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 02.28.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Unisys Corporation UIS -0.45 4.51
Meritor Inc MTOR 18.22 4.45
Goodyear Tire & Rubber Co GT 11.91 4.44
Tesoro Corporation TSO -12.44 4.18
Valero Energy Corporation VLO -3.57 4.08
Arkansas Best Corporation ABFS -2.46 3.97
Atlas Air Worldwide Holdings Inc AAWW -26.73 3.82
Aegean Marine Petroleum Network, Inc. ANW -11.59 3.69
Hawaiian Holdings, Inc. HA 27.62 3.66
PHH Corporation PHH 7.06 3.4