FMI International Fund
Schedule of Investments
December 31, 2025 (Unaudited)
COMMON STOCKS - 98.7%	Shares		Value
Britain - 32.3% (a)
Beverages: Alcoholic - 1.8%
Diageo PLC		2,030,000	$	43,742,104
Beverages: Non-Alcoholic - 3.7%
Coca-Cola Europacific Partners PLC		965,000		87,525,500
Electrical Products - 2.9%
Smiths Group PLC		2,170,000		68,637,404
Electronics/Appliances - 2.3%
Howden Joinery Group PLC		4,920,000		55,062,139
Finance/Rental/Leasing - 4.3%
Ashtead Group PLC		1,490,000		101,586,638
Food: Specialty/Candy - 2.8%
Greggs PLC		2,950,000		66,495,848
Household/Personal Care - 4.0%
Unilever PLC		1,469,999		96,045,245
Internet Software/Services - 4.0%
Informa PLC		7,940,000		94,209,528
Major Banks - 2.8%
Lloyds Banking Group PLC		50,000,000		66,135,442
Trucks/Construction/Farm Machinery - 3.7%
Weir Group PLC		2,270,000		86,765,886
Total Britain				766,205,734
France - 10.6%
Miscellaneous Commercial Services - 1.9%
Edenred SE		2,000,000		44,211,874
Restaurants - 3.7%
Sodexo SA		1,730,000		88,638,211
Wholesale Distributors - 5.0%
Rexel SA		3,050,000		119,627,429
Total France				252,477,514
Germany - 5.5%
Industrial Machinery - 3.1%
Siemens AG		265,000		74,220,209
Medical/Nursing Services - 2.4%
Fresenius Medical Care AG		1,180,000		56,363,304
Total Germany				130,583,513
Hong Kong - 3.2%
Tools & Hardware - 3.2%
Techtronic Industries Co. Ltd.		6,500,000		74,770,363
Ireland - 7.9%
Airlines - 4.4%
Ryanair Holdings PLC - ADR		1,450,000		104,675,500
Miscellaneous Commercial Services - 3.5%
ICON PLC (b)		460,000		83,821,200
Total Ireland				188,496,700
Japan - 9.0%
Chemicals: Specialty - 3.5%
NOF Corp.		4,375,000		84,323,398
Computer Processing Hardware - 2.8%
Sony Group Corp.		2,550,000		65,410,021
Electronic Equipment/Instruments - 2.7%
Yokogawa Electric Corp.		2,010,000		64,461,839
Total Japan				214,195,258
Luxembourg - 2.0%
Discount Stores - 2.0%
B&M European Value Retail SA		20,600,000		46,698,082
Netherlands - 5.4%
Chemicals: Major Diversified - 1.7%
IMCD NV		445,000		40,389,226
Medical Specialties - 3.7%
Koninklijke Philips NV		3,260,000		88,767,093
Total Netherlands				129,156,319
Singapore - 2.5%
Major Banks - 2.5%
DBS Group Holdings Ltd.		1,375,000		60,231,400
Spain - 3.1%
Recreational Products - 3.1%
Fluidra SA		2,700,000		73,148,433
Sweden - 2.3%
Trucks/Construction/Farm Machinery - 2.3%
Epiroc AB		2,400,000		54,100,513
Switzerland - 5.4%
Medical Distributors - 2.6%
DKSH Holding AG		845,000		60,747,096
Pharmaceuticals: Major - 2.8%
Roche Holding AG		160,000		66,075,244
Total Switzerland				126,822,340
United States - 9.5%
Contract Drilling - 2.4%
SLB Ltd.		1,500,000		57,570,000
Other Consumer Services - 4.1%
Booking Holdings, Inc.		18,000		96,395,940
Wholesale Distributors - 3.0%
Ferguson Enterprises, Inc.		320,000		71,241,600
Total United States				225,207,540
TOTAL COMMON STOCKS (Cost $1,742,957,999)				2,342,093,709
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.4%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.68% (c)		34,369,930		34,369,930
TOTAL MONEY MARKET FUNDS (Cost $34,369,930)				34,369,930
TOTAL INVESTMENTS - 100.1% (Cost $1,777,327,929)				2,376,463,639
Money Market Deposit Account - 0.0% (d)(e)				337,041
Liabilities in Excess of Other Assets - (0.1)%				(2,141,687	)
TOTAL NET ASSETS - 100.0%			$	2,374,658,993
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 yield as of December 31, 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 December 31, 2025 was 3.36%. 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
December 31, 2025 (Unaudited)
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
BNY Mellon Capital Markets LLC	01/16/2026	USD	672,134,750	EUR	575,000,000	$	(4,128,635	)
BNY Mellon Capital Markets LLC	01/16/2026	USD	219,948,825	JPY	33,000,000,000		8,963,606
J.P. Morgan Securities, Inc.	01/16/2026	USD	77,281,743	HKD	600,000,000		141,296
J.P. Morgan Securities, Inc.	01/16/2026	USD	53,031,994	SEK	500,000,000		(1,324,347	)
J.P. Morgan Securities, Inc.	01/16/2026	USD	58,219,643	SGD	75,000,000		(192,816	)
State Street Bank & Trust Co.	01/16/2026	USD	113,795,131	CHF	90,000,000		(28,298	)
State Street Bank & Trust Co.	01/16/2026	USD	780,931,125	GBP	585,000,000		(7,606,336	)
Net Unrealized Appreciation (Depreciation)						$	(4,175,530	)
CHF - Swiss Franc
EUR - Euro
GBP - British Pound
HKD - Hong Kong Dollar
JPY - Japanese Yen
SEK - Swedish Krona
SGD - Singapore Dollar
USD - United States Dollar

Summary of Fair Value Disclosure as of December 31, 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 December 31, 2025:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Common Stocks	$	501,229,740	$	1,840,863,969		$	–	$	2,342,093,709
Money Market Funds		34,369,930		–			–		34,369,930
Total Investments	$	535,599,670	$	1,840,863,969		$	–	$	2,376,463,639
Other Financial Instruments:
Forward Currency Contracts*	$	–	$	9,104,902		$	–	$	9,104,902
Total Other Financial Instruments	$	–	$	9,104,902		$	–	$	9,104,902
Liabilities:
Other Financial Instruments:
Forward Currency Contracts*	$	–	$	(13,280,432	)	$	–	$	(13,280,432	)
Total Other Financial Instruments	$	–	$	(13,280,432	)	$	–	$	(13,280,432	)
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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 core financial statements.