TOWLE & CO Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOLD	GOLD COM INC	325,397	$11,080	2.9%	$28.56	0.0%	COM	00181T107
LEG	LEGGETT & PLATT INC	953,080	$10,484	2.8%	$9.84	0.0%	COM	524660107
CWK	CUSHMAN AND WAKEFIELD LTD	640,822	$10,375	2.7%	$15.85	0.0%	COMMON SHARES	G2717C106
BTU	PEABODY ENERGY CORP	314,195	$9,332	2.5%	$29.35	0.0%	COM	704551100
FOXF	FOX FACTORY HLDG CORP	524,074	$8,967	2.4%	$19.06	0.0%	COM	35138V102
FLR	FLUOR CORP NEW	188,599	$7,474	2.0%	$44.24	0.0%	COM	343412102
HCSG	HEALTHCARE SVCS GROUP INC	386,812	$7,396	2.0%	$17.99	0.0%	COM	421906108
WBS	WEBSTER FINL CORP	63,290	$3,983	1.1%	$59.37	0.0%	COM	947890109
PB	PROSPERITY BANCSHARES INC	57,087	$3,945	1.0%	$67.02	0.0%	COM	743606105
BUSE	FIRST BUSEY CORP	160,015	$3,807	1.0%	$23.21	0.0%	COM NEW	319383204
EBC	EASTERN BANKSHARES INC	200,820	$3,701	1.0%	$18.22	0.0%	COM	27627N105

Increased Positions (11)

BXC BLUELINX HLDGS INC 2.7%

Value ($000) $10,271 (+79.8%) Shares 167,196 (+113.8%) Est. Cost $74.48 Unrealized -13.3%

OSK OSHKOSH CORP 2.4%

Value ($000) $9,249 (+29.7%) Shares 73,618 (+33.9%) Est. Cost $130.55 Unrealized -2.0%

LEA LEAR CORP 2.7%

Value ($000) $10,064 (+17.9%) Shares 87,815 (+3.5%) Est. Cost $95.78 Unrealized +11.0%

BLMN BLOOMIN BRANDS INC 2.1%

Value ($000) $8,131 (+23.1%) Shares 1,317,776 (+43.0%) Est. Cost $7.54 Unrealized -7.6%

RYI RYERSON HLDG CORP 2.6%

Value ($000) $9,879 (+15.4%) Shares 392,634 (+4.9%) Est. Cost $29.72 Unrealized -22.6%

HOV HOVNANIAN ENTERPRISES INC 2.6%

Value ($000) $9,696 (+14.8%) Shares 99,402 (+51.2%) Est. Cost $104.77 Unrealized +12.6%

SNX TD SYNNEX CORPORATION 2.4%

Value ($000) $9,180 (+9.1%) Shares 61,109 (+18.9%) Est. Cost $147.48 Unrealized +3.6%

MTUS METALLUS INC 2.5%

Value ($000) $9,428 (+7.5%) Shares 549,389 (+3.5%) Est. Cost $14.64 Unrealized +17.1%

WNC WABASH NATL CORP 2.2%

Value ($000) $8,463 (+8.1%) Shares 978,330 (+23.4%) Est. Cost $11.66 Unrealized -25.8%

PBF PBF ENERGY INC 2.8%

Value ($000) $10,491 (+6.2%) Shares 386,834 (+18.1%) Est. Cost $31.63 Unrealized +1.3%

MEI METHODE ELECTRS INC 2.0%

Value ($000) $7,694 (-1.4%) Shares 1,158,777 (+12.2%) Est. Cost $7.14 Unrealized -1.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BXC	BLUELINX HLDGS INC	167,196 (+113.8%)	$10,271 (+79.8%)	2.7%	$74.48	-13.3%	COM NEW	09624H208
OSK	OSHKOSH CORP	73,618 (+33.9%)	$9,249 (+29.7%)	2.4%	$130.55	-2.0%	COM	688239201
LEA	LEAR CORP	87,815 (+3.5%)	$10,064 (+17.9%)	2.7%	$95.78	+11.0%	COM NEW	521865204
BLMN	BLOOMIN BRANDS INC	1,317,776 (+43.0%)	$8,131 (+23.1%)	2.1%	$7.54	-7.6%	COM	094235108
RYI	RYERSON HLDG CORP	392,634 (+4.9%)	$9,879 (+15.4%)	2.6%	$29.72	-22.6%	COM	783754104
HOV	HOVNANIAN ENTERPRISES INC	99,402 (+51.2%)	$9,696 (+14.8%)	2.6%	$104.77	+12.6%	CL A NEW	442487401
SNX	TD SYNNEX CORPORATION	61,109 (+18.9%)	$9,180 (+9.1%)	2.4%	$147.48	+3.6%	COM	87162W100
MTUS	METALLUS INC	549,389 (+3.5%)	$9,428 (+7.5%)	2.5%	$14.64	+17.1%	COM	887399103
WNC	WABASH NATL CORP	978,330 (+23.4%)	$8,463 (+8.1%)	2.2%	$11.66	-25.8%	COM	929566107
PBF	PBF ENERGY INC	386,834 (+18.1%)	$10,491 (+6.2%)	2.8%	$31.63	+1.3%	CL A	69318G106
MEI	METHODE ELECTRS INC	1,158,777 (+12.2%)	$7,694 (-1.4%)	2.0%	$7.14	-1.6%	COM	591520200

Exited Positions (14)

DK DELEK US HLDGS INC NEW 4.6%

Value ($000) $17,301 Shares 536,133 Est. Cost $18.97 Unrealized +87.7%

DINO HF SINCLAIR CORP 3.7%

Value ($000) $13,861 Shares 264,829 Est. Cost $31.62 Unrealized +62.2%

— CUSHMAN WAKEFIELD PLC 2.9%

Value ($000) $10,970 Shares 689,055 Est. Cost $11.07 Unrealized —

LUV SOUTHWEST AIRLS CO 2.8%

Value ($000) $10,586 Shares 331,752 Est. Cost $24.74 Unrealized +40.6%

ARW ARROW ELECTRS INC 2.5%

Value ($000) $9,364 Shares 77,387 Est. Cost $117.26 Unrealized -3.1%

WKC WORLD KINECT CORPORATION 2.3%

Value ($000) $8,543 Shares 329,213 Est. Cost $27.39 Unrealized -10.0%

ABG ASBURY AUTOMOTIVE GROUP INC 2.2%

Value ($000) $8,467 Shares 34,636 Est. Cost $212.30 Unrealized +11.4%

MYRG MYR GROUP INC DEL 2.2%

Value ($000) $8,314 Shares 39,966 Est. Cost $186.60 Unrealized +16.6%

DXC DXC TECHNOLOGY CO 1.8%

Value ($000) $6,938 Shares 509,041 Est. Cost $21.63 Unrealized -36.4%

ACH OWENS & MINOR INC NEW 1.6%

Value ($000) $5,990 Shares 1,247,959 Est. Cost $11.35 Unrealized -68.5%

ACI ALBERTSONS COS INC 1.6%

Value ($000) $5,940 Shares 339,227 Est. Cost $19.27 Unrealized -8.5%

BBY BEST BUY INC 0.2%

Value ($000) $880 Shares 11,642 Est. Cost $72.80 Unrealized +3.7%

IMKTA INGLES MKTS INC 0.2%

Value ($000) $741 Shares 10,656 Est. Cost $77.69 Unrealized -6.7%

MAN MANPOWERGROUP INC WIS 0.1%

Value ($000) $433 Shares 11,426 Est. Cost $72.77 Unrealized -57.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DK	DELEK US HLDGS INC NEW	536,133	$17,301	4.6%	$18.97	+87.7%	—	24665A103
DINO	HF SINCLAIR CORP	264,829	$13,861	3.7%	$31.62	+62.2%	—	403949100
—	CUSHMAN WAKEFIELD PLC	689,055	$10,970	2.9%	$11.07	—	—	G2717B108
LUV	SOUTHWEST AIRLS CO	331,752	$10,586	2.8%	$24.74	+40.6%	—	844741108
ARW	ARROW ELECTRS INC	77,387	$9,364	2.5%	$117.26	-3.1%	—	042735100
WKC	WORLD KINECT CORPORATION	329,213	$8,543	2.3%	$27.39	-10.0%	—	981475106
ABG	ASBURY AUTOMOTIVE GROUP INC	34,636	$8,467	2.2%	$212.30	+11.4%	—	043436104
MYRG	MYR GROUP INC DEL	39,966	$8,314	2.2%	$186.60	+16.6%	—	55405W104
DXC	DXC TECHNOLOGY CO	509,041	$6,938	1.8%	$21.63	-36.4%	—	23355L106
ACH	OWENS & MINOR INC NEW	1,247,959	$5,990	1.6%	$11.35	-68.5%	—	690732102
ACI	ALBERTSONS COS INC	339,227	$5,940	1.6%	$19.27	-8.5%	—	013091103
BBY	BEST BUY INC	11,642	$880	0.2%	$72.80	+3.7%	—	086516101
IMKTA	INGLES MKTS INC	10,656	$741	0.2%	$77.69	-6.7%	—	457030104
MAN	MANPOWERGROUP INC WIS	11,426	$433	0.1%	$72.77	-57.1%	—	56418H100

Decreased Positions (20)

PARR PAR PAC HOLDINGS INC 2.5%

Value ($000) $9,633 (-50.4%) Shares 274,134 (-50.0%) Est. Cost $21.88 Unrealized +81.6%

PUMP PROPETRO HLDG CORP 2.7%

Value ($000) $10,219 (+72.6%) Shares 1,074,554 (-4.9%) Est. Cost $8.43 Unrealized +3.1%

— ANYWHERE REAL ESTATE INC 4.3%

Value ($000) $16,082 (+25.0%) Shares 1,135,724 (-6.5%) Est. Cost $10.59 Unrealized —

LBRT LIBERTY ENERGY INC 2.8%

Value ($000) $10,713 (+42.4%) Shares 580,336 (-4.8%) Est. Cost $12.70 Unrealized +31.5%

SAH SONIC AUTOMOTIVE INC 2.3%

Value ($000) $8,728 (-23.0%) Shares 141,087 (-5.3%) Est. Cost $52.79 Unrealized +25.4%

ADNT ADIENT PLC 2.2%

Value ($000) $8,150 (-23.7%) Shares 425,168 (-4.1%) Est. Cost $23.95 Unrealized -12.1%

UNFI UNITED NAT FOODS INC 3.0%

Value ($000) $11,441 (-16.6%) Shares 339,796 (-6.9%) Est. Cost $27.42 Unrealized +35.6%

ZUMZ ZUMIEZ INC 2.7%

Value ($000) $10,278 (+27.1%) Shares 394,558 (-4.3%) Est. Cost $17.36 Unrealized +38.3%

LYFT LYFT INC 2.6%

Value ($000) $9,937 (-17.4%) Shares 512,994 (-6.1%) Est. Cost $16.73 Unrealized +24.2%

AMR ALPHA METALLURGICAL RESOUR I 3.2%

Value ($000) $12,113 (+15.7%) Shares 60,601 (-5.0%) Est. Cost $142.11 Unrealized +21.6%

SANM SANMINA CORPORATION 2.3%

Value ($000) $8,786 (+21.7%) Shares 58,546 (-6.7%) Est. Cost $112.45 Unrealized +31.3%

CLW CLEARWATER PAPER CORP 1.6%

Value ($000) $6,084 (-20.1%) Shares 349,661 (-4.7%) Est. Cost $26.81 Unrealized -31.2%

AN AUTONATION INC 2.7%

Value ($000) $10,187 (-10.4%) Shares 49,335 (-5.1%) Est. Cost $146.72 Unrealized +41.8%

ALLY ALLY FINL INC 2.3%

Value ($000) $8,710 (+9.3%) Shares 192,311 (-5.4%) Est. Cost $18.82 Unrealized +116.8%

MGA MAGNA INTL INC 2.9%

Value ($000) $10,787 (+4.4%) Shares 202,374 (-7.2%) Est. Cost $43.79 Unrealized +11.6%

ALK ALASKA AIR GROUP INC 1.8%

Value ($000) $6,654 (-4.5%) Shares 132,291 (-5.5%) Est. Cost $37.77 Unrealized +22.4%

TWI TITAN INTL INC ILL 2.0%

Value ($000) $7,415 (-3.1%) Shares 946,940 (-6.5%) Est. Cost $8.27 Unrealized -5.2%

BWA BORGWARNER INC 2.7%

Value ($000) $10,082 (-2.2%) Shares 223,757 (-4.6%) Est. Cost $38.63 Unrealized +13.1%

BG BUNGE GLOBAL SA 2.0%

Value ($000) $7,532 (+2.0%) Shares 84,549 (-6.9%) Est. Cost $74.18 Unrealized +23.8%

ARCB ARCBEST CORP 2.5%

Value ($000) $9,489 (-0.7%) Shares 127,899 (-6.5%) Est. Cost $64.77 Unrealized +9.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PARR	PAR PAC HOLDINGS INC	274,134 (-50.0%)	$9,633 (-50.4%)	2.5%	$21.88	+81.6%	COM NEW	69888T207
PUMP	PROPETRO HLDG CORP	1,074,554 (-4.9%)	$10,219 (+72.6%)	2.7%	$8.43	+3.1%	COM	74347M108
—	ANYWHERE REAL ESTATE INC	1,135,724 (-6.5%)	$16,082 (+25.0%)	4.3%	$10.59	—	COM	75605Y106
LBRT	LIBERTY ENERGY INC	580,336 (-4.8%)	$10,713 (+42.4%)	2.8%	$12.70	+31.5%	COM CL A	53115L104
SAH	SONIC AUTOMOTIVE INC	141,087 (-5.3%)	$8,728 (-23.0%)	2.3%	$52.79	+25.4%	CL A	83545G102
ADNT	ADIENT PLC	425,168 (-4.1%)	$8,150 (-23.7%)	2.2%	$23.95	-12.1%	ORD SHS	G0084W101
UNFI	UNITED NAT FOODS INC	339,796 (-6.9%)	$11,441 (-16.6%)	3.0%	$27.42	+35.6%	COM	911163103
ZUMZ	ZUMIEZ INC	394,558 (-4.3%)	$10,278 (+27.1%)	2.7%	$17.36	+38.3%	COM	989817101
LYFT	LYFT INC	512,994 (-6.1%)	$9,937 (-17.4%)	2.6%	$16.73	+24.2%	CL A COM	55087P104
AMR	ALPHA METALLURGICAL RESOUR I	60,601 (-5.0%)	$12,113 (+15.7%)	3.2%	$142.11	+21.6%	COM	020764106
SANM	SANMINA CORPORATION	58,546 (-6.7%)	$8,786 (+21.7%)	2.3%	$112.45	+31.3%	COM	801056102
CLW	CLEARWATER PAPER CORP	349,661 (-4.7%)	$6,084 (-20.1%)	1.6%	$26.81	-31.2%	COM	18538R103
AN	AUTONATION INC	49,335 (-5.1%)	$10,187 (-10.4%)	2.7%	$146.72	+41.8%	COM	05329W102
ALLY	ALLY FINL INC	192,311 (-5.4%)	$8,710 (+9.3%)	2.3%	$18.82	+116.8%	COM	02005N100
MGA	MAGNA INTL INC	202,374 (-7.2%)	$10,787 (+4.4%)	2.9%	$43.79	+11.6%	COM	559222401
ALK	ALASKA AIR GROUP INC	132,291 (-5.5%)	$6,654 (-4.5%)	1.8%	$37.77	+22.4%	COM	011659109
TWI	TITAN INTL INC ILL	946,940 (-6.5%)	$7,415 (-3.1%)	2.0%	$8.27	-5.2%	COM	88830M102
BWA	BORGWARNER INC	223,757 (-4.6%)	$10,082 (-2.2%)	2.7%	$38.63	+13.1%	COM	099724106
BG	BUNGE GLOBAL SA	84,549 (-6.9%)	$7,532 (+2.0%)	2.0%	$74.18	+23.8%	COM SHS	H11356104
ARCB	ARCBEST CORP	127,899 (-6.5%)	$9,489 (-0.7%)	2.5%	$64.77	+9.6%	COM	03937C105

Unchanged Positions (2)

SEB SEABOARD CORP DEL 0.3%

Value ($000) $1,271 Shares 286 Est. Cost $3173.43 Unrealized +24.6%

TX TERNIUM SA 0.3%

Value ($000) $947 Shares 24,794 Est. Cost $39.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SEB	SEABOARD CORP DEL	286	$1,271	0.3%	$3173.43	+24.6%	COM	811543107
TX	TERNIUM SA	24,794	$947	0.3%	$39.01	—	SPONSORED ADS	880890108