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