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Life Insurance - 1.19% |
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Reinsurance Group of America, Inc. |
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| 2,290 |
| 265,228 | ||
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Men's & Boys' Furnishings, Work Clothing, and Allied Garments - 0.58% |
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Kontoor Brands, Inc. |
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| 2,400 |
| 129,504 | |
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Miscellaneous Electrical Machinery, Equipment & Supplies - 1.57% |
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Energizer Holdings, Inc. |
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| 8,910 |
| 350,519 | |
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Motor Vehicle Parts & Accessories - 3.53% |
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Gentex Corp. |
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| 16,920 |
| 521,136 |
Magna International, Inc. Class A |
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| 3,370 |
| 265,927 | ||
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| 787,063 |
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National Commercial Banks - 4.65% |
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Bank of America Corp. |
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| 7,470 |
| 311,873 | |
Capital One Financial Corp. |
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| 3,160 |
| 524,465 | ||
Regions Financial Corp. |
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| 9,850 |
| 201,235 | |
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| 1,037,573 |
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Office Furniture - 2.46% |
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Herman Miller, Inc. |
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| 13,050 |
| 548,491 | |
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Petroleum Refining - 2.12% |
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Valero Energy Corp. |
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| 7,130 |
| 472,790 | |
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Pharmaceutical Preparations - 9.85% |
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Bristol Myers Squibb Co. |
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| 7,640 |
| 510,810 | |
GlaxoSmithKline PLC ADR |
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| 15,580 |
| 634,729 | ||
Prestige Consumer Healthcare, Inc. (2) |
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| 10,715 |
| 614,934 | ||
Roche Holding AG ADR (2) |
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| 8,680 |
| 435,910 | ||
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| 2,196,383 |
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Retail-Catalog & Mail-Order Houses - 0.97% |
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Amazon.com, Inc. (2) |
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| 62 |
| 215,189 | |
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Retail-Furniture Stores - 0.59% |
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Haverty Furniture Companies, Inc. |
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| 3,700 |
| 131,831 | ||
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Retail-Shoe Stores - 1.39% |
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Genesco, Inc. |
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| 5,000 |
| 310,150 |
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Security Brokers, Dealers & Flotation Companies - 3.28% |
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The Charles Schwab Corp. |
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| 10,040 |
| 731,414 | ||
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Semiconductors & Related Devices - 1.83% |
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Intel Corp. |
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| 7,550 |
| 408,153 |
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Services-Business Services, NEC - 1.60% |
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Ebay, Inc. |
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| 4,640 |
| 356,074 |
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Services-Computer Programming, Data Processing, Etc. - 8.29% |
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Alphabet, Inc. Class A (2) |
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| 1,185 |
| 449,565 | ||
Facebook, Inc. Class A (2) |
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| 483 |
| 1,397,778 | ||
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| 1,847,343 |
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Services-Help Supply Services - 1.90% |
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Barrett Business Services, Inc. |
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| 5,465 |
| 423,538 | ||
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Services-Medical Laboratories - 2.26% |
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Quest Diagnostics, Inc. |
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| 3,300 |
| 504,339 | |
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Ship & Boat Building & Repairing - 1.37% |
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Huntington Ingalls Industries, Inc. |
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| 1,500 |
| 306,255 | ||
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State Commercial Banks - 7.26% |
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Atlantic Union Bankshares Corp. |
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| 19,191 |
| 710,067 | ||
Bank of New York Mellon Corp. |
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| 16,430 |
| 907,265 | ||
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| 1,617,332 |
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Telephone Communications (No Radiotelephone) - 1.58% |
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Verizon Communications, Inc. |
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| 6,400 |
| 352,000 | ||
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Wholesale-Drugs Proprietaries & Druggists' Sundries - 5.23% |
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AmerisourceBergen Corp. |
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| 4,940 |
| 603,717 | ||
McKesson Corp. |
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| 2,750 |
| 561,385 | |
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| 1,165,102 |
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Total Common Stock |
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| (Cost $ 13,627,278) |
| 18,369,842 | |
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Money Market Fund - 17.36% | |||||||
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First American Government Obligations Fund Class X, 0.06% |
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| 3,868,813 |
| 3,868,813 | ||
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Total Money Market Fund |
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| (Cost $ 3,868,813) |
| 3,868,813 | ||
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Total Investments - 99.76% |
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| (Cost $ 17,496,091) |
| 22,238,655 | ||
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Other Assets in Excess of Liabilities (0.24%) |
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| 52,856 | ||
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Total Net Assets - 100.00% |
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| 22,291,511 | ||
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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 August 31, 2021 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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| $ | 22,238,655 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - | ||
Total |
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| $ | 22,238,655 | $ | - |
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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 August 31, 2021. |