Oelschlager Investments LLC

ITEM 5: FEES AND COMPENSATION

Towpath Funds

Information specific to the Towpath Funds, including a description of the services provided by management,
and the fees charged for those services, are contained in the Funds’ Prospectus and Statement of Additional
Information. A copy of a Prospectus and Statement of Additional Information may be received upon request
at (877) 593-8637. Pursuant to a management agreement between the Funds and Oelschlager Investments,
each Fund generally pays Oelschlager Investments, on a monthly basis, an annual advisory fee equivalent to
0.70% of the respective Fund's average daily net assets.

Assets within the Towpath Funds are held by a custodian bank. Custodian fees, wire transaction fees, and other
expenses may be imposed by the custodian holding the assets within the Fund. Brokerage commissions and
transaction fees will be incurred in relation to securities transactions.

Separately Managed Accounts

SMA clients pay an investment management fee based on the assets under management within each SMA for
our investment advisory services, pursuant to the mutually agreed terms and the selected investment strategy
for each account. Our management fees are generally 0.90% on assets up to $3 million and 0.70% on assets
above $3 million for our offered All-Cap Core and Technology strategies. For our Fixed-Income Strategy, our
management fees are generally 0.60% of assets under management for the account. Fee rates are per annum
and billed quarterly in arrears based on the quarter’s month-end market value. Quarterly invoices are provided
to each SMA client noting the fee calculated for the applicable client account. Management fees are generally
deducted directly from the SMA client’s account, though SMA clients may elect to remit checks to Oelschlager
in lieu of authorizing direct fee deduction. Fees can be negotiated based on particular elements of a client
profile, such as the amount of discretionary assets under management.

Our fees do not include brokerage commissions, transaction fees, and other related costs and expenses which
will be incurred by the client. Clients are likely to incur certain charges imposed by custodians, brokers, third
party investment administrators and other fees and taxes on brokerage accounts and securities transactions. We
can invest in other mutual funds and exchange-traded funds who also charge management fees, as further
disclosed in a fund’s prospectus. Such charges, fees, and commissions are exclusive of and in addition to our
management fee, and we will not receive any portion of these commissions, fees, and costs.

Oelschlager Investments may invest a SMA client’s assets in Towpath Funds which charge fees as described in
the Funds’ Prospectus. To the extent Oelschlager Investments invests SMA client assets in a Towpath Fund,
such assets will not be included as SMA client assets for purposes of calculating or charging the SMA client’s
management fee. Neither Oelschlager Investments nor any of its related persons will receive additional
compensation, beyond Towpath Fund-level fees received, on SMA client assets that are invested in a Towpath
Fund.

Please refer to Item #12 for further information specific to our brokerage practices.

ITEM 7: TYPES OF CLIENTS

Oelschlager Investments is the Investment Adviser to Towpath Focus Fund (TOWFX) and Towpath
Technology Fund (TOWTX). Investors in the Funds may include, but are not limited to, other investment
advisers, individuals, trusts, charitable organizations, and business entities. The minimum initial and
subsequent investment is generally $2,000 and $50, respectively, for the Funds. The minimum initial and
subsequent investment in the Funds for automatic investment accounts is generally $1,000 and $50
respectively. Minimum investment for telephone purchases for the Funds is typically $5,000. However, each
Fund or Oelschlager Investments may waive any minimum investment requirement in a Fund at their
discretion.

Oelschlager Investments offers SMA advisory services to clients that are high net-worth individuals,
corporations, foundations,endowments and public plans. The amount for investment is negotiable and can

vary; however, $1,000,000 is the general minimum investment size for a SMA.