Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
July
31,
2022
-
(Unaudited)
COMMON
STOCKS
—
95.15%
Shares
Fair
Value
Consumer
Discretionary
—
9.66%
Beacon
Roofing
Supply,
Inc.
(a)
40,534
$
2,432,851
Dana,
Inc.
303,769
5,091,168
Group
1
Automotive,
Inc.
12,513
2,213,800
Guess,
Inc.
59,865
1,132,047
Hanesbrands,
Inc.
213,248
2,384,113
International
Game
Technology
PLC
160,826
3,047,653
KB
Home
70,038
2,286,040
Kontoor
Brands,
Inc.
85,897
3,135,240
Sally
Beauty
Holdings,
Inc.
(a)
188,975
2,415,101
24,138,013
Consumer
Staples
—
1.48%
United
Natural
Foods,
Inc.
(a)
86,758
3,688,083
Energy
—
9.55%
Chord
Energy
Corp.
22,073
2,830,642
Comstock
Resources,
Inc.
(a)
162,453
2,587,876
Enerplus
Corp.
307,062
4,286,585
EnerSys
28,898
1,904,667
Murphy
Oil
Corp.
104,085
3,657,547
Oil
States
International,
Inc.
(a)
498,767
2,543,712
Ranger
Oil
Corp.,
Class
A
71,388
2,717,027
World
Fuel
Services
Corp.
120,962
3,353,067
23,881,123
Financials
—
22.95%
Affiliated
Managers
Group,
Inc.
34,413
4,349,115
Associated
Banc-Corp.
227,999
4,582,780
Axos
Financial,
Inc.
(a)
72,875
3,043,260
CNO
Financial
Group,
Inc.
178,517
3,347,194
F.N.B.
Corp.
431,661
5,162,666
Fulton
Financial
Corp.
271,167
4,525,777
Hancock
Whitney
Corp.
112,239
5,478,385
Lazard
Ltd.,
Class
A
104,388
3,932,296
MGIC
Investment
Corp.
318,231
4,499,786
New
Residential
Investment
Corp.
380,112
4,147,022
Old
National
Bancorp
198,106
3,449,025
Prosperity
Bancshares,
Inc.
36,023
2,668,944
Umpqua
Holdings
Corp.
211,923
3,731,964
Unum
Group
139,312
4,484,453
57,402,667
Health
Care
—
4.55%
Bausch
+
Lomb
Corp.
(a)
97,307
1,400,248
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
257,840
2,952,268
MEDNAX,
Inc.
(a)
120,804
2,737,419
Sage
Therapeutics,
Inc.
(a)
36,934
1,270,899
Select
Medical
Holdings
Corp.
101,406
3,003,645
11,364,479
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
July
31,
2022
-
(Unaudited)
Industrials
—
14.89%
Advanced
Energy
Industries,
Inc.
34,584
3,094,922
Allison
Transmission
Holdings,
Inc.
83,278
3,486,850
AMN
Healthcare
Services,
Inc.
(a)
9,269
1,042,206
Crane
Holding
Co.
36,940
3,654,474
Curtiss-Wright
Corp.
22,083
3,167,586
DHT
Holdings,
Inc.
430,026
2,825,271
EMCOR
Group,
Inc.
45,336
5,275,750
GrafTech
International
Ltd.
314,376
2,420,695
Hillenbrand,
Inc.
63,384
2,928,341
KBR,
Inc.
47,577
2,532,524
Kennametal,
Inc.
66,613
1,788,559
nVent
Electric
PLC
76,878
2,714,562
SMART
Global
Holdings,
Inc.
(a)
118,174
2,318,574
37,250,314
Materials
—
11.93%
Alamos
Gold,
Inc.,
Class
A
595,699
4,700,065
Cabot
Corp.
35,449
2,632,443
Eagle
Materials,
Inc.
31,191
3,944,102
Minerals
Technologies,
Inc.
37,453
2,502,235
Pan
American
Silver
Corp.
153,233
3,115,227
UFP
Industries,
Inc.
39,366
3,629,939
Univar
Solutions,
Inc.
(a)
125,211
3,385,705
Warrior
Met
Coal,
Inc.
107,234
3,423,982
Worthington
Industries,
Inc.
48,481
2,482,712
29,816,410
Real
Estate
—
7.10%
Apple
Hospitality
REIT,
Inc.
173,443
2,893,029
CareTrust
REIT,
Inc.
127,028
2,623,128
Lexington
Realty
Trust
207,155
2,272,490
PotlatchDeltic
Corp.
84,234
4,129,993
Retail
Opportunity
Investments
Corp.
147,182
2,569,798
Uniti
Group,
Inc.
326,874
3,258,934
17,747,372
Technology
—
10.69%
Cohu,
Inc.
(a)
86,412
2,469,655
Diodes,
Inc.
(a)
33,052
2,689,441
Progress
Software
Corp.
75,328
3,537,403
Sanmina
Corp.
(a)
61,080
2,812,734
Science
Applications
International
Corp.
45,937
4,449,917
TTM
Technologies,
Inc.
(a)
303,871
4,111,375
Ultra
Clean
Holdings,
Inc.
(a)
81,648
2,743,373
Vishay
Intertechnology,
Inc.
189,206
3,908,996
26,722,894
Utilities
—
2.35%
National
Fuel
Gas
Co.
81,175
5,872,200
Total
Common
Stocks
(Cost $215,593,069)
237,883,555
MONEY
MARKET
FUNDS
-
4.17%
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
July
31,
2022
-
(Unaudited)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
1.77%
(b)
10,420,169
10,420,169
Total
Money
Market
Funds
(Cost
$10,420,169)
10,420,169
Total
Investments
—
99.32%
(Cost
$226,013,238)
248,303,724
Other
Assets
in
Excess
of
Liabilities — 0.68%
1,698,145
NET
ASSETS
—
100.00%
$
250,001,869
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2022.
REIT
-
Real
Estate
Investment
Trust