Fmi Funds NPORT-P FMI International Fund (Dec 2021 report)

FMI International Fund
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Shares			Value
LONG-TERM INVESTMENTS - 97.6% (a)
COMMON STOCKS - 89.3% (a)
COMMERCIAL SERVICES SECTOR - 6.3%
		Advertising/Marketing Services - 2.4%
	5,650,000	WPP PLC (Jersey) (b)	$	86,036,446
		Miscellaneous Commercial Services - 3.9%
	1,210,000	DKSH Holding AG (Switzerland) (b)		99,734,578
	560,000	Secom Co. Ltd. (Japan) (b)		38,912,302
				138,646,880
COMMUNICATIONS SECTOR - 1.2%
		Wireless Telecommunications - 1.2%
	1,560,000	Millicom International Cellular S.A. (Luxembourg)  *		44,382,000
CONSUMER DURABLES SECTOR - 7.2%
		Electronics/Appliances - 5.8%
	1,640,000	Sony Group Corp. (Japan) (b)		207,096,349
		Home Furnishings - 1.4%
	4,250,000	Howden Joinery Group PLC (Britain) (b)		52,057,369
CONSUMER NON-DURABLES SECTOR - 5.9%
		Household/Personal Care - 5.9%
	1,175,000	Henkel AG & Co. KGaA (Germany) (b)		91,592,527
	2,225,000	Unilever PLC (Britain) (b)		119,363,086
				210,955,613
CONSUMER SERVICES SECTOR - 7.4%
		Media Conglomerates - 0.9%
	2,515,000	Vivendi (France) (b)		34,020,146
		Movies/Entertainment - 3.0%
	18,950,000	Bolloré (France) (b)		105,998,125
		Other Consumer Services - 3.5%
	52,000	Booking Holdings Inc. (United States)  *		124,759,960
DISTRIBUTION SERVICES SECTOR - 9.1%
		Wholesale Distributors - 9.1%
	1,330,000	Ferguson PLC (Jersey) (b)		236,242,958
	4,350,000	Rexel S.A. (France) (b)		88,098,140
				324,341,098
ELECTRONIC TECHNOLOGY SECTOR - 4.9%
		Aerospace & Defense - 3.2%
	930,000	Safran S.A. (France) (b)		113,853,522
		Electronic Equipment/Instruments - 1.7%
	3,340,000	Yokogawa Electric Corp. (Japan) (b)		60,285,081
FINANCE SECTOR - 8.9%
		Major Banks - 5.0%
	4,173,500	DBS Group Holdings Ltd. (Singapore) (b)		101,077,840
	122,700,000	Lloyds Banking Group PLC (Britain) (b)		79,680,264
				180,758,104
		Multi-Line Insurance - 1.6%
	1,260,000	Arch Capital Group Ltd. (Bermuda)  *		56,007,000
		Property/Casualty Insurance - 2.3%
	420,000	Chubb Ltd. (Switzerland)		81,190,200
HEALTH SERVICES SECTOR - 2.4%
		Medical/Nursing Services - 2.4%
	1,300,000	Fresenius Medical Care AG & Co. KGaA (Germany) (b)		84,276,559
HEALTH TECHNOLOGY SECTOR - 8.2%
		Medical Specialties - 5.5%
	2,325,000	Koninklijke Philips N.V. (Netherlands) (b)		86,051,907
	6,425,000	Smith & Nephew PLC (Britain) (b)		112,131,252
				198,183,159
		Pharmaceuticals: Major - 2.7%
	230,000	Roche Holding AG (Switzerland) (b)		95,418,088
INDUSTRIAL SERVICES SECTOR - 2.0%
		Oilfield Services/Equipment - 2.0%
	2,345,000	Schlumberger Ltd. (Curacao)		70,232,750
PROCESS INDUSTRIES SECTOR - 3.4%
		Chemicals: Specialty - 1.7%
	1,200,000	NOF Corp. (Japan) (b)		60,677,474
		Industrial Specialties - 1.7%
	540,000	Akzo Nobel N.V. (Netherlands) (b)		59,326,987
PRODUCER MANUFACTURING SECTOR - 10.5%
		Building Products - 1.8%
	5,950,000	Sanwa Holdings Corp. (Japan) (b)		63,533,978
		Industrial Conglomerates - 5.1%
	1,015,000	Jardine Matheson Holdings Ltd. (Bermuda) (b)		55,812,430
	5,850,000	Smiths Group PLC (Britain) (b)		125,220,604
				181,033,034
		Industrial Machinery - 1.5%
	1,870,000	Nabtesco Corp. (Japan) (b)		55,408,151
		Trucks/Construction/Farm Machinery - 2.1%
	3,930,000	CNH Industrial N.V. (Netherlands) (b)		75,983,318
RETAIL TRADE SECTOR - 10.1%
		Discount Stores - 5.7%
	23,590,000	B&M European Value Retail S.A. (Luxembourg) (b)		203,194,004
		Food Retail - 1.5%		��
	1,176,000	Greggs PLC (Britain) (b)		53,231,767
		Specialty Stores - 2.9%
	16,150,000	CK Hutchison Holdings Ltd. (Cayman Islands) (b)		103,980,577
TECHNOLOGY SERVICES SECTOR - 1.8%
		Packaged Software - 1.8%
	450,000	SAP SE (Germany) (b)		63,332,704
		Total common stocks (cost $2,643,157,917)		3,188,200,443
PREFERRED STOCKS - 8.3% (a)
CONSUMER NON-DURABLES SECTOR - 3.0%
		Household/Personal Care - 3.0%
	825,000	Amorepacific Corp. (South Korea) (b)		50,776,522
	105,000	LG Household & Health Care Ltd. (South Korea) (b)		54,370,446
				105,146,968
ELECTRONIC TECHNOLOGY SECTOR - 5.3%
		Telecommunications Equipment - 5.3%
	3,180,000	Samsung Electronics Co. Ltd. (South Korea) (b)		190,118,434
		Total preferred stocks (cost $150,918,585)		295,265,402
		Total long-term investments (cost $2,794,076,502)		3,483,465,845
Principal Amount
SHORT-TERM INVESTMENTS - 0.6% (a)
		Bank Deposit Account - 0.6%
$	19,224,848	U.S. Bank N.A., 0.006% ^		19,224,848
		Total short-term investments  (cost $19,224,848)		19,224,848
		Total investments - 98.2% (cost $2,813,301,350)		3,502,690,693
		Other assets, less liabilities - 1.8% (a)		65,337,343
		TOTAL NET ASSETS - 100.0%	$	3,568,028,036
	*	Non-income producing security.
^		The rate shown is as of December 31, 2021.
(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, 2021 the aggregate value of these securities was $3,106,893,935.
PLC		Public Limited Company

FMI International Fund
SCHEDULE OF FORWARD CURRENCY CONTRACTS
December 31, 2021 (Unaudited)
				U.S. $ Value on					U.S. $ Value on
				December 31, 2021					December 31, 2021		Unrealized
Settlement		Currency to		of Currency to		Currency to			of Currency to		Appreciation
Date	Counterparty	be Delivered		be Delivered		be Received			be Received		(Depreciation)
2/18/2022	State Street Bank and Trust Co.	625,000,000	British Pound	$	845,807,681		862,603,125	U.S. Dollar	$	862,603,125	$	16,795,444
2/18/2022	The Bank of New York Mellon	610,000,000	Euro		695,163,429		712,565,400	U.S. Dollar		712,565,400		17,401,971
2/18/2022	The Bank of New York Mellon	775,000,000	Hong Kong Dollar		99,398,951		99,694,485	U.S. Dollar		99,694,485		295,534
2/18/2022	The Bank of New York Mellon	48,500,000,000	Japanese Yen		421,787,428		424,699,099	U.S. Dollar		424,699,099		2,911,671
2/18/2022	JPMorgan Chase Bank, N.A.	115,000,000	Singapore Dollar		85,311,744		85,570,570	U.S. Dollar		85,570,570		258,826
2/18/2022	State Street Bank and Trust Co.	295,000,000,000	South Korea Won		247,896,729		250,175,971	U.S. Dollar		250,175,971		2,279,242
2/18/2022	JPMorgan Chase Bank, N.A.	140,000,000	Swiss Franc		153,835,298		152,645,621	U.S. Dollar		152,645,621		(1,189,677	)
				$	2,549,201,260				$	2,587,954,271	$	38,753,011

FMI International Fund

Summary of Fair Value Exposure at December 31, 2021 (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. These inputs are summarized in the three broad levels listed below:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets.

Level 2 – Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The following table summarizes the Fund’s investments as of December 31, 2021, based on the inputs used to value them:

	Investments			Other Financial
Valuation Inputs	in Securities			Instruments^
Assets:
Level 1 - Common Stocks		$	376,571,910		$	---
Level 1 - Bank Deposit Account			19,224,848			---
Total Level 1			395,796,758			---
Level 2 - Common Stocks			2,811,628,533			---
Level 2 - Preferred Stocks			295,265,402			---
Level 2 - Forward Currency Contracts			---			39,942,688
Total Level 2			3,106,893,935			---
Level 3 -			---			---
Total Assets			3,502,690,693			---
Liabilities:
Level 2 - Forward Currency Contracts			---			(1,189,677	)
Total		$	3,502,690,693		$	38,753,011
^Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts, which are valued at the unrealized appreciation/(depreciation) on the instrument.
See the Schedule of Investments for investments detailed by industry classifications.
Over the counter derivatives such as forward currency contracts may be valued using quantitative models. These models may use pricing curves based on market inputs including current exchange rates or indices. These curves are combined with volatility factors to value the overall positions. The market inputs are generally significant and can be corroborated with observable market data and therefore are classified in level 2.
The Fund may enter into forward currency contracts in order to hedge its exposure to changes in foreign currency rates on its foreign portfolio holdings or to hedge certain purchase and sale commitments denominated in foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily and the asset or liability therein represents unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. On a quarterly average, there were eight forward currency contracts with an average quarterly value of $2,692,148,568 outstanding during the three month period ending December 31, 2021. These contracts are not subject to master netting agreements. For Non-Deliverable Forward Currency Contracts (“Contract”) the International Fund posts collateral, in the form of cash or cash equivalents to a segregated account at the custodian when the Contract is in an unrealized loss position. When the Contract is in an unrealized gain position, the counterparty posts collateral to a segregated account at the custodian.
These instruments involve market risk, credit risk, or both kinds of risks, in excess of the amount recognized on the Schedule of Forward Currency Contracts.  Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.