TOWLE & CO Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DLX	DELUXE CORP MEDIUM TERM NTS	289,155	$7,963	3.1%	$25.27	0.0%	COM	248019101
ARW	ARROW ELECTRS INC	44,963	$6,448	2.5%	$133.54	0.0%	COM	042735100
IMKTA	INGLES MKTS INC	70,450	$6,333	2.5%	$78.02	0.0%	CL A	457030104
NOV	NOV INC	332,421	$6,253	2.4%	$18.60	0.0%	COM	62955J103
SCL	STEPAN CO	105,940	$5,295	2.1%	$56.79	0.0%	COM	858586100
NSP	INSPERITY INC	179,878	$4,864	1.9%	$37.54	0.0%	COM	45778Q107
COMP	COMPASS INC	626,335	$4,579	1.8%	$11.75	0.0%	CL A	20464U100
MOH	MOLINA HEALTHCARE INC	27,857	$3,713	1.4%	$168.64	0.0%	COM	60855R100
CFFN	CAPITOL FED FINL INC	476,240	$3,396	1.3%	$7.11	0.0%	COM	14057J101
OSCR	OSCAR HEALTH INC	278,489	$3,194	1.2%	$14.72	0.0%	CL A	687793109
EPS	WISDOMTREE TR	38,806	$2,643	1.0%	$68.11	—	US LARGECAP FUND	97717W588
BND	VANGUARD BD INDEX FDS	30,691	$2,260	0.9%	$73.64	—	TOTAL BND MRKT	921937835
RSP	INVESCO EXCHANGE TRADED FD T	11,021	$2,115	0.8%	$191.92	—	S&P500 EQL WGT	46137V357
IVLU	ISHARES TR	40,661	$1,613	0.6%	$39.68	—	MSCI INTL VLU FT	46435G409
TCV	EA SERIES TRUST	57,635	$1,598	0.6%	$27.73	—	TOWLE VALUE ETF	26824D506
DLS	WISDOMTREE TR	17,456	$1,423	0.6%	$81.50	—	INTL SMCAP DIV	97717W760
JPIE	J P MORGAN EXCHANGE TRADED F	29,896	$1,377	0.5%	$46.07	—	INCOME ETF	46641Q159
IPKW	INVESCO EXCH TRADED FD TR II	20,462	$1,151	0.4%	$56.26	—	INTL BUYBACK	46138E644
AVLV	AMERICAN CENTY ETF TR	10,572	$852	0.3%	$80.61	—	US LARGE CAP VLU	025072349
BNDX	VANGUARD CHARLOTTE FDS	14,223	$683	0.3%	$48.05	—	TOTAL INT BD ETF	92203J407
CGNG	CAPITAL GROUP NEW GEOGRAPHY	14,544	$459	0.2%	$31.57	—	SHS	14021N105
ASIX	ADVANSIX INC	14,115	$344	0.1%	$17.67	0.0%	COM	00773T101
ILS	ETF OPPORTUNITIES TRUST	15,029	$297	0.1%	$19.79	—	BROOKMONT CATAST	26923N470
DBMF	LITMAN GREGORY FDS TR	9,644	$291	0.1%	$30.15	—	IMGP DBI MANAGED	53700T827

Exited Positions (14)

— ANYWHERE REAL ESTATE INC 6.2%

Value ($000) $16,082 Shares 1,135,724 Est. Cost $10.59 Unrealized —

CWK CUSHMAN AND WAKEFIELD LTD 4.0%

Value ($000) $10,375 Shares 640,822 Est. Cost $15.85 Unrealized -2.3%

AN AUTONATION INC 4.0%

Value ($000) $10,187 Shares 49,335 Est. Cost $146.72 Unrealized +42.7%

LYFT LYFT INC 3.9%

Value ($000) $9,937 Shares 512,994 Est. Cost $16.73 Unrealized +0.2%

MTUS METALLUS INC 3.7%

Value ($000) $9,428 Shares 549,389 Est. Cost $14.64 Unrealized +34.7%

SANM SANMINA CORPORATION 3.4%

Value ($000) $8,786 Shares 58,546 Est. Cost $112.45 Unrealized +39.4%

SAH SONIC AUTOMOTIVE INC 3.4%

Value ($000) $8,728 Shares 141,087 Est. Cost $52.79 Unrealized +18.0%

ALLY ALLY FINL INC 3.4%

Value ($000) $8,710 Shares 192,311 Est. Cost $18.82 Unrealized +127.0%

TWI TITAN INTL INC ILL 2.9%

Value ($000) $7,415 Shares 946,940 Est. Cost $8.27 Unrealized +17.0%

ALK ALASKA AIR GROUP INC 2.6%

Value ($000) $6,654 Shares 132,291 Est. Cost $37.77 Unrealized +39.0%

CLW CLEARWATER PAPER CORP 2.4%

Value ($000) $6,084 Shares 349,661 Est. Cost $26.81 Unrealized -33.8%

WBS WEBSTER FINL CORP 1.5%

Value ($000) $3,983 Shares 63,290 Est. Cost $59.37 Unrealized +14.9%

SEB SEABOARD CORP DEL 0.5%

Value ($000) $1,271 Shares 286 Est. Cost $3173.43 Unrealized +55.8%

TX TERNIUM SA 0.4%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ANYWHERE REAL ESTATE INC	1,135,724	$16,082	6.2%	$10.59	—	—	75605Y106
CWK	CUSHMAN AND WAKEFIELD LTD	640,822	$10,375	4.0%	$15.85	-2.3%	—	G2717C106
AN	AUTONATION INC	49,335	$10,187	4.0%	$146.72	+42.7%	—	05329W102
LYFT	LYFT INC	512,994	$9,937	3.9%	$16.73	+0.2%	—	55087P104
MTUS	METALLUS INC	549,389	$9,428	3.7%	$14.64	+34.7%	—	887399103
SANM	SANMINA CORPORATION	58,546	$8,786	3.4%	$112.45	+39.4%	—	801056102
SAH	SONIC AUTOMOTIVE INC	141,087	$8,728	3.4%	$52.79	+18.0%	—	83545G102
ALLY	ALLY FINL INC	192,311	$8,710	3.4%	$18.82	+127.0%	—	02005N100
TWI	TITAN INTL INC ILL	946,940	$7,415	2.9%	$8.27	+17.0%	—	88830M102
ALK	ALASKA AIR GROUP INC	132,291	$6,654	2.6%	$37.77	+39.0%	—	011659109
CLW	CLEARWATER PAPER CORP	349,661	$6,084	2.4%	$26.81	-33.8%	—	18538R103
WBS	WEBSTER FINL CORP	63,290	$3,983	1.5%	$59.37	+14.9%	—	947890109
SEB	SEABOARD CORP DEL	286	$1,271	0.5%	$3173.43	+55.8%	—	811543107
TX	TERNIUM SA	24,794	$947	0.4%	$39.01	—	—	880890108

Decreased Positions (30)

BLMN BLOOMIN BRANDS INC 0.7%

Value ($000) $1,716 (-78.9%) Shares 317,861 (-75.9%) Est. Cost $7.54 Unrealized -10.4%

ZUMZ ZUMIEZ INC 2.1%

Value ($000) $5,309 (-48.4%) Shares 239,558 (-39.3%) Est. Cost $17.36 Unrealized +46.0%

BXC BLUELINX HLDGS INC 2.2%

Value ($000) $5,667 (-44.8%) Shares 104,587 (-37.4%) Est. Cost $74.48 Unrealized -2.8%

LEG LEGGETT & PLATT INC 2.3%

Value ($000) $5,954 (-43.2%) Shares 602,592 (-36.8%) Est. Cost $9.84 Unrealized +22.5%

AMR ALPHA METALLURGICAL RESOUR I 3.0%

Value ($000) $7,825 (-35.4%) Shares 38,121 (-37.1%) Est. Cost $142.11 Unrealized +48.1%

RYZ RYERSON HLDG CORP 2.2%

Value ($000) $5,647 (-42.8%) Shares 251,190 (-36.0%) Est. Cost $29.72 Unrealized -5.6%

MEI METHODE ELECTRS INC 1.5%

Value ($000) $3,968 (-48.4%) Shares 718,847 (-38.0%) Est. Cost $7.14 Unrealized +12.4%

MGA MAGNA INTL INC 2.8%

Value ($000) $7,258 (-32.7%) Shares 130,047 (-35.7%) Est. Cost $43.79 Unrealized +30.7%

FOXF FOX FACTORY HLDG CORP 2.1%

Value ($000) $5,458 (-39.1%) Shares 331,580 (-36.7%) Est. Cost $19.06 Unrealized -0.7%

HCSG HEALTHCARE SVCS GROUP INC 1.6%

Value ($000) $4,009 (-45.8%) Shares 216,138 (-44.1%) Est. Cost $17.99 Unrealized +9.0%

LEA LEAR CORP 2.6%

Value ($000) $6,795 (-32.5%) Shares 56,123 (-36.1%) Est. Cost $95.78 Unrealized +33.3%

WNC WABASH NATL CORP 2.1%

Value ($000) $5,290 (-37.5%) Shares 613,717 (-37.3%) Est. Cost $11.66 Unrealized -9.1%

LBRT LIBERTY ENERGY INC 3.0%

Value ($000) $7,680 (-28.3%) Shares 266,651 (-54.1%) Est. Cost $12.70 Unrealized +82.7%

ADNT ADIENT PLC 2.0%

Value ($000) $5,216 (-36.0%) Shares 258,104 (-39.3%) Est. Cost $23.95 Unrealized -4.2%

HOV HOVNANIAN ENTERPRISES INC 2.7%

Value ($000) $6,830 (-29.6%) Shares 61,581 (-38.0%) Est. Cost $104.77 Unrealized +14.5%

GOLD GOLD COM INC 3.2%

Value ($000) $8,238 (-25.6%) Shares 205,547 (-36.8%) Est. Cost $28.56 Unrealized +73.7%

BTU PEABODY ENGR CORP 2.5%

Value ($000) $6,543 (-29.9%) Shares 198,567 (-36.8%) Est. Cost $29.35 Unrealized +18.4%

SNX TD SYNNEX CORPORATION 2.5%

Value ($000) $6,432 (-29.9%) Shares 38,122 (-37.6%) Est. Cost $147.48 Unrealized +6.8%

BWA BORGWARNER INC 2.9%

Value ($000) $7,453 (-26.1%) Shares 137,353 (-38.6%) Est. Cost $38.63 Unrealized +35.4%

OSK OSHKOSH CORP 2.6%

Value ($000) $6,724 (-27.3%) Shares 45,676 (-38.0%) Est. Cost $130.55 Unrealized +21.0%

PARR PAR PAC HOLDINGS INC 2.8%

Value ($000) $7,283 (-24.4%) Shares 116,263 (-57.6%) Est. Cost $21.88 Unrealized +77.6%

UNFI UNITED NAT FOODS INC 3.7%

Value ($000) $9,609 (-16.0%) Shares 213,241 (-37.2%) Est. Cost $27.42 Unrealized +34.8%

FLR FLUOR CORP 2.2%

Value ($000) $5,679 (-24.0%) Shares 121,728 (-35.5%) Est. Cost $44.24 Unrealized +5.8%

ARCB ARCBEST CORP 3.1%

Value ($000) $7,880 (-17.0%) Shares 80,114 (-37.4%) Est. Cost $64.77 Unrealized +46.8%

PBF PBF ENERGY INC 4.6%

Value ($000) $11,857 (+13.0%) Shares 248,995 (-35.6%) Est. Cost $31.63 Unrealized +4.3%

PB PROSPERITY BANCSHARES INC 1.2%

Value ($000) $3,054 (-22.6%) Shares 45,459 (-20.4%) Est. Cost $67.02 Unrealized +7.7%

BG BUNGE GLOBAL SA 2.7%

Value ($000) $6,838 (-9.2%) Shares 53,755 (-36.4%) Est. Cost $74.18 Unrealized +51.0%

BUSE FIRST BUSEY CORP 1.3%

Value ($000) $3,234 (-15.0%) Shares 127,979 (-20.0%) Est. Cost $23.21 Unrealized +8.8%

EBC EASTERN BANKSHARES INC 1.2%

Value ($000) $3,135 (-15.3%) Shares 160,260 (-20.2%) Est. Cost $18.22 Unrealized +12.3%

PUMP PROPETRO HLDG CORP 3.8%

Value ($000) $9,747 (-4.6%) Shares 676,403 (-37.1%) Est. Cost $8.43 Unrealized +28.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLMN	BLOOMIN BRANDS INC	317,861 (-75.9%)	$1,716 (-78.9%)	0.7%	$7.54	-10.4%	COM	094235108
ZUMZ	ZUMIEZ INC	239,558 (-39.3%)	$5,309 (-48.4%)	2.1%	$17.36	+46.0%	COM	989817101
BXC	BLUELINX HLDGS INC	104,587 (-37.4%)	$5,667 (-44.8%)	2.2%	$74.48	-2.8%	COM NEW	09624H208
LEG	LEGGETT & PLATT INC	602,592 (-36.8%)	$5,954 (-43.2%)	2.3%	$9.84	+22.5%	COM	524660107
AMR	ALPHA METALLURGICAL RESOUR I	38,121 (-37.1%)	$7,825 (-35.4%)	3.0%	$142.11	+48.1%	COM	020764106
RYZ	RYERSON HLDG CORP	251,190 (-36.0%)	$5,647 (-42.8%)	2.2%	$29.72	-5.6%	COM	783754104
MEI	METHODE ELECTRS INC	718,847 (-38.0%)	$3,968 (-48.4%)	1.5%	$7.14	+12.4%	COM	591520200
MGA	MAGNA INTL INC	130,047 (-35.7%)	$7,258 (-32.7%)	2.8%	$43.79	+30.7%	COM	559222401
FOXF	FOX FACTORY HLDG CORP	331,580 (-36.7%)	$5,458 (-39.1%)	2.1%	$19.06	-0.7%	COM	35138V102
HCSG	HEALTHCARE SVCS GROUP INC	216,138 (-44.1%)	$4,009 (-45.8%)	1.6%	$17.99	+9.0%	COM	421906108
LEA	LEAR CORP	56,123 (-36.1%)	$6,795 (-32.5%)	2.6%	$95.78	+33.3%	COM NEW	521865204
WNC	WABASH NATL CORP	613,717 (-37.3%)	$5,290 (-37.5%)	2.1%	$11.66	-9.1%	COM	929566107
LBRT	LIBERTY ENERGY INC	266,651 (-54.1%)	$7,680 (-28.3%)	3.0%	$12.70	+82.7%	COM CL A	53115L104
ADNT	ADIENT PLC	258,104 (-39.3%)	$5,216 (-36.0%)	2.0%	$23.95	-4.2%	ORD SHS	G0084W101
HOV	HOVNANIAN ENTERPRISES INC	61,581 (-38.0%)	$6,830 (-29.6%)	2.7%	$104.77	+14.5%	CL A NEW	442487401
GOLD	GOLD COM INC	205,547 (-36.8%)	$8,238 (-25.6%)	3.2%	$28.56	+73.7%	COM	00181T107
BTU	PEABODY ENGR CORP	198,567 (-36.8%)	$6,543 (-29.9%)	2.5%	$29.35	+18.4%	COM	704551100
SNX	TD SYNNEX CORPORATION	38,122 (-37.6%)	$6,432 (-29.9%)	2.5%	$147.48	+6.8%	COM	87162W100
BWA	BORGWARNER INC	137,353 (-38.6%)	$7,453 (-26.1%)	2.9%	$38.63	+35.4%	COM	099724106
OSK	OSHKOSH CORP	45,676 (-38.0%)	$6,724 (-27.3%)	2.6%	$130.55	+21.0%	COM	688239201
PARR	PAR PAC HOLDINGS INC	116,263 (-57.6%)	$7,283 (-24.4%)	2.8%	$21.88	+77.6%	COM NEW	69888T207
UNFI	UNITED NAT FOODS INC	213,241 (-37.2%)	$9,609 (-16.0%)	3.7%	$27.42	+34.8%	COM	911163103
FLR	FLUOR CORP	121,728 (-35.5%)	$5,679 (-24.0%)	2.2%	$44.24	+5.8%	COM	343412102
ARCB	ARCBEST CORP	80,114 (-37.4%)	$7,880 (-17.0%)	3.1%	$64.77	+46.8%	COM	03937C105
PBF	PBF ENERGY INC	248,995 (-35.6%)	$11,857 (+13.0%)	4.6%	$31.63	+4.3%	CL A	69318G106
PB	PROSPERITY BANCSHARES INC	45,459 (-20.4%)	$3,054 (-22.6%)	1.2%	$67.02	+7.7%	COM	743606105
BG	BUNGE GLOBAL SA	53,755 (-36.4%)	$6,838 (-9.2%)	2.7%	$74.18	+51.0%	COM SHS	H11356104
BUSE	FIRST BUSEY CORP	127,979 (-20.0%)	$3,234 (-15.0%)	1.3%	$23.21	+8.8%	COM NEW	319383204
EBC	EASTERN BANKSHARES INC	160,260 (-20.2%)	$3,135 (-15.3%)	1.2%	$18.22	+12.3%	COM	27627N105
PUMP	PROPETRO HLDG CORP	676,403 (-37.1%)	$9,747 (-4.6%)	3.8%	$8.43	+28.9%	COM	74347M108