| FMI International Fund II - Currency Unhedged | | |
| SCHEDULE OF INVESTMENTS | | |
| December 31, 2020 (Unaudited) | | |
| | | | | |
| Shares | | | Value |
| LONG-TERM INVESTMENTS - 96.6% (a) | | |
| COMMON STOCKS - 85.3% (a) | | |
COMMERCIAL SERVICES SECTOR - 9.6% | | |
| | | Advertising/Marketing Services - 2.0% | | |
| 103,500 | | WPP PLC (Jersey) (b) | $ | 1,121,527 |
| | | Miscellaneous Commercial Services - 6.1% | | |
| 37,200 | | Bureau Veritas S.A. (France) (b) * | | 993,038 |
| 21,000 | | DKSH Holding AG (Switzerland) (b) | | 1,573,359 |
| 9,900 | | Secom Co. Ltd. (Japan) (b) | | 913,292 |
| | | | | 3,479,689 |
| | | Personnel Services - 1.5% | | |
| 12,300 | | Adecco Group AG (Switzerland) (b) | | 819,221 |
COMMUNICATIONS SECTOR - 1.8% | | |
| | | Wireless Telecommunications - 1.8% | | |
| 26,700 | | Millicom International Cellular S.A. (Luxembourg) * | | 1,035,426 |
CONSUMER DURABLES SECTOR - 5.9% | | |
| | | Electronics/Appliances - 4.7% | | |
| 26,300 | | Sony Corp. (Japan) (b) | | 2,650,201 |
| | | Home Furnishings - 1.2% | | |
| 69,000 | | Howden Joinery Group PLC (Britain) (b) * | | 650,010 |
CONSUMER NON-DURABLES SECTOR - 7.4% | | |
| | | Food: Major Diversified - 1.3% | | |
| 6,050 | | Nestlé S.A. (Switzerland) (b) | | 715,178 |
| | | Household/Personal Care - 6.1% | | |
| 17,600 | | Henkel AG & Co. KGaA (Germany) (b) | | 1,695,936 |
| 29,400 | | Unilever PLC (Britain) (b) | | 1,763,229 |
| | | | | 3,459,165 |
CONSUMER SERVICES SECTOR - 13.2% | | |
| | | Broadcasting - 0.9% | | |
| 64,400 | | Grupo Televisa S.A.B. - SP-ADR (Mexico) * | | 530,656 |
| | | Cable/Satellite TV - 1.2% | | |
| 39,400 | | Shaw Communications Inc. (Canada) | | 691,489 |
| | | Hotels/Resorts/Cruiselines - 1.4% | | |
| 18,000 | | Whitbread PLC (Britain) (b) * | | 762,420 |
| | | Media Conglomerates - 3.1% | | |
| 55,200 | | Vivendi (France) (b) | | 1,780,436 |
| | | Movies/Entertainment - 1.9% | | |
| 263,700 | | Bolloré (France) (b) | | 1,091,751 |
| | | Other Consumer Services - 3.7% | | |
| 950 | | Booking Holdings Inc. (United States) * | | 2,115,906 |
| | | Restaurants - 1.0% | | |
| 31,600 | | Compass Group PLC (Britain) (b) | | 589,384 |
DISTRIBUTION SERVICES SECTOR - 4.8% | | |
| | | Wholesale Distributors - 4.8% | | |
| 22,500 | | Ferguson PLC (Jersey) (b) | | 2,733,764 |
ELECTRONIC TECHNOLOGY SECTOR - 5.3% | | |
| | | Aerospace & Defense - 3.3% | | |
| 13,000 | | Safran S.A. (France) (b) * | | 1,842,529 |
| | | Electronic Equipment/Instruments - 2.0% | | |
| 57,900 | | Yokogawa Electric Corp. (Japan) (b) | | 1,154,826 |
FINANCE SECTOR - 7.2% | | |
| | | Major Banks - 1.7% | | |
| 1,876,000 | | Lloyds Banking Group PLC (Britain) (b) * | | 935,296 |
| | | Property/Casualty Insurance - 5.5% | | |
| 12,650 | | Chubb Ltd. (Switzerland) | | 1,947,088 |
| 3,500 | | Fairfax Financial Holdings Ltd. (Canada) | | 1,192,926 |
| | | | | 3,140,014 |
HEALTH TECHNOLOGY SECTOR - 4.9% | | |
| | | Medical Specialties - 4.9% | | |
| 32,100 | | Koninklijke Philips N.V. (Netherlands) (b) * | | 1,729,138 |
| 51,400 | | Smith & Nephew PLC (Britain) (b) | | 1,067,707 |
| | | | | 2,796,845 |
INDUSTRIAL SERVICES SECTOR - 1.6% | | |
| | | Oilfield Services/Equipment - 1.6% | | |
| 41,000 | | Schlumberger Ltd. (Curacao) | | 895,030 |
PROCESS INDUSTRIES SECTOR - 2.3% | | |
| | | Industrial Specialties - 2.3% | | |
| 12,300 | | Akzo Nobel N.V. (Netherlands) (b) | | 1,320,208 |
PRODUCER MANUFACTURING SECTOR - 5.4% | | |
| | | Industrial Conglomerates - 3.2% | | |
| 88,600 | | Smiths Group PLC (Britain) (b) | | 1,822,417 |
| | | Trucks/Construction/Farm Machinery - 2.2% | | |
| 99,200 | | CNH Industrial N.V. (Netherlands) (b) * | | 1,246,978 |
RETAIL TRADE SECTOR - 13.4% | | |
| | Department Stores - 5.0% | | |
| 398,700 | | B&M European Value Retail S.A. (Luxembourg) (b) | | 2,806,757 |
| | | Specialty Stores - 8.4% | | |
| 39,000 | | Alimentation Couche-Tard Inc. (Canada) | | 1,329,107 |
| 260,000 | | CK Hutchison Holdings Ltd. (Cayman Islands) (b) | | 1,815,277 |
| 65,000 | | Jardine Strategic Holdings Ltd. (Bermuda) (b) | | 1,615,699 |
| | | | | 4,760,083 |
TECHNOLOGY SERVICES SECTOR - 1.5% | | |
| | | Information Technology Services - 1.5% | | |
| 3,200 | | Accenture PLC (Ireland) | | 835,872 |
TRANSPORTATION SECTOR - 1.0% | | |
| | | Air Freight/Couriers - 1.0% | | |
| 6,200 | | Expeditors International of Washington Inc. (United States) | | 589,682 |
| | | Total common stocks (cost $41,632,130) | | 48,372,760 |
| | | | | |
| PREFERRED STOCKS - 11.3% (a) | | |
CONSUMER DURABLES SECTOR - 1.2% | | |
| | | Motor Vehicles - 1.2% | | |
| 8,300 | | Hyundai Motor Co. (South Korea) (b) | | 686,611 |
CONSUMER NON-DURABLES SECTOR - 3.4% | | |
| | | Household/Personal Care - 3.4% | | |
| 15,000 | | Amorepacific Corp. (South Korea) (b) | | 857,326 |
| 1,600 | | LG Household & Health Care Ltd. (South Korea) (b) | | 1,058,420 |
| | | | | 1,915,746 |
ELECTRONIC TECHNOLOGY SECTOR - 6.7% | | |
| | | Telecommunications Equipment - 6.7% | | |
| 56,000 | | Samsung Electronics Co. Ltd. (South Korea) (b) | | 3,798,870 |
| | | Total preferred stocks (cost $4,810,149) | | 6,401,227 |
| | | Total long-term investments (cost $46,442,279) | | 54,773,987 |
| | | | | |
| Principal Amount | | | | |
| SHORT-TERM INVESTMENTS - 3.1% (a) | | |
| | | Bank Deposit Account - 3.1% | | |
$
| 1,760,728 | | U.S. Bank N.A., 0.03% ^ | | 1,760,728 |
| | | Total short-term investments (cost $1,760,728) | | 1,760,728 |
| | | Total investments - 99.7% (cost $48,203,007) | | 56,534,715 |
| | | Other assets, less liabilities - 0.3% (a) | | 188,146 |
| | | TOTAL NET ASSETS - 100.0% | $ | 56,722,861 |
| | | |
| * | | Non-income producing security. | | |
| ^ | | The rate shown is as of December 31, 2020. | | |
| (a) | | Percentages for the various classifications relate to total net assets. | |
| (b) | | Security does not trade during New York Stock Exchange hours, provided that certain foreign exchanges may trade during a portion of the New York Stock Exchange hours, and has been valued in accordance with the Fund’s pricing procedures and has been classified as level 2. As of December 31, 2020 the aggregate value of these securities was $43,610,805. | |
| PLC | | Public Limited Company | | |
| SP-ADR | | Sponsored American Depositary Receipt | | |
