Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
96.85%
Shares
Fair
Value
Consumer
Discretionary
—
9.95%
Dana,
Inc.
312,825
$
5,674,646
Group
1
Automotive,
Inc.
9,495
2,030,506
Guess,
Inc.
100,916
2,338,223
Hanesbrands,
Inc.
378,720
3,196,397
International
Game
Technology
PLC
165,749
4,384,061
KB
Home
71,888
2,764,094
Kontoor
Brands,
Inc.
88,396
4,221,792
24,609,719
Consumer
Staples
—
2.47%
Primo
Water
Corp.
152,971
2,393,996
United
Natural
Foods,
Inc.
(a)
89,219
3,713,295
6,107,291
Energy
—
9.78%
Chord
Energy
Corp.
20,186
2,893,259
Comstock
Resources,
Inc.
179,705
2,183,416
Enerplus
Corp.
238,795
4,238,611
EnerSys
31,633
2,626,172
Murphy
Oil
Corp.
43,196
1,883,778
Oil
States
International,
Inc.
(a)
456,224
3,905,277
Ranger
Oil
Corp.,
Class
A
78,820
3,310,440
World
Fuel
Services
Corp.
110,644
3,131,225
24,172,178
Financials
—
21.98%
Affiliated
Managers
Group,
Inc.
35,716
6,169,582
Associated
Banc-Corp.
208,831
4,679,903
Axos
Financial,
Inc.
(a)
75,347
3,625,698
CNO
Financial
Group,
Inc.
184,385
4,749,758
F.N.B.
Corp.
317,968
4,537,403
Fulton
Financial
Corp.
280,077
4,685,688
Hancock
Whitney
Corp.
91,810
4,726,379
Lazard
Ltd.,
Class
A
108,226
4,337,698
MGIC
Investment
Corp.
328,691
4,641,117
Old
National
Bancorp
204,621
3,580,868
Prosperity
Bancshares,
Inc.
37,202
2,822,144
Umpqua
Holdings
Corp.
218,887
3,983,743
Unum
Group
42,698
1,794,597
54,334,578
Health
Care
—
4.83%
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
299,939
3,455,297
MEDNAX,
Inc.
(a)
145,337
2,230,923
Sage
Therapeutics,
Inc.
(a)
32,850
1,456,569
Select
Medical
Holdings
Corp.
112,744
3,277,468
Vanda
Pharmaceuticals,
Inc.
(a)
196,538
1,509,412
11,929,669
Industrials
—
14.39%
Advanced
Energy
Industries,
Inc.
37,912
3,515,959
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
Allison
Transmission
Holdings,
Inc.
105,702
4,765,046
Crane
Holding
Co.
36,941
4,281,831
Curtiss-Wright
Corp.
18,386
3,048,399
DHT
Holdings,
Inc.
309,585
2,653,143
EMCOR
Group,
Inc.
25,664
3,804,688
Hillenbrand,
Inc.
69,499
3,256,723
KBR,
Inc.
50,834
2,604,226
Kennametal,
Inc.
72,848
2,076,168
nVent
Electric
PLC
84,126
3,344,009
SMART
Global
Holdings,
Inc.
(a)
129,344
2,223,423
35,573,615
Materials
—
13.59%
Alamos
Gold,
Inc.,
Class
A
491,595
5,427,209
Eagle
Materials,
Inc.
32,014
4,676,605
Hudbay
Minerals,
Inc.
207,233
1,201,951
Minerals
Technologies,
Inc.
41,053
2,851,131
Pan
American
Silver
Corp.
157,634
2,873,668
UFP
Industries,
Inc.
43,475
4,067,086
Univar
Solutions,
Inc.
(a)
136,971
4,722,760
Warrior
Met
Coal,
Inc.
110,400
4,181,952
Worthington
Industries,
Inc.
63,022
3,584,061
33,586,423
Real
Estate
—
5.61%
Apple
Hospitality
REIT,
Inc.
189,683
3,363,079
CareTrust
REIT,
Inc.
159,628
3,307,492
CTO
Realty
Growth,
Inc.
36,254
712,029
Lexington
Realty
Trust
290,243
3,352,307
Retail
Opportunity
Investments
Corp.
198,588
3,143,648
13,878,555
Technology
—
12.17%
Cohu,
Inc.
(a)
95,413
3,442,501
Progress
Software
Corp.
83,155
4,410,541
Sanmina
Corp.
(a)
60,735
3,700,584
Sapiens
International
Corp.
N.V.
53,203
1,205,580
Science
Applications
International
Corp.
41,960
4,354,609
TTM
Technologies,
Inc.
(a)
333,068
5,235,829
Ultra
Clean
Holdings,
Inc.
(a)
89,512
3,012,079
Vishay
Intertechnology,
Inc.
206,996
4,738,138
30,099,861
Utilities
—
2.08%
National
Fuel
Gas
Co.
88,767
5,153,812
Total
Common
Stocks
(Cost $194,842,256)
239,445,701
MONEY
MARKET
FUNDS
-
3.50%
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(b)
8,650,869
8,650,869
Total
Money
Market
Funds
(Cost
$8,650,869)
8,650,869
Total
Investments
—
100.35%
(Cost
$203,493,125)
248,096,570
Foundry
Partners
Fundamental
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
Liabilities
in
Excess
of
Other
Assets — (0.35)%
(869,516)
NET
ASSETS
—
100.00%
$
247,227,054
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
REIT
-
Real
Estate
Investment
Trust