Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
—
96.64%
Shares
Fair
Value
Consumer
Discretionary
—
12.53%
Beacon
Roofing
Supply,
Inc.
(a)
58,981
$
3,236,287
Caleres
,
Inc.
110,432
2,648,159
Camping
World
Holdings,
Inc.,
Class
A
79,357
2,634,652
Dana,
Inc.
167,532
3,628,743
Group
1
Automotive,
Inc.
26,263
4,459,721
Guess,
Inc.
168,614
3,881,494
International
Game
Technology
PLC
108,330
2,899,994
KB
Home
46,868
1,980,173
Kontoor
Brands,
Inc.
71,106
3,504,815
M/I
Homes,
Inc.
(a)
33,928
1,797,845
Sally
Beauty
Holdings,
Inc.
(a)
120,553
2,069,895
Winnebago
Industries,
Inc.
96
6,194
32,747,972
Consumer
Staples
—
1.93%
Spectrum
Brands
Holdings,
Inc.
43,110
3,853,171
United
Natural
Foods,
Inc.
(a)
30,956
1,200,474
5,053,645
Energy
—
8.34%
CNX
Resources
Corp.
(a)
229,624
3,405,324
Comstock
Resources,
Inc.
(a)
305,985
2,380,563
Enerplus
Corp.
370,935
4,291,718
EnerSys
28,095
2,105,158
Murphy
Oil
Corp.
109,858
3,471,513
Oil
States
International,
Inc.
(a)
489,807
3,071,090
Whiting
Petroleum
Corp.
(a)
41,312
3,067,416
21,792,782
Financials
—
22.99%
Affiliated
Managers
Group,
Inc.
29,353
4,291,702
AllianceBernstein
Holding
LP
20,320
954,024
Associated
Banc-Corp.
207,707
4,964,198
Axos
Financial,
Inc.
(a)
56,272
2,898,008
CNO
Financial
Group,
Inc.
150,263
3,747,560
F.N.B.
Corp.
330,219
4,266,429
Fulton
Financial
Corp.
215,671
3,871,294
Hancock
Whitney
Corp.
94,241
4,968,387
Lazard
Ltd.,
Class
A
77,607
3,386,769
MGIC
Investment
Corp.
297,082
4,509,704
New
Residential
Investment
Corp.
355,758
3,788,823
Old
National
Bancorp
134,166
2,459,263
Radian
Group,
Inc.
81,288
1,820,038
Umpqua
Holdings
Corp.
169,233
3,432,045
Unum
Group
145,733
3,698,704
Washington
Federal,
Inc.
67,860
2,376,457
WesBanco
,
Inc.
62,556
2,220,112
Wintrust
Financial
Corp.
25,213
2,472,639
60,126,156
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
Health
Care
—
3.93%
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
194,008
2,163,189
MEDNAX,
Inc.
(a)
107,911
2,638,424
Prestige
Consumer
Healthcare,
Inc.
(a)
36,309
2,049,643
Select
Medical
Holdings
Corp.
88,371
2,052,858
Varex
Imaging
Corp.
(a)
52,009
1,357,435
10,261,549
Industrials
—
15.11%
Advanced
Energy
Industries,
Inc.
33,674
2,902,025
AMN
Healthcare
Services,
Inc.
(a)
27,869
2,824,244
Crane
Co.
40,982
4,242,048
Curtiss-Wright
Corp.
21,475
2,851,665
DHT
Holdings,
Inc.
279,055
1,361,788
EMCOR
Group,
Inc.
44,159
5,264,194
GrafTech
International
Ltd.
305,608
3,202,772
Hillenbrand,
Inc.
61,715
2,868,513
KBR,
Inc.
115,437
5,009,966
Kennametal,
Inc.
64,691
2,236,368
MasTec
,
Inc.
(a)
17,327
1,492,375
nVent
Electric
PLC
74,705
2,584,046
Werner
Enterprises,
Inc.
59,965
2,673,840
39,513,844
Materials
—
9.60%
Alamos
Gold,
Inc.,
Class
A
387,679
2,647,848
Boise
Cascade
Co.
1,392
97,746
Cabot
Corp.
43,780
2,407,462
Commercial
Metals
Co.
35,585
1,189,962
Eagle
Materials,
Inc.
30,292
4,418,088
Minerals
Technologies,
Inc.
36,457
2,550,896
UFP
Industries,
Inc.
55,817
4,457,546
Univar
Solutions,
Inc.
(a)
145,315
3,850,848
Warrior
Met
Coal,
Inc.
34,995
916,869
Worthington
Industries,
Inc.
47,176
2,555,996
25,093,261
Real
Estate
—
7.70%
Apple
Hospitality
REIT,
Inc.
169,560
2,735,003
CareTrust
REIT,
Inc.
123,369
2,616,656
Industrial
Logistics
Properties
Trust
83,985
1,925,776
Lexington
Realty
Trust
289,142
4,305,324
PotlatchDeltic
Corp.
81,805
4,400,292
Retail
Opportunity
Investments
Corp.
142,942
2,648,715
Uniti
Group,
Inc.
124,036
1,495,874
20,127,640
Technology
—
12.84%
Cohu
,
Inc.
(a)
74,787
2,466,475
CSG
Systems
International,
Inc.
43,667
2,478,976
Diodes,
Inc.
(a)
17,980
1,668,364
Kulicke
&
Soffa
Industries,
Inc.
51,410
2,811,613
Progress
Software
Corp.
51,131
2,326,971
Sanmina
Corp.
(a)
59,321
2,243,520
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
Science
Applications
International
Corp.
44,614
3,659,686
Tower
Semiconductor
Ltd.
(a)
99,197
3,407,417
TTM
Technologies,
Inc.
(a)
234,113
3,151,161
Ultra
Clean
Holdings,
Inc.
(a)
79,489
4,007,836
Vishay
Intertechnology
,
Inc.
183,826
3,807,037
Xperi
Holding
Corp.
90,572
1,527,950
33,557,006
Utilities
—
1.67%
National
Fuel
Gas
Co.
71,873
4,364,847
Total
Common
Stocks
(Cost $208,772,410)
252,638,702
MONEY
MARKET
FUNDS
-
0.51%
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(b)
1,327,135
1,327,135
Total
Money
Market
Funds
(Cost
$1,327,135)
1,327,135
Total
Investments
—
97.15%
(Cost
$210,099,545)
253,965,837
Other
Assets
in
Excess
of
Liabilities — 2.85%
7,448,027
NET
ASSETS
—
100.00%
$
261,413,864
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
REIT
-
Real
Estate
Investment
Trust