FOUNDRY PARTNERS FUNDAMENTAL SMALL CAP VALUE FUND |
SCHEDULE OF INVESTMENTS |
July 31, 2020 (Unaudited) |
COMMON STOCKS — 97.75% | Shares | Fair Value | ||||||
Communications — 2.10% | ||||||||
IMAX Corporation(a) | 49,964 | $ | 564,094 | |||||
TEGNA, Inc. | 296,047 | 3,487,433 | ||||||
4,051,527 | ||||||||
Consumer Discretionary — 13.09% | ||||||||
Adtalem Global Education, Inc.(a) | 70,346 | 2,415,682 | ||||||
Bloomin' Brands, Inc. | 208,923 | 2,406,793 | ||||||
Cooper Tire & Rubber Company | 94,956 | 2,949,333 | ||||||
Deckers Outdoor Corporation(a) | 4,526 | 947,066 | ||||||
Dunkin' Brands Group, Inc. | 17,049 | 1,171,778 | ||||||
Group 1 Automotive, Inc. | 44,130 | 3,707,803 | ||||||
Herman Miller, Inc. | 59,767 | 1,400,341 | ||||||
KB Home | 126,947 | 4,270,496 | ||||||
M/I Homes, Inc.(a) | 67,543 | 2,811,815 | ||||||
ScanSource, Inc.(a) | 43,587 | 1,000,322 | ||||||
Wolverine World Wide, Inc. | 92,768 | 2,230,142 | ||||||
25,311,571 | ||||||||
Consumer Staples — 2.61% | ||||||||
Central Garden & Pet Company, Class A(a) | 27,874 | 965,834 | ||||||
Pilgrim's Pride Corporation(a) | 77,179 | 1,184,698 | ||||||
SpartanNash Company | 62,520 | 1,314,483 | ||||||
Spectrum Brands Holdings, Inc. | 29,296 | 1,586,671 | ||||||
5,051,686 | ||||||||
Energy — 2.41% | ||||||||
Cimarex Energy Company | 20,613 | 504,194 | ||||||
CVR Energy, Inc. | 37,181 | 713,875 | ||||||
Devon Energy Corporation | 44,467 | 466,459 | ||||||
Enerplus Corporation | 217,771 | 540,072 | ||||||
EnerSys | 27,535 | 1,852,004 | ||||||
Hess Midstream L.P. | 33,287 | 578,861 | ||||||
4,655,465 | ||||||||
Financials — 20.77% | ||||||||
AllianceBernstein Holding LP | 101,148 | 2,873,615 | ||||||
Associated Banc-Corporation | 220,556 | 2,831,940 | ||||||
Axos Financial, Inc.(a) | 56,019 | 1,255,386 | ||||||
CNO Financial Group, Inc. | 238,577 | 3,602,512 | ||||||
F.N.B. Corporation | 307,674 | 2,279,864 | ||||||
First Midwest Bancorp, Inc. | 272,259 | 3,303,864 |
Fulton Financial Corporation | 212,960 | 2,065,712 | ||||||
Hancock Whitney Corporation | 117,479 | 2,239,150 | ||||||
International Bancshares Corporation | 14,960 | 455,083 | ||||||
MGIC Investment Corporation | 328,164 | 2,713,916 | ||||||
Old National Bancorp | 154,053 | 2,155,201 | ||||||
PennyMac Financial Services, Inc. | 21,081 | 1,017,369 | ||||||
Pinnacle Financial Partners, Inc. | 46,337 | 1,835,872 | ||||||
TCF Financial Corporation | 51,219 | 1,408,010 | ||||||
Umpqua Holdings Corporation | 148,557 | 1,611,843 | ||||||
Unum Group | 142,586 | 2,456,757 | ||||||
Valley National Bancorp | 87,593 | 654,320 | ||||||
Washington Federal, Inc. | 78,845 | 1,840,242 | ||||||
WesBanco, Inc. | 75,030 | 1,487,845 | ||||||
Wintrust Financial Corporation | 48,378 | 2,070,578 | ||||||
40,159,079 | ||||||||
Health Care — 4.00% | ||||||||
AMN Healthcare Services, Inc.(a) | 37,173 | 2,042,285 | ||||||
Emergent BioSolutions, Inc.(a) | 10,413 | 1,158,341 | ||||||
Halozyme Therapeutics, Inc.(a) | 40,962 | 1,113,757 | ||||||
Pacira BioSciences, Inc.(a) | 20,052 | 1,054,936 | ||||||
Select Medical Holdings Corporation(a) | 124,363 | 2,367,872 | ||||||
7,737,191 | ||||||||
Industrials — 15.06% | ||||||||
Advanced Energy Industries, Inc.(a) | 26,696 | 1,964,025 | ||||||
Aegion Corporation(a) | 70,174 | 1,082,083 | ||||||
ArcBest Corporation | 39,139 | 1,189,434 | ||||||
Crane Company | 18,683 | 1,056,897 | ||||||
Curtiss-Wright Corporation | 18,542 | 1,652,463 | ||||||
EMCOR Group, Inc. | 68,008 | 4,658,549 | ||||||
frontdoor, inc.(a) | 38,911 | 1,634,067 | ||||||
Hillenbrand, Inc. | 66,146 | 1,933,448 | ||||||
Hub Group, Inc., Class A(a) | 22,764 | 1,204,216 | ||||||
Itron, Inc.(a) | 53,056 | 3,690,575 | ||||||
Kennametal, Inc. | 72,583 | 1,956,838 | ||||||
Korn Ferry | 40,774 | 1,145,749 | ||||||
Oshkosh Corporation | 30,538 | 2,403,951 | ||||||
Regal Beloit Corporation | 38,492 | 3,540,109 | ||||||
29,112,404 | ||||||||
Materials — 10.28% | ||||||||
Alamos Gold, Inc., Class A | 284,465 | 3,015,329 | ||||||
Cabot Corporation | 76,696 | 2,797,870 | ||||||
Commercial Metals Company | 87,717 | 1,813,988 | ||||||
Eagle Materials, Inc. | 24,214 | 1,942,689 | ||||||
Kraton Corporation(a) | 41,864 | 550,512 |
Minerals Technologies, Inc. | 37,482 | 1,757,156 | ||||||
Owens Corning | 23,044 | 1,393,471 | ||||||
Pan American Silver Corporation | 87,308 | 3,261,827 | ||||||
UFP Industries, Inc. | 57,429 | 3,343,516 | ||||||
19,876,358 | ||||||||
Real Estate — 8.68% | ||||||||
Apple Hospitality REIT, Inc. | 82,990 | 731,972 | ||||||
Brandywine Realty Trust | 164,483 | 1,781,351 | ||||||
CareTrust REIT, Inc. | 100,727 | 1,815,101 | ||||||
CoreCivic, Inc. | 87,010 | 775,259 | ||||||
DiamondRock Hospitality Company | 266,337 | 1,230,477 | ||||||
Industrial Logistics Properties Trust | 58,390 | 1,232,613 | ||||||
Kite Realty Group Trust | 97,334 | 960,687 | ||||||
Lexington Realty Trust | 334,184 | 3,876,533 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 108,002 | 1,750,712 | ||||||
PotlatchDeltic Corporation | 33,560 | 1,436,704 | ||||||
Retail Opportunity Investments Corporation | 110,034 | 1,196,070 | ||||||
16,787,479 | ||||||||
Technology — 14.97% | ||||||||
Arrow Electronics, Inc.(a) | 28,359 | 2,031,072 | ||||||
ChipMOS Technology, Inc. - ADR | 45,524 | 991,968 | ||||||
CSG Systems International, Inc. | 65,526 | 2,760,610 | ||||||
Diodes, Inc.(a) | 49,097 | 2,526,041 | ||||||
FLIR Systems, Inc. | 28,091 | 1,170,271 | ||||||
j2 Global, Inc.(a) | 15,800 | 896,176 | ||||||
Jabil, Inc. | 59,508 | 2,074,449 | ||||||
KBR, Inc. | 186,414 | 4,145,847 | ||||||
NextGen Healthcare, Inc.(a) | 79,241 | 1,158,503 | ||||||
Omnicell, Inc.(a) | 19,406 | 1,364,048 | ||||||
Sanmina Corporation(a) | 93,904 | 2,787,070 | ||||||
Science Applications International Corporation | 23,480 | 1,877,930 | ||||||
Sykes Enterprises, Inc.(a) | 34,323 | 942,510 | ||||||
Verint Systems, Inc.(a) | 18,777 | 842,900 | ||||||
Vishay Intertechnology, Inc. | 214,871 | 3,371,326 | ||||||
28,940,721 | ||||||||
Utilities — 3.78% | ||||||||
ALLETE, Inc. | 54,230 | 3,215,839 | ||||||
Otter Tail Corporation | 9,364 | 358,173 | ||||||
Portland General Electric Company | 84,514 | 3,729,603 | ||||||
7,303,615 | ||||||||
Total Common Stocks (Cost $193,103,325) | 188,987,096 |
MONEY MARKET FUNDS - 3.41% | ||||||||
Federated Hermes Government Obligations Fund, Institutional Class, 0.06%(b) | 6,595,822 | 6,595,822 | ||||||
Total Money Market Funds (Cost $6,595,822) | 6,595,822 | |||||||
Total Investments — 101.16% (Cost $199,699,147) | 195,582,918 | |||||||
Liabilities in Excess of Other Assets — (1.16)% | (2,247,951 | ) | ||||||
NET ASSETS — 100.00% | $ | 193,334,967 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
ADR | - American Depositary Receipt |
REIT | - Real Estate Investment Trust |
See accompanying notes which are an integral part of this schedule of investments.
At July 31, 2020, the cost and net unrealized appreciation (depreciation) of investments for federal tax purposes was as follows:
Gross unrealized appreciation | $ | 18,777,072 | ||
Gross unrealized depreciation | (23,480,316 | ) | ||
Net unrealized appreciation/(depreciation) on investments | $ | (4,703,244 | ) | |
Tax cost of investments | $ | 200,286,162 |
At July 31, 2020, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and partnership basis adjustments.
Foundry Partners Fundamental Small Cap Value Fund
Notes to the Schedule of Investments
July 31, 2020 (Unaudited)
The Foundry Partners Fundamental Small Cap Value Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
Security Transactions and Related Income – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
The Fund holds Real Estate Investment Trusts (“REITs”), which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the REIT’s underlying taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from REITs that represent a return of capital or capital gains are recorded as a reduction of the cost of the REITs or as a realized gain, respectively.
Securities Valuation and Fair Value Measurements – Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
• | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
• | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board of Trustees (“Board”). Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”) provided by the pricing service of the Fund. These securities are categorized as Level 1 securities.
In accordance with the Valued Advisers Trust’s (the “Trust”) valuation policies, Foundry Partners, LLC (the “Adviser”) is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Adviser would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2020:
Valuation Inputs | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 188,987,096 | $ | - | $ | - | $ | 188,987,096 | ||||||||
Money Market Funds | 6,595,822 | - | - | 6,595,822 | ||||||||||||
Total | $ | 195,582,918 | $ | - | $ | - | $ | 195,582,918 |
* | Refer to Schedule of Investments for sector classifications. |
The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.