ADDITIONAL INFORMATION
This contains important information about the Towpath Focus Fund – Institutional Class - TOWFX (the “Fund”) for the period December 1, 2025 to May 31, 2026. This report describes changes to the Fund that occurred during the reporting period.
You can find additional information about the Fund at www.oelschlagerinvestments.com. You can also request this information by contacting us at 1-877-593-8637.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $47 | 0.90% |
Fund statistics
| NET ASSETS: |
| $72,314,039 |
| PORTFOLIO HOLDINGS: |
| 36 |
| PORTFOLIO TURNOVER: |
| 2.29% |
| ADVISORY FEES PAID BY FUND: |
| $238,876 |
PORTFOLIO ILLUSTRATION
The following chart gives a visual breakdown of the Fund by investment type or industry sector of the underlying securities as of, represented as a percentage of the portfolio of investments. Below categories are from Morningstar®.
top ten holdings (% OF NET ASSETS)*
| 1. | Alphabet, Inc. | 11.10% |
| 2. | The Bank of New York Mellon Corp. | 7.47% |
| 3. | McKesson Corp. | 4.93% |
| 4. | Shell plc ADR | 4.35% |
| 5. | Novartis AG ADR | 4.17% |
| 6. | Tapestry, Inc. | 4.06% |
| 7. | Bank of America Corp. | 3.61% |
| 8. | Valero Energy Corp. | 3.33% |
| 9. | Gilead Sciences, Inc. | 3.03% |
| 10. | Cencora, Inc. | 2.90% |
| Total % of Net Assets | 48.95% |
* Excludes short-term investments.
Material Fund Changes
Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide administrator and compliance services to the Trust.
ADDITIONAL INFORMATION
This contains important information about the Towpath Technology Fund - Institutional Class - TOWTX (the “Fund”) for the period December 1, 2025 to May 31, 2026. This report describes changes to the Fund that occurred during the reporting period.
You can find additional information about the Fund at www.oelschlagerinvestments.com. You can also request this information by contacting us at 1-877-593-8637.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $59 | 1.10% |
Fund statistics
| NET ASSETS: |
| $9,389,962 |
| PORTFOLIO HOLDINGS: |
| 41 |
| PORTFOLIO TURNOVER: |
| 5.10% |
| ADVISOR REIMBURSED THE FUND |
| (NET OF WAIVERS): |
| $(1,932) |
PORTFOLIO ILLUSTRATION
The following chart gives a visual breakdown of the Fund by investment type or industry of the underlying securities as of May 31, 2026, represented as a percentage of the portfolio of investments. Below categories are from Morningstar®.
top ten holdings (% OF NET ASSETS)*
| 1. | Alphabet, Inc. | 11.38% |
| 2. | KLA Corp. | 7.06% |
| 3. | Ituran Location & Control Ltd. | 5.58% |
| 4. | Apple, Inc. | 4.62% |
| 5. | Meta Platforms, Inc. Class A | 3.50% |
| 6. | Cisco Systems, Inc. | 3.21% |
| 7. | NetApp, Inc. | 3.17% |
| 8. | Zoom Communications, Inc. | 2.98% |
| 9. | Fortinet, Inc. | 2.94% |
| 10. | Nutanix, Inc. | 2.72% |
| Total % of Net Assets | 47.16% |
* Excludes short-term investments.
mATERIAL fUND cHANGES
Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide administrator and compliance services to the Trust.