Schedule of Investments

August 31, 2026 (unaudited)

Towpath Technology Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 85.52%

Biological products (No Diagnostic Substances) - 2.37%

Biogen, Inc.  (2)

1,070

231,816

Computer & Office Equipment - 1.66%

HP, Inc.

3,000

90,060

International Business Machines Corp.

310

72,500

162,560

Computer Communications Equipment - 5.56%

Cisco Systems, Inc.  

2,500

276,225

F5, Inc.  (2)

660

268,706

544,931

Computer Peripheral Equipment, NEC - 3.49%

Fortinet, Inc.  (2)

2,000

341,860

Computer Storage Devices - 3.23%

NetApp, Inc.

1,710

316,846

Electronic Computers - 4.98%

Apple, Inc.

1,540

487,949

Optical Instruments & Lenses - 5.82%

KLA Corp.

3,250

570,213

Radio & Tv Broadcasting & Communications Equipment - 1.48%

QUALCOMM, Inc.

850

144,908

Retail-Catalog & Mail-Order Houses - 1.64%

Amazon.com, Inc.  (2)

620

161,057

Semiconductors & Related Devices - 1.32%

Photronics, Inc.  (2)

4,584

128,994

Services-Business Services - 4.73%

Accenture plc Class A (Ireland)

395

74,955

eBay, Inc.  

1,650

170,874

International Money Express, Inc.  (2)

4,300

62,221

PayPal Holdings, Inc.

2,950

155,362

463,412

Services-Computer Integrated Systems Design - 0.38%

Open Text Corp.  (Canada)

1,500

37,395

Services-Computer Processing & Data Preparation - 1.96%

Workday, Inc.  (2)

970

191,527

Services-Computer Programming Services - 3.41%

Cognizant Technology Solutions Corp. Class A

1,820

117,536

VeriSign, Inc.

750

216,210

333,746

Services - Computer Programming, Data Processing, Etc. - 18.39%

Alphabet, Inc. Class A

2,710

919,639

DXC Technology Co.  (2)

3,700

41,810

Match Group, Inc.

6,800

276,420

Meta Platforms, Inc. Class A  

520

297,617

Zoom Video Communications, Inc.   (2)

2,750

265,870

1,801,355

Services-Management Consulting Services - 2.23%

Booz Allen Hamilton Holding Corp. Class A

750

56,738

CGI, Inc. Class A (Canada)

1,900

142,975

The Hackett Group, Inc.

1,680

18,833

218,545

Services - Prepackaged Software - 17.08%

Adobe, Inc.  (2)

350

102,477

Check Point Software Technologies Ltd. (Israel)  (2)

1,480

205,587

DocuSign, Inc.  (2)

2,850

188,870

DropBox, Inc. Class A  (2)

7,400

260,406

Microsoft Corp.

280

142,041

Nutanix, Inc.  (2)

4,900

335,993

Progress Software Corp.  (2)

3,000

138,810

Salesforce, Inc.

1,160

298,746

1,672,929

Telephone Communications (No Radiotelephone) - 1.63%

Verizon Communications, Inc.

3,200

160,064

Wholesale-Electronic Parts & Equipment - 4.16%

Ituran Location & Control Ltd. (Israel)

7,991

407,221

Total Common Stock

(Cost $           5,640,963)

8,377,327

Money Market Fund - 14.43%

Fidelity Institutional Money Market - Treasury Portfolio - Class I - 3.33% (3)

1,413,754

1,413,754

Total Money Market Fund

(Cost $           1,413,754)

1,413,754

Total Investments - 99.95%

(Cost $           7,054,717)

9,791,081

Other Assets Less Liabilities - 0.05%

5,279

Total Net Assets - 100.00%

9,796,359

(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, 2026 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments

Level 1 - Quoted Prices

$

9,791,081

$

-

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

9,791,081

$

-

       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, 2026.

ADR - American Depositary Receipt

PLC- Public Limited Company