Schedule of Investments | |||||||
February 28, 2023 (unaudited) | |||||||
Towpath Focus Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 84.68% | |||||||
Apparel & Other Finished Products of Fabrics & Similar Material - 1.54% | |||||||
Carter's, Inc. | 5,900 | 444,801 | |||||
Biological Products (No Diagnostic Substances) - 4.36% | |||||||
Amgen, Inc. | 2,920 | 676,447 | |||||
Gilead Sciences, Inc. | 7,300 | 587,869 | |||||
1,264,316 | |||||||
BioTech & Pharma - 0.30% | |||||||
Sanofi SA ADR (2) | 1,800 | 84,330 | |||||
Computer & Office Equipment - 1.93% | |||||||
HP, Inc. | 18,920 | 558,518 | |||||
Crude Petroleum & Natural Gas - 4.54% | |||||||
Shell PLC ADR | 21,700 | 1,318,709 | |||||
Fire, Marine & Casualty Insurance - 2.22% | |||||||
Allstate Corp. | 5,005 | 644,544 | |||||
Footwear (No Rubber) - 1.65% | |||||||
Steven Madden Ltd. | 13,200 | 479,160 | |||||
Leather & Leather Products- 2.26% | |||||||
Tapestry, Inc. | 15,100 | 657,001 | |||||
Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 0.86% | |||||||
Kontoor Brands, Inc. | 4,790 | 249,799 | |||||
Metal Mining - 2.91% | |||||||
BHP Group Ltd. ADR (2) | 6,900 | 420,693 | |||||
Rio Tinto Group PLC ADR (2) | 6,100 | 425,353 | |||||
846,046 | |||||||
Miscellaneous Electrical Machinery, Equipment & Supplies - 1.01% | |||||||
Energizer Holdings, Inc. | 8,110 | 293,825 | |||||
Miscellaneous Manufacturing Industries - 0.52% | |||||||
Hillenbrand, Inc. | 3,200 | 150,848 | |||||
Motor Vehicle Parts & Accessories - 3.81% | |||||||
Gentex Corp. | 23,820 | 680,061 | |||||
Magna International, Inc. Class A | 7,670 | 427,449 | |||||
1,107,510 | |||||||
National Commercial Banks - 4.74% | |||||||
Bank of America Corp. | 22,670 | 777,581 | |||||
Capital One Financial Corp. | 3,160 | 344,693 | |||||
Regions Financial Corp. | 10,950 | 255,354 | |||||
1,377,628 | |||||||
Perfumes, Cosmetics & Other Toilet Preparations - 0.61% | |||||||
Haleon PLC ADR (2) | 22,580 | 177,930 | |||||
Petroleum Refining - 3.51% | |||||||
Valero Energy Corp. | 7,730 | 1,018,273 | |||||
Pharmaceutical Preparations - 11.53% | |||||||
Bristol Myers Squibb Co. | 11,540 | 795,798 | |||||
GlaxoSmithKline PLC ADR | 22,464 | 769,841 | |||||
Novartis AG ADR (2) | 9,100 | 765,492 | |||||
Prestige Consumer Healthcare, Inc. (2) | 16,866 | 1,016,177 | |||||
3,347,308 | |||||||
Retail-Catalog & Mail-Order Houses - 0.40% | |||||||
Amazon.com, Inc. (2) | 1,240 | 116,845 | |||||
Retail-Furniture Stores - 0.48% | |||||||
Haverty Furniture Companies, Inc. | 3,700 | 139,638 | |||||
Retail-Family Clothing Store - 1.90% | |||||||
Ross Stores, Inc. | 5,000 | 552,700 | |||||
Security Brokers, Dealers & Flotation Companies - 3.85% | |||||||
The Charles Schwab Corp. | 14,340 | 1,117,373 | |||||
Services-Business Services - 1.35% | |||||||
Ebay, Inc. | 8,540 | 391,986 | |||||
Services-Computer Programming, Data Processing, Etc. - 5.40% | |||||||
Alphabet, Inc. Class A (2) | 17,400 | 1,567,044 | |||||
Services-Medical Laboratories - 2.48% | |||||||
Quest Diagnostics, Inc. | 5,200 | 719,472 | |||||
Services - Prepackaged Software - 2.36% | |||||||
Adobe, Inc. (2) | 400 | 129,580 | |||||
Check Point Software Technologies Ltd. (Israel) (2) | 4,500 | 556,740 | |||||
686,320 | |||||||
Ship & Boat Building & Repairing - 1.33% | |||||||
Huntington Ingalls Industries, Inc. | 1,800 | 387,360 | |||||
State Commercial Banks - 7.41% | |||||||
Atlantic Union Bankshares Corp. | 21,159 | 792,616 | |||||
Bank of New York Mellon Corp. | 26,730 | 1,360,023 | |||||
2,152,639 | |||||||
Transportation Services - 2.12% | |||||||
Booking Holdings, Inc. (2) | 244 | 615,856 | |||||
Wholesale-Drugs Proprietaries & Druggists' Sundries - 7.30% | |||||||
AmerisourceBergen Corp. | 6,090 | 947,360 | |||||
McKesson Corp. | 3,350 | 1,171,864 | |||||
2,119,224 | |||||||
Total Common Stock | (Cost $ 20,326,209) | 24,587,003 | |||||
Money Market Fund - 15.04% | |||||||
First American Government Obligations Fund Class X, 4.37% | 4,366,226 | 4,366,226 | |||||
Total Money Market Fund | (Cost $ 4,366,226) | 4,366,226 | |||||
Total Investments - 99.72% | (Cost $ 24,692,435) | 28,953,229 | |||||
Liabilities In Excess of Other Assets (0.28%) | 82,524 | ||||||
Total Net Assets - 100.00% | 29,035,753 | ||||||
(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 28, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 28,953,229 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 28,953,229 | $ | - |
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 28, 2023. |
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NPORT-P Filing
MSS Series Trust NPORT-PTowpath Focus Fund (Feb 2023 report)
Filed: 27 Apr 23, 11:56am