NPORT-EX 2 fif.htm NPORT-EX

FMI International Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 103.7%
  
Shares
    
Value
 
Bermuda - 2.1%
        
Miscellaneous Commercial Services - 2.1%
            
Genpact Ltd.
    
1,825,000
    
$
80,318,250
  
                 
Britain - 34.5%(a)
          
Beverages: Alcoholic - 2.3%
                
Diageo PLC
    
3,470,000
      
87,499,633
  
           
$
–
  
Beverages: Non-Alcoholic - 4.0%
                
Coca-Cola Europacific Partners PLC
    
1,650,000
      
152,988,000
  
           
$
–
  
Electrical Products - 3.0%
                
Smiths Group PLC
    
3,740,000
      
115,357,531
  
           
$
–
  
Electronics/Appliances - 2.6%
                
Howden Joinery Group PLC
    
8,370,000
      
98,426,866
  
           
$
–
  
Finance/Rental/Leasing - 4.3%
                
Ashtead Group PLC
    
2,545,000
      
163,200,350
  
           
$
–
  
Food: Specialty/Candy - 3.3%
                
Greggs PLC
    
4,700,000
      
123,934,281
  
           
$
–
  
Household/Personal Care - 4.6%
                
Unilever PLC
    
2,835,000
      
173,008,930
  
           
$
–
  
Internet Software/Services - 3.9%
                
Informa PLC
    
13,445,000
      
148,851,848
  
           
$
–
  
Major Banks - 2.3%
                
Lloyds Banking Group PLC
    
84,670,000
      
89,031,809
  
           
$
–
  
Trucks/Construction/Farm Machinery - 4.2%
                
Weir Group PLC
    
4,700,000
      
160,738,149
  
Total Britain
      
1,313,037,397
  
                 
Curacao - 2.1%
          
Contract Drilling - 2.1%
                
Schlumberger NV
    
2,315,000
      
78,247,000
  
                 
France - 12.2%
          
Aerospace & Defense - 1.4%
                
Safran SA
    
160,000
      
52,180,025
  
           
$
–
  
Miscellaneous Commercial Services - 2.3%
                
Edenred SE
    
2,865,000
      
88,988,629
  
           
$
–
  
Restaurants - 4.3%
                
Sodexo SA
    
2,645,000
      
162,790,887
  
           
$
–
  
Wholesale Distributors - 4.2%
                
Rexel SA
    
5,220,000
      
160,999,279
  
Total France
      
464,958,820
  
                 
Germany - 6.0%
          
Industrial Machinery - 3.0%
                
Siemens AG
    
450,000
      
115,586,525
  
           
$
–
  
Medical/Nursing Services - 3.0%
                
Fresenius Medical Care AG
    
1,980,000
      
113,761,572
  
Total Germany
      
229,348,097
  
                 
Hong Kong - 2.1%
          
Tools & Hardware - 2.1%
                
Techtronic Industries Co. Ltd.
    
7,360,000
      
81,210,080
  
                 
Ireland - 6.2%
          
Airlines - 3.8%
                
Ryanair Holdings PLC - ADR
    
2,475,000
      
142,733,250
  
           
$
–
  
Miscellaneous Commercial Services - 2.4%
                
ICON PLC (b)
    
635,000
      
92,360,750
  
Total Ireland
      
235,094,000
  
                 
Japan - 10.0%
          
Chemicals: Specialty - 3.6%
                
NOF Corp.
    
7,255,000
      
139,025,679
  
           
$
–
  
Computer Processing Hardware - 4.0%
                
Sony Group Corp.
    
5,900,000
      
153,401,925
  
           
$
–
  
Electronic Equipment/Instruments - 2.4%
                
Yokogawa Electric Corp.
    
3,355,000
      
89,625,004
  
Total Japan
      
382,052,608
  
                 
Luxembourg - 3.5%
          
Discount Stores - 3.5%
                
B&M European Value Retail SA
    
35,305,000
      
131,490,044
  
                 
Netherlands - 3.5%
          
Medical Specialties - 3.5%
                
Koninklijke Philips NV
    
5,610,000
      
134,709,658
  
                 
Singapore - 2.2%
          
Major Banks - 2.2%
                
DBS Group Holdings Ltd.
    
2,320,000
      
81,900,830
  
                 
Sweden - 2.3%
          
Trucks/Construction/Farm Machinery - 2.3%
                
Epiroc AB
    
4,010,000
      
87,257,013
  
                 
Switzerland - 5.7%
          
Medical Distributors - 2.8%
                
DKSH Holding AG
    
1,350,000
      
105,007,839
  
           
$
–
  
Pharmaceuticals: Major - 2.9%
                
Roche Holding AG
    
340,000
      
110,982,762
  
Total Switzerland
      
215,990,601
  
                 
United States - 11.3%
          
Other Consumer Services - 5.5%
                
Booking Holdings, Inc.
    
36,000
      
208,412,640
  
           
$
–
  
Wholesale Distributors - 5.8%
                
Ferguson Enterprises, Inc.
    
1,015,000
      
221,016,250
  
Total United States
      
429,428,890
  
TOTAL COMMON STOCKS (Cost $2,992,835,404)
      
3,945,043,288
  
                 
SHORT-TERM INVESTMENTS - 1.0%
          
Value
 
Money Market Funds - 1.0%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (c)
    
36,944,129
      
36,944,129
  
TOTAL SHORT-TERM INVESTMENTS (Cost $36,944,129)
      
36,944,129
  
                 
TOTAL INVESTMENTS - 104.7% (Cost $3,029,779,533)
      
3,981,987,417
  
Money Market Deposit Account - 0.0% (d)(e)
      
330,419
  
Liabilities in Excess of Other Assets - (4.7)%
      
(178,106,979
)
TOTAL NET ASSETS - 100.0%
          
$
3,804,210,857
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.11%. This MMDA is held as collateral for certain forward currency contracts.
(e)
Represents less than 0.05% of net assets.
FMI International Fund
  
Schedule of Forward Currency Contracts
  
June 30, 2025 (Unaudited)
  
   
Counterparty
Settlement Date
Currency Purchased
  
Currency Sold
    
Unrealized Appreciation (Depreciation)
  
BNY Mellon Capital Markets LLC
07/18/2025
EUR
    
210,000,000
  
USD
    
240,871,050
    
$
6,815,224
  
BNY Mellon Capital Markets LLC
07/18/2025
JPY
    
3,000,000,000
  
USD
    
21,292,603
      
(414,763
)
BNY Mellon Capital Markets LLC
07/18/2025
USD
    
1,070,881,500
  
EUR
    
975,000,000
      
(79,090,488
)
BNY Mellon Capital Markets LLC
07/18/2025
USD
    
362,169,051
  
JPY
    
53,000,000,000
      
(6,672,788
)
J.P. Morgan Securities, Inc.
07/18/2025
CHF
    
65,000,000
  
USD
    
79,745,335
      
2,375,291
  
J.P. Morgan Securities, Inc.
07/18/2025
HKD
    
250,000,000
  
USD
    
32,266,986
      
(354,167
)
J.P. Morgan Securities, Inc.
07/18/2025
SGD
    
20,000,000
  
USD
    
15,368,353
      
383,607
  
J.P. Morgan Securities, Inc.
07/18/2025
USD
    
281,463,611
  
CHF
    
245,000,000
      
(28,067,979
)
J.P. Morgan Securities, Inc.
07/18/2025
USD
    
96,718,035
  
HKD
    
750,000,000
      
979,576
  
J.P. Morgan Securities, Inc.
07/18/2025
USD
    
86,884,255
  
SGD
    
115,000,000
      
(3,689,515
)
State Street Bank & Trust Co.
07/18/2025
GBP
    
130,000,000
  
USD
    
174,441,410
      
4,018,641
  
State Street Bank & Trust Co.
07/18/2025
KRW
    
128,000,000,000
  
USD
    
88,520,055
      
6,438,742
  
State Street Bank & Trust Co.
07/18/2025
USD
    
1,325,386,500
  
GBP
    
1,025,000,000
      
(81,702,363
)
State Street Bank & Trust Co.
07/18/2025
USD
    
88,559,864
  
KRW
    
128,000,000,000
      
(6,398,933
)
State Street Bank & Trust Co.
07/18/2025
USD
    
76,231,133
  
SEK
    
750,000,000
      
(3,141,665
)
Net Unrealized Appreciation (Depreciation)
    
$
(188,521,580
)
   
CHF - Swiss Franc
  
EUR - Euro
  
GBP - British Pound
HKD - Hong Kong Dollar
  
JPY - Japanese Yen
  
KRW - South Korean Won
  
SEK - Swedish Krona
  
SGD - Singapore Dollar
  
USD - United States Dollar
  
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
FMI International Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
976,076,140
    
$
2,968,967,148
    
$
–
    
$
3,945,043,288
  
  Money Market Funds
    
36,944,129
      
–
      
–
      
36,944,129
  
Total Investments
  
$
1,013,020,269
    
$
2,968,967,148
    
$
–
    
$
3,981,987,417
  
   
Other Financial Instruments:
                                
  Forwards*
  
$
–
    
$
21,011,081
    
$
–
    
$
21,011,081
  
Total Other Financial Instruments
  
$
–
    
$
21,011,081
    
$
–
    
$
21,011,081
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Forwards*
  
$
–
    
$
(209,532,661
)
  
$
–
    
$
(209,532,661
)
Total Other Financial Instruments
  
$
–
    
$
(209,532,661
)
  
$
–
    
$
(209,532,661
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.