Schedule of Investments

August 31, 2026 (unaudited)

Towpath Focus Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 87.27%

Beverages - 2.33%

The Coca-Cola Co.

20,900

1,853,203

Biological Products (No Diagnostic Substances) - 6.03%

Amgen, Inc.

5,620

2,415,926

Gilead Sciences, Inc.

16,300

2,385,342

4,801,268

Crude Petroleum & Natural Gas - 5.44%

Range Resources Corp.

22,200

917,304

Shell plc ADR  

37,400

3,420,230

4,337,534

Fire, Marine & Casualty Insurance - 2.38%

Chubb Ltd. (Switzerland)

5,600

1,896,160

Footwear (No Rubber) - 0.76%

Steven Madden Ltd.

14,000

604,520

Leather & Leather Products- 3.13%

Tapestry, Inc.

20,200

2,492,478

Metal Mining - 1.82%

BHP Group Ltd. ADR  (2)

15,400

1,446,368

Motor Vehicle Parts & Accessories - 1.44%

Gentex Corp.

51,320

1,148,028

National Commercial Banks - 3.93%

Bank of America Corp.

50,570

3,132,306

Petroleum Refining - 4.43%

Valero Energy Corp.

9,830

3,528,184

Pharmaceutical Preparations - 12.92%

Bristol Myers Squibb Co.

33,840

2,260,850

GSK plc ADR

38,364

1,927,791

Johnson & Johnson

7,200

1,914,120

Novartis AG ADR  (2)

20,100

3,056,406

Prestige Consumer Healthcare, Inc.  (2)

21,966

1,137,399

10,296,567

Retail-Apparel and Accessory Stores - 0.68%

Torrid Holdings, Inc.  (2)

244,682

538,300

Retail-Catalog & Mail-Order Houses - 1.41%

Amazon.com, Inc.  (2)

4,340

1,127,402

Retail-Family Clothing Stores - 1.43%

Ross Stores, Inc.

5,000

1,142,700

Savings Institutions, Not Federally Chartered - 0.87%

Southern Missouri Bancorp, Inc.

9,440

694,690

Security Brokers, Dealers & Flotation Companies - 2.06%

The Charles Schwab Corp.

14,940

1,640,711

State Commercial Banks - 8.35%

Bank of New York Mellon Corp.

38,730

6,246,374

Old Second Bancorp, Inc.

16,189

406,020

6,652,395

Services-Business Services NEC - 3.22%

eBay, Inc.

15,940

1,650,746

Maplebear, Inc.  (2)

16,000

808,320

Paysafe Ltd. (United Kingdom)  (2)

16,000

103,040

2,562,106

Services-Computer Programming,  Data Processing, Etc. - 8.30%

Alphabet, Inc. Class A  

19,500

6,617,325

Services - Prepackaged Software - 3.18%

Adobe, Inc.  (2)

2,350

688,057

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

8,900

1,236,299

Intuit, Inc.

1,700

610,810

2,535,166

Transportation Services - 2.59%

Booking Holdings, Inc.

10,350

2,060,582

Wholesale-Drugs Proprietaries & Druggists' Sundries - 8.50%

Cencora, Inc.

7,790

2,520,844

McKesson Corp.

4,800

4,249,536

6,770,380

Wholesale-Electronic Parts & Equipment, NEC - 1.50%

Ituran Location & Control Ltd. (Israel)

23,414

1,193,177

Wholesale-Groceries, General Line - 0.58%

United Natural Foods, Inc.  (2)

10,600

464,916

Total Common Stock

(Cost  $        40,111,287)

69,536,464

Money Market Fund - 12.67%

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

10,092,557

10,092,557

Total Money Market Fund

(Cost $         10,092,557)

10,092,557

Total Investments - 99.94%

(Cost $         50,203,844)

79,629,021

Other Assets Less Liabilities -  0.06%

50,263

Total Net Assets - 100.00%

79,679,284

(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

$

79,629,021

$

-

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

79,629,021

$

-

       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

AG  - Aktiengesellschaft, a German term for a public limited company.