Schedule of Investments | |||||||
February 28, 2022 (unaudited) | |||||||
Towpath Focus Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 87.11% | |||||||
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Apparel & Other Finished Prods of Fabrics & Similar Material - 2.25% |
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Carter's, Inc. |
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| 5,600 |
| 541,408 |
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Biological Products (No Diagnostic Substances) - 3.90% |
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Amgen, Inc. |
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| 2,620 |
| 593,378 |
Gilead Sciences, Inc. |
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| 5,700 |
| 344,280 | |
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| 937,658 |
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BioTech & Pharma - 0.39% |
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Sanofi SA ADR |
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| 1,800 |
| 94,410 | |
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Computer & Office Equipment - 2.52% |
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HP, Inc. |
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| 17,620 |
| 605,423 |
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Crude Petroleum & Natural Gas - 2.86% |
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Shell PLC-ADR (2) |
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| 13,100 |
| 686,309 | |
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Fire, Marine & Casualty Insurance - 2.45% |
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Allstate Corp. |
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| 4,805 |
| 587,940 |
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Footwear (No Rubber) - 1.97% |
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Steven Madden Ltd. |
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| 11,100 |
| 473,526 | |
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Gold and Silver Ores - 2.21% |
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Newmont Corp. |
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| 8,008 |
| 530,130 | |
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Leather & Leather Products- 1.62% |
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Tapestry, Inc. |
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| 9,500 |
| 388,550 |
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Life Insurance - 1.19% |
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Reinsurance Group of America, Inc. |
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| 2,590 |
| 287,127 | ||
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Men's & Boys' Furnishings, Work Clothing, and Allied Garments - 1.07% |
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Kontoor Brands, Inc. |
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| 5,200 |
| 257,608 | |
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Metal Mining - 1.57% |
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Rio Tinto Group PLC ADR (2) |
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| 4,800 |
| 377,184 | ||
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Miscellaneous Electrical Machinery, Equipment & Supplies - 1.24% |
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Energizer Holdings, Inc. |
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| 8,910 |
| 297,505 | |
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Motor Vehicle Parts & Accessories - 4.31% |
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Gentex Corp. |
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| 21,320 |
| 645,356 |
Magna International, Inc. Class A |
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| 5,270 |
| 391,403 | ||
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| 1,036,759 |
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National Commercial Banks - 4.91% |
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Bank of America Corp. |
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| 10,970 |
| 484,874 | |
Capital One Financial Corp. |
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| 3,160 |
| 484,333 | ||
Regions Financial Corp. |
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| 8,750 |
| 211,663 | |
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| 1,180,870 |
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Petroleum Refining - 2.69% |
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Valero Energy Corp. |
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| 7,730 |
| 645,532 | |
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Pharmaceutical Preparations - 10.79% |
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Bristol Myers Squibb Co. |
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| 9,140 |
| 627,643 | |
GlaxoSmithKline PLC ADR |
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| 19,180 |
| 802,875 | ||
Novartis AG (2) |
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| 5,400 |
| 472,284 | |
Prestige Consumer Healthcare, Inc. (2) |
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| 11,615 |
| 691,441 | ||
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| 2,594,243 |
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Retail-Catalog & Mail-Order Houses - 0.79% |
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Amazon.com, Inc. (2) |
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| 62 |
| 190,418 | |
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Retail-Furniture Stores - 0.44% |
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Haverty Furniture Companies, Inc. |
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| 3,700 |
| 105,117 | ||
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Retail-Family Clothing Store - 1.90% |
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Ross Stores, Inc. |
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| 5,000 |
| 456,950 | |
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Retail-Family Clothing Store - 1.39% |
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Genesco, Inc. (2) |
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| 5,200 |
| 333,580 | |
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Security Brokers, Dealers & Flotation Companies - 1.39% |
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The Charles Schwab Corp. (2) |
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| 10,440 |
| 881,762 | ||
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Services-Business Services, NEC - 1.51% |
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Ebay, Inc. |
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| 6,640 |
| 362,478 |
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Services-Computer Programming, Data Processing, Etc. - 7.14% |
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Alphabet, Inc. Class A (2) |
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| 543 |
| 1,466,719 | |
Meta Platforms, Inc. Class A (2) |
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| 1,185 |
| 250,071 | ||
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| 1,716,790 |
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Services-Help Supply Services - 0.76% |
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Barrett Business Services, Inc. |
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| 3,053 |
| 183,638 | ||
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Services-Medical Laboratories - 2.40% |
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Quest Diagnostics, Inc. |
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| 4,400 |
| 577,588 | |
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Services- Prepackaged Software - 1.93% |
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Check Point Software Technologies Ltd. (2) |
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| 3,200 |
| 463,616 | ||
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Ship & Boat Building & Repairing - 1.53% |
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Huntington Ingalls Industries, Inc. |
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| 1,800 |
| 367,920 | ||
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State Commercial Banks - 7.88% |
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Atlantic Union Bankshares Corp. |
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| 20,659 |
| 839,375 | ||
Bank of New York Mellon Corp. |
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| 19,830 |
| 1,053,965 | ||
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| 1,893,340 |
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Telephone Communications (No Radiotelephone) - 1.43% |
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Verizon Communications, Inc. |
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| 6,400 |
| 343,488 | ||
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Wholesale-Drugs Proprietaries & Druggists' Sundries - 6.40% |
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AmerisourceBergen Corp. |
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| 5,290 |
| 753,984 | |
McKesson Corp. |
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| 2,850 |
| 783,636 | |
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| 1,537,620 |
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Total Common Stock |
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| (Cost $ 16,211,069) |
| 20,936,487 | |
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Money Market Fund - 12.81% | |||||||
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First American Government Obligations Fund Class X, 0.06% |
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| 3,079,296 |
| 3,079,296 | ||
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Total Money Market Fund |
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| (Cost $ 3,079,926) |
| 3,079,296 | |
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Total Investments - 99.92% |
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| (Cost $ 19,290,365) |
| 24,015,783 | ||
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Other Assets Less Liabilities (0.08%) |
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| 20,087 | ||
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Total Net Assets - 100.00% |
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| 24,035,870 | ||
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(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) | |||||||
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The following is a summary of the inputs used as of February 28, 2022 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
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Level 1 - Quoted Prices |
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| $ | 24,015,783 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| - |
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Level 3 - Significant Unobservable Inputs |
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Total |
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| $ | 24,015,783 | $ | - |
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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. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) Variable Rate Security: the Yield Rate shown represents the rate at February 28, 2022. |
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NPORT-P Filing
MSS Series Trust NPORT-PTowpath Focus Fund (Feb 2022 report)
Filed: 29 Apr 22, 1:09pm