Towle Deep Value Fund

Class Other (TDVFX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 4.1 2.17 1.94
Stocks 89.13 0.0 89.13
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 8.94 0.0 8.94
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 12.31.2012

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 12.31.2012

Ticker YTD Return % % Net Assets
OfficeMax Inc OMX 15.57 5.28
PHH Corporation PHH -8.62 5.11
Tesoro Corporation TSO 15.94 5.06
GameStop Corp Class A GME 39.56 3.79
Valero Energy Corporation VLO 14.24 3.74
Goodyear Tire & Rubber Co GT -11.66 3.54
Dole Food Co Inc DOLE -8.81 3.44
Navistar International Corp NAV 44.92 3.27
Unisys Corporation UIS 7.28 3.19
Sanmina Corp SANM 8.49 3.13
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