Towle Deep Value Fund

Class Other (TDVFX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 7.04 0.01 7.03
Stocks 85.7 0.0 85.7
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 7.27 0.0 7.27
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Unisys Corporation UIS -7.09 4.51
Meritor Inc MTOR 19.85 4.45
Goodyear Tire & Rubber Co GT 13.84 4.44
Tesoro Corporation TSO -11.09 4.18
Valero Energy Corporation VLO 10.63 4.08
Arkansas Best Corporation ABFS 14.37 3.97
Atlas Air Worldwide Holdings Inc AAWW -13.32 3.82
Aegean Marine Petroleum Network, Inc. ANW -10.07 3.69
Hawaiian Holdings, Inc. HA 49.33 3.66
PHH Corporation PHH 5.95 3.4