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