Schedule of Investments | |||||||
February 29, 2024 (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 - 86.66% | |||||||
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Apparel & Other Finished Products of Fabrics & Similar Material - 1.47% |
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Carter's, Inc. |
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| 5,900 |
| 477,605 |
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Beverages - 1.50% |
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The Coca-Cola Co. |
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| 8,100 |
| 486,162 | |
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Biological Products (No Diagnostic Substances) - 4.08% |
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Amgen, Inc. |
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| 2,920 |
| 799,584 |
Gilead Sciences, Inc. |
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| 7,300 |
| 526,330 | |
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| 1,325,914 |
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Biotech & Pharma - 0.27% |
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Sanofi ADR |
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| 1,800 |
| 86,130 |
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Computer & Office Equipment - 1.76% |
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HP, Inc. |
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| 20,220 |
| 572,833 |
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Crude Petroleum & Natural Gas - 4.30% |
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Shell PLC ADR |
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| 22,200 |
| 1,394,826 | |
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Drug Manufacturers - Specialty & Generic - 0.20% |
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Sandoz Group AG ADR (2) |
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| 2,060 |
| 64,004 | ||
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Footwear (No Rubber) - 1.08% |
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Steven Madden Ltd. |
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| 8,200 |
| 351,124 | |
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Leather & Leather Products- 2.21% |
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Tapestry, Inc. |
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| 15,100 |
| 717,703 | |
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Metal Mining - 2.52% |
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BHP Group Ltd. ADR (2) |
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| 7,400 |
| 424,316 | ||
Rio Tinto Group PLC ADR (2) |
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| 6,100 |
| 393,633 | ||
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| 817,949 |
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Miscellaneous Electrical Machinery, Equipment & Supplies - 1.18% |
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Energizer Holdings, Inc. |
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| 13,410 |
| 382,856 | |
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Motor Vehicle Parts & Accessories - 4.09% |
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Gentex Corp. |
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| 24,820 |
| 906,675 |
Magna International, Inc. Class A |
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| 7,670 |
| 422,770 | ||
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| 1,329,445 |
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National Commercial Banks - 2.74% |
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Bank of America Corp. |
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| 25,770 |
| 889,580 | |
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Petroleum Refining - 3.15% |
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Valero Energy Corp. |
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| 7,230 |
| 1,022,756 | |
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Pharmaceutical Preparations - 12.85% |
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Bristol Myers Squibb Co. |
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| 13,540 |
| 687,155 | |
GlaxoSmithKline Pharma Ltd. |
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| 23,464 |
| 983,142 | ||
Novartis AG ADR (2) |
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| 10,900 |
| 1,100,573 | |
Prestige Consumer Healthcare, Inc. (2) |
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| 17,366 |
| 1,208,326 | ||
Haleon plc ADR (2) |
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| 22,580 |
| 193,285 | |
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| 4,172,481 |
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Retail-Apparel and Accessory Stores - 0.71% |
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Torrid Holdings, Inc. (2) |
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| 46,072 |
| 231,742 | |
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Retail-Catalog & Mail-Order Houses - 1.17% |
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Amazon.com, Inc. (2) |
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| 2,140 |
| 378,266 | |
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Retail-Family Clothing Stores - 2.20% |
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Ross Stores, Inc. |
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| 4,800 |
| 715,008 | |
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Retail-Furniture Stores - 0.39% |
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Haverty Furniture Companies, Inc. |
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| 3,700 |
| 126,910 | ||
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Retail-Grocery Stores - 2.23% |
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The Kroger Co. |
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| 14,600 |
| 724,306 | |
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Security Brokers, Dealers & Flotation Companies - 3.07% |
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The Charles Schwab Corp. |
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| 14,940 |
| 997,693 | ||
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Services-Business Services - 2.06% |
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eBay, Inc. |
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| 14,140 |
| 668,539 |
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Services-Computer Programming, Data Processing, Etc. - 7.59% |
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Alphabet, Inc. Class A (2) |
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| 17,800 |
| 2,464,588 | ||
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Services-Medical Laboratories - 1.58% |
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Quest Diagnostics, Inc. |
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| 4,100 |
| 512,049 | |
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Services - Prepackaged Software - 3.01% |
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Adobe, Inc. (2) |
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| 400 |
| 224,112 | |
Check Point Software Technologies Ltd. (Israel) (2) |
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| 4,700 |
| 753,974 | ||
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| 978,086 |
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Ship & Boat Building & Repairing - 1.62% |
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Huntington Ingalls Industries, Inc. |
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| 1,800 |
| 524,916 | ||
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State Commercial Banks - 4.62% |
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Bank of New York Mellon Corp. (2) |
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| 26,730 |
| 1,499,286 | ||
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Transportation Services - 2.61% |
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Booking Holdings, Inc. (2) |
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| 244 |
| 846,395 | ||
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Wholesale-Drugs Proprietaries & Druggists' Sundries - 9.80% |
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Cencora, Inc. |
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| 6,090 |
| 1,434,804 |
McKesson Corp. |
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| 3,350 |
| 1,746,724 | |
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| 3,181,528 |
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Total Common Stock |
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| (Cost $20,625,785) |
| 28,133,963 | |
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Money Market Fund - 13.71% | |||||||
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First American Government Obligations Fund Class X, 5.23% (3) |
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| 4,450,030 |
| 4,450,030 | ||
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Total Money Market Fund |
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| (Cost $ 4,450,030) |
| 4,450,030 | ||
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Total Investments - 100.37% |
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| (Cost $ 25,075,815) |
| 32,583,993 | ||
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Other Assets Less Liabilities- 0.37% |
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| (118,622) | ||
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Total Net Assets - 100.00% |
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| 32,465,371 | ||
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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 29, 2024 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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Level 1 - Quoted Prices |
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| $ | 32,583,993 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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Level 3 - Significant Unobservable Inputs |
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Total |
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| $ | 32,583,993 | $ | - |
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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 29, 2024. |
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NPORT-P Filing
MSS Series Trust NPORT-PTowpath Focus Fund (Feb 2024 report)
Filed: 25 Apr 24, 5:00pm