Schedule of Investments
February 29, 2024 (unaudited)
Towpath Focus Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 86.66%
Apparel & Other Finished Products of Fabrics & Similar Material - 1.47%
Carter's, Inc.		5,900		477,605
Beverages - 1.50%
The Coca-Cola Co.		8,100		486,162
Biological Products (No Diagnostic Substances) - 4.08%
Amgen, Inc.		2,920		799,584
Gilead Sciences, Inc.		7,300		526,330
				1,325,914
Biotech & Pharma - 0.27%
Sanofi ADR		1,800		86,130
Computer & Office Equipment - 1.76%
HP, Inc.		20,220		572,833
Crude Petroleum & Natural Gas - 4.30%
Shell PLC ADR		22,200		1,394,826
Drug Manufacturers - Specialty & Generic - 0.20%
Sandoz Group AG ADR (2)		2,060		64,004
Footwear (No Rubber) - 1.08%
Steven Madden Ltd.		8,200		351,124
Leather & Leather Products- 2.21%
Tapestry, Inc.		15,100		717,703
Metal Mining - 2.52%
BHP Group Ltd. ADR  (2)		7,400		424,316
Rio Tinto Group PLC ADR (2)		6,100		393,633
				817,949
Miscellaneous Electrical Machinery, Equipment & Supplies - 1.18%
Energizer Holdings, Inc.		13,410		382,856
Motor Vehicle Parts & Accessories - 4.09%
Gentex Corp.		24,820		906,675
Magna International, Inc. Class A		7,670		422,770
				1,329,445
National Commercial Banks - 2.74%
Bank of America Corp.		25,770		889,580
Petroleum Refining - 3.15%
Valero Energy Corp.		7,230		1,022,756
Pharmaceutical Preparations - 12.85%
Bristol Myers Squibb Co.		13,540		687,155
GlaxoSmithKline Pharma Ltd.		23,464		983,142
Novartis AG ADR  (2)		10,900		1,100,573
Prestige Consumer Healthcare, Inc.   (2)		17,366		1,208,326
Haleon plc ADR (2)		22,580		193,285
				4,172,481
Retail-Apparel and Accessory Stores - 0.71%
Torrid Holdings, Inc. (2)		46,072		231,742
Retail-Catalog & Mail-Order Houses - 1.17%
Amazon.com, Inc.  (2)		2,140		378,266
Retail-Family Clothing Stores - 2.20%
Ross Stores, Inc.		4,800		715,008
Retail-Furniture Stores - 0.39%
Haverty Furniture Companies, Inc.		3,700		126,910
Retail-Grocery Stores - 2.23%
The Kroger Co.		14,600		724,306
Security Brokers, Dealers & Flotation Companies - 3.07%
The Charles Schwab Corp.		14,940		997,693
Services-Business Services - 2.06%
eBay, Inc.		14,140		668,539
Services-Computer Programming,  Data Processing, Etc. - 7.59%
Alphabet, Inc. Class A    (2)		17,800		2,464,588
Services-Medical Laboratories - 1.58%
Quest Diagnostics, Inc.		4,100		512,049
Services - Prepackaged Software - 3.01%
Adobe, Inc.  (2)		400		224,112
Check Point Software Technologies Ltd. (Israel)  (2)		4,700		753,974
				978,086
Ship & Boat Building & Repairing - 1.62%
Huntington Ingalls Industries, Inc.		1,800		524,916
State Commercial Banks - 4.62%
Bank of New York Mellon Corp. (2)		26,730		1,499,286
Transportation Services - 2.61%
Booking Holdings, Inc.  (2)		244		846,395
Wholesale-Drugs Proprietaries & Druggists' Sundries - 9.80%
Cencora, Inc.		6,090		1,434,804
McKesson Corp.		3,350		1,746,724
				3,181,528
Total Common Stock		(Cost          $20,625,785)		28,133,963
Money Market Fund - 13.71%
First American Government Obligations Fund Class X, 5.23% (3)		4,450,030		4,450,030
Total Money Market Fund		(Cost $            4,450,030)		4,450,030
Total Investments - 100.37%		(Cost $          25,075,815)		32,583,993
Other Assets Less Liabilities- 0.37%				(118,622)
Total Net Assets - 100.00%				32,465,371
(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 29, 2024 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	32,583,993	$	-
Level 2 - Other Significant Observable Inputs		-		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	32,583,993	$	-
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 29, 2024.