Towle Deep Value Fund

Class Other (TDVFX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 6.26 0.58 5.68
Stocks 86.92 0.0 86.92
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 7.4 0.0 7.4
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Hawaiian Holdings Inc HA 44.34 5.28
Goodyear Tire & Rubber Co GT 17.23 4.85
Atlas Air Worldwide Holdings Inc AAWW -9.82 4.69
Valero Energy Corp VLO 0.83 4.28
Meritor Inc MTOR 26.27 4.11
Unisys Corp UIS -25.26 4.08
Tesoro Corp TSO 2.84 3.6
Flextronics International Ltd FLEX 44.53 3.44
General Cable Corp BGC -11.97 3.39
Ingram Micro Inc Class A IM 25.7 3.24