Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
July
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
99.59%
Shares
Fair
Value
Communications
—
2.03%
Meredith
Corp.
(a)
70,637
$
3,082,599
TEGNA,
Inc.
139,550
2,472,826
5,555,425
Consumer
Discretionary
—
13.40%
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
159,098
1,541,660
Beacon
Roofing
Supply,
Inc.
(a)
71,128
3,803,925
Caleres
,
Inc.
103,456
2,559,501
Camping
World
Holdings,
Inc.,
Class
A
82,939
3,264,479
Dana,
Inc.
108,852
2,629,864
Group
1
Automotive,
Inc.
21,470
3,730,198
International
Game
Technology
PLC
(a)
112,771
2,114,456
KB
Home
60,953
2,586,845
La-Z-Boy,
Inc.
80,952
2,718,368
M/I
Homes,
Inc.
(a)
48,246
3,121,999
Sally
Beauty
Holdings,
Inc.
(a)
129,929
2,458,257
Vista
Outdoor,
Inc.
(a)
36,770
1,485,140
Winnebago
Industries,
Inc.
32,248
2,317,664
Wolverine
World
Wide,
Inc.
72,338
2,426,217
36,758,573
Consumer
Staples
—
2.90%
Big
Lots,
Inc.
18,835
1,085,084
Nu
Skin
Enterprises,
Inc.,
Class
A
30,021
1,611,828
Pilgrim's
Pride
Corp.
(a)
120,179
2,661,965
SpartanNash
Co.
64,113
1,246,998
Spectrum
Brands
Holdings,
Inc.
15,364
1,342,045
7,947,920
Energy
—
5.63%
Canadian
Solar,
Inc.
(a)
21,173
852,213
CNX
Resources
Corp.
(a)
187,000
2,262,700
Enerplus
Corp.
402,064
2,504,858
EnerSys
25,998
2,564,963
EQT
Corp.
135,963
2,500,360
Murphy
Oil
Corp.
64,439
1,398,971
Oil
States
International,
Inc.
(a)
376,886
2,133,175
Whiting
Petroleum
Corp.
(a)
26,037
1,221,135
15,438,375
Financials
—
22.01%
Affiliated
Managers
Group,
Inc.
21,721
3,441,475
AllianceBernstein
Holding
LP
57,880
2,793,868
Associated
Banc-Corp.
204,687
4,052,803
Axos
Financial,
Inc.
(a)
60,016
2,871,766
CNO
Financial
Group,
Inc.
225,875
5,158,985
F.N.B.
Corp.
305,267
3,498,360
Fulton
Financial
Corp.
196,828
3,015,405
Hancock
Whitney
Corp.
110,419
4,826,414
Lazard
Ltd.,
Class
A
81,974
3,869,172
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
MGIC
Investment
Corp.
314,560
4,353,510
New
Residential
Investment
Corp.
384,842
3,756,058
Old
National
Bancorp
147,221
2,368,786
Radian
Group,
Inc.
53,499
1,208,007
Umpqua
Holdings
Corp.
178,297
3,364,464
Unum
Group
152,435
4,176,719
Washington
Federal,
Inc.
72,874
2,351,644
WesBanco
,
Inc.
66,914
2,159,984
Wintrust
Financial
Corp.
43,142
3,080,339
60,347,759
Health
Care
—
3.97%
Collegium
Pharmaceutical,
Inc.
(a)
52,504
1,306,825
MEDNAX,
Inc.
(a)
88,911
2,589,088
Pacira
Pharmaceuticals,
Inc.
(a)
19,285
1,136,851
Prestige
Consumer
Healthcare,
Inc.
(a)
38,219
2,008,408
Select
Medical
Holdings
Corp.
70,757
2,791,364
Supernus
Pharmaceuticals,
Inc.
(a)
40,094
1,055,675
10,888,211
Industrials
—
20.13%
Advanced
Energy
Industries,
Inc.
22,689
2,353,984
Allison
Transmission
Holdings,
Inc.
65,080
2,597,343
AMN
Healthcare
Services,
Inc.
(a)
35,993
3,619,456
ArcBest
Corp.
22,329
1,319,867
Crane
Co.
37,423
3,638,639
Curtiss-Wright
Corp.
22,440
2,654,652
DHT
Holdings,
Inc.
296,542
1,719,944
EMCOR
Group,
Inc.
47,401
5,773,917
GrafTech
International
Ltd.
241,298
2,743,558
H&R
Block,
Inc.
60,984
1,497,157
Hillenbrand,
Inc.
62,626
2,836,958
KBR,
Inc.
134,851
5,218,734
Kennametal,
Inc.
69,874
2,532,933
MasTec
,
Inc.
(a)
17,779
1,799,768
nVent
Electric
PLC
105,434
3,332,768
Oshkosh
Corp.
16,340
1,953,447
Primoris
Services
Corp.
87,778
2,624,562
Regal-Beloit
Corp.
20,018
2,947,250
Timken
Co.
(The)
28,264
2,246,988
Werner
Enterprises,
Inc.
38,957
1,780,724
55,192,649
Materials
—
10.29%
Alamos
Gold,
Inc.,
Class
A
349,367
2,836,860
Boise
Cascade
Co.
19,109
977,425
Cabot
Corp.
47,850
2,634,621
Commercial
Metals
Co.
79,208
2,598,022
Eagle
Materials,
Inc.
22,720
3,210,790
Kraton
Corp.
(a)
39,218
1,497,735
Minerals
Technologies,
Inc.
35,485
2,846,607
New
Gold,
Inc.
(a)
406,987
667,459
UFP
Industries,
Inc.
47,806
3,550,074
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
July
31,
2021
-
(Unaudited)
Univar
Solutions,
Inc.
(a)
157,530
3,865,786
Worthington
Industries,
Inc.
43,206
2,763,888
Yamana
Gold,
Inc.
174,059
781,525
28,230,792
Real
Estate
—
7.03%
Apple
Hospitality
REIT,
Inc.
138,856
2,075,897
Brandywine
Realty
Trust
52,495
732,830
CareTrust
REIT,
Inc.
92,018
2,219,474
DiamondRock
Hospitality
Co.
136,366
1,174,111
Industrial
Logistics
Properties
Trust
53,341
1,445,541
Kite
Realty
Group
Trust
98,924
1,994,308
Lexington
Realty
Trust
305,289
4,014,551
MGM
Growth
Properties
LLC,
Class
A
76,767
2,901,793
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
38,988
741,552
Retail
Opportunity
Investments
Corp.
112,257
1,983,581
19,283,638
Technology
—
10.75%
Avnet,
Inc.
83,653
3,456,542
CSG
Systems
International,
Inc.
52,998
2,403,989
Kulicke
&
Soffa
Industries,
Inc.
51,462
2,797,474
NextGen
Healthcare,
Inc.
(a)
75,021
1,216,841
Progress
Software
Corp.
55,750
2,541,642
Sanmina
Corp.
(a)
62,845
2,414,505
Science
Applications
International
Corp.
21,632
1,888,474
Tower
Semiconductor
Ltd.
(a)
106,091
2,954,634
Ultra
Clean
Holdings,
Inc.
(a)
61,898
3,343,111
Vishay
Intertechnology
,
Inc.
200,623
4,439,787
Xperi
Holding
Corp.
96,906
2,012,738
29,469,737
Utilities
—
1.45%
National
Fuel
Gas
Co.
77,211
3,970,962
Total
Common
Stocks
(Cost $218,238,572)
273,084,041
MONEY
MARKET
FUNDS
-
0.11%
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.01%
(b)
313,998
313,998
Total
Money
Market
Funds
(Cost
$313,998)
313,998
Total
Investments
—
99.70%
(Cost
$218,552,570)
273,398,039
Other
Assets
in
Excess
of
Liabilities — 0.30%
824,961
NET
ASSETS
—
100.00%
$
274,223,000
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2021.
REIT
-
Real
Estate
Investment
Trust