Schedule of Investments

February 28, 2026 (unaudited)

Towpath Technology Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 90.29%

Biological products (No Diagnostic Substances) - 2.40%

Biogen, Inc. (2)

970

186,065

Computer & Office Equipment - 1.97%

HP, Inc.

3,000

56,970

International Business Machines Corp.

400

96,084

153,054

Computer Communications Equipment - 5.59%

Cisco Systems, Inc.  

3,200

254,272

F5, Inc. (2)

660

179,098

433,370

Computer Peripheral Equipment, NEC - 2.04%

Fortinet, Inc. (2)

2,000

158,060

Computer Storage Devices - 2.18%

NetApp, Inc.

1,710

169,341

Electronic Computers - 4.73%

Apple, Inc.

1,390

367,210

Optical Instruments & Lenses - 6.78%

KLA Corp.

345

525,970

Radio & Tv Broadcasting & Communications Equipment - 1.93%

QUALCOMM, Inc.

1,050

149,478

Retail-Catalog & Mail-Order Houses - 1.68%

Amazon.com, Inc. (2)

620

130,200

Semiconductors & Related Devices - 2.21%

Photronics, Inc. (2)

4,584

171,579

Services-Business Services - 5.63%

Accenture plc Class A (Ireland)

395

82,444

eBay, Inc.  

1,650

149,919

International Money Express, Inc. (2)

4,300

67,854

PayPal Holdings, Inc.

2,950

136,320

436,537

Services-Computer Integrated Systems Design - 0.48%

Open Text Corp.  (Canada)

1,500

37,155

Services-Computer Processing & Data Preparation - 1.67%

Workday, Inc. (2)

970

129,747

Services-Computer Programming Services - 3.71%

Cognizant Technology Solutions Corp. Class A

1,820

117,263

VeriSign, Inc.

750

170,955

288,218

Services - Computer Programming, Data Processing, Etc. - 22.63%

Alphabet, Inc. Class A

2,810

876,046

Baidu, Inc. ADR  (2)

540

67,198

DXC Technology Co. (2)

3,700

46,583

Match Group, Inc.

5,700

180,120

Meta Platforms, Inc. Class A  

590

382,426

Zoom Video Communications, Inc.  (2)

2,750

203,335

1,755,707

Services-Management Consulting Services - 2.85%

Booz Allen Hamilton Holding Corp. Class A

750

59,123

CGI, Inc. Class A (Canada)

1,900

139,384

The Hackett Group, Inc.

1,680

22,949

221,455

Services - Prepackaged Software - 14.54%

Adobe, Inc. (2)

350

91,844

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

1,480

225,064

DocuSign, Inc. (2)

2,550

114,929

DropBox, Inc. Class A (2)

7,400

184,926

Microsoft Corp.

310

121,749

Nutanix, Inc. (2)

2,000

76,560

Progress Software Corp. (2)

3,000

125,640

Salesforce, Inc.

960

186,998

1,127,709

Ship & Boat Building & Repairing - 0.52%

Huntington Ingalls Industries, Inc.

90

40,007

Telephone Communications (No Radiotelephone) - 1.81%

Verizon Communications, Inc.

2,800

140,392

Wholesale-Electronic Parts & Equipment - 4.94%

Ituran Location & Control Ltd. (Israel)

7,991

383,568

Total Common Stock

(Cost $           5,570,627)

7,004,823

Money Market Fund - 9.72%

Fidelity Institutional Money Market - Treasury Portfolio - Class I - 3.54% (3)

754,241

754,241

Total Money Market Fund

(Cost $              754,241)

754,241

Total Investments - 100.01%

(Cost $           6,337,402)

7,759,064

 Liabilities in Excess of Other Assets - (0.01%)

(825)

Total Net Assets - 100.00%

7,758,239

(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 27, 2026 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments

Level 1 - Quoted Prices

$

7,759,064

$

-

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

7,759,064

$

-

       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 27, 2026.

ADR - American Depositary Receipt

PLC- Public Limited Company