NPORT-EX 2 fif2-v2.htm NPORT-EX

FMI International Fund II - Currency Unhedged
  
Schedule of Investments
  
as of December 31, 2023 (Unaudited)
  

LONG-TERM INVESTMENTS - 96.0%
COMMON STOCKS - 91.3%
  
Shares
    
Value
Bermuda - 4.5%
    
Miscellaneous Commercial Services - 2.6%
          
Genpact Ltd.
  
58,100
   $
  2,016,651
           
$–
Multi-Line Insurance - 1.9%
          
Arch Capital Group Ltd.(a)
  
20,450
    
   1,518,822
Total Bermuda
    
   3,535,473
             
Britain - 24.5%
    
Beverages: Alcoholic - 2.9%
          
Diageo PLC
  
63,500
    
   2,304,741
           
$–
Beverages: Non-Alcoholic - 2.6%
          
Coca-Cola Europacific Partners PLC
  
30,000
    
   2,002,200
           
$–
Electrical Products - 1.3%
          
Smiths Group PLC
  
46,700
    
   1,048,200
           
$–
Electronics/Appliances - 2.4%
          
Howden Joinery Group PLC
  
182,700
    
   1,891,448
           
$–
Finance/Rental/Leasing - 2.0%
          
Ashtead Group PLC
  
22,450
    
   1,560,434
           
$–
Food: Specialty/Candy - 3.4%
          
Greggs PLC
  
81,000
    
   2,685,099
           
$–
Household/Personal Care - 3.0%
          
Unilever PLC
  
48,100
    
   2,328,568
           
$–
Major Banks - 2.1%
          
Lloyds Banking Group PLC
  
2,675,800
    
   1,622,970
           
$–
Medical Specialties - 2.2%
          
Smith & Nephew PLC
  
128,100
    
   1,759,717
           
$–
Trucks/Construction/Farm Machinery - 2.6%
          
Weir Group PLC
  
83,000
    
   1,994,365
Total Britain
    
 19,197,742
             
Curacao - 2.2%
    
Contract Drilling - 2.2%
          
Schlumberger Ltd.
  
33,100
    
   1,722,524
             
France - 12.7%
    
Aerospace & Defense - 4.0%
          
Safran S.A.
  
17,600
    
   3,103,057
           
$–
Restaurants - 4.8%
          
Sodexo S.A.
  
34,000
    
   3,742,999
           
$–
Wholesale Distributors - 3.9%
          
Rexel S.A.
  
111,950
    
   3,072,600
Total France
    
   9,918,656
             
Germany - 4.5%
    
Medical/Nursing Services - 1.9%
          
Fresenius Medical Care AG & Co. KGaA
  
34,675
    
   1,449,699
           
$–
Packaged Software - 2.6%
          
SAP SE
  
13,300
    
   2,047,153
Total Germany
    
   3,496,852
             
Hong Kong - 2.3%
    
Tools & Hardware - 2.3%
          
Techtronic Industries Co. Ltd.
  
153,000
    
   1,823,009
             
Ireland - 3.1%
    
Airlines - 3.1%
          
Ryanair Holdings PLC - SP - ADR(a)
  
18,000
    
   2,400,480
             
Japan - 8.6%
    
Building Products - 0.5%
          
Sanwa Holdings Corp.
  
23,710
    
   358,449
           
$–
Chemicals: Specialty - 1.7%
          
NOF Corp.
  
26,700
    
   1,324,551
           
$–
Computer Processing Hardware - 4.9%
          
Sony Group Corp.
  
40,700
    
   3,851,560
           
$–
Electronic Equipment/Instruments - 1.5%
          
Yokogawa Electric Corp.
  
61,000
    
   1,159,486
Total Japan
    
   6,694,046
             
Jersey - 6.8%
    
Wholesale Distributors - 6.8%
          
Ferguson PLC
  
28,000
    
   5,362,768
             
Luxembourg - 5.7%
    
Discount Stores - 5.7%
          
B&M European Value Retail S.A.
  
627,700
    
   4,475,781
             
Netherlands - 2.6%
    
Medical Specialties - 2.6%
          
Koninklijke Philips N.V.(a)
  
85,400
    
   1,998,546
             
Singapore - 2.2%
    
Major Banks - 2.2%
          
DBS Group Holdings Ltd.
  
68,200
    
   1,724,698
             
Switzerland - 7.3%
    
Food: Specialty/Candy - 1.5%
          
Barry Callebaut AG
  
675
    
   1,139,521
           
$–
Medical Distributors - 2.1%
          
DKSH Holding AG
  
24,150
    
   1,677,743
           
$–
Pharmaceuticals: Major - 3.7%
          
Roche Holding AG
  
9,850
    
   2,863,332
Total Switzerland
    
   5,680,596
             
United States - 4.3%
    
Other Consumer Services - 4.3%
          
Booking Holdings Inc.(a)
  
950
    
   3,369,859
TOTAL COMMON STOCKS (Cost $59,965,283)
    
 71,401,030
             
PREFERRED STOCK - 4.7%
          
South Korea - 4.7%
    
Telecommunications Equipment — 4.7%
          
Samsung Electronics Co. Ltd.
  
76,000
    
   3,662,175
TOTAL PREFERRED STOCK (Cost $3,294,592)
    
   3,662,175
TOTAL LONG-TERM INVESTMENTS (Cost $63,259,875)
    
 75,063,205
       
SHORT-TERM INVESTMENT - 3.6%
          
Money Market Fund - 3.6%
        
 
First American Treasury Obligations Fund - Class X, 5.29%(b)
  
2,816,853
    
   2,816,853
TOTAL SHORT-TERM INVESTMENT (Cost $2,816,853)
    
   2,816,853
             
TOTAL INVESTMENTS - 99.6% (Cost $66,076,728)
    
77,880,058
Other Assets in Excess of Liabilities - 0.4%
    
305,663
TOTAL NET ASSETS - 100.0%
         $
78,185,721
     
Percentages are stated as a percent of net assets.
    

          PLC - Public Limited Company
SP - ADR – Sponsored American Depositary Receipt

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of December 31, 2023.
FMI International Fund II - Currency Unhedged

Summary of Fair Value Exposure at December 31, 2023 (Unaudited)
 
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs used to develop the measurements of fair value. The fair value hierarchy is categorized into three levels based on the  inputs as follows:
 
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
 
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
 
Level 3 – Unobservable inputs for the asset or liability.
 
The following table summarizes the Fund’s investments as of December 31, 2023, based on the inputs used to value  them:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
                        
        Bermuda
    
3,535,473
      
–
      
–
      
3,535,473
  
        Britain
    
2,002,200
      
17,195,542
      
–
      
19,197,742
  
        Curacao
    
1,722,524
      
–
      
–
      
1,722,524
  
        France
    
–
      
9,918,656
      
–
      
9,918,656
  
        Germany
    
–
      
3,496,852
      
–
      
3,496,852
  
        Hong Kong
    
–
      
1,823,009
      
–
      
1,823,009
  
        Ireland
    
2,400,480
      
–
      
–
      
2,400,480
  
        Japan
    
–
      
6,694,046
      
–
      
6,694,046
  
        Jersey
    
–
      
5,362,768
      
–
      
5,362,768
  
        Luxembourg
    
–
      
4,475,781
      
–
      
4,475,781
  
        Netherlands
    
–
      
1,998,546
      
–
      
1,998,546
  
        Singapore
    
–
      
1,724,698
      
–
      
1,724,698
  
        Switzerland
    
–
      
5,680,596
      
–
      
5,680,596
  
        United States
    
3,369,859
      
–
      
–
      
3,369,859
  
  Common Stocks - Total
  
$
13,030,536
    
$
58,370,494
    
$
–
    
$
71,401,030
  
  Preferred Stock
  
$
–
    
$
3,662,175
    
$
–
    
$
3,662,175
  
  Money Market Fund
    
2,816,853
      
–
      
–
      
2,816,853
  
Total Investments
  
$
15,847,389
    
$
62,032,669
    
$
–
    
$
77,880,058
  
                                 
   
Refer to the Schedule of Investments for industry classifications.